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8-K - FORM 8-K - MONSTER WORLDWIDE, INC.d577590d8k.htm
EX-99.2 - EX-99.2 - MONSTER WORLDWIDE, INC.d577590dex992.htm

Exhibit 99.1

 

LOGO

Monster Worldwide Reports Second Quarter 2013 Results

 

 

Second Quarter Results

 

   

Revenue from Continuing Operations of $200 million

 

   

GAAP EPS from Continuing Operations of $0.04

 

   

Non-GAAP EPS from Continuing Operations of $0.09

 

   

Non-GAAP Operating Expenses declined by 11% year over year

 

   

Careers – North America Non-GAAP EBITDA margin of 28%

 

   

Cash Flows Generated from Operations of $15.4 million, which included approximately $10 million of restructuring payments

 

 

Repurchased 4.4 Million Shares of Common Stock

 

 

Corporate Restructuring Efforts to Improve Profitability Substantially Completed

New York, August 1, 2013 — Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the second quarter ended June 30, 2013.

“We are aggressively pursuing the execution of our business strategy and are also developing a number of new strategies to better position the Company for sustained, long term revenue growth in the evolving job market. Over 200 million people have registered on the Monster Worldwide network and we continue to drive quality job applies to our customers,” said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. “While the global economy has continued to put pressure on our business, with Europe being our weakest region, we were encouraged to see some stabilizing trends in each of our major markets during the quarter. Our second quarter results demonstrate our ability to control costs and protect profitability, even in a challenging market environment. And consistent with our objective to enhance shareholder returns, we successfully repurchased $23 million worth of our shares.”


Second Quarter 2013 Results

Revenue from continuing operations was $200 million, compared to second quarter 2012 revenue of $225 million. Historical data on revenue from continuing operations for prior quarters is available in the Company’s supplemental financial information.

Consolidated GAAP operating expenses from continuing operations of $192 million compares to $210 million in the second quarter 2012. Net income from continuing operations for the second quarter was $4.1 million, or $0.04 per share, which included $5.4 million of non-recurring charges, compared to $9.0 million, or $0.08 per share in the second quarter 2012, which included $1.9 million of non-recurring charges.

Non-GAAP net income from continuing operations was $9.6 million or $0.09 per share, compared to $10.9 million, or $0.10 per share in the second quarter 2012. Non-GAAP operating expenses of $183.6 million decreased 11% year over year. Non-GAAP EBITDA margin of 19%, led by Careers-North America with a 28% Non-GAAP EBITDA margin, increased from 18% in the second quarter of 2012. Pro-forma items are described in the “Notes Regarding the Use of Non-GAAP Financial Measures” and are reconciled to the GAAP measure in the accompanying tables.

Net cash provided by operating activities in the quarter was $15.4 million and is net of approximately $10 million cash costs associated with the Company’s restructuring efforts. Deferred revenue was $329 million compared to $352 million as of December 31, 2012. The Company ended the quarter with total available liquidity of $258 million.

Share Repurchase

During the second quarter 2013, Monster repurchased 4.4 million shares of its common stock at an average cost of $5.35 per share, for a total of $23 million.

Corporate Restructuring

The Company’s corporate restructuring initiatives were substantially completed in the second quarter and the desired savings have been achieved.

 

2


Six Months Results

Monster Worldwide reported total revenue of $412 million for the first six months ended June 30, 2013 compared to $458 million in the same period last year, a 10% decrease. Monster Careers revenue decreased 10% to $375 million compared with $419 million in the 2012 period. Internet Advertising & Fees reported revenue of $37 million compared to $39 million in the prior year period. The Company reported earnings from continuing operations of $15.3 million, or $0.14 per share, compared to $22.4 million, or $0.19 per share, in the prior period.

Company Provides Q3 EPS Guidance

Third quarter 2013 EPS from continuing operations is expected to be in the range of $0.06 to $0.10.

