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Bankrate Announces Second Quarter 2014 Financial Results

Reminder -- Conference Call and Webcast Today at 4:30 P.M. Eastern Time

NEW YORK, Aug. 7, 2014 /PRNewswire/ --

 



























($ in millions, except per share amounts)


Three months ended


Six months ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013

Revenue













GAAP


$

130.7


$

105.5


$

267.1


$

214.0

Adjusted



130.9



105.5



267.4



214.0














Net Income













GAAP



(2.2)



(0.9)



2.6



1.3

Adjusted



14.9



10.3



32.4



22.5














Diluted Earnings per Share (EPS)













GAAP


$

(0.02)


$

(0.01)


$

0.03


$

0.01

Adjusted



0.15



0.10



0.31



0.22














Adjusted EBITDA



31.9



26.2



67.9



54.6

 

Bankrate, Inc. (NYSE: RATE) today reported financial results for the second quarter ended June 30, 2014. Total GAAP revenue for the second quarter of 2014 was $130.7 million compared to $105.5 million in the second quarter of 2013, an increase of 24%.  GAAP net loss for the quarter was $2.2 million or $0.02 per fully diluted share, compared to a loss of $0.9 million or $0.01 per fully diluted share in the second quarter of 2013.

On an Adjusted basis (Non-GAAP), total revenue for the second quarter was $130.9 million, an increase of 24% compared to the same period the prior year.  Non-GAAP adjusted net income for the second quarter of 2014, as outlined in the attached reconciliation, was $14.9 million, representing Adjusted EPS of $0.15 compared to $10.3 million or Adjusted EPS of $0.10 in the second quarter of 2013, a 50% increase in Adjusted EPS.  Adjusted EBITDA was $31.9 million in the second quarter of 2014 compared to $26.2 million in the second quarter of 2013, an increase of 22%.

"With our third consecutive quarter of strong EBITDA growth versus prior year, Bankrate's strategy is working," said Kenneth S. Esterow, President and CEO of Bankrate, Inc. "We continued to drive higher revenue for the quarter versus prior year across all of our verticals, with credit cards and insurance revenue growing close to 30%.  We are particularly pleased to have delivered these results, while also making important long-term investments in our new senior care vertical and in Bankrate's personalization, optimization and mobile capabilities," Mr. Esterow added.

2014 Guidance

The Company is increasing its full year 2014 adjusted revenue guidance to a range of $545 to $555 million from $540 to $550 million previously and is revising its Adjusted EBITDA guidance for 2014 to between $141 and $145 million from between $145 and $150 million previously.

In addition, the Company expects adjusted revenues for the third quarter of 2014 to be between $140 and $145 million and Adjusted EBITDA between $33 and $36 million.

"We've taken into consideration a number of factors; Bankrate's strong performance in the first half of 2014, an increased partner mix in banking, and a more modest outlook for insurance volume growth in the second half, as we remain laser-focused to not sacrifice lead quality for volume.  Even with the onboarding of Caring, we are tracking to deliver record annual EBITDA, while still making important investments that support long-term growth," stated Mr. Esterow.

Second Quarter 2014 Financial Highlights

  • CPA revenue (which primarily consists of credit cards and senior care) in Q2 2014 increased 34% on an adjusted basis compared to the prior year. Excluding the impact of the Caring.com acquisition, CPA revenue increased 29% on strong visit growth, strong affiliate traffic, higher credit card issuer marketing activities, higher approval rates and higher CPAs.
  • CPL revenue increased approximately 20%, primarily as a result of the Company's continued progress on its insurance quality initiative resulting in increased carrier & agent demand and improved monetization, with revenue per lead up approximately 20% versus Q2 2013. Overall insurance lead and click revenue combined increased by 28%.
  • CPC revenue for the quarter increased 20% compared to the same period in 2013, attributable to a 52% growth in our insurance CPC business and 62% growth in deposit CPC revenue, partially offset by a 27% decline in mortgage CPC revenue, given the lower overall consumer interest for refinancing.
  • Caring.com generated $2.3 million in revenues, on an adjusted basis, and posted an Adjusted EBITDA loss of $0.8 million during May and June. 
  • The Company repurchased approximately $5.3 million of stock during Q2, and as of quarter end, the Company had $64.7 million remaining under the current authorization.

Second Quarter 2014 Business Highlights

Credit Cards

  • Launched WalletUp (walletup.creditcards.com), a free tool that analyzes consumer transactional spend and preferences and recommends the best cards for maximizing rewards, points or cash back.
  • Launched a responsive web design for editorial and content pages on our mobile site, m.creditcards.com.

