Though management finds adjusted-EBITDA useful for evaluating aspects of the Company's business, its reliance on this measure is limited because excluded items often have a material effect on the Company's earnings and earnings per common share calculated in accordance with GAAP. Therefore, management uses adjusted-EBITDA in conjunction with GAAP earnings and earnings per common share measures. The Company believes that adjusted-EBITDA provides investors with an additional tool for evaluating the Company's core performance, which management uses in its own evaluation of overall performance, and a baseline for assessing the future earnings potential of the Company. While the GAAP results are more complete, the Company prefers to allow investors to have this supplemental metric since, with a reconciliation to GAAP, it may provide greater insight into the Company's financial results.
|VALUECLICK, INC. RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS TO NON-GAAP DILUTED NET INCOME PER COMMON SHARE (Note 1) (In thousands)|
|Three-month Period||Nine-month Period|
|Ended September 30,||Ended September 30,|
|Income from continuing operations||$||20,904||$||36,048||$||59,803||$||66,168|
|Amortization of acquired intangible assets included in cost of revenue||2,519||2,197||7,504||7,135|
|Amortization of acquired intangible assets included in operating expenses||5,782||4,222||18,427||10,319|
|Tax impact of above items||(5,196||)||(3,609||)||(15,461||)||(9,684||)|
|Non-GAAP net income||$||29,565||$||42,573||$||87,663||$||82,184|
|Non-GAAP diluted net income per common share||$||0.39||$||0.52||$||1.10||$||1.01|
|Weighted-average shares used to compute non-GAAP diluted net income per common share||76,513||81,277||79,640||80,992|
Note 1 - “Non-GAAP diluted net income per common share” (GAAP diluted income from continuing operations per common share before the impact of stock-based compensation and amortization of intangibles) included in this press release is a non-GAAP financial measure.
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