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06.05.2009 20:13:00
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InfoSpace Announces First Quarter Results
InfoSpace, Inc. (NASDAQ:INSP) today announced financial results for the first quarter ended March 31, 2009.
"InfoSpace is pleased to report sequential revenue growth and Adjusted EBITDA performance ahead of expectations,” said Will Lansing, president and chief executive officer of InfoSpace. "The results demonstrate our continued focus on improving efficiency, managing costs, and the development of new initiatives for future growth and profitability.”
Revenues for the first quarter of 2009 were $39.1 million, reflecting a $3.1 million or 7% decrease from the first quarter of 2008.
Adjusted EBITDA was $3.8 million for the first quarter of 2009, compared to Adjusted EBITDA of $7.1 million for the first quarter of 2008.
Net loss for the first quarter of 2009 was $5.0 million, or $0.14 per share, compared to a net loss of $2.8 million, or $0.08 per share for the first quarter of 2008. Net loss for the first quarter of 2009 included a charge of $5.4 million for unrealized losses on investments compared to a charge of $6.7 million in the first quarter of 2008.
Cash, cash equivalents, and marketable securities as of March 31, 2009 totaled $205.4 million, including $8.2 million of auction rate securities. At the end of the quarter, the Company had no debt obligations.
Second Quarter 2009 Outlook
For the second quarter of 2009, the Company expects revenue to be between $37 million and $39 million, Adjusted EBITDA to be between $3.5 million and $4.5 million, and operating results to be between net loss of $300 thousand and net income of $700 thousand, or loss of one cent per share to income of two cents per share.
Conference Call and Webcast
A conference call will be held today at 2 p.m. Pacific / 5 p.m. Eastern. The live Webcast can be accessed in the Investor Relations section of the InfoSpace corporate Web site, at http://www.infospaceinc.com. A replay of the call will be available approximately one hour after the call through 9 p.m. Pacific on May 13, 2009 and 12:00 a.m. Eastern on May 14, 2009.
Use of Non-GAAP Financial Measures
InfoSpace’s Adjusted EBITDA is calculated by adjusting GAAP net income (loss) to exclude the effects of discontinued operations, income taxes, depreciation, stock-based compensation expense, loss on investments and other income, net (including such items as interest income, foreign currency gains or losses, and gains or losses from the disposal of assets), as detailed in the accompanying table to the preliminary unaudited condensed consolidated financial statements.
InfoSpace’s management believes that this non-GAAP financial measure provides meaningful supplemental information regarding the Company’s performance by excluding certain expenses and gains that are not indicative of its core business operating results. InfoSpace believes that management and investors benefit from referring to this non-GAAP financial measure in assessing InfoSpace’s performance. Adjusted EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP. A table reconciling the Company's Adjusted EBITDA to net income (loss) in accordance with GAAP accompanies the preliminary unaudited condensed consolidated financial statements in this release.
About InfoSpace, Inc.
InfoSpace, Inc., a leading developer of metasearch products, is focused on bringing the best of the Web to Internet users. InfoSpace's proprietary metasearch technology combines the top results from several of the largest online search engines, providing fast and comprehensive search results on InfoSpace sites including Dogpile (www.dogpile.com), MetaCrawler (www.metacrawler.com), WebCrawler (www.webcrawler.com), and WebFetch (www.webfetch.com). InfoSpace's metasearch technology is also available on nearly 100 partner sites, including content, community and connectivity sites. More information may be found at www.infospaceinc.com.
