SAN JOSE, Calif., Oct. 29, 2013 /PRNewswire/ -- Move, Inc. (NASDAQ:
MOVE), the leader in online real estate, today reported financial
results for the third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
- Q3 Revenue increased 19% to $58.8
million
- Consumer Advertising revenue increased 14% year-over-year to
$45.6 million
- Software and Services revenue increased 41% year-over-year to
$13.2 million
- Non-GAAP Adjusted EBITDA was $8.0
million
- Average monthly unique users of Move's web and mobile sites
grew 22% year-over-year to over 28 million in the third
quarter
"The third quarter was a strong quarter for Move, with both
consumer advertising revenue and software and services revenue
growing, resulting in our eighth straight quarter of sequential
revenue growth," said Steve
Berkowitz, CEO of Move. "We are continuing to execute
efficiently and effectively and will continue to capitalize on the
market opportunity in front of us."
Third Quarter 2013 Financial Results
Revenue for the quarter was $58.8
million, an increase of $9.4
million, or 19%, from $49.4
million in the third quarter of 2012. Revenue from
Consumer Advertising products increased 14% to $45.6 million in the third quarter of 2013
compared to the same period in 2012. Revenue from Software
and Services products increased 41% to $13.2
million compared to the third quarter of 2012.
Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") was $8.0 million in the third quarter of 2013.
As a percentage of revenue, Adjusted EBITDA was 14% in the third
quarter of 2013. Non-GAAP Earnings Per Share was $0.11 per diluted share in the third quarters of
2013 and 2012. Move has reported Adjusted EBITDA and Non-GAAP
Earnings Per Share 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.
Cash provided by operating activities was $10.5 million and $10.1
million for the quarters ended September 30, 2013 and 2012, respectively.
Operating and Business Results
- Following the National Association of Realtors® July
vote to allow realtor.com® to further expand and enrich
its content, realtor.com® added significant new content
to its website and mobile web offerings including information on
more than 48,000 new home plans and thousands of communities, over
30,000 rental properties, and thousands more for-sale
listings.
- Move completed a $100.0 million
private placement of convertible senior notes due in 2018 and
concurrently utilized $25.0 million
of the net proceeds from the offering to purchase shares of its
common stock.
- Move grew unique users 22% year-over-year, to over 28 million,
up from an 18% increase last quarter.
- In October, Move acquired FiveStreet, a company that offers a
lead consolidation and response tool for agents, agent-teams and
brokerages.
- Also in October, ListHub announced a new agreement with the
Houston Association of Realtors® to provide services to
its more than 26,000 members, including a centralized control panel
for online distribution and marketing choices, consolidated
marketing analytics, centralized lead and traffic routing, and
important data licensing protections.
- Realtor.com® received a silver MIXX award from
Interactive Advertising Bureau for the "Find It First" advertising
campaign.
- Realtor.com® updated its rentals app to notify users
when they are near a rental property they have previously visited
or saved within the app. The enhanced app also allows users to
upload photos, take notes and share listings via email or text
message and through AirDrop for iOS 7 users.
- Move signed industry-first agreements with MetroList Services,
Inc. and i-Tech MLS, providing reciprocal deep linking to multiple
listing service content via the FINDSM application, a
service of Move.
- Top Producer continues to enhance functionality and ease of
use, launching 'Follow-up Coach' in the quarter, a new feature that
helps agents organize and prioritize client follow-up.
Convertible Senior Notes
In August 2013, the Company issued
2.75% convertible senior notes due September
1, 2018 (the "Notes") with a principal amount of
$100.0 million. The Notes are
unsecured, unsubordinated obligations, and interest is payable in
cash in arrears at a fixed rate of 2.75% on March 1 and September
1 of each year, beginning on March
1, 2014. The Notes mature on September 1, 2018 unless repurchased or converted
in accordance with their terms prior to such date. The
Company cannot redeem the Notes prior to maturity.
The initial net proceeds from the sale of the Notes were
$96.6 million after deducting the
transaction costs paid by the Company. In connection with the
sale of the Notes, the Company purchased 1,798,561 shares of its
outstanding common stock in privately negotiated transactions for
an aggregate purchase price of $25.0
million. The Company intends to use the remainder of
the net proceeds of the Notes offering for general corporate
purposes and potential future acquisitions and strategic
transactions.