Conference Call and Webcast

Second quarter 2013 results will be discussed on Monster Worldwide’s quarterly conference call on August 1, 2013 at 8:30 AM ET. A live webcast of the conference call can be accessed online through the Investor Relations section of the Company’s website at http://ir.monster.com. To join the conference call by telephone, please dial (888) 696-1396 or (706) 758-9636 and reference conference ID# 97827231.

A presentation of financial slides will be referenced during the conference call and will be viewable through the live webcast. A PDF of the financial presentation can also be accessed directly through the Company’s Investor Relations website at http://ir.monster.com.

The Company has also made available certain supplemental financial information which can be accessed directly through the Company’s Investor Relations website at http://ir.monster.com.

For a replay of the conference call, please dial (855) 859-2056 or (404) 537-3406 and reference ID# 97827231. This number is valid until midnight on August 15, 2013.

Contacts

Investors: Andi Rose, Joele Frank, (212) 355-4449, arose@joelefrank.com

Media: Matt Anchin, (212) 351-7528, matt.anchin@monster.com

 

3


About Monster Worldwide

Monster Worldwide, Inc. (NYSE:MWW), is the global leader in successfully connecting job opportunities and people. Monster uses the world’s most advanced technology to help people Find Better, matching job seekers to opportunities via digital, social and mobile solutions including monster.com®, our flagship website, and employers to the best talent using a vast array of products and services. As an Internet pioneer, more than 200 million people have registered on the Monster Worldwide network. Today, with operations in more than 40 countries, Monster provides the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities globally. For more information visit about.monster.com.

Special Note: The statements in this release that are not strictly historical, including, without limitation, statements regarding the Company’s strategic direction, prospects and future results, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties and, therefore, actual results may differ materially from what is expressed or implied herein and no assurance can be given that the Company will achieve, among other things, its outlook with respect to earnings per share for the third fiscal quarter 2013. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated into this release by reference. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on the forward-looking statements in this release as they reflect management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any of the forward-looking statements contained in this release or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Notes Regarding the Use of Non-GAAP Financial Measures

The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations.

Non-GAAP revenue, operating expenses, operating income 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; and the results of the businesses in Careers – China, Latin America and Turkey as they have been classified as discontinued operations. 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.

 

4


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, non-cash compensation expense and non-cash restructuring costs. The Company considers EBITDA to be an important indicator of its operational strength which the Company believes is useful to management and investors in evaluating its operating performance. EBITDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.

Operating income before depreciation and amortization (“OIBDA”) is defined as net income or loss from operations before depreciation, amortization of intangible assets, amortization of stock-based compensation and non-cash costs incurred in connection with the 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.

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 marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term marketable securities plus unused borrowings under our credit facilities. 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.

 

5


MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2013     2012     2013     2012  

Revenue

   $ 200,058      $ 224,577      $ 412,044      $ 458,327   
  

 

 

   

 

 

   

 

 

   

 

 

 

Salaries and related

     89,467        99,812        187,042        212,124   

Office and general

     52,262        57,945        103,394        110,453   

Marketing and promotion

     43,394        51,426        92,661        100,724   

Restructuring and other special charges

     6,828        1,015        19,995        25,283   

Recovery of restitution award from former executive

     —          —          —          (5,350
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     191,951        210,198        403,092        443,234   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     8,107        14,379        8,952        15,093   

Interest and other, net

     (1,357     (1,189     (2,625     (2,652
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes and loss in equity interests

     6,750        13,190        6,327        12,441   

Provision for (benefit from) income taxes

     2,366        3,930        (9,633     (10,374

Loss in equity interests, net

     (245     (255     (703     (455
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     4,139        9,005        15,257        22,360   

Loss from discontinued operations, net of tax

     (759     (4,203     (6,893     (13,816
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3,380      $ 4,802      $ 8,364      $ 8,544   
  

 

 

   

 

 

   

 

 

   

 

 

 

*Basic earnings per share:

        

