Move, Inc. reported financial results for the first quarter ended March 31, 2012.
Revenue in the first quarter of 2012 was $47.7 million which represents the second quarter of sequential growth for the company. Revenue in the first quarter of 2011 was $49.1 million. Non-GAAP Adjusted EBITDA for the first quarter of 2012 was $5.4 million, or 11.3 percent of revenue, compared to $5.4 million, or 11.0 percent of revenue, for the first quarter of 2011. Net loss applicable to common stockholders in the first quarter of 2012, was $110,000, or $0.00 per share, compared to a net loss of $1.6 million, or $0.04 per share, in the first quarter of 2011.
“During the first quarter, Move continued to lay the groundwork for a successful 2012 while delivering growth in our core Realtor.com business,” said Steve Berkowitz, chief executive officer at Move, Inc. “As local market trends improved slightly in the first quarter, Move realized solid revenue in our Realtor.com Showcase offering and saw promising signs of stability in Top Producer. Solid results from these traditional core products provide the foundation to build on with our newer Co-Broke basic leads program and PreQualPlus mortgage product, which we believe will help drive positive revenue growth in 2012. We are executing effectively against an active 2012 calendar, having already launched a number of key initiatives with many more scheduled for later this year. With the growing use of mobile devices in real estate search, Move continues to lead the real estate industry as it harnesses new technologies that are fundamentally changing how consumers and real estate professionals connect.”
Move today provided guidance for the quarter ending June 30, 2012. For the quarter ending June 30, 2012, Move expects revenue to range between approximately $48.5 million and $49 million and expects to report Adjusted EBITDA margin of approximately 12 - 13 percent.
Move today affirmed its previous guidance for the year ending December 31, 2012. For the year ending December 31, 2012, Move expects revenue to range between $195 million and $200 million and expects to report Adjusted EBITDA margin of approximately 14 percent.
As previously announced, Move, Inc. will host a conference call, which will be broadcast live over the Internet today, Thursday, May 3, 2012, 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, May 3, 2012, and 11:59 p.m. ET, May 16, 2012, by calling (855) 859-2056, or (404) 537-3406, with passcode 58920150.
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 February 17, 2012 with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 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 net income (loss) excluding interest income, net, income tax expense, 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 month periods ended March 31, 2012 and 2011 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. 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.
MOVE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
MOVE, INC. CONSOLIDATED BALANCE SHEETS (in thousands)
MOVE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
MOVE, INC. RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA (in thousands)
MOVE, INC. OPERATING RESULTS - NET OF STOCK-BASED COMPENSATION EXPENSE (in thousands)
Source: Move Inc.