Business Outlook
For the year ending December 31,
2013, Move expects revenue of approximately $227 million and expects to report Adjusted
EBITDA margin of approximately 12–13%.
Conference Call
As previously announced, Move will host a conference call, which
will be broadcast live over the Internet today, Tuesday, October 29, 2013. To access the
call, please dial (877) 870-4263, or outside the U.S. (412)
317-0790, five minutes prior to 2:00 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 3:00 p.m. Pacific Daylight Time October 29, 2013, and 6:00
a.m. Pacific Standard Time November
6, 2013, by calling (877) 344-7529 or (412) 317-0088, with
Conference ID 10035312. An audio archive of the call will
also be available at http://investor.move.com.
Use of Non-GAAP Financial Measures—Adjusted EBITDA and
Non-GAAP Earnings Per Share
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 excluding net interest expense, income tax expense and
certain other noncash and nonrecurring items, principally
depreciation, amortization and stock-based compensation and
charges, which is referred to as Adjusted EBITDA. Move also
uses a non-GAAP measure of net income applicable to common
shareholders excluding convertible preferred stock dividends and
related accretion, stock-based compensation and charges,
amortization of intangible assets, and amortization of debt
discount and issuance costs, on a per share basis, which is
referred to as Non-GAAP Earnings Per Share. Additionally, the
Company has presented a non-GAAP table of Financial Data for the
three- and nine-month periods ended September 30, 2013 and 2012 that extracts
stock-based compensation and charges. 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 provide a more consistent basis for
comparison between quarters and should be carefully evaluated.
Move, Inc. has reported Adjusted EBITDA and Non-GAAP Earnings
Per Share 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.
Unique Users
Move calculates total average monthly unique users across its
network of websites and mobile apps as follows: We count a
unique user the first time an individual accesses one of our mobile
applications using a mobile device during a calendar month and the
first time an individual accesses one of our websites using a web
browser during a calendar month. If an individual accesses
our mobile applications using different mobile devices within a
given calendar month, the first instance of access by each such
mobile device is counted as a separate unique user. If an
individual accesses our websites using different web browsers
within a calendar month, the first instance of access by each such
web browser is counted as a separate unique user. If an
individual accesses more than one of our websites from the same web
browser in a calendar month, the first instance of access to each
website is counted as a separate unique user. We measure
unique users to our mobile apps using Omniture. We primarily
measure unique users to our network of websites using
Omniture. We use Google Analytics to measure unique users to
certain websites that amount to less than 5% of our total unique
user metric. Prior to the first quarter of 2013, we reported
unique users using comScore measurements, rather than internal
calculations.
Forward-Looking Statements
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), the leader in online real estate,
operates: realtor.com®, the official website of
the National Association of REALTORS®; Move.com, a
leading destination for new homes and rental listings, moving, home
and garden, and home finance; ListHub™, the leading
syndicator of real estate listings; Moving.com™;
SeniorHousingNet; SocialBios; Doorsteps; TigerLead®; and
TOP PRODUCER® Systems. Move, Inc. is based in
San Jose, California.
