|
CHANTILLY, Va., Feb 26, 2009 (BUSINESS WIRE) -- Online Resources Corporation (Nasdaq:ORCC), a leading provider of
web-based financial services, today reported financial and operating
results for the three months and full year ended December 31, 2008.
Fourth Quarter 2008 -
Revenue was $37.2 million, down 2 percent from $38.1 million in fourth
quarter 2007, reflecting the departure of three large clients in late
2007 and early 2008.
-
Ebitda, a non-GAAP measure adjusted for stock compensation and
preferred stock accretion, was $9.6 million, compared to $10.3 million
in the prior year.
-
Net income available to common stockholders was $1.3 million or $0.04
per diluted share, compared to $12.1 million or $0.40 per diluted
share in the prior period. Adjusted for tax valuation allowance
benefits of $0.2 million in 2008 and $13.7 million in 2007, income was
$1.1 million or $0.04 per diluted share, versus a loss of $1.6 million
or $0.05 per diluted share in the prior year.
-
Core net income, a non-GAAP measure, was $2.0 million versus $3.3
million in 2007. Core net income per share was $0.07 per share, down
from $0.11 per share in 2007.
Full Year 2008 -
Revenue was $151.6 million, a 12 percent increase from $135.1 million
in 2007.
-
Ebitda, a non-GAAP measure, was $32.7 million, the same as the prior
year.
-
Net loss available to common stockholders was $7.0 million or $0.24
per diluted share, compared to income of $2.6 million or $0.09 per
diluted share in the prior period. Adjusted for tax valuation
allowance benefits of $0.2 million in 2008 and $13.7 million in 2007,
the loss was $7.1 million or $0.25 per diluted share, versus a loss of
$11.1 million or $0.41 per diluted share in the prior year.
-
Core net income, a non-GAAP measure, was $7.3 million, the same as the
prior year. Core net income per share was $0.24 per diluted share,
down from $0.25 per share in 2007.
"We finished the year well, with a substantial increase in cash flow and
earnings from the third quarter of 2008," said Matthew P. Lawlor,
chairman and chief executive officer of the Company. "Despite the
weakened economy, we signed 5 major deals this past quarter capping a
record sales year as measured by total contract value. We also extended
11 major client contracts in the quarter and ended the year with a 100
percent renewal rate for large bank clients."
"Year-over-year comparisons continue to be distorted by the cluster of
large acquisition-related client departures in 2007 and early 2008. We
believe we have now minimized this risk with our current client
diversification and renewal schedules."
Lawlor added, "While client sales and renewals were strong, slower than
expected billpay transaction growth impacted fourth quarter revenue. In
response, we trimmed costs resulting in our maintaining sequential
earnings growth. First quarter 2009 transaction growth started slowly
but has picked up in the last month."
"We enter 2009 with a comfortable cash position and increased
year-over-year cash flow and earnings expectations. Now half way through
our five-year strategic plan, Online Resources has made appropriate
mid-course corrections and is poised to leverage past shareholder
investment in its series of transforming acquisitions."
Lawlor believes that the company's long-term risk-reward outlook
continues to be favorable, stating that, "The huge negative impact of
declining interest rates on our revenue growth has already occurred.
Dilutive acquisition bank debt is being paid-off on schedule. Heavy
incremental spending on new products is behind us. We are now getting
these products into our distribution channels, gaining meaningful
competitive advantages and benefiting from our recurring revenue
business model."
2008 Highlights -
Double-digit revenue growth for 10th consecutive year and named to the
Fast 500, a list of the nation's fastest growing technology companies,
for the 5th time in 8 years
-
Strengthened balance sheet by reducing bank debt by 11 percent, while
increasing our cash and investment position by 12 percent
-
Re-signed 100 percent of large banking clients up for renewal during
the year
-
Continued string of 20+ percent annual increases in total company
transactions and billpay users
-
Record new client signings, measured by total contract value
-
Four new "top 10" credit card issuer clients for web-based
collections, further securing position as the market leader
-
Successfully launched industry's first integrated expedited payments
service with 500+ banks
-
Large expansion of biller network, increasing captive in-network
payments (at negligible cost) to over 50 percent of our
bank-originated electronic payments
-
Continued significant investment in infrastructure (e.g. MIS, business
continuity, security, billing systems, customer relationship
management, network management)
-
Received Collections Advisor magazine's award for the
industry's most influential product
2009 Business Outlook The Company reaffirmed guidance for the first quarter and full year.
These statements are forward-looking, and actual results may differ
materially. Guidance is stated in millions, except for per share data.
