CAMPBELL, Calif., Feb. 10, 2011 /PRNewswire/ -- Move, Inc. (Nasdaq:
MOVE), the leader in online real estate, today reported financial
results for the fourth quarter and fiscal year ended December 31, 2010.
Revenue in the fourth quarter of 2010 was $48.9 million, compared to $49.6 million in the fourth quarter of 2009.
Net income applicable to common stockholders, including
discontinued operations, was $409,000, or $0.00
per share, compared to a net loss of $4.5
million, or a loss of $0.03
per share in the fourth quarter of 2009. The Company generated
$5.0 million of cash from operating
activities in the fourth quarter of 2010. Non-GAAP Adjusted
EBITDA (earnings from continuing operations before interest, taxes,
stock-based compensation and charges, depreciation, amortization
and other non-recurring charges) for the fourth quarter of 2010 was
$6.3 million, or 13% of revenue,
compared to $5.1 million, or 10% of
revenue, for the fourth quarter of 2009. Move, Inc. has
reported Adjusted EBITDA because management uses it to monitor and
assess the Company's performance and believes it is helpful to
investors in understanding the Company's business.
"2010 was a year of tremendous activity at Move, as we took
significant steps toward realigning our business to continue and
grow our long standing market leadership," said Steve Berkowitz, chief executive officer at
Move, Inc. "Move's mission is to connect real estate professionals
and consumers to facilitate more real estate transactions.
The increased use of the internet and mobile devices in the
real estate industry has changed the ways consumers and real estate
professionals interact. Move is committed to delivering
products and services that meet the market's needs. As we
head into 2011, we are focused on serving the complete home-buying
cycle with an expanding list of distribution partners and real
estate solutions."
4th Quarter 2010 Highlights:
- Market leadership: Move maintained its leading market position,
leading the industry in unique users and total engagement. In
2010, on a monthly basis, the Move Network attracted an average of
11 million unique users(1) who spent on average more than 224
million minutes monthly on our network(1). Visitors to the
Move Network viewed nearly 4.4 billion total pages in 2010, more
than the next six competitors combined.
- MortgageMatch.com: Launched in December,
MortgageMatch.com was developed to give first time buyers or
refinancing owners the tools they need to find and prequalify for
the right loan in as little as 10 minutes. In its first month in
operation, MortgageMatch.com's state-of-the-art decision engine
helped more than 30,000 prospective homebuyers know in just a few
minutes how much they can afford to borrow and what their monthly
payments would be based on real rates and loan choices for which
they qualify.
- AOL: Move announced an agreement whereby Move will power the
AOL Real Estate search experience. The agreement delivers a
powerful ad network for agents and advertisers to expand their
reach and visibility to AOL.com's millions of monthly visitors. The
AOL Real Estate experience powered by Move will deliver a user
experience customized for AOL with instant access to accurate
property listings, neighborhood and school content, and connections
to real estate experts. Leveraging Move's ListHub network, Move
will syndicate millions of listings to AOL Real Estate and power
the home buyer's search experience.
- Mobile Highlights: Move launched the Realtor.com Real Estate
Search Android and Windows Phone 7 application in November,
building on the success of Move's Realtor.com iPhone app launched
in January. In 2010, the Realtor.com mobile apps have been
downloaded over 3 million times with hundreds of thousands of
consumers connecting directly with real estate professionals.
For the full year ended December 31,
2010, Move reported revenue of $197.5
million, compared to $212.0
million in the 2009 fiscal year. Net loss applicable
to common stockholders in 2010 was $20.9
million, or a loss of $0.13
per share, compared to a net loss of $12.2
million, or a loss of $0.08
per share in 2009. Move's Adjusted EBITDA (earnings from
continuing operations before interest, taxes, stock-based
compensation and charges, depreciation, amortization and other
non-recurring charges) on a non-GAAP basis for 2010 was
$23.1 million, or 12% of revenue,
compared to $26.2 million, or 12% of
revenue, for 2009.