MOVE,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
58,825
|
|
$
|
49,446
|
|
$
|
170,553
|
|
$
|
146,496
|
Cost of
revenue(1)
|
|
13,766
|
|
|
10,236
|
|
|
40,263
|
|
|
29,509
|
Gross
profit
|
|
45,059
|
|
|
39,210
|
|
|
130,290
|
|
|
116,987
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
|
20,955
|
|
|
17,235
|
|
|
61,759
|
|
|
53,005
|
Product and web site
development(1)
|
|
9,894
|
|
|
9,412
|
|
|
29,323
|
|
|
27,603
|
General and
administrative(1)
|
|
12,209
|
|
|
10,464
|
|
|
35,732
|
|
|
31,514
|
Amortization of
intangible assets
|
|
1,110
|
|
|
500
|
|
|
3,172
|
|
|
1,294
|
Total
operating expenses
|
|
44,168
|
|
|
37,611
|
|
|
129,986
|
|
|
113,416
|
Operating
income
|
|
891
|
|
|
1,599
|
|
|
304
|
|
|
3,571
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(917)
|
|
|
(1)
|
|
|
(944)
|
|
|
—
|
Earnings of
unconsolidated joint venture
|
|
585
|
|
|
290
|
|
|
1,650
|
|
|
710
|
Other expense,
net
|
|
(46)
|
|
|
—
|
|
|
(81)
|
|
|
(69)
|
Income before income
taxes
|
|
513
|
|
|
1,888
|
|
|
929
|
|
|
4,212
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
375
|
|
|
103
|
|
|
425
|
|
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
138
|
|
|
1,785
|
|
|
504
|
|
|
4,037
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred
stock dividend and related accretion
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(942)
|
Net income applicable
to common stockholders
|
$
|
138
|
|
$
|
1,785
|
|
$
|
504
|
|
$
|
3,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share applicable to common stockholders
|
$
|
0.00
|
|
$
|
0.05
|
|
$
|
0.01
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share applicable to common stockholders
|
$
|
0.00
|
|
$
|
0.04
|
|
$
|
0.01
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate net income per share applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,061
|
|
|
38,798
|
|
|
39,215
|
|
|
38,661
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
41,482
|
|
|
39,895
|
|
|
40,913
|
|
|
39,660
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation and charges as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
74
|
|
$
|
71
|
|
$
|
261
|
|
$
|
193
|
Sales and
marketing
|
|
648
|
|
|
361
|
|
|
1,746
|
|
|
1,554
|
Product and web site
development
|
|
723
|
|
|
527
|
|
|
2,050
|
|
|
1,412
|
General and
administrative
|
|
1,297
|
|
|
1,037
|
|
|
4,184
|
|
|
2,697
|
|
$
|
2,742
|
|
$
|
1,996
|
|
$
|
8,241
|
|
$
|
5,856
|
MOVE,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
|
December 31,
2012
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
113,672
|
|
$
|
27,122
|
Accounts receivable,
net
|
|
12,494
|
|
|
11,759
|
Other current
assets
|
|
8,376
|
|
|
7,215
|
Total current
assets
|
|
134,542
|
|
|
46,096
|
|
|
|
|
|
|
Property and
equipment, net
|
|
23,198
|
|
|
21,975
|
Investment in
unconsolidated joint venture
|
|
5,390
|
|
|
4,924
|
Goodwill,
net
|
|
39,030
|
|
|
38,560
|
Intangible assets,
net
|
|
23,052
|
|
|
24,444
|
Other
assets
|
|
3,485
|
|
|
870
|
Total
assets
|
$
|
228,697
|
|
$
|
136,869
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
6,673
|
|
$
|
4,741
|
Accrued
expenses
|
|
22,583
|
|
|
20,512
|
Deferred
revenue
|
|
7,705
|
|
|
8,520
|
Total current
liabilities
|
|
36,961
|
|
|
33,773
|
|
|
|
|
|
|
Convertible senior
notes
|
|
81,670
|
|
|
—
|
Other noncurrent
liabilities
|
|
5,271
|
|
|
5,086
|
Total
liabilities
|
|
123,902
|
|
|
38,859
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Series A convertible
preferred stock
|
|
—
|
|
|
—
|
Common
stock
|
|
39
|
|
|
39
|
Additional paid-in
capital
|
|
2,138,529
|
|
|
2,132,189
|
Accumulated other
comprehensive income
|
|
160
|
|
|
219
|
Accumulated
deficit
|
|
(2,033,933)
|
|
|
(2,034,437)
|
Total stockholders'
equity
|
|
104,795
|
|
|
98,010
|
Total
liabilities and stockholders' equity
|
$
|
228,697
|
|
$
|
136,869
|
MOVE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2013
|
|
2012
|
|
(unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net income
|
$
|
504
|
|
$
|
4,037
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
7,680
|
|
|
7,195
|
Amortization of
intangible assets
|
|
3,172
|
|
|
1,294
|
Amortization of debt
discount and issuance costs
|
|
516
|
|
|
—
|
Provision for
doubtful accounts
|
|
445
|
|
|
486
|
Stock-based
