WebMD Health (WBMD) 8-K/A Results of Operations and Financial Condition

TABLE OF CONTENTS

Exhibit 99.3

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Nine Months Ended			Years Ended December 31,
	September 30, 2009			2008			2007
	(In thousands, except per share data, unaudited)
Revenue	$	300,463		$	373,462		$	319,232
Cost of operations		117,759			135,138			114,000
Sales and marketing		80,623			106,080			91,035
General and administrative		65,818			88,053			102,661
Depreciation and amortization		21,193			28,410			27,808
Interest income		6,060			35,300			42,035
Interest expense		17,858			26,428			25,887
Gain on repurchases of convertible notes		10,120			—			—
Restructuring		—			7,416			—
Gain on sale of EBS Master LLC		—			538,024			—
Impairment of auction rate securities		—			60,108			—
Other (expense) income, net		(944	)		(5,949	)		3,805
Income from continuing operations before income tax provision (benefit)		12,448			489,204			3,681
Income tax provision (benefit)		4,922			26,638			(9,053	)
Equity in earnings of EBS Master LLC		—			4,007			28,566
Consolidated income from continuing operations		7,526			466,573			41,300
Consolidated income (loss) from discontinued operations, net of tax		14,695			94,682			(18,048	)
Consolidated net income inclusive of noncontrolling interest		22,221			561,255			23,252
Income attributable to noncontrolling interest		(3,181	)		(1,032	)		(10,667	)
Net income attributable to Company stockholders	$	19,040		$	560,223		$	12,585
Amounts attributable to Company stockholders:
Income from continuing operations	$	3,381		$	465,725		$	31,845
Income (loss) from discontinued operations		15,659			94,498			(19,260	)
Net income attributable to Company stockholders	$	19,040		$	560,223		$	12,585
Basic income per common share:
Income from continuing operations	$	0.07		$	5.99		$	0.40
Income (loss) from discontinued operations		0.34			1.22			(0.24	)
Net income attributable to Company stockholders	$	0.41		$	7.21		$	0.16
Diluted income per common share:
Income from continuing operations	$	0.06		$	4.92		$	0.36
Income (loss) from discontinued operations		0.33			0.96			(0.23	)
Net income attributable to Company stockholders	$	0.39		$	5.88		$	0.13
Weighted-average shares outstanding used in computing income per common share:
Basic		45,637			77,738			79,694
Diluted		47,167			97,824			83,886

Weighted-average shares outstanding used in computing income per common share have been adjusted by multiplying the historical weighted-average shares outstanding for HLTH Corporation, for the respective periods, by the 0.4444 exchange ratio in the Merger. Additionally, basic and diluted income per common share have been recalculated to reflect the adjusted weighted-average shares outstanding for all periods presented.

