Attached files
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8-K - FORM 8-K - MONSTER WORLDWIDE, INC. | d287930d8k.htm |
EX-99.1 - EXHIBIT 99.1 - MONSTER WORLDWIDE, INC. | d287930dex991.htm |
Exhibit 99.2
FINANCIAL SUPPLEMENT
December 31, 2011
Monster Worldwide, Inc. (together with its consolidated subsidiaries, the Company, Monster, we, our or us) provides this supplement to assist investors in evaluating the Companys financial and operating metrics. We suggest that the notes to this supplement be read in conjunction with the financial tables. The financial information included in this supplement contains certain non-GAAP financial measures. These measures should be considered in addition to results prepared in accordance with generally accepted accounting principles (GAAP), but are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure. The Company intends to update the financial supplement on a quarterly basis.
Notes to Financial Supplement
Presentation
Restructuring and Other Special Charges
For the three months and twelve months ended December 31, 2011, the Company incurred $3.2 million and $5.2 million, respectively, of restructuring charges, comprised mainly of severance costs and facility charges. These costs resulted primarily from the Company no longer engaging in certain activities within the Internet, Advertising and Fees segment and targeted headcount reductions.
Acquisition of the HotJobs Assets from Yahoo! Inc.
On August 24, 2010, pursuant to an Asset Purchase Agreement dated as of February 3, 2010 (the Asset Purchase Agreement) by and between Monster and Yahoo! Inc. (Yahoo!), Monster completed the acquisition of substantially all of the assets exclusive to Yahoo! HotJobs (the HotJobs Assets) from Yahoo! The purchase price for the HotJobs Assets was $225.0 million. We acquired the HotJobs Assets, among other objectives, to expand our business in the North American online recruitment market. The results of operations attributable to the HotJobs Assets have been included in our consolidated financial statements since August 24, 2010. Concurrent with the closing of the acquisition, Monster and Yahoo! entered into a three year commercial traffic agreement whereby Monster became Yahoo!s exclusive provider of career and job content on the Yahoo! homepage in the United States and Canada.
The Company funded the purchase of the HotJobs Assets with available cash and proceeds from the Companys revolving credit facility. In the three months ended December 31, 2011 and 2010, the Company incurred $0 and $6.1 million, respectively, of acquisition and integration-related costs. In the twelve months ended December 31, 2011 and 2010 the Company incurred $4.6 million and $24.3 million of acquisition and integration-related costs associated with the acquisition of the HotJobs Assets. These costs were expensed as incurred and are included in office and general expenses and salaries and related expenses in the consolidated statement of operations, and primarily relate to legal fees, professional fees and other integration costs associated with the acquisition. No acquisition and integration-related costs were incurred by the Company subsequent to March 31, 2011.
Deferred Revenue Related to Acquisitions
In accordance with existing purchase accounting rules, we are required to write-down to fair value a portion of the deferred revenue attributable to the HotJobs Assets. Consequently, in post-acquisition periods, we do not recognize the full amount of this deferred revenue. When measuring the performance of our business, however, we add back the revenue resulting from this fair value adjustment as we believe that the inclusion of this revenue provides useful information to our management, as well as to investors.
For the three months ended December 31, 2011 and 2010, the fair value adjustment to deferred revenue was $0 and $3.3 million, respectively. In the year ended December 31, 2011 and 2010, the fair value adjustment of deferred revenue was $2.7 million and $5.1 million, respectively.
Release of ChinaHR Escrowed Funds
On October 8, 2008, the Companys Careers International segment completed the acquisition of the remaining 55.6% ownership interest in China HR.com Holdings Ltd. (together with its subsidiaries, ChinaHR) not already owned by the Company. Consideration for the acquisition was approximately $167.0 million in cash, net of cash acquired. A portion of the purchase price was placed into escrow to secure the sellers obligation to indemnify the
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Company for any breaches of the representations and warranties made by the sellers. In the third quarter of 2011, the Company received $17.4 million in cash, net of professional fees reimbursed to the Company, relating to the release of the ChinaHR escrowed funds, which is recorded in the consolidated statements of operations.
Severance Charges
For the three months ended December 31, 2011 and 2010, the Company incurred $0 and $0.5 million, respectively, of severance costs relating to targeted global headcount reductions. In the year ended December 31, 2011 and 2010, the Company incurred $0.4 million and $7.9 million, respectively, of severance costs relating to targeted global headcount reductions. These global headcount reductions were introduced to reduce operating expenses and provide funding for investments to further position the Company for sustainable long-term growth in the global online recruitment and advertising industry.
Facility Charges
In the first quarter of 2011, the Company incurred $3.0 million of charges related to changes in sublet assumptions on previously exited facilities.
Auction Rate Securities
In November 2009, the Company entered into a settlement agreement with RBC Capital Markets Corporation (RBC) with respect to auction rate securities purchased from RBC. Pursuant to the terms of the settlement agreement, RBC immediately repurchased the subject auction rate securities from the Company at a certain discount to their par value. The Company will receive certain additional monies from RBC if, within a certain time period of the date of the execution of the settlement agreement, any of the auction rate securities still held by RBC are redeemed or refinanced by the issuer for sums higher than the amounts RBC paid the Company to repurchase such auction rate securities. As part of the settlement agreement, the Company dismissed a lawsuit it had filed against RBC in connection with, and released claims related to, RBCs sale of the auction rate securities to the Company. The settlement agreement has lapsed with RBC as of December 31, 2011.
In the year ended December 31, 2011 and 2010, the Company received $1.1 million and $1.4 million, respectively, from RBC relating to auction rate securities which were redeemed by the issuer or sold by RBC for sums higher than the amounts RBC paid the Company to repurchase such auction rate securities. The Companys receipt of $1.1 million and $1.4 million, respectively, resulted in benefits recorded in interest and other, net, in the consolidated statement of operations for the years ended December 31, 2011 and 2010.
Additionally, in the year ended December 31, 2010, the Company received at par value issuer redemptions of auction rate securities, resulting in a $1.0 million benefit which was recorded in interest and other, net, in the consolidated statement of operations.
