Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Move Inc. (NASDAQ:MOVE)

Q1 2014 Earnings Conference Call

May 06, 2014 04:30 PM ET

Executives

Jessica Thorsheim – Director of Investor Relations

Steven H. Berkowitz – Chief Executive Officer

Rachel Glaser – Chief Financial Officer

Analysts

Jason Helfstein – Oppenheimer & Co.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

James M. Cakmak – Telsey Advisory Group LLC

John Campbell – Stephens, Inc.

Dan L. Kurnos – The Benchmark Co. LLC

John Peter Egbert – Morgan Stanley & Co. LLC

Operator

Good afternoon and welcome to the Move Inc.’s First Quarter 2014 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Jessica Thorsheim, Director of Investor Relations. Please go ahead.

Jessica Thorsheim

Thank you, operator. Good afternoon and welcome to Move’s first quarter 2014 earnings call. On the call with me today are Steve Berkowitz, Chief Executive Officer; and Rachel Glaser, Chief Financial Officer. Today’s call is being webcast from the Investor Relations section of our website, investor.move.com, and will be available for replay shortly after we conclude. A copy of our press release issued earlier this afternoon is also available on the company’s IR website.

Please be advised that some of the comments that will be made today constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act, that involve potential risks and uncertainties concerning Move’s expected financial performance as well as Move’s strategic and operational plans.

These potential risks and uncertainties include among others, decreases or delays in advertising spending, market acceptance of new products and services, and our future expected financial results.

Additional factors are discussed in the company’s annual and quarterly reports, which are filed with the SEC and are available on our website. All information discussed on this call is as of May 6, 2014, and Move undertakes no duty to update this information. Results projected on the call today may differ materially from actual results and should not be considered as a guarantee of future performance.

On the call today, we will also be discussing non-GAAP financial measures in talking about the company’s performance. Reconciliations of those measures to GAAP measures can be found on the tables attached to today’s press release.

I’ll now turn the call over to Steve.

Steven H. Berkowitz

Thank you, Jessica. And thank you all for joining us on our Q1 2014 earnings call today. I’ll start this call with the reminder of Move’s market position.

Move is the leading company in the real estate industry with products and services that satisfy the entire value chain from contents to connection to close. We have assembled a unique set of assets to create a virtuous ecosystem that delivers far and away the best content to consumers, the highest quality transaction-ready consumers to our broker and agent customers, and the software to help brokers and agents convert those leads into transaction. We satisfy all the constituencies in the value chain. Consumers, professionals and our industrial partners and increase everyone’s ROI in the process.

Our strategy drove this quarter’s strong results. Q1 was our eighth straight quarter of year-over-year revenue growth driven in part by the continued improvement in the real estate market, but more prominently by our consumer marketing campaign that is clearly working.

We are very pleased to see record growth in traffic and engagement on both web and mobile, which in turn has fueled a healthy growth in leads to our broker and agent customers. We have a lot to share with you about what we’ve accomplished in Q1 and what’s on horizon for the full year. So let me break down my remarks into four sections.

First, I’ll provide some details on what we’re seeing in the real estate market. Next, I’ll discuss recent industry activity and our relationship with the National Association of Realtors. Third, I’ll share our key accomplishments in Q1 and how they’re driving strong results. And lastly, I’ll discuss our goals for 2014 and the means by which we will achieve them.

First, on the housing market and current macro trends, our data in March revealed a number of properties for sale rose 9.5% above March 2013 levels to 1.8 million units. The median list price approximately $200,000 increased 5.3% compared to the same month last year and the median age of inventory increased 22.9% above last year’s figure to 102 days. We had ongoing and unusual weather disruptions across the country early in the fourth quarter, which we believe was a contributing factor to increased days on market.

As evidence of that, we saw a 10.5% decrease in days on market in March versus February around the tough time the country started to file. But we have seen slight increases in listings over the past year.

Inventories are still extremely low and this remains a key factor to watch for long-term housing market health. The National Association of Realtors reported that while ongoing inventory shortages continue to list price in much of the U.S., the supply of existing home inventory has been bouncing along at a 13-year low the market saw last year.

Another barometer of the economic health of the housing market is the decline in foreclosures. U.S. foreclosure inventory as a percentage of all homes with mortgage is down to 1.8%, down 37% nationally from a year ago and only 4.7% are in serious delinquency.

Completed foreclosures are trending lower and even more so shadow inventory is trending down as the housing market continues to settle. As you’ve heard us say before, when demand is high and supply remains tight finding the right home first becomes more important and access to accurately and timely information is imperative.

Next, I’ll touch on our alignment with the industry and our relationship with the National Association of Realtors. The NAR and many industry leaders see realtor.com as their horse in the race and they have taken several meaningful actions to send that message out to every player in the value chain, specifically for the first time ever the NAR and realtor.com have announced they’ll advertise to consumers with one voice.

This new combined marketing campaign creates the largest cooperative action of the two organizations to date and underscores the deep level of commitment between the NAR and realtor.com.

The NAR will develop new and original creator which will promote realtor.com and complement our running theme of why accuracy matters. The joint campaign is scheduled for a summer launch. We will also be process centered with the NAR leadership at the realtor party convention and trade expo with thousands of members attending the week of May 12 in Washington DC.

I’d like now to turn to my third point of discussion which is highlights and results from the first quarter of this year. Continued strong growth in our consumer audience, both on the web and mobile along with new and improved product offerings resulted in another solid quarter for Move.

Our revenue was $58 million in Q1, up 7% year-over-year and our eighth straight quarter of year-over-year revenue growth. Continued growth, growth in Co-Broke Connections in media drove consumer ad products to grow 6% year-over-year and our Software and Services product offerings grew 10% year-over-year and adjusted EBITDA was right on target at $5 million. Rich will discuss our financial results in more detail shortly.

We’ve built our share of voice through their PR, SEM and brand marketing. Our national television ad campaign started running on February 17 this year, and I’m pleased to announce that early indications point to an overwhelmingly positive lift in traffic and mobile app downloads.