Capital Structure
Move also announced today several actions designed to streamline
its capital structure. First, Move announced that it reached
agreement with Elevation Partners to redeem $70 million of its Series B preferred stock,
leaving approximately $50 million in
Series B outstanding with the same terms as before. The
Company will take a charge of approximately $1.5 million in the first quarter of 2011 related
to the accretion of the discount for the Series B stock redeemed.
Second, the Company is proposing a one-for-four reverse stock
split, whereby every four shares of Move common stock will be
converted into one share. The reverse stock split requires
shareholder approval which Move intends to seek at its upcoming
annual shareholders meeting. And third, the Company announced
that its Board of Directors has authorized a two year, $25 million stock repurchase program. The
Board of Directors believes that these measures, taken together,
will provide the ability to manage dilution that may occur from
stock option exercises or offset dilution caused by the Series B
preferred, reduce Move's carrying costs and better align itself
with its peers as Move expects to create a more streamlined capital
structure with reduced overhang. Under the stock repurchase
program, Move may purchase stock in the open market and privately
negotiated transactions, at times and in such amounts as management
deems appropriate. Move is not obligated to repurchase any
specific number of shares under the program and it may be limited
or terminated at any time without prior notice.
Business Outlook
Move today provided guidance for the quarter ending March 31, 2011. For the quarter ending
March 31, 2011, Move expects revenue
to range between approximately $48.0
million and $49.0 million and
expects to report Adjusted EBITDA margin of approximately 11%.
Move today provided guidance for the year ending December 31, 2011. For the year ending
December 31, 2011, Move expects
revenue to range between $200 million and
$205 million and expects to report Adjusted EBITDA margin of
approximately 13%-14% percent.
Conference Call
As previously announced, Move, Inc. will host a conference call,
which will be broadcast live over the Internet today, Thursday, February 10, 2011, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). In order to
participate in the call, please dial (877) 312-5848, or if outside
the U.S., (253) 237-1155, at least five minutes prior to the
1:30 p.m. PT start time. A live
webcast and replay of the call will also be available at
http://investor.move.com under the Events & Presentations menu.
An audio replay will be available between 7:30 p.m. ET, February 10,
2011, and 11:59 p.m. ET,
February 25, 2011, by calling (800)
642-1687, or (706) 645-9291, with passcode 38520820.
For additional information regarding the Company's results,
please go to the "SEC Filings" section at http://investor.move.com
to view our annual report as filed on March
5, 2010 with the Securities and Exchange Commission on Form
10-K for the year ended December 31,
2009. Move's Form 10-K for the year ended December 31, 2010 is expected to be filed with
the Securities and Exchange Commission on, or before, February 18, 2011.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements presented in
accordance with generally accepted accounting principles in
the United States ("GAAP"), Move
uses a non-GAAP measure of income (loss) from continuing operations
excluding interest income, net, income tax expense (benefit),
impairment of auction rate securities, litigation settlement
charges and restructuring charges and certain other non-cash and
non-recurring items, principally depreciation, amortization and
stock-based compensation and other charges, which is referred to as
Adjusted EBITDA. The Company has also presented a non-GAAP table of
Financial Data for the three and twelve month periods ended
December 31, 2010 and 2009 that
extracts stock-based compensation under ASC Topic 718 "Compensation
– Stock Compensation." A reconciliation of these non-GAAP
measures to GAAP is provided in the attached tables. These non-GAAP
adjustments are provided to enhance the user's overall
understanding of Move's current financial performance and its
prospects for the future and should not be considered a substitute
for, or superior to, financial measures calculated in accordance
with GAAP. These non-GAAP measures are the primary basis management
uses for planning and forecasting its future operations. Move
believes these non-GAAP results provide useful information to both
management and investors by excluding certain expenses that it
believes are not indicative of its core operating results and a
more consistent basis for comparison between quarters and should be
carefully evaluated.