Insurance

  • The share of leads from the Company's owned and operated sites increased by approximately 15% year over year. 
  • Successful ramp of mobile click-to-call drove $0.8 million in revenue during Q2 2014, which was up 100% sequentially.

Banking

  • Entered into a new strategic partnership with Homes.com, one of the leading real estate destinations, which features more than 3 million property listings and generates over 12 million monthly visitors. Bankrate will be the exclusive provider to Homes.com for comparison mortgage rate listings and tools across platforms. The partnership further solidifies our position as a leader in the online third-party mortgage space.

Senior Care

  • Grew organic traffic to Caring.com by 52% in Q2 2014, while qualified inquiries grew 75% compared to the prior year.
  • Expanded participating communities within the Caring.com network by 40% versus the prior year.

August 7, 2014 at 4:30 P.M. ET Conference Call Interactive Dial-In and Webcast Information:

To participate in the teleconference please call: (866) 202-3048, passcode 10570992.  International participants should dial: (617) 213-8843, passcode 10570992.  Please access at least 10 minutes prior to the time the conference is set to begin. A webcast of this call can be accessed at Bankrate's website: http://investor.bankrate.com/.

Replay Information:

A replay of the conference call will be available beginning August 7, 2014 at 8:30 p.m. ET / 5:30 p.m. PT through August 14, 2014 at 11:59 p.m. ET / 8:59 p.m. PT.  To listen to the replay, call (888) 286-8010 and enter the passcode: 76102365.  International callers should dial (617) 801-6888 and enter the passcode: 76102365.

Non-GAAP Measures:

To supplement Bankrate's financial statements presented in accordance with generally accepted accounting principles ("GAAP"), Bankrate uses non-GAAP measures of certain components of financial performance, including, Adjusted revenue, EBITDA, Adjusted EBITDA, Adjusted EPS, and Gross Margin excluding stock based compensation, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses.  These non-GAAP measures are provided to enhance investors' overall understanding of Bankrate's current financial performance and its prospects for the future.  Specifically, Bankrate believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results.  In addition, because Bankrate has historically reported certain non-GAAP results to investors, Bankrate believes the inclusion of non-GAAP measures provides consistency in its financial reporting. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure in the financial tables below.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet.  Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including, but not limited to, CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, InsuranceQuotes.com, CarInsuranceQuotes.com, AutoInsuranceQuotes.com, InsureMe.com, and NetQuote.com.  Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of approximately 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing, on average, over three million pieces of information weekly.  Bankrate develops and provides web services to over 75 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, CNN Money, CNBC and Comcast. In addition, Bankrate licenses editorial content to over 100 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times and The Boston Globe.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

Certain matters included in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. Such forward-looking statements include, without limitation, statements made with respect to future revenue, revenue growth, market acceptance of our products, our strategy and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known or unknown factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: the willingness of our advertisers to advertise on our websites or mobile applications; increased competition and its effect on our website traffic, advertising rates, margins and market share; our dependence on internet search engines to attract a significant portion of the visitors to our websites; the number of consumers seeking information on the financial products we have on our websites or mobile applications; interest rate volatility; technological changes; our ability to manage traffic on our websites or mobile applications, and service interruptions; our ability to maintain and develop our brands and content; the fluctuations of our results of operations from period to period; our indebtedness and the effect such indebtedness may have on our business; our need and our ability to incur additional debt or equity financing; our ability to integrate the operations and realize the expected benefits of businesses that we have acquired and may acquire in the future; the effect of unexpected liabilities we assume from our acquisitions; changes in application approval rates by our credit card issuer customers; our ability to successfully execute on our strategies, including without limitation our insurance quality initiative, our mobile strategy and the other initiatives mentioned in this release, and the effectiveness of our strategies, including without limitation whether they result in increased revenue or profitability; our ability to attract and retain executive officers and personnel; the impact of defense of and resolution of lawsuits to which we are a party; the failure to obtain preliminary or final Court approval of the proposed settlement of the securities litigation we announced on June 9, 2014 (or a delay in obtaining such approval), risks related to decisions by stockholders to opt out of or object to the proposed settlement, and resolution of insurance claims related to the litigation; our ability to protect our intellectual property; the effects of facing liability for content on our websites or mobile applications; our ability to establish and maintain distribution arrangements; our ability to maintain good working relationships with our customers and third-party providers and to continue to attract new customers; the effect of our expansion of operations in the United Kingdom and China and possible expansion to other international markets, in which we may have limited experience, and our ability to successfully execute on our business strategies in international markets; the willingness of consumers to accept the Internet and our online network as a medium for obtaining financial product information; the strength of the U.S. economy in general and the financial services industry in particular; changes in monetary and fiscal policies of the U.S. Government; changes in consumer spending and saving habits; review of our business and operations by regulatory authorities; changes in the legal and regulatory environment; changes in accounting principles, policies, practices or guidelines; and our ability to manage the risks involved in the foregoing. For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion without limitation under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013 along with any modifications or updates to those "Risk Factors" in our Quarterly Reports on Form 10-Q. These documents are available on the SEC's website at www.sec.gov. Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and condition. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you.  We undertake no obligation to update or revise forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.