In March, we had nearly 33 million unique users on realtor.com, which was up over 21% year-over-year and 23% month-over-month. The brand campaign is an obvious driver of the accelerated audience trends. This is the highest unique user account for realtor.com in the company’s 20-year history.

We’ve also delivered a record number of our leads to our customers, an increase of 13% year-over-year in March. With 12 weeks of our marketing campaign under our belt, we’re seeing exciting results across all metrics we’re tracking.

In addition to excellent lift in our traffic numbers, our updated research shows that one out of three people among our immediate target audience [recall C01] (ph) or both of our ads. In addition, those who saw our digital video ads online were 73% more likely to conduct brand purchase for realtor and realtor.com. We are becoming top of mind to a larger audience and that audience is proving to be highly engaged and ultimately valuable leads to our customers.

While we saw very nice traffic improvements on the web, it was on mobile devices where all the action is happening. Our mobile pages now represent more than 55% of all homes viewed and our mobile engagement is significantly higher than on the web, which is evidence of an active home shopper out there in the marketplace with their device in hand.

Mobile app users consumed seven to eight times more page views per user and converts with connection four to five times more frequently than on the Web. This past quarter, we’ve been very prolific with our new mobile offerings. In the first quarter, we had seven mobile releases and already had two more releases in April. This quarter, our Doorstep team built and launched the Swipe application, which offers a new approach to viewing homes for sale.

Swipe was created to get to the soon to be first time homebuyers comfortable with the process of searching for a home, and to help them discover what they truly want in the home in an entertaining and easy way.

Upon its launch, the Apple’s feature in the App Store and was rated number one in the lifestyle category. Since then, consumers are viewed more than 2 million homes with average live possession above 20. Doorstep’s Swipe is available for free from the App Store and is powered by the most accurate and up to data from realtor.com.

In Q1, we released a number of new products designed to both improve consumer experience as well as optimize monetization. Let me highlight a few of these for you. We lost a project in Q1 called Project Affinity, which is designed to make hundreds of things on the realtor.com website and mobile app each just a little bit better.

The results of a project affinity may not immediately be discernible to you on day-to-day basis. But during the course of this year, the consumer experience will be exponentially better. Some fees weren’t noticed and others that show up in our traffic stats include a greatly improved map experience, significant enhanced photos both in size and resolution, recommendations for registered users or redesign finance section, mortgage widget improvements across all the website and mobile significant FPL improvements and a new search engine algorithm changes to promote a fraction of our listening to name just a few.

Also in Q1, we entered into a partnership with Porsche, which delivers innovative new layers of real estate information for home buyers and sellers. The Porsche home and neighborhood report provides home improvement projects history, the cost and details of remodel projects, background information for professionals that have previously worked on the home and in the neighborhood, and vital neighborhood statistics such as how long neighbors have lived in their home and size, age and cost of comparable neighborhood homes.

Now turning to rental, we are really excited about the progress in this business, having increased our listing content 58% year-over-year and 22% versus Q4. This content growth in turn has fueled audience growth, which has grown 91% year-over-year and is up 46% first prior quarter.

This audience is driving higher quality leads, which were up more than 140% versus Q1 of 2013. We’re still in the early stages of building of volumes and all signs are positive. This quarter, we successfully tested a new display product for agents, our legacy products, which we call FACT, was consuming valuable add inventory competing with our ability to sell for national advertisers.

Our new product digital agent uses an ad unit called appeal back that provides a branded ad unit for an agent without cannibalizing other display inventory. We are pleased with the results of this experiment and are implementing it more broadly in our product set. We made some important deals with our customers. This past quarter, we recently announced our Forex deal with RE/MAX and approved supplier agreement designed to maximize regeneration and re-conversion for RE/MAX agents, teams and brokers with the goal of quadrupling an agent book of business.

We renewed our C21 – our agreement with C21 franchise, which creates a better value exchange for both parties and includes media sponsorship of senior housing. Doorsteps entered into a licensing agreement and partnership agreement with Century 21, which will include the first to market promotion to educate and build affiliations with the first time homebuyers.

Our software and services platform helps real estate professionals improve the ROI on their marketing spend. When you consider the growth in the number of leads generated by major portals and compare that against the annual number of home sales, which has more or less stayed flat year after year, it is to understand that filtering and identifying the highest quality leads as fast as possible is invaluable.

Our software suite includes TigerLead, Top Producer CRM, market snapshot and FiveStreet. We begun to integrate these desperate platforms both in our go-to-market selling strategy as well as the automation and aggregation of leads and lead routing.

Our TigerLead business released a new offering in Q1 with a product called Hand Raiser. This is a product, this product delivers buyer and seller lead through our “raising their hands to speak to a real estate professional right now.” This product is integrated with Market Snapshot in those geographies where it’s available, so consumers get the market data they need and real estate professionals get another tool to keep in touch with their prospects.

The other business house in our software and services category is ListHub. ListHub is not only a listing syndication platform, but a centralized intelligent platform for the real estate industry. ListHub continues to grow its reach now distributing content to more than 130 publishers for more than 500 content sources. Brokers join the ListHub platform during the first quarter at the fastest rate in 12 months with more than 2,300 brokers joining.

Today, ListHub has approximately 50,000 brokers using this platform, and those customers subscribing to the value added reporting generated more than 200,000 listing reports in April of 2014 alone.

ListHub now has agreements with ListGlobally and Eden Home. This gives ListHub customers access internationally to a network of 91 publishers in 41 countries. In addition, Eden Home recently announced expansion of the ListHub agreement to include China’s leading listing portal. So from the new collaboration give agents and brokers the ability to market their listing international buyers in China and provides a critical link for one of the most significant sectors of the foreign investment market.

Finally, before I turn the call over to Rachel for details on our financials, let me highlight our goals for 2014 and the past around for achieving them. Building on our very strong start in the first quarter, there were three clear objectives on our roadmap.

Grow our consumer audience, enhance and integrate our product suite to harness the competitive advantages of our SaaS products and Norristown expand our partnership with the real estate industry building and expanding our relationship with the NAR and focusing on ROI for agents and industry partnership.

