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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Online Resources Corp. (MM) | NASDAQ:ORCC | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.85 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today reported financial and operating results for the three months and full year ended December 31, 2010. For the fourth quarter:
For the full year 2010, Online Resources reported revenue of $149.5 million, compared to $151.9 million in 2009; Ebitda of $28.0 million, compared to $33.6 million in 2009; adjusted Ebitda of $30.9 million, compared to $37.7 million in 2009; net loss available to common stockholders of $0.14 per share, compared to $0.14 per share in 2009; and core net income of $0.19 per diluted share, compared to $0.29 per diluted share in 2009.
Long-Term Strategy
The Company’s Board of Directors announced that, after careful consideration, it has terminated its evaluation of potential business combinations and is not actively pursuing alternatives to the Company’s long-term strategic growth plan.
“The Board of Directors determined that the completion of a transaction on acceptable terms was unlikely at this time and that the best course of action to achieve the highest shareholder value is to continue to aggressively pursue our long-term strategic growth plan,” said Joseph L. Cowan, president and chief executive officer of Online Resources. “We have identified clear objectives to re-focus and maximize our technology, products and organizational structure to drive revenue and earnings growth. We are bullish about the opportunities that lie ahead for Online Resources.”
Details of the Company’s long-term strategic growth plan will be provided during a conference call and web cast to be hosted by management at 4:30 p.m. ET today.
Outlook for First Quarter 2011
Online Resources provided the following guidance for the first quarter of 2011. These statements are forward-looking, and actual results may differ materially.
The above guidance does not include costs associated with the potential business combination evaluation process or any restructuring costs that may be incurred during the quarter.
(1)The Company uses non-GAAP (Generally Accepted Accounting Principles) financial measures, including Ebitda, adjusted Ebitda and core net income, to evaluate performance and establish goals. It believes that these measures are valuable to investors in assessing the Company’s operating results when viewed in conjunction with GAAP results.
(2)
Ebitda is defined as net income before interest, taxes, depreciation and amortization expense. Adjusted Ebitda is defined as net income before interest, taxes, depreciation and amortization, and equity compensation expense and other expense.
(3)
Core net loss is defined as net income available to common stockholders before, on a pre-tax basis unless otherwise noted, the amortization of acquisition-related intangible assets, equity compensation expense, income tax benefit or expense from the change in valuation allowance, income (costs) related to the fair market valuation of certain derivatives and mark-to-market investments, preferred stock accretion related to the redemption premium and all other non-recurring charges. Some or all of these items may not be applicable in any given reporting period.
(4)
Excludes estimates for amortization of acquisition-related intangible assets of $1.3 million, equity compensation expense of $0.6 million and preferred stock accretion related to the redemption premium of $0.4 million.
(5)
Core net loss per share calculated using estimated shares outstanding of 31.5 million.
Conference Call and Web Cast: Results and Strategic Overview
Management will host a conference call to discuss fourth quarter and full year results and an overview of the Company’s long-term growth strategy at 4:30 p.m. ET today. Management will refer to a presentation during the strategic portion of the call that is labeled “Strategic Growth Plan,” which is available in the Press Room and the Investors sections of our web site at orcc.com. Alternatively, investors may click on the web cast link in the Investors section of the web site to both listen to the call and view the slides.
The conference call dial-in number is (877) 303-6496 for domestic participants and (707) 287-9318 for international participants. Alternatively, a live web cast of the call will be available through the "Investors" section of Online Resources' web site at www.orcc.com. The call and web cast will be recorded and available for playback from 8:00 p.m. ET on March 15th until midnight on Tuesday, March 22nd. For the conference call playback, dial (800) 642-1687 for domestic participants and (706) 645-9291 for international participants and enter code 51158192. For web cast replay, go to the “Investors” section of www.orcc.com.
About Online Resources
Online Resources (Nasdaq: ORCC) powers financial interactions between millions of consumers and the Company’s financial institution and biller clients. Backed by its proprietary real-time payments gateway that links banks directly with billers, the Company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com.
This press release provided by Online Resources Corporation (as well as other written and oral statements made by the company from time to time) contains forward-looking statements which are based on our management's current expectations and beliefs, and on a number of assumptions concerning future events made with information that is currently available. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are not a guarantee of any results or performance and are subject to a number of known and unknown risks, uncertainties and other factors (including those which are outside of Online Resources’ control) which could cause actual performance or results to differ materially and adversely from any results or performance expressed or implied by such forward-looking statements. Certain factors that might cause such a difference include, but are not limited to: our history of losses and anticipation of future losses; potential fluctuations in our operating results; our dependence on the marketing efforts of third parties; the potential loss of one or more material clients; our potential need for additional capital; our potential inability to prevent systems failures and security breaches; our potential inability to expand our services and related products in the event of a substantial increase in demand for such services and products; competition in our markets; our ability to attract and retain skilled personnel; our reliance on patents and other intellectual property; potential change in the rate of user adoption of the products and services we offer; our exposure to consolidation in the financial services industry; and government regulation affecting our business and client base. For a more detailed description of the factors that could cause such a difference, please refer to Online Resources’ filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on March 15, 2011. Online Resources assumes no obligation to update or supplement any forward-looking statements.
