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Move, Inc. (NASDAQ:MOVE)

Q2 2007 Earnings Call

August 2, 2007 5:00 pm ET

Executives

Mollie O’Brien - Investor Relations

Mike Long – CEO

Lorna Borenstein – President

Lew Belote – CFO

Analysts

Mark May - Needham & Co.

Jeetil Patel - Deutsche Bank

Stewart Barry - Think Equity

Analyst for Imran Khan - JP Morgan

Gene Munster - Piper Jaffray

Ben Gellar -

Presentation

Operator

Good day ladies and gentleman and welcome to the Move, Incorporated 2007 second quarter earnings conference call. (Operator Instructions) I would now like to turn the call over to Ms. Mollie O’Brien, with Investor Relations. Please proceed, ma’am.

Mollie O’Brien

Thank you, operator. Good afternoon and welcome to our call today. On the call today are Mike Long, our Chief Executive Officer; Lorna Borenstein, our President; and Lew Belote, our 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 our 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 and market acceptance of new products and services. Additional factors are discussed in the company’s annual and quarterly reports which are filed with the SEC and available on our website.

All information discussed on this call is as of August 2, 2007 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 this call, we will also be discussing some non-GAAP financial measures in talking about the company’s performance. Reconciliations of those measures to GAAP measures can be found in a table attached to our press release.

I will now turn the call over to Mike Long.

Mike Long

Thank you, Mollie and thank you everyone for joining us today for our second quarter results. Before discussing the results, I would like to thank all the investors and analysts who gave us almost all your work day in New York on June 27 to meet our management team and review our strategy. It was an impressive turnout and we appreciate it.

The three pillar strategy we reviewed with you in New York is driving our operational decisions at all levels of our company. Under Lorna’s leadership since joining Move as our president 60 days ago, we are realizing the rigor and focus around execution we have been striving for. As evidenced by the impact on financial markets, it is obvious the real estate industry we serve is experiencing very serious upheaval. Our response to these market conditions is to enhance our focus on the most successful realtors and real estate professionals who will weather these markets and in many cases, emerge stronger.

We are likewise focused on addressing the needs of consumers searching for real estate listings information and insights. Current conditions have amplified consumers needs to better understand the current market and the options available to them whether they are on the buy side or the sell side. Our three pillar strategy is aimed squarely at these consumer and market realities.

(1) The best real estate search experience.

(2) The best tools, content and connections to maintain consumer relationships throughout the home cycle.

(3)Providing advertisers with the best venue for reaching consumers searching for a place to live and making it a home.

We are the leader today, however consumer needs and expectations around real estate search are rapidly changing and we need to satisfy them better than our competition. Ruthless prioritization is essential to achieving this critical goal. In a moment, Lorna will share with you the laser focus on execution priorities we are using to this end.

In this challenging environment, consumers and advertisers gravitate towards the trusted leaders. We are fortunate to have the market leadership position and the financial strength to provide the resources necessary to deal with the current market conditions and also the opportunity to expand our strategic leadership in the category. Our balance sheet is strong with $187 million in cash and in the second quarter, we improved our EBITDA margins over the second quarter of last year. While existing home sales for the quarter were down 11% over the second quarter of last year, according to the NAR, we grew revenues in REALTOR.com, Top Producer and New Homes.

Relator.com, our flagship business, grew 7% in this extremely challenging market. Top Producer grew 18%, continuing to solidify its leadership position as the CRM of choice for top-producing agents New Homes growth, though modest, was noteworthy since this business has experienced quarter-over-quarter revenue declines since May of 2006 when we radically changed its business model. Our rentals and Welcome Wagon retail and home plans businesses, which are being repositioned, had revenue declines year over year, resulting in consolidated revenue that was basically flat compared to second quarter of last year.

Looking forward, our focus on execution is being supported by a rigorous analysis of investments and related costs. There will be no sacred cows and all businesses will only be pursued if they have a clear role in executing our strategy. Lastly, the new venture we announced in February will not launch in the third quarter. We remain optimistic about the prospects for this new business and when we are ready to launch, we will update you. As a result, the expected operating loss for this unit in 2007 will be less then the $6 million we suggested last quarter.

