|
Company Delivers Strong Results Against Expectations
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 ended September 30, 2010.
-
Revenue was $36.8 million, compared to $36.6 million in the third
quarter of 2009.
-
Ebitda, a non-GAAP measure, was $7.4 million, compared to $8.8 million
in the same quarter of 2009.
-
Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity
compensation and other expense, was $8.0 million, compared to $9.8
million in the prior year period.
-
Net loss available to common stockholders was $0.7 million, or $0.02
per share, compared to net income of $0.4 million, or $0.01 per
diluted share, in the same quarter of 2009.
-
Core net income, a non-GAAP measure, was $1.2 million, or $0.04 per
diluted share, compared to $2.9 million, or $0.09 per diluted share,
in the same quarter of 2009.
"We continued our trend of performing well against expectations this
year, exceeding revenue and earnings expectations in the quarter," said
Joseph L. Cowan, the company's president and chief executive officer.
"Additionally, payment transactions and consumer adoption of online
banking and payments continued their quarterly upward climb."
"Our planning process is well underway. We have presented a strategic
direction to the Board of Directors and are now developing the
supporting operating plan for their approval. We expect to present this
plan to the Board in December and I look forward to sharing it with you
once we have finalized our course of action."
Outlook for Fourth Quarter 2010
Online Resources provided the following guidance for the fourth quarter
of 2010. These statements are forward-looking, and actual results may
differ materially.
-
Revenue for the fourth quarter is expected to be between $35.0 and
$37.0 million.
-
Ebitda1,2 for the quarter is expected to be between $5.5
and $7.0 million
-
Adjusted Ebitda1,2 for the quarter is expected to be
between $6.7 and $8.0 million.
-
Core net income1,3,4,5 is expected to be between $0.03 and
$0.05 per diluted share.
Should the Company make organizational changes as a part of its fourth
quarter planning process, it may incur restructuring costs. These costs
are not included in the above guidance.
|
(1)
|
|
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.
|
|
(2)
|
|
Ebitda is defined as net income before interest, taxes, depreciation
and amortization expense. Adjusted Ebitda is defined as net income
before interest, taxes depreciation and amortization, and equity
compensation expense.
|
|
(3)
|
|
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 and all
other non-recurring charges. Some or all of these items may not be
applicable in any given reporting period.
|
|
(4)
|
|
Excludes estimates for amortization of acquisition-related
intangible assets of $1.3 million, equity compensation expense of
$0.9 million and preferred stock accretion related to the redemption
premium of $0.4 million.
|
|
(5)
|
|
Core net income per share calculated using estimated fully diluted
shares outstanding of 32.1 million.
|
Conference Call and Web Cast
Management will host a conference call to discuss results at 5:00 p.m.
ET 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. ET on November 4th until midnight on Thursday,
November 11th. For the conference call playback, dial (800)
642-1687 for domestic participants and (706) 645-9291 for international
participants and enter code 19000222. 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 real-time 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)
|
|
|
|
|
|
4Q08
|
|
1Q09
|
|
2Q09
|
|
3Q09
|
|
4Q09
|
|
1Q10
|
|
2Q10
|
|
3Q10
|
|
BANKING SERVICES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$17.9
|
|
|
$17.5
|
|
|
$17.2
|
|
|
$17.1
|
|
|
$16.7
|
|
|
$16.4
|
|
|
$15.7
|
|
|
$15.3
|
|
|
Bill Payment Transactions
|
|
39.4
|
|
|
39.0
|
|
|
37.3
|
|
|
38.5
|
|
|
37.8
|
|
|
35.9
|
|
|
36.6
|
|
|
37.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue
|
|
$5.3
|
|
|
$5.4
|
|
|
$5.9
|
|
|
$5.7
|
|
|
$7.7
|
|
|
$7.0
|
|
|
$6.5
|
|
|
$7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
eCOMMERCE SERVICES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Services - User Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$5.8
|
|
|
$6.5
|
|
|
$5.8
|
|
|
$4.7
|
|
|
$4.1
|
|
|
$4.8
|
|
|
$4.1
|
|
|
$3.9
|
|
|
Bill Payment Transactions
|
|
1.6
|
|
|
1.7
|
|
|
1.6
|
|
|
1.4
|
|
|
1.2
|
|
|
1.4
|
|
|
1.3
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Services - Biller Paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$6.2
|
|
|
$7.1
|
|
|
$7.0
|
|
|
$7.2
|
|
|
$7.3
|
|
|
$8.6
|
|
|
$8.4
|
|
|
$8.5
|
|
|
Bill Payment Transactions
|
|
11.8
|
|
|
12.7
|
|
|
13.5
|
|
|
13.7
|
|
|
14.2
|
|
|
15.4
|
|
|
15.9
|
|
|
16.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue
|
|
$2.0
|
|
|
$2.7
|
|
|
$1.9
|
|
|
$1.9
|
|
|
$2.4
|
|
|
$1.9
|
|
|
$1.7
|
|
|
$2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER KEY METRICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Banking Adoption Rate2
|
|
35.4
|
%
|
|
38.3
|
%
|
|
40.8
|
%
|
|
43.2
|
%
|
|
46.0
|
%
|
|
45.0
|
%
|
|
47.9
|
%
|
|
49.4
|
%
|
|
Banking Billpay Adoption Rate
|
|
10.2
|
%
|
|
10.4
|
%
|
|
10.7
|
%
|
|
11.1
|
%
|
|
11.4
|
%
|
|
11.6
|
%
|
|
11.9
|
%
|
|
12.2
|
%
|
|
Enterprise Users
|
|
13.2
|
|
|
13.8
|
|
|
14.0
|
|
|
14.3
|
|
|
14.8
|
|
|
14.7
|
|
|
15.0
|
|
|
15.8
|
|
|
Notes:
|
|
1.
