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8-K - FORM 8-K - MONSTER WORLDWIDE, INC.d482187d8k.htm
EX-99.1 - EX-99.1 - MONSTER WORLDWIDE, INC.d482187dex991.htm

Exhibit 99.2

 

LOGO

FINANCIAL SUPPLEMENT

December 31, 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.

 

1


LOGO

Notes to Financial Supplement

Presentation

Discontinued Operations

For the three months ended December 31, 2012 and 2011, the Company reported a loss from discontinued operations, net of tax, of $67.7 million and $9.1 million, respectively. For the year ended December 31, 2012 and 2011, the Company reported a loss from discontinued operations, net of tax, of $316.9 million and $12.3 million, respectively. Included in the results from discontinued operations are the results of our operations in Careers – China, Latin America and Turkey.

During the third quarter of 2012, as part of the Company’s review of strategic alternatives, the Company made the decision to sell its Careers-China business. The sale of the Careers-China business was completed in February 2013. Operating results for the Careers-China business, which had previously been included in the Company’s Careers – International segment in the Consolidated Statement of Operations for the periods subsequent to the October 2008 acquisition, have now been reclassified as discontinued operations for all periods presented. The 2012 results included a $262.2 million goodwill impairment charge, a $9.1 million charge related to the recording of a full valuation allowance associated with Careers—China deferred tax asset as well as a $5.2 million impairment charge relating to amortizable intangibles. The 2011 results included a gain of $17.4 million relating to the release of escrowed funds associated with the ChinaHR acquisition, which was recorded in the third quarter of 2011.

During the fourth quarter of 2012, the Company made the strategic decision to discontinue operations in Latin America and Turkey and all of the business operations were discontinued on or before December 31, 2012. Accordingly, the operating results of these businesses have now been reclassified as discontinued operations for all periods presented. The 2012 results include $8.0 million of shut-down costs associated with these business operations.

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 included reducing the Company’s workforce, consolidation of certain office facilities and the impairment of certain fixed assets. In the year ended December 31, 2012, the Company has incurred $26.2 million of restructuring costs. The Company will not incur any new charges in the future relating to this program.

On November 8, 2012, the Company announced actions to concentrate resources on core businesses within North America and key European and Asian markets with increased spending in marketing and sales. The restructuring actions included reducing the Company’s workforce, consolidating certain office facilities and impairing certain fixed assets. In the three months ended December 31, 2012, the Company has incurred $14.7 million of restructuring costs.

In the three and twelve months ended December 31, 2011 the Company incurred $3.0 million and $4.7 million, respectively, of restructuring charges relating to severance associated with the Company no longer engaging in the arbitrage lead generation business. During the first quarter of 2012, the Company recorded a $0.5 million reduction to restructuring expense related to a change in estimated sublease income associated with the 2011 restructuring program.

 

2


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 and twelve months ended December 31, 2012, the Company incurred $1.4 million and $4.7 million, respectively, of costs related to the review of strategic alternatives.

Income Tax Benefit

In the first quarter of 2012, the Company recognized approximately $20.8 million of net tax benefits relating to the Company’s restructuring activities. In the third quarter of 2012, the Company settled a tax examination in the United States and recognized $38.0 million of previously unrecognized tax benefits, which on a net of tax basis impacted the effective tax rate by $29.0 million. The Company also reversed accrued interest related to unrecognized tax benefits of $8.0 million, which on a net of tax basis impacted the effective tax rate by $4.9 million. These items have been excluded from our non-GAAP financial statements in the three and twelve months ended December 31, 2012.

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 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.

 

3


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 from continuing operations, operating margin, net income from continuing operations, net (loss) income from discontinued operations, and diluted earnings (loss) per share all exclude certain pro-forma adjustments including: costs incurred for the 2012 restructurings; recovery of restitution award from former executive; costs incurred related to the Company’s review of strategic alternatives; income tax benefits associated with the reversal of income tax reserves on uncertain tax positions and a tax benefit related to certain losses arising from the Company’s restructuring program; the results of the businesses in Careers – China, Latin America and Turkey as they have been classified as discontinued operations; 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 in 2011 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.