I would now like to turn the call over to Lorna to give you an operational update.

Lorna Borenstein

Thank you, Mike. Mike has just outlined our high level company strategy. Since joining Move 60 days ago, our agenda has been simplifying and focusing the company’s strategy and prioritizing the order of execution for our strategic imperative. In fact, my first hire as President of Move Inc. was an EVP of Strategy. The last 30 days of analysis has led to a laser-like focus on the specific initiatives that will provide the highest return.

All of our product lines are undergoing detailed analytical review to make sure that each fits into our strategy, is sequenced correctly and has a projected ROI that justifies investment. There are three areas of focus that have emerged.

The first area of focus is the basic plumbing that we will need to provide a world-class consumer experience. This means necessary fundamentals including improving site speed by decreasing page weight; introducing flexibility of platforms; establishing AB testing; and improving our tracking abilities, which will allow us to better analyze our consumers behavior and needs. This will establish a solid foundation that allows us to improve search and extend our relationship with consumers throughout the home cycle.

In fact, my second hire here at Move is a Vice President with over 15 years of experience in consumer relationship and database marketing, both offline and online, whose sole focus will be on the activation, engagement and retention of consumers. We are already the clear leader in online real estate so we don’t necessarily have to be the first to market with new features; but we do need to be able to move quickly to respond to consumer demand and extend our lead.

The second area of focus is prioritization of product and features most directly relevant to our audience. Over the past 30 days we undertook a thorough clarification of the strategy and what that means specifically for each set of initiatives. We are concentrating first on the primary purpose for which consumers are currently on our website: the real estate search experience. The key to execution is clarity and focus. We will do fewer things better. In the near term we will be investing in initiatives that directly improved the consumer search experience; initiatives that do not fall under this definition will not receive additional investment.

With the renewed focus on execution, let me now walk you through three initiatives discussed at investor day that have launched in the last month. REALTOR.com neighborhood, REALTOR.com Mobile and improvements to our MLS listings updates that make our data the freshest available.

On July 23rd we launched the neighborhood search experience called Find a Neighborhood into beta on REALTOR.com. Neighborhood information consistently ranks as one of the most important focus points for people looking to move. Find a Neighborhood is a comprehensive search and content tool for consumers to find and explore neighborhood information relevant to their real estate search. The initial release was to 34 major markets and their associated neighborhoods. We plan to expand to 100 over the next few months before going nationwide.

On July 26th we launched REALTOR.com Mobile. We launched REALTOR.com Mobile because more people are using handheld devices to access information. REALTOR.com Mobile allows consumers to perform searches for real estate listings from their cell phone or PDA. Upon seeing a for sale sign, consumers can click on the application and immediately have photos and property details delivered right to them. The current release is available to consumers with Windows Mobile operating systems and a release later this year will allow universal mobile browser access, including Blackberry.

Earlier this week we announced improvements to the timeliness of our property listings. We will now be updating approximately 500,000 listings every 15 minutes, more often than any other real estate site. We already update listings from nearly half of the roughly 900 MLS’ multiple times per day. We plan to increase the number of listings we update in 15 minute increments to more than 1 million later this year.

A few key initiatives previously discussed are currently under review as a result of our clear and focused sequencing of priority. These include the expansion of the Welcome Wagon community and the new Home and Garden content channel. Consequently, these have not launched.

The third area of focus is on growing our traffic efficiently and cost effectively. We continue to enjoy clear traffic leadership among consumer facing real estate websites, averaging more than 9 million unique users in the second quarter, over two times as many as the next competitive site. Last year, the company had committed to a strategy of reducing our dependency on portal partnerships. The strategy has been quite successful, as evidenced by the more than 80% of REALTOR.com traffic that is organic. We are now in a position to maintain our traffic without resorting to significant or inefficient expenditure.

In a more competitive landscape, we believe building out the consumer search experience will extend our overall market share, and we also plan on driving more traffic to our network. We will do that by improving organic search results through search engine optimization, optimizing paid search campaigns and entering into cost-effective deals with traffic partners.

Accordingly, we decided not to renew deals with two portal traffic partners because those deals were not performing up to expectations and we believe we can source the traffic more cost effectively elsewhere.