Reclassifications
Certain reclassifications of prior year amounts have been made for consistent presentation.
Non-GAAP financial measures
The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.
Non-GAAP revenue, operating expenses, operating income (loss), operating margin, net income (loss) and diluted earnings (loss) per share all exclude certain pro-forma adjustments including: reversal of legal settlements, net; the receipt of escrowed funds associated with the ChinaHR acquisition; the strategic restructuring actions initiated in the third quarter of 2007; severance and facility charges primarily related to the product and technology global
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reorganization and changes in sublet assumptions on previously exited facilities; acquisition and integration-related costs related to the acquisition of the HotJobs Assets; the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR and the HotJobs Assets; realized and unrealized gains and losses on marketable securities; and restructuring charges primarily related to severance and facility charges associated with the decision to no longer engage in certain business within the Internet, Advertising and Fees segment. The Company uses these non-GAAP measures for reviewing the ongoing results of the Companys core business operations and in certain instances, for measuring performance under certain of the Companys incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Earnings before interest, taxes, depreciation and amortization (EBITDA) is defined as net income or loss before interest income or expense, income tax expense or benefit, net gain or loss in equity interests, depreciation and amortization and non-cash compensation expense. The Company considers EBITDA to be an important indicator of its operational strength which the Company believes is useful to management and investors in evaluating its operating performance. EBITDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Operating income before depreciation and amortization (OIBDA) is defined as net income or loss before depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash costs incurred in connection with the Companys restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Bookings represent the dollar value of contractual orders received in the relevant period.
Free cash flow is defined as cash flow from operating activities less capital expenditures. Free cash flow is considered a liquidity measure and provides useful information about the Companys ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Companys cash position for the period and should not be considered a substitute for such a measure.
Net cash and securities are defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities, plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.
Selected financial ratios
We have included selected financial ratios in this financial supplement in order to assist investors to further evaluate our business. Our definitions and calculations are as follows:
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Annualized return on equity
Annualized return on equity measures our effectiveness and ability to generate future profitability on the earnings that we retain. In addition, the ratio is a strong indicator of how well we utilize shareholders investments in our business. We calculate annualized return on equity as follows:
Annualized net income / Average stockholders equity
Book value per share
Book value per share is a market value indicator that we utilize when analyzing our stockholders equity. We calculate book value per share as follows:
Stockholders equity / Total shares outstanding
Cash and marketable securities per share
We calculate cash and marketable securities per share as follows:
(Cash and cash equivalents + Current marketable securities + Non-current marketable securities) / Total shares outstanding
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Monster Worldwide, Inc.
Statements of Operations
(unaudited, in thousands, except per share amounts)
Trended Data | ||||||||||||||||||||||||||||||||||||||||||||
Summary P&L Information |
FY 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | FY 2010 | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | FY 2011 | |||||||||||||||||||||||||||||||||
Monster Careers |
$ | 772,596 | $ | 182,582 | $ | 183,808 | $ | 193,912 | $ | 222,689 | $ | 782,991 | $ | 228,292 | $ | 236,017 | $ | 237,251 | $ | 228,665 | $ | 930,225 | ||||||||||||||||||||||
Internet Advertising & Fees |
132,546 | 32,723 | 31,109 | 34,930 | 32,380 | 131,142 | 33,090 | 33,679 | 21,797 | 21,314 | 109,880 | |||||||||||||||||||||||||||||||||
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Revenue |
905,142 | 215,305 | 214,917 | 228,842 | 255,069 | 914,133 | 261,382 | 269,696 | 259,048 | 249,979 | 1,040,105 | |||||||||||||||||||||||||||||||||
Salary and related |
423,828 | 118,183 | 104,089 | 105,764 | 115,564 | 443,600 | 122,481 | 119,956 | 120,314 | 110,924 | 473,675 | |||||||||||||||||||||||||||||||||
Office and general |
162,755 | 45,544 | 41,214 | 46,790 | 42,153 | 175,701 | 48,169 | 42,918 | 38,639 | 39,946 | 169,672 | |||||||||||||||||||||||||||||||||
Marketing and promotion |
209,661 | 59,581 | 46,925 | 51,661 | 64,399 | 222,566 | 57,698 | 58,524 | 46,527 | 52,594 | 215,343 | |||||||||||||||||||||||||||||||||
Reversal of legal settlements, net |
(6,850 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Release of China HR escrowed funds |
| | | | | | | | (17,400 | ) | | (17,400 | ) | |||||||||||||||||||||||||||||||
Restructuring and other special charges |
16,105 | | | | | | | | 2,004 | 3,169 | 5,173 | |||||||||||||||||||||||||||||||||
Depreciation expense |
59,117 | 14,521 | 13,782 | 13,975 | 14,204 | 56,482 | 14,373 | 15,052 | 14,998 | 14,367 | 58,790 | |||||||||||||||||||||||||||||||||
Amortization of restricted stock and RSU Plan |
39,306 | 10,124 | 10,744 | 13,398 | 12,380 | 46,646 | 13,028 | 12,161 | 8,899 | 7,996 | 42,084 | |||||||||||||||||||||||||||||||||
Non-cash stock option expense |
615 | 143 | 133 | 135 | 134 | 545 | 152 | 96 | 95 | 96 | 439 | |||||||||||||||||||||||||||||||||
Amortization of intangibles |
9,416 | 2,083 | 1,910 | 2,507 | 4,114 | 10,614 | 4,028 | 4,001 | 3,846 | 3,935 | 15,810 | |||||||||||||||||||||||||||||||||