First on consumer audience, we are simultaneously building awareness for our brand with an award-winning advertising campaign both offline and online while we’re also enriching content and design to increase first time visits, return visits and page views.

Our marketing investment is not an arbitrage play. We’re building our audience. Educating them on comprehensiveness and accurate data is important and relevant to them. Our analysis shows that we haven’t mapped out yet. So we’re trying – so we are again increasing our investment in Q2. We will continue to make smart media buys and our expectation is we will continue to gain – will continue market share gains during the year.

Two weeks ago, we sold our new decree refining our finder’s first team to explain to users on why accuracy matters. If it is inaccurate, you won’t be finding it first. You may be finding it last or even after is long gone. On top of that beginning in Q3, the NAR will be also showcasing realtor.com products and services in their television ads and have made a strong marketing commitment that in the aggregate combined with our spend effectively doubles yet again the total investment.

As I said earlier, this campaign will complement the message of our why accuracy matters and features the realtor brand and the realtor.com search experience. So we’re bringing more customers to the front door than ever. Once we get them there, we need to keep them with the best content and the best experience. Shifting to monetization, we are in the process of re-tooling showcasing Co-Broke Connections, the bread and butter of our consumer ad products.

We are in the beginning stages of planning to increase inventory and overall page yield. We will provide you more color on these concepts at our upcoming Analyst and Investor Day. We expect the changes to be launched in Q3 of this year. Our second goal to integrate and enhance our SaaS product improves their value to our customers.

Simplifying their day and helping them spend more time building successful real estate businesses. We are pleased to announce the TigerLead’s home search offerings, now has a mobile version of their consumer facing website and as being released to all clients throughout Q2. We are excited to watch TigerLead continue to grow, as we introduce new technology to acquire leads, which in turn accelerated expansion into new territories in Q2 and Q3.

My last comment on our goal for 2014 is about our unique position in the industry and leveraging that position to make it a win-win-win for our partners, our customers and our shareholders. We already have the highest quality in data, we endeavored to keep the industry’s gold aligned with our own and we diligently work to generate the highest ROI for our customers through an unyielding focus on quality, not just quantity of traffic.

And on top of that and what sets us apart from others is our belief that brokers and agents are not only important but an essential component of the real estate transaction. Future of our goals and for 2014 support our ultimate strategy to serve the whole real estate value chain, our position is much more than a consumer search forum. We got the hub and an ecosystem which serves both the industry and the consumer and makes each of their experiences better.

Now let me turn the call over to Rachel for more details about our financial results in 2014 guidance.

Rachel Glaser

Thank you, Steve. Before I begin, I want to reflect on Steve’s words and the message he has relayed, which is becoming more distinct and more differentiated with each passing quarter. I have to say, I have never been more proud to be part of this company than I am today.

I believe that no other company has mastered the gymnastics of balancing so many interests within a diverse group of stakeholders so effectively. We have grown revenue and profit during the country’s historic economic downturn. We’ve maintained and grown our market share during a time when a number of series abstracts have entered the playing field and we have renewed and improved our relationship with our biggest partner to solidify our unique position in the industry. Instead of squaring off and picking one constituent over another, we’ve positioned ourselves as a hub.

As a hub, we believe we can tower a virtuous ecosystem in which the hole becomes better than any one part. No other company has a strategic component assembled to achieve that. But we do. So with that as context, let me now review our quarter’s results with you. Starting with the top line, our total revenue for the first quarter was $58 million, an increase of $3.8 million or 7% from the first quarter last year and up 3% on a sequential basis.

Breaking that revenue down into our two categories, Consumer advertising products revenue grew 6% versus the first quarter last year, increasing to 44.8 million and representing 77% of total sales.

Looking at our existing product mix for our realtor.com customers, we’re pleased with a strong demand for Co-Broke connections and the optimization that allows for our showcase products as well. Co-Broke connections and showcase renewal rates remained strong at more than 85% and our Co-Broke revenue grew 46% year-over-year in the first quarter.

We believe these metrics clearly illustrate a healthy demand for our products, fueled by an industry leading value proposition.

Because our core realtor.com monetization starts with for sale listing inventory, we want to provide some context for how zip codes and active listings are segmented. There are 32,000 zip codes with an active for sale listing in the United States. However, approximately 90% of our listings are concentrated in 12,000 zip codes.

Of those zip codes, we have currently Co-Broke subscriptions and more than 10,000 zip codes and are sold out with high demand and wait list nearly 7500 of those. We continue to open up more inventory in these high-demand areas as our audience grows, illustrating by the continued growth of our Co-Broke products.

As important, we believe the high penetration rates achieved with Co-Broke coupled with high demand will increasingly allow us to maximize yield per listing while still maintaining strong ROI for our customers.

In Q1, we were able to renew several large broker showcase deals, testimony to a valuable product with strong adoption. Historical listing count or what we call HLC began rising in the third quarter of last year, and that trend continued this quarter ending Q1 at 6.8 million historical listing, an increase of 10% versus the prior year and flat versus the prior quarter. Q1 represented the fourth quarter of year-over-year growth in HLC.

As listing counts have grown, the percentage of total listings that have been enhanced for the Showcase coverage has declined from 48% at a tie to 45% in March 2013 to 42% at the end of Q1 2014. While this has slowed the growth of Showcase, it has commensurately expanded the available Co-Broke inventory, that unlike Showcase is a performance-based product, which is elastic with growth in our traffic.

And as I said before with an increasing demand for Co-Broke coupled with growth in our inventory. We are confident in our ability to optimize the upper listing to pricing and continued inventory expansion. Revenue for historical listing count, a metric that is agnostic between products with $34 million and $0.01 this quarter, a 2% increase versus prior quarter.

Our growing audience seems growth and impressions, which in turn enables media revenue to grow a healthy 35% in Q1. Our overall media ECPM increased 28% year-over-year. Revenue was up because we are doing a better job of selling the advertisers. Growth in our audience and Realtor.com makes their inventory even more compelling to non-endemic advertisers.