| | | First Quarter | | Full Year | | | 2008 | | 2009 | | % | | 2008 | | 2009 | | % | | | Actual | | Guidance | | Change | | Actual | |
Guidance | | Change | | Revenue ($ millions) | |
$39.2
| |
$38.2-40.2
| |
0%
| |
$151.6
| |
$160.0-170.0
| |
9%
| | Ebitda (a)(b) | |
$7.4
| |
$6.6-8.1
| |
0%
| |
$32.7
| |
$36.0-44.0
| |
22%
| | Earnings ($ per share) | | Net Loss to Common (c)(d) | |
$(0.12)
| |
$(0.12)-(0.09)
| |
n/a
| |
$(0.24)
| |
$(0.23)-(0.11)
| |
n/a
| | Core Net (Loss) Income (a)(e)(f) | |
$0.05
| |
$0.03-0.05
| |
-20%
| |
$0.24
| |
$0.31-0.39
| |
46%
| | Share Count (millions) | | Basic | |
28.8
| |
29.6
| |
3%
| |
29.1
| |
29.8
| |
2%
| | Fully Diluted Shares (g) | |
30.3
| |
30.9
| |
2%
| |
30.5
| |
31.1
| |
2%
|
|
(a)
| |
The Company uses non-GAAP (Generally Accepted Accounting Principles)
financial measures, including 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)
| |
Ebitda is defined as earnings before interest, taxes, depreciation,
amortization, preferred stock accretion and equity compensation
expense.
| | | | |
(c)
| |
First 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 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
approximately $2.1 and $2.6 million for the first quarters of 2009
and 2008, respectively, and $7.6 and $9.5 million for the years 2009
and 2008, respectively. Excludes equity compensation expense of
approximately $1.9 and $1.4 million for the first quarters of 2009
and 2008, respectively, and $6.6 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 first quarters of
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 $(0.7) and $1.9 million for the first quarter and
full year 2008, respectively. Excludes costs related to mark to
market investments of $0.1 and $0.6 million for the first quarter
and full year 2008. Includes preferred stock accretion of
approximately $1.9 and $1.8 million for the first quarters of 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 The Company's management will host a conference call to discuss the
results today at 5:00 p.m. ET. The conference call dial-in number is
(800) 938-1087 for domestic participants and (706) 679-7266 for
international participants.
In addition, a live web cast of the call, including a slide
presentation, 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 February 26th until midnight on Thursday,
March 5th. For the conference call playback, dial (800) 642-1687 for
domestic participants and (706) 645-9291 for international participants
and enter code 83081397. 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 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) | | | | 1Q07 | | 2Q07 | | 3Q07 | | 4Q07 | | 1Q08 | | 2Q08 | | 3Q08 | | 4Q08 | | BANKING SERVICES | | | | | | | | | | | | | | | | | |
Payment Services2 | | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
19.7
| | |
$
|
20.2
| | |
$
|
20.2
| | |
$
|
20.2
| | |
$
|
19.7
| | |
$
|
18.1
| | |
$
|
18.4
| | |
$
|
17.9
| | |
Bill Payment Transactions
| | |
40.8
| | | |
42.1
| | | |
42.1
| | | |
41.8
| | | |
41.8
| | | |
39.0
| | | |
39.1
| | | |
39.4
| | | | | | | | | | | | | | | | | | | |
Other Revenue
| |
$
|
4.8
| | |
$
|
5.1
| | |
$
|
4.4
| | |
$
|
5.6
| | |
$
|
4.5
| | |
$
|
5.1
| | |
$
|
5.6
| | |
$
|
5.3
| | | | | | | | | | | | | | | | | | | | eCOMMERCE SERVICES | | | | | | | | | | | | | | | | | |
Payment Services - User Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
1.1
| | |
$
|
1.1
| | |
$
|
3.7
| | |
$
|
5.5
| | |
$
|
7.0
| | |
