WebMD Announces Second Quarter Financial Results

WebMD Reaffirms High End and Raises Low End of 2015 Financial Guidance

Jul 30, 2015, 16:01 ET from WebMD Health Corp.

NEW YORK, July 30, 2015 /PRNewswire/ -- WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced financial results for the three months ended June 30, 2015.

"We are pleased to report second quarter results consistent with the high end of our expectations," said David Schlanger, Chief Executive Officer, WebMD. "Today, we are reaffirming the high end and raising the low end of the range of the 2015 financial guidance we previously provided. We expect to accelerate growth in biopharma revenue and finish the year delivering 11% to 12% growth from this customer segment, which is up from 8% growth in each of the past two years. This acceleration reflects a healthy macro environment and the increasingly important role that we play in helping our advertising customers connect with highly targeted consumer and physician audiences at scale."

Financial Highlights For the three months ended June 30, 2015:

  • Revenue was $148.3 million, compared to $140.4 million in the prior year period, an increase of 6%. Advertising and sponsorship revenue was $116.2 million compared to $111.5 million in the prior year period. Private portal services revenue was $26.4 million compared to $24.2 million in the prior year period. Information services revenue was $5.7 million compared to $4.7 million in the prior year period.
  • Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") was $40.5 million, compared to $37.9 million in the prior year period, an increase of 7%.
  • Net income was $13.4 million or $0.32 per diluted share, compared to $9.7 million, or $0.23 per diluted share in the prior year period. Net income would have been $11.1 million or $0.27 per diluted share without the impact of a $2.5 million after-tax charge incurred in conjunction with the settlement of a patent infringement claim, a $4.7 million non-cash income tax benefit due to the reversal of a tax valuation allowance, and an after-tax gain on investments of $0.1 million.

Traffic Highlights Traffic to the WebMD Health Network during the second quarter reached an average of 212 million unique users per month generating 4.12 billion page views for the quarter, increases of 18% and 19%, respectively, from the prior year period.

Balance Sheet Highlights As of June 30, 2015, WebMD had: approximately $757 million in cash and cash equivalents; $952 million in aggregate principal amount of convertible notes outstanding; and approximately 37.9 million shares of its common stock outstanding (including approximately 1.1 million unvested shares of restricted stock).

During the quarter, WebMD used $2.1 million in cash to repurchase approximately 47 thousand shares of its common stock under its stock repurchase program. As of June 30, 2015, approximately $29.7 million remains available for repurchases under WebMD's stock repurchase program. Under the repurchase program, WebMD may repurchase shares from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors.

Financial Guidance Today, WebMD reaffirmed the high end and raised the low end of the range of the 2015 financial guidance that it provided on May 6, 2015.

For the full year ending December 31, 2015, WebMD expects:

  • Revenue to be approximately $625 million to $635 million, an increase of 8% to 9% from the prior year.
    • Approximately $492 million to $500 million of revenue is expected to be from advertising and sponsorship, an increase of 8% to 10% from the prior year. Growth in advertising and sponsorship is expected to be driven primarily by growth in revenue from biopharma and medical device customers of approximately 11% to 12% in 2015.
    • Approximately $107 million to $108.5 million of revenue is expected to be from private portals services, an increase of 4% to 5% from the prior year.
    • Approximately $26 million to $26.5 million of revenue is expected to be from information services, an increase of 12% to 14% from the prior year.
  • Adjusted EBITDA to be approximately $185 million to $190 million, an increase of approximately 17% to 20% from the prior year.
  • Net income to be approximately $58 million to $63.5 million.

For the third quarter of 2015, WebMD expects:

  • Revenue to be approximately $148.5 million to $151.5 million, an increase of approximately 3% to 6% from the prior year period.
  • Adjusted EBITDA is expected to be approximately $41 million to $43 million, an increase of approximately 4% to 9% from the prior year period.
  • Net income to be approximately $10.5 million to $11.5 million.

"In the updated financial guidance issued today, we have slightly adjusted the breakdown of revenue within our consolidated revenue guidance to reflect our backlog and visibility in each of our revenue streams, including the expected timing of the implementation of customer promotion and education programs," said Mr. Schlanger. 

A schedule summarizing the Company's financial guidance is attached to this press release.

Analyst and Investor Conference Call                                    WebMD will hold a conference call with investors and analysts at 4:45 p.m. (Eastern) today. The call can be accessed at www.wbmd.com (in the Investor Relations section). A replay of the audio webcast will be available at the same web address.

