MOVE INC

CIK:0001085770|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 63,884	$ 58,825	$ 183,216	$ 170,553
Costs and operating expenses:
Cost of revenue	13,811	11,750	38,655	34,403
Sales and marketing	29,839	22,971	85,279	67,619
Product and web site development	10,223	9,894	31,692	29,323
General and administrative	16,938	12,209	41,237	35,732
Amortization of intangible assets	1,274	1,110	3,770	3,172
Total costs and operating expenses	72,085	57,934	200,633	170,249
(Loss) income from operations	(8,201)	891	(17,417)	304
Interest expense, net	(1,663)	(917)	(4,877)	(944)
Earnings of unconsolidated joint venture	988	585	2,708	1,650
Other expense, net	(15)	(46)	(72)	(81)
(Loss) income before income taxes	(8,891)	513	(19,658)	929
Income tax (benefit) expense	(261)	375	447	425
Net (loss) income	$ (8,630)	$ 138	$ (20,105)	$ 504
Basic net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.00	$ (0.51)	$ 0.01
Diluted net (loss) income per share (in dollars per share)	$ (0.22)	$ 0.00	$ (0.51)	$ 0.01
Shares used to calculate basic and diluted (loss) income per share:
Basic (in shares)	40,076	39,061	39,514	39,215
Diluted (in shares)	40,076	41,482	39,514	40,913

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net (loss) income	$ (20,105)	$ 504
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	10,147	7,680
Amortization of intangible assets	3,770	3,172
Amortization of debt discount and issuance costs	2,904	516
Provision for doubtful accounts	335	445
Stock-based compensation and charges	10,158	8,241
Earnings of unconsolidated joint venture	(2,708)	(1,650)
Return on investment in unconsolidated joint venture	849	602
Other non-cash items	(46)	(5)
Changes in operating assets and liabilities:
Accounts receivable	(229)	(1,180)
Other assets	(1,164)	(932)
Accounts payable and accrued expenses	8,209	4,114
Deferred revenue	(706)	(722)
Net cash provided by operating activities	11,414	20,785
Cash flows from investing activities:
Purchases of property and equipment	(15,103)	(8,957)
Acquisitions, net of cash acquired		(2,250)
Purchase of intangible assets	(5,010)
Return of investment in unconsolidated joint venture		582
Other investing activities	2
Net cash used in investing activities	(20,111)	(10,625)
Cash flows from financing activities:
Principal payments on loan payable		(19)
Proceeds from issuance of convertible senior notes, net of issuance costs		96,608
Proceeds from exercise of stock options	7,452	8,216
Tax payments related to net share settlements of equity awards	(2,246)	(2,405)
Repurchase of common stock		(26,010)
Net cash provided by financing activities	5,206	76,390
Change in cash and cash equivalents	(3,491)	86,550
Cash and cash equivalents, beginning of period	118,679	27,122
Cash and cash equivalents, end of period	115,188	113,672
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 2,890

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 115,188	$ 118,679
Accounts receivable, net	11,654	11,760
Other current assets	9,659	8,203
Total current assets	136,501	138,642
Property and equipment, net	28,862	23,960
Investment in unconsolidated joint venture	6,455	4,596
Goodwill, net	41,630	41,630
Intangible assets, net	25,893	24,403
Other assets	3,215	3,558
Total assets	242,556	236,789
Current liabilities:
Accounts payable	8,078	5,912
Accrued expenses	31,659	26,929
Deferred revenue	7,090	7,783
Total current liabilities	46,827	40,624
Convertible senior notes	84,915	82,459
Other noncurrent liabilities	6,244	4,876
Total liabilities	137,986	127,959
Commitments and contingencies (see note 14)
Stockholders' equity:
Series A convertible preferred stock
Common stock	41	39
Additional paid-in capital	2,158,458	2,142,516
Accumulated other comprehensive income	39	138
Accumulated deficit	(2,053,968)	(2,033,863)
Total stockholders' equity	104,570	108,830
Total liabilities and stockholders' equity	$ 242,556	$ 236,789