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8-K - 8-K - MONSTER WORLDWIDE, INC.d719975d8k.htm
EX-99.1 - EX-99.1 - MONSTER WORLDWIDE, INC.d719975dex991.htm

Exhibit 99.2

 

LOGO

FINANCIAL SUPPLEMENT

March 31, 2014

Monster Worldwide, Inc. (together with its consolidated subsidiaries, the “Company,” “Monster,” “we,” “our” or “us”) provides this supplement to assist investors in evaluating the Company’s financial and operating metrics. We suggest that the notes to this supplement be read in conjunction with the financial tables. The financial information included in this supplement contains certain non-GAAP financial measures. These measures should be considered in addition to results prepared in accordance with generally accepted accounting principles (“GAAP”), but are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure. The Company intends to update the financial supplement on a quarterly basis.


 

LOGO

Notes to Financial Supplement

Presentation

Stock Based Compensation

Non-cash, stock-based compensation expense has been excluded from our non-GAAP financial statements for all periods presented.

Facilities and Acquisition Costs

The Company incurred $6.3 million of charges associated with exited facilities and acquisition related costs in the first quarter of 2014 which have been excluded from our non-GAAP financial statements for the three months ended March 31, 2014. The majority of this charge related to facility charges associated with the consolidation of multiple offices into the Company’s new corporate headquarters in Weston Massachusetts. The Company also incurred $0.3 million of acquisition related charges associated with the purchase of TalentBin, Inc., a social profile talent search engine, and Gozaik LLC, a developer of social jobs aggregation and distribution technology.

Strategic Alternatives

On March 1, 2012, the Company announced that it had resolved to explore strategic alternatives to maximize value for the Company’s stockholders. During the three months ended March 31, 2013, the Company incurred $1.4 million of costs related to the review of strategic alternatives which have been excluded from our non-GAAP financial statements for the first quarter of 2013.

Restructuring

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. The Company incurred $13.2 million of restructuring costs in the first quarter of 2013 relating to this program which have been excluded from our non-GAAP financial statements for the three months ended March 31, 2013.

Gain on deconsolidation of subsidiaries, net

Prior to January 3, 2014, the Company had a 25% equity investment in a company located in Finland related to a business combination completed in 2001. Effective January 3, 2014, the Company expanded its current relationship with its joint venture partner in Finland, Alma Media Corporation (“Alma Media”). Alma Media is a leading media company focused on digital services and publishing in Finland, the Nordic countries, the Baltics and Central Europe. Monster and Alma Media each contributed several additional entities and businesses into the existing joint venture and formed a significantly larger joint venture where Monster has an equity ownership of 15% with the opportunity to increase ownership up to 20%. The Company also contributed cash of approximately $6.5 million. Following closing, Monster no longer held a controlling interest in its subsidiaries in Poland, Hungary and the Czech Republic and therefore deconsolidated those subsidiaries effective January 3, 2014. The Company will account for its investment under the equity method of accounting due to the Company’s ability to exert significant influence over the financial and operating policies of the new joint venture, primarily through our representation on the board of directors.

The Company recorded a gain of approximately $14.0 million as a result of the deconsolidation. The gain was measured as the difference between the (a) net fair value of the retained noncontrolling investment and the consideration transferred and (b) the carrying value of the contributed subsidiaries’ net assets of approximately $4.2 million. The fair value of the retained noncontrolling investment was approximately $24.8 million which was determined based on the present value of estimated future cash flows. The Company also recognized $1.8 million of accumulated unrealized currency translation loss related to the net assets of the subsidiaries contributed by Monster.

 

2


As a result of the deconsolidation, the Company recorded a net gain of approximately $12.0 million to Gain on deconsolidation of subsidiaries, net during the first quarter of 2014 which has been excluded from our non-GAAP financial statements for the three months ended March 31, 2014.

Income Tax

As a result of the gain related to the deconsolidation of our subsidiaries in Poland, Hungary and the Czech Republic, the Company recognized a tax provision of $5.5 million in the first quarter of 2014 which has been excluded from our non-GAAP financial statements for the three months ended March 31, 2014.

