Autobytel Inc. Reports Record Revenue and Profits; Net Income Increases 29% Sequentially on 7% Revenue Gain; Cash Balance of $51.7 million.Business Editors IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--July 24, 2003 Autobytel Autobytel, Inc. NASDAQ: ABTL is an Irvine, California, company and the largest online automotive marketplaces. Autobytel owns and operates websites including Autobytel.com, myRide.com, Autoweb.com, CarSmart.com, Car.com, and CarTV.com which facilitate car-shopping decisions. Inc. (Nasdaq:ABTL ABTL Association Belge des Technologues de Laboratoire ), a leading Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the automotive marketing services company, today announced financial results for the second quarter ended June June: see month. 30, 2003. Highlights for the quarter: -- Net income of $1.1 million, or $0.03 per share, on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, meeting analysts' estimates -- Revenues of $21.7 million, representing the highest reported quarterly revenue in the company's history -- Net cash provided by operations of $2.3 million, a doubling from Q1 2003 -- Acquisition of AVV AVV Adviesdienst Verkeer en Vervoer AVV Augsburger Verkehrsverbund (German) AVV Aachener Verkehrsverbund GmbH (German) AVV Aruba Exempt Company for $4.8 million in cash and 711,109 shares of common stock -- Private placement of 5 million shares of common stock for net proceeds of $25.6 million -- Cash balance of $51.7 million "Growing net income at four times the rate of revenue demonstrates the unique leverage and financial benefits of our business model," noted Jeffrey Schwartz Jeffrey Schwartz is a research professor at the University of California in Los Angeles (UCLA) who is a major proponent of the idea that human will, intention or consciousness is nonmaterialistic and dualistic, possibly even being a "mental force" similar to that of gravity. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Autobytel. "With the acquisition of AVV, the raising of additional capital, and our strong cash flow, we are well positioned to make strategic advances and further solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as a leader in the automotive marketing services category." Autobytel reported net income for the second quarter ended June 30, 2003 of $1.1 million, or $0.03 per share. This compares to a net loss for the quarter ended June 30, 2002 of $(0.6) million, or $(0.02) per share, and represents a 29% increase over the net income reported for the first quarter ended March 31, 2003, when net income was $0.9 million, or $0.03 per share. For the second quarter of 2003, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was $1.7 million, or $0.05 per share, versus $0.2 million, or $0.01 per share, in the second quarter of 2002, and EBITDA of $1.4 million, or $0.04 per share, in the first quarter ended March 31, 2003. Revenues for the second quarter ended June 30, 2003 totaled $21.7 million, versus revenues of $20.8 million for the quarter ended June 30, 2002 and revenues of $20.3 million for the first quarter ended March 31, 2003. During the second quarter of 2003, net cash provided by operations was $2.3 million, marking our fourth consecutive quarter of cash generation. In addition, Autobytel received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $25.6 million in a private placement of equity. Autobytel also used $4.8 million in cash to pay a portion of the purchase price for the acquisition of AVV. The company's cash balance as of June 30, 2003 was $51.7 million. "I am very pleased with the progress we made this quarter," continued Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by the AVV acquisition and the continuing strength of RPM (1) (Revolutions Per Minute) With electric and electronics devices, RPM measures the rotational speed of the motor's spindle. Floppy disks rotate at 300 RPM, while hard disks rotate from 3,000 to 15,000 RPM. , and our Web site advertising category produced record revenue, showing an 85% year-over-year growth." Highlights for the Second Quarter Acquisition of Applied Virtual Vision Inc (AVV): On June 4, 2003, Autobytel acquired AVV, a leading provider of CRM and sales management Sales Management Role and Goal Importance of sales management is critical for any commercial organization. Expanding business in not possible without increasing sales volumes, and effective sales management goal is to organize sales team work in such a manner that ensures a tools and data extraction Data extraction is the act or process of retrieving (binary) data out of (usually unstructured or badly structured) data sources for further data processing or data storage (data migration). services for dealerships. Autobytel acquired AVV for 711,109 shares of Autobytel common stock and $4.8 million in cash. The AVV transaction is expected to be accretive for 2003. AVV's results of operations from the date of acquisition through June 30, 2003 are included in the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . "AVV is an important acquisition for Autobytel strategically and, in just two months, the results are impressive," noted Schwartz. "We are seeing tangible signs of its sales contribution to our core business of generating new and used car sales for dealers." Private Placement of Equity: On June 24, 2003, Autobytel completed the sale of 5 million newly-issued shares of common stock to six institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. groups