 

4


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

 

5


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     Q3 2012     Q4 2012     FY 2012  

Monster Careers

  $ 743,781      $ 218,829      $ 225,609      $ 225,854      $ 213,472      $ 883,764      $ 214,369      $ 205,034      $ 202,017      $ 192,672      $ 814,092   

Internet Advertising & Fees

    131,142        33,090        33,679        21,797        21,314        109,880        19,381        19,543        18,804        18,572        76,300   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

    874,923        251,919        259,288        247,651        234,786        993,644        233,750        224,577        220,821        211,244        890,392   

Salary and related

    417,293        114,223        113,756        110,475        100,486        438,940        104,060        92,558        93,097        90,416        380,131   

Office and general

    164,057        45,411        39,995        34,818        36,024        156,248        36,643        41,993        44,575        39,111        162,322   

Marketing and promotion

    203,274        52,146        53,064        41,118        43,522        189,850        49,298        51,426        43,099        44,503        188,326   

Recovery of restitution award from former executive

    —          —          —          —          —          —          (5,350     —          —          —          (5,350

Restructuring and other special charges

    —          —          —          1,680        3,035        4,715        24,268        1,015        244        14,831        40,358   

Depreciation expense

    54,302        13,753        14,372        14,193        13,559        55,877        12,782        12,867        12,991        13,286        51,926   

Amortization of restricted stock

    46,368        12,738        11,857        8,625        7,799        41,019        8,201        7,254        5,683        6,985        28,123   

Non-cash stock option expense

    545        152        96        95        96        439        51        —          —          —          51   

Amortization of intangibles

    7,594        3,273        3,245        3,091        3,180        12,789        3,083        3,085        3,085        3,100        12,353   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    893,433        241,696        236,385        214,095        207,701        899,877        233,036        210,198        202,774        212,232        858,240   

Operating (loss) income

    (18,510     10,223        22,903        33,556        27,085        93,767        714        14,379        18,047        (988     32,152   

Interest and other, net

    (1,700     (437     (577     (1,397     (560     (2,971     (1,463     (1,189     (1,532     (1,699     (5,883
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from continuing operations before income taxes and equity interests

    (20,210     9,786        22,326        32,159        26,525        90,796        (749     13,190        16,515        (2,687     26,269   

(Benefit from) provison for income taxes

    (8,293     2,923        5,150        9,183        6,248        23,504        (14,304     3,930        (24,871     2,267        (32,978

Loss in equity interests, net

    (2,870     (578     (50     (368     (246     (1,242     (200     (255     (271     (355     (1,081
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from continuing operations

    (14,787     6,285        17,126        22,608        20,031        66,050        13,355        9,005        41,115        (5,309     58,166   
              —                  —     

(Loss) income from discontinued operations, net of tax

    (17,572     (6,207     (6,140     9,219        (9,125     (12,253     (9,613     (4,203     (235,354     (67,716     (316,886
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

  $ (32,359   $ 78      $ 10,986      $ 31,827      $ 10,906      $ 53,797      $ 3,742      $ 4,802      $ (194,239   $ (73,025   $ (258,720
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic (loss) income per share:

                     

(Loss) income from continuing operations

    (0.12     0.05        0.14        0.18        0.17        0.54        0.11        0.08        0.37        (0.05     0.52   

(Loss) from discontinued operations, net of tax

    (0.15     (0.05     (0.05     0.07        (0.08     (0.10     (0.08     (0.04     (2.12     (0.61     (2.81
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

  $ (0.27   $ —        $ 0.09      $ 0.25      $ 0.09      $ 0.44      $ 0.03      $ 0.04      $ (1.75   $ (0.66   $ (2.29
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted (loss) income per share:

                     

(Loss) income from continuing operations

    (0.12     0.05        0.14        0.18        0.16        0.53        0.11        0.08        0.37        (0.05     0.51   

(Loss) from discontinued operations, net of tax

    (0.15     (0.05     (0.05     0.07        (0.07     (0.10     (0.08     (0.04     (2.10     (0.61     (2.78
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

