Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WebMD Health Corp. | g22168e8vk.htm |
| EX-99.2 - EX-99.2 - WebMD Health Corp. | g22168exv99w2.htm |
| EX-99.1 - EX-99.1 - WebMD Health Corp. | g22168exv99w1.htm |
| EX-99.4 - EX-99.4 - WebMD Health Corp. | g22168exv99w4.htm |
Exhibit 99.3
FINANCIAL GUIDANCE SUMMARY
WebMD Health Corp
2010 Financial Guidance
(in millions, except per share amounts)
| Year Ended | Year Ended | |||||||||||
| December 31, 2009 | December 31, 2010 | |||||||||||
| Actuals | Guidance Range | |||||||||||
Revenue |
$ | 438.5 | $ | 510.0 | $ | 525.0 | ||||||
Earnings before interest, taxes, non-cash
and other items (“Adjusted EBITDA”) (a) |
$ | 112.3 | $ | 150.0 | $ | 158.0 | ||||||
Adjusted EBITDA per diluted common share |
$ | 1.94 | $ | 2.27 | $ | 2.39 | ||||||
Interest, taxes, non-cash and other items (b) |
||||||||||||
Interest income |
9.2 | 11.0 | 12.0 | |||||||||
Interest expense |
(23.5 | ) | (19.0 | ) | (18.0 | ) | ||||||
Depreciation and amortization |
(28.2 | ) | (30.0 | ) | (28.0 | ) | ||||||
Non-cash stock-based compensation |
(39.4 | ) | (33.0 | ) | (31.0 | ) | ||||||
Non-cash advertising |
(1.8 | ) | — | — | ||||||||
Severance and other transaction expenses |
(11.1 | ) | — | — | ||||||||
Gain on repurchases of convertible notes |
10.1 | — | — | |||||||||
Other expenses, net |
(1.4 | ) | — | — | ||||||||
Consolidated pre-tax income from continuing
operations |
26.2 | 79.0 | 93.0 | |||||||||
Income tax benefit (provision) |
45.5 | (34.0 | ) | (40.0 | ) | |||||||
Consolidated income from continuing
operations |
71.7 | 45.0 | 53.0 | |||||||||
Income attributable to noncontrolling interest |
(4.7 | ) | — | — | ||||||||
Income from
continuing operations |
$ | 67.0 | $ | 45.0 | $ | 53.0 | ||||||
Income from continuing operations per share |
||||||||||||
Basic |
$ | 1.40 | $ | 0.79 | $ | 0.93 | ||||||
Diluted |
$ | 1.21 | $ | 0.68 | $ | 0.80 | ||||||
Weighted-average shares outstanding used in computing income
from continuing operations per common share: |
||||||||||||
Basic |
47.4 | 57.0 | 57.0 | |||||||||
Diluted |
57.7 | 66.0 | 66.0 | |||||||||
| (a) | See Annex A — Explanation of Non-GAAP Financial Measures | |
| (b) | Reconciliation of Adjusted EBITDA to consolidated income from continuing operations |
Additional
information regarding forecast for first quarter of 2010:
| • | Revenue is forecasted to be approximately $103 to $106 in quarter ending March 31, 2010 | ||
| • | Adjusted EBITDA as a percentage of revenue is forecasted to be approximately 21.5% to 22.5% in quarter ending March 31, 2010 | ||
| • | Net Income as a percentage of revenue is forecasted to be approximately 2% to 3.5% in quarter ending March 31, 2010 |
Additional
information regarding full year 2010 forecast:
| • | Income tax rate for 2010 is forecasted to be approximately 43% of pretax income. | ||
| • | The distribution of the annual revenue is expected to be approximately 83% public portal advertising and sponsorship and 17% private portal services. Quarterly revenue distributions may vary from this annual estimate | ||
| • | 2010 guidance excludes any gains or losses related to repurchase of convertible notes. |