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WebMD Announces Fourth Quarter Financial Results
Date:2/19/2009

Total Revenue Increased 15%; Online Ad Revenue Increased 21%

WebMD Achieves Record Traffic with 54 Million Unique Monthly Users and 1.3 Billion Quarterly Page Views

NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- WebMD Health Corp. (Nasdaq: WBMD) today announced financial results for the three months ended December 31, 2008.

"Our fourth quarter results confirm WebMD's market leadership in a challenging business environment. The size and breadth of the overall market opportunity for WebMD remains unchanged," said Wayne Gattinella, President and CEO. "We remain confident in our ability to continue to deliver strong results over the long term."

Financial Summary

Revenue for the fourth quarter was $111.5 million compared to $96.6 million in the prior year period, an increase of 15%. Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") for the fourth quarter was $33.8 million or $0.58 per share compared to $33.1 million or $0.55 per share in the prior year period.

Income from continuing operations for the fourth quarter was $33.1 million or $0.57 per share, compared to $45.1 million or $0.75 per share in the prior year period.

Net income for the fourth quarter was $32.9 million or $0.56 per share, compared to $48.3 million or $0.81 per share in the prior year period. Net income in the fourth quarter of 2008 included a $21.5 million tax benefit relating to the reversal of reserves related to deferred tax assets and a restructuring charge of $2.9 million. Net income in the fourth quarter of 2007 included a tax benefit of $24.7 million relating to the reversal of reserves related to deferred tax assets and a gain of $3.6 million related to the sale of a business.

WebMD had approximately $325 million in cash and investments at December 31, 2008.

Segment Operating Highlights

Online Services segment revenue was $108.8 million for the fourth quarter compared to $92.3 million in the prior year period, an increase of 18%. Advertising and sponsorship revenue increased 21%, from the prior year period, to $85.3 million. Private portal licensing revenue increased 8%, from the prior year period, to $23.2 million. Online Services segment Adjusted EBITDA was $34.1 million compared to $31.6 million in the prior year period.

Traffic to the WebMD Health Network continued to grow strongly, reaching a record average of 54 million unique users per month and total traffic of 1.3 billion page views during the fourth quarter, increases of 21% and 30%, respectively, from a year ago. In the fourth quarter, 1.5 million continuing medical education (CME) programs were completed on the WebMD Professional Network, an increase of 60% from the prior year period.

The base of large employers and health plans utilizing WebMD's private Health and Benefits portals during the fourth quarter was 134 as compared to 117 a year ago. The installed base of customers licensing the WebMD private portal platform now includes: Blue Cross Blue Shield of North Carolina, Hewlett Packard Company, International Union of Operating Engineers and Ohio State University.

Publishing and Other Services segment revenue was $2.8 million for the fourth quarter compared to $4.3 million in the prior year period. The decrease is primarily related to a decline in advertising in WebMD's Little Blue Book print products. Publishing and Other Services segment Adjusted EBITDA was a loss of $(338) thousand compared to a profit of $1.5 million in the prior year period.

Financial Guidance

WebMD reaffirmed its financial guidance for 2009 today. WebMD expects 2009 revenue to be $420 million to $450 million, an increase of 10% to 18% over 2008; Adjusted EBITDA to be $107 million to $122 million, an increase of 11% to 26% over 2008; income from continuing operations and net income of $30 million to $43 million, or $0.48 to $0.69 per share.

WebMD expects revenue to be in the range of $90 million to $92 million with Adjusted EBITDA representing approximately 19% of revenue for the first quarter of 2009. These amounts represent growth rates at the lower end of the annual financial guidance range and contemplate revenue growth of approximately 15% in advertising and sponsorship revenue and 4% in licensing revenue for the first quarter of 2009. Net income is estimated to be in the range of 2% to 3% of revenue for the first quarter of 2009.

Additional detail is provided in a schedule attached to this release.