  $ (0.27   $ —        $ 0.09      $ 0.25      $ 0.09      $ 0.43      $ 0.03      $ 0.04      $ (1.73   $ (0.66   $ (2.27
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted avg. shares outstanding:

                     

Basic shares

    120,608        121,425        122,200        122,991        121,378        122,002        116,199        112,937        111,239        111,098        112,866   

Diluted shares

    120,608        124,636        124,386        123,972        122,685        123,923        117,611        114,038        112,212        111,098        113,995   

Global employees - continuing operations (ones)

    4,676        4,671        4,772        4,693        4,651        4,651        4,366        4,432        4,331        4,037        4,037   

Annualized revenue per average employee

  $ 191.8      $ 215.6      $ 219.7      $ 209.3      $ 201.0      $ 211.6      $ 207.4      $ 204.2      $ 201.6      $ 202.0      $ 203.8   

 

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     Q3 2012     Q4 2012     FY 2012  

Monster Careers

    85.0     86.9     87.0     91.2     90.9     88.9     91.7     91.3     91.5     91.2     91.4

Internet Advertising & Fees

    15.0     13.1     13.0     8.8     9.1     11.1     8.3     8.7     8.5     8.8     8.6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

    47.7     45.3     43.9     44.6     42.8     44.2     44.5     41.2     42.2     42.8     42.7

Office and general

    18.8     18.0     15.4     14.1     15.3     15.7     15.7     18.7     20.2     18.5     18.2

Marketing and promotion

    23.2     20.7     20.5     16.6     18.5     19.1     21.1     22.9     19.5     21.1     21.2

Recovery of restitution award from former executive

    0.0     0.0     0.0     0.0     0.0     0.0     -2.3     0.0     0.0     0.0     -0.6

Restructuring and other special charges

    0.0     0.0     0.0     0.7     1.3     0.5     10.4     0.5     0.1     7.0     4.5

Depreciation expense

    6.2     5.5     5.5     5.7     5.8     5.6     5.5     5.7     5.9     6.3     5.8

Amortization of restricted stock

    5.3     5.1     4.6     3.5     3.3     4.1     3.5     3.2     2.6     3.3     3.2

Non-cash stock option expense

    0.1     0.1     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0     0.0

Amortization of intangibles

    0.9     1.3     1.3     1.2     1.4     1.3     1.3     1.4     1.4     1.5     1.4
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    102.1     95.9     91.2     86.4     88.5     90.6     99.7     93.6     91.8     100.5     96.4

Operating (loss) income

    -2.1     4.1     8.8     13.5     11.5     9.4     0.3     6.4     8.2     -0.5     3.6

Interest and other, net

    -0.2     -0.2     -0.2     -0.6     -0.2     -0.3     -0.6     -0.5     -0.7     -0.8     -0.7
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from continuing operations before income taxes and equity interests

    -2.3     3.9     8.6     13.0     11.3     9.1     -0.3     5.9     7.5     -1.3     3.0

(Benefit from) provision for income taxes

    -0.9     1.2     2.0     3.7     2.7     2.4     -6.1     1.7     -11.3     1.1     -3.7

Losses in equity interests, net

    -0.3     -0.2     0.0     -0.1     -0.1     -0.1     -0.1     -0.1     -0.1     -0.2     -0.1
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

    -1.7     2.5     6.6     9.1     8.5     6.6     5.7     4.0     18.6     -2.5     6.5
 

 

 

           

 

 

           

 

 

 

 

7


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     Q3 2012     Q4 2012     FY 2012  

Segment Revenue: GAAP

                     

Careers - North America

  $ 422,193      $ 121,032      $ 122,565      $ 123,160      $ 118,599      $ 485,356      $ 119,774      $ 116,189      $ 115,455      $ 111,544      $ 462,962   

Careers - International

    321,588        97,797        103,044        102,694        94,873        398,408        94,595        88,845        86,562        81,128        351,130   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers Revenue - GAAP

    743,781        218,829        225,609        225,854        213,472        883,764        214,369        205,034        202,017        192,672        814,092   

