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This excerpt taken from the WBMD 10-Q filed May 11, 2009. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the fair value
of certain of our investments to fluctuate such as our
investments in auction rate securities that generally bear
interest at rates indexed to LIBOR. As of March 31, 2009,
the fair market value of our auction rate securities was
$127 million. However, the fair values of our cash and
money market investments, which approximate $205 million at
March 31, 2009 are not subject to changes in interest rates.
WebMD has entered into a non-recourse credit facility
(“Credit Facility”) with an affiliate of Citigroup
that is secured by its ARS holdings (including, in some
circumstances, interest payable on the ARS holdings), that will
allow WebMD to borrow up to 75% of the face amount of the ARS
holdings pledged as collateral under the Credit Facility. The
interest rate applicable to such borrowings will be the Open
Federal Funds Rate plus 3.95%. No borrowings have been made
under the Credit Facility to date.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of March 31, 2009. Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that
WebMD’s disclosure controls and procedures were effective
as of March 31, 2009.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the first quarter of 2009 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
These excerpts taken from the WBMD 10-K filed Feb 27, 2009. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the fair value
of certain of our investments to fluctuate, such as our
investments in auction rate securities that generally bear
interest at rates indexed to LIBOR. As of December 31,
2008, the fair market value of our auction rate securities was
$133.6 million. However, the fair values of our cash and
money market investments, which approximate $191.7 million
at December 31, 2008, are not subject to changes in
interest rates.
We have entered into a non-recourse credit facility
(“Credit Facility”) with Citigroup that is secured by
our ARS holdings (including, in some circumstances, interest
payable on the ARS holdings), that will allow us to borrow up to
75% of the face amount of the ARS holdings pledged as collateral
under the Credit Facility. The interest rate applicable to such
borrowings is one-month LIBOR plus 250 basis points. No
borrowings have been made under the Credit Facility to date.
Interest Rate Sensitivity The primary objective of our investment activities is to preserve principal and maintain adequate liquidity, while at the same time maximizing the yield we receive from our investment portfolio. Changes in prevailing interest rates will cause the fair value of certain of our investments to fluctuate, such as our investments in auction rate securities that generally bear interest at rates indexed to LIBOR. As of December 31, 2008, the fair market value of our auction rate securities was $133.6 million. However, the fair values of our cash and money market investments, which approximate $191.7 million at December 31, 2008, are not subject to changes in interest rates. We have entered into a non-recourse credit facility (“Credit Facility”) with Citigroup that is secured by our ARS holdings (including, in some circumstances, interest payable on the ARS holdings), that will allow us to borrow up to 75% of the face amount of the ARS holdings pledged as collateral under the Credit Facility. The interest rate applicable to such borrowings is one-month LIBOR plus 250 basis points. No borrowings have been made under the Credit Facility to date.
This excerpt taken from the WBMD 10-Q filed Nov 10, 2008. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the fair value
of certain of our investments to fluctuate, such as our
investments in auction rate securities that generally bear
interest at rates indexed to LIBOR. As of September 30,
2008, the fair market value of our auction rate securities was
$132.8 million. However, the fair values of our cash and
money market investments, which approximate $199.8 million
at September 30, 2008, are not subject to changes in
interest rates.
WebMD has entered into a non-recourse credit facility
(“Credit Facility”) with Citigroup that is secured by
its ARS holdings (including, in some circumstances, interest
payable on the ARS holdings), that will allow WebMD to borrow up
to 75% of the face amount of the ARS holdings pledged as
collateral under the Credit Facility. The interest rate
applicable to such borrowings will be one-month LIBOR plus
250 basis points. No borrowings have been made under the
Credit Facility to date.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of September 30, 2008. Based on that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded
that WebMD’s disclosure controls and procedures were
effective as of September 30, 2008.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the third quarter of 2008 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
This excerpt taken from the WBMD DEF 14A filed Nov 5, 2008. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we
maintain a portfolio of cash equivalents, short-term investments
and various types of marketable securities.
