Breaking News Bar

Business News and Information

Actua Reports Third Quarter Financial Results

RADNOR, Pa., Nov. 09, 2017 (GLOBE NEWSWIRE) -- Actua Corporation (Nasdaq:ACTA) (“Actua”) today reported its results for the third quarter ended September 30, 2017.  Based on the execution of definitive agreements for the sale of Actua’s stakes in Bolt, FolioDynamix and VelocityEHS (as previously announced on September 25, 2017), along with other relevant factors, it has been determined that the relevant criteria for “held-for-sale” classification and “discontinued operations” presentation were met on September 30, 2017.  Accordingly, the financial results and financial positions of Bolt, FolioDynamix and VelocityEHS are presented as discontinued operations in Actua’s consolidated financial statements for all periods presented.

Actua’s consolidated financial statements are contained in this release and are also available in Actua’s Quarterly Report on Form 10-Q, which was filed with the SEC on November 9, 2017.  As a reminder, Actua will not be hosting a third quarter earnings conference call in light of the pending sale transactions described above.

Please see Actua’s website at for more information on Actua, its businesses and its third quarter 2017 results.

About Actua

Actua Corporation (Nasdaq:ACTA), the multi-vertical cloud company, brings the power of the cloud to vertical markets and processes.  Actua is pioneering the second wave of the SaaS revolution - the vertical wave - by growing cloud businesses that are transforming their markets.  With over 700 employees delivering unrivaled domain knowledge, agility and responsiveness to our customers, Actua’s rapidly growing vertical cloud businesses are positioned to lead this wave.  For the latest information about Actua and its brands, please go to

Safe Harbor Statement under Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements involve certain risks and uncertainties, including, but not limited to, risks associated with our ability to compete successfully in highly-competitive, rapidly-developing markets, the valuation of public and private cloud-based businesses by analysts, investors and other market participants, our ability to deploy capital effectively and on acceptable terms, the effect of economic conditions generally, capital spending by our customers, our ability to retain existing customer relationships and revenue streams and secure new ones, developments in the markets in which we operate and our ability to respond to those changes in a timely and effective manner, the availability, performance and security of our cloud-based technology, particularly in light of increased cybersecurity risks and concerns, our ability to retain key personnel, our ability to successfully integrate any acquired business, the impact of any potential acquisitions, dispositions, share repurchases or other strategic transactions (including in connection with the negotiation, execution and consummation thereof), our ability to have continued access to capital and to manage capital resources effectively, our ability to satisfy the closing conditions for the sales of our businesses described above, our ability to monetize our remaining minority investments for sufficient value and other risks and uncertainties detailed in Actua's filings with the SEC.  These and other factors may cause actual results to differ materially from those projected.

 Actua Corporation
 Consolidated Statements of Operations
(In thousands, except per share data)
   Three Months Ended
 September 30,
 Nine Months Ended
September 30,
   2017 2016 2017 2016
 Revenue $  $  $  $ 
 Operating expenses        
  Cost of revenue        
  Sales and marketing        
  General and administrative 6,186  5,313  19,607  18,280 
  Research and development        
  Amortization of intangible assets        
  Impairment related and other   (3)   42 
   Total operating expenses 6,186  5,310  19,607  18,322 
  Operating income (loss) (6,186) (5,310) (19,607) (18,322)
 Other income (expense):        
  Other income (loss), net 192  2,842  3,846  2,888 
  Interest income 107  24  381  92 
 Income (loss) before income taxes and noncontrolling interests(5,887) (2,444) (15,380) (15,342)
 Income tax benefit (expense)        
 Income (loss) from continuing operations(5,887) (2,444) (15,380) (15,342)
 Income (loss) from discontinued operations, net of tax(1,018) (8,649) (9,003) (24,692)
 Net income (loss) (6,905) (11,093) (24,383) (40,034)
  Less: Net income (loss) attributable to the noncontrolling interests(424) (1,019) (1,369) (2,888)
 Net income (loss) attributable to Actua $(6,481) $(10,074) $(23,014) $(37,146)
 Amounts attributable to Actua common shareholders:       
 Net income (loss) from continuing operations$(5,887) $(2,444) $(15,380) $(15,342)
 Net income (loss) from discontinued operations(594) (7,630) (7,634) (21,804)
 Net income (loss) attributable to Actua common shareholders$(6,481) $(10,074) $(23,014) $(37,146)
 Basic and diluted net income (loss) per share:        
Income (loss) from continuing operations attributable to Actua common shareholders $(0.19) $(0.06) $(0.49) $(0.42)
Income (loss) from discontinued operations attributable to Actua common shareholders (0.02) (0.21) (0.24) (0.59)
 Income (loss) attributable to Actua common shareholders $(0.21) $(0.27) $(0.73) $(1.01)
Shares used in computation of basic and diluted net income (loss) per common share attributable to Actua common shareholders 30,641  36,776  31,335  36,943 

