Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WebMD Health Corp. | g26823e8vk.htm |
| EX-99.1 - EX-99.1 - WebMD Health Corp. | g26823exv99w1.htm |
| EX-99.3 - EX-99.3 - WebMD Health Corp. | g26823exv99w3.htm |
Exhibit 99.2
FINANCIAL GUIDANCE SUMMARY
WebMD Health Corp
2011 Financial Guidance
(in millions, except per share amounts)
| Year Ended | ||||||||
| December 31, 2011 | ||||||||
| Guidance Range | ||||||||
Revenue |
$ | 610.0 | $ | 640.0 | ||||
Earnings before interest, taxes, depreciation, amortization
and other non-cash items (“Adjusted EBITDA”) (a) |
$ | 215.0 | $ | 230.0 | ||||
Interest, taxes, depreciation, amortization and other non-cash items (b) |
||||||||
Interest income |
0.5 | 0.5 | ||||||
Interest expense |
(20.7 | ) | (20.7 | ) | ||||
Depreciation and amortization |
(30.0 | ) | (28.0 | ) | ||||
Non-cash stock-based compensation |
(41.0 | ) | (38.0 | ) | ||||
Pre-tax income from continuing operations |
123.8 | 143.8 | ||||||
Income tax provision |
(52.0 | ) | (60.0 | ) | ||||
Income from continuing operations |
$ | 71.8 | $ | 83.8 | ||||
Income from continuing operations per share |
||||||||
Basic |
$ | 1.21 | $ | 1.41 | ||||
Diluted |
$ | 1.16 | $ | 1.34 | ||||
Weighted-average shares outstanding used in computing income
from continuing operations per common share: |
||||||||
Basic |
59.0 | 59.0 | ||||||
Diluted |
67.0 | 71.0 | ||||||
| (a) | See Annex A — Explanation of Non-GAAP Financial Measures | |
| (b) | Reconciliation of Adjusted EBITDA to consolidated income from continuing operations |
The Company expects that its results for the quarter ended March 31, 2011 will exceed First Call consensus analyst estimates
of $126.2 million for revenue, $34.0 million for Adjusted EBITDA and $8.9 million for income from continuing operations.
Additional information regarding full year forecast:
| - | Income tax rate for 2011 is forecasted to be approximately 42% of pretax income. | ||
| - | The distribution of the annual revenue is expected to be approximately 85% public portals advertising and sponsorship and 15% private portal licensing. Quarterly revenue distributions may vary from this annual estimate | ||
| - | 2011 guidance excludes any gains or losses related to investments / convertible notes. |
Additional information regarding full year income per share calculation:
| - | Basic income per share: Reflects a reduction to income from continuing operations of $0.6 million to consider the effect of restricted stock. | ||
| - | Diluted income per share: |
| - | The low end of the guidance range reflects an increase to income from continuing operations of $6.1 million for the interest expense (net of tax) on the 2.5% Notes of $6.7 million, offset by $0.6 million to consider the effect of restricted stock. The low end of the guidance range for diluted share count includes the weighted impact of 6 million shares related to the 2.5% Notes. | ||
| - | The high end of the guidance range reflects these same items plus an additional increase to income from continuing operations for the interest expense (net of tax) on the 2.25% Notes of $5.2 million. The high end of the guidance range for diluted share count also includes the additional weighted impact of 4 million shares related to the 2.25% Notes. |