|
|
In millions except adoption rates.
|
|
2.
|
|
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
|
|
NINE MONTHS ENDED
|
|
|
|
SEPTEMBER 30,
|
|
SEPTEMBER 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Account presentation services
|
|
$
|
2,237
|
|
|
$
|
2,083
|
|
|
$
|
6,676
|
|
|
$
|
5,877
|
|
|
Payment services
|
|
|
27,699
|
|
|
|
28,971
|
|
|
|
85,576
|
|
|
|
90,126
|
|
|
Relationship management services
|
|
|
2,358
|
|
|
|
2,015
|
|
|
|
6,498
|
|
|
|
6,055
|
|
|
Professional services and other
|
|
|
4,501
|
|
|
|
3,525
|
|
|
|
12,986
|
|
|
|
11,559
|
|
|
Total revenues
|
|
|
36,795
|
|
|
|
36,594
|
|
|
|
111,736
|
|
|
|
113,617
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
19,394
|
|
|
|
18,816
|
|
|
|
58,406
|
|
|
|
58,496
|
|
|
Gross profit
|
|
|
17,401
|
|
|
|
17,778
|
|
|
|
53,330
|
|
|
|
55,121
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
7,399
|
|
|
|
6,955
|
|
|
|
23,427
|
|
|
|
23,564
|
|
|
Selling and marketing
|
|
|
4,900
|
|
|
|
4,624
|
|
|
|
14,657
|
|
|
|
15,952
|
|
|
Systems and development
|
|
|
2,277
|
|
|
|
2,247
|
|
|
|
7,403
|
|
|
|
6,630
|
|
|
Total expenses
|
|
|
14,576
|
|
|
|
13,826
|
|
|
|
45,487
|
|
|
|
46,146
|
|
|
Income from operations
|
|
|
2,825
|
|
|
|
3,952
|
|
|
|
7,843
|
|
|
|
8,975
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
18
|
|
|
|
22
|
|
|
|
39
|
|
|
|
104
|
|
|
Interest expense
|
|
|
286
|
|
|
|
(357
|
)
|
|
|
450
|
|
|
|
(3,300
|
)
|
|
Other income (expense)
|
|
|
-
|
|
|
|
14
|
|
|
|
(99
|
)
|
|
|
91
|
|
|
Total other income (expense)
|
|
|
304
|
|
|
|
(321
|
)
|
|
|
390
|
|
|
|
(3,105
|
)
|
|
Income before tax provision
|
|
|
3,129
|
|
|
|
3,631
|
|
|
|
8,233
|
|
|
|
5,870
|
|
|
Income tax provision
|
|
|
1,427
|
|
|
|
918
|
|
|
|
3,282
|
|
|
|
1,950
|
|
|
Net income
|
|
|
1,702
|
|
|
|
2,713
|
|
|
|
4,951
|
|
|
|
3,920
|
|
|
Preferred stock accretion
|
|
|
2,413
|
|
|
|
2,325
|
|
|
|
7,124
|
|
|
|
6,861
|
|
|
Net income (loss) available to common stockholders
|
|
$
|
(711
|
)
|
|
$
|
388
|
|
|
$
|
(2,173
|
)
|
|
$
|
(2,941
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common stockholders per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.10
|
)
|
|
Diluted
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of net loss available to common
stockholders per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,148
|
|
|
|
30,048
|
|
|
|
30,850
|
|
|
|
29,898
|
|
|
Diluted
|
|
|
31,148
|
|
|
|
31,546
|
|
|
|
30,850
|
|
|
|
29,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
SEPTEMBER 30,
|
|
DECEMBER 31,
|
|
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
27,042
|
|
$
|
22,907
|
|
Accounts receivable, net
|
|
|
18,834
|
|
|
17,457
|
|
Deferred tax asset, current portion
|
|
|
7,477
|
|
|
7,477
|
|
Prepaid expenses and other current assets
|
|
|
5,822
|
|
|
4,043
|
|
Total current assets
|
|
|
59,175
|
|
|
51,884
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
26,950
|
|
|
25,561
|
|
Deferred tax asset, less current portion
|
|
|
18,591
|
|
|
22,490
|
|
Goodwill
|
|
|
181,516
|
|
|
181,516
|
|
Intangible assets
|
|
|
15,468
|
|
|
19,972
|
|
Deferred implementation costs, less current portion, and other assets
|
|
|
9,175
|
|
|
7,067
|
|
Total assets
|
|
$
|
310,875
|
|
$
|
308,490
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,344
|
|
$
|
2,008
|
|
Accrued expenses
|
|
|
5,143
|
|
|
3,739
|
|
