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InfoSpace Announces First Quarter Results And Preliminary Tax Season Update

InfoSpace, Inc. (NASDAQ: INSP) today announced financial results for the first quarter ended March 31, 2012 as well as preliminary TaxACT results for the 2011 tax season.

“We are pleased with our strong operating results in the first quarter,” said Bill Ruckelshaus, President and Chief Executive Officer of InfoSpace. “The acquisition of TaxACT in January represents a significant milestone for our company, and substantially diversifies our overall business operations. We are pleased with the performance in both our search and tax preparation businesses and feel positive about our combined Company growth and profitability outlook.”
Summary Financial Performance: 1Q 2012
($ in millions except per share amounts)
    Q1 2012*     Q1 2011     Growth
Revenue $115.7     $51.7     124%
Search $75.3 $51.7 46%
Tax Preparation $40.4 N/A N/A
 
Adjusted EBITDA $31.7 $9.0 254%
Non-GAAP Net Income $28.5 $7.4 284%
Non-GAAP EPS $0.70 $0.20 250%
 
Net Income $11.4 $1.3 762%
GAAP Diluted EPS $0.28 $0.04 600%
 

* Q1 results include results for TaxACT from acquisition through March 31, 2012.

See reconciliation of non-GAAP to GAAP measures in the accompanying financial statements.

Segment Information

During the first quarter of 2012, the Company acquired TaxACT, a leading provider of online tax solutions. As a result of the acquisition, the Company has changed its reporting to reflect how it measures the operating performance of its combined business. InfoSpace will now report two segments: Search and Tax Preparation. The Search segment includes all businesses operated by InfoSpace prior to the acquisition of TaxACT. The Tax Preparation segment represents the TaxACT business.

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