Online Resources Corporation
Quarterly Operating Data1
(Unaudited)
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 BANKING SERVICES Payment Services Revenue $17.5 $17.2 $17.1 $16.7 $16.4 $15.7 $15.3 $14.7 Bill Payment Transactions 39.0 37.3 38.5 37.8 35.9 36.6 37.9 37.7 Other Revenue $5.4 $5.9 $5.7 $7.7 $7.0 $6.5 $7.0 $7.7 eCOMMERCE SERVICES Payment Services - User Paid Revenue $6.5 $5.8 $4.7 $4.1 $4.8 $4.1 $3.9 $3.9 Bill Payment Transactions 1.7 1.6 1.4 1.2 1.4 1.3 1.4 1.4 Payment Services - Biller Paid Revenue $7.1 $7.0 $7.2 $7.3 $8.6 $8.4 $8.5 $8.8 Bill Payment Transactions 12.7 13.5 13.7 14.2 15.4 15.9 16.6 17.9 Other Revenue $2.7 $1.9 $1.9 $2.4 $1.9 $1.7 $2.0 $2.6 OTHER KEY METRICS Internet Banking Adoption Rate 38.3 % 40.8 % 43.2 % 46.0 % 45.2 % 47.9 % 49.4 % 49.4 % Banking Billpay Adoption Rate 10.4 % 10.7 % 11.1 % 11.4 % 11.6 % 11.9 % 12.2 % 13.1 % Enterprise Users 13.8 14.0 14.3 14.8 14.7 15.0 15.8 16.6Notes:
1.
In millions except adoption rates.
Online Resources Corporation
Consolidated Statements of Operations
(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2010 2009 2010 2009 (Unaudited) (Unaudited) Revenues: Account presentation services $ 2,733 $ 2,321 $ 9,408 $ 8,198 Payment services 27,431 28,165 113,007 118,291 Relationship management services 1,909 2,107 8,408 8,162 Professional services and other 5,704 5,653 18,690 17,212 Total revenues 37,777 38,246 149,513 151,863 Expenses: Cost of revenues 20,547 18,764 78,953 77,260 Gross profit 17,230 19,482 70,560 74,603 General and administrative 8,718 7,576 32,146 31,140 Selling and marketing 4,875 4,796 19,532 20,747 Systems and development 2,498 2,763 9,901 9,394Total expenses
16,091 15,135 61,579 61,281 Income from operations 1,139 4,347 8,981 13,322 Other income (expense) Interest income 26 13 65 117 Interest expense (675 ) (965 ) (226 ) (4,265 ) Other income (expense) 66 - (32 ) 91 Total other income (expense) (583 ) (952 ) (193 ) (4,057 ) Income before tax provision 556 3,395 8,788 9,265 Income tax provision 130 2,185 3,412 4,135 Net income 426 1,210 5,376 5,130 Preferred stock accretion 2,437 2,347 9,560 9,208 Net income (loss) available to common stockholders $ (2,011 ) $ (1,137 ) $ (4,184 ) $ (4,078 ) Net income (loss) available to common stockholders per share: Basic $ (0.06 ) $ (0.04 ) $ (0.14 ) $ (0.14 ) Diluted $ (0.06 ) $ (0.04 ) $ (0.14 ) $ (0.14 ) Shares used in calculation of net income (loss) available to common stockholders per share: Basic 31,264 30,092 30,954 29,947 Diluted 31,264 30,092 30,954 29,947Online Resources Corporation
Condensed Consolidated Balance Sheets
(In thousands)
DECEMBER 30, DECEMBER 31, 2010 2009 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 29,127 $ 22,907 Accounts receivable, net 20,410 17,457 Deferred tax asset, current portion 3,893 7,477 Prepaid expenses and other current assets 5,039 4,043 Total current assets 58,469 51,884 Property and equipment, net 25,145 25,561 Deferred tax asset, less current portion 22,536 22,490 Goodwill 181,516 181,516 Intangible assets 14,157 19,972 Deferred implementation costs, less current portion, and other assets 8,762 7,067 Total assets $ 310,585 $ 308,490 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,410 $ 2,008 Accrued expenses 6,293 3,739 Notes payable, senior secured debt, current portion 27,188 8,250 Deferred revenues, current portion, and other current liabilities 8,232 6,820 Total current liabilities 44,123 20,817 Notes payable, senior secured debt, less current portion 9,563 40,500 Deferred revenues, less current portion, and other long-term liabilities 6,956 6,888 Total liabilities 60,642 68,205 Redeemable convertible preferred stock 110,182 100,623 Stockholders' equity 139,761 139,662 Total liabilities and stockholders' equity $ 310,585 $ 308,490Online Resources Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