Table of Contents
This excerpt taken from the WBMD 10-Q filed Aug 11, 2008. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the fair value
of certain of our investment to fluctuate, such as our
investments in auction rate securities that generally bear
interest at rates indexed to LIBOR. As of June 30, 2008,
the fair market value of our auction rate securities was
$138.8 million. However, the fair values of our cash and
money market investments, which approximate $186.5 million
at June 30, 2008 are not subject to changes in interest
rates.
WebMD has entered into a non-recourse credit facility
(“Credit Facility”) with Citigroup that is secured by
its ARS holdings (including, in some circumstances, interest
payable on the ARS holdings), that will allow WebMD to borrow up
to 75% of the face amount of the ARS holdings pledged as
collateral under the Credit Facility. The interest rate
applicable to such borrowings will be one-month LIBOR plus
250 basis points. No borrowings have been made under the
Credit Facility to date.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of June 30, 2008. Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that
WebMD’s disclosure controls and procedures were effective
as of June 30, 2008.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the second quarter of 2008 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
This excerpt taken from the WBMD 10-Q filed May 12, 2008. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the fair value
of certain of our investments to fluctuate such as our
investments in auction rate securities that generally bear
interest at rates indexed to LIBOR. As of March 31, 2008,
the fair market value of our auction rate securities was
$141.0 million. However, the fair
Table of Contents
values of our cash and money market investments, which
approximate $160 million at March 31, 2008 are not
subject to changes in interest rates.
WebMD has entered into a non-recourse credit facility
(“Credit Facility”) from Citigroup secured by its ARS
holdings (including, in some circumstances, interest payable on
the ARS holdings), that will allow WebMD to borrow up to 75% of
the face amount of the ARS holdings pledged as collateral under
the Credit Facility. The interest rate applicable to such
borrowings will be
one-month
LIBOR plus 250 basis points. No borrowings have been made
under the Credit Facility to date.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of March 31, 2008. Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that
WebMD’s disclosure controls and procedures were effective
as of March 31, 2008.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the first quarter of 2008 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
These excerpts taken from the WBMD 10-K filed Feb 29, 2008. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio.
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we
maintain a portfolio of cash equivalents, short-term investments
and various types of marketable securities.
Table of Contents
Interest Rate Sensitivity The primary objective of our investment activities is to preserve principal and maintain adequate liquidity, while at the same time maximizing the yield we receive from our investment portfolio. Changes in prevailing interest rates will cause the market value of the investment to fluctuate. To minimize this risk, we maintain a portfolio of cash equivalents, short-term investments and various types of marketable securities.
Table of ContentsThis excerpt taken from the WBMD 10-Q filed Nov 9, 2007. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Table of Contents
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we
maintain our portfolio of cash equivalents, short-term
investments and marketable securities in commercial paper,
non-government debt securities, money market funds and highly
liquid United States Treasury notes. We view these high grade
securities within our portfolio as having similar market risk
characteristics.
Principal amounts expected to mature are $99.9 million
during 2007.
We have not utilized derivative financial instruments in our
investment portfolio.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of September 30, 2007. Based on that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded
that WebMD’s disclosure controls and procedures were
effective as of September 30, 2007.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the third quarter of 2007 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
This excerpt taken from the WBMD 10-Q filed Aug 9, 2007. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we
maintain our portfolio of cash equivalents, short-term
investments and marketable securities in commercial paper,
non-government debt securities, money market funds and highly
liquid United States Treasury notes. We view these high grade
securities within our portfolio as having similar market risk
characteristics.
Principal amounts expected to mature are $26.9 million
during 2007.
We have not utilized derivative financial instruments in our
investment portfolio.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of June 30, 2007. Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that
WebMD’s disclosure controls and procedures were effective
as of June 30, 2007.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the second quarter of 2007 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting, except for the
previously disclosed remediation of a material weakness in our
internal control over financial reporting with respect to
accounting for income taxes relating to the treatment of tax
deductible goodwill in the determination of the deferred tax
asset valuation allowance. As of May 4, 2007, we
implemented new procedures including improved documentation and
analysis regarding the reversal pattern of taxable temporary
differences between financial and tax reporting. WebMD
management believes that these new procedures enable WebMD to
comply with the requirements related to the accounting for
deferred tax asset valuation allowances.
