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Company Closes Transitional 2011 on Strong Note
CHANTILLY, Va.--(BUSINESS WIRE)--
Online Resources Corporation (NASDAQ: ORCC), a leading provider of
online financial services, today reported financial and operating
results for the three months and full year ended December 31, 2011. For
the fourth quarter:
-
Revenue was $38.7 million, compared to $37.8 million in the fourth
quarter of 2010.
-
Net loss available to common stockholders was $0.3 million, or $0.01
per share, compared to a loss of $2.0 million, or $0.06 per share, in
the fourth quarter of 2010.
-
Ebitda, a non-GAAP measure, was a $7.2 million, compared to $6.3
million in the fourth quarter of 2010.
-
Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity
compensation expense and other expenses, was $9.3 million, compared to
$7.2 million in the fourth quarter of 2010.
-
Core net income, a non-GAAP measure, was $2.6 million, or $0.08 per
diluted share, compared to $1.0 million, or $0.03 per diluted share,
in the fourth quarter of 2010.
For the full year 2011, Online Resources reported revenue of $154.7
million, compared to $149.5 million in 2010; net loss available to
common stockholders of $0.36 per share, compared to $0.14 per share in
2010; Ebitda of $13.6 million, compared to $28.0 million in 2010;
adjusted Ebitda of $29.4 million, compared $32.4 million in 2010; and
core net income of $0.10 per diluted share, compared to $0.19 per
diluted share in 2010.
"We made a great deal of progress on the long-term strategic growth plan
we presented in March 2011," said Joseph L. Cowan, president and chief
executive officer of Online Resources. "We've focused the Company on
becoming an innovative, best-of-breed solution provider in the payments
market, opened a first-class development center in India and began the
process of optimizing and consolidating the technology that we possess.
All the while, we've met or exceeded the revenue and earnings direction
we provided for 2011 at this time last year and for each of the 2011
quarters."
Cowan continued, "We had record sales in the fourth quarter,
contributing to a record sales year. I'm very pleased with this as I
believe it validates some of the early steps we've taken. With
opportunity often comes challenge however, and this is no exception. In
2012, we expect to make additional investments, reprioritize planned
investments and extend our investment period to ensure we can implement
and service this new business."
Outlook for First Quarter 2012
Online Resources provided the following guidance for the first quarter
of 2012. These statements are forward-looking, and actual results may
differ materially.
-
Revenue for the quarter is expected to be between $41.2 and $41.7
million.
-
Ebitda1,2 for the quarter is expected to be between $7.5
and $7.8 million
-
Adjusted Ebitda1,2,5 for the quarter is expected to be
between $9.1 and $9.4 million.
-
Core net income1,3,4,5,6 is expected to be between $0.05
and $0.06 per share.
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(1)
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The Company uses non-GAAP (Generally Accepted Accounting Principles)
financial measures, including Ebitda, 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.
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(2)
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Ebitda is defined as net income available to common stockholders
before preferred stock accretion, interest, taxes, depreciation and
amortization expense. Adjusted Ebitda is defined as net income
available to common stockholders before preferred stock accretion,
interest, taxes, depreciation and amortization, equity compensation
expense, reserve for potential legal liability, strategic
alternatives process costs, transition costs (including severance,
retention, advisory and ORCC India start up costs) and other income
(expense). Some or all of these items may not be applicable in any
given reporting period.
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(3)
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Core net income is defined as net income available to common
stockholders before, on a pre-tax basis unless otherwise noted, the
amortization of acquisition-related intangible assets, equity
compensation expense, income tax benefit or expense from the change
in 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, reserve
for potential legal liability, net of tax, strategic process costs,
net of tax, transition costs (including severance, retention,
advisory and ORCC India start up costs), net of tax, and all other
non-recurring charges. Some or all of these items may not be
applicable in any given reporting period.
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(4)
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Excludes estimates for amortization of acquisition-related
intangible assets of $1.1 million, equity compensation expense of
$0.7 million and preferred stock accretion related to the redemption
premium of $0.4 million.
