Item 2.02. |
Results of Operations and Financial Condition |
Webmd Health Corp - Recent Material Event At WebMD Health Corp.s Annual Meeting of Stockholders to be held later today, executives of
WebMD are expected to state, with respect to WebMDs financial results for the quarter ended
September 30, 2009:
Please see Exhibit 99.3 to the WebMD July 30 Form 8-K for additional information regarding the
financial guidance provided and please see Exhibit 99.4 (Explanation of Non-GAAP Measures) to that
Form 8-K for an explanation of Adjusted EBITDA, a non-GAAP measure.
As previously announced, at the Annual Meetings of Stockholders of WebMD and of HLTH
Corporation to be held later today, stockholders of HLTH and WebMD will be voting whether to
approve the merger of the two companies. If the merger is approved at the meetings, the companies
expect to complete the merger later today, with HLTH merging into WebMD, which will be the
surviving company, and each share of HLTH Common Stock being converted into 0.4444 shares of WebMD
Common Stock. In addition, in the merger, the outstanding shares of WebMDs Class B Common Stock
(all of which are held by HLTH) would be cancelled. The shares of WebMDs Class A Common Stock
would be unchanged in the merger and continue to trade on the NASDAQ Global Select Market under the
symbol WBMD; however, they will no longer be referred to as Class A because the merger would
eliminate both the WebMD Class B Common Stock held by HLTH and the dual-class stock structure at
WebMD.
As previously disclosed, the merger will constitute a reverse merger for accounting
purposes, with HLTH being treated as the acquiror. Accordingly, following completion of the
merger, the pre-acquisition consolidated financial statements of HLTH would be treated as the
historical financial statements of WebMD going forward and would be included in WebMDs Annual
Report on Form 10-K for the year ending December 31, 2009. However, because completion of the
merger would occur after the end of the third quarter, the financial statements in WebMDs upcoming
Quarterly Report on Form 10-Q for that quarter would, under applicable accounting rules, relate
only to WebMD and WebMDs historical financial statements would be the historical financial
statements for purposes of that filing.
The information in this Item 2.02 is being furnished and shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act), nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933 (the Securities
Act) or the Exchange Act, except as shall be expressly set forth by specific reference in such
filing.
WebMD Financial Guidance. At the WebMD Annual Meeting of Stockholders to be held later today,
executives of WebMD are expected to state, with respect to financial guidance for the year ending
December 31, 2009, that they are comfortable with the financial guidance for 2009 included in the
WebMD July 30 Form 8-K
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and will provide additional detail in conjunction with the third quarter earnings release,
which is scheduled for November 3, 2009.
HLTH Financial Guidance. At the HLTH Annual Meeting of Stockholders to be held later today,
executives of HLTH are expected to state, with respect to financial guidance for the year ending
December 31, 2009, that they are comfortable with the financial guidance for 2009 included in the
Current Report on Form 8-K filed by HLTH on July 30, 2009 (the HLTH July 30 Form 8-K) and that
additional detail will be provided in conjunction with the third quarter earnings release, which is
scheduled for November 3, 2009.
As previously announced, a live audio webcast of the Annual Meetings of Stockholders of WebMD
and of HLTH will be available over the Internet beginning at 9:30 A.M., Eastern time, today. To
listen to the audio webcast of the meetings, investors can go to www.wbmd.com (in the Investor
Relations section) or at www.hlth.com (in the Investor Relations section) at that time.
The information in this Item 7.01 is being furnished and shall not be deemed filed for
purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any
filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing. The information in this Item 7.01 includes forward-looking
financial information.
* * *
All statements contained in this Current Report and the related presentation at the Annual
Meetings of HLTH and WebMD, other than statements of historical fact, are forward-looking
statements, including those regarding: guidance on future financial results and other projections
or measures of future performance; market opportunities and our ability to capitalize on them; the
benefits expected from new products or services and from other potential sources of additional
revenue; and expectations regarding the market for our investments in auction rate securities
(ARS). These statements speak only as of the date of this press release, are based on our current
plans and expectations, and involve risks and
uncertainties that could cause actual future events or results to be different than those
described in or implied by such forward-looking statements. These risks and uncertainties include
those relating to: market acceptance of our products and services; changes in our relationships
with customers and strategic partners; changes in the markets for ARS; and changes in economic,
political or regulatory conditions or other trends affecting the healthcare, Internet and
information technology industries. Further information about these matters can be found in our
Securities and Exchange Commission filings. Except as required by applicable law or regulation, we
do not undertake any obligation to update our forward-looking statements to reflect future events
or circumstances.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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