Internet Advertising & Fees Revenue - GAAP

    131,142        33,090        33,679        21,797        21,314        109,880        19,381        19,543        18,804        18,572        76,300   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Revenue - GAAP

  $ 874,923      $ 251,919      $ 259,288      $ 247,651      $ 234,786      $ 993,644      $ 233,750      $ 224,577      $ 220,821      $ 211,244      $ 890,392   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment Revenue (1): Non-GAAP

                     

Careers - North America

  $ 427,246      $ 123,690      $ 122,565      $ 123,160      $ 118,599      $ 488,014      $ 119,774      $ 116,189      $ 115,455      $ 111,544      $ 462,962   

Careers - International

    321,588        97,797        103,044        102,694        94,873        398,408        94,595        88,845        86,562        81,128        351,130   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers Revenue Non-GAAP

    748,834        221,487        225,609        225,854        213,472        886,422        214,369        205,034        202,017        192,672        814,092   

Internet Advertising & Fees Non-GAAP

    131,142        33,090        33,679        21,797        21,314        109,880        19,381        19,543        18,804        18,572        76,300   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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        18,804        18,572        76,300   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Revenue Non-GAAP

  $ 879,976      $ 254,577      $ 259,288      $ 247,651      $ 234,786      $ 996,302      $ 233,750      $ 224,577      $ 220,821      $ 211,244      $ 890,392   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Revenue Non-GAAP “excluding paid lead gen”

  $ 829,252      $ 243,530      $ 248,096      $ 247,651      $ 234,786      $ 974,063      $ 233,750      $ 224,577      $ 220,821      $ 211,244      $ 890,392   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment operating income (loss): GAAP

                     

Careers - North America

  $ 47,783      $ 16,989      $ 16,002      $ 21,434      $ 20,206      $ 74,631      $ 3,199      $ 14,911      $ 17,169      $ 7,407      $ 42,686   

Careers - International

    (61     14,192        16,172        20,230        18,725        69,319        2,881        6,336        7,543        (3,684     13,076   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers operating income (loss) GAAP

    47,722        31,181        32,174        41,664        38,931        143,950        6,080        21,247        24,712        3,723        55,762   

Internet Advertising & Fees operating income GAAP

    4,224        1,503        1,862        395        1,454        5,214        3,268        5,307        4,990        4,156        17,721   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster operating income (loss)

  $ 51,946      $ 32,684      $ 34,036      $ 42,059      $ 40,385      $ 149,164      $ 9,348      $ 26,554      $ 29,702      $ 7,879      $ 73,483   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate expenses GAAP

    (70,456     (22,461     (11,133     (8,503     (13,300     (55,397     (8,634     (12,175     (11,655     (8,867     (41,331
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Consolidated operating (loss) income GAAP

  $ (18,510   $ 10,223      $ 22,903      $ 33,556      $ 27,085      $ 93,767      $ 714      $ 14,379      $ 18,047      $ (988   $ 32,152   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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      $ 17,053      $ 14,163      $ 63,655   

Careers - International

    2,886        14,466        16,172        20,229        18,886        69,753        11,077        6,852        8,112        3,314        29,355   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers operating income (loss) Non-GAAP

    59,340        34,340        32,174        41,663        39,542        147,719        28,446        21,922        25,165        17,477        93,010   

Internet Advertising & Fees operating income Non-GAAP

    5,202        1,524        1,862        2,076        3,878        9,340        4,351        5,381        4,999        5,114        19,845   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Proforma income(1)

  $ 64,542      $ 35,864      $ 34,036      $ 43,739      $ 43,420      $ 157,059      $ 32,797      $ 27,303      $ 30,164      $ 22,591      $ 112,855   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate expenses Non-GAAP

    (45,917     (14,984     (11,133     (8,503     (13,300     (47,920     (13,165     (10,080     (10,390     (7,401     (41,036
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Consolidated operating income (loss) Non-GAAP

  $ 18,625      $ 20,880      $ 22,903      $ 35,236      $ 30,120      $ 109,139      $ 19,632      $ 17,223      $ 19,774      $ 15,190      $ 71,819   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Bookings (1)