-Financial Statements Follow-


 


Bankrate, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

($ in thousands, except per share data)










(Unaudited)






June 30,


December 31,



2014


2013








Assets







Cash and cash equivalents


$

175,779


$

230,071

Short-term investments



500



-

Accounts receivable, net of allowance for doubtful accounts of $546 and $451 at June 30, 2014 and December 31, 2013



77,154



61,962

Deferred income taxes



17,155



7,155

Prepaid expenses and other current assets



31,368



9,736

Total current assets



301,956



308,924








Furniture, fixtures and equipment, net of accumulated depreciation of $24,004 and $19,690 at
June 30, 2014 and December 31, 2013



13,609



12,930

Intangible assets, net of accumulated amortization of $207,317 and $181,721 at June 30, 2014 and December 31, 2013



353,977



350,206

Goodwill



638,010



611,975

Other assets



12,456



12,776

Total assets


$

1,320,008


$

1,296,811








Liabilities and Stockholders' Equity














Liabilities







Accounts payable


$

8,247


$

7,149

Accrued expenses



27,367



40,546

Deferred revenue and customer deposits



4,705



3,792

Accrued interest



6,891



7,379

Other current liabilities



30,787



24,595

Total current liabilities



77,997



83,461








Deferred income taxes



63,199



51,699

Long-term debt, net of unamortized discount



297,305



297,021

Other liabilities



15,581



25,668

Total liabilities



454,082



457,849








Commitments and contingencies














Stockholders' equity







Common stock, par value $.01 per share - 300,000,000 shares authorized at June 30, 2014 and December 31, 2013; 104,910,543 shares and 101,749,513 shares issued at June 30, 2014 and December 31, 2013; 104,434,271 shares and 101,698,985 shares outstanding at June 30, 2014 and December 31, 2013



1,044



1,017

Additional paid-in capital



895,285



864,152

Accumulated deficit



(22,680)



(25,266)

Less: Treasury stock, at cost - 476,272 shares and 50,528 shares at June 30, 2014 and December 31, 2013



(7,516)



(591)

Accumulated other comprehensive loss



(207)



(350)

Total stockholders' equity



865,926



838,962

Total liabilities and stockholders' equity


$

1,320,008


$

1,296,811

 

 


Bankrate, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

($ in thousands, except per share data)







(Unaudited)



(Unaudited)


Three months ended


Six months ended


June 30,


June 30,


June 30,


June 30,


2014


2013


2014


2013

Revenue

$

130,662


$

105,546


$

267,137


$

213,994

Cost of revenue (excludes depreciation and amortization)


46,494



37,542



92,789



73,650

Gross margin


84,168



68,004



174,348



140,344













Operating expenses:












Sales


3,674



3,751



7,334



7,528

Marketing


33,180



24,873



66,581



51,206

Product development


5,907



4,840



11,645



9,491

General and administrative


14,169



11,246



29,426



22,622

Legal settlements


9,190



-



9,191



-

Acquisition, offering and related expenses


158



20



2,561



20

Changes in fair value of contingent acquisition consideration


744



2,949



2,150



4,098

Depreciation and amortization


15,195



14,844



29,656



29,355



82,217



62,523



158,544



124,320

Income from operations


1,951



5,481



15,804



16,024













Interest and other expenses, net


5,159



6,539



10,351



13,074

(Loss) income before income taxes


(3,208)



(1,058)



5,453



2,950

Income tax (benefit) expense


(962)



(166)



2,867



1,659

Net (loss) income

$

(2,246)


$

(892)


$

2,586


$

1,291













Basic and diluted net (loss) income per share:












Basic

$

(0.02)


$

(0.01)


$

0.03


$

0.01

Diluted


(0.02)



(0.01)



0.03



0.01

Weighted average common shares outstanding:












Basic


101,894,188



100,050,989



101,389,630



100,049,225

Diluted


101,894,188



100,050,989



103,415,647



100,922,480













Comprehensive (loss) income

$

(2,122)


$

(874)


$

2,729


$

1,013

 

 

Bankrate, Inc. and Subsidiaries

Non-GAAP Measures (unaudited)

($ in thousands, except per share data)















(Unaudited)



(Unaudited)