About WebMD  WebMD Health Corp. (NASDAQ: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications.

The WebMD Health Network includes WebMD.com, Medscape.com, MedicineNet.com, eMedicineHealth.com, RxList.com, Medscape Education (Medscape.org) and other WebMD owned sites and apps.

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All statements contained in this press release and the related analyst and investor conference call, other than statements of historical fact, are forward-looking statements, including those regarding:   guidance on our future financial results and other projections or measures of our future performance; market opportunities or momentum and our ability to capitalize on them; and the benefits expected from new or expected contracts with customers, new or updated products or services and from other potential sources of additional revenue. These statements speak only as of the date of this press release, are based on our current plans and expectations, and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; our relationships with customers and other factors affecting their use of our services and the timing of entry into and implementation of specific contracts with customers, including regulatory matters affecting their products and services; our ability to deploy new or updated services and to create new or enhanced revenue streams from those services; our ability to attract and retain qualified personnel; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries.  Further information about these matters can be found in our Securities and Exchange Commission filings and this press release is intended to be read in conjunction with information contained in those filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

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This press release, and the accompanying tables, include both financial measures in accordance with accounting principles generally accepted in the United States of America, or GAAP, as well as certain non-GAAP financial measures.  The tables attached to this press release include reconciliations of these non-GAAP financial measures to GAAP financial measures. In addition, an "Explanation of Non-GAAP Financial Measures" is attached to this press release as Annex A. 

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WebMD®, Medscape®, CME Circle®, Medpulse®, eMedicine®, MedicineNet®, theheart.org® and RxList® are among the trademarks of WebMD Health Corp. or its subsidiaries.

 

 

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 (In thousands, except per share data, unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Revenue

$  148,320

$  140,400

$  291,663

$  274,232

Cost of operations

60,407

54,456

118,284

107,020

Sales and marketing

32,570

33,321

65,046

66,232

General and administrative

23,002

22,339

44,455

46,120

Depreciation and amortization

7,592

7,042

15,837

14,370

Interest income

9

17

26

32

Interest expense

6,171

6,172

12,343

12,344

Gain on investments

139

-

139

-

Other expense

4,100

-

4,100

-

Income before income tax provision

14,626

17,087

31,763

28,178

Income tax provision

1,255

7,371

8,388

12,196

Net income

$    13,371

$      9,716

$    23,375

$    15,982

Net income per common share:

Basic

$        0.36

$        0.26

$        0.64

$        0.41

Diluted

$        0.32

$        0.23

$        0.57

$        0.38

Weighted-average shares outstanding used in 

computing income per common share: 

Basic

36,705

37,819

36,549

38,543

Diluted 

53,618

45,801

43,684

46,667

 

 

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

 (In thousands, unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Revenue

Advertising and sponsorship

Biopharma and medical device

$    85,977

$    81,981

$  161,822

$  150,469

OTC, CPG and other

30,249

29,503

60,197

63,972

116,226

111,484

222,019

214,441

Private portal services

26,441

24,188

55,763

48,817

Information services

5,653

4,728

13,881

10,974

$  148,320

$  140,400

$  291,663

$  274,232

Earnings before interest, taxes, non-cash

 and other items ("Adjusted EBITDA") (a)

$    40,549

$    37,917

$    79,467

$    71,183

Interest, taxes, non-cash and other items  (b)

Interest income

9

17

26

32

Interest expense

(6,171)

(6,172)

(12,343)

(12,344)

Income tax provision

(1,255)

(7,371)

(8,388)

(12,196)

Depreciation and amortization 

(7,592)

(7,042)

(15,837)

(14,370)

Non-cash stock-based compensation

(8,208)

(7,633)

(15,589)

(16,323)

Gain on investments

139

-

139

-

Other expense

(4,100)

-

(4,100)

-

 Net income 

$    13,371

$      9,716

$    23,375

$    15,982

(a)

See Annex A-Explanation of Non-GAAP Financial Measures.

(b)

Reconciliation of Adjusted EBITDA to net income.