Turning now to software and services, revenue grew 10% to $13.2 million in Q1. Software and services is now 23% of our total revenue. TigerLead grew 18% in Q1, these are continued growths in new subscribers and continues to be fervent advocacy among the customer base.

The Top Producer business, which includes the CRM product, FiveStreet, and market snapshot, had an extremely strong quarter in Q1. Top Producer and FiveStreet as a suite added nearly 1500 net new subscribers and grew revenue for the second sequential quarter.

We are thrilled with this new growth trajectory for this product suite and the reinvigoration created by the addition of FiveStreet. Our investment in marketing is obviously a large part of the financial story this year.

Our brand marketing campaign on television is carefully monitored and optimized. We have been able to evaluate, which of our creative treatments performed best, which networks are generating the highest traffic engagements and balance that against the cost to acquire the traffic and a long-term value of the new users we obtained.

As I had said in the past, we continue to focus on value creation by growing not just traffic, but quality traffic and expected spend to the ROI breakeven are better. With ROI as the focus, we have begun to shift the mix of our standard way from Internet portals toward a highly effective portfolio of online and offline spend.

We launched the campaign in the middle of Q1, so the spend was relatively small, but it packed a punch, almost from the first day of our ads aired we observed the listing organic search results and a significant increase in traffic. In Q2, we will double what we spent in Q1 on the television campaign.

In addition, as you heard Steve discussed the NAR has made an important and valuable commitment to invest in consumer marketing from venture.com with the television and radio campaign that will commence in Q3.

We have not disclosed the dollar amount, but we can say that at a minimum, they have committed to at least matching our quarterly brand spend. As we have said before, we are always focused on value creation. We refrained from committing to a specific annual amount of spent for this year and for future years because our goal is to spend at ROI breakeven or better.

There maybe a point of diminishing returns when we hit market saturation. So for now, we are ramping up our spend and seeing positive impact. Turning to our profit performance, adjusted EBITDA in the first quarter was $5 million or 9% of revenue. Total core operating expenses define as the four major expense categories, less stock-based compensation and non-recurring charges were $56.9 million for the first quarter.

Q1 followed normal seasonal patterns in our operating expense structure in addition to the withdrawing incremental marketing spend as I just described. Our press release includes a reconciliation of GAAP net income and earnings per share to non-GAAP. The calculation of non-GAAP net income is similar to that for adjusted EBITDA, excluding non-cash items such as stock-based compensation and charges, amortization of intangibles and amortization of debt discount and issuance costs.

For the first quarter, our non-GAAP net income was 802,000, and non-GAAP earnings per share per diluted share was $0.02. Net cash flow from operating activities was $3.2 million, down slightly compared to the prior year with cash ending at $116 million. Cash consumed in the quarter reflects a $1.6 million invested in the build out of our Vancouver office. We also made an initial investment of $1.8 million for our business continuity plan, which will face in during the next six quarters.

Total capital expenditure in the quarter was $5.7 million. Turning now to guidance, we currently expect revenue for the second quarter of 2014 to be approximately $61.5 million to $62 million. This represents approximately 7% to 8% year-over-year revenue growth at the midpoint, or an increase of roughly $4 million. We expect our second quarter adjusted EBITDA to be approximately $3 million, representing 5% of revenues and reflecting continued investments in our brand marketing campaign.

Our revenue line the Q2 revenue per consumer air product is expected to be approximately $47 million to $48 million or 7% growth over the same period last year. We expect software and services revenue to be in the range of $14 million to 15 million up about 12% over Q2 2013.

For the full year, we maintained our revenue expectation of $254 million to $258 million, which implies 13% growth year-over-year. I will reiterate a point I made on last quarter’s call. Our full-year revenue includes healthy growth in media, Co-Broke and our software and services platform. However, these growth rates are offset by modest declines in some of our legacy consumer air products like Future homes and planned declines in rentals and moving revenue, as we shift our model to focus on content and audience growth.

For profit, we expect $30 million in EBITDA. Our EBITDA guidance reflects our focus and commitment to balance being found strategic investments in things like our brand, but not at the expense of growing profit.

Our expectation is that the growth in our consumer audience from investing in our brand campaign will yield positive ROI during the next two or three quarters, that growth of inclusion in the guidance we gave for 2014. We have a tremendous amount of positive momentum in initiatives that we believe our spring-loaded for significant impact.

With that, I’ll turn the call back to Steve for some final remarks.

Steven H. Berkowitz

Thank you, Rachel. And thanks to all of our employees, partners and our Board for helping us achieve another solid quarter. There’s a lot more ahead of us this year and personally I’d never been more excited about the initiative and products in the pipeline.

We have the best content; we are uniquely positioned to help the industry achieve its goals, while also delivering the best experience to our consumers and our customers. Before I close, I want to remind you that we will host an Analyst and Investors Day in San Francisco this year, on Thursday, May 22.

You’ll hear more details about our 2014 initiatives for many members of our management team. We’re also feature senior executive from one of the country’s largest franchise, as we’ll give you the perspective on the industry and realtor.com’s role in it. We look forward to seeing you all in the future.

This concludes our call for today. Thank you all for listening and now I’ll turn the call over to the operator for questions.

Question-and-Answer Session

Operator

Thank you. At this time, we will begin the question-and-answer session. (Operator Instructions) And our first question comes from Jason Helfstein of Oppenheimer.

Jason Helfstein – Oppenheimer & Co.

Hey, guys thanks. I gig it on a little late, so I did miss Steve your prepared remarks. You’ve commented just about some of the business you are de-emphasizing which we talked in the last call, moving in so many other things like what impact that on the revenue growth in the quarter?

Rachel Glaser

Yeah, we didn’t actually, hi Jason its Rachel, we didn’t breakdown the amount. So we didn’t say that the businesses that are softer, includes the feature home product which we’ve been slowly decelerating over the last eight quarters. Really, our rental businesses which we’re transitioning from which was – previously was purely pay inclusion or transitioning that to a mix of paid inclusion and cost for moving. And our moving business which has seen from slowness, we believe some of the slowness coming from the winter months in the first quarter, so it’s about – that business is also slowing down a bit.