in a private placement for net proceeds of $25.6 million. The six investor groups are T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.Please [ improve this article] or discuss the issue on the talk page. (MFS MFS Medicare fee schedule ), State Street, Coatue, Tudor Tudor, royal family that ruled England from 1485 to 1603. Its founder was Owen Tudor, of a Welsh family of great antiquity, who was a squire at the court of Henry V and who married that king's widow, Catherine of Valois. , and Baron baron Title of nobility, ranking in modern times immediately below a viscount or a count (in countries without viscounts). The wife of a baron is a baroness. Originally, in the early Middle Ages, the term designated a tenant of whatever rank who held a tenure of barony . Autobytel intends to use the proceeds for general corporate purposes, including potential acquisitions. Revenues: Of Autobytel's second quarter revenues of $21.7 million, $13.9 million were related to Program Fees, $3.5 million were related to Enterprise Sales, $3 million were related to Advertising, and $1.3 million were related to Other Products and Services. Approximately $0.4 million of total revenues is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to AVV and is included in the appropriate categories. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Total operating expenses in the second quarter were $20.7 million. Sales and marketing expenses totaled $13.1 million, including traffic acquisition costs. Product development and technology costs totaled $4.5 million. General and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. totaled $3.1 million. Unique Visitor Count: Autobytel's four Web site properties -- Autobytel.com, Autoweb.com, Carsmart.com and AutoSite autosite /au·to·site/ (aw´to-sit) the larger, more normal member of asymmetrical conjoined twin fetuses, to which the parasite is attached. au·to·site n. .com -- continued to rank among the top online automotive destinations, receiving 6.6 million average monthly unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. in the second quarter of 2003 as reported by comScore comScore is an internet marketing research company that provides marketing data and services to many of the internet's largest businesses [1]. comScore tracks all internet data on its surveyed computers in order to study online behavior. Media Metrix. Overall, automotive Internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. declined during the quarter, which is reflected in Autobytel's lower sequential One after the other in some consecutive order such as by name or number. visitor count. Purchase Requests: The company delivered approximately 791,000 Purchase Requests during the second quarter of 2003. Closing ratios for Autobytel dealers increased from 16.6% in the first quarter to 17.4% in the second quarter. Dealer Count: The company reported approximately 20,900 relationships in the lead referral category. Additionally, there were approximately 4,800 relationships in the CRM tools and services category, including over 3,000 dealers using AVV products and services, 1,500 dealers using the iManager iManager is a web-based file manager for Unix-based servers. Screenshot External links
Advertising Revenues: Revenues from online advertising increased sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen by 7%, to $3 million, in the second quarter of 2003. These revenues grew 85% compared with the second quarter of 2002. The company attributes success in this area to continued -- and growing -- demand from automotive manufacturers to advertise on highly targeted automotive content, which Autobytel provides through its advertising products, including Dynamic Content Placement(SM)(DCP DCP - definitional constraint programming ) and showcase A showcase, or vitrine, is a glassed-in cabinet or case for displaying delicate or valuable articles such as objects d'art or merchandise in a shop, museum, or house. marketing features. RPM(SM): Autobytel's customer loyalty and retention program, RPM, added approximately 63 dealers during the second quarter, and average revenue per dealer subscribing to RPM continues to be in the $1,200 per month range. The company continues to forecast sustained growth for this program throughout the rest of the year. Headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. : As of June 30, 2003, the company had 317 employees, including 65 employees added during the quarter, most of them associated with AVV. Quality Initiatives: Autobytel's proprietary Quality Verification System(SM) continued to contribute to improved results. This quarter, the company implemented custom messaging, enabling dealers to more directly address potential customers through Autobytel's Web sites, and custom "triple-scrubbing," enabling dealers to further enhance the already rigorous process of validating val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. consumer information. These initiatives added to the ongoing activities at Autobytel to improve close rates during the quarter. Business Outlook The company reiterates its previous revenue guidance, and expects to exit fiscal year 2003 at approximately a $95 million revenue run-rate. The company forecasts that in the second half of 2003 net income will increase over 50%. Additionally, the company expects that net cash provided by operations will increase in the second half of the year. Non-GAAP Measures In addition