 Actua Corporation
 Condensed Consolidated Balance Sheets
(In thousands)
   September 30,  December 31,
   2017 2016
  Cash and cash equivalents$33,604  $76,530 
  Prepaid expenses and other current assets546  476 
  Assets held for sale349,200  182,649
   Total current assets383,350  259,655
  Fixed assets, net59  93 
  Intangible assets700  700 
  Cost method businesses17,473  17,250 
  Other assets147  147 
  Non-current assets held for sale-  175,873 
   Total Assets$401,729  $453,718 
  Accounts payable$298  $1,108 
  Accrued expenses1,860  1,734 
  Accrued compensation and benefits636  710 
  Liabilities held for sale73,638  70,227
   Total current liabilities76,432  73,779
  Non-current liabilities held for sale-  8,597 
   Total Liabilities76,432  82,376 
  Redeemable noncontrolling interests5,961  5,858 
  Total Equity319,336  365,484 
   Total Liabilities, Redeemable noncontrolling interests and Equity$401,729  $453,718 

 Actua Corporation
 Consolidated Statements of Cash Flows
(In thousands)
 Nine Months Ended September 30,
 2017 2016
OPERATING ACTIVITIES - Continuing Operations   
Net income (loss)$(24,383) $(40,034)
(Income) loss from discontinued operations, net of tax9,003  24,692 
Adjustments to reconcile net loss to cash used in operating activities:   
Depreciation and amortization83  100 
Equity-based compensation9,495  9,824 
Impairment related and other  (42)
Other (income) loss, net(3,846) (2,888)
Changes in operating assets and liabilities   
Prepaid expenses and other assets(68) 1,147 
Accounts payable(809) (155)
Accrued expenses111  (651)
Accrued compensation and benefits(74) (796)
Other liabilities  (32)
Cash flows provided by (used in) operating activities(10,488) (8,835)
INVESTING ACTIVITIES - Continuing Operations   
Capital expenditures(52) (11)
Proceeds from sales/distribution of ownership interests3,846  4,454 
Ownership acquisition, net of cash acquired(223) (700)
Cash flows provided by (used in) investing activities3,571  3,743 
FINANCING ACTIVITIES - Continuing Operations   
Purchase of treasury stock(30,434) (9,533)
Tax withholdings related to equity-based awards(2,896) (1,570)
Financing activities with discontinued operations, net(2,564) (10,637)
Cash flows provided by (used in) financing activities(35,894) (21,740)
Effect of exchange rate on cash and cash equivalents(115) (41)
Net increase (decrease) in cash and cash equivalents from continuing operations(42,926) (26,873)
Discontinued Operations   
Cash flows provided by (used in) operating activities5,582  (4,710)
Cash flows provided by (used in) investing activities(1,327) (6,766)
Cash flows provided by (used in) financing activities2,893  4,010 
Net increase (decrease) in cash and cash equivalents from discontinued operations7,148  (7,466)
Cash and cash equivalents at beginning of period - discontinued operations20,834  21,961 
Less: cash and cash equivalents at end of period - discontinued operations27,982  14,495 
Cash and cash equivalents at beginning of period76,530  54,352 
Cash and cash equivalents at end of period$33,604  $27,479 

Investor inquiries:
Karen Greene
Investor Relations

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
bottom clear