Analyst and Investor Conference Call

As previously announced, WebMD will hold a conference call with investors and analysts to discuss its fourth quarter results at 4:45 pm (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 and health-focused publications. WebMD Health Corp. is a subsidiary of HLTH Corporation (Nasdaq: HLTH).

The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, eMedicine, eMedicine Health, RxList and theHeart.org.

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: our guidance on WebMD's future financial results and other projections or measures of WebMD's future performance; market opportunities and WebMD's ability to capitalize on them; the benefits expected from new products or services and from other potential sources of additional revenue; and expectations regarding the market for WebMD's investments in auction rate securities (ARS). 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 WebMD's products and services; WebMD's relationships with customers and strategic partners; changes in the markets for ARS; 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. 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.

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.

WebMD(R), Medscape(R), eMedicine(R), MedicineNet(R), RxList(R), Subimo(R), Medsite(R), The Little Blue Book(R) and Summex(R), are 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      Years Ended
                                        December 31,         December 31,
                                        ------------         ------------
                                       2008       2007      2008      2007
                                       ----       ----      ----      ----

    Revenue                        $111,532    $96,642  $382,777  $331,954

    Costs and expenses:
      Cost of operations             38,708     29,645   138,363   117,281
      Sales and marketing            30,585     26,387   108,316    93,645
      General and administrative     14,487     14,112    58,085    60,986
      Depreciation and amortization   7,185      7,216    28,291    27,233
      Interest income                 2,033      3,856    10,452    12,378
      Impairment of auction rate
       securities                         -          -    27,406         -
      Restructuring                   2,910          -     2,910         -
                                      -----     ------     -----    ------
    Income from continuing
     operations before income tax
     (benefit) provision             19,690     23,138    29,858    45,187
      Income tax (benefit)
       provision                    (13,364)   (21,926)    3,021   (17,255)
                                    -------    -------     -----   -------
    Income from continuing
     operations                      33,054     45,064    26,837    62,442
      (Loss) income from
       discontinued operations,
       net of tax                      (135)     3,232      (135)    3,442
                                       ----      -----      ----     -----
    Net income                      $32,919    $48,296   $26,702   $65,884
                                    =======    =======   =======   =======

    Basic income per common share:
      Income from continuing
       operations                     $0.57      $0.78     $0.46     $1.09
      (Loss) income from
       discontinued operations        (0.00)      0.06     (0.00)     0.06
                                      -----       ----     -----      ----
    Net income                        $0.57      $0.84     $0.46     $1.15
                                      =====      =====     =====     =====


    Diluted income per common share:
      Income from continuing
       operations                     $0.57      $0.75     $0.46     $1.05
      (Loss) income from
       discontinued operations        (0.01)      0.06     (0.01)     0.05
                                      -----       ----     -----      ----
    Net income                        $0.56      $0.81     $0.45     $1.10
                                      =====      =====     =====     =====

    Weighted-average shares
     outstanding used in computing
     basic and diluted net income
     per common share:
          Basic                      57,771     57,534    57,717    57,184
                                     ======     ======    ======    ======
          Diluted                    58,384     59,748    58,925    59,743
                                     ======     ======    ======    ======



                               WEBMD HEALTH CORP.
                        CONSOLIDATED SEGMENT INFORMATION
               (In thousands, except per share data, unaudited)

                                     Three Months Ended    Years Ended
                                        December 31,       December 31,
                                        ------------       ------------
                                       2008     2007      2008      2007
                                       ----     ----      ----      ----
    Revenue
      Online Services:
          Advertising and
           sponsorship              $85,296  $70,389  $275,790  $229,333
          Licensing                  23,198   21,556    89,126    81,471
          Content syndication
           and other                    280      351     1,434     2,378
                                        ---      ---     -----     -----
        Total Online Services       108,774   92,296   366,350   313,182
      Publishing and
       Other Services                 2,758    4,346    16,427    18,772
                                      -----    -----    ------    ------
                                   $111,532  $96,642  $382,777  $331,954
                                   ========  =======  ========  ========
    Earnings before interest,
     taxes, non-cash and other
     items ("Adjusted EBITDA") (a)
      Online Services               $34,148  $31,612   $95,435   $80,594
      Publishing and
       Other Services                  (338)   1,460     1,147     4,103
                                       ----    -----     -----     -----
                                     33,810   33,072    96,582    84,697

