MONSTER WORLDWIDE, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION.

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8-K - FORM 8-K - MONSTER WORLDWIDE, INC.	d389780d8k.htm
EX-99.1 - PRESS RELEASE - MONSTER WORLDWIDE, INC.	d389780dex991.htm

Exhibit 99.2

LOGO

FINANCIAL SUPPLEMENT

June 30, 2012

Monster Worldwide, Inc. (together with its consolidated subsidiaries, the “Company,” “Monster,” “we,” “our” or “us”) provides this supplement to assist investors in evaluating the Company’s 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.

LOGO

Notes to Financial Supplement

Presentation

2012 Restructuring

On January 24, 2012, the Company committed to a plan to take a series of restructuring actions. The Company’s decision to adopt the restructuring actions resulted from the Company’s desire to provide the Company with more flexibility to invest in marketing and sales activities in order to improve its long-term growth prospects and profitability. The restructuring actions include reducing the Company’s workforce, consolidation of certain office facilities and the impairment of certain fixed assets. In the three months ended June 30, 2012, the Company has incurred $1.2 million of restructuring costs. In the six months ended June 30, 2012, the Company has incurred $25.6 million of restructuring costs.

Strategic Alternatives

On March 1, 2012, the Company announced that it had resolved to explore strategic alternatives to maximize value for the Company’s stockholders. During the three months ended June 30, 2012, the Company incurred $1.8 million of costs related to the review of strategic alternatives.

Recovery of Restitution Award from Former Executive

In May 2009, the former Chief Operating Officer of the Company was convicted of securities fraud in connection with the Company’s historical stock option granting practices. As a result of his conviction, he was ordered to pay an amount approximating $5.6 million in a civil forfeiture to the federal government. The Company filed a petition with the United States Department of Justice (“DOJ”) seeking such sum in partial restitution for the damages the former Chief Operating Officer caused to the Company. The DOJ granted the Company’s request during the first quarter of 2012 and remitted $5.6 million to the Company in April 2012, which resulted in a net $5.4 million gain in the three months ended March 31, 2012 after deducting legal fees incurred by the Company.

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!. In the three months ended March 31, 2011, the Company incurred $4.6 million of acquisition-related costs. These costs primarily relate to professional fees and other integration costs associated with the acquisition, which were expensed as incurred and are included in office and general expenses and salaries and related expenses in the consolidated statement of operations.

Deferred Revenue Related to Acquisitions

In the first quarter of 2011, the final quarter in which this adjustment was recorded, the Company recorded a $2.7 million fair value adjustment relating to the fair value portion of the deferred revenue attributable to the HotJobs Assets.

Severance Charges

In the three months ended March 31, 2011, the Company incurred $0.4 million of severance costs relating to targeted 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.

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 previously 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. As part of the settlement agreement, 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. Additionally, the Company dismissed a lawsuit it had filed against RBC in connection with, and released claims related to, RBC’s sale of the auction rate securities to the Company. In the three months ended June 30, 2010, the Company received $1.1 million 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, which is reflected as a benefit in interest and other, net, in the consolidated statements of operations. In the three months ended March 31, 2011, the Company received $1.1 million 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, which is reflected as a benefit in interest and other, net, in the consolidated statements of operations.

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.

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 or loss and diluted earnings (loss) per share all exclude certain pro-forma adjustments including: costs incurred for the 2012 restructuring; recovery of restitution award from former executive; costs incurred for Company’s strategic alternatives; the fair value adjustment to deferred revenue in connection with the acquisition the HotJobs Assets; the receipt of escrowed funds associated with the ChinaHR acquisition; severance and facility charges primarily related to the product and technology global reorganization; changes in sublet assumptions on previously exited facilities; acquisition and integration-related costs related to the acquisition of 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 activities within the Internet, Advertising & Fees segment. The Company uses these non-GAAP measures for reviewing the ongoing results of the Company’s core business operations and in certain instances, for measuring performance under certain of the Company’s 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 Company’s 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 Company’s 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 Company’s 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:

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

Monster Worldwide, Inc.

