|
CHANTILLY, Va., Aug 06, 2009 (BUSINESS WIRE) -- Online Resources Corporation (Nasdaq:ORCC), a leading provider of online
financial services, today reported financial and operating results for
the three months ended June 30, 2009.
-
Revenue was $37.8 million, up 2 percent compared to $37.2 from second
quarter 2008.
-
Adjusted Ebitda, a non-GAAP measure, was $9.3 million, up 26 percent
compared to $7.4 million in the prior year.
-
Net loss available to common stockholders was $1.7 million, or $0.06
loss per diluted share. This result compares to a net loss of $3.2
million, or $0.11 loss per diluted share, in 2008.
-
Core net income, a non-GAAP measure, was $2.5 million, up 45 percent
from $1.7 million in 2008. On a per share basis, core net income was
$0.08, up 33 percent from $0.06 in the prior year.
"We continued to drive earnings and cash flow in the second quarter,
with adjusted Ebitda and core earnings results up sharply over the prior
year and exceeding consensus estimates," said Matthew P. Lawlor,
chairman and chief executive officer of the Company. "As outlined to
investors last fall, expense control and debt reduction are top
priorities as we ride out ongoing economic weakness."
Lawlor added, "We had an excellent quarter for new client contracts,
setting another record for annual contract value signed. This included
several marquee clients and a high potential sales partnership.
Conversely, we are challenged by slower than expected consumer billpay
transaction growth, especially in our accounts receivable management and
user-paid product lines."
"Looking ahead into the second half of 2009 and 2010, we expect
continued strong earnings and cash flow on moderated revenue growth. We
are assuming ongoing weak consumer transaction patterns, low interest
rates earned on payments float and intense marketplace competition. At
the same time, our prior strategic investments and ongoing cost
initiatives are helping to drive increased new client contract values,
new product adoption and lower total unit costs."
2009 Business Outlook The Company provided guidance for third quarter, and updated its
guidance for full year 2009 by lowering its revenue expectations and
narrowing its earnings expectations. These statements are
forward-looking, and actual results may differ materially. Guidance is
stated in millions, except for per share data.
| | Third Quarter | | Full Year | | | 2008 Actual | | 2009 Guidance | | % Change | | 2008 Actual | | 2009 Guidance | | % Change | | Revenue ($ millions) | |
$38.1
| |
$37.0-39.0
| |
0%
| |
$151.6
| |
$152.0-156.0
| |
2%
| | Adjusted Ebitda (a)(b) | |
$8.3
| |
$9.5-10.9
| |
23%
| |
$32.7
| |
$37.5-41.5
| |
21%
| | Earnings ($ per share) | | Net (Loss) Income to Common (c)(d) | |
$(0.05)
| |
$(0.04)-(0.01)
| |
n/a
| |
$(0.24)
| |
$(0.18)-(0.10)
| |
n/a
| | Core Net Income (a)(e)(f) | |
$0.06
| |
$0.09-0.11
| |
67%
| |
$0.24
| |
$0.32-0.38
| |
46%
| | Share Count (millions) | | Basic | |
29.2
| |
30.1
| |
3%
| |
29.1
| |
30.0
| |
3%
| | Fully Diluted Shares (g) | |
30.4
| |
31.3
| |
3%
| |
30.5
| |
31.0
| |
2%
| | | | | | | | | | | | | |
|
(a)
| |
The Company uses non-GAAP (Generally Accepted Accounting Principles)
financial measures, including Adjusted Ebitda and core net income,
to evaluate performance and establish goals. It believes that these
measures are valuable to investors in assessing the Company's
operating results when viewed in conjunction with GAAP results.
| | | | |
(b)
| |
Adjusted Ebitda is defined as earnings before interest, taxes,
depreciation and amortization, preferred stock accretion and equity
compensation expense.
| | | | |
(c)
| |
Third quarters and full years 2009 and 2008 net loss available to
common stockholders per share are calculated using the number of
weighted-average shares outstanding (basic), not fully diluted
shares.
| | | | |
(d)
| |
Guidance does not assume the release of any additional tax valuation
allowance in 2009, though the Company may do so. Also does not
include the impact of any mark-to-market adjustments for derivatives
the Company holds or other fair value accounting impacts.
