CAMPBELL, Calif., Nov. 3, 2011 /PRNewswire/ -- Move, Inc. (NASDAQ:
MOVE), the leader in online real estate, today reported financial
results for the third quarter ended September 30, 2011.
(Logo:
http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)
Revenue in the third quarter of 2011 was $46.5 million, compared to $50.3 million in the third quarter of 2010.
Net income applicable to common stockholders was $242,000, or break even per share, compared to
net income of $375,000, or break even
per share, in the third 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 third quarter of 2011 was
$5.5 million, or 12 percent of
revenue, compared to $6.0 million, or
12 percent of revenue, for the third quarter of 2010. 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.
Steve Berkowitz, chief executive
officer at Move, Inc. said, "Against the backdrop of today's
challenging real estate market, our industry is making an important
transition as it embraces new technologies. The real estate
industry is increasingly becoming a multi-channel experience for
consumers, with connections and interactions that occur in person,
on the phone, on the web and especially on mobile devices.
Move continues to take solid steps towards the future.
We are in the process of rolling out the most aggressive
product release schedule in our history, designed to leverage our
market leadership. While we remain focused on achieving our
near term financial goals, Move is continuing to focus on creating
great consumer experiences and new revenue opportunities for growth
in 2012 and beyond."
Financial Highlights:
- Move continues its financial leadership in the online real
estate market place with revenue of $46.5
million and Adjusted EBITDA of $5.5
million in the third quarter of 2011.
- Move repurchased 5.9 million shares of common stock, using
$9.6 million of cash during the third
quarter.
- The Company filed paperwork to initiate the 1-for-4 reverse
stock split, which had been previously authorized by the Board of
Directors and the Company's shareholders.
Business Highlights:
- Move continues its audience and engagement leadership in the
month of September by attracting more than 20 million consumers who
visited our sites 77 million times, viewed 619 million pages and
spent 290 million minutes on the Realtor.com Real Estate
Network.
- Move continues to provide the most comprehensive, current and
accurate information available in the industry, on both web and
mobile devices, by updating 82% of all for-sale listings on
Realtor.com every 15-minutes. The remainder is updated every
one to 24 hours directly from our MLS partners across the country.
- Move continues its leadership in the mobile category with our
award winning line of mobile applications, with mobile leads up
350% year-over-year.
- In August, Move and AOL launched the new search experience on
AOL Real Estate, powered by Move.
- Move recently launched the Connection for Co-Brokerage product
line, which allows consumers to connect with real estate
professionals on all Realtor.com listings in an industry-friendly
manner.
- The Company is rolling out upgraded reporting and analytics
tools for real estate professionals, providing better insight to
the industry on how effectively they are spending their marketing
dollars.
- Move re-launched its mortgage prequalification decision engine,
PreQualPlus, in partnership with MetLife Home Loans. Unlike
any other online mortgage offering, PreQualPlus allows consumers to
prequalify for a mortgage entirely online and ultimately close a
mortgage loan with MetLife.
- Move launched Realtor.com International, delivering all
for-sale property listings displayed on Realtor.com and residential
properties provided by foreign content providers. The site
will offer translation tools for 11 languages and conversion tools
for currency.
- Top Producer released an Open Beta version of our new HTML 5
Customer Relationship Management product. This new HTML 5 CRM
web-app will better serve our customers by delivering a more
relevant product that enables cross-platform functionalities and
supports the fast-paced mobile work style of our Top Producer
customers, and real estate professionals in general.
Business Outlook
Move today provided guidance for the quarter and year ending
December 31, 2011. For the
quarter ending December 31, 2011,
Move expects revenue of approximately $47
million and expects to report Adjusted EBITDA margin of
approximately 16%.
For the year ending December 31,
2011, Move expects revenue of approximately $192 million and expects to report Adjusted
EBITDA margin of approximately 13%.
Conference Call
As previously announced, Move, Inc. will host a conference call,
which will be broadcast live over the Internet today, Thursday, November 3, 2011. To access the call,
please dial (877) 312-5848, or outside the U.S. (253) 237-1155,
five minutes prior to 1:30 p.m. Pacific
Daylight Time. A live webcast of the call will also be
available at http://investor.move.com under the Events &
Presentations menu.
An audio replay will be available between 4:30 p.m. Pacific Daylight Time November 3, 2011, and 11:59 p.m. Pacific Daylight Time November 17, 2011, by calling (855) 859-2056 or
(404) 537-3406, with Conference ID 12314530. A replay of the call
will also be available at http://investor.move.com.