1

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
	2009			2009			2009			2008			2008			2008			2008
	(In thousands, except per share data, unaudited)
Revenue	$	111,568		$	98,631		$	90,264		$	110,071		$	96,777		$	85,964		$	80,650
Cost of operations		41,965			39,229			36,565			38,018			34,225			31,968			30,927
Sales and marketing		26,265			26,797			27,561			30,012			26,021			24,898			25,149
General and administrative		21,967			22,003			21,848			21,933			22,493			22,778			20,849
Depreciation and amortization		7,134			6,956			7,103			7,233			7,188			7,214			6,775
Interest income		1,840			1,958			2,262			5,916			9,386			8,062			11,936
Interest expense		5,541			5,781			6,536			6,682			6,636			6,585			6,525
Gain on repurchases of convertible notes		—			3,473			6,647			—			—			—			—
Restructuring		—			—			—			7,416			—			—			—
Gain on sale of EBS Master LLC		—			—			—			—			—			—			538,024
Impairment of auction rate securities		—			—			—			—			—			—			60,108
Other expense, net		(123	)		(552	)		(269	)		(142	)		(997	)		(666	)		(4,144	)
Income from continuing operations before income tax provision		10,413			2,744			(709	)		4,551			8,603			(83	)		476,133
Income tax provision (benefit)		5,389			750			(1,217	)		(3,026	)		3,493			569			25,602
Equity in earnings of EBS Master LLC		—			—			—			—			—			—			4,007
Consolidated income (loss) from continuing operations		5,024			1,994			508			7,577			5,110			(652	)		454,538
Consolidated income (loss) from discontinued operations, net of tax		27,462			(13,284	)		517			2,041			92,647			(3,063	)		3,057
Consolidated net income (loss) inclusive of noncontrolling interest		32,486			(11,290	)		1,025			9,618			97,757			(3,715	)		457,595
(Income) loss attributable to noncontrolling interest		(2,184	)		(387	)		(610	)		(1,961	)		(1,845	)		(1,071	)		3,845
Net income (loss) attributable to Company stockholders	$	30,302		$	(11,677	)	$	415		$	7,657		$	95,912		$	(4,786	)	$	461,440
Amounts attributable to Company stockholders:
Income (loss) from continuing operations	$	2,872		$	703		$	(194	)	$	5,611		$	3,403		$	(1,611	)	$	458,322
Income (loss) from discontinued operations		27,430			(12,380	)		609			2,046			92,509			(3,175	)		3,118
Net income attributable to Company stockholders	$	30,302		$	(11,677	)	$	415		$	7,657		$	95,912		$	(4,786	)	$	461,440
Basic income (loss) per common share:
Income (loss) from continuing operations	$	0.06		$	0.02		$	(0.00	)	$	0.08		$	0.04		$	(0.02	)	$	5.66
Income (loss) from discontinued operations		0.59			(0.28	)		0.01			0.03			1.13			(0.04	)		0.04
Net income (loss) attributable to Company stockholders	$	0.65		$	(0.26	)	$	0.01		$	0.11		$	1.17		$	(0.06	)	$	5.70
Diluted income (loss) per common share:
Income (loss) from continuing operations	$	0.05		$	0.01		$	(0.00	)	$	0.08		$	0.04		$	(0.02	)	$	4.56
Income (loss) from discontinued operations		0.56			(0.26	)		0.01			0.03			1.11			(0.04	)		0.03
Net income (loss) attributable to Company stockholders	$	0.61		$	(0.25	)	$	0.01		$	0.11		$	1.15		$	(0.06	)	$	4.59
Weighted-average shares outstanding used in computing income (loss) per common share:
Basic		46,096			45,599			45,217			67,193			81,644			81,157			80,959
Diluted		48,609			46,733			45,217			67,785			83,337			82,766			101,394

Weighted-average shares outstanding used in computing income per common share have been adjusted by multiplying the historical weighted-average shares outstanding for HLTH Corporation, for the respective periods, by the 0.4444 exchange ratio in the Merger. Additionally, basic and diluted income per common share have been recalculated to reflect the adjusted weighted-average shares outstanding for all periods presented.

2

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

	Nine Months Ended			Years Ended
	September 30,			December 31,
	2009			2008			2007
	(In thousands, unaudited)
Revenue
Public portal advertising and sponsorship	$	232,695		$	284,416		$	238,022
Private portal services		67,768			89,046			81,210
	$	300,463		$	373,462		$	319,232
Earnings before interest, taxes, non-cash and other items (“Adjusted EBITDA”)(a)	$	65,846		$	74,255		$	54,969
Interest, taxes, non-cash and other items(b)
Interest income		6,060			35,300			42,035
Interest expense		(17,858	)		(26,428	)		(25,887	)
Income tax (provision) benefit		(4,922	)		(26,638	)		9,053
Depreciation and amortization		(21,193	)		(28,410	)		(27,808	)
Non-cash stock-based compensation		(27,783	)		(24,632	)		(32,336	)
Non-cash advertising		(1,753	)		(5,097	)		(5,264	)
Gain on repurchases of convertible notes		10,120			—			—
Equity in earnings of EBS Master LLC		—			4,007			28,566
Gain on sale of EBS Master LLC		—			538,024			—
Impairment of auction rate securities		—			(60,108	)		—
Restructuring		—			(7,416	)		—
Other expense, net		(991	)		(6,284	)		(2,028	)
Consolidated income from continuing operations		7,526			466,573			41,300
Consolidated income (loss) from discontinued operations, net of tax		14,695			94,682			(18,048	)
Consolidated net income inclusive of noncontrolling interest		22,221			561,255			23,252
Income attributable to noncontrolling interest		(3,181	)		(1,032	)		(10,667	)
Net income attributable to Company stockholders	$	19,040		$	560,223		$	12,585

(a)	SeeAnnex A-Explanation of Non-GAAP Financial Measures.
(b)	Reconciliation of Adjusted EBITDA to consolidated income from continuing operations.