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(5)
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Adjusted Ebitda and core net income exclude $1.0 million in
transition costs. These costs are tax-effected in the calculation of
core net income.
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(6)
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Core net income per share calculated using estimated shares
outstanding of 33.2 million.
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Conference Call and Web Cast
Management will host a conference call to discuss results at 5:00 p.m.
EDT today. The conference call dial-in number is (877) 303-6496 for
domestic participants and (707) 287-9318 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. EDT on March 14th until midnight on Wednesday,
March 21st. For the conference call playback, dial (855)
859-2056 for domestic participants and (404) 537-3406 for international
participants and enter code 58741333. 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 is the largest
financial technology provider dedicated to the online channel. For more
information, visit www.orcc.com.
This press release provided by Online Resources Corporation (as well
as other written and oral statements made by the company from
time to time) contains forward-looking statements which are based
on our management's current intentions, plans, beliefs, expectations and
predictions, and on a number of assumptions concerning future events
which have been made with only information that is currently available.
The words "will," "would," "could," "may," "should," "estimate,"
"project," "forecast," "intend," "expect," "believe," "target,"
"designed," "plan," or the negative of these terms or other similar
expressions are intended to identify forward-looking statements.
Forward-looking statements may include information concerning Online
Resources Corporation's possible or assumed future results of
operations, including descriptions of Online Resources Corporation's
revenues, profitability, outlook and overall business strategy. Readers
are strongly cautioned not to place undue reliance on such
forward-looking statements, which are not a guarantee of any results or
performance and are subject to a number of known and unknown risks,
uncertainties and other factors (including those which are outside of
Online Resources' control) which could cause actual performance or
results to differ materially and adversely from any results or
performance expressed or implied by such forward-looking statements.
Certain factors that might cause such a difference include, but are not
limited to: our history of losses and anticipation of future
losses; potential fluctuations in our operating results; our dependence
on the marketing efforts and technology of third parties; the potential
loss of one or more material clients; our potential need for additional
capital; our potential inability to prevent systems failures and
security breaches; our potential inability to expand our services and
related products in the event of a substantial increase in demand for
such services and products; competition in our markets; our ability to
attract and retain skilled personnel; our reliance on patents and other
intellectual property; potential change in the rate of user adoption of
the products and services we offer; our exposure to continued
consolidation in the financial services industry; and government
regulations affecting our business and client base. In addition, the
risks discussed in our periodic reports, registration statements and
other filings with the Securities and Exchange Commission could cause
actual results to differ materially from the results anticipated by
forward-looking statements. Readers should keep in mind that any
forward-looking statements made by Online Resources Corporation herein,
or elsewhere, speak only as of the date on which made. Online
Resources Corporation expressly disclaims any intent, obligation or
undertaking to update or revise any forward-looking statements made
herein to reflect any change in Online Resources Corporation's
expectations with regard thereto or any change in events, conditions or
circumstances in which any such statements are based.