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Operating expenses |
913,953 | 250,179 | 218,797 | 234,230 | 252,948 | 956,154 | 259,929 | 252,708 | 217,922 | 233,027 | 963,586 | |||||||||||||||||||||||||||||||||
Operating (loss) income |
(8,811 | ) | (34,874 | ) | (3,880 | ) | (5,388 | ) | 2,121 | (42,021 | ) | 1,453 | 16,988 | 41,126 | 16,952 | 76,519 | ||||||||||||||||||||||||||||
Interest and other, net |
(5,828 | ) | (653 | ) | 901 | (1,286 | ) | (835 | ) | (1,873 | ) | (441 | ) | (511 | ) | (1,478 | ) | (679 | ) | (3,109 | ) | |||||||||||||||||||||||
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(Loss) income before income taxes and equity interests |
(14,639 | ) | (35,527 | ) | (2,979 | ) | (6,674 | ) | 1,286 | (43,894 | ) | 1,012 | 16,477 | 39,648 | 16,273 | 73,410 | ||||||||||||||||||||||||||||
(Benefit from) provison for income taxes |
(37,883 | ) | (12,179 | ) | (829 | ) | (1,823 | ) | 426 | (14,405 | ) | 356 | 5,441 | 7,453 | 5,121 | 18,371 | ||||||||||||||||||||||||||||
Loss in equity interests, net |
(4,317 | ) | (831 | ) | (807 | ) | (873 | ) | (359 | ) | (2,870 | ) | (578 | ) | (50 | ) | (368 | ) | (246 | ) | (1,242 | ) | ||||||||||||||||||||||
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Net income (loss) |
$ | 18,927 | $ | (24,179 | ) | $ | (2,957 | ) | $ | (5,724 | ) | $ | 501 | $ | (32,359 | ) | $ | 78 | $ | 10,986 | $ | 31,827 | $ | 10,906 | $ | 53,797 | ||||||||||||||||||
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Basic income (loss) per share: |
$ | 0.16 | $ | (0.20 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | | $ | (0.27 | ) | $ | | $ | 0.09 | $ | 0.26 | $ | 0.09 | $ | 0.44 | ||||||||||||||||||
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Diluted income (loss) per share: |
$ | 0.16 | $ | (0.20 | ) | $ | (0.02 | ) | $ | (0.05 | ) | $ | | $ | (0.27 | ) | $ | | $ | 0.09 | $ | 0.26 | $ | 0.09 | $ | 0.43 | ||||||||||||||||||
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Weighted avg. shares outstanding: |
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Basic shares |
119,359 | 120,032 | 120,701 | 120,796 | 120,892 | 120,608 | 121,425 | 122,200 | 122,991 | 121,378 | 122,002 | |||||||||||||||||||||||||||||||||
Diluted shares |
121,170 | 120,032 | 120,701 | 120,796 | 124,525 | 120,608 | 124,636 | 124,386 | 123,972 | 122,685 | 123,923 | |||||||||||||||||||||||||||||||||
Global employees (ones) |
5,687 | 5,518 | 5,546 | 5,792 | 5,847 | 5,847 | 5,909 | 6,042 | 6,003 | 5,999 | 5,999 | |||||||||||||||||||||||||||||||||
Annualized revenue per average employee |
$ | 152.4 | $ | 153.7 | $ | 155.4 | $ | 161.5 | $ | 175.3 | $ | 161.1 | $ | 177.9 | $ | 180.5 | $ | 172.1 | $ | 166.6 | $ | 173.7 |
Monster Worldwide, Inc.
Statements of Operations
(unaudited)
Trended Data | ||||||||||||||||||||||||||||||||||||||||||||
Summary P&L Information | FY 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | FY 2010 | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | FY 2011 | |||||||||||||||||||||||||||||||||
Monster Careers |
85.4 | % | 84.8 | % | 85.5 | % | 84.7 | % | 87.3 | % | 85.7 | % | 87.3 | % | 87.5 | % | 91.6 | % | 91.5 | % | 89.4 | % | ||||||||||||||||||||||
Internet Advertising & Fees |
14.6 | % | 15.2 | % | 14.5 | % | 15.3 | % | 12.7 | % | 14.3 | % | 12.7 | % | 12.5 | % | 8.4 | % | 8.5 | % | 10.6 | % | ||||||||||||||||||||||
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Revenue |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Salary and related |
46.8 | % | 54.9 | % | 48.4 | % | 46.2 | % | 45.3 | % | 48.5 | % | 46.9 | % | 44.5 | % | 46.4 | % | 44.4 | % | 45.5 | % | ||||||||||||||||||||||
Office and general |
18.0 | % | 21.2 | % | 19.2 | % | 20.4 | % | 16.5 | % | 19.2 | % | 18.4 | % | 15.9 | % | 14.9 | % | 16.0 | % | 16.3 | % | ||||||||||||||||||||||
Marketing and promotion |
23.2 | % | 27.7 | % | 21.8 | % | 22.6 | % | 25.2 | % | 24.3 | % | 22.1 | % | 21.7 | % | 18.0 | % | 21.0 | % | 20.7 | % | ||||||||||||||||||||||
Reversal of legal settlements, net |
-0.8 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||
Release of China HR escrowed funds |
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | -6.7 | % | 0.0 | % | -1.7 | % | ||||||||||||||||||||||
Restructuring and other special charges |
1.8 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.8 | % | 1.3 | % | 0.5 | % | ||||||||||||||||||||||
Depreciation expense |
6.5 | % | 6.7 | % | 6.4 | % | 6.1 | % | 5.6 | % | 6.2 | % | 5.5 | % | 5.6 | % | 5.8 | % | 5.7 | % | 5.7 | % | ||||||||||||||||||||||
Amortization of restricted stock and RSU Plan |
4.3 | % | 4.7 | % | 5.0 | % | 5.9 | % | 4.9 | % | 5.1 | % | 5.0 | % | 4.5 | % | 3.4 | % | 3.2 | % | 4.0 | % | ||||||||||||||||||||||
Non-cash stock option expense |
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||
Amortization of intangibles |
1.0 | % | 1.0 | % | 0.9 | % | 1.1 | % | 1.6 | % | 1.2 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.6 | % | 1.5 | % | ||||||||||||||||||||||
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Operating expenses |
101.0 | % | 116.2 | % | 101.8 | % | 102.4 | % | 99.2 | % | 104.6 | % | 99.4 | % | 93.7 | % | 84.1 | % | 93.2 | % | 92.6 | % | ||||||||||||||||||||||
Operating (loss) income |
-1.0 | % | -16.2 | % | -1.8 | % | -2.4 | % | 0.8 | % | -4.6 | % | 0.6 | % | 6.3 | % | 15.9 | % | 6.8 | % | 7.4 | % | ||||||||||||||||||||||
Interest and other, net |
-0.6 | % | -0.3 | % | 0.4 | % | -0.6 | % | -0.3 | % | -0.2 | % | -0.2 | % | -0.2 | % | -0.6 | % | -0.3 | % | -0.3 | % | ||||||||||||||||||||||
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(Loss) income before income taxes and equity interests |
-1.6 | % | -16.5 | % | -1.4 | % | -2.9 | % | 0.5 | % | -4.8 | % | 0.4 | % | 6.1 | % | 15.3 | % | 6.5 | % | 7.1 | % | ||||||||||||||||||||||
(Benefit from) provision for income taxes |
-4.2 | % | -5.7 | % | -0.4 | % | -0.8 | % | 0.2 | % | -1.6 | % | 0.1 | % | 2.0 | % | 2.9 | % | 2.0 | % | 1.8 | % | ||||||||||||||||||||||
Losses in equity interests, net |
-0.5 | % | -0.4 | % | -0.4 | % | -0.4 | % | -0.1 | % | -0.3 | % | -0.2 | % | 0.0 | % | -0.1 | % | -0.1 | % | -0.1 | % | ||||||||||||||||||||||
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Net income (loss) |
2.1 | % | -11.2 | % | -1.4 | % | -2.5 | % | 0.2 | % | -3.5 | % | 0.0 | % | 4.1 | % | 12.3 | % | 4.4 | % | 5.2 | % | ||||||||||||||||||||||
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Monster Worldwide, Inc.