  $ 948,560      $ 260,757      $ 250,208      $ 247,732      $ 300,131      $ 1,058,828      $ 261,950      $ 232,649      $ 211,808      $ 260,794      $ 967,201   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Bookings - excluding portion of IAF business no longer engaged

  $ 895,570      $ 249,710      $ 239,016      $ 247,732      $ 300,131      $ 1,036,589      $ 261,950      $ 232,649      $ 211,808      $ 260,794      $ 967,201   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

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

 

 

8


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     Q3 2012     Q4 2012     FY 2012  

Non-GAAP revenue (1)

  $  879,976      $  254,577      $  259,288      $  247,651      $  234,786      $  996,302      $  233,750      $  224,577      $  220,821      $  211,244      $  890,392   

Deferred revenue related to acquisitions

    5,053        2,658        —          —          —          2,658        —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue—GAAP

  $ 874,923      $ 251,919      $ 259,288      $ 247,651      $ 234,786      $ 993,644      $ 233,750      $ 224,577      $ 220,821      $ 211,244      $ 890,392   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—GAAP (1)

  $ 90,299      $ 40,139      $ 52,473      $ 59,536      $ 51,849      $ 203,997      $ 31,214      $ 37,617      $ 39,806      $ 23,508      $ 132,145   

Depreciation expense

    54,302        13,753        14,372        14,193        13,559        55,877        12,782        12,867        12,991        13,285        51,925   

Amortization of restricted stock

    46,368        12,738        11,857        8,625        7,799        41,019        8,201        7,254        5,683        6,985        28,123   

Non-cash stock option expense

    545        152        96        95        96        439        51        —          —          —          51   

Restructuring non-cash write-offs

    —          —          —          (24     130        106        6,383        32        —          1,126        7,541   

Amortization of intangibles

    7,594        3,273        3,245        3,091        3,180        12,789        3,083        3,085        3,085        3,100        12,353   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income—GAAP

  $ (18,510   $ 10,223      $ 22,903      $ 33,556      $ 27,085      $ 93,767      $ 714      $ 14,379      $ 18,047      $ (988   $ 32,152   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Recovery of restitution award from former executive

    —          —          —          —          —          —          (5,350     —          —          —          (5,350

Non-GAAP severance

    7,778        353        —          —          —          353        —          —          —          —          —     

Non-GAAP facilities

    —          2,998        —          —          —          2,998        —          —          —          —          —     

Non-GAAP Integration fees

    22,879        3,832        —          —          —          3,832        —          —          —          —          —     

Non-GAAP fees associated with strategic alternatives

    —          —          —          —          —          —          —          1,829        1,483        1,347        4,659   

Non-GAAP Integration fees—salary

    1,426        816        —          —          —          816        —          —          —          —          —     

Deferred revenue related to acquisitions

    5,052        2,658        —          —          —          2,658        —          —          —          —          —     

Restructuring program non-cash write-offs

    —          —          —          (24     130        106        6,383        32        —          1,125        7,540   

Restructuring expenses, less non-cash items

    —          —          —          1,704        2,905        4,609        17,885        983        244        13,706        32,818   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Non-GAAP Adjustments

    37,135        10,657        —          1,680        3,035        15,372        18,918        2,844        1,727        16,178        39,667   

Operating income Non-GAAP(1)

  $ 18,625      $ 20,880      $ 22,903      $ 35,236      $ 30,120      $ 109,139      $ 19,632      $ 17,223      $ 19,774      $ 15,190      $ 71,819   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

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

 

9


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     Q3 2012     Q4 2012     FY 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      $ (194,239   $ (73,025   $ (258,720
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile net (loss) income 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        17,778        17,259        70,000   

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        710        2,405        4,469   

Non-cash compensation

    47,191        13,180        12,257        8,994        8,092        42,523        8,324        7,429        5,829        7,382        28,964   

Deferred income taxes

    (27,890     (3,984     (6,563     3,985        903        (5,659     (8,499     1,499        6,706        (9,520     (9,814

Non-cash restructuring write-offs and other

    255        —          —          —          130        130        6,383        34        —          1,088        7,505   