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Online Resources Corporation
|
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Quarterly Operating Data
|
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(In millions, Unaudited)
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q10
|
|
2Q10
|
|
3Q10
|
|
4Q10
|
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1Q11
|
|
2Q11
|
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3Q11
|
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4Q11
|
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BANKING SERVICES
|
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|
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Payment Services - Full Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$8.8
|
|
$8.6
|
|
$8.4
|
|
$8.2
|
|
$8.4
|
|
$8.1
|
|
$7.8
|
|
$7.9
|
|
Bill Payment Transactions
|
|
10.9
|
|
10.9
|
|
10.8
|
|
11.1
|
|
11.6
|
|
11.3
|
|
11.3
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Payment Services - Remittance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenue
|
|
$7.6
|
|
$7.1
|
|
$6.8
|
|
$6.5
|
|
$5.9
|
|
$5.6
|
|
$5.5
|
|
$5.1
|
|
Bill Payment Transactions - LCR
|
|
0.3
|
|
5.5
|
|
6.6
|
|
6.3
|
|
6.6
|
|
6.7
|
|
6.0
|
|
6.0
|
|
Bill Payment Transactions - Non LCR
|
|
24.7
|
|
20.2
|
|
20.5
|
|
20.5
|
|
19.8
|
|
19.3
|
|
19.4
|
|
19.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other Revenue
|
|
$7.0
|
|
$6.5
|
|
$7.0
|
|
$7.7
|
|
$6.8
|
|
$7.2
|
|
$6.9
|
|
$7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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eCOMMERCE SERVICES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Payment Services - User Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$4.8
|
|
$4.1
|
|
$3.9
|
|
$3.9
|
|
$4.7
|
|
$4.5
|
|
$4.7
|
|
$4.7
|
|
Bill Payment Transactions
|
|
1.4
|
|
1.3
|
|
1.4
|
|
1.4
|
|
1.6
|
|
1.6
|
|
1.7
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Services - Biller Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$8.6
|
|
$8.4
|
|
$8.5
|
|
$8.8
|
|
$10.8
|
|
$10.0
|
|
$10.1
|
|
$10.1
|
|
Bill Payment Transactions
|
|
15.4
|
|
15.9
|
|
16.6
|
|
17.9
|
|
20.5
|
|
19.6
|
|
20.5
|
|
21.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue
|
|
$1.9
|
|
$1.7
|
|
$2.0
|
|
$2.6
|
|
$2.7
|
|
$3.1
|
|
$3.4
|
|
$3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Consolidated Statements of Operations
|
|
(In thousands, except per share data)
|
|
|
|
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|
|
|
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|
|
|
|
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|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
|
|
|
DECEMBER 31,
|
|
DECEMBER 31,
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Account presentation services
|
|
$
|
2,853
|
|
|
$
|
2,733
|
|
|
$
|
11,231
|
|
|
$
|
9,408
|
|
|
Payment services
|
|
|
27,786
|
|
|
|
27,431
|
|
|
|
113,734
|
|
|
|
113,007
|
|
|
Relationship management services
|
|
|
1,546
|
|
|
|
1,909
|
|
|
|
6,741
|
|
|
|
8,408
|
|
|
Professional services and other
|
|
|
6,480
|
|
|
|
5,704
|
|
|
|
22,977
|
|
|
|
18,690
|
|
|
Total revenues
|
|
|
38,665
|
|
|
|
37,777
|
|
|
|
154,683
|
|
|
|
149,513
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
19,806
|
|
|
|
20,547
|
|
|
|
83,766
|
|
|
|
78,953
|
|
|
Gross profit
|
|
|
18,859
|
|
|
|
17,230
|
|
|
|
70,917
|
|
|
|
70,560
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
7,870
|
|
|
|
8,718
|
|
|
|
34,997
|
|
|
|
32,146
|
|
|
Reserve for potential legal liability
|
|
|
200
