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Neustar Reports Results For Third Quarter 2012

This reconciliation allows investors to appropriately consider each non-GAAP financial measure. These non-GAAP financial measures, however, should not be considered a substitute for or superior to financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes that these measures enhance investors’ understanding of the company’s financial performance and the comparability of the company’s operating results to prior periods, as well as against the performance of other companies. However, these non-GAAP financial measures may not be comparable with similar non-GAAP financial measures used by other companies and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Prior disclosures of non-GAAP figures do not exclude the same items and as such should not be used for comparison purposes.

 
Reconciliation of Income from Continuing Operations to Adjusted Net Income from Continuing Operations
 
 
  Three Months Ended   Nine Months Ended   Year Ending
September 30, September 30,

December 31,

2011   2012 2011   2012

2012 (1)

(in thousands, except per share data)
(unaudited)
Revenue $ 152,497   $ 211,172   $ 446,275   $ 617,216   $ 830,000  
 
Income from continuing operations $ 37,773 $ 45,753 $ 104,854 $ 118,307 $ 154,000
Add: Stock-based compensation 6,460 9,037 18,476 19,987 27,000
Add: Amortization of acquired intangible assets 1,716 12,569 3,955 37,712 50,000

Add: TARGUSinfo acquisition-related costs (2)

1,361 2,041

Add: Adjustment for provision for income taxes (3)

(2,824 ) (6,684 ) (8,589 ) (20,344 ) (28,000 )
Adjusted net income from continuing operations $ 44,486   $ 60,675   $ 120,737   $ 155,662   $ 203,000  

Adjusted net income margin from continuing operations (4)

29 % 29 % 27 % 25 % 24 %
Adjusted net income from continuing operations per diluted share $ 0.60   $ 0.90   $ 1.61   $ 2.29   $ 2.99  
Weighted average diluted common shares outstanding 74,632   67,623   75,079   67,961   68,000  
 
 
(1) The amounts expressed in this column are current estimates of the results for the full year as of the date of this press release. This reconciliation is based on the midpoint of the revenue guidance.
(2) Amounts represent costs incurred by the company in connection with its acquisition of Targus Information Corporation. These costs are not deductible for income tax purposes.
(3) Adjustment reflects the estimated tax effect of adjustments for stock-based compensation expense and amortization of acquired intangible assets based on the effective tax rate for income from continuing operations for the applicable period.
(4) Adjusted net income margin is a measure of adjusted net income from continuing operations as a percentage of revenue.
 




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