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EX-99.2 - EXHIBIT 99.2 - MONSTER WORLDWIDE, INC. | c16133exv99w2.htm |
8-K - FORM 8-K - MONSTER WORLDWIDE, INC. | c16133e8vk.htm |
Exhibit 99.1
Monster Worldwide Reports First Quarter 2011 Results
Q1 Bookings of $272 Million Increased 24% Year over Year
Deferred Revenue Improved to $399 Million, a 31% Year over Year Increase;
Cash Flow From Operations of $49 Million
Cash Flow From Operations of $49 Million
Q1 GAAP Revenue of $261 Million Increased 21% Year over Year;
Q1 Non-GAAP Revenue of $264 Million Increased 23% Year over Year
Q1 Non-GAAP Revenue of $264 Million Increased 23% Year over Year
Q1 GAAP EPS Break-even; Q1 Non-GAAP EPS of $0.05
2011 Bookings and Revenue Growth Expected to be in the Range of 20-25% Year over Year;
2011 Non-GAAP EPS Expected to be in the Range of $0.36 $0.48
2011 Non-GAAP EPS Expected to be in the Range of $0.36 $0.48
Q2 2011 Bookings and Revenue Growth Expected to be in the Range of 20-25% Year over Year;
Q2 2011 Non-GAAP EPS Expected to be in the Range of $0.06 $0.10
Q2 2011 Non-GAAP EPS Expected to be in the Range of $0.06 $0.10
New York, April 28, 2011 Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for
the first quarter ended March 31, 2011.
Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, We had a
strong start to the year with first quarter 2011 bookings and revenue growth of 24% and 23%,
respectively. These results were driven by the improved value proposition we offer our customers
worldwide and the continued global economic recovery. We are confident we have the right strategy
in place and reiterate our outlook for bookings and revenue growth in 2011 to be in the range of 20
25% and remain committed to significantly improving profitability.
First Quarter Results
Bookings, which represent the dollar value of contractual orders received, and are considered by
the Company to be a key indicator of future revenues, increased 24% to $272 million compared to
$219 million reported in the first quarter of 2010. On a year over year basis, currency
translation had a $1.6 million positive impact on bookings in the first quarter. Historical data
on bookings for prior quarters is available in the Companys supplemental financial information.
1
GAAP revenue of $261 million includes a $2.7 million purchase accounting adjustment related to the
HotJobs acquisition. Non-GAAP revenue of $264 million increased 23% from revenue of $215 million
in the first quarter of 2010. On a year over year basis, currency translation had a $1.2 million
positive impact on non-GAAP revenue in the first quarter.
Total Careers revenue on a non-GAAP basis was $231 million, an increase of 26%, compared to $183
million in the first quarter of 2010.
Non-GAAP Careers-North America revenue was $124 million, an increase of 28% compared to $97 million
in the first quarter of 2010. Careers-International revenue increased 25% to $107 million compared
with $86 million in the prior year period. Internet Advertising & Fees revenue was relatively
unchanged at $33 million.
Consolidated GAAP operating expenses were $260 million. Net income was $0.1 million, or break-even
on a per share basis. This compares to a net loss of $24 million, or $0.20 loss per share, in the
first quarter of 2010, which included a pre-tax adjustment of $11 million or $0.06 per share net of
tax.
Net income for the first quarter 2011 included pre-tax adjustments of $9.5 million, or $0.05 per
share net of tax. These items consisted of a $2.7 million reduction to revenue due to the purchase
accounting adjustment related to the acquisition of HotJobs, $4.9 million primarily related to
HotJobs integration costs, $3.0 million of charges relating to previously exited facilities,
partially offset by $1.1 million of net realized gains on auction rate securities. These pro forma
items are fully described in the Notes Regarding the Use of Non-GAAP Financial Measures and are
reconciled to the GAAP measure in the accompanying tables.
Monster Worldwide non-GAAP net income was $6.3 million, or $0.05 per share. This compares to a
non-GAAP net loss of $17 million, or $0.14 loss per share in the first quarter of 2010. On a
non-GAAP basis, operating expenses were $252 million or a 5% year over year increase compared to
$239 million in the first quarter of 2010.
2
Cash and cash equivalents were $191 million as of March 31, 2011 compared to $163 million as of
December 31, 2010. The increase in cash and cash equivalents was primarily attributable to cash
provided by operations of $49 million, partially offset by $16 million of capital expenditures.