          Adjusted EBITDA per
           basic common share         $0.59    $0.57     $1.67     $1.48
                                      -----    -----     -----     -----
          Adjusted EBITDA per
           diluted common share       $0.58    $0.55     $1.64     $1.42
                                      -----    -----     -----     -----

    Interest, taxes, non-cash and
     other items (b)
        Interest income               2,033    3,856    10,452    12,378
        Depreciation and
         amortization                (7,185)  (7,216)  (28,291)  (27,233)
        Non-cash advertising         (3,361)  (2,775)   (5,097)   (5,264)
        Non-cash stock-based
         compensation                (2,697)  (3,799)  (13,472)  (19,391)
        Impairment of auction rate
         securities                       -        -   (27,406)        -
        Restructuring                (2,910)       -    (2,910)        -
        Income tax benefit
         (provision)                 13,364   21,926    (3,021)   17,255
                                     ------   ------    ------    ------
    Income from continuing
     operations                      33,054   45,064    26,837    62,442
        (Loss) income from
         discontinued operations,
         net of tax                    (135)   3,232      (135)    3,442
                                       ----    -----      ----     -----
    Net income                      $32,919  $48,296   $26,702   $65,884
                                    =======  =======   =======   =======

    Basic income per common share:
        Income from continuing
         operations                   $0.57    $0.78     $0.46     $1.09
        (Loss) income from
         discontinued operations      (0.00)    0.06     (0.00)     0.06
                                      -----     ----     -----      ----
    Net income                        $0.57    $0.84     $0.46     $1.15
                                      =====    =====     =====     =====

    Diluted income per common share:
        Income from continuing
         operations                   $0.57    $0.75     $0.46     $1.05
        (Loss) income from
         discontinued operations      (0.01)    0.06     (0.01)     0.05
                                      -----     ----     -----      ----
    Net income                        $0.56    $0.81     $0.45     $1.10
                                      =====    =====     =====     =====

    Weighted-average shares
     outstanding used in computing
     basic and diluted net
     income per common share:
        Basic                        57,771   57,534    57,717    57,184
                                     ======   ======    ======    ======
        Diluted                      58,384   59,748    58,925    59,743
                                     ======   ======    ======    ======


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

    (b) Reconciliation of Adjusted EBITDA to income from continuing operations



                             WEBMD HEALTH CORP.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                            (In thousands, unaudited)

                                                    December 31,
                                                    ------------
                                                 2008          2007
                                                 ----          ----
    ASSETS
    Current assets:
      Cash and cash equivalents              $191,659      $213,753
      Short-term investments                        -        80,900
      Accounts receivable, net                 94,140        86,081
      Current portion of prepaid advertising    1,753         2,329
      Due from HLTH                                 -         1,153
      Other current assets                     11,371        10,840
                                               ------        ------
        Total current assets                  298,923       395,056

    Investments                               133,563             -
    Property and equipment, net                54,263        48,589
    Prepaid advertising                             -         4,521
    Goodwill                                  220,011       221,429
    Intangible assets, net                     26,599        36,314
    Other assets                               20,963        12,955
                                               ------        ------
                                             $754,322      $718,864
                                             ========      ========

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Accrued expenses                        $31,354       $26,498
      Deferred revenue                         80,489        76,401
      Due to HLTH                                 427             -
                                                  ---       -------
        Total current liabilities             112,270       102,899

    Other long-term liabilities                 8,334         9,210

    Stockholders' equity                      633,718       606,755
                                              -------       -------
                                             $754,322      $718,864
                                             ========      ========



