|In millions, except per share amounts|
|Three months ended June 30,|
|Content & Media Revenue ex-TAC (1)||$||47.0||$||55.3||18%|
|Total Revenue ex-TAC (1)||$||76.6||$||88.7||16%|
|Income (loss) from Operations||$||(0.9||)||$||0.9||NA|
|Adjusted EBITDA (1)||$||20.5||$||24.6||20%|
|Net income (loss)||$||(2.4||)||$||0.1||NA|
|Adjusted net income (1)||$||5.0||$||7.8||54%|
|Adjusted EPS (1)||$||0.06||$||0.09||50%|
|Cash Flow from Operations||$||16.8||$||21.9||30%|
|Free Cash Flow (1) (2)||$||(4.8||)||$||16.6||NA|
|(1) These non-GAAP financial measures are described below and reconciled to their comparable GAAP measures in the accompanying tables. Effective Q1 2012, the Company began reporting Adjusted EBITDA instead of Adjusted OIBDA. Reconciliations for both measures are available on the investor relations section of the Company's website.|
|(2) In April 2012, the Company invested $18.1 million in generic Top Level Domain (“gTLD”) applications, which did not impact its recurring Free Cash Flow metric.|
- Content & Media revenue ex-TAC grew 18% year-over-year, and increased 9% compared to the first quarter of 2012, with sequential growth driven primarily by accelerating revenue and traffic in our core Owned & Operated properties.
- Registrar revenue grew 13% year-over-year, and increased 3% compared to the first quarter of 2012. Revenue growth was driven by an increase in number of domains on our platform, due primarily to growth from new partners.
- Free Cash Flow increased by $21.4 million year-over-year. The increase was driven by 30% growth in cash flow from operations and an 84% decline in investment in intangible assets to $2.5 million. The decrease in intangible assets investment was the result of a managed reduction in content spend, primarily on eHow, as the Company continues to make improvements to its content creation and distribution platform.