Income from continuing operations

   $ 0.04      $ 0.08      $ 0.14      $ 0.20   

Loss from discontinued operations, net of tax

     (0.01     (0.04     (0.06     (0.12
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 0.03      $ 0.04      $ 0.08      $ 0.07   
  

 

 

   

 

 

   

 

 

   

 

 

 

*Diluted earnings per share:

        

Income from continuing operations

   $ 0.04      $ 0.08      $ 0.14      $ 0.19   

Loss from discontinued operations, net of tax

     (0.01     (0.04     (0.06     (0.12
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 0.03      $ 0.04      $ 0.07      $ 0.07   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding:

        

Basic

     110,932        112,937        111,166        114,568   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     111,937        114,038        112,419        115,825   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income before depreciation, amortization, and non-cash restructuring:

        

Operating income

   $ 8,107      $ 14,379      $ 8,952      $ 15,093   

Depreciation and amortization of intangibles

     15,725        15,952        31,829        31,817   

Amortization of stock-based compensation

     5,470        7,254        12,264        15,506   

Restructuring non-cash expenses

     4,540        34        5,315        6,417   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income before depreciation, amortization, and non-cash restructuring

   $ 33,842      $ 37,619      $ 58,360      $ 68,833   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

* Earnings per share may not add in certain periods due to rounding.


MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

     Six Months Ended  
     2013     2012  

Cash flows provided by operating activities:

    

Net income

   $ 8,364      $ 8,544   
  

 

 

   

 

 

 

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     31,829        34,963   

Provision for doubtful accounts

     1,432        1,354   

Non-cash compensation

     12,264        15,753   

Deferred income taxes

     (2,607     (7,000

Non-cash restructuring charges

     5,315        6,417   

Loss in equity interests, net

     703        455   

Amounts reclassified from accumulated other comprehensive income

     (23,109     —     

Tax benefit from change in uncertain tax positions

     (12,869     —     

Excess income tax benefit from stock based compensation

     (2,044     —     

Changes in assets and liabilities, net of acquisitions:

    

Accounts receivable

     28,641        5,339   

Prepaid and other

     15,555        (5,096

Deferred revenue

     (31,242     (3,771

Accounts payable, accrued liabilities and other

     (25,466     (28,842
  

 

 

   

 

 

 

Total adjustments

     (1,598     19,572   
  

 

 

   

 

 

 

Net cash provided by operating activities

     6,766        28,116   
  

 

 

   

 

 

 

Cash flows used for investing activities:

    

Capital expenditures

     (18,388     (33,251

Cash funded to and dividends received from equity investee and other

     139        (51
  

 

 

   

 

 

 

Net cash used for investing activities

     (18,249     (33,302
  

 

 

   

 

 

 

Cash flows used for financing activities:

    

Proceeds from borrowings on credit facilities

     17,500        193,355   

Payments on borrowings on credit facilities

     (39,799     (271,516

Proceeds from borrowings on term loan

     —          100,000   

Payments on borrowings on term loan

     (3,125     (41,250

Repurchase of common stock

     (23,378     (58,912

Tax withholdings related to net share settlements of restricted stock awards and units

     (4,987     (6,039

Excess income tax benefit from stock based compensation

     2,044        —     

Proceeds from the exercise of employee stock options

     —          23   
  

 

 

   

 

 

 

Net cash used for financing activities

     (51,745     (84,339
  

 

 

   

 

 

 

Effects of exchange rates on cash

     (5,624     (3,332

Net decrease in cash and cash equivalents

     (68,852     (92,857

Cash and cash equivalents, beginning of period

     148,185        250,317   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 79,333      $ 157,460   
  

 

 

   

 

 

 

Free cash flow:

    

Net cash provided by operating activities

   $ 6,766      $ 28,116   

Less: Capital expenditures

     (18,388     (33,251
  

 

 

   

 

 

 

Free cash flow

   $ (11,622   $ (5,135
  

 

 

   

 

 

 