compensation and charges
|
|
8,241
|
|
|
5,856
|
Earnings of
unconsolidated joint venture
|
|
(1,650)
|
|
|
(710)
|
Return on investment
in unconsolidated joint venture
|
|
602
|
|
|
255
|
Other noncash
items
|
|
(5)
|
|
|
(40)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(1,180)
|
|
|
(1,100)
|
Other
assets
|
|
(932)
|
|
|
(144)
|
Accounts
payable and accrued expenses
|
|
4,114
|
|
|
2,816
|
Deferred
revenue
|
|
(722)
|
|
|
(1,163)
|
Net cash
provided by operating activities
|
|
20,785
|
|
|
18,782
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(8,957)
|
|
|
(6,672)
|
Proceeds from sale of
assets
|
|
—
|
|
|
9
|
Acquisitions, net of
cash acquired
|
|
(2,250)
|
|
|
(22,000)
|
Return of investment
in unconsolidated joint venture
|
|
582
|
|
|
724
|
Net cash used in
investing activities
|
|
(10,625)
|
|
|
(27,939)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Principal payments on
loan payable
|
|
(19)
|
|
|
(82)
|
Proceeds from
borrowings on convertible senior notes, net of issuance
costs
|
|
96,608
|
|
|
—
|
Redemption of
convertible preferred stock
|
|
—
|
|
|
(49,044)
|
Payment of dividends
on convertible preferred stock
|
|
—
|
|
|
(882)
|
Proceeds from
exercise of stock options
|
|
8,216
|
|
|
3,060
|
Tax payments related
to net share settlements of equity awards
|
|
(2,405)
|
|
|
(529)
|
Repurchases of common
stock
|
|
(26,010)
|
|
|
(69)
|
Net cash provided by
(used in) financing activities
|
|
76,390
|
|
|
(47,546)
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
86,550
|
|
|
(56,703)
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
27,122
|
|
|
87,579
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
113,672
|
|
$
|
30,876
|
MOVE,
INC.
|
REVENUE BY
TYPE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
advertising
|
$
|
45,630
|
|
$
|
40,113
|
|
$
|
132,348
|
|
$
|
120,661
|
Software and
services
|
|
13,195
|
|
|
9,333
|
|
|
38,205
|
|
|
25,835
|
Total revenue
|
$
|
58,825
|
|
$
|
49,446
|
|
$
|
170,553
|
|
$
|
146,496
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
advertising
|
|
78%
|
|
|
81%
|
|
|
78%
|
|
|
82%
|
Software and
services
|
|
22%
|
|
|
19%
|
|
|
22%
|
|
|
18%
|
Total
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
MOVE,
INC.
|
RECONCILIATION OF
NET INCOME TO NON-GAAP ADJUSTED EBITDA
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
138
|
|
$
|
1,785
|
|
$
|
504
|
|
$
|
4,037
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation and charges
|
|
2,742
|
|
|
1,996
|
|
|
8,241
|
|
|
5,856
|
Depreciation
|
|
2,762
|
|
|
2,282
|
|
|
7,680
|
|
|
7,195
|
Amortization of
intangible assets, including unconsolidated joint
venture
|
|
1,110
|
|
|
697
|
|
|
3,172
|
|
|
1,886
|
Interest expense,
net
|
|
917
|
|
|
1
|
|
|
944
|
|
|
—
|
Income tax
expense
|
|
375
|
|
|
103
|
|
|
425
|
|
|
175
|
Non-GAAP Adjusted
EBITDA
|
$
|
8,044
|
|
$
|
6,864
|
|
$
|
20,966
|
|
$
|
19,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
|
RECONCILIATION OF
EARNINGS PER SHARE TO NON-GAAP EARNINGS PER SHARE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income applicable
to common stockholders
|
$
|
138
|
|
$
|
1,785
|
|
$
|
504
|
|
$
|
3,095
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred
stock dividend and related accretion
|
|
—
|
|
|
—
|
|
|
—
|
|
|
942
|
Stock-based compensation and charges
|
|
2,742
|
|
|
1,996
|
|
|
8,241
|
|
|
5,856
|
Amortization of intangible assets, including unconsolidated joint
venture
|
|
1,110
|
|
|
697
|
|
|
3,172
|
|
|
1,886
|
Amortization of debt discount and issuance costs
|
|
516
|
|
|
—
|
|
|
516
|
|
|
—
|
Non-GAAP net income
applicable to common stockholders
|
$
|
4,506
|
|
$
|
4,478
|
|
$
|
12,433
|
|
$
|
11,779
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.00
|
|
$
|
0.05
|
|
$
|
0.01
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.00
|
|
$
|
0.04
|
|
$
|
0.01
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic
earnings per share
|
$
|
0.12
|
|
$
|
0.12
|
|
$
|
0.32
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per share
|
$
|
0.11
|
|
$
|
0.11
|
|
$
|
0.30
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,061
|
|
|
38,798
|
|
|
39,215
|
|
|
38,661
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
41,482
|
|
|
39,895
|
|
|
40,913
|
|
|
39,660
|
MOVE,
INC.