I am pleased with the way the entire Move organization is responding to our new focus against a much narrower set of strategic priorities. We expect that the new organizational discipline and consumer focus will be readily apparent in the coming months.

Now to review how we performed in the past quarter, I'll turn the call over to Lew.

Lew Belote

Thank you, Lorna. Revenue for the quarter of $73.6 million declined just slightly compared to the second quarter of 2006, but was up 4% sequentially over last quarter. EBITDA was $6.9 million or 9.4% of revenue compared to $4.7 million or 6.4% of revenue last year. We reported a GAAP net loss of $3.5 million compared to net income of $1.4 million in the second quarter of last year. Excluding expense from stock-based compensation under FAS 123R, net income would have been $4.3 million in the quarter compared to $4 million in the second quarter of 2006.

Looking at our segments, in real estate services which includes REALTOR.com, Top Producer, New Homes and Rentals we reported revenue growth of 5% over the second quarter of last year. Revenue growth was driven by REALTOR.com and Top Producer and offset slightly by Rentals. However, even in this tough market and with the investment in our new venture reflected in this segment, the operating margin in the first quarter improved to 25% compared to 22% in the second quarter of 2006.

We continue to see a lot of same phenomena we discussed on the last couple of earnings calls. In REALTOR.com both renewal rates and new sales in the lower tier agent segment continue to be tough as these agents experience reduced cash flows as a result of the slower market. While overall renewal rates are down slightly over last year, we saw a return to growth of new agent customers in our mid and top tier agents.

We also continue to see solid growth in the sales of our company showcase products to brokers, ending the second quarter with over 2,500 customers representing almost 180,000 agents this is up from 2,000 customers just three months ago. Going forward, we are now focusing even more on the mid and top tier agents as well as selling our company showcase product to brokers, and we are releasing new products and features to help consumers find the housing options they are searching for and to help them learn more about the communities they are searching within.

Top Producer had a strong quarter as we continue to add subscribers, although the rate is slower in this market than the growth rate we experienced in 2005 and 2006. We launched the beta of the next generation of our CRM software Top Producer AI. The new product contains the largest set of enhancements since the initial launch of the web-based software in 2002. This newest version of the software built using Ajax technology is a true web 2.0 application, providing on the fly personalization, drag and drop information sharing and significantly improved work flows. We believe this new version will both increase renewal rates for existing customers as well as attract new customers.

In New Homes and Rentals, revenue declined 10% from the second quarter of last year. As expected, new homes grew over last quarter and the second quarter of last year while Rentals has continued to decline. The demand from home builders for marketing their inventory is much more robust than in the rentals market.

As we noted at our investor day presentation on June 27, we have renamed our Move-related services segment. We now refer to it as Consumer Medium. Revenue for the quarter declined 13% from the second quarter of 2006 in this segment. While Welcome Wagon increased 10% from last quarter, it was down 8% compared to last year, primarily due to the elimination of unprofitable territories in late 2006, but also impacted by fewer movers in this tight market. Our retail business, which includes Moving.com experienced 11% lower revenue than the second quarter of last year.

The macro market issues continue to negatively effect demand from finance-related advertisers. To both improved performance and satisfy consumer interest, we are partnering with Bank Rate to offer best in breed financial content and tools to our large audience of movers. Starting in the September timeframe, Bank Rate will power the mortgage and home equity rate tables on Move.com.

Our unallocated or corporate expense for the second quarter was $15.6 million, an increase of $4.3 million from the same period in 2006. Excluding the effect of stock-based compensation from both years, corporate expense increased only 4% from last year.

Looking at our consolidated results, our gross margin in the second quarter was 79%, an improvement over last year’s 78%. Taking our expenses line by line, sales and marketing expense in the second quarter declined slightly to $27.6 million compared to $28.3 million in the second quarter of 2006. Product development expense in the second quarter of $9.3 million or almost 13% of revenue was approximately $500,000 higher than 2006. This is a function of the many new product initiatives we have outlined.

General and administrative expense of $25.1 million for the second quarter was $5.7 million higher than the second quarter of 2006. The increase was primarily due to non-cash stock-based compensation. All of our experiences for the quarter were in line with expectations.