Jason Helfstein – Oppenheimer & Co.

That – did you kind of give an adjusted growth rate or...

Rachel Glaser

I didn’t – no, we didn’t say the percentage, I can – what we do a follow-up call and trying to make that…

Jason Helfstein – Oppenheimer & Co.

And then second question, it seems like the stock has reacted for the most recent – for the market, just if some executive leaving the company and I think some of the investor concern is, if your competitor when and do you see people to go and sign all of their own MLS agreement and they left with – what would that – what impact would that have on you? I guess, maybe talk about if you think that is a realistic conclusion with some of those people leaving given their skill set and just any thoughts about kind of the – I don’t know the NAR vote kind of way in – on all of this et cetera. So just in general comments about that, and I have one last question.

Steven H. Berkowitz

Sure. So let me just tell you what we’re doing on our – ListHub is continuing to expand both its content sources as well as its publisher network. And it’s continuing to build an industry platform that not only syndicates listings, but equally as important and maybe more important for the brokers themselves is going to be the analytics that are going to come back. So I believe in the long haul is that ListHub is just an important piece of where the industry is going. There may be some attempts to try to go around it. But ultimately, at the end of the day, I believe, the brokers, which want to control their content, will control their content, and will use the ListHub platform as an integral part to that.

Jason Helfstein – Oppenheimer & Co.

Okay. And then I mean maybe given outlook understanding what percent of revenue last year was? Just give us a magnitude of light how important is to the business?

Rachel Glaser

From a revenue perspective, it’s not material. It’s, yeah –

Jason Helfstein – Oppenheimer & Co.

Okay. And then lastly, we’ve seen ourselves clearly more commercials out there for Realtor.com as well as the NAR commercial all that mean. What do you think the lag time is between currently in those commercial air when it actually you start to feel like in – backed on the business?

Rachel Glaser

So we see, you might have missed that part as your colleagues. It definitely had an immediate impact on traffic. And we – but we’re really measuring is top of mind where answer if our CMO listed here, she would say is not. We specifically say this is not arbitrage asset, a long-term improvement in top of mind. So we gave a couple of quotes in the prepared remarks about some other things that we are already seeing in terms of top of mind.

Steve said that that one out of three people among our immediate target audience recall seeing one of those ads. And then in addition, the digital ad which runs alongside the offline ad, the people had seen additional ads, 73% or more likely to conduct brand searches for realtor in Realtor.com. So if you look at – we look at top of mind awareness over a significantly longer period, like 12 months. And then the dividend is we have immediate in period increase in traffic, so our traffic increases have been highest that the company has ever seen in the 20 year history.

Jason Helfstein – Oppenheimer & Co.

Well, thank you.

Operator

Our next question will come from Mitch Bartlett of Craig-Hallum.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Hi, good afternoon. Showcase, Rachel, you talked about that as the number of listings that I think you gave some statistics. The number of listings that have been showcased going down on either a quarterly or annual basis. Could you go through that again and?

Rachel Glaser

I said it was high of 48%, an year-ago March it was at 45% and it’s currently at 42% and the point we’ve been trying to make it rather than look at our business on a revenue by product basis is looking on a revenue by listing basis, could what that have done is create more inventory availability and Co-Broke, which is going to benefit from growth in traffic where Showcase doesn’t because it’s based on listing, Co-Broke does that so that shifts in how the revenue is being made in positive.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

And you said that was up 2% that total revenue by listing.

Rachel Glaser

Yes, that’s correct. That because of historical listing kind of grown significantly

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Our revenue growth exceeded and

Rachel Glaser

Yes

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Yes. And so Co-Broke still that difference between 45% and 42% with its growth, which you could Co-Broke was up what percentage, year-over-year?

Rachel Glaser

46%.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

46% kind of like it was in the Q4.

Rachel Glaser

That’s correct.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

So, pretty strong, yeah.

Rachel Glaser

Yeah.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Yeah, very strong. And then enticed us by saying there are changes coming even this year on the spending inventory and I believe Co-Broke, but maybe go for that again.

Rachel Glaser

We talked about, yes, we talked about increasing yield from listing and that is going to come through changes in the recent to showcase and Co-Broke changes in the amount of inventory we have changes in the pricing on the available inventory we have and looking at things in terms of the total number of impressions we have per page.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

And so are we’re going to move away from kind of pricing on historical listing count.

Rachel Glaser

We’re going to talk about it on our Analyst Day, we’ve got a more details to reveal there and very absolute take the word in tight, which is our intention, but you know what we announcing some additional changes to those products.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Sure, sure and how many agents are gone subscribing through Co-Broke.

Rachel Glaser

We didn’t disclose that number on this call so, it can be agent count continues to grow, there were newer rates continue to be over 85% was the number that we gave as the leads the last time we gave the count, we said 10,000

Mitchell Bartlett – Craig-Hallum Capital Group LLC

And you said 75% of 10,000 zip codes are oversold with waiting list or something like that?

Rachel Glaser

Yes, that’s correct.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Okay. All right. So Co-Broke is performing very well and they have a price increase coming forward?

Rachel Glaser

Price and inventory increase coming forward.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

And inventory. Okay. And then the way you’re laying out the year, obviously you’re accelerating your spend on advertising into Q2 and that will be supplemented by the NAR spending in Q3 and Q4, is that fair to…

Rachel Glaser

Yeah, so we are doubling on the brand campaign. So we spent money on marketing a number of ways, so I am speaking specifically on brand campaign, which is the subset of the total. We’re going to double in Q2? Sorry?

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Which is mostly TV, you’re talking about?

Rachel Glaser

TV, we call it an integrated brand campaign. There is the same campaign runs online display, video ads and other online display.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Okay.

Rachel Glaser

The bulk of the spend is – TV. No radio and no print at the moment. And so we’ll be doubling what we’ve spent in Q1 and Q2 and we have not disclosed any amounts for Q3 or Q4, but we did say that the NAR will start to kick in their cooperative ad campaign in Q3 and they’re growing to at least not sure what we’ve spent on our own brand campaign in Q2. And we haven’t figured out what we will be kicking in Q3.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

So you’re not saying that you’re going to be fairly linear in your spending and they are just in the addition. It might be that they just kind of takeover of the bulk of the spend or?