Loss in equity interests, net

    2,870        578        50        368        246        1,242        200        255        271        355        1,081   

Gains on auction rate securities

    (2,415     (1,120     (612     —          —          (1,732     —          —          —          —          —     

Tax benefit from change in uncertain tax positions

    —          —          —          —          —          —          —          —          (43,193     —          (43,193

Impairment of goodwill and intangibles

    —          —          —          —          —          —          —          —          216,221        51,634        267,855   

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        8,002        (15,354     (2,013

Prepaid and other

    (16,490     (6,718     2,015        2,342        (3,149     (5,510     (13,582     8,486        16,205        2,223        13,332   

Deferred revenue

    62,488        14,926        (17,955     (21,902     29,987        5,056        23,752        (27,523     (24,506     10,821        (17,456

Accounts payable, accrued liabilities, and other

    42,934        1,293        (8,859     (16,597     6,920        (17,243     (258     (28,584     (2,062     22,221        (8,683
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

    125,431        49,342        17,083        15,699        13,756        95,880        17,505        2,067        201,961        90,514        312,047   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

    93,072        49,420        28,069        47,526        24,662        149,677        21,247        6,869        7,722        17,489        53,327   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows used for investing activities:

                     

Capital expenditures

    (57,126     (16,457     (16,331     (12,645     (16,385     (61,818     (12,700     (20,551     (13,651     (12,670     (59,572

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        —          —          728   

Cash funded to equity investee

    (5,648     (1,007     (808     (744     —          (2,559     (779     —          (1,298     —          (2,077
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used for investing activities

    (261,260     (15,901     (16,527     (13,389     (16,385     (62,202     (13,479     (19,823     (14,949     (12,670     (60,921
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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        28,000        3,363        224,718   

Payments on borrowings on credit facilities

    (15,500     (4,500     —          (5,000     (35,001     (44,501     (225,022     (46,494     (286     (33,907     (305,709

Proceed from the borrowings on term loan

    —          —          —          —          —          —          100,000        —          —          —          100,000   

Payments on borrowings on term loan

    —          —          —          —          —          —          (40,000     (1,250     (1,250     (1,250     (43,750

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     (1,991     (452     (8,482

Repurchase of common stock

    —          —          —          —          (41,973     (41,973     (33,335     (25,577     (6,699     —          (65,611

Proceeds from the exercise of employee stock options

    300        23        —          —          —          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     17,774        (32,246     (98,811
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Effects of exchange rates on cash

    (4,663     5,887        1,140        (8,965     (3,521     (5,459     5,625        (8,957     7,096        509        4,273   

Net (decrease) increase in cash and cash equivalents

    (112,278     27,833        8,032        122,767        (71,484     87,148        2,284        (95,141     17,643        (26,918     (102,132

Cash and cash equivalents, beginning of period

    275,447        163,169        191,002        199,034        321,801        163,169        250,317        252,601        157,460        175,103        250,317   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of period

  $ 163,169      $ 191,002      $ 199,034      $ 321,801      $ 250,317      $ 250,317      $ 252,601      $ 157,460      $ 175,103      $ 148,185      $ 148,185   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow (1):

                     

Net cash provided by operating activities of continuing operations

  $ 106,939      $ 57,005      $ 34,102      $ 40,789      $ 31,712      $ 163,608      $ 32,628      $ 19,166      $ 18,027      $ 26,337      $ 96,158   

Net cash (used by) provided by operating activities of discontinued operations

    (13,867     (7,585     (6,033     6,737        (7,050   $ (13,931     (11,381     (12,297     (10,305     (8,848   $ (42,831

Less: Capital expenditures

    (57,126     (16,457     (16,331     (12,645     (16,385     (61,818     (12,700     (20,551     (13,651     (12,670     (59,572
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

  $ 35,946      $ 32,963      $ 11,738      $ 34,881      $ 8,277      $ 87,859      $ 8,547      $ (13,682   $ (5,929   $ 4,819      $ (6,245
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

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

 

10


Monster Worldwide, Inc.