3

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
	2009			2009			2009			2008			2008			2008			2008
	(In thousands, unaudited)
Revenue
Public portal advertising and sponsorship	$	89,414		$	75,992		$	67,289		$	86,893		$	74,658		$	64,138		$	58,727
Private portal services		22,154			22,639			22,975			23,178			22,119			21,826			21,923
	$	111,568		$	98,631		$	90,264		$	110,071		$	96,777		$	85,964		$	80,650
Earnings before interest, taxes, non-cash and other items (“Adjusted EBITDA”)(a)	$	30,564		$	20,021		$	15,261		$	29,375		$	20,788		$	12,819		$	11,273
Interest, taxes, non-cash and other items(b)
Interest income		1,840			1,958			2,262			5,916			9,386			8,062			11,936
Interest expense		(5,541	)		(5,781	)		(6,536	)		(6,682	)		(6,636	)		(6,585	)		(6,525	)
Income tax (provision) benefit		(5,389	)		(750	)		1,217			3,026			(3,493	)		(569	)		(25,602	)
Depreciation and amortization		(7,134	)		(6,956	)		(7,103	)		(7,233	)		(7,188	)		(7,214	)		(6,775	)
Non-cash stock-based compensation		(9,217	)		(9,412	)		(9,154	)		(5,776	)		(6,468	)		(6,448	)		(5,940	)
Non-cash advertising		—			—			(1,753	)		(3,361	)		(178	)		—			(1,558	)
Gain on repurchases of convertible notes		—			3,473			6,647			—			—			—			—
Equity in earnings of EBS Master LLC		—			—			—			—			—			—			4,007
Gain on sale of EBS Master LLC		—			—			—			—			—			—			538,024
Impairment of auction rate securities		—			—			—			—			—			—			(60,108	)
Restructuring		—			—			—			(7,416	)		—			—			—
Other expense, net		(99	)		(559	)		(333	)		(272	)		(1,101	)		(717	)		(4,194	)
Consolidated income (loss) from continuing operations		5,024			1,994			508			7,577			5,110			(652	)		454,538
Consolidated income (loss) from discontinued operations, net of tax		27,462			(13,284	)		517			2,041			92,647			(3,063	)		3,057
Consolidated net income (loss) inclusive of noncontrolling interest		32,486			(11,290	)		1,025			9,618			97,757			(3,715	)		457,595
(Income) loss attributable to noncontrolling interest		(2,184	)		(387	)		(610	)		(1,961	)		(1,845	)		(1,071	)		3,845
Net income (loss) attributable to Company stockholders	$	30,302		$	(11,677	)	$	415		$	7,657		$	95,912		$	(4,786	)	$	461,440

(a)	SeeAnnex A-Explanation of Non-GAAP Financial Measures.
(b)	Reconciliation of Adjusted EBITDA to consolidated income from continuing operations.

4

WEBMD HEALTH CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2009		June 30, 2009		March 31, 2009
			(In thousands, unaudited)
Assets
Cash and cash equivalents	$	589,553	$	555,247	$	552,483
Accounts receivable, net		87,072		78,674		90,835
Prepaid expenses and other current assets		26,192		21,659		44,551
Assets of discontinued operations		121,413		124,945		129,253
Total current assets		824,230		780,525		817,122
Investments		275,217		273,209		275,885
Property and equipment, net		54,530		56,864		56,492
Goodwill		202,104		202,104		202,104
Intangible assets, net		27,385		28,888		30,570
Other assets		45,474		65,814		21,918
Total Assets	$	1,428,940	$	1,407,404	$	1,404,091
Liabilities and Equity
Accrued expenses	$	69,402	$	58,726	$	42,333
Deferred revenue		83,861		86,261		84,574
1.75% convertible notes(a)		264,583		264,583		—
Liabilities of discontinued operations		68,383		113,588		98,506
Total current liabilities		486,229		523,158		225,413
1.75% convertible notes		—		—		273,483
31/8% convertible notes, net of discount(b)		225,757		223,891		250,201
Other long-term liabilities		19,699		19,670		19,899
Stockholders’ equity		538,676		491,627		494,004
Noncontrolling interest		158,579		149,058		141,091
Equity		697,255		640,685		635,095
Total Liabilities and Equity	$	1,428,940	$	1,407,404	$	1,404,091
(a) The 1.75% convertible notes are classified as a current liability in these periods as the holders of these  notes may require the Company to repurchase these notes within one year from the balance sheet date, for  cash at 100% of the principal amount of the notes, plus accrued interest.
	September 30, 2009		June 30, 2009		March 31, 2009
(b) Discount on 31/8% convertible notes	$	24,543	$	26,409	$	31,799