Table of Contents
This excerpt taken from the WBMD 10-Q filed May 10, 2007. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we
maintain our portfolio of cash equivalents, short-term
investments and marketable securities in commercial paper,
non-government debt securities, money market funds and highly
liquid United States Treasury notes. We view these high grade
securities within our portfolio as having similar market risk
characteristics.
Principal amounts expected to mature are $30.0 million
during 2007.
We have not utilized derivative financial instruments in our
investment portfolio.
As required by Exchange Act
Rule 13a-15(b),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, conducted an evaluation of the
effectiveness of WebMD’s disclosure controls and
procedures, as defined in Exchange Act
Rule 13a-15(e),
as of March 31, 2007. We identified a material weakness in
our internal control over financial reporting with respect to
accounting for income taxes relating to the treatment of tax
deductible goodwill in the determination of the deferred tax
asset valuation allowance. Solely as a result of this material
weakness, we concluded that our disclosure controls and
procedures were not effective as of March 31, 2007.
As of May 4, 2007 we implemented new procedures, including
improved documentation and analysis regarding the reversal
pattern of temporary differences between financial and tax
reporting. We believe these new procedures enable us to comply
with the requirements related to the accounting for deferred tax
asset valuation allowances. In so doing, management has
remediated the related internal control weakness.
In connection with the evaluation required by Exchange Act
Rule 13a-15(d),
WebMD management, including the Chief Executive Officer and
Chief Financial Officer, concluded that no changes in
WebMD’s internal control over financial reporting occurred
during the first quarter of 2007 that have materially affected,
or are reasonably likely to materially affect, WebMD’s
internal control over financial reporting.
Table of Contents
This excerpt taken from the WBMD 10-K filed Mar 2, 2007. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the market value
of the investment to fluctuate. To minimize this risk, we will
maintain a portfolio of cash equivalents, short-term investments
and marketable securities in commercial paper, non-government
debt securities, money market funds and highly liquid United
States Treasury notes. We view these high grade securities
within our portfolio as having similar market risk
characteristics.
Principal amounts expected to mature are $9.5 million
during 2007.
We have not utilized derivative financial instruments in our
investment portfolio.
This excerpt taken from the WBMD 10-Q filed Nov 13, 2006. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the principal
amount of the investment to fluctuate. We maintain our portfolio
of cash equivalents, short-term investments and marketable
securities in commercial paper, non-government debt securities,
money market funds and highly liquid United States Treasury
notes to minimize this risk. We view these high grade securities
within our portfolio as having similar market risk
characteristics. Principal amounts expected to mature in 2006
are $39.9 million.
We have not utilized derivative financial instruments in our
investment portfolio.
Table of Contents
This excerpt taken from the WBMD 10-Q filed Aug 9, 2006. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the principal
amount of the investment to fluctuate. To minimize this risk, we
maintain our portfolio of cash equivalents, short-term
investments and marketable securities in commercial paper,
non-government debt securities, money market funds and highly
liquid United States Treasury notes. We view these high grade
securities within our portfolio as having similar market risk
characteristics. Principal amounts expected to mature in 2006
are $99.8 million.
We have not utilized derivative financial instruments in our
investment portfolio.
Table of Contents
This excerpt taken from the WBMD 10-K filed Mar 16, 2006. Interest
Rate Sensitivity
The primary objective of our investment activities is to
preserve principal and maintain adequate liquidity, while at the
same time maximizing the yield we receive from our investment
portfolio. This objective is accomplished by adherence to our
investment policy, which establishes the list of eligible types
of securities and credit requirements for each investment.
Changes in prevailing interest rates will cause the principal
amount of the investment to fluctuate. To minimize this risk, we
will maintain a portfolio of cash equivalents, short-term
investments and marketable securities in commercial paper,
non-government debt securities, money market funds and highly
liquid United States Treasury notes. We view these high grade
securities within our portfolio as having similar market risk
characteristics.
Principal amounts expected to mature are $79.0 million
during 2006.
We have not utilized derivative financial instruments in our
investment portfolio.
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