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 net income (loss) excluding interest
income, net, income tax expense, impairment of auction rate
securities 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 nine month periods ended September 30, 2011 and 2010 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 over 20.3 million visitors [1] to its online network of
websites within the Realtor.com Real Estate Network. 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 Metrix, Key Measures Report,
September 2011
MOVE,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in
thousands, except per share amounts)
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
46,466
|
|
$
|
50,256
|
|
$
|
144,456
|
|
$
|
148,590
|
|
Cost of revenue
(1)
|
|
9,959
|
|
|
10,766
|
|
|
31,203
|
|
|
32,782
|
|
Gross profit
|
|
36,507
|
|
|
39,490
|
|
|
113,253
|
|
|
115,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
16,281
|
|
|
18,631
|
|
|
52,524
|
|
|
55,835
|
|
Product and web site
development
|
|
8,437
|
|
|
8,855
|
|
|
26,899
|
|
|
25,517
|
|
General and
administrative
|
|
10,823
|
|
|
10,877
|
|
|
30,352
|
|
|
32,366
|
|
Amortization of intangible
assets
|
|
397
|
|
|
139
|
|
|
1,108
|
|
|
348
|
|
Total operating
expenses
|
|
35,938
|
|
|
38,502
|
|
|
110,883
|
|
|
114,066
|
|
Operating income
|
|
569
|
|
|
988
|
|
|
2,370
|
|
|
1,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income,
net
|
|
(2)
|
|
|
33
|
|
|
33
|
|
|
767
|
|
Earnings of unconsolidated
joint venture
|
|
367
|
|
|
342
|
|
|
718
|
|
|
641
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,559)
|
|
Other (expense) income,
net
|
|
(99)
|
|
|
(42)
|
|
|
278
|
|
|
(1,144)
|
|
Income (loss) from operations
before income taxes
|
|
835
|
|
|
1,321
|
|
|
3,399
|
|
|
(17,553)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
31
|
|
|
(404)
|
|
|
123
|
|
|
(313)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
804
|
|
|
1,725
|
|
|
3,276
|
|
|
(17,240)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred
stock dividend and related accretion
|
|
(562)
|
|
|
(1,350)
|
|
|
(3,506)
|
|
|
(4,024)
|
|
Net income (loss) applicable to
common stockholders
|
$
|
242
|
|
$
|
375
|
|
$
|
(230)
|
|
$
|
(21,264)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share applicable to common stockholders
|
$
|
0.00
|
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
$
|
0.00
|
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income (loss) per share applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
157,117
|
|
|
155,711
|
|
|
157,720
|
|
|
154,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
159,908
|
|
|
159,527
|
|
|
157,720
|
|
|
154,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
52
|
|
$
|
44
|
|
$
|
170
|
|
$
|
136
|
|
Sales and
marketing
|
|
307
|
|
|
400
|
|
|
1,066
|
|
|
1,240
|
|
Product and web
site development
|
|
238
|
|
|
453
|
|
|
915
|
|
|
1,243
|
|
General and
administrative
|
|
488
|
|
|
875
|
|
|
1,979
|
|
|
2,792
|
|
|
$
|
1,085
|
|
$
|
1,772
|
|
$
|
4,130
|
|
$
|
5,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
|
|
|
September
30,
2011
|
|
|
December
31,
2010
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
81,264
|
|
$
|
158,517
|
|
Accounts receivable,
net
|
|
11,230
|
|
|
9,680
|
|
Other current
assets
|
|
8,283
|
|
|
7,621
|
|
Total current
assets
|
|
100,777
|
|
|
175,818
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
19,857
|
|
|
21,934
|
|
Investment in unconsolidated
joint ventures
|
|
6,444
|
|
|
7,165
|
|
Goodwill, net
|
|
24,450
|
|
|
24,450
|
|
Intangible assets,
net
|
|
7,716
|
|
|
8,324
|
|
Other assets
|
|
578
|
|
|
1,327
|
|
Total assets
|
$
|
159,822
|
|
$
|
239,018
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
3,504
|
|
$
|