Statements of Operations

(unaudited, in thousands, except per share amounts)


	Trended Data
Summary P&L Information	FY 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			FY 2011			Q1 2012			Q2 2012
Monster Careers	$	782,991		$	228,292		$	236,017		$	237,251		$	228,665		$	930,225		$	226,696		$	217,457
Internet Advertising & Fees		131,142			33,090			33,679			21,797			21,314			109,880			19,381			19,543

Revenue		914,133			261,382			269,696			259,048			249,979			1,040,105			246,077			237,000
Salary and related		443,600			122,481			119,956			120,314			110,924			473,675			112,958			98,476
Office and general		175,701			48,169			42,918			38,639			39,946			169,672			40,098			45,432
Marketing and promotion		222,566			57,698			58,524			46,527			52,594			215,343			58,399			57,693
Recovery of restitution award from former executive		—			—			—			—			—			—			(5,350	)		—
Release of China HR escrowed funds		—			—			—			(17,400	)		—			(17,400	)		—			—
Restructuring and other special charges		—			—			—			2,004			3,169			5,173			24,406			1,187
Depreciation expense		56,482			14,373			15,052			14,998			14,367			58,790			13,606			13,678
Amortization of restricted stock		46,646			13,028			12,161			8,899			7,996			42,084			8,273			7,429
Non-cash stock option expense		545			152			96			95			96			439			51			—
Amortization of intangibles		10,614			4,028			4,001			3,846			3,935			15,810			3,839			3,840

Operating expenses		956,154			259,929			252,708			217,922			233,027			963,586			256,280			227,735
Operating (loss) income		(42,021	)		1,453			16,988			41,126			16,952			76,519			(10,203	)		9,265
Interest and other, net		(1,873	)		(441	)		(511	)		(1,478	)		(679	)		(3,109	)		(1,468	)		(1,555	)

(Loss) income before income taxes and equity interests		(43,894	)		1,012			16,477			39,648			16,273			73,410			(11,671	)		7,710
(Benefit from) provision for income taxes		(14,405	)		356			5,441			7,453			5,121			18,371			(15,613	)		2,653
Loss in equity interests, net		(2,870	)		(578	)		(50	)		(368	)		(246	)		(1,242	)		(200	)		(255	)

Net (loss) income	$	(32,359	)	$	78		$	10,986		$	31,827		$	10,906		$	53,797		$	3,742		$	4,802

Basic (loss) income per share:	$	(0.27	)	$	—		$	0.09		$	0.26		$	0.09		$	0.44		$	0.03		$	0.04

Diluted (loss) income per share:	$	(0.27	)	$	—		$	0.09		$	0.26		$	0.09		$	0.43		$	0.03		$	0.04

Weighted avg. shares outstanding:
Basic shares		120,608			121,425			122,200			122,991			121,378			122,002			116,199			112,937
Diluted shares		120,608			124,636			124,386			123,972			122,685			123,923			117,611			114,038
Global employees (ones)		5,847			5,909			6,042			6,003			5,999			5,999			5,724			5,722
Annualized revenue per average employee	$	161.1		$	177.9		$	180.5		$	172.1		$	166.6		$	173.7		$	167.9		$	165.6

Monster Worldwide, Inc.

Statements of Operations

(unaudited)


	Trended Data
Summary P&L Information	FY 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			FY 2011			Q1 2012			Q2 2012
Monster Careers		85.7	%		87.3	%		87.5	%		91.6	%		91.5	%		89.4	%		92.1	%		91.8	%
Internet Advertising & Fees		14.3	%		12.7	%		12.5	%		8.4	%		8.5	%		10.6	%		7.9	%		8.2	%

Revenue		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Salary and related		48.5	%		46.9	%		44.5	%		46.4	%		44.4	%		45.5	%		45.9	%		41.6	%
Office and general		19.2	%		18.4	%		15.9	%		14.9	%		16.0	%		16.3	%		16.3	%		19.2	%
Marketing and promotion		24.3	%		22.1	%		21.7	%		18.0	%		21.0	%		20.7	%		23.7	%		24.3	%
Recovery of restitution award from former executive		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		-2.2	%		0.0	%
Release of China HR escrowed funds		0.0	%		0.0	%		0.0	%		-6.7	%		0.0	%		-1.7	%		0.0	%		0.0	%
Restructuring and other special charges		0.0	%		0.0	%		0.0	%		0.8	%		1.3	%		0.5	%		9.9	%		0.5	%
Depreciation expense		6.2	%		5.5	%		5.6	%		5.8	%		5.7	%		5.7	%		5.5	%		5.8	%
Amortization of restricted stock		5.1	%		5.0	%		4.5	%		3.4	%		3.2	%		4.0	%		3.4	%		3.1	%
Non-cash stock option expense		0.1	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Amortization of intangibles		1.2	%		1.5	%		1.5	%		1.5	%		1.6	%		1.5	%		1.6	%		1.6	%

