Exhibit 99.1
Selected Financial Data
The following selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and with the consolidated financial statements and notes thereto, which are included in Exhibits 99.2 and 99.3.
Years Ended December 31,(1) | ||||||||||||||||||||
2008 | 2007(2) | 2006(3)(4) | 2005 | 2004 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Consolidated Statement of Operations Data: | ||||||||||||||||||||
Revenue | $ | 373,542 | $ | 319,493 | $ | 239,434 | $ | 154,560 | $ | 120,287 | ||||||||||
Cost of operations | 135,138 | 114,000 | 98,692 | 63,077 | 45,123 | |||||||||||||||
Sales and marketing | 106,080 | 91,035 | 73,344 | 49,026 | 44,976 | |||||||||||||||
General and administrative | 56,635 | 59,326 | 50,060 | 27,937 | 20,461 | |||||||||||||||
Depreciation and amortization | 27,921 | 26,785 | 17,154 | 10,113 | 5,094 | |||||||||||||||
Interest income | 10,452 | 12,378 | 5,099 | 1,790 | — | |||||||||||||||
Impairment of auction rate securities | 27,406 | — | — | — | — | |||||||||||||||
Restructuring | 2,910 | — | — | — | — | |||||||||||||||
Income from continuing operations before income tax provision (benefit) | 27,904 | 40,725 | 5,283 | 6,197 | 4,633 | |||||||||||||||
Income tax provision (benefit) | 2,211 | (17,644 | ) | 3,571 | 1,367 | 970 | ||||||||||||||
Income from continuing operations | 25,693 | 58,369 | 1,712 | 4,830 | 3,663 | |||||||||||||||
Income from discontinued operations, net of tax | 1,009 | 7,515 | 824 | 1,735 | 1,754 | |||||||||||||||
Net income | $ | 26,702 | $ | 65,884 | $ | 2,536 | $ | 6,565 | $ | 5,417 | ||||||||||
Basic income per common share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.45 | $ | 1.02 | $ | 0.03 | $ | 0.10 | $ | 0.08 | ||||||||||
Income from discontinued operations | 0.01 | 0.13 | 0.02 | 0.03 | 0.03 | |||||||||||||||
Net income | $ | 0.46 | $ | 1.15 | $ | 0.05 | $ | 0.13 | $ | 0.11 | ||||||||||
Diluted income per common share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.44 | $ | 0.98 | $ | 0.03 | $ | 0.10 | $ | 0.08 | ||||||||||
Income from discontinued operations | 0.01 | 0.12 | 0.01 | 0.03 | 0.03 | |||||||||||||||
Net income | $ | 0.45 | $ | 1.10 | $ | 0.04 | $ | 0.13 | $ | 0.11 | ||||||||||
Weighted-average shares outstanding used in computing net income per common share: | ||||||||||||||||||||
Basic | 57,717 | 57,184 | 56,145 | 50,132 | 48,100 | |||||||||||||||
Diluted | 58,925 | 59,743 | 58,075 | 50,532 | 48,100 | |||||||||||||||
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As of December 31,(1) | ||||||||||||||||||||
2008 | 2007(2) | 2006(3) | 2005 | 2004 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Consolidated Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents and investments | $ | 325,222 | $ | 294,653 | $ | 54,150 | $ | 153,777 | $ | 3,456 | ||||||||||
Working capital (excluding assets and liabilities of discontinued operations) | 186,571 | 290,614 | 184,966 | 152,337 | 9,011 | |||||||||||||||
Total assets | 755,932 | 720,173 | 619,965 | 376,889 | 146,496 | |||||||||||||||
Other long-term liabilities | 8,334 | 9,210 | 7,912 | 7,010 | — | |||||||||||||||
Stockholders’ equity | 633,718 | 606,755 | 496,109 | 295,955 | 98,560 |
(1) | In March 2009, our Board of Directors decided to divest the Little Blue Book print directory business. Accordingly, this selected consolidated financial data has been reclassified to reflect the historical results of the Little Blue Book print directory business as discontinued operations for all periods presented. | |
(2) | As of December 31, 2007, we completed the sale of our medical reference publications business. Accordingly, this selected consolidated financial data has been reclassified to reflect historical results of our medical reference publications business as discontinued operations for this and all prior periods presented. | |
(3) | During 2006, we acquired Subimo LLC on December 15, 2006, Medsite Inc. on September 11, 2006, Summex Corporation on June 13, 2006 and eMedicine.com Inc. on January 17, 2006. The results of operations of these acquired companies have been included in our financial statements from the respective acquisition dates. | |
(4) | On January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123 “(Revised 2004): Share-Based Payment” that resulted in additional non-cash stock-based compensation expense beginning in 2006. See Results of Operations within Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is included in Exhibit 99.2. |
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