Notes payable, senior secured debt, current portion
|
|
|
21,625
|
|
|
8,250
|
|
Interest payable
|
|
|
3
|
|
|
27
|
|
Deferred revenues, current portion, and other current liabilities
|
|
|
7,496
|
|
|
6,793
|
|
Total current liabilities
|
|
|
36,611
|
|
|
20,817
|
|
|
|
|
|
|
|
Notes payable, senior secured debt, less current portion
|
|
|
19,125
|
|
|
40,500
|
|
Deferred revenues, less current portion, and other long-term
liabilities
|
|
|
6,699
|
|
|
6,888
|
|
Total liabilities
|
|
|
62,435
|
|
|
68,205
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock
|
|
|
107,747
|
|
|
100,623
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
140,693
|
|
|
139,662
|
|
Total liabilities and stockholders' equity
|
|
$
|
310,875
|
|
$
|
308,490
|
|
|
|
|
|
|
|
|
|
|
|
Online Resources Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
|
|
|
|
NINE MONTHS ENDED
|
|
|
|
SEPTEMBER 30,
|
|
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Net income
|
|
$
|
4,951
|
|
|
$
|
3,920
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Deferred tax benefit
|
|
|
3,899
|
|
|
|
2,008
|
|
|
Depreciation and amortization
|
|
|
13,983
|
|
|
|
15,209
|
|
|
Equity compensation expense
|
|
|
2,095
|
|
|
|
3,307
|
|
|
Write off and amortization of debt issuance costs
|
|
|
250
|
|
|
|
250
|
|
|
Loss on disposal of assets
|
|
|
-
|
|
|
|
37
|
|
|
Provision for losses on accounts receivable
|
|
|
169
|
|
|
|
16
|
|
|
Gain on investments
|
|
|
-
|
|
|
|
(91
|
)
|
|
Change in fair value of theoretical swap derivative
|
|
|
(1,676
|
)
|
|
|
8
|
|
|
Changes in certain other assets and liabilities
|
|
|
(1,501
|
)
|
|
|
(958
|
)
|
|
Net cash provided by operating activities
|
|
|
22,170
|
|
|
|
23,706
|
|
|
Investing activities
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(10,793
|
)
|
|
|
(6,744
|
)
|
|
Sale of short-term investments
|
|
|
-
|
|
|
|
2,100
|
|
|
Net cash used in investing activities
|
|
|
(10,793
|
)
|
|
|
(4,644
|
)
|
|
Financing activities
|
|
|
|
|
|
Net proceeds from issuance of common stock
|
|
|
777
|
|
|
|
425
|
|
|
Repayment of 2007 notes
|
|
|
(8,000
|
)
|
|
|
(11,687
|
)
|
|
Repayment of capital lease obligations
|
|
|
(19
|
)
|
|
|
(26
|
)
|
|
Net cash used in financing activities
|
|
|
(7,242
|
)
|
|
|
(11,288
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
4,135
|
|
|
|
7,774
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
22,907
|
|
|
|
22,969
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
27,042
|
|
|
$
|
30,743
|
|
|
|
|
Online Resources Corporation
|
|
Reconciliation of Non-GAAP Measures
|
|
(In thousands, except per share data)
|
|
|
|
|
|
THREE MONTHS ENDED
|
|
NINE MONTHS ENDED
|
|
|
|
SEPTEMBER 30,
|
|
SEPTEMBER 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Reconciliation of ebitda (See Note 1):
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,702
|
|
|
$
|
2,713
|
|
|
$
|
4,951
|
|
|
$
|
3,920
|
|
|
Depreciation and amortization (incl. loss on disposal of assets)
|
|
|
4,620
|
|
|
|
4,822
|
|
|
|
13,983
|
|
|
|
15,246
|
|
|
Interest expense, net
|
|
|
(304
|
)
|
|
|
335
|
|
|
|
(489
|
)
|
|
|
3,196
|
|
|
Income tax provision
|
|
|
1,427
|
|
|
|
918
|
|
|
|
3,282
|
|
|
|
1,950
|
|
|
Ebitda (See Note 1)
|
|
$
|
7,445
|
|
|
$
|
8,788
|
|
|
$
|
21,727
|
|
|
$
|
24,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted ebitda (See Note 2):
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,702
|
|
|
$
|