Segment Information and Margin AnalysisGAAP and Non-GAAP
(unaudited, in thousands)
Trended Data | ||||||||||||||||||||||||||||||||||||||||||||
FY 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | FY 2010 | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | FY 2011 | ||||||||||||||||||||||||||||||||||
Segment Revenue: GAAP |
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CareersNorth America |
$ | 407,118 | $ | 96,957 | $ | 96,948 | $ | 107,229 | $ | 121,059 | $ | 422,193 | $ | 121,032 | $ | 122,565 | $ | 123,160 | $ | 118,599 | $ | 485,356 | ||||||||||||||||||||||
CareersInternational |
365,478 | 85,625 | 86,860 | 86,683 | 101,630 | 360,798 | 107,260 | 113,452 | 114,091 | 110,066 | 444,869 | |||||||||||||||||||||||||||||||||
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Careers RevenueGAAP |
772,596 | 182,582 | 183,808 | 193,912 | 222,689 | 782,991 | 228,292 | 236,017 | 237,251 | 228,665 | 930,225 | |||||||||||||||||||||||||||||||||
Internet Advertising & Fees RevenueGAAP |
132,546 | 32,723 | 31,109 | 34,930 | 32,380 | 131,142 | 33,090 | 33,679 | 21,797 | 21,314 | 109,880 | |||||||||||||||||||||||||||||||||
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Total Monster RevenueGAAP |
$ | 905,142 | $ | 215,305 | $ | 214,917 | $ | 228,842 | $ | 255,069 | $ | 914,133 | $ | 261,382 | $ | 269,696 | $ | 259,048 | $ | 249,979 | $ | 1,040,105 | ||||||||||||||||||||||
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Segment Revenue (1): Non-GAAP |
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CareersNorth America |
$ | 407,118 | $ | 96,957 | $ | 96,948 | $ | 109,017 | $ | 124,324 | $ | 427,246 | $ | 123,690 | $ | 122,565 | $ | 123,160 | $ | 118,599 | $ | 488,014 | ||||||||||||||||||||||
CareersInternational |
367,749 | 85,625 | 86,860 | 86,683 | 101,630 | 360,798 | 107,260 | 113,452 | 114,091 | 110,066 | 444,869 | |||||||||||||||||||||||||||||||||
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Careers Revenue Non-GAAP |
774,867 | 182,582 | 183,808 | 195,700 | 225,954 | 788,044 | 230,950 | 236,017 | 237,251 | 228,665 | 932,883 | |||||||||||||||||||||||||||||||||
Internet Advertising & Fees Non-GAAP |
132,546 | 32,723 | 31,109 | 34,930 | 32,380 | 131,142 | 33,090 | 33,679 | 21,797 | 21,314 | 109,880 | |||||||||||||||||||||||||||||||||
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Internet Advertising & Fees Non-GAAP excluding paid lead gen (2010 and 2011) |
132,546 | 19,783 | 19,325 | 21,044 | 20,267 | 80,419 | 22,043 | 22,487 | 21,797 | 21,314 | 87,641 | |||||||||||||||||||||||||||||||||
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Total Monster Revenue Non-GAAP |
$ | 907,413 | $ | 215,305 | $ | 214,917 | $ | 230,630 | $ | 258,334 | $ | 919,186 | $ | 264,040 | $ | 269,696 | $ | 259,048 | $ | 249,979 | $ | 1,042,763 | ||||||||||||||||||||||
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Total Monster Revenue Non-GAAP excluding paid lead gen (2010 and 2011) |
$ | 907,413 | $ | 202,365 | $ | 203,133 | $ | 216,744 | $ | 246,221 | $ | 868,463 | $ | 252,993 | $ | 258,504 | $ | 259,048 | $ | 249,979 | $ | 1,020,524 | ||||||||||||||||||||||
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Segment operating income (loss): GAAP |
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CareersNorth America |
$ | 19,670 | $ | (3,772 | ) | $ | 17,454 | $ | 18,773 | $ | 15,328 | $ | 47,783 | $ | 16,989 | $ | 16,002 | $ | 21,434 | $ | 20,206 | $ | 74,631 | |||||||||||||||||||||
CareersInternational |
(6,283 | ) | (13,412 | ) | (4,536 | ) | (5,882 | ) | 258 | (23,572 | ) | 5,422 | 10,257 | 10,400 | 8,592 | 34,671 | ||||||||||||||||||||||||||||
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Careers operating income (loss) GAAP |
13,387 | (17,184 | ) | 12,918 | 12,891 | 15,586 | 24,211 | 22,411 | 26,259 | 31,834 | 28,798 | 109,302 | ||||||||||||||||||||||||||||||||
Internet Advertising & Fees operating income GAAP |
18,114 | 1,236 | 546 | 1,880 | 562 | 4,224 | 1,503 | 1,862 | 395 | 1,454 | 5,214 | |||||||||||||||||||||||||||||||||
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Corporate expenses GAAP |
(40,312 | ) | (18,926 | ) | (17,344 | ) | (20,159 | ) | (14,027 | ) | (70,456 | ) | (22,461 | ) | (11,133 | ) | 8,897 | (13,300 | ) | (37,997 | ) | |||||||||||||||||||||||
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Total Monster operating (loss) income GAAP |
$ | (8,811 | ) | $ | (34,874 | ) | $ | (3,880 | ) | $ | (5,388 | ) | $ | 2,121 | $ | (42,021 | ) | $ | 1,453 | $ | 16,988 | $ | 41,126 | $ | 16,952 | $ | 76,519 | |||||||||||||||||
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Segment operating income (loss)(1): Non-GAAP |