This press release may contain forward-looking statements,
including information about management's view of Move's future
expectations, plans and prospects, within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks,
uncertainties and other factors which may cause the results of
Move, its subsidiaries, divisions and concepts to be materially
different than those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
Move files with the Securities and Exchange Commission, including
but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other
unknown or unpredictable factors also could have material adverse
effects on Move's future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Move cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Move
expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ: MOVE) is the leader in online real estate
with 12.1 million(1) monthly visitors to its online network of
websites. Move, Inc. operates: Move.com, a leading destination for
information on new homes and rental listings, moving, home and
garden and home finance; REALTOR.com®, the official website of the
National Association of REALTORS®; MortgageMatch.com, Moving.com;
SeniorHousingNet; ListHub; and TOP PRODUCER Systems. Move, Inc. is
based in Campbell, California.
(1) comScore Media Metrics, December
2010
MOVE,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in
thousands, except per share amounts)
|
|
|
Three Months
Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
48,913
|
|
$
|
49,638
|
|
$
|
197,503
|
|
$
|
212,009
|
|
Cost of revenue (1)
|
|
10,337
|
|
|
11,033
|
|
|
43,119
|
|
|
48,498
|
|
Gross profit
|
|
38,576
|
|
|
38,605
|
|
|
154,384
|
|
|
163,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
17,902
|
|
|
17,126
|
|
|
73,737
|
|
|
78,062
|
|
Product and web site
development
|
|
8,803
|
|
|
7,374
|
|
|
34,320
|
|
|
27,832
|
|
General and
administrative
|
|
10,291
|
|
|
13,717
|
|
|
42,657
|
|
|
64,944
|
|
Amortization of intangible
assets
|
|
348
|
|
|
107
|
|
|
696
|
|
|
473
|
|
Litigation
settlement
|
|
—
|
|
|
3,888
|
|
|
—
|
|
|
4,863
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,192)
|
|
Total operating
expenses
|
|
37,344
|
|
|
42,212
|
|
|
151,410
|
|
|
174,982
|
|
Operating income (loss) from
continuing operations
|
|
1,232
|
|
|
(3,607)
|
|
|
2,974
|
|
|
(11,471)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
143
|
|
|
119
|
|
|
910
|
|
|
847
|
|
Earnings of unconsolidated
joint venture
|
|
376
|
|
|
149
|
|
|
1,017
|
|
|
149
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
(19,559)
|
|
|
—
|
|
Other income (expense),
net
|
|
177
|
|
|
8
|
|
|
(967)
|
|
|
1,749
|
|
Income (loss) from continuing
operations before income taxes
|
|
1,928
|
|
|
(3,331)
|
|
|
(15,625)
|
|
|
(8,726)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
160
|
|
|
(190)
|
|
|
(153)
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
|
1,768
|
|
|
(3,141)
|
|
|
(15,472)
|
|
|
(8,763)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations
|
|
—
|
|
|
(41)
|
|
|
—
|
|
|
(486)
|
|
Gain on disposition of
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,303
|
|
Net income (loss)
|
|
1,768
|
|
|
(3,182)
|
|
|
(15,472)
|
|
|
(6,946)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred
stock dividend and related accretion
|
|
(1,359)
|
|
|
(1,324)
|
|
|
(5,383)
|
|
|
(5,244)
|
|
Net income (loss) applicable to
common stockholders
|
$
|
409
|
|
$
|
(4,506)
|
|
$
|
(20,855)
|
|
$
|
(12,190)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.00
|
|
$
|
(0.03)
|