 

 

WEBMD HEALTH CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

 (In thousands)

June 30, 2015

December 31, 2014

(unaudited)

Assets

Cash and cash equivalents

$            757,382

$                   706,776

Accounts receivable, net

149,088

136,806

Prepaid expenses and other current assets

20,633

13,877

Deferred tax assets

12,038

18,147

        Total current assets

939,141

875,606

Property and equipment,  net

54,416

59,573

Goodwill

202,980

202,980

Intangible assets, net

12,549

14,215

Deferred tax assets

1,976

18,947

Other assets

23,433

26,236

Total Assets

$         1,234,495

$                1,197,557

Liabilities and Stockholders' Equity

Accrued expenses

$              58,799

$                     72,658

Deferred revenue

114,865

89,785

2.25% convertible notes due 2016

252,232

-

      Total current liabilities

425,896

162,443

2.25% convertible notes due 2016

-

252,232

2.50% convertible notes due 2018

400,000

400,000

1.50% convertible notes due 2020

300,000

300,000

Other long-term liabilities

21,001

21,293

Stockholders' equity

87,598

61,589

Total Liabilities and Stockholders' Equity

$         1,234,495

$                1,197,557

 

 

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

Six Months Ended

June 30,

2015

2014

Cash flows from operating activities:

Net income

$           23,375

$        15,982

Adjustments to reconcile net income to net cash provided by

  operating activities:

Depreciation and amortization

15,837

14,370

Non-cash interest, net

2,256

2,256

Non-cash stock-based compensation

15,589

16,323

Deferred income taxes

(6,476)

2,803

Gain on investments

(139)

-

Changes in operating assets and liabilities:

Accounts receivable

(12,282)

(4,261)

Prepaid expenses and other, net

(6,130)

(2,668)

Accrued expenses and other long-term liabilities

(14,465)

(16,015)

Deferred revenue

25,080

13,188

Net cash provided by operating activities

42,645

41,978

Cash flows from investing activities:

Proceeds from sale of investments

139

-

Purchases of property and equipment

(8,711)

(11,446)

Net cash used in investing activities

(8,572)

(11,446)

Cash flows from financing activities:

Proceeds from exercise of stock options

11,653

30,147

Cash used for withholding taxes due on stock-based awards

(2,960)

(10,339)

Purchases of treasury stock 

(5,351)

(102,353)

Excess tax benefit on stock-based awards

13,191

8,444

Net cash provided by (used in) financing activities

16,533

(74,101)

Net increase (decrease) in cash and cash equivalents

50,606

(43,569)

Cash and cash equivalents at beginning of period

706,776

824,880

Cash and cash equivalents at end of period

$         757,382

$      781,311

 

 

WEBMD HEALTH CORP.

NET INCOME PER COMMON SHARE

 (In thousands, except per share data, unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Numerator:

Net income — Basic

$        13,371

$             9,716

$        23,375

$        15,982

Interest expense on 1.50% convertible notes, net of tax

864

864

1,728

1,728

Interest expense on 2.50% convertible notes, net of tax

1,797

-

-

-

Interest expense on 2.25% convertible notes, net of tax

1,103

-

-

-

Net income — Diluted

$        17,135

$           10,580

$        25,103

$        17,710

Denominator:

Weighted-average shares — Basic

36,705

37,819

36,549

38,543

Stock options and restricted stock

1,503

2,301

1,441

2,443

1.50% convertible notes

5,694

5,681

5,694

5,681

2.50% convertible notes

6,205

-

-

-

2.25% convertible notes

3,511

-

-

-

Adjusted weighted-average shares after assumed conversions — Diluted

53,618

45,801

43,684

46,667

Net income per common share:

Basic

$            0.36

$               0.26

$            0.64

$            0.41

Diluted

$            0.32

$               0.23

$            0.57

$            0.38

 

 

WEBMD HEALTH CORP.

FINANCIAL GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2015

(in millions, except per share amounts)

Guidance Range

Revenue

Advertising and sponsorship

Biopharma and medical device

$          364.0

$          370.0

OTC, CPG and other

128.0

130.0

492.0

500.0

Private portal services

107.0

108.5

Information services

26.0

26.5

$          625.0

$          635.0

Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") (a)

$          185.0

$          190.0

Interest, taxes, non-cash and other items (b)

Interest expense, net

(25.0)

(25.0)

Depreciation and amortization

(32.0)

(30.0)

Non-cash stock-based compensation

(35.0)

(33.0)

Gain on investments

0.1

0.1

Other expense

(4.1)

(4.1)