5

WEBMD HEALTH CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
	(In thousands, unaudited)
Assets
Cash and cash equivalents	$	629,848	$	1,380,179	$	1,123,899	$	1,106,128	$	536,879
Short-term investments		—		284,789		304,325		309,256		290,858
Accounts receivable, net		93,082		77,135		68,161		72,961		83,410
Prepaid expenses and other current assets		44,740		28,995		26,002		29,408		73,893
Assets of discontinued operations		131,350		132,470		280,393		279,205		277,451
Total current assets		899,020		1,903,568		1,802,780		1,796,958		1,262,491
Investments		288,049		2,175		2,543		2,036		2,383
Property and equipment, net		56,633		51,682		48,394		47,803		49,474
Goodwill		202,104		200,370		203,431		203,579		206,279
Intangible assets, net		32,328		28,492		30,834		33,188		35,634
Investment in EBS Master LLC		—		—		—		—		25,261
Other assets		23,600		37,535		61,278		58,738		69,959
Total Assets	$	1,501,734	$	2,223,822	$	2,149,260	$	2,142,302	$	1,651,481
Liabilities and Equity
Accrued expenses	$	54,595	$	44,169	$	44,625	$	58,904	$	49,341
Deferred revenue		79,613		80,885		85,713		86,748		75,518
Liabilities of discontinued operations		100,771		102,948		128,005		116,194		125,547
Total current liabilities		234,979		228,002		258,343		261,846		250,406
1.75% convertible notes		350,000		350,000		350,000		350,000		350,000
31/8% convertible notes, net of discount(a)		264,018		261,900		259,821		257,780		255,776
Other long-term liabilities		21,816		21,184		21,332		21,214		21,137
Stockholders’ equity		496,698		1,223,486		1,124,348		1,121,231		642,809
Noncontrolling interest		134,223		139,250		135,416		130,231		131,353
Equity		630,921		1,362,736		1,259,764		1,251,462		774,162
Total Liabilities and Equity	$	1,501,734	$	2,223,822	$	2,149,260	$	2,142,302	$	1,651,481
(a) Discount on 31/8% convertible notes		35,982		38,100		40,179		42,220		44,224