This release contains forward-looking statements relating to InfoSpace, Inc.'s operating results that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward looking. Forward-looking statements include, without limitation: statements regarding our expectation that we will continue to focus on improving efficiency, managing costs and developing new initiatives for future growth and profitability; and statements regarding our expectations for our financial performance and results of operations for the second quarter of 2009. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect InfoSpace's actual results include: the completion of the review of our financial statements for the first quarter of 2009; general economic, industry and market sector conditions; the progress and costs of the development of our products and services; the timing and extent of market acceptance of those products and services; our dependence on companies to distribute our products and services; the ability to successfully integrate acquired businesses; the successful execution of the Company’s strategic initiatives, operating plans and marketing strategies; and the condition of our cash investments. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in InfoSpace's most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q as filed from time to time, in the section entitled "Risk Factors" and elsewhere in such documents. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. InfoSpace undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
| InfoSpace, Inc. | ||||||||
| Preliminary Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands, except per share data) | ||||||||
| Three months ended | ||||||||
| March 31, | March 31, | |||||||
| 2009 | 2008 | |||||||
| Revenues | $ | 39,070 | $ | 42,182 | ||||
| Operating expenses: (1) | ||||||||
| Content and distribution | 20,377 | 21,792 | ||||||
| Systems and network operations | 2,421 | 2,442 | ||||||
| Product development | 1,406 | 2,209 | ||||||
| Sales and marketing | 6,943 | 3,789 | ||||||
| General and administrative | 6,207 | 7,722 | ||||||
| Depreciation | 1,811 | 1,487 | ||||||
| Restructuring and other, net | (5 | ) | 140 | |||||
| Total operating expenses | 39,160 | 39,581 | ||||||
| Operating income (loss) | (90 | ) | 2,601 | |||||
| Loss on investments(2) | (5,351 | ) | (6,707 | ) | ||||
| Other income, net | 607 | 2,243 | ||||||
| Loss from continuing operations before income taxes | (4,834 | ) | (1,863 | ) | ||||
| Income tax expense | (201 | ) | (182 | ) | ||||
| Loss from continuing operations | (5,035 | ) | (2,045 | ) | ||||
| Discontinued operations: | ||||||||
| Loss from discontinued operations, net of taxes | - | (490 | ) | |||||
| Loss on sale of discontinued operations, net of taxes | - | (238 | ) | |||||
| Net loss | $ | (5,035 | ) | $ | (2,773 | ) | ||
| Loss per share - Basic and diluted | ||||||||
| Loss from continuing operations | $ | (0.14 | ) | $ | (0.06 | ) | ||
| Loss from discontinued operations | - | (0.01 | ) | |||||
| Loss on sale of discontinued operations | - | (0.01 | ) | |||||
| Net loss per share - Basic and diluted | $ | (0.14 | ) | $ | (0.08 | ) | ||
|
Weighted average shares outstanding used in
computing basic and diluted loss per share |
34,853 | 34,298 | ||||||
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(1) Stock-based compensation expense for the three months ended March 31, 2009 and 2008 is allocated among the following captions (in thousands): |
||||||||
| Three months ended | ||||||||
| March 31, 2009 | March 31, 2008 | |||||||
| Systems and network operations | $ | 209 | $ | 367 | ||||
| Product development | 313 | 593 | ||||||
| Sales and marketing | 364 | 853 | ||||||
| General and administrative | 1,165 | 1,214 | ||||||
| Total stock-based compensation expense | $ | 2,051 | $ | 3,027 | ||||
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(2) In the three months ended March 31, 2009 and 2008, the Company recorded other-than-temporary impairment charges relating to the auction rate securities investments that it holds of $5.4 million and $6.7 million, respectively. |
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| InfoSpace, Inc. | ||||||||
| Preliminary Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 55,396 | $ | 49,936 | ||||
| Short-term investments, available-for-sale | 141,097 | 141,592 | ||||||
| Accounts receivable, net | 14,573 | 15,423 | ||||||
| Notes and other receivables | 1,592 | 1,349 | ||||||
| Prepaid expenses and other current assets | 2,015 | 1,767 | ||||||
| Total current assets | 214,673 | 210,067 | ||||||
| Property and equipment, net | 16,427 | 18,078 | ||||||
| Long-term investments, available-for-sale | 8,900 | 13,916 | ||||||
| Goodwill and other intangible assets, net | 44,123 | 44,123 | ||||||
| Other long-term assets | 4,745 | 4,949 | ||||||
| Total assets | $ | 288,868 | $ | 291,133 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,158 | $ | 6,518 | ||||
| Accrued expenses and other current liabilities | 22,282 | 19,707 | ||||||
| Liabilities of discontinued operations | - | 1,109 | ||||||
| Total current liabilities | 28,440 | 27,334 | ||||||
| Other long-term liabilities | 1,318 | 1,475 | ||||||
| Total liabilities | 29,758 | 28,809 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 3 | 3 | ||||||
| Additional paid-in capital | 1,294,310 | 1,292,360 | ||||||
| Accumulated deficit | (1,037,614 | ) | (1,032,579 | ) | ||||
| Accumulated other comprehensive income | 2,411 | 2,540 | ||||||
| Total stockholders' equity | 259,110 | 262,324 | ||||||
| Total liabilities and stockholders' equity | $ | 288,868 | $ | 291,133 | ||||
