Q3 2008 Earnings Call Transcript
November 5, 2008, 11:00 am ET
Tom McInerney – EVP and CFO
Barry Diller – Chairman and CEO
Justin Post – Merrill Lynch
Jeetil Patel – Deutsche Bank Securities
Mark Mahaney – Citigroup
Jennifer Watson – Goldman Sachs
Kaizad Khushru Gotla – Banc of America Securities
Douglas Anmuth – Barclays Capital
Alan Gould – Natixis Bleichroeder
Ross Sandler – RBC Capital Markets
Jeffrey Lindsay – Sanford Bernstein
Lisa [ph] – JPMorgan
Scott Kessler – Standard & Poor's
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I’ll now turn the call over to Mr. Tom McInerney, Executive Vice President and Chief Financial Officer.
Thanks, operator, and everyone for joining us this morning for our Q3 earnings call. Barry will make some comments, after which I will come back to quickly take through some housekeeping issues.
But first, I'll remind you that during this call, we may discuss our outlook for future performance. These forward-looking statements typically are preceded by words such as ‘we expect,’ ‘we believe,’ ‘we anticipate,’ or similar statements. These forward-looking statements are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our Q3 2008 press release and our periodic reports filed with the SEC.
We will also discuss certain non-GAAP measures. I refer you to our press release and the ‘Investor Relations’ section of our website for all comparable GAAP measures and full reconciliations.
With that I will turn it over to Barry.
Thank you, Tom. Good morning, everybody. Congratulations to those who supported the winner and condolences to those who didn’t. After a short pause, we’ll be onto Election 2012.
I want this call today to be mostly a dialog between us. I think that getting to the question and answers rather than going through canned scripted remarks is just a much better process. I’ve noticed lately that for us and for other companies that the scripted portion runs 20-25 minutes and I just don’t think that’s very productive. I also don’t think – and this will not surprise anybody, obviously – that we should concentrate on the (inaudible) of the numbers. We report, we put in our press release as much information as it’s possible for us to do. And of course, we will continue to do so. And there may be technical questions and other questions that come up from it, and which are fine – Investor Relations department or any of us here today.
With me is not only Mr. McInerney, but our Vice Chairman Victor Kaufman, and our General Counsel, Mr. Blatt. And we are always ready to answer any questions. But the quarterly call itself, obviously, is something that points up quarters, and there is no real way around that. At the same time, I kind of want to make a compromise with that. We really do run the Company long term. We run the Company not on a quarterly basis. We do not want to be in a position that because of these calls, because of the way kind of things are done, that we get into that habit. It just does not make sense for this Company, certainly not this Company at this time.
The other thing I really want to talk about before we go to questions, and hopefully this dialog we’ll have about where we’ll talk about trends, we’ll talk about any subject that any of you wish to talk about. But let me talk for a minute about capital.
We certainly have a lot of it, and that’s good, certainly at this time in our queezy [ph] economy. That capital is not burning a whole in our pockets. We do have a number of acquisitions that are in the Search and Local areas that we are in the process of thinking about, determining whether we’ll do some of them or not. None of them are very large. I don’t contemplate any of them of being by themselves large or even in aggregate I can't tell you with – all I can tell with absolute assurance that this process of our in acquisitions is going to be extremely disciplined as I believe it has been since the last couple of years. As I think the acquisitions that we’ve made and the reports that we’ve made to you, every one of them has been sensible and is going according to the internal plans that we had for them.
I would tell you also that we are probably not going to spend the greater percentage of our capital on acquisitions. And that of course leads obvious eventualities none of which I am going to go into because obviously we can't. We’ve always said that we are opportunistic about find back stock. That continues to be our policy. Our policy is also clearly not to talk about it until we’ve done it and then we report it on a quarterly basis.
So, with that, we’ll take questions now. Sorry, I am going to turn it back to Mr. McInerney, who has some items he wants to cover before we get into questions.