| | | | |
(e)
| |
Core net income is defined as net income available to common
stockholders before, on a pre-tax basis, the amortization of
acquisition-related intangible assets, equity compensation expense,
income tax benefit from the release of valuation allowance, income
(costs) related to the fair market valuation of certain derivatives
and mark-to-market investments, preferred stock accretion related to
the redemption premium and all other non-recurring charges. Some or
all of these items may not be applicable in any given reporting
period.
| | | | |
(f)
| |
Excludes amortization of acquisition-related intangible assets of
$1.8 and $2.1 million for the third quarters 2009 and 2008,
respectively, and $7.6 and $9.5 million for the years 2009 and 2008,
respectively. Excludes equity compensation expense of $1.7 and $1.0
million for the third quarters 2009 and 2008, respectively, and $5.7
and $4.7 million for the years 2009 and 2008, respectively. Excludes
preferred stock accretion related to the redemption premium of $0.4
million for the third quarters 2009 and 2008 and $1.6 million for
the years 2009 and 2008. Excludes income (costs) related to the fair
market valuation of certain derivatives of $0.2 for the third
quarter 2008 and $(0.7) and $1.9 million for the years 2009 and
2008, respectively. Excludes income (costs) related to
mark-to-market investments of $(0.1) million for the third quarter
2008 and $0.1 and $(0.6) million for the years 2009 and 2008,
respectively. Excludes a tax valuation allowance benefit of $0.2
million for the year 2008. Includes preferred stock accretion of
$1.9 and $1.8 million for the third quarters 2009 and 2008,
respectively, and $7.6 and $7.3 million for the years 2009 and 2008,
respectively.
| | | | |
(g)
| |
Only used for the purposes of calculating core net income per share.
| | | |
Today's Conference Call and Web Cast Management will host a conference call to discuss the results today at
5:00 p.m. ET. The conference call dial-in number is (888) 857-6932 for
domestic participants and (719) 457-2638 for international participants.
Alternatively, a live web cast of the call will be available through the
"Investors" section of Online Resources' web site at www.orcc.com.
The call and web cast will be recorded and available for playback from
8:00 p.m. ET on Aug 6th until midnight on Thursday, Aug 13th.
For the conference call playback, dial (888) 203-1112 for domestic
participants and (719) 457-0820 for international participants and enter
code4569046. For web cast replay, go to the "Investors"
section of www.orcc.com.
About Online Resources Online Resources (Nasdaq: ORCC) powers financial interactions between
millions of consumers and the company's financial institution and biller
clients. Backed by its proprietary payments gateway that links banks
directly with billers, the company provides web and phone-based
financial services, electronic payments and marketing services to drive
consumer adoption. Founded in 1989, Online Resources has been recognized
for its high growth and product innovation. It is the largest financial
technology provider dedicated to the online channel. For more
information, visit www.orcc.com.
This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement in
this release that is not a statement of historical fact may be deemed to
be a forward-looking statement. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause
the company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Specifically factors that might cause such a difference include, but are
not limited to: the company's history of losses and anticipation of
future losses; the company's dependence on the marketing efforts of
third parties; the potential fluctuations in the company's operating
results; the company's potential need for additional capital; the