TWELVE MONTHS ENDED DECEMBER 31, 2010 2009 (Unaudited) Operating activities Net income $ 5,376 $ 5,130 Adjustments to reconcile net loss to net cash provided by operating activities: Deferred tax expense 3,538 3,568 Depreciation and amortization 19,052 20,236 Equity compensation expense 2,853 4,201 Write off and amortization of debt issuance costs 310 285 Loss on disposal of assets - (14 ) Provision for losses on accounts receivable 200 77 Loss on investments - (91 ) Change in fair value of theoretical swap derivative (1,336 ) (106 ) Changes in certain other assets and liabilities (105 ) (79 ) Net cash provided by operating activities 29,888 33,207 Investing activities Capital expenditures (12,741 ) (9,260 ) Sale of short-term investments - 2,146 Net cash used in investing activities (12,741 ) (7,114 ) Financing activities Net proceeds from issuance of common stock 1,093 568 Repayment of 2007 notes (12,000 ) (26,687 ) Repayment of capital lease obligations (20 ) (36 ) Net cash used in financing activities (10,927 ) (26,155 ) Net increase (decrease) in cash and cash equivalents 6,220 (62 ) Cash and cash equivalents at beginning of year 22,907 22,969 Cash and cash equivalents at end of period $ 29,127 $ 22,907Online Resources Corporation
Reconciliation of Non-GAAP Measures
(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 30, DECEMBER 30, 2010 2009 2010 2009 (Unaudited) (Unaudited) Reconciliation of ebitda (See Note 1): Net income $ 426 $ 1,210 $ 5,376 $ 5,130 Depreciation and amortization (incl. loss on disposal of assets) 5,069 4,976 19,052 20,222 Interest expense, net 649 952 161 4,148 Income tax provision 130 2,185 3,412 4,135 Ebitda (See Note 1) $ 6,274 $ 9,323 $ 28,001 $ 33,635 Reconciliation of adjusted ebitda (See Note 2): Net income $ 426 $ 1,210 $ 5,376 $ 5,130 Depreciation and amortization (incl. loss on disposal of assets) 5,069 4,976 19,052 20,222 Equity compensation expense 756 894 2,851 4,201 Other (income) expense 583 952 193 4,057 Income tax provision 130 2,185 3,412 4,135Adjusted Ebitda (See Note 2)
$ 6,964 $ 10,217 $ 30,884 $ 37,745 Reconciliation of core net income (See Note 3 and Note 4): Net income (loss) available to common stockholders $ (2,011 ) $ (1,137 ) $ (4,184 ) $ (4,078 ) Preferred stock accretion related to redemption premium 408 400 1,622 1,590 Change in fair value of theoretical swap derivative 340 (114 ) (1,336 ) (106 ) Change in fair value of mark to market investments - - - (91 ) Change in tax valuation allowance (59 ) 2 123 36 Restructuring costs, net of tax 201 - 952 - Equity compensation expense 756 894 2,851 4,201 Amortization of intangible assets 1,316 1,779 5,949 7,697 Core net income (see Note 3) $ 951 $ 1,824 $ 5,977 $ 9,249 Reconciliation of core net income per share (See Note 4): Diluted net income (loss) available to common stockholders $ (0.06 ) $ (0.04 ) $ (0.14 ) $ (0.14 ) Preferred stock accretion related to redemption premium 0.01 0.01 0.05 0.05 Change in fair value of theoretical swap derivative 0.01 - (0.04 ) - Change in fair value of mark to market investments - - - - Change in tax valuation allowance - - - - Restructuring costs, net of tax 0.01 - 0.03 - Equity compensation expense 0.02 0.03 0.09 0.14 Amortization of intangible assets 0.04 0.06 0.19 0.26 Other, including impact of treasury method and rounding - - 0.01 (0.02 ) Core net income per share $ 0.03 $ 0.06 $ 0.19 $ 0.29Notes:
1.Ebitda is a non-GAAP measure we define as net income before interest, taxes, depreciation and amortization expense.
2.
Adjusted ebitda is a non-GAAP measure we define as net income before interest, taxes, depreciation and amortization and equity compensation expense and other expense.
3.
Core net income is a non-GAAP measure we define as net income available to common stockholders before the amortization of acquisition-related intangible assets, equity compensation expense, income tax benefit or expense from the change in valuation allowance, income (costs) related to the fair market valuation of certain derivatives and mark to market investments, preferred stock accretion related to the redemption premium and all other non-recurring charges. Some or all of these items may not be applicable in any given reporting period.
4.
Restructuring costs, net of tax consist of severance and consulting costs
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