$
|
6.4
| | |
$
|
6.2
| | |
$
|
5.8
| | |
Bill Payment Transactions
| | |
0.2
| | | |
0.3
| | | |
0.8
| | | |
1.4
| | | |
1.7
| | | |
1.7
| | | |
1.7
| | | |
1.6
| | | | | | | | | | | | | | | | | | | |
Payment Services - Biller Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
2.6
| | |
$
|
2.6
| | |
$
|
3.3
| | |
$
|
4.1
| | |
$
|
5.2
| | |
$
|
5.6
| | |
$
|
6.0
| | |
$
|
6.2
| | |
Bill Payment Transactions
| | |
6.5
| | | |
7.4
| | | |
8.4
| | | |
9.1
| | | |
10.3
| | | |
10.5
| | | |
11.3
| | | |
11.8
| | | | | | | | | | | | | | | | | | | |
Other Revenue3 | |
$
|
2.7
| | |
$
|
3.0
| | |
$
|
2.6
| | |
$
|
2.8
| | |
$
|
2.8
| | |
$
|
2.0
| | |
$
|
1.9
| | |
$
|
2.0
| | | | | | | | | | | | | | | | | | | | OTHER KEY METRICS | | | | | | | | | | | | | | | | | |
Internet Banking Adoption Rate
| | |
26.4
|
%
| | |
27.7
|
%
| | |
30.7
|
%
| | |
32.8
|
%
| | |
34.3
|
%
| | |
39.8
|
%
| | |
40.5
|
%
| | |
42.7
|
%
| |
Banking Billpay Adoption Rate
| | |
6.3
|
%
| | |
6.7
|
%
| | |
6.8
|
%
| | |
8.7
|
%
| | |
9.0
|
%
| | |
9.4
|
%
| | |
10.0
|
%
| | |
10.2
|
%
| |
Enterprise Users
| | |
9.5
| | | |
10.5
| | | |
11.6
| | | |
12.3
| | | |
13.5
| | | |
12.6
| | | |
13.0
| | | |
13.2
| |
|
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 the following large, departed clients: MBNA
(departed 2Q07) and Certegy (departed 2Q08).
|
| | Online Resources Corporation | | Consolidated Statements of Operations | | (In thousands, except per share data) | | | | THREE MONTHS ENDED | | TWELVE MONTHS ENDED | | | DECEMBER 31, | | DECEMBER 31, | | | 2008 | | 2007 | | 2008 | | 2007 | | | (Unaudited) | | (Unaudited) | |
Revenues:
| | | | | | | | | |
Account presentation services
| |
$
|
1,789
| |
$
|
2,296
| | |
$
|
7,909
| | |
$
|
8,998
| | |
Payment services
| | |
29,821
| | |
29,806
| | | |
122,301
| | | |
104,228
| | |
Relationship management services
| | |
1,977
| | |
2,231
| | | |
8,068
| | | |
8,138
| | |
Professional services and other
| | |
3,573
| | |
3,765
| | | |
13,364
| | | |
13,768
| | |
Total revenues
| | |
37,160
| | |
38,098
| | | |
151,642
| | | |
135,132
| | | | | | | | | | | |
Expenses:
| | | | | | | | | |
Cost of revenues
| | |
18,546
| | |
18,099
| | | |
77,353
| | | |
64,083
| | |
Gross profit
| | |
18,614
| | |
19,999
| | | |
74,289
| | | |
71,049
| | | | | | | | | | | |
General and administrative
| | |
6,916
| | |
7,808
| | | |
33,445
| | | |
28,933
| | |
Selling and marketing
| | |
5,526
| | |
5,904
| | | |
24,207
| | | |
23,446
| | |
Systems and development
| | |
2,408
| | |
2,597
| | | |
9,906
| | | |
9,196
| | |
Total expenses
| | |
14,850
| | |
16,309
| | | |
67,558
| | | |
61,575
| | |
Income from operations
| | |
3,764
| | |
3,690
| | | |
6,731
| | | |
9,474
| | | | | | | | | | | |
Other income (expense)
| | | | | | | | | |
Interest income
| | |
98
| | |
191
| | | |
531
| | | |
1,242
| | |
Interest expense, debt issuance costs and other expense
| | |
1,070
| | |
(2,653
|
)
| | |
(4,168
|
)
| | |
(6,848
|
)
| |
Loss on extinguishment of debt
| | |
-
| | |
-
| | | |
-
| | | |
(5,625
|
)
| |
Total other income (expense)
| | |
1,168
| | |
(2,462
|
)
| | |
(3,637
|
)
| | |
(11,231
|
)
| |
Income (loss) before tax provision (benefit)
| | |
4,932
| | |
1,228
| | | |
3,094
| | | |
(1,757
|
)
| |
Income tax provision (benefit)
| | |
1,399
| | |
(13,077
|
)
| | |
1,175
| | | |
(12,703
|
)
| |
Net income
| | |
3,533
| | |
14,305
| | | |
1,919
| | | |
10,946
| | |
Preferred stock accretion
| | |
2,260
| | |
2,172
| | | |
8,873