                             WEBMD HEALTH CORP.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands, unaudited)

                                                   Years Ended
                                                   December 31,
                                                   ------------
                                                  2008      2007
                                                  ----      ----
    Cash flows from operating activities:
      Net income                               $26,702   $65,884
      Adjustments to reconcile net income
       to net cash provided by operating
       activities:
        Loss (income) from discontinued
         operations, net of tax                    135    (3,442)
        Depreciation and amortization           28,291    27,233
        Non-cash advertising                     5,097     5,264
        Non-cash stock-based compensation       13,472    19,391
        Deferred and other income taxes          1,476   (20,953)
        Impairment of auction rate
         securities                             27,406         -
        Changes in operating assets and
         liabilities:
              Accounts receivable               (8,059)    3,570
              Accrued expenses and other
               long-term liabilities             4,053    (7,185)
              Due to/from HLTH                   1,601    (3,278)
              Deferred revenue                   4,088       314
              Other                             (1,350)    1,102
                                                ------     -----
                  Net cash provided by
                   continuing operations       102,912    87,900
                  Net cash used in
                   discontinued operations           -      (390)
                                               -------      ----
                  Net cash provided by
                   operating activities        102,912    87,510

    Cash flows from investing activities:
      Proceeds from maturities and
       sales of available-for-sale
       securities                               44,000   212,923
      Purchases of available-for-sale
       securities                             (127,900) (284,333)
      Purchases of property and
       equipment                               (24,250)  (18,058)
      Cash paid in business combinations,
       net of cash acquired                     (1,648)        -
      Purchase of investment in
       preferred stock                          (6,471)        -
                                                ------    ------
         Net cash used in investing
          activities                          (116,269)  (89,468)

    Cash flows from financing activities:
      Proceeds from issuance of common stock     3,797    14,355
      Tax benefit on stock-based awards            284     1,577
      Net cash transfers with HLTH                   -   155,119
      Purchases of treasury stock              (12,818)        -
                                               -------   -------
         Net cash (used in) provided
          by financing activities               (8,737)  171,051

    Net (decrease) increase in cash
     and cash equivalents                      (22,094)  169,093

    Cash and cash equivalents at
     beginning of period                       213,753    44,660
                                               -------    ------
    Cash and cash equivalents at end
     of period                                $191,659  $213,753
                                              ========  ========



    FINANCIAL GUIDANCE SUMMARY


                   2009 Preliminary Financial Guidance
                 (in millions, except per share amounts)

                                               Year Ending
                                            December 31, 2009
                                                  Range
                                            -----------------
    Revenue                                 $420.0     $450.0
                                            ======     ======

    Earnings before interest, taxes,
     non-cash and other items ("Adjusted
     EBITDA") (a)                           $107.0     $122.0

    Adjusted EBITDA per diluted common
     share                                   $1.73      $1.97
                                             -----      -----

    Interest, taxes, non-cash and
     other items (b)
      Interest income                          4.0        5.0
      Depreciation and amortization          (33.0)     (30.0)
      Non-cash advertising                    (1.5)      (1.5)
      Non-cash stock-based compensation      (26.0)     (23.0)
      Income tax provision                   (20.6)     (29.5)

                                             -----      -----
    Net income                               $29.9      $43.0
                                             =====      =====

    Net income per common share:
      Basic                                  $0.51      $0.73
                                             =====      =====
      Diluted                                $0.48      $0.69
                                             =====      =====

    Weighted-average shares outstanding
     used in computing net income per
     common share:
      Basic                                   59.0       59.0
      Diluted                                 62.0       62.0


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

    (b) Reconciliation of Adjusted EBITDA to net income

    Additional information regarding forecast for first quarter of 2009:
      - Revenue is forecasted to be approximately $90 to $92 in quarter
        ending March 31, 2009
      - Adjusted EBITDA as a percentage of revenue is forecasted to be
        approximately 19% in quarter ending March 31, 2009
      - Net Income as a percentage of revenue is forecasted to be
        approximately 2% to 3% in quarter ending March 31, 2009

    Additional information regarding full year forecast:
      - Income tax rate for 2009 is forecasted to be approximately 41% of
        pretax income. The income tax provision excludes any benefit
        relating to any reversal in 2009 of the valuation allowance
        against deferred tax assets.
      - The distribution of the annual revenue is expected to be
        approximately 75% advertising and sponsorship, 21% licensing and
        4% publishing and other.  Quarterly revenue distributions may vary
        from this annual estimate.