| Summary of cash, short-term and long-term investments: | ||||||||
| Cash and cash equivalents | $ | 55,396 | $ | 49,936 | ||||
| Short-term investments, available-for-sale | 141,097 | 141,592 | ||||||
| Long-term investments, available-for-sale | 8,900 | 13,916 | ||||||
| Cash, short-term and long-term investments | $ | 205,393 | $ | 205,444 | ||||
| InfoSpace, Inc. | ||||||||
| Preliminary Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands) | ||||||||
| Three months ended | ||||||||
| March 31, | March 31, | |||||||
| 2009 | 2008 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (5,035 | ) | $ | (2,773 | ) | ||
| Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||||||||
| Loss from discontinued operations | - | 490 | ||||||
| Loss on sale of discontinued operations | - | 238 | ||||||
| Loss on investments | 5,351 | 6,707 | ||||||
| Stock-based compensation | 2,051 | 3,027 | ||||||
| Depreciation | 1,811 | 1,487 | ||||||
| Deferred income taxes | 186 | (149 | ) | |||||
| Other | 345 | 211 | ||||||
| Cash provided (used) by changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 868 | (487 | ) | |||||
| Notes and other receivables | (242 | ) | 5,901 | |||||
| Prepaid expenses and other current assets | (248 | ) | 185 | |||||
| Other long-term assets | 154 | 1,805 | ||||||
| Accounts payable | (499 | ) | (1,781 | ) | ||||
| Accrued expenses and other current and long-term liabilities | 1,052 | (46,117 | ) | |||||
| Net cash provided (used) by operating activities | 5,794 | (31,256 | ) | |||||
| Investing activities: | ||||||||
| Purchases of property and equipment | (530 | ) | (1,127 | ) | ||||
| Other long-term assets | 50 | (1,003 | ) | |||||
| Proceeds from the sale of assets | 32 | - | ||||||
| Proceeds from sales and maturities of investments | - | 12,000 | ||||||
| Net cash provided (used) by investing activities | (448 | ) | 9,870 | |||||
| Financing activities: | ||||||||
| Special dividend paid | - | (299,146 | ) | |||||
| Proceeds from stock option exercises | - | 14 | ||||||
| Proceeds from issuance of stock through employee stock purchase plan | 252 | 219 | ||||||
| Repayment of capital lease obligations | (138 | ) | - | |||||
| Net cash provided (used) by financing activities | 114 | (298,913 | ) | |||||
| Discontinued operations: | ||||||||
| Net cash used by operating activities attributable to discontinued operations | - | (14,177 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 5,460 | (334,476 | ) | |||||
| Cash and cash equivalents: | ||||||||
| Beginning of period | 49,936 | 498,326 | ||||||
| End of period | $ | 55,396 | $ | 163,850 | ||||
| InfoSpace, Inc. | ||||||||
| Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measure | ||||||||
| Preliminary Adjusted EBITDA Reconciliation (1) | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands) | ||||||||
| Three months ended | ||||||||
| March 31, | March 31, | |||||||
| 2009 | 2008 | |||||||
| Net loss (2) | $ | (5,035 | ) | $ | (2,773 | ) | ||
| Discontinued operations | - | 728 | ||||||
| Depreciation | 1,811 | 1,487 | ||||||
| Stock-based compensation | 2,051 | 3,027 | ||||||
| Loss on investments | 5,351 | 6,707 | ||||||
| Other income, net (3) | (607 | ) | (2,243 | ) | ||||
| Income tax expense | 201 | 182 | ||||||
| Adjusted EBITDA | $ | 3,772 | $ | 7,115 | ||||
| Preliminary Adjusted EBITDA Reconciliation for Forward-Looking Guidance | ||||||||
| (Amounts in thousands) | ||||||||
| Ranges for the Three months ending | ||||||||
| June 30, 2009 | ||||||||
| Net income (loss) | $ | (300 | ) | $ | 700 | |||
| Depreciation | 1,900 | 1,900 | ||||||
| Stock-based compensation | 2,400 | 2,400 | ||||||
| Loss on investments | - | - | ||||||
| Other income, net (3) | (700 | ) | (700 | ) | ||||
| Income tax expense | 200 | 200 | ||||||
| Adjusted EBITDA | $ | 3,500 | $ | 4,500 | ||||
|
(1) Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") is a non-GAAP financial measure and is reconciled to net income (loss), which the Company's management believes to be the most comparable generally accepted accounting principles ("GAAP") measure. Adjusted EBITDA results are calculated by adjusting GAAP net income (loss) to exclude the effects of discontinued operations, income taxes, depreciation, stock-based compensation expense, loss on investments, net, and other income, net (including such items as interest income, litigation settlements and contingencies, foreign currency gains or losses, and gains or losses from the disposal of assets), as detailed above. The Company uses this non-GAAP financial measure for internal management purposes, when publicly providing guidance on possible future results, and as a means to evaluate period-to-period comparisons. The Company's management believes that this non-GAAP financial measure is a common measure used by investors and analysts to evaluate its performance. This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the results of operations and trends affecting the Company's business. This non-GAAP financial measure should be considered as a supplement to, and not as a substitute for, or superior to, net income (loss) in accordance with GAAP. |
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(2) As presented in the Preliminary Condensed Consolidated Statements of Operations (unaudited). |
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(3) Other income, net, primarily consists of interest income, gains or losses from the disposal of assets, and foreign currency transaction gains or losses. |
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