| | | |
8,302
| | |
Net income (loss) available to common stockholders
| |
$
|
1,273
| |
$
|
12,133
| | |
$
|
(6,954
|
)
| |
$
|
2,644
| | | | | | | | | | | |
Net income (loss) available to common stockholders per share:
| | | | | | | | | |
Basic
| |
$
|
0.04
| |
$
|
0.42
| | |
$
|
(0.24
|
)
| |
$
|
0.10
| | |
Diluted
| |
$
|
0.04
| |
$
|
0.40
| | |
$
|
(0.24
|
)
| |
$
|
0.09
| | | | | | | | | | | |
Shares used in calculation of net income (loss) available to common
stockholders per share:
| | | | | | | | | |
Basic
| | |
29,387
| | |
28,764
| | | |
29,111
| | | |
27,153
| | |
Diluted
| | |
30,062
| | |
30,511
| | | |
29,111
| | | |
29,150
| |
| | Online Resources Corporation | | Condensed Consolidated Balance Sheets | | (In thousands) | | | | | | | | | | | | | DECEMBER 31, | | DECEMBER 31, | | | 2008 | | 2007 | | | (Unaudited) | | ASSETS | | | | | |
Current assets:
| | | | | |
Cash and cash equivalents
| |
$
|
22,969
| |
$
|
13,227
| |
Consumer deposits receivable
| | |
-
| | |
8,279
| |
Short-term investments
| | |
1,009
| | |
9,135
| |
Accounts receivable, net
| | |
15,742
| | |
16,546
| |
Deferred tax asset, current portion
| | |
8,782
| | |
902
| |
Prepaid expenses and other current assets
| | |
4,013
| | |
7,595
| |
Total current assets
| | |
52,515
| | |
55,684
| | | | | | |
Property and equipment, net
| | |
28,707
| | |
26,852
| |
Deferred tax asset, less current portion
| | |
25,297
| | |
32,914
| |
Goodwill
| | |
181,516
| | |
184,300
| |
Intangible assets
| | |
27,668
| | |
36,924
| |
Deferred implementation costs, less current portion, and other assets
| | |
7,974
| | |
4,043
| |
Total assets
| |
$
|
323,677
| |
$
|
340,717
| | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Current liabilities:
| | | | | |
Accounts payable
| |
$
|
1,198
| |
$
|
2,001
| |
Consumer deposits payable
| | |
-
| | |
10,555
| |
Accrued expenses
| | |
3,618
| | |
7,513
| |
Notes payable, senior secured debt, current portion
| | |
15,937
| | |
9,562
| |
Interest payable
| | |
6
| | |
72
| |
Deferred revenues, current portion, and other current liabilities
| | |
7,513
| | |
8,356
| |
Total current liabilities
| | |
28,272
| | |
38,059
| | | | | | |
Notes payable, senior secured debt, less current portion
| | |
59,500
| | |
75,438
| |
Deferred revenues, less current portion, and other long-term
liabilities
| | |
6,377
| | |
6,508
| |
Total liabilities
| | |
94,149
| | |
120,005
| | | | | | |
Redeemable convertible preferred stock
| | |
91,415
| | |
82,542
| | | | | | |
Stockholders' equity
| | |
138,113
| | |
138,170
| |
Total liabilities and stockholders' equity
| |
$
|
323,677
| |
$
|
340,717
| | | | | | | |
| | Online Resources Corporation | | Condensed Consolidated Statements of Cash Flows | | (In thousands) | | | | | | | | | TWELVE MONTHS ENDED | | | DECEMBER 31, | | | 2008 | | 2007 |
| | (Unaudited) | | | | | | | Operating activities | | | | | |
Net income
| |
$
|
1,919
| | |
$
|
10,946
| | |
Adjustments to reconcile net loss to net cash provided by operating
activities:
| | | | | |
Deferred tax benefit
| | |
778
| | | |
(13,380
|
)
| |
Depreciation and amortization
| | |
21,270
| | | |
19,811
| | |
Equity compensation expense
| | |
4,696
| | | |
3,198
| | |
Write off and amortization of debt issuance costs
| | |
372
| | | |
4,330
| | |
Loss on disposal of assets
| | |
50
| | | |
180
| | |
Provision (benefit) for losses on accounts receivable
| | |
56
| | | |
(12
|
)
| |
Loss on investments
| | |
556
| | | |
117
| | |