Consolidated Condensed Balance Sheets

(unaudited, in thousands, except selected financial ratios)

 

    Trended Data  
ASSETS                  
    December 2010     March
2011
    June 2011     September 2011     December 2011     March
2012
    June 2012     September 2012     December 2012  

Current assets:

                 

Cash and cash equivalents

  $ 163,169      $ 191,002      $ 199,034      $ 321,801      $ 250,317      $ 252,601      $ 157,460      $ 175,103      $ 148,185   

Accounts Receivable, net

    346,751        340,307        323,726        298,778        343,546        358,004        333,640        315,058        335,905   

Prepaid and other

    75,451        84,600        84,744        83,506        82,069        95,972        85,845        72,226        73,861   

Current assets of discontinued operations

    —          —          —          —          —          —          —          80,303        21,702   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    585,371        615,909        607,504        704,085        675,932        706,577        576,945        642,690        579,653   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Property and equipment, net

    150,147        154,900        158,178        155,642        156,282        159,632        161,432        150,541        147,613   

Goodwill

    1,122,951        1,151,182        1,157,724        1,137,074        1,132,161        1,142,194        1,118,942        878,688        887,271   

Intangibles, net

    66,184        62,474        58,788        54,759        51,961        47,603        43,729        35,105        32,583   

Investment in unconsolidated affiliates

    1,359        919        1,545        1,643        1,183        1,764        335        1,159        562   

Other assets

    51,990        51,061        47,816        42,107        40,479        43,679        44,135        30,412        37,183   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,978,002      $ 2,036,445      $ 2,031,555      $ 2,095,310      $ 2,057,998      $ 2,101,449      $ 1,945,518      $ 1,738,595      $ 1,684,865   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
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      $ 170,700      $ 181,914   

Deferred revenue

    376,448        399,105        382,835        354,029        380,310        408,334        372,239        332,723        351,546   

Borrowings on credit facility short-term

    79,500        75,000        77,129        182,771        148,836        4,545        8,143        7,941        11,389   

Current portion of long-term debt

    5,000        5,000        5,000        5,000        40,000        5,000        5,625        6,250        6,875   

Current liabilities of discontinued operations

    —          —          —          —          —          —          —          31,881        33,256   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    686,824        711,806        685,658        744,051        782,963        636,560        575,934        549,495        584,980   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Long-term income taxes payable

    95,390        96,922        96,443        98,164        94,750        96,666        96,692        61,612        63,465   

Long-term debt, less current portion

    40,000        40,000        40,000        35,000        —          204,000        155,625        181,750        145,975   

Other liabilities

    27,138        20,603        17,970        20,534        16,158        12,542        16,042        10,897        10,406   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    849,352        869,331        840,071        897,749        893,871        949,768        844,293        803,754        804,826   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Common stock and class B common stock

    136        137        138        138        138        139        139        140        140   

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        1,349,781        1,357,126   

Accumulated other comprehensive income

    63,165        98,561        105,653        73,971        63,743        79,223        46,006        76,284        87,162   

Accumulated deficit

    (359,466     (359,388     (348,402     (316,575     (305,669     (301,927     (297,125     (491,364     (564,389
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total stockholders’ equity

    1,128,650        1,167,114        1,191,484        1,197,561        1,164,127        1,151,681        1,101,225        934,841        880,039   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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      $ 1,738,595      $ 1,684,865   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selected Financial Ratios(1)

                 

—Annualized return on equity

    0.2     0.0     3.7     10.7     3.7     1.3     1.7     -76.3     -32.2

—Book value per share

  $ 9.32      $ 9.56      $ 9.70      $ 9.73      $ 9.90      $ 10.09      $ 9.85      $ 8.42      $ 7.92   

—Cash and marketable securities per share

  $ 1.35      $ 1.57      $ 1.62      $ 2.61      $ 2.13      $ 2.21      $ 1.41      $ 1.58      $ 1.33   

—Net cash and securities

  $ 38,669      $ 71,002      $ 76,905      $ 99,030      $ 61,481      $ 39,056      $ (11,933   $ (20,838   $ (16,054

 

(1) 

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

 

11