Operating expenses		104.6	%		99.4	%		93.7	%		84.1	%		93.2	%		92.6	%		104.1	%		96.1	%
Operating (loss) income		-4.6	%		0.6	%		6.3	%		15.9	%		6.8	%		7.4	%		-4.1	%		3.9	%
Interest and other, net		-0.2	%		-0.2	%		-0.2	%		-0.6	%		-0.3	%		-0.3	%		-0.6	%		-0.7	%

(Loss) income from operations		-4.8	%		0.4	%		6.1	%		15.3	%		6.5	%		7.1	%		-4.7	%		3.3	%
(Benefit from) provision for income taxes		-1.6	%		0.1	%		2.0	%		2.9	%		2.0	%		1.8	%		-6.3	%		1.1	%
Losses in equity interests, net		-0.3	%		-0.2	%		0.0	%		-0.1	%		-0.1	%		-0.1	%		-0.1	%		-0.1	%

Net (loss) income		-3.5	%		0.0	%		4.1	%		12.3	%		4.4	%		5.2	%		1.5	%		2.0	%

Monster Worldwide, Inc.

Segment Information and Margin Analysis—GAAP and Non-GAAP

(unaudited, in thousands)


	Trended Data
	FY 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			FY 2011			Q1 2012			Q2 2012
Segment Revenue: GAAP
Careers—North America	$	422,193		$	121,032		$	122,565		$	123,160		$	118,599		$	485,356		$	119,774		$	116,189
Careers—International		360,798			107,260			113,452			114,091			110,066			444,869			106,922			101,268

Careers Revenue—GAAP		782,991			228,292			236,017			237,251			228,665			930,225			226,696			217,457
Internet Advertising & Fees Revenue—GAAP		131,142			33,090			33,679			21,797			21,314			109,880			19,381			19,543

Total Monster Revenue—GAAP	$	914,133		$	261,382		$	269,696		$	259,048		$	249,979		$	1,040,105		$	246,077		$	237,000

Segment Revenue ⁽¹⁾: Non-GAAP
Careers—North America	$	427,246		$	123,690		$	122,565		$	123,160		$	118,599		$	488,014		$	119,774		$	116,189
Careers—International		360,798			107,260			113,452			114,091			110,066			444,869			106,922			101,268

Careers Revenue Non-GAAP		788,044			230,950			236,017			237,251			228,665			932,883			226,696			217,457
Internet Advertising & Fees Non-GAAP		131,142			33,090			33,679			21,797			21,314			109,880			19,381			19,543

Internet Advertising & Fees Non-GAAP “excluding paid lead gen”		80,419			22,043			22,487			21,797			21,314			87,641			19,381			19,543

Total Monster Revenue Non-GAAP	$	919,186		$	264,040		$	269,696		$	259,048		$	249,979		$	1,042,763		$	246,077		$	237,000

Total Monster Revenue Non-GAAP “excluding paid lead gen”	$	868,463		$	252,993		$	258,504		$	259,048		$	249,979		$	1,020,524		$	246,077		$	237,000

Segment operating income (loss): GAAP
Careers—North America	$	47,783		$	16,989		$	16,002		$	21,434		$	20,206		$	74,631		$	3,199		$	14,911
Careers—International		(23,572	)		5,422			10,257			10,400			8,592			34,671			(8,036	)		1,222

Careers operating income (loss) GAAP		24,211			22,411			26,259			31,834			28,798			109,302			(4,837	)		16,133
Internet Advertising & Fees operating income GAAP		4,224			1,503			1,862			395			1,454			5,214			3,268			5,307

Corporate expenses GAAP		(70,456	)		(22,461	)		(11,133	)		8,897			(13,300	)		(37,997	)		(8,634	)		(12,175	)