Steven H. Berkowitz

No. We will be continuing to be spending based on what Rachel said and looking at the continued ROI of our spend. We continue to believe that what we’re doing. So they’re going to be added if they’re not – they’re not replacing what we’re doing.

Rachel Glaser

It’s supplemental.

Steven H. Berkowitz

It’s supplemental. So we’re going to be working together and we have, but much closer together than we have in the past and really focusing on the messaging is consistent.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

Yes. That’s what I was going to ask. The one voice, but two creative teams is that fair to?

Steven H. Berkowitz

Yes. They have their marketing team, we have our marketing team, they spend a lot of time together. Their creative agency was out our shoot. When we just did our new commercials, which we’ll be launching in the next week or so.

So yes it’s a very strong alignment, I mean, they understand that every dollar we spend on building Realtor is a dollar that benefits the industry and themselves and every dollar that they spend on the Realtor brand helps the industry. So they see it very much as an outcome that ultimately builds the brand value of their multibillion dollar brand Realtor.

Mitchell Bartlett – Craig-Hallum Capital Group LLC

And I have said that I estimate that you spend $25 million-ish in advertising across all the offline and online, and you’re saying whatever that number is they are at least double. They’re going to contribute on a – maybe go through – through this.

Steven H. Berkowitz

Yeah. They’re going to focus on what we’re spending on brands because Rachel said we’ve spent on lots of other things, right. I’m not going to confirm or deny your $25 million number, but whatever they’re going to be looking to match their campaign they spend tens of millions of dollars a year on their campaign.

Their goal is to apply that tens of millions of dollars to their building the relative brand. So the alignment between the two are very strong. It’s not a dollar for dollar match, it’s just very much of a joint effort that we’ll look at it and we look at both together. It ends up being a significantly stronger campaign.

Mitch P. Bartlett – Craig-Hallum Capital Group LLC

Last question. I’m sorry for the series of questions here. But what accounts for the decided seasonality in both profits and revenues in the past?

Steven H. Berkowitz

Well, I think one is we’re investing for the future. So what you’re seeing is our traffic growth. So I think that’s one thing that you’re seeing. I think you’re seeing a continue to grow audience, which I think will grow profits and if profits grow we’ve always said, marketing is a first half of the year, first nine months of the year commitment that we still market in the fourth quarter, but nowhere near as aggressively.

Mitch P. Bartlett – Craig-Hallum Capital Group LLC

How about the retooling of short-term?

Steven H. Berkowitz

All of those things will help us as we open more inventory. So, as Rachel said as we continue our traffic growth that opens growth in revenue. As we continue to look at the demand for our products that increases, that allows us to focus on increasing yield, and then the ability for us to optimize and increase the inventory is also whether we will grow and we think that those things are very much the projects that we’ve been working on in the first half of the year, and we’ll start to yield some benefits in the second half of the year.

Mitch P. Bartlett – Craig-Hallum Capital Group LLC

I see. Thank you very much.

Steven H. Berkowitz

Thank you, Mr. Barlett.

Operator

And the next question will come from James Cakmak of Telsey Group.

James M. Cakmak – Telsey Advisory Group LLC

Hi, thanks. Just two questions, please. So the first one you gave some metrics around the consumer’s engagement and mobile and so forth, I was just hoping being so ROI driven on the marketing side, if you can provide some detail around the engagement, repeat engagement that you’re seeing from the list of users as a result of the marketing channels?

And then secondly on the software and services, as you better integrate the products as we go through the year, how should we think about how your sales efforts would evolve to drive that, with your peer in the space making that part of the market as well, I guess any competitive pressures that you’re seeing there, or is it a kind of status quote. Thank you.

Steven H. Berkowitz

So I’ll answer the second question first. We’re not seeing any real change in the competitive landscape for Software-as-a-Service business, what we are seeing is a stronger demand for those products. A stronger need for an integrated suite of solutions, because again as we made the point in the call, I mean REIT volume is growing, the quantity of REITs is growing and continuing to grow.

The consumers are connecting earlier and earlier in the cycle, and the agents and brokers need the tools to manage those things, and they need the tools to manage the follow-up and they need the tools to manage those relationships.

And so we just see a continued growing need for an integrated suite, and I think we offer a very, very, very strong solution in that marketplace, and we’re seeing very strong adoption. The acquisition of FiveStreet bringing in lead aggregation, and lead routing has been an important part of what our reaction was to what our customers were asking for.

So, we see a good continued strong growth in that area. And your second – your first question was around?

James M. Cakmak – Telsey Advisory Group LLC

On the repeat engagement from the market analysts, users?

Steven H. Berkowitz

Yeah, well we are continuing to see – we still believe that we are the leader in page views per visit with the page views per user, minutes per visit. So the consumers that we’re bringing in are highly engaged. We still have over 90% of our page views come from homes for sale.

So as we continue to bring, we’re bringing in as I said, we are rightly focusing on bringing in the consumers who are in the house hunting marketplace. And so we’re continuing to see strong, strong engagement, strong repeat visits, and those metrics are continuing to grow.

Rachel Glaser

And we need to study a little longer James, because it’s only been running for 12 weeks now. So we want the lifetime, the lifetime activity of a user and their return visitation as well as a key metrics that we’re holding in on.

James M. Cakmak – Telsey Advisory Group LLC

Okay. And then, just real quick to follow up on the software segment comments. So, just as you integrate the products. I wanted to delve deeper into how you expect to evolve your sales strategy in a way that it perhaps could serve as next seller to that segment.

Steven H. Berkowitz

Sure. I mean we’re actually going into strategic solution now. I mean, I think one of the things that we actually do is, we not only – we take the whole concept of content to connection to quote into the brokers now. And the brokers are seeing the benefit of the solution that we offer.