ANNEX A

Explanation of Non-GAAP Financial Measures

(All dollar amounts in thousands)

The accompanying WebMD Health Corp. press release and financial tables 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, "income (loss) from continuing operations" or "net income (loss)" calculated in accordance with GAAP. The tables attached to the accompanying press release include reconciliations of non-GAAP financial measures to GAAP financial measures.

Adjusted EBITDA is used by WebMD's management as an additional measure of WebMD's overall performance and its reporting segments' 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 WebMD's management identify additional trends in WebMD's and its reporting segments' financial results that may not be shown solely by period-to-period comparisons of income (loss) from continuing operations or net income (loss). In addition, WebMD uses Adjusted EBITDA in the incentive compensation programs applicable to many of its employees in order to evaluate WebMD's performance. WebMD 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 income (loss) from continuing operations or net income (loss), 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 income (loss) from continuing operations or to net income (loss) that accompany our press releases containing non-GAAP financial measures, including the reconciliations contained in the tables attached to the accompanying press release.

WebMD believes that the presentation of Adjusted EBITDA is useful to investors in their analysis of WebMD's results for reasons similar to the reasons why WebMD's management finds it useful and because it helps facilitate investor understanding of decisions made by WebMD's management in light of the performance metrics used in making those decisions. In addition, as more fully described below, WebMD believes that providing Adjusted EBITDA, together with a reconciliation of Adjusted EBITDA to income (loss) from continuing operations or to net income (loss), helps investors make comparisons between WebMD 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 WebMD with other public companies and is not intended as a substitute for comparisons based on "income (loss) from continuing operations" or "net income (loss)" calculated in accordance with GAAP. 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 WebMD from Adjusted EBITDA but included in income (loss) 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. WebMD excludes depreciation and amortization expense from Adjusted EBITDA because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of WebMD's 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, WebMD believes this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that 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 expenses 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. WebMD believes that excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in its operating performance because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of WebMD's 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, WebMD believes that excluding stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between WebMD'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 Statement of Operations are summarized as follows:

                                         Three Months Ended     Years Ended
                                            December 31,        December 31,
                                           2008     2007       2008      2007

     Non-cash stock-based compensation
      included in:
      Cost of operations                  $(893)   $(904)   $(3,843)  $(5,063)
      Sales and marketing                    (7)  (1,167)    (3,631)   (5,056)
      General and administrative         (1,797)  (1,728)    (5,998)   (9,272)


  • Non-Cash Advertising Expense. This expense relates to the usage of non-cash advertising obtained from News Corporation ("Newscorp") in exchange for equity securities issued by our parent, HLTH Corporation in 2000. The advertising is available only on various Newscorp properties, primarily its television network and cable channels, without any cash cost to WebMD and will expire later this year. WebMD does not incur any other cash expenses related to airing of television advertising. WebMD excludes this expense from Adjusted EBITDA (i) because it is a non-cash expense, (ii) because it is incremental to other non-television cash advertising expense that WebMD otherwise incurs, (iii) because WebMD has not and believes it will not incur cash expenses relating to television advertising in the future and (iv) to assist management and investors in comparing its operating results over multiple periods. Investors should note that it is likely that WebMD derives some benefit from such advertising. Non-cash advertising expenses included in the Consolidated Statement of Operations in Sales and Marketing expense were $3,361 and $2,775 for the three months ended December 31, 2008 and 2007, respectively, and $5,097 and $5,264 for the year ended December 31, 2008 and 2007, respectively.