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CareersNorth America |
$ | 29,250 | $ | (491 | ) | $ | 17,500 | $ | 20,744 | $ | 18,701 | $ | 56,454 | $ | 19,874 | $ | 16,002 | $ | 21,434 | $ | 20,656 | $ | 77,966 | |||||||||||||||||||||
CareersInternational |
10,475 | (11,269 | ) | (3,989 | ) | (5,576 | ) | 288 | (20,546 | ) | 5,704 | 10,257 | 10,723 | 8,887 | 35,571 | |||||||||||||||||||||||||||||
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Careers operating income (loss) Non-GAAP |
39,725 | (11,760 | ) | 13,511 | 15,168 | 18,989 | 35,908 | 25,578 | 26,259 | 32,157 | 29,543 | 113,537 | ||||||||||||||||||||||||||||||||
Internet Advertising & Fees operating income Non-GAAP |
20,598 | 2,145 | 561 | 1,937 | 559 | 5,202 | 1,524 | 1,862 | 2,076 | 3,878 | 9,340 | |||||||||||||||||||||||||||||||||
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Corporate expenses Non-GAAP |
(48,524 | ) | (14,528 | ) | (12,223 | ) | (11,554 | ) | (7,612 | ) | (45,917 | ) | (14,984 | ) | (11,133 | ) | (8,503 | ) | (13,300 | ) | (47,920 | ) | ||||||||||||||||||||||
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Total Monster operating income (loss) Non-GAAP |
$ | 11,799 | $ | (24,143 | ) | $ | 1,849 | $ | 5,551 | $ | 11,936 | $ | (4,807 | ) | $ | 12,118 | $ | 16,988 | $ | 25,730 | $ | 20,121 | $ | 74,957 | ||||||||||||||||||||
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Net Bookings |
$ | 806,907 | 219,054 | 208,202 | 235,025 | 330,157 | $ | 992,438 | 272,472 | 262,338 | 264,422 | 314,126 | $ | 1,113,358 | ||||||||||||||||||||||||||||||
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Net Bookingsexcluding portion of IAF business no longer engaged (2010 and 2011) |
$ | 806,907 | 206,114 | 196,418 | 221,139 | 315,777 | $ | 939,448 | 261,425 | 251,146 | 264,422 | 314,126 | $ | 1,091,119 | ||||||||||||||||||||||||||||||
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(1)See notes to financial supplement for further explanation of Non-GAAP measures.
Monster Worldwide, Inc.
Statements of OperationsReconciliation of Non-GAAP Measures
(unaudited, in thousands)
Trended Data | ||||||||||||||||||||||||||||||||||||||||||||
Summary P&L Information |
FY 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | FY 2010 | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | FY 2011 | |||||||||||||||||||||||||||||||||
Non-GAAP revenue (1) |
$ | 907,413 | $ | 215,305 | $ | 214,917 | $ | 230,630 | $ | 258,334 | $ | 919,186 | $ | 264,040 | $ | 269,696 | $ | 259,048 | $ | 249,979 | $ | 1,042,763 | ||||||||||||||||||||||
Deferred revenue related to acquisitions |
2,271 | | | 1,788 | 3,265 | 5,053 | 2,658 | | | | 2,658 | |||||||||||||||||||||||||||||||||
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RevenueGAAP |
$ | 905,142 | $ | 215,305 | $ | 214,917 | $ | 228,842 | $ | 255,069 | $ | 914,133 | $ | 261,382 | $ | 269,696 | $ | 259,048 | $ | 249,979 | $ | 1,040,105 | ||||||||||||||||||||||
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OIBDAGAAP (1) |
$ | 104,364 | $ | (8,003 | ) | $ | 22,689 | $ | 24,627 | $ | 32,953 | $ | 72,266 | $ | 33,034 | $ | 48,298 | $ | 68,964 | $ | 43,476 | $ | 193,772 | |||||||||||||||||||||
Depreciation expense |
59,117 | 14,521 | 13,782 | 13,975 | 14,204 | 56,482 | 14,373 | 15,052 | 14,998 | 14,367 | 58,790 | |||||||||||||||||||||||||||||||||
Amortization of restricted stock and RSU Plan |
39,306 | 10,124 | 10,744 | 13,398 | 12,380 | 46,646 | 13,028 | 12,161 | 8,899 | 7,996 | 42,084 | |||||||||||||||||||||||||||||||||
Non-cash stock option expense |
615 | 143 | 133 | 135 | 134 | 545 | 152 | 96 | 95 | 96 | 439 | |||||||||||||||||||||||||||||||||
Restructuring non-cash write-offs |
4,721 | | | | | | | | | 130 | 130 | |||||||||||||||||||||||||||||||||
Amortization of intangibles |
9,416 | 2,083 | 1,910 | 2,507 | 4,114 | 10,614 | 4,028 | 4,001 | 3,846 | 3,935 | 15,810 | |||||||||||||||||||||||||||||||||
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Operating (loss) incomeGAAP |
$ | (8,811 | ) | $ | (34,874 | ) | $ | (3,880 | ) | $ | (5,388 | ) | $ | 2,121 | $ | (42,021 | ) | $ | 1,453 | $ | 16,988 | $ | 41,126 | $ | 16,952 | $ | 76,519 | |||||||||||||||||
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Reversal of legal settlements, net |
(6,850 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Release of China HR escrowed funds |
| | | | | | | | (17,400 | ) | | (17,400 | ) | |||||||||||||||||||||||||||||||
Stock option investigation |
(3,246 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Non-GAAP severance |