So we now got a significantly more integrated approach to how we sell, whether it’s Co-Broke and TigerLead together; whether it’s TigerLead and Top Producer and FiveStreet together. So we’re seeing a much more integrated approach, because again what they’re looking for is more of a complete solution.

And the great part about our Software-as-a-Services suite, it isn’t just a front-end for Realtor.com – it’s our back-end for Realtor.com; it’s the back-end for any leads from any system. We take in leads from 5000 plus different systems to be able to integrate those leads into our technology, which allows the agent to become significantly more productive.

James M. Cakmak – Telsey Advisory Group LLC

Okay, thank you.

Operator

And next, we have a question from John Campbell of Stephens.

John Campbell – Stephens, Inc.

Hey, guys. Thanks for taking our questions. It looks like; I mean you guys are seeing some nice early returns from the ramp in that consumer marketing spend. So just looking for more detail on that unique visitor metric. I don’t know if you guys have it in front of you, but if you could just maybe provide the details for January and February or maybe just the year-over-year growth rates, just mainly looking again for just, any kind of like noticeable spike maybe in mid-quarter. Just given that you guys launched that marketing campaign kind of mid-quarter.

Rachel Glaser

We literally, it was like a graphic for you. We literally saw an immediate It would literally saw an immediate spike on the week we’ve launched the campaign, which was February 17.

So if it started in the middle of the month, it kind of dilutes the February numbers, so that’s why we gave the March numbers to show you year-over-year increase on a sort of full month basis.

Steven H. Berkowitz

Right, which is in the 20 plus percentage points?

John Campbell – Stephens, Inc.

Got it. So you did see a noticeable spike?

Steven H. Berkowitz

Yeah. Absolutely, and really across the board, both on the web and on mobile apps.

John Campbell – Stephens, Inc.

And then may be how did, so I guess how did April end up?

Rachel Glaser

The April numbers are not out yet.

Steven H. Berkowitz

The traffic was good in April. We see our April traffic was continuing strong.

John Campbell – Stephens, Inc.

Got it. And then just secondly here, I believe you guys put in place the share repurchase plan, I think it was about $20 million last March, last I checked, I guess you guys ran through about 1 million at the end of last year. And I might have missed this, but was there any share repurchase in 1Q, and then just given the pullback in the stock over last couple of months, and have your views changed at all on share repurchase going forward?

Rachel Glaser

I believe we repurchased 2 million, and then we also repurchased $25 million concurrent with the capital raise. And yes, we have sort an open to buy left on the – the share repurchase has been authorized by the Board. We haven’t made a statement on what we intend to do there.

John Campbell – Stephens, Inc.

Okay, great. Thanks for taking my questions.

Rachel Glaser

Thanks, John.

Operator

And next we have a question from Dan Kurnos from the Benchmark Company.

Rachel Glaser

Hi, Dan?

Dan L. Kurnos – The Benchmark Co. LLC

Yeah, great. Hey, how’s it going? Just a couple of questions most of mine have already been answered, just on the marketing environment, I guess TVC was really doing well for you guys, I’m just curious if you are seeing some pressure on online CPMs given your competitors going pretty aggressive in the online channel if that’s sort of deterring you from participating more in that market?

Steven H. Berkowitz

We participate in the online market fairly aggressively. We do it from that standpoint of making sure that what we’re looking at is the return that we get. Actually it’s significantly more trackable of course in online spend than it is in offline spend.

And I think the industry as a whole is seeing the cost of the acquisition of leads going up because of all the spend that’s going on out there, but we have a very sophisticated way of doing it, and we’ve been able to continue to get ROI positive across the board. And we talk about our brand spend, we’re talking both about the brand spend and then the companion digital spend that we’re doing along with it. We also do a digital spend in SCM, in which we do in lots of our other business.

Dan L. Kurnos – The Benchmark Co. LLC

Got it. That’s helpful, a way to think about it. And then, I mean Steve if you’re sort of talked about the integration plans, particularly on the software side, but or no if we actually within either the prepared remarks or in your responses so far have said specifically where you are within the integration process, particularly with regards to FiveStreet?

Steven H. Berkowitz

Well, FiveStreet is now integrated with Top Producer. And we said in our prepared remarks, market is now short, it’s being integrated into TigerLead. So, and then Top Producer and TigerLead, we are working on the integration of those two products.

So across the board where 50% of the way there maybe, maybe a little bit more. I mean we have things we still want to have, we have a lot of the new product features and that we’re going to be continuing to add especially as we continue to move to mobile in all of our applications.

And I think the other area of integration, which we didn’t talk about earlier is going to be in the smart lead area, which is an area of how do we make the leads that come into the system become smarter, so the agents can actually score them better and actually understand how to respond, and how quickly to respond. We believe all leads should be responded to in five minutes or less, how do we hope agents do that? So you’re going to see a lot of us, as we talk about the rest of the year, things around smart leads, things about making the agent more productive. But we’ve done I think a really good job of integrating those products.

Rachel Glaser

And just to add Dan that the General Manager of our Top Producer and TigerLead business and FiveStreet will be speaking at the Analyst Day, and we’ll talk more about some of that stuff.

Dan L. Kurnos – The Benchmark Co. LLC

Got it. Great. Steve five seconds or less would be awfully fast.

Steven H. Berkowitz

5 minutes.

Dan L. Kurnos – The Benchmark Co. LLC

I know, I’m just intriguing.

Steven H. Berkowitz

But actually five seconds wouldn’t be a bad thing either.

Dan L. Kurnos – The Benchmark Co. LLC

No, it certainly would not end up the phone. And then in terms of, you talked a lot about potential for Co-broke or showcase pricing, we know you’ve taken some rate card increase in showcase and we’d be interested to hear what you guys have to say about may be retooling sort of the business model on that side.

But historically, I know that thoughts on SaaS pricing had been a consideration as you sort of develop and given sort of ROI in the space, so has there been any additional consideration on matters I’m still mostly focused on integration?