MONSTER WORLDWIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

      June 30, 2013      December 31, 2012  

Assets:

     

Cash and cash equivalents

   $ 79,333       $ 148,185   

Accounts receivable, net

     309,064         335,905   

Property and equipment, net

     132,393         147,613   

Goodwill and intangibles, net

     899,262         919,854   

Other assets

     115,160         111,606   

Current assets of discontinued operations

     —           21,702   
  

 

 

    

 

 

 

Total Assets

   $ 1,535,212       $ 1,684,865   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity:

     

Accounts payable, accrued expenses and other current liabilities

   $ 175,335       $ 181,914   

Deferred revenue

     329,492         351,546   

Current portion of long-term debt and borrowings on credit facility

     8,125         18,264   

Long-term income taxes payable

     52,590         63,465   

Long-term debt, less current portion

     130,700         145,975   

Other long-term liabilities

     8,994         10,406   

Current liabilities of discontinued operations

     2,522         33,256   
  

 

 

    

 

 

 

Total Liabilities

   $ 707,758       $ 804,826   
  

 

 

    

 

 

 

Stockholders’ Equity

     827,454         880,039   
  

 

 

    

 

 

 

Total Liabilities and Stockholders’ Equity

   $ 1,535,212       $ 1,684,865   
  

 

 

    

 

 

 


MONSTER WORLDWIDE, INC.

UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS

(in thousands, except per share amounts)

 

    Three Months Ended June 30, 2013     Three Months Ended June 30, 2012  
    As Reported     Non GAAP
Adjustments
          Consolidated
Non GAAP
    As Reported     Non GAAP
Adjustments
          Consolidated
Non GAAP
 

Revenue

  $ 200,058      $ —          $ 200,058      $ 224,577      $ —          $ 224,577   

Salaries and related

    89,467        —            89,467        99,812        —            99,812   

Office and general

    52,262        (1,545     a        50,717        57,945        (1,829     a        56,116   

Marketing and promotion

    43,394        —            43,394        51,426        —            51,426   

Restructuring and other special charges

    6,828        (6,828     b        —          1,015        (1,015     b        —     
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Total operating expenses

    191,951        (8,373       183,578        210,198        (2,844       207,354   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Operating income

    8,107        8,373          16,480        14,379        2,844          17,223   

Operating margin

    4.1         8.2     6.4         7.7

Interest and other, net

    (1,357     —            (1,357     (1,189     —            (1,189
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Income before income taxes and loss in equity interests

    6,750        8,373          15,123        13,190        2,844          16,034   

Provision for income taxes

    2,366        2,937        e        5,303        3,930        989        e        4,919   

Loss in equity interests, net

    (245     —            (245     (255     —            (255
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Income from continuing operations

    4,139        5,436          9,575        9,005        1,855          10,860   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Loss from discontinued operations

    (759     759        g        —          (4,203     4,203        g        —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 3,380      $ 6,195        $ 9,575      $ 4,802      $ 6,058        $ 10,860   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Diluted earnings per share:*

               

Income from continuing operations

  $ 0.04      $ 0.05        $ 0.09      $ 0.08      $ 0.02        $ 0.10   

Loss from discontinued operations, net of tax

    (0.01     0.01          —          (0.04     0.04          —     
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Diluted earnings per share

  $ 0.03      $ 0.06        $ 0.09      $ 0.04      $ 0.06        $ 0.10   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Weighted average shares outstanding:

               

Basic

    110,932        110,932          110,932        112,937        112,937          112,937   

Diluted

    111,937        111,937          111,937        114,038        114,038          114,038   
    Six Months Ended June 30, 2013     Six Months Ended June 30, 2012  
    As Reported     Non GAAP
Adjustments
          Consolidated
Non GAAP
    As Reported     Non GAAP
Adjustments
          Consolidated
Non GAAP
 