8,773 | 6,360 | 494 | 546 | 456 | 7,856 | 362 | | | | 362 | |||||||||||||||||||||||||||||||||
Non-GAAP facilities |
3,557 | | | | | | 2,998 | | | | 2,998 | |||||||||||||||||||||||||||||||||
Non-GAAP Integration fees |
| 4,371 | 5,235 | 8,605 | 4,668 | 22,879 | 3,831 | | | | 3,831 | |||||||||||||||||||||||||||||||||
Non-GAAP Integration feessalary |
| | | | 1,426 | 1,426 | 816 | | | | 816 | |||||||||||||||||||||||||||||||||
Deferred revenue related to acquisitions |
2,271 | | | 1,788 | 3,265 | 5,053 | 2,658 | | | | 2,658 | |||||||||||||||||||||||||||||||||
Restructuring program non-cash write-offs |
4,721 | | | | | | | | | 130 | 130 | |||||||||||||||||||||||||||||||||
Restructuring expenses, less non-cash items |
11,384 | | | | | | | | 2,004 | 3,039 | 5,043 | |||||||||||||||||||||||||||||||||
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Total Non-GAAP Adjustments |
20,610 | 10,731 | 5,729 | 10,939 | 9,815 | 37,214 | 10,665 | | (15,396 | ) | 3,169 | (1,562 | ) | |||||||||||||||||||||||||||||||
Operating income (loss) Non-GAAP(1) |
$ | 11,799 | $ | (24,143 | ) | $ | 1,849 | $ | 5,551 | $ | 11,936 | $ | (4,807 | ) | $ | 12,118 | $ | 16,988 | $ | 25,730 | $ | 20,121 | $ | 74,957 | ||||||||||||||||||||
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(1)See notes to financial supplement for further explanation of Non-GAAP measures.
Monster Worldwide, Inc.
Statements of Cash Flows
(unaudited, in thousands, except per share amounts)
Trended Data | ||||||||||||||||||||||||||||||||||||||||||||
FY 2009 | Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 | FY 2010 | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | FY 2011 | ||||||||||||||||||||||||||||||||||
Cash flows provided by operating activities: |
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Net income (loss) |
$ | 18,927 | $ | (24,179 | ) | $ | (2,957 | ) | $ | (5,724 | ) | $ | 501 | $ | (32,359 | ) | $ | 78 | $ | 10,986 | $ | 31,827 | $ | 10,906 | $ | 53,797 | ||||||||||||||||||
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Adjustments to reconcile net income (loss) to cash provided by operating activities: |
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Depreciation and amortization |
68,533 | 16,604 | 15,692 | 16,482 | 18,318 | 67,096 | 18,401 | 19,053 | 18,844 | 18,302 | 74,600 | |||||||||||||||||||||||||||||||||
Reversal of legal settlements, net |
(6,850 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Provision for doubtful accounts |
10,154 | 1,149 | 398 | 489 | 911 | 2,947 | 370 | 1,067 | 1,015 | 877 | 3,329 | |||||||||||||||||||||||||||||||||
Non-cash compensation |
39,921 | 10,267 | 10,877 | 13,533 | 12,514 | 47,191 | 13,180 | 12,257 | 8,994 | 8,092 | 42,523 | |||||||||||||||||||||||||||||||||
Deferred income taxes |
1,189 | (14,713 | ) | (2,872 | ) | (8,509 | ) | (1,796 | ) | (27,890 | ) | (3,984 | ) | (6,563 | ) | 3,985 | 903 | (5,659 | ) | |||||||||||||||||||||||||
Non-cash restructuring write-offs, accelerated amortization, and other |
4,779 | | 144 | 19 | 92 | 255 | | | | 130 | 130 | |||||||||||||||||||||||||||||||||
Loss in equity interests, net |
4,317 | 831 | 807 | 873 | 359 | 2,870 | 578 | 50 | 368 | 246 | 1,242 | |||||||||||||||||||||||||||||||||
Losses (gains) on auction rate securities |
4,181 | (200 | ) | (1,904 | ) | (311 | ) | | (2,415 | ) | (1,120 | ) | (612 | ) | | | (1,732 | ) | ||||||||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions: |
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Accounts receivable |
80,462 | 17,631 | 16,930 | (21,282 | ) | (66,834 | ) | (53,555 | ) | 12,416 | 16,630 | 18,650 | (48,552 | ) | (856 | ) | ||||||||||||||||||||||||||||
Prepaid and other |
(2,669 | ) | 1,589 | (2,201 | ) | 720 | (16,598 | ) | (16,490 | ) | (6,718 | ) | 2,015 | 2,342 | (3,149 | ) | (5,510 | ) | ||||||||||||||||||||||||||
Deferred revenue |
(111,634 | ) | 4,668 | (19,725 | ) | 12,471 | 65,074 | 62,488 | 14,926 | (17,955 | ) | (21,902 | ) | 29,987 | 5,056 | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities |
(66,585 | ) | 22,569 | (8,491 | ) | 9,849 | 19,007 | 42,934 | 1,293 | (8,859 | ) | (16,597 | ) | 6,920 | (17,243 | ) | ||||||||||||||||||||||||||||
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Total adjustments |
25,798 | 60,395 | 9,655 | 24,334 | 31,047 | 125,431 | 49,342 | 17,083 | 15,699 | 13,756 | 95,880 | |||||||||||||||||||||||||||||||||
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Net cash provided by operating activities |
44,725 | 36,216 | 6,698 | 18,610 | 31,548 | 93,072 | 49,420 | 28,069 | 47,526 | 24,662 | 149,677 | |||||||||||||||||||||||||||||||||
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Cash flows provided by (used for) investing activities: |