company's potential inability to expand the company's services and
related products in the event of substantial increases in demand for
these services and related products; the company's competition; the
company's ability to attract and retain skilled personnel; the company's
reliance on the company's patents and other intellectual property; the
early stage of market adoption of the services it offers; consolidation
of the banking and financial services industry; and those risks and
uncertainties discussed in filings made by the company with the
Securities and Exchange Commission, including those risks and
uncertainties contained under the heading "Risk Factors" in the
company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities
and Exchange Commission. These factors should be considered in
evaluating the forward-looking statements, and undue reliance should not
be placed on such statements. | Online Resources Corporation | Quarterly Operating Data1 | (Unaudited) | | | | 3Q07
| | 4Q07 | | 1Q08 | | 2Q08 | | 3Q08 | | 4Q08 | | 1Q09 | | 2Q09 | | BANKING SERVICES | | | | | | | | | | | | | | | | | |
Payment Services2 | | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
20.2
| | |
$
|
20.2
| | |
$
|
19.7
| | |
$
|
18.1
| | |
$
|
18.4
| | |
$
|
17.9
| | |
$
|
17.5
| | |
$
|
17.2
| | |
Bill Payment Transactions
| | |
42.1
| | | |
41.8
| | | |
41.8
| | | |
39.0
| | | |
39.1
| | | |
39.4
| | | |
39.0
| | | |
37.3
| | | | | | | | | | | | | | | | | | | |
Other Revenue
| |
$
|
4.4
| | |
$
|
5.6
| | |
$
|
4.5
| | |
$
|
5.1
| | |
$
|
5.6
| | |
$
|
5.3
| | |
$
|
5.4
| | |
$
|
5.9
| | | | | | | | | | | | | | | | | | | | eCOMMERCE SERVICES | | | | | | | | | | | | | | | | | |
Payment Services - User Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
3.7
| | |
$
|
5.5
| | |
$
|
7.0
| | |
$
|
6.4
| | |
$
|
6.2
| | |
$
|
5.8
| | |
$
|
6.5
| | |
$
|
5.8
| | |
Bill Payment Transactions
| | |
0.8
| | | |
1.4
| | | |
1.7
| | | |
1.7
| | | |
1.7
| | | |
1.6
| | | |
1.7
| | | |
1.6
| | | | | | | | | | | | | | | | | | | |
Payment Services - Biller Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
3.3
| | |
$
|
4.1
| | |
$
|
5.2
| | |
$
|
5.6
| | |
$
|
6.0
| | |
$
|
6.2
| | |
$
|
7.1
| | |
$
|
7.0
| | |
Bill Payment Transactions
| | |
8.4
| | | |
9.1
| | | |
10.3
| | | |
10.5
| | | |
11.3
| | | |
11.8
| | | |
12.7
| | | |
13.5
| | | | | | | | | | | | | | | | | | | |
Other Revenue3 | |
$
|
2.6
| | |
$
|
2.8
| | |
$
|
2.8
| | |
$
|
2.0
| | |
$
|
1.9
| | |
$
|
2.0
| | |
$
|
2.7
| | |
$
|
1.9
| | | | | | | | | | | | | | | | | | | | OTHER KEY METRICS | | | | | | | | | | | | | | | | | |
Internet Banking Adoption Rate4 | | |
25.4
|
%
| | |
26.9
|
%
| | |
28.2
|
%
| | |
32.8
|
%
| | |
33.6
|
%
| | |
35.4
|
%
| | |
38.3
|
%
| | |
40.8
|
%
| |
Banking Billpay Adoption Rate
| | |
6.8
|
%
| | |
8.7
|
%
| | |
9.0
|
%
| | |
9.4
|
%
| | |
10.0
|
%
| | |
10.2
|
%
| | |
10.4
|
%
| | |
10.7
|
%
| |
Enterprise Users
| | |
11.6
| | | |
12.3
| | | |
13.5
| | | |
12.6
| | | |
13.0
| | | |
13.2
| | | |
13.8
| | | |
14.5
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes: | | |
1.
| |
In millions except adoption rates.
| | | | |
2.
| |
Includes the revenues and transactions for the following large,
departed clients: Branch Banking and Trust Company (departed 3Q07),
Jack Henry (departed 4Q07) and Corporate Network eCom (departed
1Q08).
| | | | |
3.
| |
Includes revenues for large client Certegy, which departed in 2Q08.
| | | | |
4.
| |
The Company refined its definition of an Internet banking user in
1Q09 to incorporate a stricter definition of an active user. In
order to make them consistent with the new definition, the Internet
banking adoption rates for prior periods have been adjusted. User
counts under the new definition have been estimated for the prior
periods.