to furnishing its consolidated financial statements presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP), Autobytel discloses certain non-GAAP financial measures, including EBITDA and EBITDA per share, which are derived from results based on GAAP. Autobytel believes these non-GAAP measures assist users in understanding its results of operations, cash generated, and resources available for strategic opportunities including reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in the business and acquisitions. The non-GAAP measures are provided to enhance the user's overall understanding of Autobytel's current financial performance and its prospects for the future. As such, these measures should be considered in addition to results prepared in accordance with GAAP and should not be considered a substitute for or superior to GAAP results. A reconciliation of the non-GAAP measures to the nearest GAAP measures is included in the attached Statement of Supplemental Financial Information. Conference Call In conjunction with Autobytel's second quarter 2003 earnings release, there will be a conference call broadcast live over the Internet today, July July: see month. 24, 2003, at 5:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (2:30 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ). The link to the webcast conference is as follows: http://www.irconnect.com/abtl/conf/2q2003.mhtml The webcast will be archived within 2 hours of the end of the call until the next quarter's earnings announcement. To listen to the archived webcast, go to the link shown above. About Autobytel Inc. Autobytel, a leading Internet automotive marketing services company, helps retailers sell cars and manufacturers build brands through marketing, advertising and CRM (customer relationship management) tools and programs. The company owns and operates the automotive Web sites Autobytel.com, Autoweb.com, Carsmart.com and AutoSite.com, as well as AIC AIC Association des Infermières Canadiennes. (Automotive Information Center), a leading provider of automotive marketing data and technology. Autobytel is the industry leader in dealership lead management and CRM solutions and owns and operates AVV Inc., a leading provider of dealership CRM and sales management tools and data extraction services. As the Internet's largest new-car buying service, Autobytel generates more than a billion dollars a month in car sales for dealers through its services. Autobytel is also among the largest syndicated car-buying content networks, reaching millions of unique visitors as they are making their vehicle buying decisions. Autobytel content and technology has potential exposure to over 94 percent of the active Digital Media Universe. (a) (a) Nielsen/NetRatings Q1 2003 Digital Media Universe Report (Autobytel Inc. is the unduplicated audience of the Autobytel, Autoweb.com, CarSmart and Autosite.com Brands. Autobytel Inc. provides content to the Yahoo!, AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. and MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). portals and various automotive manufactures' sites. The unduplicated audience of these Brands has an active reach of over 94 percent of the home and work Digital Media Universe.) Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Autobytel undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions, the economic impact of terrorist attacks or military actions, increased dealer attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: , pressure on dealer fees, increased or unexpected competition, the failure to realize anticipated synergies from AVV, costs related to the acquisition of AVV, failure to retain key employees at AVV, difficulties in successfully integrating the businesses and technologies of AVV and Autobytel, that actual costs and expenses exceed the charges taken by the company, changes in laws and regulations and other matters disclosed in Autobytel's filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2002, and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the company's stock.
Autobytel Inc.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
ASSETS
June 30, March 31, Dec. 31,
2003 2003 2002
(unaudited) (unaudited)
Current assets:
Cash and cash equivalents $51,733 $28,828 $27,571
Accounts receivable, net of
allowance for doubtful accounts
and customer credits of $4,334,
$4,487 and $4,214, respectively 8,251 6,953 6,757
Prepaid expenses and other current
assets 1,984 2,402 3,495
Total current assets 61,968 38,183 37,823
Property and equipment, net 2,021 1,781 2,088
Capitalized software, net 1,778 1,835 2,105
Investment in unconsolidated
subsidiary 4,812 4,798 4,745
Goodwill 16,839 8,367 8,367
Other assets 274 85 96
Total assets $87,692 $55,049 $55,224
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,115 $3,904 $3,529
Accrued expenses 4,387 3,354 4,795
Deferred revenues 3,641 3,528 3,575
Customer deposits - 69 76
Accrued restructuring - current 177 187 223
Capital lease obligations - current 99 - -
Other current liabilities 397 331 349
Total current liabilities 12,816 11,373 12,547
Accrued restructuring - non current 175 223 255
Capital lease obligations - non-
current 50 - -
Total liabilities 13,041 11,596 12,802
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value;
11,445,187 shares authorized - - -
Common stock, $0.001 par value;
200,000,000 shares authorized;
37,015,094, 31,267,612 and
31,195,681 shares issued and
outstanding, respectively 37 31 31
