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As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/28/07 Blucora, Inc. 8-K:2,9 12/28/07 2:162K RR Donnelley/FA |
Document/Exhibit Description Pages Size
1: 8-K Current Report HTML 22K
2: EX-99.1 Unaudited Pro Forma Condensed Consolidated Balance HTML 124K
Sheet of Infospace, Inc.
| Unaudited pro forma condensed consolidated balance sheet of InfoSpace, Inc. |
EXHIBIT 99.1
INFOSPACE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(amounts in thousands, except share data)
| Historical InfoSpace(1) |
Mobile(2) | Pro Forma InfoSpace |
|||||||||
| ASSETS | |||||||||||
| Current assets: |
|||||||||||
| Cash and cash equivalents |
$ | 113,647 | $ | 214 | $ | 113,433 | |||||
| Short-term investments, available-for-sale |
101,125 | — | 101,125 | ||||||||
| Accounts receivable, net of allowance of $969, $877 and $92 |
35,271 | 19,629 | 15,642 | ||||||||
| Prepaid expenses and other current assets |
14,408 | 7,616 | 6,792 | ||||||||
| Assets of discontinued operations |
87,561 | — | 87,561 | ||||||||
| Total current assets |
352,012 | 27,459 | 324,553 | ||||||||
| Property and equipment, net |
33,458 | 21,911 | 11,547 | ||||||||
| Goodwill and other intangible assets, net |
44,237 | 114 | 44,123 | ||||||||
| Deferred tax assets, net |
99,989 | 19,203 | 80,786 | ||||||||
| Other long-term assets |
8,908 | 350 | 8,558 | ||||||||
| Total assets |
$ | 538,604 | $ | 69,037 | $ | 469,567 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: |
|||||||||||
| Accounts payable |
$ | 11,791 | $ | 6,207 | $ | 5,584 | |||||
| Accrued expenses and other current liabilities |
35,478 | 11,444 | 24,034 | ||||||||
| Short-term deferred revenue |
8,842 | 8,842 | — | ||||||||
| Liabilities of discontinued operations |
8,265 | — | 8,265 | ||||||||
| Total current liabilities |
64,376 | 26,493 | 37,883 | ||||||||
| Long-term liabilities |
679 | 39 | 640 | ||||||||
| Total liabilities |
65,055 | 26,532 | 38,523 | ||||||||
| Commitments and contingencies |
— | — | — | ||||||||
| Stockholders’ equity: |
|||||||||||
| Common stock, par value $.001—authorized, 900,000,000 shares; issued and outstanding, 33,192,903 shares |
3 | — | 3 | ||||||||
| Additional paid-in capital |
1,548,655 | — | 1,548,655 | ||||||||
| Accumulated earnings (deficit) |
(1,076,540 | ) | 42,505 | (1,119,045 | ) | ||||||
| Accumulated other comprehensive income |
1,431 | — | 1,431 | ||||||||
| Total stockholders’ equity |
473,549 | 42,505 | 431,044 | ||||||||
| Total liabilities and stockholders’ equity |
$ | 538,604 | $ | 69,037 | $ | 469,567 | |||||
See accompanying notes to unaudited Pro Forma Condensed Consolidated Financial Statements.
INFOSPACE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Nine Months Ended September 30, 2007
(amounts in thousands, except per share data)
| Historical InfoSpace(3) |
Mobile(4) | Pro Forma InfoSpace |
||||||||||
| Revenues |
$ | 188,767 | $ | 87,288 | $ | 101,479 | ||||||
| Operating expenses: |
||||||||||||
| Content and distribution |
84,876 | 42,056 | 42,820 | |||||||||
| Systems and network operations |
20,079 | 13,100 | 6,979 | |||||||||
| Product development |
40,322 | 33,472 | 6,850 | |||||||||
| Sales and marketing |
26,318 | 9,310 | 17,008 | |||||||||
| General and administrative |
65,517 | 13,624 | 51,893 | |||||||||
| Depreciation |
13,168 | 9,069 | 4,099 | |||||||||
| Amortization of intangible assets |
2,895 | 2,895 | — | |||||||||
| Restructuring and other, net |
(1,879 | ) | — | (1,879 | ) | |||||||
| Total operating expenses |
251,296 | 123,526 | 127,770 | |||||||||
| Operating loss |
(62,529 | ) | (36,238 | ) | (26,291 | ) | ||||||
| Other income (expense), net |
12,449 | (106 | ) | 12,555 | ||||||||
| Loss before income taxes |
(50,080 | ) | (36,344 | ) | (13,736 | ) | ||||||
| Income tax benefit (provision) |
2,970 | 12,720 | (5) | (9,750 | ) | |||||||
| Loss from continuing operations |
$ | (47,110 | ) | $ | (23,624 | ) | $ | (23,486 | ) | |||
| Loss from continuing operations per share – Basic and Diluted |
$ | (1.45 | ) | $ | (0.72 | ) | ||||||
| Weighted average shares outstanding used in computing basic and diluted loss per share |
32,421 | 32,421 | ||||||||||
See notes to the unaudited Pro Forma Condensed Consolidated Financial Statements.