Monster Worldwides deferred revenue balance as of March 31, 2011 was $399 million compared to $376
million reported as of December 31, 2010 and $305 million as of March 31, 2010.
Guidance
The Company offered the following business outlook based on current available information and
expectations as of April 28, 2011, exclusive of any future acquisitions or dispositions.
Q2 and Full Year 2011
($s in millions, except per share amounts)
($s in millions, except per share amounts)
Second | ||||||||
Quarter | Full Year | |||||||
2011 | 2011 | |||||||
Bookings |
$ | 250-$260 | $ | 1,191-$1,241 | ||||
Year Over Year Change |
20%-25 | % | 20%-25 | % | ||||
Revenue (non-GAAP) |
$ | 258-$269 | $ | 1,103-$1,149 | ||||
Year Over Year Change |
20%-25 | % | 20%-25 | % | ||||
Earnings per Share (non-GAAP) |
$ | 0.06-$0.10 | $ | 0.36-$0.48 |
Special Note: The statements in this release that are not strictly historical, including,
without limitation, statements regarding the Companys strategic direction, prospects and future
results, constitute forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve certain risks and uncertainties and, therefore, actual
results may differ materially from what is expressed or implied herein and no assurance can be
given that the Company will achieve, among other things, its outlook with respect to bookings,
revenue or earnings per share for the second fiscal quarter of 2011 or the full 2011 fiscal
year. Factors that could cause results to differ materially from those expressed or implied by
such forward-looking statements include, but are not limited to, economic and other conditions
in the markets in which we operate, risks associated with acquisitions or dispositions,
competition, and the other risks discussed in our Form 10-K and our other filings made with the
Securities and Exchange Commission, which discussions are incorporated into this
3
release by
reference. Many of the factors that will determine the Companys future results are beyond the
ability of management to control or predict. Readers should not place undue reliance on the
forward-looking statements in this release as they reflect managements views only as of the
date hereof. The Company undertakes no obligation to revise or update any of the forward-looking
statements contained in this release or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.
Conference Call and Webcast
First quarter 2011 results will be discussed on Monster Worldwides quarterly conference call
taking place on April 28, 2011 at 5:00 PM ET. A live webcast of the conference call can be
accessed online through the Investor Relations section of the Companys website at
http://ir.monster.com. To join the conference call by telephone, please dial (888) 696-1396 or
(706) 758-9636 and reference conference ID# 60740167.
A presentation of financial slides will be referenced during the conference call and will be
viewable through the live webcast. A PDF of the financial presentation can also be accessed
directly at http://about-monster.com/sites/default/files/Q12011earningslidefinal.pdf
or through the Companys Investor Relations website at http://ir.monster.com.
or through the Companys Investor Relations website at http://ir.monster.com.
The Company has also made available certain supplemental financial information which can be
accessed directly at http://about-monster.com/sites/default/files/q111supplement.pdf or through the
Companys Investor Relations website at http://ir.monster.com.
For a replay of the conference call, please dial (800) 642-1687 or (706) 645-9291 and reference ID#
60740167. This number is valid until midnight on May 5, 2011.
Contacts
Investors: Lori Chaitman, (212) 351-7090, Lori.Chaitman@monster.com
Media: Matt Henson, (978) 823-2627, Matthew.Henson@monster.com
Media: Matt Henson, (978) 823-2627, Matthew.Henson@monster.com
About Monster Worldwide
Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster® the premier global online
employment solution for more than a decade, strives to inspire people to improve their lives. With
a local presence in key markets in North America, Europe, Asia and Latin America, Monster works for
everyone by connecting employers with quality job seekers at all levels and by providing
personalized career advice to consumers globally. Through online media sites and services, Monster
delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P
500 index. To learn more about Monsters industry-leading products and services, visit
www.monster.com.
4
Notes Regarding the Use of 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, generally
accepted accounting principles (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, operating margin, net income or loss and
diluted earnings per share all exclude certain pro forma adjustments including: net costs
associated with the Companys historical stock option grant practices; the strategic restructuring
actions initiated in the third quarter of 2007; severance charges related to the targeted global
headcount reduction; facility charges primarily related to the product and technology global
reorganization and changes in sublet assumptions on previously exited facilities; the fair value
adjustment to deferred revenue in connection with the acquisition of ChinaHR and HotJobs; realized
and unrealized gains and losses on marketable securities; acquisition and integration-related
costs associated with the acquisition of HotJobs; and a net non-cash benefit relating to the
reversal of an income tax liability for uncertain tax positions. 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
from operations 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.