Our cash and short-term investments at June 30 were $187.3 million, a $1.1 million decrease from the end of last quarter. Our main sources of cash during the second quarter were as follows: $6.9 million in EBITDA and $2.5 million in interest income. These were offset by $8.4 million in capital expenditures, $1.6 million in changes in working capital and $500,000 in payments on capital leases.

Our CapEx for the quarter of $8.4 million was high relative to our historical purchases. We had a large portion of our normal annual replacement hardware purchased in the quarter; one large software acquisition to improve our website performance and capitalize R&D expenditures associated with our CRM implementation and new product development we have outlined.

At this point I would like to turn the call back over to Mike for final comments.

Mike Long

Thanks, Lew. While we are acutely aware of the pressures on our markets in the presence of emerging competition, there is tremendous excitement in our company. Success in this space requires both a large audience and an effective monetization strategy. We have both. The industry leader in both respects. We are increasingly confident we can grow our audience and make major improvements in our ability to monetize our audience. Given our incredible focus on execution under Lorna’s leadership, we are very encouraged about our strategic future.

Thank you for your kind attention and we are very interested in your questions. Operator, please open up the lines.

Question-and-Answer Session

Operator

Your first question comes from Mark May - Needham & Co.

Mark May - Needham & Co

I think you mentioned Lorna that there are some projects that I believe you called them under review. They include expansion of Welcome Wagon Community and the Home and Garden channel. I think you had some other items. Maybe if you can elaborate a little bit on that? Are these opportunities for cost savings going forward?

Lorna Borenstein

The products and features that are the most directly relevant to our audience are the ones that we know we need to immediately invest in, Mark. What we know is that consumers are coming to our site because of the consumer real estate search experience. So that’s really going to be primary area of our immediate focus. Anything that doesn’t seem to fit squarely in that is what is undergoing review. What we will be doing is making sure that any expansion plan, for example, do fit within that primary strategy.

Mark May - Needham & Co

I think you also mentioned several initiatives that seem to be geared towards accelerating traffic growth that include SEO, SEM deals with new traffic partners. Can you talk about your efforts, where you are today and how long do you think it will take for you to get the number of things that you are looking at in this area to get these deals put together?

Lorna Borenstein

The efforts are going to be around a significant amount of SEO both from technical and marketing perspectives working together as well as continuing the effort that had been underway that had been quite successful in improving our page rank. So the time spent for that, as you know, it's an ongoing process but we are quite pleased with what we are seeing so far and that is reflected in our organic traffic numbers and we expect to continue to see that type of success without having to invest in unprofitable deals.

Mark May - Needham & Co

Did I hear that Welcome Wagon revenues were up sequentially? If so, what was that number? I think you said 8% . Was that just seasonality or were there some other reasons for that?

Lew Belote

The second quarter obviously is much better than the first because there are more people moving, especially into the June timeframe. They were up 10% from last quarter but down 8% from last year. That 8% combined year-over-year, that decline is a function of both some of the unprofitable territories we eliminated as well as just the macro market conditions that are yielding fewer movers.

Mark May - Needham & Co

Can you give us the headcount at quarter end and how that compared to either year end or the Q1 quarter?

Mike Long

To be honest with you, I don’t think the headcount has changed materially since year end. It is disclosed in our 10-K, but I don’t have the exact number.

Operator

Your next question comes from the line of Jeetil Patel - Deutsche Bank.

Jeetil Patel - Deutsche Bank

A couple of questions on the plans in the publication division and Welcome Wagon. Lorna, can you talk about whether you have rethought or your thoughts on the strategic value of these business lines at this point? I am not sure if you discussed what you have thought about those business lines, how they fit in or don’t fit in, or the overall positioning at this point in time given that they seem to be underperforming.

Lorna Borenstein

Basically where we are going to be focusing our energy is squarely against the consumer real estate search experience and whatever technology, process or content will augment that consumer real estate search experience.

So what is under review right now are the various initiatives that were planned to see how they will or won’t help that. To the extent that they will, we do plan on investing in them. But to the extent that they are tangential or they should be sequenced later on, then they will be either delayed or they won’t actually go forward.

Jeetil Patel - Deutsche Bank

Do you view Welcome Wagon as core to it or tangential?