|
$
|
(0.13)
|
|
$
|
(0.09)
|
|
Discontinued
operations
|
|
—
|
|
|
(0.00)
|
|
|
—
|
|
|
0.01
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
$
|
0.00
|
|
$
|
(0.03)
|
|
$
|
(0.13)
|
|
$
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.00
|
|
$
|
(0.03)
|
|
$
|
(0.13)
|
|
$
|
(0.09)
|
|
Discontinued
operations
|
|
—
|
|
|
(0.00)
|
|
|
—
|
|
|
0.01
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
$
|
0.00
|
|
$
|
(0.03)
|
|
$
|
(0.13)
|
|
$
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income (loss) per share applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
157,192
|
|
|
154,053
|
|
|
155,520
|
|
|
153,369
|
|
Diluted
|
|
163,270
|
|
|
154,053
|
|
|
155,520
|
|
|
153,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
39
|
|
$
|
44
|
|
$
|
175
|
|
$
|
181
|
|
Sales and
marketing
|
|
358
|
|
|
387
|
|
|
1,598
|
|
|
1,736
|
|
Product and web
site development
|
|
373
|
|
|
194
|
|
|
1,616
|
|
|
687
|
|
General and
administrative
|
|
736
|
|
|
1,299
|
|
|
3,528
|
|
|
14,590
|
|
|
$
|
1,506
|
|
$
|
1,924
|
|
$
|
6,917
|
|
$
|
17,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
|
|
|
December
31,
2010
|
|
|
December
31,
2009
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
158,517
|
|
$
|
106,847
|
|
Accounts receivable,
net
|
|
9,680
|
|
|
10,782
|
|
Other current
assets
|
|
7,621
|
|
|
12,101
|
|
Total current
assets
|
|
175,818
|
|
|
129,730
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
21,934
|
|
|
21,139
|
|
Long-term investments
|
|
—
|
|
|
111,800
|
|
Investment in unconsolidated
joint venture
|
|
7,165
|
|
|
6,649
|
|
Goodwill, net
|
|
24,450
|
|
|
16,969
|
|
Intangible assets,
net
|
|
8,324
|
|
|
3,460
|
|
Other assets
|
|
1,327
|
|
|
1,548
|
|
Total assets
|
$
|
239,018
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
6,403
|
|
$
|
5,545
|
|
Accrued
expenses
|
|
16,281
|
|
|
18,335
|
|
Deferred
revenue
|
|
13,696
|
|
|
15,951
|
|
Line of credit
|
|
—
|
|
|
64,630
|
|
Total current
liabilities
|
|
36,380
|
|
|
104,461
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
3,300
|
|
|
1,096
|
|
Total
liabilities
|
|
39,680
|
|
|
105,557
|
|
|
|
|
|
|
|
|
Series B convertible preferred
stock
|
|
116,564
|
|
|
111,541
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Series A convertible
preferred stock
|
|
—
|
|
|
—
|
|
Common stock
|
|
159
|
|
|
156
|
|
Additional paid-in
capital
|
|
2,124,554
|
|
|
2,112,613
|
|
Accumulated other
comprehensive income
|
|
372
|
|
|
(17,116)
|
|
Accumulated
deficit
|
|
(2,042,311)
|
|
|
(2,021,456)
|
|
Total stockholders’
equity
|
|
82,774
|
|
|
74,197
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
$
|
239,018
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in
thousands)
|
|
|
Twelve
Months Ended December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
Cash flows from continuing
operating activities:
|
|
|
|
|
|
|
Net Loss
|
$
|
(15,472)
|
|
$
|
(6,946)
|
|
Adjustments to reconcile net
loss to net cash provided by continuing operating
activities:
|
|
|
|
|
|
|
Loss from discontinued
operations
|
|
—
|
|
|
486
|
|
Gain on disposition of
discontinued operations
|
|
—
|
|
|
(2,303)
|
|
Depreciation
|
|
10,077
|
|
|
10,494
|
|
Amortization of intangible
assets
|
|
696
|
|
|
473
|
|
Provision for doubtful
accounts
|
|
80
|
|
|
1,298
|
|
Stock-based compensation
and charges
|
|
7,290
|
|
|
17,602
|
|
Impairment of auction rate
securities
|
|
19,559
|
|
|
—
|
|
Gain on sales and
disposals of assets
|
|
—
|
|
|
(1,185)
|
|
Earnings of unconsolidated
joint venture
|
|
(1,017)
|
|
|
(149)