Income before income tax provision

89.0

98.0

Income tax provision

(31.0)

(34.5)

Net income

$            58.0

$            63.5

Income per share:

     Basic

$            1.59

$            1.69

     Diluted (c)

$            1.37

$            1.42

Calculation of income per share:

Net income (numerator for basic income per share)

$            58.0

$            63.5

Add-back of interest expense, net of tax, related to:

   1.50% convertible notes

3.5

3.5

   2.50% convertible notes

7.2

7.2

   2.25% convertible notes

4.4

4.4

Numerator for diluted income per share

$            73.1

$            78.6

Weighted average shares outstanding (denominator for basic income per share)

36.5

37.5

Stock options and restricted stock

1.5

2.5

Weighted average shares issuable upon conversion of:

   1.50% convertible notes

5.7

5.7

   2.50% convertible notes

6.2

6.2

   2.25% convertible notes

3.5

3.5

Denominator for diluted income per share

53.4

55.4

(a) See Annex A - Explanation of Non-GAAP Financial Measures

(b) Reconciliation of Adjusted EBITDA to net income

(c) See Supplemental 2015 Guidance for Income Per Share Calculation below

Additional information regarding forecast for the quarter ending September 30, 2015:

     -     Revenue is forecasted to be between $148.5 million to $151.5 million

     -     Revenue distribution is forecasted to be approximately 59.5% to Biopharma and medical device;

18.5% to OTC, CPG and other; 18% to private portal services and 4% to information services

     -     Adjusted EBITDA is forecasted to be between $41 million to $43 million

     -     Net income is forecasted to be between $10.5 million to $11.5 million

The above guidance does not include the impact if any, of future deployment of capital for items such as share

repurchases, acquisitions, any future gains or losses from discontinued operations, any future gains or losses on

investments, and other future non-recurring, one-time or unusual items.

 

 

WEBMD HEALTH CORP.

SUPPLEMENTAL 2015 GUIDANCE FOR INCOME PER SHARE CALCULATION

Based on the Company's Financial Guidance for the Year Ending December 31, 2015, the 1.50% convertible notes, the 2.50% convertible notes and the 2.25% convertible notes are expected to be dilutive to net income on both the low end and high end of the full year guidance range.  Additionally, each of the series of convertible notes may be dilutive in certain quarters, depending on the amount of net income for such quarter.  The following table contains the approximate level of net income for an individual quarter and for the full year 2015 at which each of the series of convertible notes would become dilutive to income per share.  To the extent this net income is exceeded for any such period, the table also includes the amounts by which the numerator and denominator should each be adjusted for purposes of the diluted income per share calculation.  The amounts below assume a weighted-average diluted share count of 38.0 million shares (prior to the effect of convertible notes) and the amounts are subject to change as such weighted-average share count changes.

Quarterly Amounts

Annual Amounts

All amounts in millions

1.50% Convertible Notes

2.50% Convertible Notes

2.25% Convertible Notes

1.50% Convertible Notes

2.50% Convertible Notes

2.25% Convertible Notes

Approximate net income at which convertible notes  become dilutive:

$            5.8

$          11.8

$          13.0

$          23.1

$          47.2

$          52.1

Interest expense, net of tax to add-back to net income (numerator):

$            0.9

$            1.8

$            1.1

$            3.5

$            7.2

$            4.4

Additional shares to include in weighted-average diluted share count (denominator):

5.7

6.2

3.5

5.7

6.2

3.5

 

 

ANNEX A

Explanation of Non-GAAP Financial Measures

The accompanying WebMD Health Corp. press release and attachments include both financial measures in accordance with U.S. generally accepted accounting principles, or GAAP, as well as non-GAAP financial measures.  The non-GAAP financial measures represent earnings before interest, taxes, non-cash and other items (which we refer to as "Adjusted EBITDA") and related per share amounts.  Adjusted EBITDA should be viewed as supplemental to, and not as an alternative for net income or loss calculated in accordance with GAAP (referred to below as "net income") or income or loss from continuing operations calculated in accordance with GAAP (referred to below as "income from continuing operations").  The attachments to the press release include reconciliations of non-GAAP financial measures to GAAP financial measures. 