Change in fair value of stock price protection
| | |
1,565
| | | |
(355
|
)
| |
Change in fair value of theoretical swap derivative
| | |
(3,574
|
)
| | |
(1,145
|
)
| |
Loss on cash flow hedge derivative security
| | |
261
| | | |
350
| | |
Changes in operating assets and liabilities, net of acquisitions:
| | | | | |
Consumer deposit receivable
| | |
8,279
| | | |
(3,297
|
)
| |
Consumer deposit payable
| | |
(10,555
|
)
| | |
5,285
| | |
Changes in certain other assets and liabilities
| | |
1,929
| | | |
(7,803
|
)
| |
Net cash provided by operating activities
| | |
27,602
| | | |
18,225
| | | Investing activities | | | | | |
Purchases of property and equipment
| | |
(13,471
|
)
| | |
(16,360
|
)
| |
Sale of short-term investments
| | |
6,570
| | | |
1,880
| | |
Purchase of short-term investments
| | |
-
| | | |
(10,167
|
)
| |
Acquisition of Internet Transaction Solutions, Inc., net of cash
acquired
| | |
(110
|
)
| | |
(12,220
|
)
| |
Net cash used in investing activities
| | |
(7,011
|
)
| | |
(36,867
|
)
| | Financing activities | | | | | |
Net proceeds from issuance of common stock
| | |
827
| | | |
3,998
| | |
Repurchase of shares issued related to ITS acquisition
| | |
(1,965
|
)
| | |
-
| | |
Payments for ITS stock protection
| | |
(112
|
)
| | |
-
| | |
Purchase of cash flow derivative
| | |
-
| | | |
(121
|
)
| |
Sale of cash flow derivative
| | |
-
| | | |
22
| | |
Debt issuance costs and prepayment penalty on refinancing of senior
notes
| | |
-
| | | |
(3,179
|
)
| |
Repayment of 2006 notes
| | |
-
| | | |
(85,000
|
)
| |
Proceeds from issuance of 2007 notes
| | |
-
| | | |
85,000
| | |
Repayment of 2007 notes
| | |
(9,563
|
)
| | |
-
| | |
Repayment of capital lease obligations
| | |
(36
|
)
| | |
(40
|
)
| |
Net cash (used in) provided by financing activities
| | |
(10,849
|
)
| | |
680
| | |
Net increase (decrease) in cash and cash equivalents
| | |
9,742
| | | |
(17,962
|
)
| |
Cash and cash equivalents at beginning of year
| | |
13,227
| | | |
31,189
| | |
Cash and cash equivalents at end of period
| |
$
|
22,969
| | |
$
|
13,227
| | | | | | | | | | |
| Online Resources Corporation | Reconciliation of Non-GAAP Measures | (In thousands, except per share data) | | | | | | | | | | | | | THREE MONTHS ENDED | | TWELVE MONTHS ENDED | | | DECEMBER 31, | | DECEMBER 31, | | | 2008 | | 2007 | | 2008 | | 2007 | | | (Unaudited) | | (Unaudited) | | | | | | | | | | | Reconciliation of Ebitda (See Note 1): | | | | | | | | | |
Net income
| |
$
|
3,533
| | |
$
|
14,305
| | |
$
|
1,919
| | |
$
|
10,946
| | |
Depreciation and amortization (incl. loss on disposal of assets)
| | |
5,149
| | | |
5,478
| | | |
21,320
| | | |
19,991
| | |
Equity compensation expense
| | |
725
| | | |
1,165
| | | |
4,696
| | | |
3,198
| | |
Other (income) expense
| | |
(1,168
|
)
| | |
2,462
| | | |
3,637
| | | |
11,231
| | |
Income tax provision (benefit)
| | |
1,399
| | | |
(13,077
|
)
| | |
1,175
| | | |
(12,703
|
)
| |
Ebitda (See Note 1)
| |
$
|
9,638
| | |
$
|
10,333
| | |
$
|
32,747
| | |
$
|
32,663
| | | | | | | | | | | | Reconciliation of core net income (See Note 2): | | | | | | | | | |
Net income (loss) available to common stockholders
| |
$
|
1,273
| | |
$
|
12,133
| | |
$
|
(6,954
|
)
| |
$
|
2,644
| | |
Loss on extinguishment of debt
| | |
-
| | | |
-
| | | |
-
| | | |
5,625
| | |
Preferred stock accretion related to redemption premium
| | |
392
| | | |
385
| | | |
1,558
| | | |
1,468
| | |
Change in fair value of stock price protection