| | | |
| | | Online Resources Corporation | Consolidated Statements of Operations | (In thousands, except per share data) | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2009 | | 2008 | | 2009 | | 2008 | | | (Unaudited) | | (Unaudited) | |
Revenues:
| | | | | | | | | |
Account presentation services
| |
$
|
1,954
| | |
$
|
1,889
| | |
$
|
3,794
| | |
$
|
4,261
| | |
Payment services
| | |
30,027
| | | |
30,084
| | | |
61,155
| | | |
61,962
| | |
Relationship management services
| | |
2,000
| | | |
2,047
| | | |
4,040
| | | |
4,017
| | |
Professional services and other
| | |
3,802
| | | |
3,133
| | | |
8,034
| | | |
6,109
| | |
Total revenues
| | |
37,783
| | | |
37,153
| | | |
77,023
| | | |
76,349
| | | | | | | | | | | |
Expenses:
| | | | | | | | | |
Cost of revenues
| | |
20,016
| | | |
19,454
| | | |
39,680
| | | |
39,229
| | |
Gross profit
| | |
17,767
| | | |
17,699
| | | |
37,343
| | | |
37,120
| | | | | | | | | | | |
General and administrative
| | |
6,887
| | | |
8,601
| | | |
16,608
| | | |
18,544
| | |
Selling and marketing
| | |
5,722
| | | |
6,427
| | | |
11,328
| | | |
12,660
| | |
Systems and development
| | |
2,131
| | | |
2,229
| | | |
4,384
| | | |
5,042
| | |
Total expenses
| | |
14,740
| | | |
17,257
| | | |
32,320
| | | |
36,246
| | |
Income from operations
| | |
3,027
| | | |
442
| | | |
5,023
| | | |
874
| | | | | | | | | | | |
Other income (expense)
| | | | | | | | | |
Interest income
| | |
36
| | | |
110
| | | |
82
| | | |
322
| | |
Interest expense
| | |
(1,862
|
)
| | |
(1,710
|
)
| | |
(2,943
|
)
| | |
(4,029
|
)
| |
Other income (expense)
| | |
63
| | | |
3
| | | |
77
| | | |
(108
|
)
| |
Total other income (expense)
| | |
(1,763
|
)
| | |
(1,597
|
)
| | |
(2,784
|
)
| | |
(3,815
|
)
| |
Income (loss) before tax provision (benefit)
| | |
1,264
| | | |
(1,155
|
)
| | |
2,239
| | | |
(2,941
|
)
| |
Income tax provision (benefit)
| | |
688
| | | |
(181
|
)
| | |
1,032
| | | |
(562
|
)
| |
Net income (loss)
| | |
576
| | | |
(974
|
)
| | |
1,207
| | | |
(2,379
|
)
| |
Preferred stock accretion
| | |
2,287
| | | |
2,199
| | | |
4,536
| | | |
4,376
| | |
Net loss available to common stockholders
| |
$
|
(1,711
|
)
| |
$
|
(3,173
|
)
| |
$
|
(3,329
|
)
| |
$
|
(6,755
|
)
| | | | | | | | | | |
Net loss available to common stockholders per share:
| | | | | | | | | |
Basic
| |
$
|
(0.06
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.23
|
)
| |
Diluted
| |
$
|
(0.06
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.23
|
)
| | | | | | | | | | |
Shares used in calculation of net loss available to common
stockholders per share:
| | | | | | | | | |
Basic
| | |
29,908
| | | |
28,998
| | | |
29,821
| | | |
28,913
| | |
Diluted
| | |
29,908
| | | |
28,998
| | | |
29,821
| | | |
28,913
| |
| | Online Resources Corporation | Condensed Consolidated Balance Sheets | (In thousands) | | | | | June 30, | | December 31, | | | 2009 | | 2008 | | | (Unaudited) | | ASSETS | | | | | |
Current assets:
| | | | | |
Cash and cash equivalents
| |
$
|
28,715
| |
$
|
22,969
| |
Short-term investments
| | |
969
| | |
1,009
| |
Accounts receivable, net
| | |
15,103
| | |
15,742
| |
Deferred tax asset, current portion
| | |
4,337
| | |
8,782
| |
Prepaid expenses and other current assets
| | |
4,404
| | |
4,013
| |
Total current assets
| | |
53,528
| | |
52,515
| | | | | | |
Property and equipment, net
| | |
27,008
| | |
28,707
| |
Deferred tax asset, less current portion
| | |
28,721
| | |
25,295
| |
Goodwill
| | |
181,516
| | |
181,516
| |
Intangible assets
| | |
23,504
| | |
27,668
| |
Deferred implementation costs, less current portion, and other assets
