recur in the future.
-- Interest Income and Expense. Interest income is associated with the
level of marketable debt securities and other interest bearing accounts
in which HLTH invests, as well as with interest expenses arising from
the capital structure of HLTH. Interest income and expense varies over
time due to a variety of financing transactions and due to acquisitions
and divestitures that HLTH has entered into or may enter into in the
future. HLTH has, in the past several years, issued convertible
debentures and preferred stock, repurchased shares in cash tender
offers and through other repurchase transactions, conducted an initial
public offering of equity in its WebMD subsidiary and completed the
divestiture of certain businesses. HLTH excludes interest income and
interest expense from Adjusted EBITDA (i) because these items are not
directly attributable to the performance of HLTH's 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.
-- Income Tax Provision. HLTH had a net operating loss (NOL) carryforward
of approximately $1.3 billion as of the year ended December 31, 2007.
HLTH maintained a full valuation allowance on these NOL carryforwards
until the fourth quarter of 2007, at which time a portion of the
valuation allowance was reversed after consideration of the relevant
factors. The related valuation allowances are either reversed through
the income stateme
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