Adjusted EBITDA is used by our management as an additional measure of our company's performance for purposes of business decision-making, including developing budgets, managing expenditures, and evaluating potential acquisitions or divestitures.  Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our company's financial results that may not be shown solely by period-to-period comparisons of net income or income from continuing operations.  In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees in order to evaluate our company's performance.  Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature.  In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in net income or income from continuing operations, as well as trends in those items.  The amounts of those items are set forth, for the applicable periods, in the reconciliations of Adjusted EBITDA to net income or income from continuing operations that accompany our press releases and disclosure documents containing non-GAAP financial measures, including the reconciliations contained in the accompanying press release attachments.

We believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results for reasons similar to the reasons why our management finds it useful and because it helps facilitate investor understanding of decisions made by management in light of the performance metrics used in making those decisions.  In addition, as more fully described below, we believe that providing Adjusted EBITDA, together with a reconciliation of Adjusted EBITDA to net income or income from continuing operations, helps investors make comparisons between our company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation.  However, Adjusted EBITDA is intended to provide a supplemental way of comparing our company with other public companies and is not intended as a substitute for comparisons based on net income or income from continuing operations.  In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance.  Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding GAAP measures provided by each company under applicable SEC rules.

The following is an explanation of the items excluded by us from Adjusted EBITDA but included in net income and income from continuing operations:

  • Depreciation and Amortization. Depreciation and amortization expense is a non-cash expense relating to capital expenditures and intangible assets arising from acquisitions that are expensed on a straight-line basis over the estimated useful life of the related assets. We exclude depreciation and amortization expense from Adjusted EBITDA because we believe that (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired tangible and intangible assets. Accordingly, we believe that this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that the use of tangible and intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods.
  • Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards to employees. We believe that excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in our company's operating performance because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Additionally, we believe that excluding stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between our company's operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future. Stock-based compensation expenses included in the Consolidated Statement of Operations are summarized as follows:

 

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Non-cash stock-based compensation included in:

Cost of operations

$    1,032

$    1,429

$    2,421

$    2,893

Sales and marketing

$    1,683

$    1,694

$    3,131

$    3,799

General and administrative

$    5,493

$    4,510

$  10,037

$    9,631

 

  • Interest Income and Expense. Interest income is associated with the level of marketable debt securities and other interest bearing accounts in which we invest, and interest expense is related to our company's capital structure (including non-cash interest expense relating to our convertible notes). Interest income and expense varies over time due to a variety of financing transactions and due to acquisitions and divestitures that we have entered into or may enter into in the future. We have, in the past, issued convertible debentures, repurchased shares in cash tender offers and repurchased shares and convertible debentures through other repurchase transactions, and completed the divestiture of certain businesses. We exclude interest income and interest expense from Adjusted EBITDA (i) because these items are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures. Investors should note that interest income and expense will recur in future periods. The following provides detail regarding the components of interest expense of our convertible notes:

 

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Non-cash interest expense

2.25% Convertible Notes

$         390

$       390

$         780

$        780

2.50% Convertible Notes

$         446

$       446

$         892

$        892

1.50% Convertible Notes

$         292

$       292

$         584

$        584

 

Cash interest expense

2.25% Convertible Notes

$      1,418

$    1,419

$      2,837

$     2,838

2.50% Convertible Notes

$      2,500

$    2,500

$      5,000

$     5,000

1.50% Convertible Notes

$      1,125

$    1,125

$      2,250

$     2,250

 

  • Income Tax Provision (Benefit). We maintain a valuation allowance on a portion of our net deferred tax assets (including our net operating loss carryforwards), the amount of which may change from quarter to quarter based on factors that are not directly related to our results for the quarter. The valuation allowance is either adjusted through the statement of operations or additional paid-in capital. The timing of such adjustments has not been consistent and as a result, our income tax expense can fluctuate significantly from period to period in a manner not directly related to our operating performance. We exclude the income tax provision (benefit) from Adjusted EBITDA (i) because we believe that the income tax provision (benefit) is not directly attributable to the underlying performance of our business operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different tax attributes. Investors should note that income tax provision (benefit) will recur in future periods.
  • Other Items. We engage in other activities and transactions that can impact our net income or income from continuing operations. In recent periods, these other items included, but were not limited to: (i) gain on investments; (ii) settlements of litigation or claims; (iii) loss on repurchases of our convertible notes; and (iv) severance expense. We exclude these other items from Adjusted EBITDA because we believe these activities or transactions are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that some of these other items may recur in future periods.

 

 

SOURCE WebMD Health Corp.



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