5
Net cash and securities is 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.
6
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Revenue |
$ | 261,382 | $ | 215,305 | ||||
Salaries and related |
135,661 | 128,450 | ||||||
Office and general |
66,570 | 62,148 | ||||||
Marketing and promotion |
57,698 | 59,581 | ||||||
Total operating expenses |
259,929 | 250,179 | ||||||
Operating income (loss) |
1,453 | (34,874 | ) | |||||
Interest and other, net |
(441 | ) | (653 | ) | ||||
Income (loss) before income taxes and loss in equity interests |
1,012 | (35,527 | ) | |||||
Provision for (benefit from) income taxes |
356 | (12,179 | ) | |||||
Loss in equity interests, net |
(578 | ) | (831 | ) | ||||
Net income (loss) |
$ | 78 | $ | (24,179 | ) | |||
Basic income (loss) per share |
$ | | $ | (0.20 | ) | |||
Diluted income (loss) per share |
$ | | $ | (0.20 | ) | |||
Weighted average shares outstanding: |
||||||||
Basic |
121,425 | 120,032 | ||||||
Diluted |
124,636 | 120,032 | ||||||
Operating income (loss) before depreciation and amortization: |
||||||||
Operating income (loss) |
$ | 1,453 | $ | (34,874 | ) | |||
Depreciation and amortization of intangibles |
18,401 | 16,604 | ||||||
Amortization of stock-based compensation |
13,180 | 10,267 | ||||||
Operating income (loss) before depreciation and amortization |
$ | 33,034 | $ | (8,003 | ) | |||
1
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Cash flows provided by operating activities: |
||||||||
Net income (loss) |
$ | 78 | $ | (24,179 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
18,401 | 16,604 | ||||||
Provision for doubtful accounts |
370 | 1,149 | ||||||
Non-cash compensation |
13,180 | 10,267 | ||||||
Deferred income taxes |
(3,984 | ) | (14,713 | ) | ||||
Loss in equity interests, net |
578 | 831 | ||||||
Gains on auction rate securities |
(1,120 | ) | (200 | ) | ||||
Changes in assets and liabilities, net of purchase transactions: |
||||||||
Accounts receivable |
12,416 | 17,631 | ||||||
Prepaid and other |
(6,718 | ) | 1,589 | |||||
Deferred revenue |
14,926 | 4,668 | ||||||
Accounts payable, accrued liabilities and other |
1,293 | 22,569 | ||||||
Total adjustments |
49,342 | 60,395 | ||||||
Net cash provided by operating activities |
49,420 | 36,216 | ||||||
Cash flows used for investing activities: |
||||||||
Capital expenditures |
(16,457 | ) | (8,536 | ) | ||||
Cash funded to equity investee |
(1,007 | ) | (1,345 | ) | ||||
Sales and maturities of marketable securities |
1,120 | 3,414 | ||||||
Dividends received from unconsolidated investee |
443 | 220 | ||||||
Net cash used for investing activities |
(15,901 | ) | (6,247 | ) | ||||
Cash flows used for financing activities: |
||||||||
Payments on borrowings on credit facility |
(4,500 | ) | | |||||
Tax withholdings related to net share settlements of restricted stock awards and units |
(7,096 | ) | (6,359 | ) | ||||
Proceeds from the exercise of employee stock options |
23 | 27 | ||||||
Net cash used for financing activities |
(11,573 | ) | (6,332 | ) | ||||
Effects of exchange rates on cash |
5,887 | (7,932 | ) | |||||
Net increase in cash and cash equivalents |
27,833 | 15,705 | ||||||
Cash and cash equivalents, beginning of period |
163,169 | 275,447 | ||||||
Cash and cash equivalents, end of period |
$ | 191,002 | $ | 291,152 | ||||
Free cash flow: |
||||||||
Net cash provided by operating activities |
$ | 49,420 | $ | 36,216 | ||||
Less: Capital expenditures |
(16,457 | ) | (8,536 | ) | ||||
Free cash flow |
$ | 32,963 | $ | 27,680 | ||||
2
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2011 | December 31, 2010 | |||||||
Assets: |
||||||||
Cash and cash equivalents |
$ | 191,002 | $ | 163,169 | ||||
Accounts receivable, net |
340,307 | 346,751 | ||||||
Property and equipment, net |
154,900 | 150,147 | ||||||
Goodwill and intangibles, net |
1,213,656 | 1,189,135 | ||||||
Other assets |
136,580 | 128,800 | ||||||
Total assets |
$ | 2,036,445 | $ | 1,978,002 | ||||
Liabilities and Stockholders equity: |
||||||||
Accounts payable, accrued expenses and other current liabilities |
$ | 232,701 | $ | 225,876 | ||||
Deferred revenue |
399,105 | 376,448 | ||||||
Current portion of long-term debt and borrowings on credit facility |
80,000 | 84,500 | ||||||
Long-term income taxes payable |
96,922 | 95,390 | ||||||
Long-term debt, less current portion |
40,000 | 40,000 | ||||||
Other long-term liabilities |
20,603 | 27,138 | ||||||
Total liabilities |
$ | 869,331 | $ | 849,352 | ||||
Stockholders equity |
1,167,114 | 1,128,650 | ||||||
Total liabilities and stockholders equity |
$ | 2,036,445 | $ | 1,978,002 | ||||
3
MONSTER WORLDWIDE, INC.