|
|
|
|
-
|
|
|
|
7,900
|
|
|
|
-
|
|
|
Selling and marketing
|
|
|
4,982
|
|
|
|
4,875
|
|
|
|
20,147
|
|
|
|
19,532
|
|
|
Systems and development
|
|
|
2,537
|
|
|
|
2,498
|
|
|
|
10,488
|
|
|
|
9,901
|
|
|
Total expenses
|
|
|
15,589
|
|
|
|
16,091
|
|
|
|
73,532
|
|
|
|
61,579
|
|
|
Income (loss) from operations
|
|
|
3,270
|
|
|
|
1,139
|
|
|
|
(2,615
|
)
|
|
|
8,981
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
20
|
|
|
|
26
|
|
|
|
97
|
|
|
|
65
|
|
|
Interest expense
|
|
|
(612
|
)
|
|
|
(675
|
)
|
|
|
(988
|
)
|
|
|
(226
|
)
|
|
Other income (expense)
|
|
|
(91
|
)
|
|
|
66
|
|
|
|
(92
|
)
|
|
|
(32
|
)
|
|
Total other income (expense)
|
|
|
(683
|
)
|
|
|
(583
|
)
|
|
|
(983
|
)
|
|
|
(193
|
)
|
|
Income (loss) before tax provision (benefit)
|
|
|
2,587
|
|
|
|
556
|
|
|
|
(3,598
|
)
|
|
|
8,788
|
|
|
Income tax provision (benefit)
|
|
|
357
|
|
|
|
130
|
|
|
|
(2,026
|
)
|
|
|
3,412
|
|
|
Net income (loss) available to common stockholders
|
|
|
2,230
|
|
|
|
426
|
|
|
|
(1,572
|
)
|
|
|
5,376
|
|
|
Preferred stock accretion
|
|
|
2,523
|
|
|
|
2,437
|
|
|
|
9,912
|
|
|
|
9,560
|
|
|
Net loss available to common stockholders
|
|
$
|
(293
|
)
|
|
$
|
(2,011
|
)
|
|
$
|
(11,484
|
)
|
|
$
|
(4,184
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to common stockholders per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.14
|
)
|
|
Diluted
|
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of net loss available to common
stockholders per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,141
|
|
|
|
31,264
|
|
|
|
31,897
|
|
|
|
30,954
|
|
|
Diluted
|
|
|
32,141
|
|
|
|
31,264
|
|
|
|
31,897
|
|
|
|
30,954
|
|
|
|
|
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DECEMBER 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
31,290
|
|
$
|
29,127
|
|
Accounts receivable, net
|
|
|
17,596
|
|
|
20,410
|
|
Deferred tax asset, current portion
|
|
|
2,189
|
|
|
3,893
|
|
Prepaid expenses and other current assets
|
|
|
5,751
|
|
|
5,039
|
|
Total current assets
|
|
|
56,826
|
|
|
58,469
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
20,987
|
|
|
25,145
|
|
Deferred tax asset, less current portion
|
|
|
26,713
|
|
|
22,536
|
|
Goodwill
|
|
|
181,516
|
|
|
181,516
|
|
Intangible assets
|
|
|
9,288
|
|
|
14,157
|
|
Deferred implementation costs, less current portion, and other assets
|
|
|
9,042
|
|
|
8,762
|
|
Total assets
|
|
$
|
304,372
|
|
$
|
310,585
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,251
|
|
$
|
2,410
|
|
Accrued expenses
|
|
|
17,566
|
|
|
6,293
|
|
Notes payable, senior secured debt, current portion
|
|
|
12,750
|
|
|
27,188
|
|
Deferred revenues, current portion, and other current liabilities
|
|
|
8,412
|
|
|
8,232
|
|
Total current liabilities
|
|
|
39,979
|
|
|
44,123
|
|
|
|
|
|
|
|
Notes payable, senior secured debt, less current portion
|
|
|
7,500
|
|
|
9,563
|
|
Deferred revenues, less current portion, and other long-term
liabilities
|
|
|
4,979
|
|
|
6,956
|
|
Total liabilities
|
|
|
52,458
|
|
|
60,642
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock
|
|
|
120,095
|
|
|
110,182
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
131,819
|
|
|
139,761
|
|
Total liabilities and stockholders' equity
|
|
$
|
304,372
|
|
$
|
310,585
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED
|
|
|
|
DECEMBER 31,
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(1,572
|
)
|
|
$
|
5,376
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
Deferred tax (benefit) expense
|
|
|
(2,473
|
)
|
|
|
3,538
|
|
|
Depreciation and amortization