Steven H. Berkowitz

Right now, we have been able to – with adding – as we continue, as features, we’re continuing to able to change the pricing mechanisms of how we price our subscription products on the Software-as-a-Service side. So as we add more features, it gives us more opportunity to extract more value exchange, which allows us to make, to get a higher subscription price as we move forward, the same way that there are times that people will pay for something and it will eventually become free, and we’ll be adding new features for which they will pay for.

So there is a cycle that goes on in software business, kind of which you think about it as a freemium model to a premium model that goes on very much in the in the Software-as-a-Service space, in real estate as in every other business.

Dan L. Kurnos – The Benchmark Co. LLC

And then just lastly from me, Rachel, you mentioned ListHub wasn’t material, I mean this has sort of been, I think the crux of a lot of investor questions in general about how to monetize ListHub, and get value for it, so just any additional thoughts you have at this point would be great.

Steven H. Berkowitz

Yes. So, I think ListHub is an, and we’ll talk a lot about this at our Analyst Day. So, I won’t have time today to talk about it, but one of the things that’s out there today, and it’s really important to the brokers, it’s the ability for them to manage their marketing spend and understand their marketing spend. And ListHub as a platform allows the industry to control the content on the way out, and allow them to bring back the data on the way in.

And I think as we think about that as a platform, I think it’s going to provide a tremendous amount of value for the brokers in the industry, and I think that, that as we continue to rollout that strategy, I think you’ll get a much better look of it.

It’s not really a fight at the end of the day for a listing here or a little bit of a – left over here or a broker feed over there. Ultimately, at the end of the day, it’s educating the industry on the importance of the platform, and I think you’ll see a lot of that when we talk about it on Analyst Day.

Dan L. Kurnos – The Benchmark Co. LLC

Okay, great. Thanks for all the color.

Rachel Glaser

Before we take the next call, I just want to jump in with an answer to a previous question that I didn’t have the data handy. I think, it was Jason from Oppenheimer who asked what our revenue increase would have been year-over-year when moving to three businesses that we’re having declined.

So those three businesses were moving rentals and featured products, and our revenues for our home business would be up 11% year-over-year and for just the consumer ad products would be up almost 12% year-over-year. Take next question.

Operator

And the question comes from John Egbert of Morgan Stanley.

John Peter Egbert – Morgan Stanley & Co. LLC

Thanks. Another year seeing the marking spend have a real impact on traffic. Have you thought of any new ways you might be able to use that traffic growth to unlock value from the 7500 sold out wait listed zip codes?

Rachel Glaser

Yes. We talked a bit about that. We’ll elaborate on it when we meet for Analyst Day on May 22. We talked about increasing our inventory, and also getting higher yield through pricing.

So both of those, and also this is the third way, of course I’m talking about specifically on Co-Broke first that we were going to be able to expand our inventory, because for us the more leads we get the more inventory we have, then we also – the higher demand enabled us to increase pricing, then the last of it would be our ability to monetize additional traffic, which equals more page views and impressions and we increase revenues through the media.

John Peter Egbert – Morgan Stanley & Co. LLC

All right. Thanks.

Rachel Glaser

Thank you.

Operator

And the next question is a follow-up from Mitch Bartlett of Craig-Hallum.

Mitch P. Bartlett – Craig-Hallum Capital Group LLC

Yeah, just two questions and then I can be done. Just in general, Steve, what is your spend, truly you’ll spend (indiscernible) spend that combined whatever $150 million from $200 million of noise in the market due to pushing agents generally towards the platform. I know you don’t have a perfect answer, but clearly there’s got to be some thought that the agents will have to be represented on the platform?

And then the second question, Rachel, if I can just push you a little bit, maybe, I mean given the second half ramp in revenues and profitability, maybe I can just get you to elaborate at least what are the one, two, three number of things that will drive that growth in the second half?

Steven H. Berkowitz

So on the marketing side, I mean what we’re finding for us is that realtor.com, the brand recognition is going a long way. I mean people know what are realtor is, but getting them to understand realtor.com is actually a representation of that information online. They get to stay anonymous, has become a real positive piece of feedback that we’re getting.

So we knew, people knew about the brand, they did not experience the experience online and specifically on mobile, So this idea of having a realtor in your pocket when you go out and shop looking for homes, you have a realtor in your car, which is your iPad or iPhone and hopefully you’re not driving when you do that, somebody else is looking at it, but we’re seeing strong, strong, strong brand value being driven by what we’re doing.

So for us, it’s a very wide spend and continuing to show, show that, that the idea of what we do, and how we do it differently resonates with consumers. And at the same time, the more we resonate with consumer stands here, and the other question, the more and more the agents who want to be on the platform, on the consumer side, and we know the more and more leads that are generated, the more that agents will want it and brokers want to be on the platform side.

Rachel Glaser

And then on your pushing me questions. First revenue, so revenue in the back half is going to grow a lot through C-Broke, which is going to come from the new pricing paradigm, the new product pricing paradigm, which is part pricing, part inventory. Efficiency of Co-Broke revenue, so being able to bundle up some of the breakage and sending that through in different kinds of packaged products to brokers or to TigerLead.

Then additional revenues will come from media. And then we’ll have continued growth from the SaaS products, and then potentially some new products we’re blending. So, that’s sort of the bulk of the – as traffic continues to grow, continue to grow as we planned through our marketing initiatives and through organic growth, that’s going to fuel a lot of the Co-Broke strength that you see there.

For profit, there is the normal seasonality we see in the back half of the year. There is the spread of our marketing investments, which we – the way we have it planned will create margin expansion in the back half of the year. And then the, obviously the flow through from incremental revenue I just described in the first part of the answer there.

Mitch P. Bartlett – Craig-Hallum Capital Group LLC

Perfect. Thank you very much.

Operator

And this concludes our question-and-answer session. I would like to turn the conference back over to Steve Berkowitz for any closing remarks.

Steven H. Berkowitz

Well, thank you very much for being on the call today. We will see you again in about little less than three weeks or two and a half weeks. We hope you all can make it, and thank you for your support, and we’ll talk to you soon.

Operator

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Move's (MOVE) CEO Steven Berkowitz on Q1 2014 Results - Earnings Call Transcript
This Transcript
All Transcripts