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
Internet | ||||||||||||||||||||
Careers - | Careers - | Advertising & | Corporate | |||||||||||||||||
Three Months Ended March 31, 2011 | North America | International | Fees | Expenses | Total | |||||||||||||||
Revenue |
$ | 121,032 | $ | 107,260 | $ | 33,090 | $ | 261,382 | ||||||||||||
Operating income |
16,989 | 5,422 | 1,503 | $ | (22,461 | ) | 1,453 | |||||||||||||
OIBDA |
29,981 | 16,941 | 5,313 | (19,201 | ) | 33,034 | ||||||||||||||
Operating margin |
14.0 | % | 5.1 | % | 4.5 | % | 0.6 | % | ||||||||||||
OIBDA margin |
24.8 | % | 15.8 | % | 16.1 | % | 12.6 | % |
Internet | ||||||||||||||||||||
Careers - | Careers - | Advertising & | Corporate | |||||||||||||||||
Three Months Ended March 31, 2010 | North America | International | Fees | Expenses | Total | |||||||||||||||
Revenue |
$ | 96,957 | $ | 85,625 | $ | 32,723 | $ | 215,305 | ||||||||||||
Operating (loss) income |
(3,772 | ) | (13,412 | ) | 1,236 | $ | (18,926 | ) | (34,874 | ) | ||||||||||
OIBDA |
5,671 | (3,089 | ) | 4,764 | (15,349 | ) | (8,003 | ) | ||||||||||||
Operating margin |
-3.9 | % | -15.7 | % | 3.8 | % | -16.2 | % | ||||||||||||
OIBDA margin |
5.8 | % | -3.6 | % | 14.6 | % | -3.7 | % |
4
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
UNAUDITED CONSOLIDATED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | |||||||||||||||||||||||||||
Proforma | Consolidated | Proforma | Consolidated | |||||||||||||||||||||||||
As Reported | Adjustments | Non GAAP | As Reported | Adjustments | Non GAAP | |||||||||||||||||||||||
Revenue |
$ | 261,382 | $ | 2,658 | a | $ | 264,040 | $ | 215,305 | $ | | $ | 215,305 | |||||||||||||||
Salaries and related |
135,661 | (1,178 | ) | b,d | 134,483 | 128,450 | (6,360 | ) | b | 122,090 | ||||||||||||||||||
Office and general |
66,570 | (6,829 | ) | c,d | 59,741 | 62,148 | (4,371 | ) | d | 57,777 | ||||||||||||||||||
Marketing and promotion |
57,698 | | 57,698 | 59,581 | | 59,581 | ||||||||||||||||||||||
Total operating expenses |
259,929 | (8,007 | ) | 251,922 | 250,179 | (10,731 | ) | 239,448 | ||||||||||||||||||||
Operating income (loss) |
1,453 | 10,665 | 12,118 | (34,874 | ) | 10,731 | (24,143 | ) | ||||||||||||||||||||
Operating margin |
0.6 | % | 4.6 | % | -16.2 | % | -11.2 | % | ||||||||||||||||||||
Interest and other, net |
(441 | ) | (1,120 | ) | e | (1,561 | ) | (653 | ) | (200 | ) | e | (853 | ) | ||||||||||||||
Income (loss) before income taxes and loss in equity interests |
1,012 | 9,545 | 10,557 | (35,527 | ) | 10,531 | (24,996 | ) | ||||||||||||||||||||
Provision for (benefit from) income taxes |
356 | 3,356 | f | 3,712 | (12,179 | ) | 3,610 | f | (8,569 | ) | ||||||||||||||||||
Loss in equity interests, net |
(578 | ) | | (578 | ) | (831 | ) | | (831 | ) | ||||||||||||||||||
Net income (loss) |
$ | 78 | $ | 6,189 | $ | 6,267 | $ | (24,179 | ) | $ | 6,921 | $ | (17,258 | ) | ||||||||||||||
Diluted earnings (loss) per share |
