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InfoSpace, Inc. (NASDAQ:INSP) today announced financial results for the fourth quarter and full year ended December 31, 2011.
Revenue for the fourth quarter and full year up 34% and 7% from 2010
Distribution revenue for the fourth quarter and full year up 69% and 24% from 2010
Distribution revenue from new partners launched in 2011 of $11.8 million, up $8.6 million or 270% from comparable new partner revenue in 2010
Adjusted EBITDA for the fourth quarter and full year up 23% and 13% from 2010
“InfoSpace delivered solid growth and profitability in 2011, including a strong fourth quarter,” said Bill Ruckelshaus, President and Chief Executive Officer of InfoSpace. “The period since January 2011 has been an important time for our Company. In 2011, we solidified our position as a leading provider of distributed search solutions, adding more than 40 new distribution partners, and renewed our supplier agreements with Google and Yahoo!. Last month we announced our acquisition of TaxACT and thus entered the growing market for online tax preparation solutions. We approach the coming year with strong operating momentum in our search business and we are excited about the significant opportunity for TaxACT to expand their market presence and build upon their offerings.”
Fourth Quarter and Full Year 2011 Highlights
Revenues for the fourth quarter of 2011 were $66.6 million, compared to revenues of $49.7 million for the fourth quarter of 2010. Revenues for full year 2011 were $228.8 million, compared to revenues of $214.3 million in 2010.
Adjusted EBITDA (defined below) for the fourth quarter of 2011 was $10.2 million, compared to $8.3 million for the fourth quarter of 2010. Adjusted EBITDA for full year 2011 was $36.6 million, compared to $32.5 million for full year 2010.
Non-GAAP net income (defined below) for the fourth quarter of 2011 was $5.3 million or $0.13 per diluted share, compared to $19.2 million, or $0.52 per diluted share, for the fourth quarter of 2010. Non-GAAP net income for full year 2011 was $18.5 million, or $0.48 per diluted share, compared to $17.8 million, or $0.48 per diluted share, for full year 2010. (Note, the fourth quarter and full year 2010 results include a net gain of $19.0 million, or $0.51 per diluted share, from a litigation settlement.)
Net income for the fourth quarter of 2011 was $23.6 million, or $0.59 per diluted share, compared to net income of $9.1 million, or $0.25 per diluted share, for the fourth quarter of 2010. Net income for full year 2011 was $22.3 million, or $0.58 per diluted share, compared to net income of $4.7 million or $0.13 per diluted share, for full year 2010. (Note, 2011 figures include a tax benefit of $19.6 million, due to the release of the valuation allowance on deferred tax assets. The 2010 figures, as noted above, include a net gain from a litigation settlement of $19.0 million. Also, net income for the fourth quarter 2010 and full years 2011 and 2010 includes losses on discontinued operations.)
Cash, cash equivalents, and marketable securities as of December 31, 2011 totaled $293.6 million. As of the end of the quarter, the Company had no debt obligations. On January 31, 2012 the Company completed the acquisition of TaxACT. Upon completion of the transaction, the Company had more than $100 million cash and short-term investments and $100 million of debt.
First Quarter Outlook
As previously announced, the Company completed its acquisition of TaxACT on January 31, 2012. The Company’s first quarter guidance includes anticipated results for TaxACT beginning on February 1, 2012 through March 31, 2012.