6,403
|
|
Accrued
expenses
|
|
15,919
|
|
|
16,281
|
|
Deferred
revenue
|
|
11,059
|
|
|
13,696
|
|
Total current
liabilities
|
|
30,482
|
|
|
36,380
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
3,352
|
|
|
3,300
|
|
Total
liabilities
|
|
33,834
|
|
|
39,680
|
|
|
|
|
|
|
|
|
Series B convertible preferred
stock
|
|
48,422
|
|
|
116,564
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Series A convertible
preferred stock
|
|
—
|
|
|
—
|
|
Common stock
|
|
154
|
|
|
159
|
|
Additional paid-in
capital
|
|
2,119,680
|
|
|
2,124,554
|
|
Accumulated other
comprehensive income
|
|
273
|
|
|
372
|
|
Accumulated
deficit
|
|
(2,042,541)
|
|
|
(2,042,311)
|
|
Total stockholders’
equity
|
|
77,566
|
|
|
82,774
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
$
|
159,822
|
|
$
|
239,018
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
Nine Months
Ended September 30,
|
|
|
|
2011
|
|
|
2010
|
|
|
|
(unaudited)
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
Net income (loss)
|
$
|
3,276
|
|
$
|
(17,240)
|
|
Adjustments to reconcile net
income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation
|
|
6,979
|
|
|
7,637
|
|
Amortization of intangible
assets
|
|
1,108
|
|
|
348
|
|
Provision for (reversal
of) doubtful accounts
|
|
99
|
|
|
(84)
|
|
Loss on sales and
disposals of assets
|
|
126
|
|
|
—
|
|
Stock-based compensation
and charges
|
|
4,441
|
|
|
5,765
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
19,559
|
|
Earnings of unconsolidated
joint venture
|
|
(718)
|
|
|
(641)
|
|
Other non-cash
items
|
|
(52)
|
|
|
(153)
|
|
Changes in
operating assets and liabilities, net of
acquisitions:
|
|
|
|
|
|
|
Accounts
receivable
|
|
(1,649)
|
|
|
1,346
|
|
Other assets
|
|
88
|
|
|
1,059
|
|
Accounts payable and
accrued expenses
|
|
(3,189)
|
|
|
675
|
|
Deferred
revenue
|
|
(2,649)
|
|
|
(602)
|
|
Net cash provided by
operating activities
|
|
7,860
|
|
|
17,669
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
Purchases of property and
equipment
|
|
(5,075)
|
|
|
(7,838)
|
|
Acquisitions, net of cash
acquired
|
|
(500)
|
|
|
(12,371)
|
|
Proceeds from dissolution of
joint venture
|
|
499
|
|
|
—
|
|
Proceeds from the sale of
auction rate securities
|
|
—
|
|
|
109,841
|
|
Principal payments on notes
receivable
|
|
—
|
|
|
1,000
|
|
Proceeds from the sale of
marketable equity securities
|
|
—
|
|
|
14
|
|
Distribution of earnings from
unconsolidated joint venture
|
|
940
|
|
|
—
|
|
Net cash (used in)
provided by continuing investing activities
|
|
(4,136)
|
|
|
90,646
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
Proceeds from exercise of stock
options
|
|
608
|
|
|
4,467
|
|
Restricted cash
|
|
—
|
|
|
462
|
|
Redemption of convertible
preferred stock
|
|
(70,000)
|
|
|
—
|
|
Proceeds from line of
credit
|
|
—
|
|
|
64,700
|
|
Proceeds from loan
payable
|
|
—
|
|
|
316
|
|
Principal payments on line of
credit
|
|
—
|
|
|
(129,330)
|
|
Repurchases of company's common
stock
|
|
(9,617)
|
|
|
—
|
|
Payment of dividend on
convertible preferred stock
|
|
(1,579)
|
|
|
—
|
|
Tax payment related to net share
settlements of restricted stock awards
|
|
(312)
|
|
|
(98)
|
|
Principal payments on loan
payable
|
|
(77)
|
|
|
(58)
|
|
Net cash used in financing
activities
|
|
(80,977)
|
|
|
(59,541)
|
|
|
|
|
|
|
|
|
Change in cash and cash
equivalents
|
|
(77,253)
|
|
|
48,774
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
158,517
|
|
|
106,847
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
81,264
|
|
$
|
155,621
|
|
|
|
|
|
|
|
MOVE,
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE
NET INCOME
(LOSS) EXCLUDING INTEREST INCOME, INCOME TAX EXPENSE, STOCK-BASED
COMPENSATION AND CHARGES, DEPRECIATION, AMORTIZATION AND
IMPAIRMENT OF AUCTION RATE SECURITIES