Total Monster Consolidated operating (loss) income GAAP	$	(42,021	)	$	1,453		$	16,988		$	41,126		$	16,952		$	76,519		$	(10,203	)	$	9,265

Segment operating income (loss)⁽¹⁾: Non-GAAP
Careers—North America	$	56,454		$	19,874		$	16,002		$	21,434		$	20,656		$	77,966		$	17,369		$	15,070
Careers—International		(20,546	)		5,704			10,257			10,723			8,887			35,571			298			1,910

Careers operating income Non-GAAP		35,908			25,578			26,259			32,157			29,543			113,537			17,667			16,980
Internet Advertising & Fees operating income Non-GAAP		5,202			1,524			1,862			2,076			3,878			9,340			4,351			5,381

Corporate expenses Non-GAAP		(45,917	)		(14,984	)		(11,133	)		(8,503	)		(13,300	)		(47,920	)		(13,165	)		(10,080	)

Total Monster Consolidated operating (loss) income Non-GAAP	$	(4,807	)	$	12,118		$	16,988		$	25,730		$	20,121		$	74,957		$	8,853		$	12,281

Net Bookings ⁽¹⁾	$	992,438		$	272,472		$	262,338		$	264,422		$	314,126		$	1,113,358		$	274,147		$	241,970

Net Bookings—excluding portion of IAF business no longer engaged	$	939,448		$	261,425		$	251,146		$	264,422		$	314,126		$	1,091,119		$	274,147		$	241,970

⁽¹⁾	- See notes to financial supplement for further explanation of Non-GAAP measures.

Monster Worldwide, Inc.

Statements of Operations - Reconciliation of Non-GAAP Measures

(unaudited, in thousands)


	Trended Data
Summary P&L Information	FY 2010			Q1 2011		Q2 2011		Q3 2011			Q4 2011		FY 2011			Q1 2012			Q2 2012
Non-GAAP revenue⁽¹⁾	$	919,186		$	264,040	$	269,696	$	259,048		$	249,979	$	1,042,763		$	246,077		$	237,000
Deferred revenue related to acquisitions		5,053			2,658		—		—			—		2,658			—			—

Revenue - GAAP	$	914,133		$	261,382	$	269,696	$	259,048		$	249,979	$	1,040,105		$	246,077		$	237,000

OIBDA - GAAP⁽¹⁾	$	72,266		$	33,034	$	48,298	$	68,964		$	43,476	$	193,772		$	21,949		$	34,246
Depreciation expense		56,482			14,373		15,052		14,998			14,367		58,790			13,606			13,678
Amortization of restricted stock		46,646			13,028		12,161		8,899			7,996		42,084			8,273			7,429
Non-cash stock option expense		545			152		96		95			96		439			51			—
Restructuring non-cash write-offs		—			—		—		—			130		130			6,383			34
Amortization of intangibles		10,614			4,028		4,001		3,846			3,935		15,810			3,839			3,840

Operating (loss) income - GAAP	$	(42,021	)	$	1,453	$	16,988	$	41,126		$	16,952	$	76,519		$	(10,203	)	$	9,265

Release of China HR escrowed funds		—			—		—		(17,400	)		—		(17,400	)		—			—
Recovery of restitution award from former executive		—			—		—		—			—		—			(5,350	)		—
Non-GAAP severance		7,856			362		—		—			—		362			—			—
Non-GAAP facilities		—			2,998		—		—			—		2,998			—			—
Non-GAAP Integration fees		22,879			3,831		—		—			—		3,831			—			—
Non-GAAP fees associated with strategic alternatives		—			—		—		—			—		—			—			1,829
Non-GAAP Integration fees—salary		1,426			816		—		—			—		816			—			—
Deferred revenue related to acquisitions		5,053			2,658		—		—			—		2,658			—			—
Restructuring program non-cash write-offs		—			—		—		—			130		130			6,383			34
Restructuring expenses, less non-cash items		—			—		—		2,004			3,039		5,043			18,023			1,153

Total Non-GAAP Adjustments		37,214			10,665		—		(15,396	)		3,169		(1,562	)		19,056			3,016
Operating (loss) income Non-GAAP ⁽¹⁾	$	(4,807	)	$	12,118	$	16,988	$	25,730		$	20,121	$	74,957		$	8,853		$	12,281

⁽¹⁾	-See notes to financial supplement for further explanation of Non-GAAP measures.