Revenue

  $ 412,044      $ —          $ 412,044      $ 458,327        —          $ 458,327   

Salaries and related

    187,042        —            187,042        212,124        —            212,124   

Office and general

    103,394        (2,920     a        100,474        110,453        (1,829     a        108,624   

Marketing and promotion

    92,661        —            92,661        100,724        —            100,724   

Restructuring and other special charges

    19,995        (19,995     b        —          25,283        (25,283     b        —     

Recovery of restitution award from former executive

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

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Total operating expenses

    403,092        (22,915       380,177        443,234        (21,762       421,472   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Operating income

    8,952        22,915          31,867        15,093        21,762          36,855   

Operating margin

    2.2         7.7     3.3         8.0

Interest and other, net

    (2,625     —            (2,625     (2,652     —            (2,652
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Income before income taxes and loss in equity interests

    6,327        22,915          29,242        12,441        21,762          34,203   

(Benefit from) provision for income taxes

    (9,633     19,878        d,e        10,245        (10,374     21,734        e,f        11,360   

Loss in equity interests, net

    (703     —            (703     (455     —            (455
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Income from continuing operations

    15,257        3,037          18,294        22,360        28          22,388   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Loss from discontinued operations

    (6,893     6,893        g        —          (13,816     13,816        g        —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 8,364      $ 9,930        $ 18,294      $ 8,544      $ 13,844        $ 22,388   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Diluted earnings per share:*

               

Income from continuing operations

  $ 0.14      $ 0.03        $ 0.16      $ 0.19      $ —          $ 0.19   

Loss from discontinued operations, net of tax

    (0.06     0.06          —          (0.12     0.12          —     
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Diluted earnings per share

  $ 0.07      $ 0.09        $ 0.16      $ 0.07      $ 0.12        $ 0.19   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

     

 

 

 

Weighted average shares outstanding:

               

Basic

    111,166        111,166          111,166        114,568        114,568          114,568   

Diluted

    112,419        112,419          112,419        115,825        115,825          115,825   

Note Regarding Non GAAP Adjustments:

The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges.

Non GAAP adjustments consist of the following:

 

a Costs directly associated with our previously announced review of strategic alternatives.
b Restructuring related charges pertaining to the strategic actions that the Company announced in January and November 2012. These charges include costs related to the reduction in the Company’s workforce, fixed asset write-offs, costs relating to the consolidation of certain office facilities, and professional fees.
c Restitution award paid by a former executive to the United States government in connection with the Company’s historical stock option practices.
d Non-GAAP income tax adjustment includes the reversal of income tax reserves inclusive of interest due to uncertain tax positions.
e Income tax adjustment is calculated using the effective tax rate of the reported period multiplied by the Non GAAP adjustment to income before income taxes and loss in equity interests.
f Non-GAAP Adjustment includes a tax benefit due to certain losses arising from the company’s restructuring.
g Discontinued operations related to our sale of ChinaHR and the exit of our businesses in Latin America and Turkey.
* Earnings per share may not add in certain periods due to rounding.


MONSTER WORLDWIDE, INC.

UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION

(in thousands)

 

Three Months Ended June 30, 2013

   Careers -
North
America
    Careers -
International
    Internet
Advertising
& Fees
    Corporate
Expenses
    Total  

Revenue—GAAP

   $ 109,717      $ 72,102      $ 18,239        $ 200,058   
  

 

 

   

 

 

   

 

 

     

 

 

 

Operating income (loss)—GAAP

   $ 19,272      $ (6,054   $ 6,312      $ (11,423   $ 8,107   

Non GAAP Adjustments

     1,546        2,775        256        3,796        8,373   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)—Non GAAP

   $ 20,818      $ (3,279   $ 6,568      $ (7,627   $ 16,480   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—GAAP

   $ 30,609      $ 2,727      $ 7,829      $ (7,323   $ 33,842   

Non GAAP Adjustments

     328        1,390        256        1,860        3,834   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—Non GAAP

   $ 30,937      $ 4,117      $ 8,085      $ (5,463   $ 37,676   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin—GAAP