| | |
127
| | | |
1,163
| | | |
1,692
| | | |
(355
|
)
| |
Change in fair value of theoretical swap derivative
| | |
(2,885
|
)
| | |
(565
|
)
| | |
(3,574
|
)
| | |
(1,145
|
)
| |
Change in fair value of mark to market investments
| | |
393
| | | |
117
| | | |
556
| | | |
117
| | |
Equity compensation expense
| | |
725
| | | |
1,165
| | | |
4,696
| | | |
3,198
| | |
Tax valuation allowance benefit
| | |
(186
|
)
| | |
(13,694
|
)
| | |
(186
|
)
| | |
(13,694
|
)
| |
Amortization of intangible assets
| | |
2,170
| | | |
2,592
| | | |
9,518
| | | |
9,435
| | |
Core net income (see Note 2)
| |
$
|
2,009
| | |
$
|
3,296
| | |
$
|
7,306
| | |
$
|
7,293
| | | | | | | | | | | | Reconciliation of core net income per share: | | | | | | | | | |
Diluted net income (loss) available to common stockholders
| |
$
|
0.04
| | |
$
|
0.40
| | |
$
|
(0.24
|
)
| |
$
|
0.09
| | |
Loss on extinguishment of debt
| | |
-
| | | |
-
| | | |
-
| | | |
0.19
| | |
Preferred stock accretion related to redemption premium
| | |
0.01
| | | |
0.01
| | | |
0.05
| | | |
0.05
| | |
Change in fair value of stock price protection
| | |
-
| | | |
0.04
| | | |
0.06
| | | |
(0.01
|
)
| |
Change in fair value of theoretical swap derivative
| | |
(0.10
|
)
| | |
(0.02
|
)
| | |
(0.12
|
)
| | |
(0.04
|
)
| |
Change in fair value of mark to market investments
| | |
0.01
| | | |
-
| | | |
0.02
| | | |
-
| | |
Equity compensation expense
| | |
0.02
| | | |
0.04
| | | |
0.15
| | | |
0.11
| | |
Tax valuation allowance benefit
| | |
(0.01
|
)
| | |
(0.45
|
)
| | |
(0.01
|
)
| | |
(0.47
|
)
| |
Amortization of intangible assets
| | |
0.07
| | | |
0.08
| | | |
0.33
| | | |
0.32
| | |
Other, including impact of treasury method and rounding
| | |
0.03
| | | |
0.01
| | | |
-
| | | |
0.01
| | |
Core net income per share
| |
$
|
0.07
| | |
$
|
0.11
| | |
$
|
0.24
| | |
$
|
0.25
| | | | | | | | | | |
| | | | Notes: | | | | | | | | | |
1.
| |
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.
| | | | | | |
| | Online Resources Corporation | | Reconciliation of Non-GAAP Measures | | (In thousands, except per share data) | | | | | | | | | | | | | THREE MONTHS ENDED | | TWELVE MONTHS ENDED | | | DECEMBER 31, | | DECEMBER 31, | | | 2008 | | 2007 | | 2008 | | 2007 | | | (Unaudited) | | (Unaudited) | | | | | | | | | | |
| | | | | | | | | | Reconciliation of adjusted net income (loss) available to common
stockholders: | | | | | | | | | |
Net income (loss) available to common stockholders
| |
$
|
1,273
| | |
$
|
12,133
| | |
$
|
(6,954
|
)
| |
$
|
2,644
| | |
Tax valuation allowance benefit
| | |
(186
|
)
| | |
(13,694
|
)
| | |
(186
|
)
| | |
(13,694
|
)
| |
Adjusted net income (loss) available to common stockholders
| |
$
|
1,087
| | |
$
|
(1,561
|
)
| |
$
|
(7,140
|
)
| |
$
|
(11,050
|
)
| | | | | | | | | | | Reconciliation of adjusted net income (loss) available to common
stockholders per share: | | | | | | | | | |
Diluted net income (loss) available to common stockholders
| |
$
|
0.04
| | |
$
|
0.40
| | |
$
|
(0.24
|
)
| |
$
|
0.09
| | |
Tax valuation allowance benefit
| | |
(0.01
|
)
| | |
(0.45
|
)
| | |
(0.01
|
)
| | |
(0.50
|
)
| |
Other, including impact of treasury method and rounding
| | |
0.01
| | | |
-
| | | |
-
| | | |
-
| | |
Adjusted net income (loss) available to common stockholders per share
| |
$
|
0.04
| | |
$
|
(0.05
|
)
| |
$
|
(0.25
|
)
| |
$
|
(0.41
|
)
|
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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