| | |
6,374
| | |
7,976
| |
Total assets
| |
$
|
320,651
| |
$
|
323,677
| | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Current liabilities:
| | | | | |
Accounts payable
| |
$
|
1,074
| |
$
|
1,198
| |
Accrued expenses
| | |
5,064
| | |
3,618
| |
Notes payable, senior secured debt, current portion
| | |
17,000
| | |
15,937
| |
Interest payable
| | |
6
| | |
6
| |
Deferred revenues, current portion, and other current liabilities
| | |
6,965
| | |
7,513
| |
Total current liabilities
| | |
30,109
| | |
28,272
| | | | | | |
Notes payable, senior secured debt, less current portion
| | |
51,000
| | |
59,500
| |
Deferred revenues, less current portion, and other long-term
liabilities
| | |
5,810
| | |
6,377
| |
Total liabilities
| | |
86,919
| | |
94,149
| | | | | | |
Redeemable convertible preferred stock
| | |
95,950
| | |
91,415
| | | | | | |
Stockholders' equity
| | |
137,782
| | |
138,113
| |
Total liabilities and stockholders' equity
| |
$
|
320,651
| |
$
|
323,677
|
| Online Resources Corporation | Condensed Consolidated Statements of Cash Flows | (In thousands) | | | | Six Months Ended | | | June 30, | | | 2009 | | 2008 | | |
(Unaudited) | | | | | | | Operating activities | | | | | |
Net income (loss)
| |
$
|
1,207
| | |
$
|
(2,379
|
)
| |
Adjustments to reconcile net loss to net cash provided by operating
activities:
| | | | | |
Deferred tax expense (benefit)
| | |
1,019
| | | |
(633
|
)
| |
Depreciation and amortization
| | |
10,409
| | | |
10,955
| | |
Equity compensation expense
| | |
2,238
| | | |
2,950
| | |
Write off and amortization of debt issuance costs
| | |
170
| | | |
190
| | |
Loss on disposal of assets
| | |
15
| | | |
33
| | |
Provision for losses on accounts receivable
| | |
16
| | | |
68
| | |
(Gain) loss on investments
| | |
(77
|
)
| | |
108
| | |
Change in fair value of stock price protection
| | |
-
| | | |
1,565
| | |
Change in fair value of theoretical swap derivative
| | |
702
| | | |
(500
|
)
| |
Loss on cash flow hedge derivative security
| | |
-
| | | |
184
| | |
Changes in operating assets and liabilities, net of acquisitions:
| | | | | |
Consumer deposit receivable
| | |
-
| | | |
8,279
| | |
Consumer deposit payable
| | |
-
| | | |
(10,555
|
)
| |
Changes in certain other assets and liabilities
| | |
822
| | | |
648
| | |
Net cash provided by operating activities
| | |
16,521
| | | |
10,913
| | | Investing activities | | | | | |
Purchases of property and equipment
| | |
(4,457
|
)
| | |
(8,291
|
)
| |
Sale of short-term investments
| | |
770
| | | |
4,334
| | |
Net cash used in investing activities
| | |
(3,687
|
)
| | |
(3,957
|
)
| | Financing activities | | | | | |
Net proceeds from issuance of common stock
| | |
366
| | | |
693
| | |
Repurchase of shares issued related to ITS acquisition
| | |
-
| | | |
(2,117
|
)
| |
Payments for ITS stock protection
| | |
-
| | | |
(112
|
)
| |
Repayment of 2007 notes
| | |
(7,438
|
)
| | |
(3,188
|
)
| |
Repayment of capital lease obligations
| | |
(16
|
)
| | |
(19
|
)
| |
Net cash used in financing activities
| | |
(7,088
|
)
| | |
(4,743
|
)
| |
Net increase in cash and cash equivalents
| | |
5,746
| | | |
2,213
| | |
Cash and cash equivalents at beginning of year
| | |
22,969
| | | |
13,227
| | |
Cash and cash equivalents at end of period
| |
$
|
28,715
| | |
$
|
15,440
| |
| Online Resources Corporation | Reconciliation of Non-GAAP Measures | (In thousands, except per share data) | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2009 | | 2008 | | 2009 | | 2008 | | | (Unaudited) | | (Unaudited) | | | | | | | | | | | Reconciliation of adjusted ebitda (See Note 1): | | | | | | | | | |