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Capital expenditures |
(48,677 | ) | (8,536 | ) | (11,939 | ) | (16,181 | ) | (20,470 | ) | (57,126 | ) | (16,457 | ) | (16,331 | ) | (12,645 | ) | (16,385 | ) | (61,818 | ) | ||||||||||||||||||||||
Purchase of marketable securities |
(8,585 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Sale and maturities of marketable securities and other |
70,977 | 3,414 | 11,120 | 8,461 | 4,094 | 27,089 | 1,120 | 612 | | | 1,732 | |||||||||||||||||||||||||||||||||
Payments for acquisitions and intangible assets, net of cash acquired |
(300 | ) | | | (225,000 | ) | (795 | ) | (225,795 | ) | | | | | | |||||||||||||||||||||||||||||
Dividends received from unconsolidated investee |
763 | 220 | | | | 220 | 443 | | | | 443 | |||||||||||||||||||||||||||||||||
Cash funded to equity investee |
(6,299 | ) | (1,345 | ) | (1,555 | ) | (1,524 | ) | (1,224 | ) | (5,648 | ) | (1,007 | ) | (808 | ) | (744 | ) | | (2,559 | ) | |||||||||||||||||||||||
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Net cash provided by (used for) investing activities |
7,879 | (6,247 | ) | (2,374 | ) | (234,244 | ) | (18,395 | ) | (261,260 | ) | (15,901 | ) | (16,527 | ) | (13,389 | ) | (16,385 | ) | (62,202 | ) | |||||||||||||||||||||||
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Cash flows (used for) provided by financing activities: |
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Proceeds from borrowings on revolving credit facilities |
199,203 | | | 90,000 | | 90,000 | | 2,126 | 105,599 | 997 | 108,722 | |||||||||||||||||||||||||||||||||
Payments on borrowings on term loan and revolving credit facilities |
(256,196 | ) | | | (5,000 | ) | (10,500 | ) | (15,500 | ) | (4,500 | ) | | (5,000 | ) | (35,001 | ) | (44,501 | ) | |||||||||||||||||||||||||
Tax withholdings related to net share settlements of restricted stock awards and units |
(4,571 | ) | (6,359 | ) | (2,856 | ) | (589 | ) | (4,423 | ) | (14,227 | ) | (7,096 | ) | (6,776 | ) | (3,004 | ) | (263 | ) | (17,139 | ) | ||||||||||||||||||||||
Repurchase of common stock |
| | | | | | | | | (41,973 | ) | (41,973 | ) | |||||||||||||||||||||||||||||||
Net borrowings on term loan |
50,000 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Proceeds from the exercise of employee stock options |
67 | 27 | 39 | | 234 | 300 | 23 | | | | 23 | |||||||||||||||||||||||||||||||||
Excess tax benefits from equity compensation plans |
79 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
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Net cash (used for) provided by financing activities |
(11,418 | ) | (6,332 | ) | (2,817 | ) | 84,411 | (14,689 | ) | 60,573 | (11,573 | ) | (4,650 | ) | 97,595 | (76,240 | ) | 5,132 | ||||||||||||||||||||||||||
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Effects of exchange rates on cash |
12,001 | (7,932 | ) | (3,930 | ) | 9,207 | (2,008 | ) | (4,663 | ) | 5,887 | 1,140 | (8,965 | ) | (3,521 | ) | (5,459 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents |
53,187 | 15,705 | (2,423 | ) | (122,016 | ) | (3,544 | ) | (112,278 | ) | 27,833 | 8,032 | 122,767 | (71,484 | ) | 87,148 | ||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period |
222,260 | 275,447 | 291,152 | 288,729 | 166,713 | 275,447 | 163,169 | 191,002 | 199,034 | 321,801 | 163,169 | |||||||||||||||||||||||||||||||||
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Cash and cash equivalents, end of period |
$ | 275,447 | $ | 291,152 | $ | 288,729 | $ | 166,713 | $ | 163,169 | $ | 163,169 | $ | 191,002 | $ | 199,034 | $ | 321,801 | $ | 250,317 | $ | 250,317 | ||||||||||||||||||||||
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NonGAAP Free cash flow (1): |
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Net cash provided by operating activities |
$ | 44,725 | $ | 36,216 | $ | 6,698 | $ | 18,610 | $ | 31,548 | $ | 93,072 | $ | 49,420 | $ | 28,069 | $ | 47,526 | $ | 24,662 | $ | 149,677 | ||||||||||||||||||||||
Less: Capital expenditures |
(48,677 | ) | (8,536 | ) | (11,939 | ) | (16,181 | ) | (20,470 | ) | (57,126 | ) | (16,457 | ) | (16,331 | ) | (12,645 | ) | (16,385 | ) | (61,818 | ) | ||||||||||||||||||||||
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Free cash flow |
$ | (3,952 | ) | $ | 27,680 | $ | (5,241 | ) | $ | 2,429 | $ | 11,078 | $ | 35,946 | $ | 32,963 | $ | 11,738 | $ | 34,881 | $ | 8,277 | $ | 87,859 | ||||||||||||||||||||
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(1) See notes to financial supplement for further explanation of non-GAAP measures.
