EX-99.1 2 a13-23062_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

 

MOVE, INC. REPORTS THIRD QUARTER 2013 FINANCIAL RESULTS

 

Eighth Straight Quarter of Sequential Revenue Growth

Q3 revenue $58.8 million – growth of 19% year-over-year

 

SAN JOSE, Calif., October 29, 2013 - 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.

 

 

 

10 Almaden Blvd #800 Ÿ San Jose, CA 95113 Ÿ (408) 558-7100

 



 

MOVE, INC. REPORTS THIRD QUARTER 2013 RESULTS

Page 2

 

 

 

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.

 

 

10 Almaden Blvd #800 Ÿ San Jose, CA 95113 Ÿ (408) 558-7100

 



 

MOVE, INC. REPORTS THIRD QUARTER 2013 RESULTS

Page 3

 

 

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,

 

10 Almaden Blvd #800 Ÿ San Jose, CA 95113 Ÿ (408) 558-7100

 



 

MOVE, INC. REPORTS THIRD QUARTER 2013 RESULTS

Page 4

 

 

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.

 

 

10 Almaden Blvd #800 Ÿ San Jose, CA 95113 Ÿ (408) 558-7100

 



 

MOVE, INC. REPORTS THIRD QUARTER 2013 RESULTS

Page 5

 

 

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; ListHubTM, the leading syndicator of real estate listings; Moving.comTM; SeniorHousingNet; SocialBios; Doorsteps; TigerLead®; and TOP PRODUCER® Systems.  Move, Inc. is based in San Jose, California.

 

SOURCE Move, Inc.

 

Investor Relations Contact:

Marta Nichols

Marta.Nichols@move.com

408-558-7149

 

Media Contact:

Alison Schwartz

Alison.Schwartz@move.com

415-254-1355

 

 

10 Almaden Blvd #800 Ÿ San Jose, CA 95113 Ÿ (408) 558-7100

 



 

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
September 30, 2013

 

Three Months Ended
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
September 30, 2013

 

Nine Months Ended
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%