(ADJUSTED
EBITDA)
(in
thousands)
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
|
$
|
804
|
|
$
|
1,725
|
|
$
|
3,276
|
|
$
|
(17,240)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income,
net
|
|
2
|
|
|
(33)
|
|
|
(33)
|
|
|
(767)
|
|
Income tax expense
(benefit)
|
|
31
|
|
|
(404)
|
|
|
123
|
|
|
(313)
|
|
Stock-based
compensation
|
|
1,085
|
|
|
1,772
|
|
|
4,130
|
|
|
5,411
|
|
Stock-based
charges
|
|
72
|
|
|
87
|
|
|
311
|
|
|
354
|
|
Depreciation
|
|
2,340
|
|
|
2,482
|
|
|
6,979
|
|
|
7,637
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,559
|
|
Loss on sale of auction
rate securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,098
|
|
Termination costs from
dissolution of joint venture
|
|
619
|
|
|
—
|
|
|
619
|
|
|
—
|
|
Amortization of intangible
assets, including unconsolidated joint venture
|
|
594
|
|
|
336
|
|
|
1,700
|
|
|
1,024
|
|
Adjusted EBITDA
|
$
|
5,547
|
|
$
|
5,965
|
|
$
|
17,105
|
|
$
|
16,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
OPERATING RESULTS
NET OF
STOCK-BASED COMPENSATION EXPENSE
(in
thousands)
|
|
|
|
Three Months
Ended
|
|
|
|
September
30, 2011
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
46,466
|
$
|
—
|
$
|
46,466
|
|
Cost of revenue
|
|
9,959
|
|
(52)
|
|
9,907
|
|
Gross profit
|
|
36,507
|
|
52
|
|
36,559
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
16,281
|
|
(307)
|
|
15,974
|
|
Product and web site
development
|
|
8,437
|
|
(238)
|
|
8,199
|
|
General and
administrative
|
|
10,823
|
|
(488)
|
|
10,335
|
|
Amortization of
intangibles
|
|
397
|
|
—
|
|
397
|
|
Total operating
expenses
|
|
35,938
|
|
(1,033)
|
|
34,905
|
|
|
|
|
|
|
|
|
|
Operating income
|
$
|
569
|
$
|
1,085
|
$
|
1,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September
30, 2010
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
50,256
|
$
|
—
|
$
|
50,256
|
|
Cost of revenue
|
|
10,766
|
|
(44)
|
|
10,722
|
|
Gross profit
|
|
39,490
|
|
44
|
|
39,534
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
18,631
|
|
(400)
|
|
18,231
|
|
Product and web site
development
|
|
8,855
|
|
(453)
|
|
8,402
|
|
General and
administrative
|
|
10,877
|
|
(875)
|
|
10,002
|
|
Amortization of
intangibles
|
|
139
|
|
—
|
|
139
|
|
Total operating
expenses
|
|
38,502
|
|
(1,728)
|
|
36,774
|
|
|
|
|
|
|
|
|
|
Operating income
|
$
|
988
|
$
|
1,772
|
$
|
2,760
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September
30, 2011
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
144,456
|
$
|
—
|
$
|
144,456
|
|
Cost of revenue
|
|
31,203
|
|
(170)
|
|
31,033
|
|
Gross profit
|
|
113,253
|
|
170
|
|
113,423
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
52,524
|
|
(1,066)
|
|
51,458
|
|
Product and web site
development
|
|
26,899
|
|
(915)
|
|
25,984
|
|
General and
administrative
|
|
30,352
|
|
(1,979)
|
|
28,373
|
|
Amortization of
intangibles
|
|
1,108
|
|
—
|
|
1,108
|
|
Total operating
expenses
|
|
110,883
|
|
(3,960)
|
|
106,923
|
|
|
|
|
|
|
|
|
|
Operating income
|
$
|
2,370
|
$
|
4,130
|
$
|
6,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September
30, 2010
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
148,590
|
$
|
—
|
$
|
148,590
|
|
Cost of revenue
|
|
32,782
|
|
(136)
|
|
32,646
|
|
Gross profit
|
|
115,808
|
|
136
|
|
115,944
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
55,835
|
|
(1,240)
|
|
54,595
|
|
Product and web site
development
|
|
25,517
|
|
(1,243)
|
|
24,274
|
|
General and
administrative
|
|
32,366
|
|
(2,792)
|
|
29,574
|
|
Amortization of
intangibles
|
|
348
|
|
—
|
|
348
|
|
Total operating
expenses
|
|
114,066
|
|
(5,275)
|
|
108,791
|
|
|
|
|
|
|
|
|
|
Operating income
|
$
|
1,742
|
$
|
5,411
|
$
|
7,153
|
|
|
|
|
|
|
|
|
SOURCE Move, Inc.