$ | | $ | 0.05 | $ | 0.05 | $ | (0.20 | ) | $ | 0.06 | $ | (0.14 | ) | ||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Diluted |
124,636 | 124,636 | 124,636 | 120,032 | 120,032 | 120,032 |
Note Regarding ProForma Adjustments: | ||
The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges. | ||
ProForma adjustments consist of the following: |
a | Deferred revenue fair value adjustment required under existing purchase accounting rules relating to the acquisition of the Hotjobs Assets in Q3 2010. | ||
b | Severance charges primarily related to the reorganization of the product & technology groups on a global basis. | ||
c | Charges related to changes in sublet assumptions on previously exited facilities. | ||
d | Acquisition and integration related costs associated with the acquisition of the Hotjobs Assets. | ||
e | Net realized gains on available for sale securities. | ||
f | Income tax adjustment is calculated using the effective tax rate of the reported period multiplied by the ProForma adjustment to income before income taxes and loss in equity interests. |
5
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
Internet | ||||||||||||||||||||
Careers - | Careers - | Advertising & | Corporate | |||||||||||||||||
Three Months Ended March 31, 2011 | North America | International | Fees | Expenses | Total | |||||||||||||||
Revenue GAAP |
$ | 121,032 | $ | 107,260 | $ | 33,090 | $ | 261,382 | ||||||||||||
Proforma Adjustments |
2,658 | | | 2,658 | ||||||||||||||||
Revenue Non GAAP |
$ | 123,690 | $ | 107,260 | $ | 33,090 | $ | 264,040 | ||||||||||||
Operating income (loss) GAAP |
$ | 16,989 | $ | 5,422 | $ | 1,503 | $ | (22,461 | ) | $ | 1,453 | |||||||||
Proforma Adjustments |
2,886 | 283 | 21 | 7,475 | 10,665 | |||||||||||||||
Operating income (loss) Non GAAP |
$ | 19,874 | $ | 5,704 | $ | 1,524 | $ | (14,984 | ) | $ | 12,118 | |||||||||
Operating margin GAAP |
14.0 | % | 5.1 | % | 4.5 | % | 0.6 | % | ||||||||||||
Operating margin Non GAAP |
16.1 | % | 5.3 | % | 4.6 | % | 4.6 | % |
Internet | ||||||||||||||||||||
Careers - | Careers - | Advertising & | Corporate | |||||||||||||||||
Three Months Ended March 31, 2010 | North America | International | Fees | Expenses | Total | |||||||||||||||
Revenue |
$ | 96,957 | $ | 85,625 | $ | 32,723 | $ | 215,305 | ||||||||||||
Proforma Adjustments |
| | | | ||||||||||||||||
Revenue Non GAAP |
$ | 96,957 | $ | 85,625 | $ | 32,723 | $ | 215,305 | ||||||||||||
Operating income (loss) GAAP |
$ | (3,772 | ) | $ | (13,412 | ) | $ | 1,236 | $ | (18,926 | ) | $ | (34,874 | ) | ||||||
Proforma Adjustments |
3,281 | 2,143 | 909 | 4,398 | 10,731 | |||||||||||||||
Operating income (loss) Non GAAP |
$ | (491 | ) | $ | (11,269 | ) | $ | 2,145 | $ | (14,528 | ) | $ | (24,143 | ) | ||||||
Operating margin GAAP |
-3.9 | % | -15.7 | % | 3.8 | % | -16.2 | % | ||||||||||||
Operating margin Non GAAP |
-0.5 | % | -13.2 | % | 6.6 | % | -11.2 | % |
6