Move posts $58M net income for 1Q2014
Move Inc. (MOVE) reported a 7% revenue increase year-over-year for the first quarter ended March 31, 2014 to $58 million, marking eight consecutive quarters of growth.
Revenue from consumer advertising products increased 6% to $44.8 million in the first quarter of 2014 compared to the same period in 2013. Revenue from software and services products increased 10% to $13.2 million compared to the first quarter of 2013.
"Move's laser focus on providing consumers and real estate professionals with accurate housing information and high-quality experiences is paying off with improved growth and greater public awareness of our value," said Steve Berkowitz, Move's chief executive officer. "We have assembled a unique set of assets delivering a virtuous ecosystem to all constituencies in the marketplace. Our momentum continues to build."
March also represented the greatest monthly realtor.com® traffic in Move’s 20-year history with nearly 33 million unique users.
Revenue for the quarter was $58 million, an increase of $3.8 million, or 7%, from $54.2 million in the first quarter of 2013. Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") was $5 million in the first quarter of 2014 compared to $5.9 million in the first quarter of 2013.
Cash provided by operating activities was $3.2 million and $3.5 million for the quarters ended March 31, 2014 and 2013, respectively.
Other first quarter highlights include:
- Launched first national television campaign featuring our leadership in data accuracy and the realtor.com® brand.
- Drove significant increases in traffic to realtor.com® with our brand campaign. In March, we attracted nearly 33 million unique users, up 21% year-over-year and 23% month-over-month.
- Implemented new features to the realtor.com® site to improve user experience, including larger photos and new map functionality.
- Launched Doorsteps' SwipeTM, an easy-to-use and entertaining way for first-time home buyers to search for a home. The new application was featured in the App Store, and was rated number one in the lifestyle category. Consumers have viewed more than two million homes with consumers swiping on average 20 times per session.
- Entered into an approved supplier agreement with RE/MAX, which is designed to maximize lead generation and lead conversion for RE/MAX agents, teams and brokers and has the goal of quadrupling an agent's book of business.
- Launched the Porch Home and Neighborhood Report, a free, innovative resource that helps realtor.com users understand the remodeling and project history of a specific home and its neighborhood.
For the quarter ending June 30, 2014, Move expects revenue of $61.5 million to $62 million and expects to report Adjusted EBITDA of approximately $3 million.
For the year ending December 31, 2014, Move expects revenue of $254 million to $258 million, and expects to report Adjusted EBITDA of approximately $30 million.