|
|
|
15,899
|
|
|
|
19,052
|
|
|
Equity compensation expense
|
|
|
2,494
|
|
|
|
2,853
|
|
|
Write off and amortization of debt issuance costs
|
|
|
414
|
|
|
|
310
|
|
|
Loss on disposal of assets
|
|
|
372
|
|
|
|
-
|
|
|
Provision for losses on accounts receivable
|
|
|
244
|
|
|
|
200
|
|
|
Change in fair value of theoretical swap derivative
|
|
|
(546
|
)
|
|
|
(1,336
|
)
|
|
Changes in certain other assets and liabilities
|
|
|
10,850
|
|
|
|
(105
|
)
|
|
Net cash provided by operating activities
|
|
|
25,682
|
|
|
|
29,888
|
|
|
Investing activities
|
|
|
|
|
|
Capital expenditures
|
|
|
(7,221
|
)
|
|
|
(12,741
|
)
|
|
Net cash used in investing activities
|
|
|
(7,221
|
)
|
|
|
(12,741
|
)
|
|
Financing activities
|
|
|
|
|
|
Net proceeds from issuance of common stock
|
|
|
998
|
|
|
|
1,093
|
|
|
Debt issuance costs
|
|
|
(815
|
)
|
|
|
-
|
|
|
Repayment of 2007 notes
|
|
|
(16,500
|
)
|
|
|
(12,000
|
)
|
|
Repayment of capital lease obligations
|
|
|
-
|
|
|
|
(20
|
)
|
|
Net cash used in financing activities
|
|
|
(16,317
|
)
|
|
|
(10,927
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
2,144
|
|
|
|
6,220
|
|
|
Impact of foreign currency
|
|
|
19
|
|
|
|
-
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
29,127
|
|
|
|
22,907
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
31,290
|
|
|
$
|
29,127
|
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Reconciliation of Non-GAAP Measures
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
|
|
|
DECEMBER 31,
|
|
DECEMBER 31,
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Reconciliation of ebitda (See Note 1):
|
|
|
|
|
|
|
|
|
|
Net loss available to common stockholders
|
|
$
|
(293
|
)
|
|
$
|
(2,011
|
)
|
|
$
|
(11,484
|
)
|
|
$
|
(4,184
|
)
|
|
Preferred stock accretion
|
|
|
2,523
|
|
|
|
2,437
|
|
|
|
9,912
|
|
|
|
9,560
|
|
|
Depreciation and amortization (incl. gain loss on disposal of assets)
|
|
|
3,998
|
|
|
|
5,069
|
|
|
|
16,271
|
|
|
|
19,052
|
|
|
Interest expense, net
|
|
|
592
|
|
|
|
649
|
|
|
|
891
|
|
|
|
161
|
|
|
Income tax provision (benefit)
|
|
|
357
|
|
|
|
130
|
|
|
|
(2,026
|
)
|
|
|
3,412
|
|
|
Ebitda (See Note 1)
|
|
$
|
7,177
|
|
|
$
|
6,274
|
|
|
$
|
13,564
|
|
|
$
|
28,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted ebitda (See Note 2):
|
|
|
|
|
|
|
|
|
|
Net loss available to common stockholders
|
|
$
|
(293
|
)
|
|
$
|
(2,011
|
)
|
|
$
|
(11,484
|
)
|
|
$
|
(4,184
|
)
|
|
Preferred stock accretion
|
|
|
2,523
|
|
|
|
2,437
|
|
|
|
9,912
|
|
|
|
9,560
|
|
|
Depreciation and amortization (incl. loss on disposal of assets)
|
|
|
3,998
|
|
|
|
5,069
|
|
|
|
16,271
|
|
|
|
19,052
|
|
|
Equity compensation expense
|
|
|
711
|
|
|
|
756
|
|
|
|
2,494
|
|
|
|
2,851
|
|
|
Reserve for potential legal liability
|
|
|
200
|
|
|
|
-
|
|
|
|
7,900
|
|
|
|
-
|
|
|
Strategic process costs
|
|
|
-
|
|
|
|
-
|
|
|
|
874
|
|
|
|
-
|
|
|
Transition costs
|
|
|
1,098
|
|
|
|
264
|
|
|
|
4,493
|
|
|
|
1,557
|
|
|
Other (income) expense
|
|
|
682
|
|
|
|
583
|
|
|
|
983
|
|
|
|
193
|
|
|
Income tax provision (benefit)
|
|
|
357
|
|
|
|
130
|
|
|
|
(2,026
|
)
|
|
|
3,412
|
|
|
Adjusted Ebitda (See Note 2)
|
|
$
|
9,276
|
|
|
$
|
7,228
|
|
|
$
|
29,417
|
|
|
$
|
32,441
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of core net income (See Note 3):
|
|
|
|
|
|
|
|
|
|
Net loss available to common stockholders
|
|
$
|
(293
|
)
|
|
$
|
(2,011
|
)
|
|
$
|
(11,484
|
)
|
|
$
|
(4,184
|
)
|
|
Preferred stock accretion related to redemption premium
|
|
|
417
|
|
|
|
408
|
|
|
|
1,655