6

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended			Years Ended December 31,
	September 30, 2009			2008			2007
	(In thousands, unaudited)
Cash flows from operating activities:
Consolidated net income inclusive of noncontrolling interest	$	22,221		$	561,255		$	23,252
Adjustments to reconcile consolidated net income inclusive of noncontrolling interest to net cash provided by operating activities:
Consolidated (income) loss from discontinued operations, net of tax		(14,695	)		(94,682	)		18,048
Depreciation and amortization		21,193			28,410			27,808
Equity in earnings of EBS Master LLC		—			(4,007	)		(28,566	)
Non-cash interest expense		7,737			9,859			10,210
Non-cash advertising		1,753			5,097			5,264
Non-cash stock-based compensation		27,783			24,632			32,336
Deferred income taxes		7,563			7,474			(10,430	)
Gain on repurchases of convertible notes		(10,120	)		—			—
Gain on sale of EBS Master LLC		—			(538,024	)		—
Impairment of auction rate securities		—			60,108			—
Changes in operating assets and liabilities:
Accounts receivable		6,010			(9,672	)		4,239
Prepaid expenses and other, net		(8,394	)		1,893			5,200
Accrued expenses and other long-term liabilities		(7,740	)		6,052			(44,248	)
Deferred revenue		4,248			4,095			93
Net cash provided by continuing operations		57,559			62,490			43,206
Net cash provided by discontinued operations		9,273			34,624			32,187
Net cash provided by operating activities		66,832			97,114			75,393
Cash flows from investing activities:
Proceeds from maturities and sales ofavailable-for-sale securities		2,200			118,339			670,326
Purchases ofavailable-for-sale securities		—			(177,150	)		(927,038	)
Purchases of property and equipment		(14,248	)		(24,265	)		(19,041	)
Purchase of investment in preferred stock		—			(6,471	)		—
Cash paid in business combinations, net of cash acquired		—			(2,633	)		—
Purchase of noncontrolling interest in subsidiary		—			(12,818	)		—
Proceeds related to the sale of EBS Master LLC		—			574,617			—
Proceeds from the sale of discontinued operations		2,840			247,491			11,667
Other proceeds from (disbursements) to EBS		—			1,224			21,690
Net cash (used in) provided by continuing operations		(9,208	)		718,334			(242,396	)
Net cash used in discontinued operations		(3,315	)		(4,852	)		(4,753	)
Net cash (used in) provided by investing activities		(12,523	)		713,482			(247,149	)
Cash flows from financing activities:
Net proceeds from issuance of common stock		28,770			21,683			133,054
Purchase of treasury stock		—			(737,324	)		(47,123	)
Repurchases of convertible notes		(123,857	)		—			—
Other		63			48			6,581
Net cash (used in) provided by continuing operations		(95,024	)		(715,593	)		92,512
Net cash used in discontinued operations		—			(76	)		(175	)
Net cash (used in) provided by financing activities		(95,024	)		(715,669	)		92,337
Effect of exchange rates on cash		420			(1,958	)		1,607
Net (decrease) increase in cash and cash equivalents		(40,295	)		92,969			(77,812	)
Cash and cash equivalents at beginning of period		629,848			536,879			614,691
Cash and cash equivalents at end of period	$	589,553		$	629,848		$	536,879

7

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
	2009			2009			2009			2008			2008			2008			2008
	(In thousands, unaudited)
Cash flows from operating activities:
Consolidated net income (loss) inclusive of noncontrolling interest	$	32,486		$	(11,290	)	$	1,025		$	9,618		$	97,757		$	(3,715	)	$	457,595
Adjustments to reconcile consolidated net income (loss) inclusive of noncontrolling interest to net cash provided by (used in) operating activities:
Consolidated (income) loss from discontinued operations, net of tax		(27,462	)		13,284			(517	)		(2,041	)		(92,647	)		3,063			(3,057	)
Depreciation and amortization		7,134			6,956			7,103			7,233			7,188			7,214			6,775
Equity in earnings of EBS Master LLC		—			—			—			—			—			—			(4,007	)
Non-cash interest expense		2,427			2,511			2,799			1,736			2,758			2,704			2,661
Non-cash advertising		—			—			1,753			3,361			178			—			1,558
Non-cash stock-based compensation		9,217			9,412			9,154			5,776			6,468			6,448			5,940
Deferred income taxes		9,926			241			(2,604	)		(1,974	)		4,201			115			5,132
Gain on repurchases of convertible notes		—			(3,473	)		(6,647	)		—			—			—			—
Gain on sale of EBS Master LLC		—			—			—			—			—			—			(538,024	)
Impairment of auction rate securities		—			—			—			—			—			—			60,108
Changes in operating assets and liabilities:
Accounts receivable		(8,398	)		12,161			2,247			(15,947	)		(8,974	)		4,800			10,449
Prepaid expenses and other, net		(4,619	)		(2,551	)		(1,224	)		(2,282	)		(2,291	)		3,598			2,868
Accrued expenses and other long-term liabilities		1,804			11,197			(20,741	)		9,570			102			(14,099	)		10,479
Deferred revenue		(2,400	)		1,687			4,961			(1,272	)		(4,827	)		(1,037	)		11,231
Net cash provided by (used in) continuing operations		20,115			40,135			(2,691	)		13,778			9,913			9,091			29,708
Net cash provided by (used in) discontinued operations		3,764			3,508			2,001			4,511			12,718			4,736			12,659
Net cash provided by (used in) operating activities		23,879			43,643			(690	)		18,289			22,631			13,827			42,367
Cash flows from investing activities:
Proceeds from maturities and sales ofavailable-for-sale securities		1,100			500			600			800			10,953			2,068			104,518
Purchases ofavailable-for-sale securities		—			—			—			—			—			—			(177,150	)
Purchases of property and equipment		(3,293	)		(5,646	)		(5,309	)		(9,190	)		(8,130	)		(4,294	)		(2,651	)
Purchase of investment in preferred stock		—			—			—			(6,471	)		—			—			—
Cash paid in business combinations, net of cash acquired		—			—			—			(2,781	)		—			148			—
Purchase of noncontrolling interest in subsidiary		—			—			—			(12,818	)		—			—			—
Proceeds related to the sale of EBS Master LLC		—			—			—			—			—			—			574,617
Proceeds from the sale of discontinued operations		2,590			—			250			402			222,771			—			24,318
Other proceeds from (disbursements) to EBS		—			—			—			—			69			(40	)		1,195
Net cash provided by (used in) continuing operations		397			(5,146	)		(4,459	)		(30,058	)		225,663			(2,118	)		524,847
Net cash used in discontinued operations		(959	)		(1,527	)		(829	)		(547	)		(1,121	)		(1,735	)		(1,449	)
Net cash (used in) provided by investing activities		(562	)		(6,673	)		(5,288	)		(30,605	)		224,542			(3,853	)		523,398
Cash flows from financing activities:
Net proceeds from issuance of common stock		10,576			11,153			7,041			958			11,081			7,867			1,777
Purchase of treasury stock		—			—			—			(737,324	)		—			—			—
Repurchases of convertible notes		—			(45,674	)		(78,183	)		—			—			—			—
Other		63			—			—			(295	)		423			(80	)		—
Net cash provided by (used in) continuing operations		10,639			(34,521	)		(71,142	)		(736,661	)		11,504			7,787			1,777
Net cash used in discontinued operations		—			—			—			—			—			(30	)		(46	)
Net cash provided by (used in) financing activities		10,639			(34,521	)		(71,142	)		(736,661	)		11,504			7,757			1,731
Effect of exchange rates on cash		350			315			(245	)		(1,354	)		(2,397	)		40			1,753
Net increase (decrease) in cash and cash equivalents		34,306			2,764			(77,365	)		(750,331	)		256,280			17,771			569,249
Cash and cash equivalents at beginning of period		555,247			552,483			629,848			1,380,179			1,123,899			1,106,128			536,879
Cash and cash equivalents at end of period	$	589,553		$	555,247		$	552,483		$	629,848		$	1,380,179		$	1,123,899		$	1,106,128