|
|
Change in market value of
embedded derivative liability
|
|
—
|
|
|
(600)
|
|
Other non-cash
items
|
|
(210)
|
|
|
(171)
|
|
Changes in
operating assets and liabilities, net of acquisitions and
discontinued operations:
|
|
|
|
|
|
|
Accounts
receivable
|
|
1,316
|
|
|
702
|
|
Other assets
|
|
3,254
|
|
|
26
|
|
Accounts payable and
accrued expenses
|
|
(386)
|
|
|
(2,016)
|
|
Deferred
revenue
|
|
(2,490)
|
|
|
(8,059)
|
|
|
|
|
|
|
|
|
Net cash provided by
continuing operating activities
|
|
22,697
|
|
|
9,652
|
|
Net cash used in
discontinued operating activities
|
|
—
|
|
|
(1,894)
|
|
Net cash provided by
operating activities
|
|
22,697
|
|
|
7,758
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
Purchases of property and
equipment
|
|
(10,732)
|
|
|
(9,608)
|
|
Acquisitions, net of cash
acquired
|
|
(12,371)
|
|
|
—
|
|
Investments in joint
ventures
|
|
(499)
|
|
|
(6,500)
|
|
Proceeds from the sale of
auction rate securities
|
|
109,841
|
|
|
—
|
|
Principal payments on notes
receivable
|
|
1,000
|
|
|
—
|
|
Distribution of earnings from
unconsolidated joint venture
|
|
1,000
|
|
|
|
|
Proceeds from the sale of
marketable equity securities
|
|
14
|
|
|
—
|
|
Proceeds from sale of
assets
|
|
—
|
|
|
1,370
|
|
Net cash provided by (used
in) continuing investing activities
|
|
88,253
|
|
|
(14,738)
|
|
Net cash provided by
discontinued operations
|
|
—
|
|
|
1,739
|
|
Net cash provided by (used
in) investing activities
|
|
88,253
|
|
|
(12,999)
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
Proceeds from exercise of stock
options
|
|
4,752
|
|
|
1,879
|
|
Gross proceeds from line of
credit
|
|
64,700
|
|
|
—
|
|
Restricted cash
|
|
462
|
|
|
2,747
|
|
Proceeds from loan
payable
|
|
316
|
|
|
—
|
|
Gross principal payments on line
of credit
|
|
(129,330)
|
|
|
(70)
|
|
Payments on capital lease
obligations
|
|
—
|
|
|
(339)
|
|
Tax payment related to net share
settlements of restricted stock awards
|
|
(98)
|
|
|
(1,064)
|
|
Principal payments on loan
payable
|
|
(82)
|
|
|
—
|
|
Net cash (used in)
provided by financing activities
|
|
(59,280)
|
|
|
3,153
|
|
|
|
|
|
|
|
|
Change in cash and cash
equivalents
|
|
51,670
|
|
|
(2,088)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
106,847
|
|
|
108,935
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
158,517
|
|
$
|
106,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE
INCOME
(LOSS) FROM CONTINUING OPERATIONS EXCLUDING INTEREST INCOME, INCOME
TAX EXPENSE (BENEFIT), STOCK-BASED COMPENSATION AND CHARGES,
DEPRECIATION, AMORTIZATION, IMPAIRMENT OF AUCTION RATE
SECURITIES, LITIGATION SETTLEMENT CHARGES, RESTRUCTURING CHARGES
AND NON-RECURRING SEVERANCE COSTS (ADJUSTED
EBITDA)
(in
thousands)
|
|
|
Three Months
Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
$
|
1,768
|
|
$
|
(3,141)
|
|
$
|
(15,472)
|
|
$
|
(8,763)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
(143)
|
|
|
(119)
|
|
|
(910)
|
|
|
(847)
|
|
Income tax expense
(benefit)
|
|
160
|
|
|
(190)
|
|
|
(153)
|
|
|
37
|
|
Stock-based
compensation
|
|
1,506
|
|
|
1,924
|
|
|
6,917
|
|
|
17,194
|
|
Stock-based
charges
|
|
19
|
|
|
31
|
|
|
373
|
|
|
408
|
|
Depreciation
|
|
2,440
|
|
|
2,641
|
|
|
10,077
|
|
|
10,494
|
|
Amortization of intangible
assets, including unconsolidated joint venture
|
|
546
|
|
|
107
|
|
|
1,570
|
|
|
473
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
19,559
|
|
|
—
|
|
Loss on sale of auction
rate securities
|
|
—
|
|
|
—
|
|
|
1,098
|
|
|
—
|
|
Litigation
settlement
|
|
—
|
|
|
3,888
|
|
|
—
|
|
|
4,863