2,713
|
|
|
$
|
4,951
|
|
|
$
|
3,920
|
|
|
Depreciation and amortization (incl. loss on disposal of assets)
|
|
|
4,620
|
|
|
|
4,822
|
|
|
|
13,983
|
|
|
|
15,246
|
|
|
Equity compensation expense
|
|
|
516
|
|
|
|
1,069
|
|
|
|
2,095
|
|
|
|
3,307
|
|
|
Other (income) expense
|
|
|
(304
|
)
|
|
|
321
|
|
|
|
(390
|
)
|
|
|
3,105
|
|
|
Income tax provision
|
|
|
1,427
|
|
|
|
918
|
|
|
|
3,282
|
|
|
|
1,950
|
|
|
Adjusted Ebitda (See Note 2)
|
|
$
|
7,961
|
|
|
$
|
9,843
|
|
|
$
|
23,921
|
|
|
$
|
27,528
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of core net income (See Note 3):
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common stockholders
|
|
$
|
(711
|
)
|
|
$
|
388
|
|
|
$
|
(2,173
|
)
|
|
$
|
(2,941
|
)
|
|
Preferred stock accretion related to redemption premium
|
|
|
406
|
|
|
|
398
|
|
|
|
1,213
|
|
|
|
1,189
|
|
|
Change in fair value of theoretical swap derivative
|
|
|
(649
|
)
|
|
|
(694
|
)
|
|
|
(1,676
|
)
|
|
|
8
|
|
|
Change in fair value of mark to market investments
|
|
|
-
|
|
|
|
(14
|
)
|
|
|
-
|
|
|
|
(91
|
)
|
|
Change in tax valuation allowance
|
|
|
258
|
|
|
|
-
|
|
|
|
358
|
|
|
|
-
|
|
|
Restructuring costs, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
823
|
|
|
|
-
|
|
|
Equity compensation expense
|
|
|
516
|
|
|
|
1,069
|
|
|
|
2,095
|
|
|
|
3,307
|
|
|
Amortization of intangible assets
|
|
|
1,348
|
|
|
|
1,753
|
|
|
|
4,633
|
|
|
|
5,917
|
|
|
Core net income (see Note 3)
|
|
$
|
1,168
|
|
|
$
|
2,900
|
|
|
$
|
5,273
|
|
|
$
|
7,389
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of core net income per share:
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) available to common stockholders
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.10
|
)
|
|
Preferred stock accretion related to redemption premium
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.04
|
|
|
|
0.04
|
|
|
Change in fair value of theoretical swap derivative
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
|
(0.05
|
)
|
|
|
-
|
|
|
Change in fair value of mark to market investments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Change in tax valuation allowance
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
Restructuring costs, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
0.03
|
|
|
|
-
|
|
|
Equity compensation expense
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
0.07
|
|
|
|
0.11
|
|
|
Amortization of intangible assets
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
0.15
|
|
|
|
0.19
|
|
|
Other, including impact of treasury method and rounding
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
Core net income per share
|
|
$
|
0.04
|
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
$
|
0.24
|
|
|
Notes:
|
|
1.
|
|
Ebitda is a non-GAAP measure we define as net income before
interest, taxes, depreciation and amortization expense.
|
|
2.
|
|
Adjusted ebitda is a non-GAAP measure we define as net income before
interest, taxes, depreciation and amortization and equity
compensation expense.
|
|
3.
|
|
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 and all
other non-recurring charges. Some or all of these items may not be
applicable in any given reporting period.
|
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
Source: Online Resources Corporation
News Provided by Acquire Media
|
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