     17.6     -8.4     34.6       4.1

Operating margin—Non GAAP

     19.0     -4.5     36.0       8.2

OIBDA margin—GAAP

     27.9     3.8     42.9       16.9

OIBDA margin—Non GAAP

     28.2     5.7     44.3       18.8

Three Months Ended June 30, 2012

   Careers -
North
America
    Careers -
International
    Internet
Advertising
& Fees
    Corporate
Expenses
    Total  

Revenue—GAAP

   $ 116,189      $ 88,845      $ 19,543        $ 224,577   
  

 

 

   

 

 

   

 

 

     

 

 

 

Operating income (loss)—GAAP

   $ 14,911      $ 6,336      $ 5,307      $ (12,175   $ 14,379   

Non GAAP Adjustments

     159        516        74        2,095        2,844   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)—Non GAAP

   $ 15,070      $ 6,852      $ 5,381      $ (10,080   $ 17,223   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—GAAP

   $ 24,842      $ 13,475      $ 7,401      $ (8,099   $ 37,619   

Non GAAP Adjustments

     154        499        68        2,091        2,812   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—Non GAAP

   $ 24,996      $ 13,974      $ 7,469      $ (6,008   $ 40,431   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin—GAAP

     12.8     7.1     27.2       6.4

Operating margin—Non GAAP

     13.0     7.7     27.5       7.7

OIBDA margin—GAAP

     21.4     15.2     37.9       16.8

OIBDA margin—Non GAAP

     21.5     15.7     38.2       18.0

Six Months Ended June 30, 2013

   Careers -
North
America
    Careers -
International
    Internet
Advertising
& Fees
    Corporate
Expenses
    Total  

Revenue—GAAP

   $ 225,652      $ 149,821      $ 36,571        $ 412,044   

Operating income (loss)—GAAP

   $ 31,695      $ (15,045   $ 12,574      $ (20,272   $ 8,952   

Non GAAP Adjustments

     9,537        7,866        341        5,171        22,915   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)—Non GAAP

   $ 41,232      $ (7,179   $ 12,915      $ (15,101   $ 31,867   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—GAAP

   $ 54,624      $ 1,877      $ 15,767      $ (13,908   $ 58,360   

Non GAAP Adjustments

     7,542        6,480        342        3,237        17,601   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—Non GAAP

   $ 62,166      $ 8,357      $ 16,109      $ (10,671   $ 75,961   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin—GAAP

     14.0     -10.0     34.4       2.2

Operating margin—Non GAAP

     18.3     -4.8     35.3       7.7

OIBDA margin—GAAP

     24.2     1.3     43.1       14.2

OIBDA margin—Non GAAP

     27.5     5.6     44.0       18.4

Six Months Ended June 30, 2012

   Careers -
North
America
    Careers -
International
    Internet
Advertising
& Fees
    Corporate
Expenses
    Total  

Revenue—GAAP

   $ 235,963      $ 183,440      $ 38,924        $ 458,327   

Operating income (loss)—GAAP

   $ 18,110      $ 9,217      $ 8,575      $ (20,809   $ 15,093   

Non GAAP Adjustments

     14,329        8,712        1,157        (2,436     21,762   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)—Non GAAP

   $ 32,439      $ 17,929      $ 9,732      $ (23,245   $ 36,855   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—GAAP

   $ 44,184      $ 24,340      $ 13,542      $ (13,233   $ 68,833   

Non GAAP Adjustments

     9,079        8,177        536        (2,447     15,345   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OIBDA—Non GAAP

   $ 53,263      $ 32,517      $ 14,078      $ (15,680   $ 84,178   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin—GAAP

     7.7     5.0     22.0       3.3

Operating margin—Non GAAP

     13.7     9.8     25.0       8.0

OIBDA margin—GAAP

     18.7     13.3     34.8       15.0

OIBDA margin—Non GAAP

     22.6     17.7     36.2       18.4