Lorna Borenstein

What we need to see is based upon the plans that the teams have worked on, how that's going to fit best going forward.

Jeetil Patel - Deutsche Bank

Can you talk about REALTOR.com, what was the performance there? I apologize again, I can pick that up later, but it would be great to see how that comped on a year-on-year basis.

Expenses, as you have dug into the business in more detail, where do you think there is opportunity to improve with the existing expense base that you have to work with on R&D, sales and marketing, G&A. Where do you think you still need to step up the investment? Can you go through that a bit more by line item?

Lew Belote

Briefly on the revenue growth at REALTOR it grew about 7% year over year and almost 3% quarter on quarter.

In terms of your question about expenses, we think we have the ability to redeploy some of the investment, some of the expenses we are incurring right now and focus strictly on those things to start that enabled the search experience and improve it. We don’t contemplate at this point substantial reductions in expenses, although the make up of those expenses could change over the next couple of quarters.

Jeetil Patel - Deutsche Bank

Is there a particular area that you are probably overweight on right now? Where do you think you can redeploy? Is it on the sales and marketing front or do you think its more in the product development side?

Mike Long

I think it’s a combination of both. I think we can focus our sales force more effectively on the opportunities in the market and I do think we can take some of our engineering resources and get them focused on the things that Lorna outlined in terms of search experience and consumer needs.

Operator

Your next question comes from the line of Stewart Barry - Think Equity.

Stewart Barry - Think Equity

Where do you attribute the weakness in REALTOR.com? Is it from the demand side of the equation or is it just traffic flowing? How do you assess your pricing leverage, your real estate advertisers?

Mike Long

On the demand for REALTOR advertising, we are experiencing some weakness on renewal rates and as we have shared with you in the past, we have continued to experience greater weakness in the lower tier agents. While overall renewal rates are down slightly in all categories over the last year, we are actually seeing a return to growth of new agent customers in our mid and top tier agents. So traffic, while down year-over-year we think is a function of the number of buyers in the market right now and we still compare very favorably to the other companies in the category.

Stewart Barry - Think Equity

Just in terms of your pricing leverage, have you rethought your pricing strategy given that demand amongst at least the higher end advertisers seems to be high and that you have brought in your base there, that it might be a nice way to grow despite more challenging macro?

Mike Long

Yes we have and particularly in the area of some of our display advertising such as featured homes. We are adjusting pricing to I think reflect the reality of the market that our customers are experiencing out there. In many markets it is just real tough and our display advertising tends to be at the upper end, our most expensive products and so we are reflecting the market reality in making price adjustments by market to reflect what's going on in those markets and to send the signal to our customers that we are their partner.

Stewart Barry - Think Equity

Could you just update us on your monetization effort in New Homes and Rentals, where you are in a pricing platform for advertisers to participate?

Lew Belote

The featured listing product that is on both of those product sets we still think has a lot of potential; that is the CPC based pricing. But the take up rate by some of our customers has not been as strong as we'd hoped at this point. We are working on the performance on those products to make sure that what's being shown to the consumer's is responsive to the consumer search.

The showcase listings are still generating most of the revenue on both of those sites and we think that over time, we will get a combination of both of those and it will help drive revenue growth.

Operator

Your next question comes from the line of Imran Khan - JP Morgan.

Analyst for Imran Khan - JP Morgan

A couple of questions. First of all, I know you are not really giving guidance but do you think looking at the EBITDA margins, they are around 10%. Do you think that is something that eventually goes a little bit upward or do you think these are the levels where you are at?

More generally, I know that you said in the past that you think that a tough real estate market affects you but it is not debilitating. At the same time it seems like significant growth is not necessarily going to happen until the market turns around, at least somewhat. What kind of sense are you getting as far as what the state of the market is? Do you still think that it will be 18 or 24 months before there is a significant turnaround or do think that it could come faster or take longer? Thank you.

Mike Long

Right now there are no reliable indicators that the market recovery will probably likely recover this year and we obviously track it very closely. But there are certain large markets in the country that experience tremendous top line appreciation -- Southern California, Florida, Phoenix, Las Vegas, the Washington D.C. area that is going to take a while for demand to catch up with supply. In our business planning we are not anticipating a recovery in some of those key markets this year. We are looking at 2008 and attempting to evaluate all the economic data and the data that we have available to us in our network and we will make plans accordingly. But right now we are expecting relatively weak overall markets for the rest of the year and we will manage our expenses and deploy our assets accordingly.