Monster Worldwide, Inc.

Statements of Cash Flows

(unaudited, in thousands)


	Trended Data
	FY 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			FY 2011			Q1 2012			Q2 2012
Cash flows provided by operating activities:
Net (loss) income	$	(32,359	)	$	78		$	10,986		$	31,827		$	10,906		$	53,797		$	3,742		$	4,802

Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		67,096			18,401			19,053			18,844			18,302			74,600			17,445			17,518
Recovery of restitution award from former executive		—			—			—			—			—			—			(5,350	)		5,350
Provision for doubtful accounts		2,947			370			1,067			1,015			877			3,329			698			656
Non-cash compensation		47,191			13,180			12,257			8,994			8,092			42,523			8,324			7,429
Deferred income taxes		(27,890	)		(3,984	)		(6,563	)		3,985			903			(5,659	)		(8,499	)		1,499
Non-cash restructuring write-offs and other		255			—			—			—			130			130			6,383			34
Loss in equity interests, net		2,870			578			50			368			246			1,242			200			255
Gains on auction rate securities		(2,415	)		(1,120	)		(612	)		—			—			(1,732	)		—			—
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(53,555	)		12,416			16,630			18,650			(48,552	)		(856	)		(11,608	)		16,947
Prepaid and other		(16,490	)		(6,718	)		2,015			2,342			(3,149	)		(5,510	)		(13,582	)		8,486
Deferred revenue		62,488			14,926			(17,955	)		(21,902	)		29,987			5,056			23,752			(27,523	)
Accounts payable, accrued liabilities, and other		42,934			1,293			(8,859	)		(16,597	)		6,920			(17,243	)		(258	)		(28,584	)

Total adjustments		125,431			49,342			17,083			15,699			13,756			95,880			17,505			2,067

Net cash provided by operating activities		93,072			49,420			28,069			47,526			24,662			149,677			21,247			6,869

Cash flows used for investing activities:
Capital expenditures		(57,126	)		(16,457	)		(16,331	)		(12,645	)		(16,385	)		(61,818	)		(12,700	)		(20,551	)
Sale and maturities of marketable securities and other		27,089			1,120			612			—			—			1,732			—			—
Payments for acquisitions and intangible assets, net of cash acquired		(225,795	)		—			—			—			—			—			—			—
Dividends received from unconsolidated investee		220			443			—			—			—			443			—			728
Cash funded to equity investee		(5,648	)		(1,007	)		(808	)		(744	)		—			(2,559	)		(779	)		—

Net cash used for investing activities		(261,260	)		(15,901	)		(16,527	)		(13,389	)		(16,385	)		(62,202	)		(13,479	)		(19,823	)

Cash flows provided by (used for) financing activities:
Proceeds from borrowings on credit facilities		90,000			—			2,126			105,599			997			108,722			189,700			3,655
Payments on borrowings on credit facilities		(15,500	)		(4,500	)		—			(5,000	)		(35,001	)		(44,501	)		(225,022	)		(46,494	)
Proceed from the borrowings on term loan		—			—			—			—			—			—			100,000			—
Payments on borrowings on term loan		—			—			—			—			—			—			(40,000	)		(1,250	)
Tax withholdings related to net share settlements of restricted stock awards and units		(14,227	)		(7,096	)		(6,776	)		(3,004	)		(263	)		(17,139	)		(2,475	)		(3,564	)
Repurchase of common stock		—			—			—			—			(41,973	)		(41,973	)		(33,335	)		(25,577	)
Proceeds from the exercise of employee stock options		300			23			—			—			—			23			23			—

Net cash provided by (used for) financing activities		60,573			(11,573	)		(4,650	)		97,595			(76,240	)		5,132			(11,109	)		(73,230	)

Effects of exchange rates on cash		(4,663	)		5,887			1,140			(8,965	)		(3,521	)		(5,459	)		5,625			(8,957	)
Net (decrease) increase in cash and cash equivalents		(112,278	)		27,833			8,032			122,767			(71,484	)		87,148			2,284			(95,141	)
Cash and cash equivalents, beginning of period		275,447			163,169			191,002			199,034			321,801			163,169			250,317			252,601