INFOSPACE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2006
(amounts in thousands, except per share data)
| Historical InfoSpace(6) |
Mobile(4) | Pro Forma InfoSpace |
||||||||||
| Revenues |
$ | 338,634 | $ | 184,836 | $ | 153,798 | ||||||
| Operating expenses: |
||||||||||||
| Content and distribution |
174,000 | 111,654 | 62,346 | |||||||||
| Systems and network operations |
30,244 | 18,750 | 11,494 | |||||||||
| Product development |
41,435 | 34,621 | 6,814 | |||||||||
| Sales and marketing |
43,854 | 27,919 | 15,935 | |||||||||
| General and administrative |
51,571 | 17,065 | 34,506 | |||||||||
| Depreciation |
13,626 | 8,582 | 5,044 | |||||||||
| Amortization of intangible assets |
9,377 | 9,377 | — | |||||||||
| Restructuring |
62,316 | — | 62,316 | |||||||||
| Total operating expenses |
426,423 | 227,968 | 198,455 | |||||||||
| Operating loss |
(87,789 | ) | (43,132 | ) | (44,657 | ) | ||||||
| Other income (expense), net |
19,415 | (165 | ) | 19,580 | ||||||||
| Loss before income taxes |
(68,374 | ) | (43,297 | ) | (25,077 | ) | ||||||
| Income tax benefit |
43,700 | 15,154 | (5) | 28,546 | ||||||||
| Income (loss) from continuing operations |
$ | (24,674 | ) | $ | (28,143 | ) | $ | 3,469 | ||||
| Income (loss) from continuing operations per share - Basic |
$ | (0.79 | ) | $ | 0.11 | |||||||
| Weighted average shares outstanding used in computing basic income (loss) per share |
31,254 | 31,254 | ||||||||||
| Income (loss) from continuing operations per share - Diluted |
$ | (0.79 | ) | $ | 0.10 | |||||||
| Weighted average shares outstanding used in computing diluted income (loss) per share |
31,254 | 33,042 | ||||||||||
See notes to the unaudited Pro Forma Condensed Consolidated Financial Statements.
INFOSPACE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2005
(amounts in thousands, except per share data)
| Historical InfoSpace(6) |
Mobile(4) | Pro Forma InfoSpace | ||||||||
| Revenues |
$ | 301,416 | $ | 157,412 | $ | 144,004 | ||||
| Operating expenses: |
||||||||||
| Content and distribution |
137,239 | 77,342 | 59,897 | |||||||
| Systems and network operations |
20,323 | 12,731 | 7,592 | |||||||
| Product development |
26,918 | 20,278 | 6,640 | |||||||
| Sales and marketing |
28,927 | 13,118 | 15,809 | |||||||
| General and administrative |
39,639 | 12,295 | 27,344 | |||||||
| Depreciation |
8,264 | 4,937 | 3,327 | |||||||
| Amortization of intangible assets |
11,467 | 11,455 | 12 | |||||||
| Total operating expenses |
272,777 | 152,156 | 120,621 | |||||||
| Operating income |
28,639 | 5,256 | 23,383 | |||||||
| Other income (expense), net |
89,524 | (52 | ) | 89,576 | ||||||
| Income before income taxes |
118,163 | 5,204 | 112,959 | |||||||
| Income tax benefit (provision) |
29,681 | (1,821 | )(5) | 31,502 | ||||||
| Income from continuing operations |
$ | 147,844 | $ | 3,383 | $ | 144,461 | ||||
| Income from continuing operations per share - Basic |
$ | 4.58 | $ | 4.47 | ||||||
| Weighted average shares outstanding used in computing basic income per share |
32,284 | 32,284 | ||||||||
| Income from continuing operations per share - Diluted |
$ | 4.15 | $ | 4.06 | ||||||
| Weighted average shares outstanding used in computing diluted income per share |
35,616 | 35,616 | ||||||||
See notes to the unaudited Pro Forma Condensed Consolidated Financial Statements.