Net income (loss)
| |
$
|
576
| | |
$
|
(974
|
)
| |
$
|
1,207
| | |
$
|
(2,379
|
)
| |
Depreciation and amortization (incl. loss on disposal of assets)
| | |
5,294
| | | |
5,454
| | | |
10,424
| | | |
10,988
| | |
Equity compensation expense
| | |
1,004
| | | |
1,534
| | | |
2,238
| | | |
2,950
| | |
Other (income) expense
| | |
1,763
| | | |
1,597
| | | |
2,784
| | | |
3,815
| | |
Income tax provision (benefit)
| | |
688
| | | |
(181
|
)
| | |
1,032
| | | |
(562
|
)
| |
Ebitda (See Note 1)
| |
$
|
9,325
| | |
$
|
7,430
| | |
$
|
17,685
| | |
$
|
14,812
| | | | | | | | | | | | Reconciliation of core net income (See Note 2): | | | | | | | | | |
Net loss available to common stockholders
| |
$
|
(1,711
|
)
| |
$
|
(3,173
|
)
| |
$
|
(3,329
|
)
| |
$
|
(6,755
|
)
| |
Preferred stock accretion related to redemption premium
| | |
396
| | | |
389
| | | |
791
| | | |
775
| | |
Change in fair value of stock price protection
| | |
-
| | | |
177
| | | |
-
| | | |
1,565
| | |
Change in fair value of theoretical swap derivative
| | |
760
| | | |
181
| | | |
702
| | | |
(500
|
)
| |
Change in fair value of mark to market investments
| | |
(64
|
)
| | |
(3
|
)
| | |
(77
|
)
| | |
108
| | |
Equity compensation expense
| | |
1,004
| | | |
1,534
| | | |
2,238
| | | |
2,950
| | |
Amortization of intangible assets
| | |
2,082
| | | |
2,598
| | | |
4,164
| | | |
5,216
| | |
Core net income (see Note 2)
| |
$
|
2,467
| | |
$
|
1,703
| | |
$
|
4,489
| | |
$
|
3,359
| | | | | | | | | | | | Reconciliation of core net income per share: | | | | | | | | | |
Diluted net loss available to common stockholders
| |
$
|
(0.06
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.11
|
)
| |
$
|
(0.23
|
)
| |
Preferred stock accretion related to redemption premium
| | |
0.01
| | | |
0.01
| | | |
0.03
| | | |
0.03
| | |
Change in fair value of stock price protection
| | |
-
| | | |
0.01
| | | |
-
| | | |
0.05
| | |
Change in fair value of theoretical swap derivative
| | |
0.03
| | | |
0.01
| | | |
0.02
| | | |
(0.02
|
)
| |
Change in fair value of mark to market investments
| | |
-
| | | |
-
| | | |
-
| | | |
-
| | |
Equity compensation expense
| | |
0.03
| | | |
0.05
| | | |
0.08
| | | |
0.10
| | |
Amortization of intangible assets
| | |
0.07
| | | |
0.09
| | | |
0.14
| | | |
0.18
| | |
Other, including impact of treasury method and rounding
| | |
-
| | | |
-
| | | |
(0.01
|
)
| | |
-
| | |
Core net income per share
| |
$
|
0.08
| | |
$
|
0.06
| | |
$
|
0.15
| | |
$
|
0.11
| | | | | | | | | | | | | | | | | | |
Notes: | | |
1.
| |
Adjusted ebitda is a non-GAAP measure we define as earnings before
interest, taxes, depreciation and amortization, preferred stock
accretion and equity compensation expense.
| | | | |
2.
| |
Core net income is a non-GAAP measure we define as net income
available to common stockholders before the amortization of
acquisition-related intangible assets, equity compensation expense,
income tax benefit from the release of valuation allowance, income
(costs) related to the fair market valuation of certain derivatives
and mark to market investments, preferred stock accretion related to
the redemption premium and all other non-recurring charges. Some or
all of these items may not be applicable in any given reporting
period.
|
SOURCE: Online Resources Corporation
Online Resources Corporation
Media Contact:
Beth Halloran
Sr. Dir., Corporate Communications
703-653-2248
bhalloran@orcc.com
or
Investor Contact:
Catherine Graham
EVP & Chief Financial Officer
703-653-3155
cgraham@orcc.com
Copyright Business Wire 2009
|
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