Monster Worldwide, Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands, except selected financial ratios)
Trended Data | ||||||||||||||||||||||||||||||||||||
December 2009 | March 2010 | June 2010 | September 2010 | December 2010 | March 2011 | June 2011 | September 2011 | December 2011 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets: |
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Cash and cash equivalents |
$ | 275,447 | $ | 291,152 | $ | 288,729 | $ | 166,713 | $ | 163,169 | $ | 191,002 | $ | 199,034 | $ | 321,801 | $ | 250,317 | ||||||||||||||||||
Marketable securities, current |
9,259 | 8,150 | 8,300 | | | | | | | |||||||||||||||||||||||||||
Accounts Receivable, net |
287,698 | 263,589 | 242,199 | 282,274 | 346,751 | 340,307 | 323,726 | 298,778 | 343,546 | |||||||||||||||||||||||||||
Prepaid and other |
73,089 | 70,229 | 68,487 | 66,301 | 75,451 | 84,600 | 84,744 | 83,506 | 82,069 | |||||||||||||||||||||||||||
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Total current assets |
645,493 | 633,120 | 607,715 | 515,288 | 585,371 | 615,909 | 607,504 | 704,085 | 675,932 | |||||||||||||||||||||||||||
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Marketable securities, non-current |
15,410 | 13,110 | 4,094 | 4,094 | | | | | | |||||||||||||||||||||||||||
Property and equipment, net |
143,727 | 136,487 | 136,821 | 143,973 | 150,147 | 154,900 | 158,178 | 155,642 | 156,282 | |||||||||||||||||||||||||||
Goodwill |
925,758 | 917,187 | 892,008 | 1,123,834 | 1,122,951 | 1,151,182 | 1,157,724 | 1,137,074 | 1,132,161 | |||||||||||||||||||||||||||
Intangibles, net |
43,863 | 41,173 | 39,029 | 70,067 | 66,184 | 62,474 | 58,788 | 54,759 | 51,961 | |||||||||||||||||||||||||||
Investment in unconsolidated affiliates |
546 | 330 | 640 | 745 | 1,359 | 919 | 1,545 | 1,643 | 1,183 | |||||||||||||||||||||||||||
Other assets |
52,393 | 50,884 | 52,411 | 52,108 | 51,990 | 51,061 | 47,816 | 42,107 | 40,479 | |||||||||||||||||||||||||||
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Total assets |
$ | 1,827,190 | $ | 1,792,291 | $ | 1,732,718 | $ | 1,910,109 | $ | 1,978,002 | $ | 2,036,445 | $ | 2,031,555 | $ | 2,095,310 | $ | 2,057,998 | ||||||||||||||||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable, accrued expenses and other |
$ | 196,248 | $ | 217,671 | $ | 203,227 | $ | 213,562 | $ | 225,876 | $ | 232,701 | $ | 220,694 | $ | 202,251 | $ | 213,817 | ||||||||||||||||||
Deferred revenue |
305,898 | 304,993 | 279,809 | 312,952 | 376,448 | 399,105 | 382,835 | 354,029 | 380,310 | |||||||||||||||||||||||||||
Borrowings on credit facility short-term |
| | | 90,000 | 79,500 | 75,000 | 77,129 | 182,771 | 148,836 | |||||||||||||||||||||||||||
Current portion of long-term debt |
5,010 | 5,003 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 40,000 | |||||||||||||||||||||||||||
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Total current liabilities |
507,156 | 527,667 | 488,036 | 621,514 | 686,824 | 711,806 | 685,658 | 744,051 | 782,963 | |||||||||||||||||||||||||||
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Long-term income taxes payable |
87,343 | 89,101 | 90,813 | 95,464 | 95,390 | 96,922 | 96,443 | 98,164 | 94,750 | |||||||||||||||||||||||||||
Long-term debt, less current portion |
45,000 | 45,000 | 45,000 | 40,000 | 40,000 | 40,000 | 40,000 | 35,000 | | |||||||||||||||||||||||||||
Other liabilities |
54,527 | 38,288 | 38,325 | 27,398 | 27,138 | 20,603 | 17,970 | 20,534 | 16,158 | |||||||||||||||||||||||||||
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Total liabilities |
694,026 | 700,056 | 662,174 | 784,376 | 849,352 | 869,331 | 840,071 | 897,749 | 893,871 | |||||||||||||||||||||||||||
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Common stock and class B common stock |
134 | 135 | 135 | 136 | 136 | 137 | 138 | 138 | 138 | |||||||||||||||||||||||||||
Additional paid-in capital |
1,395,970 | 1,394,915 | 1,404,043 | 1,416,547 | 1,424,815 | 1,427,804 | 1,434,095 | 1,440,027 | 1,405,915 | |||||||||||||||||||||||||||
Accumulated other comprehensive income |
64,167 | 48,470 | 20,608 | 69,016 | 63,165 | 98,561 | 105,653 | 73,971 | 63,743 | |||||||||||||||||||||||||||
Accumulated deficit |
(327,107 | ) | (351,285 | ) | (354,242 | ) | (359,966 | ) | (359,466 | ) | (359,388 | ) | (348,402 | ) | (316,575 | ) | (305,669 | ) | ||||||||||||||||||
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Total stockholders equity |
1,133,164 | 1,092,235 | 1,070,544 | 1,125,733 | 1,128,650 | 1,167,114 | 1,191,484 | 1,197,561 | 1,164,127 | |||||||||||||||||||||||||||
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Total liabilities and stockholders equity |
$ | 1,827,190 | $ | 1,792,291 | $ | 1,732,718 | $ | 1,910,109 | $ | 1,978,002 | $ | 2,036,445 | $ | 2,031,555 | $ | 2,095,310 | $ | 2,057,998 | ||||||||||||||||||
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Selected Financial Ratios(1) |
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Annualized return on equity |
-0.7 | % | -8.7 | % | -1.1 | % | -2.1 | % | 0.2 | % | 0.0 | % | 3.7 | % | 10.7 | % | 3.7 | % | ||||||||||||||||||
Book value per share |
$ | 9.47 | $ | 9.05 | $ | 8.87 | $ | 9.32 | $ | 9.32 | $ | 9.56 | $ | 9.70 | $ | 9.73 | $ | 9.90 | ||||||||||||||||||
Cash and marketable securities per share |
$ | 2.51 | $ | 2.59 | $ | 2.49 | $ | 1.41 | $ | 1.35 | $ | 1.57 | $ | 1.62 | $ | 2.61 | $ | 2.13 | ||||||||||||||||||
Net cash and securities |
$ | 250,106 | $ | 262,409 | $ | 251,123 | $ | 35,807 | $ | 38,669 | $ | 71,002 | $ | 76,905 | $ | 99,030 | $ |
61,481 |
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(1) See notes to financial supplement for definitions and calculations of selected financial ratios.