Cash and cash equivalents, end of period	$	163,169		$	191,002		$	199,034		$	321,801		$	250,317		$	250,317		$	252,601		$	157,460

Free cash flow⁽¹⁾:
Net cash provided by operating activities	$	93,072		$	49,420		$	28,069		$	47,526		$	24,662		$	149,677		$	21,247		$	6,869
Less: Capital expenditures		(57,126	)		(16,457	)		(16,331	)		(12,645	)		(16,385	)		(61,818	)		(12,700	)		(20,551	)

Free cash flow	$	35,946		$	32,963		$	11,738		$	34,881		$	8,277		$	87,859		$	8,547		$	(13,682	)

⁽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 2010			March 2011			June 2011			September 2011			December 2011			March 2012			June 2012
ASSETS
Current assets:
Cash and cash equivalents	$	163,169		$	191,002		$	199,034		$	321,801		$	250,317		$	252,601		$	157,460
Accounts Receivable, net		346,751			340,307			323,726			298,778			343,546			358,004			333,640
Prepaid and other		75,451			84,600			84,744			83,506			82,069			95,972			85,845

Total current assets		585,371			615,909			607,504			704,085			675,932			706,577			576,945

Property and equipment, net		150,147			154,900			158,178			155,642			156,282			159,632			161,432
Goodwill		1,122,951			1,151,182			1,157,724			1,137,074			1,132,161			1,142,194			1,118,942
Intangibles, net		66,184			62,474			58,788			54,759			51,961			47,603			43,729
Investment in unconsolidated affiliates		1,359			919			1,545			1,643			1,183			1,764			335
Other assets		51,990			51,061			47,816			42,107			40,479			43,679			44,135

Total assets	$	1,978,002		$	2,036,445		$	2,031,555		$	2,095,310		$	2,057,998		$	2,101,449		$	1,945,518

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued expenses and other	$	225,876		$	232,701		$	220,694		$	202,251		$	213,817		$	218,681		$	189,927
Deferred revenue		376,448			399,105			382,835			354,029			380,310			408,334			372,239
Borrowings on credit facilities short-term		79,500			75,000			77,129			182,771			148,836			4,545			8,143
Current portion of long-term debt		5,000			5,000			5,000			5,000			40,000			5,000			5,625

Total current liabilities		686,824			711,806			685,658			744,051			782,963			636,560			575,934

Long-term income taxes payable		95,390			96,922			96,443			98,164			94,750			96,666			96,692
Long-term debt, less current portion		40,000			40,000			40,000			35,000			—			204,000			155,625
Other liabilities		27,138			20,603			17,970			20,534			16,158			12,542			16,042

Total liabilities		849,352			869,331			840,071			897,749			893,871			949,768			844,293

Common stock and class B common stock		136			137			138			138			138			139			139
Additional paid-in capital		1,424,815			1,427,804			1,434,095			1,440,027			1,405,915			1,374,246			1,352,205
Accumulated other comprehensive income		63,165			98,561			105,653			73,971			63,743			79,223			46,006
Accumulated deficit		(359,466	)		(359,388	)		(348,402	)		(316,575	)		(305,669	)		(301,927	)		(297,125	)

Total stockholders’ equity		1,128,650			1,167,114			1,191,484			1,197,561			1,164,127			1,151,681			1,101,225

Total liabilities and stockholders’ equity	$	1,978,002		$	2,036,445		$	2,031,555		$	2,095,310		$	2,057,998		$	2,101,449		$	1,945,518

Selected Financial Ratios⁽¹⁾
- Annualized return on equity		0.2	%		0.0	%		3.7	%		10.7	%		3.7	%		1.3	%		1.7	%
- Book value per share	$	9.32		$	9.56		$	9.70		$	9.73		$	9.90		$	10.09		$	9.85
- Cash and marketable securities per share	$	1.35		$	1.57		$	1.62		$	2.61		$	2.13		$	2.21		$	1.41
- Net cash and securities	$	38,669		$	71,002		$	76,905		$	99,030		$	61,481		$	39,056		$	(11,933	)

⁽¹⁾	- See notes to financial supplement for definitions and calculations of selected financial ratios.

MONSTER WORLDWIDE, INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION. - August 2, 2012

Attached files

MONSTER WORLDWIDE, INC. Reports