We do see it actually as an opportunity to improve the consumer experience because the consumers are really demanding more information and a different experience in this weak overall real estate market than they were when the markets were very robust. We think we are gathering a good handle on what those needs are and Lorna and the implementation team are focused on that, as we say internally, with a laser-like focus.

Analyst for Imran Khan - JP Morgan

On CapEx you said that you made some investments that just needed replacing. As far as going forward for the rest of year is it safe to assume that CapEx will be more inline with what it's been on a quarterly basis in the past?

Lew Belote

As we said I think this quarter was a little bit of a anomaly to be that high and it is just a function of making some decisions in this quarter.

Operator

Your next question comes from the line of Gene Munster - Piper Jaffray.

Gene Munster - Piper Jaffray

Did you guys outline what the potential loss was relative to Welcome Wagon in the June quarter?

Lew Belote

The loss for the segment is in the press release but not for the individual business units.

Gene Munster - Piper Jaffray

Is it safe to say that Welcome Wagon is still the biggest drag on EBITDA?

Lew Belote

Welcome Wagon, coupled with the investment we have made up to this point in the Welcome Wagon Neighborhoods is the biggest drag on. The Homeplans business, while not as large, because of this tough market on new homes has also yielded some negative margins.

Gene Munster - Piper Jaffray

Going forward, you guys have obviously outlined your initiatives and search has been one of the biggest ones. You have suggested that Welcome Wagon, can we read into that some of the spending in Welcome Wagon –

Lew Belote

Gene, are you on a cell phone? The second half of your question cut out. Can you try it again? I think we lost you.

Operator

Your next question comes from Mark May - Needham & Co.

Mark May - Needham & Co.

I am not going to try to re-ask his question but I have a couple of my own. One is the stock comp expense went up in the second quarter. Could you provide some guidance in terms of what to expect in the second half of the year?

I think that you mentioned that you are delaying the launch of the [stealth Allan Dalton] project. When do you expect for that to launch? Can you talk about the reasons for the delay and is Mr. Dalton still part of the team?

Mike Long

Yes, Mr. Dalton is still part of the team and we remain very excited about this new venture. It is a new venture and when we do launch, it needs to be a fabulous launch and we decided we were not ready in the third quarter and when we are ready we will announce.

Lew Belote

To your first question about stock-based comp, this is something that I struggle with. We brought on Lorna who has a pretty healthy package and that's all public information and part of her stock options were vested out front, so we had a pretty large expense this quarter but then again, when I try to predict what is going to be going forward even for internal purposes, the last couple of quarters I have been off on that, because this is not your typical expense and is not derived in a typical manner that the rest of the expenses are in our financials. I know some of our investors are frustrated that we have chosen to ignore it in terms of how we view our performance. We continue to focus on EBITDA, but it really in no way represents the compensation that are being derived by our executives and by our employees. While we will continue to follow GAAP and report it is just not something I can predict in advance, even if we were giving guidance.

Operator

Your final question comes from Ben Gellar. Please proceed.

Ben Gellar

You guys mentioned that there were two key portals you decided not to renew with. I am wondering which ones those were and what was the reason behind that? How much of your traffic comes from those portals?

Lorna Borenstein

Again the two portals that we didn’t renew the deals with are Yahoo! and AOL. Overall, on REALTOR.com, for example, our organic traffic is about 88% and then we have 12% of our traffic that we have to pay for. So it was actually a small percentage of the whole.

The reasons were really simple: we did not feel that those deals were meeting our financial expectations and we know that we can replace that traffic effectively and efficiently elsewhere so it just didn’t make a lot of sense to continue those deals as they were currently structured.

Operator

At this time we have no more questions in the queue, sir.

Mike Long

We would like to thank everybody to joining us. We appreciate your continued support and we look forward to talking with you at the next quarterly conference call for Move Incorporated. Thank you.

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Source: Move Q2 2007 Earnings Call Transcript
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