  • Interest Income. Interest income is associated with the level of marketable debt securities and other interest bearing accounts in which WebMD invests. Interest income varies over time due to varying levels of securities available for investment. Transactions that WebMD has entered into in recent periods that have impacted securities available for investment include the initial public offering of equity in WebMD and acquisitions of other companies for varying amounts of cash since our initial public offering. Additional financing transactions as well as potential acquisitions that WebMD may enter into in the future could impact the levels and timing of securities available for investment. WebMD excludes interest income from Adjusted EBITDA (i) because it is not directly attributable to the performance of WebMD's 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 capital structures. Investors should note that interest income will recur in future periods.

  • Income Tax (Benefit) Provision. WebMD has a net operating loss (NOL) carryforward for which it maintained a full valuation allowance until the fourth quarter of 2007. During 2008 and 2007, a portion of the valuation allowance was reversed after consideration of the relevant factors. The related valuation allowances are either reversed through the income statement, additional paid-in capital, or reversed to goodwill, to the extent those tax benefits were acquired through business combinations. The timing of such reversals has not been consistent and as a result, WebMD's income tax expense can fluctuate significantly from period to period in a manner not directly related to WebMD's operating performance. WebMD excludes the income tax (benefit) provision from Adjusted EBITDA (i) because it believes that the income tax (benefit) provision is not directly attributable to the underlying performance of WebMD's 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 (benefit) provision will recur in future periods.

  • Other Items. WebMD engages in other activities and transactions that can impact WebMD's overall income (loss) from continuing operations. WebMD excludes these other items from Adjusted EBITDA when it believes these activities or transactions are not directly attributable to the performance of WebMD's business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that these other items may recur in future periods. In the accompanying press release and financial tables, WebMD has excluded loss on the impairment of auction rate securities and a restructuring charge from Adjusted EBITDA.


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SOURCE WebMD
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(Date:2/12/2016)... VA (PRWEB) , ... February 12, 2016 , ... CDRH Enforcement Trends: , Back to ... , As Winston Churchill said, “Those who don’t learn from history ... show what to expect when they come knocking this year. But that takes time. ...
(Date:2/12/2016)... Angeles, CA (PRWEB) , ... February 12, 2016 , ... ... With a hectic schedule, a demanding job, and no time to decompress, Rabinowitz found ... she dedicated herself to meditation for its impact on her life, implementing a 20-minute-per-day ...
(Date:2/12/2016)... Appleton, Wis. (PRWEB) , ... February 12, 2016 ... ... its second Lean Leadership Series at Zuckerberg San Francisco General Hospital on April ... to practice new behaviors and create new habits. The workshops cover a broad ...
(Date:2/12/2016)... ... February 12, 2016 , ... Fisher House Foundation Chairman ... John J. Lee, Nevada Military Support Alliance president Scott Bensing, and Peggy Kearns Director, ... VA Southern Nevada Healthcare System. This will be the first Fisher House in ...
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(Date:2/12/2016)... N.J. , Feb. 12, 2016  Innophos Holdings, Inc. ... and nutritional specialty ingredients, today announced that it will host ... 10:00 am ET to discuss its fourth quarter and full ... --> The press release detailing fourth quarter and full ... after market close. --> ...
(Date:2/12/2016)... 2016 (Kanadische ... http://www.sedar.com ) und der Website ... --> http://www.sedar.com ) und ... abrufbar.    --> Telesta ... Konzernabschluss des zweiten Quartals und die ...
(Date:2/12/2016)... JOSE, Calif. , Feb. 12, 2016  SI-BONE, Inc., a ... System ® ("iFuse"), a minimally invasive surgical (MIS) device indicated ... that National Government Services, Inc. (NGS), the Medicare Administrative Contractor (MAC) ... Illinois , Maine , Massachusetts ... , New York , Rhode ...
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