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,192)
|
|
Non-recurring severance
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,490
|
|
Adjusted EBITDA
|
$
|
6,296
|
|
$
|
5,141
|
|
$
|
23,059
|
|
$
|
26,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
OPERATING
RESULTS
NET OF
STOCK-BASED COMPENSATION EXPENSE
(in
thousands)
|
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2010
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based Compensation
|
|
Revenue
|
$
|
48,913
|
$
|
—
|
$
|
48,913
|
|
Cost of revenue
|
|
10,337
|
|
(39)
|
|
10,298
|
|
Gross profit
|
|
38,576
|
|
39
|
|
38,615
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
17,902
|
|
(358)
|
|
17,544
|
|
Product and web site
development
|
|
8,803
|
|
(373)
|
|
8,430
|
|
General and
administrative
|
|
10,291
|
|
(736)
|
|
9,555
|
|
Amortization of
intangibles
|
|
348
|
|
—
|
|
348
|
|
Total operating
expenses
|
|
37,344
|
|
(1,467)
|
|
35,877
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
1,232
|
$
|
1,506
|
$
|
2,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2009
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based Compensation
|
|
Revenue
|
$
|
49,638
|
$
|
—
|
$
|
49,638
|
|
Cost of revenue
|
|
11,033
|
|
(44)
|
|
10,989
|
|
Gross profit
|
|
38,605
|
|
44
|
|
38,649
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
17,126
|
|
(387)
|
|
16,739
|
|
Product and web site
development
|
|
7,374
|
|
(194)
|
|
7,180
|
|
General and
administrative
|
|
13,717
|
|
(1,299)
|
|
12,418
|
|
Amortization of
intangibles
|
|
107
|
|
—
|
|
107
|
|
Litigation settlement
|
|
3,888
|
|
—
|
|
3,888
|
|
Total operating
expenses
|
|
42,212
|
|
(1,880)
|
|
40,332
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from
continuing operations
|
$
|
(3,607)
|
$
|
1,924
|
$
|
(1,683)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
OPERATING
RESULTS
NET OF
STOCK-BASED COMPENSATION EXPENSE
(in
thousands)
|
|
|
|
Twelve
Months Ended
|
|
|
|
December 31,
2010
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based Compensation
|
|
Revenue
|
$
|
197,503
|
$
|
—
|
$
|
197,503
|
|
Cost of revenue
|
|
43,119
|
|
(175)
|
|
42,944
|
|
Gross profit
|
|
154,384
|
|
175
|
|
154,559
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
73,737
|
|
(1,598)
|
|
72,139
|
|
Product and web site
development
|
|
34,320
|
|
(1,616)
|
|
32,704
|
|
General and
administrative
|
|
42,657
|
|
(3,528)
|
|
39,129
|
|
Amortization of
intangibles
|
|
696
|
|
—
|
|
696
|
|
Total operating
expenses
|
|
151,410
|
|
(6,742)
|
|
144,668
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
2,974
|
$
|
6,917
|
$
|
9,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
|
December 31,
2009
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based Compensation
|
|
Revenue
|
$
|
212,009
|
$
|
—
|
$
|
212,009
|
|
Cost of revenue
|
|
48,498
|
|
(181)
|
|
48,317
|
|
Gross profit
|
|
163,511
|
|
181
|
|
163,692
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
78,062
|
|
(1,736)
|
|
76,326
|
|
Product and web site
development
|
|
27,832
|
|
(687)
|
|
27,145
|
|
General and
administrative
|
|
64,944
|
|
(14,590)
|
|
50,354
|
|
Amortization of
intangibles
|
|
473
|
|
—
|
|
473
|
|
Litigation settlement
|
|
4,863
|
|
—
|
|
4,863
|
|
Restructuring charges
|
|
(1,192)
|
|
—
|
|
(1,192)
|
|
Total operating
expenses
|
|
174,982
|
|
(17,013)
|
|
157,969
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from
continuing operations
|
$
|
(11,471)
|
$
|
17,194
|
$
|
5,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)
SOURCE Move, Inc.