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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
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 Companys financial and operating metrics. We suggest that the notes to this supplement be read in conjunction with the financial tables. The financial information included in this supplement contains certain non-GAAP financial measures. These measures should be considered in addition to results prepared in accordance with generally accepted accounting principles (GAAP), but are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure. The Company intends to update the financial supplement on a quarterly basis.
1
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 Companys 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 Companys 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 CareersChina 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 Companys decision to adopt the restructuring actions resulted from the Companys 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 Companys 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 Companys 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 Companys 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 Companys 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 Companys 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 Companys 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, RBCs 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 Companys 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 Companys 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 Companys core business operations and in certain instances, for measuring performance under certain of the Companys incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Earnings before interest, taxes, depreciation and amortization (EBITDA) is defined as net income or loss before interest income or expense, income tax expense or benefit, net gain or loss in equity interests, depreciation and amortization and non-cash compensation expense. The Company considers EBITDA to be an important indicator of its operational strength which the Company believes is useful to management and investors in evaluating its operating performance. EBITDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Operating income before depreciation and amortization (OIBDA) is defined as net income or loss before depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash costs incurred in connection with the Companys restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Bookings represent the dollar value of contractual orders received in the relevant period.
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 Companys ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Companys cash position for the period and should not be considered a substitute for such a measure.
Net cash and securities are defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities, plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.
Selected financial ratios
We have included selected financial ratios in this financial supplement in order to assist investors to further evaluate our business. Our definitions and calculations are as follows:
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 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||
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(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 | ) | ||||||||||||||||||||||
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(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 | |||||||||||||||||||||||||||||||
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(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 | ) | |||||||||||||||||||||||
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Net (loss) income |
$ | (32,359 | ) | $ | 78 | $ | 10,986 | $ | 31,827 | $ | 10,906 | $ | 53,797 | $ | 3,742 | $ | 4,802 | $ | (194,239 | ) | $ | (73,025 | ) | $ | (258,720 | ) | ||||||||||||||||||
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Basic (loss) income per share: |
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(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 | ) | |||||||||||||||||||||||
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Net income (loss) |
$ | (0.27 | ) | $ | | $ | 0.09 | $ | 0.25 | $ | 0.09 | $ | 0.44 | $ | 0.03 | $ | 0.04 | $ | (1.75 | ) | $ | (0.66 | ) | $ | (2.29 | ) | ||||||||||||||||||
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Diluted (loss) income per share: |
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(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 | ) | |||||||||||||||||||||||
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Net income (loss) |
$ | (0.27 | ) | $ | | $ | 0.09 | $ | 0.25 | $ | 0.09 | $ | 0.43 | $ | 0.03 | $ | 0.04 | $ | (1.73 | ) | $ | (0.66 | ) | $ | (2.27 | ) | ||||||||||||||||||
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Weighted avg. shares outstanding: |
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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 | % | ||||||||||||||||||||||
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Revenue |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Salary and related |
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 | % | ||||||||||||||||||||||
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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 | % | ||||||||||||||||||||||
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(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 | % | ||||||||||||||||||||||
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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 | % | ||||||||||||||||||||||
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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 |
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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 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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Segment Revenue (1): Non-GAAP |
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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 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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Segment operating income (loss): GAAP |
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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 | |||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||
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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 | ||||||||||||||||||||
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Segment operating income (loss)(1): Non-GAAP |
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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 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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(1) | - See notes to financial supplement for further explanation of Non-GAAP measures. |
8
Monster Worldwide, Inc.
Statements of OperationsReconciliation 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 | | | | | | |||||||||||||||||||||||||||||||||
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RevenueGAAP |
$ | 874,923 | $ | 251,919 | $ | 259,288 | $ | 247,651 | $ | 234,786 | $ | 993,644 | $ | 233,750 | $ | 224,577 | $ | 220,821 | $ | 211,244 | $ | 890,392 | ||||||||||||||||||||||
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OIBDAGAAP (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 | |||||||||||||||||||||||||||||||||
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Operating (loss) incomeGAAP |
$ | (18,510 | ) | $ | 10,223 | $ | 22,903 | $ | 33,556 | $ | 27,085 | $ | 93,767 | $ | 714 | $ | 14,379 | $ | 18,047 | $ | (988 | ) | $ | 32,152 | ||||||||||||||||||||
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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 feessalary |
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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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(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: |
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Net (loss) income |
$ | (32,359 | ) | $ | 78 | $ | 10,986 | $ | 31,827 | $ | 10,906 | $ | 53,797 | $ | 3,742 | $ | 4,802 | $ | (194,239 | ) | $ | (73,025 | ) | $ | (258,720 | ) | ||||||||||||||||||
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Adjustments to reconcile net (loss) income to cash provided by operating activities: |
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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: |
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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 | ) | ||||||||||||||||||||||||||
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Total adjustments |
125,431 | 49,342 | 17,083 | 15,699 | 13,756 | 95,880 | 17,505 | 2,067 | 201,961 | 90,514 | 312,047 | |||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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Cash flows used for investing activities: |
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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 | ) | |||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||
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Cash flows provided by (used for) financing activities: |
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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 | |||||||||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||
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Free cash flow (1): |
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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 | ) | ||||||||||||||||||||||
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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 | ) | |||||||||||||||||||
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(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: |
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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 | |||||||||||||||||||||||||||
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Total current assets |
585,371 | 615,909 | 607,504 | 704,085 | 675,932 | 706,577 | 576,945 | 642,690 | 579,653 | |||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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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 | ||||||||||||||||||
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|||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities: |
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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 | |||||||||||||||||||||||||||
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Total current liabilities |
686,824 | 711,806 | 685,658 | 744,051 | 782,963 | 636,560 | 575,934 | 549,495 | 584,980 | |||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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Total liabilities |
849,352 | 869,331 | 840,071 | 897,749 | 893,871 | 949,768 | 844,293 | 803,754 | 804,826 | |||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||
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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 | |||||||||||||||||||||||||||
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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 | ||||||||||||||||||
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Selected Financial Ratios(1) |
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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