|
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION AND CHARGES
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
September 30,
2013
|
|
|
September 30,
2012
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
Revenue
|
$
|
58,825
|
$
|
—
|
$
|
58,825
|
|
$
|
49,446
|
$
|
—
|
$
|
49,446
|
Cost of
revenue
|
|
13,766
|
|
(74)
|
|
13,692
|
|
|
10,236
|
|
(71)
|
|
10,165
|
Gross
profit
|
|
45,059
|
|
74
|
|
45,133
|
|
|
39,210
|
|
71
|
|
39,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
20,955
|
|
(648)
|
|
20,307
|
|
|
17,235
|
|
(361)
|
|
16,874
|
Product and web site
development
|
|
9,894
|
|
(723)
|
|
9,171
|
|
|
9,412
|
|
(527)
|
|
8,885
|
General and
administrative
|
|
12,209
|
|
(1,297)
|
|
10,912
|
|
|
10,464
|
|
(1,037)
|
|
9,427
|
Amortization of
intangible assets
|
|
1,110
|
|
—
|
|
1,110
|
|
|
500
|
|
—
|
|
500
|
Total operating
expenses
|
|
44,168
|
|
(2,668)
|
|
41,500
|
|
|
37,611
|
|
(1,925)
|
|
35,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
891
|
$
|
2,742
|
$
|
3,633
|
|
$
|
1,599
|
$
|
1,996
|
$
|
3,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September 30,
2013
|
|
|
September 30,
2012
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
Revenue
|
$
|
170,553
|
$
|
—
|
$
|
170,553
|
|
$
|
146,496
|
$
|
—
|
$
|
146,496
|
Cost of
revenue
|
|
40,263
|
|
(261)
|
|
40,002
|
|
|
29,509
|
|
(193)
|
|
29,316
|
Gross
profit
|
|
130,290
|
|
261
|
|
130,551
|
|
|
116,987
|
|
193
|
|
117,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
61,759
|
|
(1,746)
|
|
60,013
|
|
|
53,005
|
|
(1,554)
|
|
51,451
|
Product and web site
development
|
|
29,323
|
|
(2,050)
|
|
27,273
|
|
|
27,603
|
|
(1,412)
|
|
26,191
|
General and
administrative
|
|
35,732
|
|
(4,184)
|
|
31,548
|
|
|
31,514
|
|
(2,697)
|
|
28,817
|
Amortization of
intangible assets
|
|
3,172
|
|
—
|
|
3,172
|
|
|
1,294
|
|
—
|
|
1,294
|
Total operating
expenses
|
|
129,986
|
|
(7,980)
|
|
122,006
|
|
|
113,416
|
|
(5,663)
|
|
107,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
304
|
$
|
8,241
|
$
|
8,545
|
|
$
|
3,571
|
$
|
5,856
|
$
|
9,427
|
MOVE,
INC.
|
AVERAGE MONTHLY
UNIQUE USERS
|
(in
thousands)
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
2013
|
|
2012
|
|
% Change
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Unique
users
|
28,322
|
|
23,287
|
|
22%
|
SOURCE Move, Inc.