Additional paid-in capital 233,793 203,759 203,623
Accumulated other comprehensive
loss 23 (13) (40)
Accumulated deficit (159,202) (160,324) (161,192)
Total stockholders' equity 74,651 43,453 42,422
Total liabilities and
stockholders' equity $87,692 $55,049 $55,224
Autobytel Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except share and per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
Revenues
Program fees $13,902 $15,441 $27,020 $30,853
Enterprise sales 3,479 2,743 6,834 4,727
Advertising 3,024 1,639 5,863 3,396
Other products and
services 1,316 1,008 2,257 2,588
Total revenues 21,721 20,831 41,974 41,564
Operating expenses:
Sales and marketing 13,109 13,236 25,967 25,496
Product and
technology
development 4,454 5,723 8,316 11,476
General and
administrative 3,106 2,404 5,891 5,461
Autobytel.Europe
restructuring and
impairment charges - - - 15,015
Domestic
restructuring and
other charges
(benefits) - (58) - (58)
Total operating
expenses 20,669 21,305 40,174 57,390
Income (loss) from
operations 1,052 (474) 1,800 (15,826)
Loss on
recapitalization of
Autobytel.Europe - - - (4,168)
Interest income 61 113 130 504
Foreign currency
exchange loss - (13) - (12)
Income (loss) in
equity investees 14 (232) 67 (432)
Income (loss) before
minority interest
and income taxes 1,127 (606) 1,997 (19,934)
Minority interest - - - 866
Income (loss) before
income taxes 1,127 (606) 1,997 (19,068)
Provision for income
taxes 5 1 7 6
Net income (loss) $1,122 $(607) $1,990 $(19,074)
Net income (loss) per
share:
Basic $0.04 $(0.02) $0.06 $(0.61)
Diluted $0.03 $(0.02) $0.06 $(0.61)
Shares used in
computing net income
(loss) per share
Basic 31,814,364 31,137,392 31,525,905 31,103,469
Diluted 33,950,507 31,137,392 33,138,530 31,103,469
Comprehensive income
(loss):
Net income (loss) $1,122 $(607) $1,990 $(19,074)
Translation adjustment 36 - 63 -
Comprehensive
income (loss) $1,158 $(607) $2,053 $(19,074)
Autobytel Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except share and per share data)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2003 2002 2003 2002
Cash flows from operating activities:
Net income (loss) $1,122 $(607) $1,990 $(19,074)
Adjustments to reconcile net income
(loss) to net cash provided
by (used in) operating activities:
Non-cash charges:
Depreciation and amortization 620 948 1,228 1,849
Provision for bad debt 72 3,583 314 4,329
Loss on disposal of property and
equipment - (12) - (11)
Stock-based compensation 51 - 51 20
Autobytel.Europe restructuring and
impairment - - - 15,015
Loss on recapitalization of
Autobytel.Europe - - - 4,168
(Income) loss in equity investees (14) 432 (67) 432
Minority interest - - - (866)
Changes in assets and liabilities:
Accounts receivable (557) (4,638) (995) (5,764)
Prepaid expenses and other current
assets 443 (740) 1,536 368
Other assets 12 58 23 58
Accounts payable 74 (1,858) 449 (4,397)
Accrued expenses 419 (205) (1,022) (3,765)
Accrued restructuring - current (10) (150) (46) (181)
Deferred revenues 113 (223) 66 (297)
Customer deposits (69) 4 (76) (6)
Other current liabilities 42 37 24 95
Accrued restructuring - non
current (48) 366 (80) 366
Net cash provided by (used in)
operating activities 2,270 (3,005) 3,395 (7,661)
Cash flows from investing activities:
Deconsolidation of Autobytel.Europe - - - (28,163)
Acquisition of business, net of cash
acquired (4,952) - (4,952) -
Decrease in restricted cash - - 28 -
Investment in foreign entities - (400) - (400)
Purchases of property and equipment (114) (297) (145) (723)
Proceeds from sale of property and
equipment - 153 - 153
Capitalized software costs - (426) - (1,329)
Net cash used in investing
activities (5,066) (970) (5,069)(30,462)
Cash flows from financing activities:
Capital lease payments (8) - (8) -
Net proceeds from sale of common
stock 25,673 58 25,809 218
Net cash provided by financing
activities 25,665 58 25,801 218
Effect of exchange rates on cash 36 29 63 (488)
Net increase (decrease) in cash and
cash equivalents 22,905 (3,888) 24,190 (38,393)
Cash and cash equivalents, beginning
of period 28,828 27,332 27,543 61,837
Cash and cash equivalents, end of
period $51,733 $23,444 $51,733 $23,444
Supplemental disclosure of cash flow
information:
Cash paid during the period for
income taxes $5 $1 $7 $6
Cash paid during the period for
interest $2 $- $2 $-
Autobytel Inc.
STATEMENT OF SUPPLEMENTAL FINANCIAL INFORMATION
(Amounts in thousands, except share and per share data)
(unaudited)
Three Months Ended
June 30, March 31,
2003 2002 2003
Reconciliation of net income (loss) to
EBITDA:
Net income (loss) $1,122 $(607) $868
Depreciation and amortization 620 949 608
Interest income (61) (113) (69)
Taxes 5 1 2
EBITDA $1,686 $230 $1,409
EBITDA per share:
Diluted $0.05 $0.01 $0.04
Three Months Ended June 30, 2003
Depreciation
As and As
Reported Amortization Adjusted
Operating expenses:
Sales and marketing $13,109 $(20) $13,089
Product and technology development 4,454 (570) 3,884
General and administrative 3,106 (30) 3,076
Domestic restructuring and other
benefits - - -
Total operating expenses $20,669 $(620) $20,049
Three Months Ended June 30, 2002
Depreciation
As and As
Reported Amortization Adjusted
Operating expenses:
Sales and marketing $13,236 $(38) $13,198
Product and technology development 5,723 (868) 4,855
General and administrative 2,404 (43) 2,361
Domestic restructuring and other
benefits (58) - (58)
Total operating expenses $21,305 $(949) $20,356
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