|
|
|
|
1,622
|
|
|
Change in fair value of theoretical swap derivative
|
|
|
(8
|
)
|
|
|
340
|
|
|
|
546
|
|
|
|
(1,336
|
)
|
|
Reserve for potential legal liability, net of tax
|
|
|
289
|
|
|
|
-
|
|
|
|
3,511
|
|
|
|
-
|
|
|
Strategic alternatives process costs, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
382
|
|
|
|
-
|
|
|
Transition costs, net of tax
|
|
|
947
|
|
|
|
201
|
|
|
|
1,963
|
|
|
|
952
|
|
|
Change in tax valuation allowance
|
|
|
(576
|
)
|
|
|
(59
|
)
|
|
|
(768
|
)
|
|
|
123
|
|
|
Equity compensation expense
|
|
|
711
|
|
|
|
756
|
|
|
|
2,494
|
|
|
|
2,851
|
|
|
Amortization of intangible assets
|
|
|
1,103
|
|
|
|
1,316
|
|
|
|
4,870
|
|
|
|
5,949
|
|
|
Core net income (see Note 3)
|
|
$
|
2,589
|
|
|
$
|
951
|
|
|
$
|
3,168
|
|
|
$
|
5,977
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of core net income per share:
|
|
|
|
|
|
|
|
|
|
Diluted net loss available to common stockholders
|
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.14
|
)
|
|
Preferred stock accretion related to redemption premium
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.05
|
|
|
|
0.05
|
|
|
Change in fair value of theoretical swap derivative
|
|
|
(0.00
|
)
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
(0.04
|
)
|
|
Reserve for potential legal liability, net of tax
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.11
|
|
|
|
-
|
|
|
Strategic alternatives process costs, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
Transition costs, net of tax
|
|
|
0.03
|
|
|
|
0.01
|
|
|
|
0.06
|
|
|
|
0.03
|
|
|
Change in tax valuation allowance
|
|
|
(0.02
|
)
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
-
|
|
|
Equity compensation expense
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.08
|
|
|
|
0.09
|
|
|
Amortization of intangible assets
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
0.15
|
|
|
|
0.19
|
|
|
Other, including impact of treasury method and rounding
|
|
|
(0.00
|
)
|
|
|
-
|
|
|
|
(0.00
|
)
|
|
|
0.01
|
|
|
Core net income per share
|
|
$
|
0.08
|
|
|
$
|
0.03
|
|
|
$
|
0.10
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
1.
|
|
Ebitda is a non-GAAP measure we define as net loss available to
common stockholders before preferred stock accretion, interest,
taxes, depreciation and amortization expense.
|
|
|
|
|
|
2.
|
|
Adjusted Ebitda is a non-GAAP measure we define as net loss
available to common stockholders before preferred stock accretion,
interest, taxes, depreciation and amortization, equity compensation
expense, reserve for potential legal liability, strategic
alternatives process costs, transition costs (including severance,
retention and ORCC India start up costs), restructuring costs and
other expense. Some or all of these items may not be applicable in
any given reporting period.
|
|
|
|
|
|
3.
|
|
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 or expense from the change in 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, reserve for legal
liability, net of tax, strategic alternatives process costs
(including severance, retention and ORCC India start up costs), net
of tax, transition costs, net of tax, restructuring costs, net of
tax, and all other non-recurring charges. Some or all of these items
may not be applicable in any given reporting period.
|
Online Resources Corporation
Investor Contact:
Catherine
Graham
EVP & Chief Financial Officer
703-653-3155
cgraham@orcc.com
Source: Online Resources Corporation
News Provided by Acquire Media
|
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