Three months ended


Six months ended


June 30,


June 30,


June 30,


June 30,


2014


2013


2014


2013

Revenue

$

130,662


$

105,546


$

267,137


$

213,994

Adjusted revenue (1)


130,882



105,546



267,357



213,994













Gross margin excluding stock-based compensation (2)

$

84,556


$

68,194


$

175,046


$

140,662

Gross margin excluding stock-based compensation %


64.7%



64.6%



65.5%



65.7%













Adjusted EBITDA (3)

$

31,873


$

26,174


$

67,920


$

54,618

Adjusted EBITDA margin


24.4%



24.8%



25.4%



25.5%













Adjusted net income (4)

$

14,925


$

10,316


$

32,354


$

22,474

Adjusted EPS

$

0.15


$

0.10


$

0.31


$

0.22













Weighted average common shares outstanding (diluted):


101,894,188



100,050,989



103,415,647



100,922,480













(1) Adjusted revenue represents revenue plus the impact of purchase accounting on deferred revenue.













(2) Gross margin excluding stock-based compensation represents gross margin plus stock-based compensation classified as cost of revenue.

Reconciliation of gross margin excluding stock-based compensation










Gross margin

$

84,168


$

68,004


$

174,348


$

140,344

Stock-based compensation


388



190



698



318

Gross margin excluding stock-based compensation

$

84,556


$

68,194


$

175,046


$

140,662













(3) Adjusted EBITDA adds back interest and other expense; income tax expense; depreciation and amortization; changes in fair value of contingent acquisition consideration; legal settlements; acquisition, offering and related expenses; and stock-based compensation.

Reconciliation of adjusted EBITDA












Net (loss) income

$

(2,246)


$

(892)


$

2,586


$

1,291

Interest and other expenses, net


5,159



6,539



10,351



13,074

Income tax (benefit) expense


(962)



(166)



2,867



1,659

Depreciation and amortization


15,195



14,844



29,656



29,355

Earnings before interest, taxes, depreciation and amortization (EBITDA)


17,146



20,325



45,460



45,379

Changes in fair value of contingent acquisition consideration


744



2,949



2,150



4,098

Legal settlements


9,190



-



9,191



-

Acquisition, offering and related expenses


158



20



2,561



20

Impact of purchase accounting


220



-



220



-

Stock-based compensation (6)


4,415



2,880



8,338



5,121

Adjusted EBITDA

$

31,873


$

26,174


$

67,920


$

54,618













(4) Adjusted net income adds back income tax expense; non-recurring change in fair value of contingent acquisition consideration; legal settlements; acquisition, offering and related expenses; stock-based compensation; and amortization, net of tax.

Reconciliation of adjusted net income












Net (loss) income

$

(2,246)


$

(892)


$

2,586


$

1,291

Income tax (benefit) expense


(962)



(166)



2,867



1,659

Change in fair value of contingent acquisition consideration due to change in estimate (5)


42



1,261



543



1,393

Legal settlements


9,190



-



9,191



-

Acquisition, offering and related expenses


158



20



2,561



20

Impact of purchase accounting


220



-



220



-

Stock-based compensation (6)


4,415



2,880



8,338



5,121

Amortization


13,651



13,808



26,734



27,358

Adjusted income before tax


24,468



16,911



53,040



36,842

Income tax (7)


9,543



6,595



20,686



14,368

Adjusted net income

$

14,925


$

10,316


$

32,354


$

22,474













(5) Change in fair value of contingent acquisition consideration due to change in estimate represents changes in fair value attributable to changes in expected earnings of acquired businesses.

Reconciliation of change in fair value of contingent acquisition consideration







Change in fair value of contingent acquisition consideration

$

744


$

2,949


$

2,150


$

4,098

Less: Change in fair value due to passage of time


702



1,688



1,607



2,705

Change in fair value of contingent acquisition consideration due to change in estimate

$

42


$

1,261


$

543


$

1,393













(6) Stock-based compensation is recorded in the following line items:

Cost of revenue

$

388


$

190


$

698


$

318

Sales


399



433



732



777

Marketing


264



314



494



577

Product development


707



388



1,214



714

General and administrative


2,657



1,555



5,200



2,735

Total stock-based compensation expense

$

4,415


$

2,880


$

8,338


$

5,121













(7) Assumes 39% income tax rate.









 

www.bankrate.com 

For more information contact:
Edward J. DiMaria
SVP, Chief Financial Officer
[email protected]
(917) 368-8608

Bruce J. Zanca
SVP, Chief Communications/Marketing Officer
[email protected]
(917) 368-8648

Bankrate, Inc. logo.

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SOURCE Bankrate, Inc.

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Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...