8

The following tables provide detail of the components ofnon-cashstock-based compensation and interest expense of our convertible notes.

	Nine Months Ended		Years Ended December 31,
	September 30, 2009		2008		2007
	(In thousands, unaudited)
Non-cash stock-based compensation included in:
Cost of operations	$	4,921	$	3,818	$	5,027
Sales and marketing		5,499		3,591		4,868
General and administrative		17,363		17,223		22,441
Equity in earnings of EBS Master LLC		—		—		2,107
Income (loss) from discontinued operations		654		1,600		2,489
Interest expense related to convertible notes:
Non-cash interest expense – 1.75% convertible notes	$	970	$	1,542	$	1,494
Non-cash interest expense – 31/8% convertible notes		6,767		9,386		8,716
Cash interest expense – 1.75% convertible notes		3,760		6,125		6,125
Cash interest expense – 31/8% convertible notes		6,354		9,375		9,375

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,			September 30,		June 30,		March 31,
	2009		2009		2009		2008			2008		2008		2008
	(In thousands, unaudited)
Non-cash stock-based compensation included in:
Cost of operations	$	1,743	$	1,555	$	1,623	$	888		$	997	$	817	$	1,116
Sales and marketing		1,948		2,001		1,550		(11	)		1,215		1,261		1,126
General and administrative		5,526		5,856		5,981		4,899			4,256		4,370		3,698
Income (loss) from discontinued operations		112		225		317		194			694		369		343
Interest expense related to convertible notes:
Non-cash interest expense – 1.75% convertible notes	$	303	$	303	$	364	$	390		$	391	$	382	$	379
Non-cash interest expense – 31/8% convertible notes		2,124		2,208		2,435		2,415			2,367		2,322		2,282
Cash interest expense – 1.75% convertible notes		1,157		1,190		1,413		1,531			1,531		1,532		1,531
Cash interest expense – 31/8% convertible notes		1,955		2,078		2,321		2,344			2,343		2,344		2,344

9