INFOSPACE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2004
(amounts in thousands, except per share data)
| Historical InfoSpace(6) |
Mobile(4) | Pro Forma InfoSpace |
||||||||||
| Revenues |
$ | 213,188 | $ | 92,515 | $ | 120,673 | ||||||
| Operating expenses: |
||||||||||||
| Content and distribution |
82,312 | 34,696 | 47,616 | |||||||||
| Systems and network operations |
13,578 | 7,373 | 6,205 | |||||||||
| Product development |
19,926 | 14,249 | 5,677 | |||||||||
| Sales and marketing |
20,996 | 8,790 | 12,206 | |||||||||
| General and administrative |
35,655 | 10,816 | 24,839 | |||||||||
| Depreciation |
6,628 | 3,166 | 3,462 | |||||||||
| Amortization of intangible assets |
7,230 | 7,185 | 45 | |||||||||
| Restructuring and other, net |
(2,981 | ) | — | (2,981 | ) | |||||||
| Total operating expenses |
183,344 | 86,275 | 97,069 | |||||||||
| Operating income |
29,844 | 6,240 | 23,604 | |||||||||
| Other income (expense), net |
5,431 | (367 | ) | 5,798 | ||||||||
| Income before income taxes |
35,275 | 5,873 | 29,402 | |||||||||
| Income tax benefit (provision) |
5,523 | (2,056 | )(5) | 7,579 | ||||||||
| Income from continuing operations |
$ | 40,798 | $ | 3,817 | $ | 36,981 | ||||||
| Income from continuing operations per share - Basic |
$ | 1.27 | $ | 1.15 | ||||||||
| Weighted average shares outstanding used in computing basic income per share |
32,109 | 32,109 | ||||||||||
| Income from continuing operations per share - Diluted |
$ | 1.12 | $ | 1.01 | ||||||||
| Weighted average shares outstanding used in computing diluted income per share |
36,541 | 36,541 | ||||||||||
See notes to the unaudited Pro Forma Condensed Consolidated Financial Statements.
INFOSPACE, INC.
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Nine Months Ended September 30, 2007, and
Years Ended December 31, 2006, 2005, and 2004
The accompanying unaudited Pro Forma Condensed Consolidated Financial Statements consist of the historical Condensed Consolidated Financial Statements of the Company, adjusted to exclude the historical results of the Company’s Mobile Business, which includes the Mobile Services Business and mobile media content product line, as described below:
| 1. | Represents the unaudited historical balance sheet accounts of the Company and was derived from the Company’s unaudited condensed consolidated balance sheet as previously reported in its Quarterly Report on Form 10-Q as of September 30, 2007, before reflecting its Mobile Business as discontinued operations. |
| 2. | Represents the unaudited historical balance sheet accounts of the Company’s Mobile Business as of September 30, 2007. |
| 3. | Represents the historical results of operations of the Company and was derived from the Company’s unaudited condensed consolidated statement of operations as previously reported in its Quarterly Report on Form 10-Q for the nine months ended September 30, 2007, after reflecting its directory business as discontinued operations but before reflecting its Mobile Business as discontinued operations. |
| 4. | Represents the historical operating results of the Company’s Mobile Business for the periods presented. |
| 5. | Represents income taxes attributed to the Company’s Mobile Business at an effective rate of 35%. |
| 6. | Represents the historical results of operations of the Company and was derived from the Company’s unaudited condensed consolidated statements of operations as previously reported on the Current Report on Form 8-K filed on November 6, 2007 reflecting the Company’s historical operating results for the years ended December 31, 2006, 2005, and 2004, after reflecting its directory business as discontinued operations but before reflecting its Mobile Business as discontinued operations. |
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period End: | 12/28/07 | 3, 4, 8-K | ||
| 11/6/07 | 10-Q, 4, 8-K | |||
| 9/30/07 | 10-Q | |||
| 12/31/06 | 10-K | |||
| 12/31/05 | 10-K | |||
| 12/31/04 | 10-K | |||
| List all Filings | ||||