In the first quarter of 2013, the Company recognized an income tax benefit relating to the reversal of uncertain tax positions which has been excluded from our non-GAAP financial statements for the year ended December 31, 2013.

Discontinued Operations

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 to Saongroup, Ltd. (“Saongroup”) was completed on February 5, 2013. The Company received a 10% minority interest in the combined China business of Saongroup.

Prior to the close of the sale of Careers-China in the first quarter of 2013, the Company incurred charges relating to severance benefits associated with terminated employees, retention benefits for employees who will remain with the combined operations and certain lease obligation costs. At February 5, 2013, there was $23.1 million of accumulated unrealized currency translation gain related to the net assets of Careers-China. With the sale of Careers-China on February 5, 2013, the Company recorded the foreign currency translation adjustment as a reduction of the loss on disposition of discontinued operations. Additionally, the Company recorded a tax benefit of $4.0 million in the three months ended March 31, 2013. Accordingly, the Company recorded a loss from discontinued operations, net of tax, of $4.6 million in the first quarter of 2013 which has been excluded from our non-GAAP financial statements for the three months ended March 31, 2013. The Company does not expect to incur significant additional charges in future periods relating to Careers-China.

During the fourth quarter of 2012, the Company made the strategic decision to discontinue operations in Latin America and Turkey. All of the Latin America and Turkey business operations were discontinued on or before December 31, 2012. In the first quarter of 2013, the Company incurred $2.1 million of costs primarily relating to severance costs associated with terminated employees of our operations in Latin America and Turkey. Additionally, the Company recorded a tax benefit of $0.5 million for the three months ended March 31, 2013. Accordingly, the Company recorded a loss from discontinued operations, net of tax, of $1.6 million in the first quarter of 2013 which has been excluded from our non-GAAP financial statements for the three months ended March 31, 2013. The Company does not expect to incur significant additional charges in future periods relating to Latin America or Turkey.

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.

 

3


Non-GAAP revenue, operating expenses, operating income from continuing operations, operating margin, income (loss) from continuing operations, (loss) income from discontinued operations, net of tax, and diluted earnings (loss) per share attributable to Monster Worldwide, Inc. all exclude certain pro-forma adjustments including: non-cash stock based compensation expense; costs incurred for the 2012 restructurings; 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 programs; income tax provision related to the sale of a noncontrolling interest; the results of the businesses in Careers – China, Latin America and Turkey as they have been classified as discontinued operations; gain on deconsolidation of subsidiaries, net; and charges related to exited facilities and acquisition related costs. 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 non-cash compensation expense and non-cash costs incurred in connection with the Company’s restructuring programs. 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. Non-GAAP EBITDA excludes the impact of the pro-forma adjustments discussed above.

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.

 

4


Monster Worldwide, Inc.

Statements of Operations

(unaudited, in thousands, except per share amounts)

 

     Trended Data  

Summary P&L Information

   Q1 2013     Q2 2013     Q3 2013     Q4 2013     FY 2013     Q1 2014  

Monster Careers

   $ 193,654      $ 181,819      $ 178,737      $ 180,687      $ 734,897      $ 182,251   

Internet Advertising & Fees

     18,332        18,239        18,080        18,031        72,682        15,898   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

     211,986        200,058        196,817        198,718        807,579        198,149   

Salary and related

     90,781        83,997        88,030        91,207        354,015        93,826   

Office and general

     35,028        36,537        36,997        37,679        146,241        42,688   

Marketing and promotion

     49,267        43,394        38,089        38,840        169,590        41,413   

Restructuring and other special charges

     13,167        6,828        —          —          19,995        —     

Depreciation expense

     13,000        12,644        12,297        11,981        49,922        11,885   

Amortization of restricted stock

     6,794        5,470        4,901        8,226        25,391        8,173   

Amortization of intangibles

     3,104        3,081        2,248        801        9,234        634   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

     211,141        191,951        182,562        188,734        774,388        198,619   

Operating income (loss)

     845        8,107        14,255        9,984        33,191        (470

Gain on deconsolidation of subsidiaries, net

     —          —          —          —          —          11,828   

Interest and other, net

     (1,268     (1,357     (1,482     (1,663     (5,770     (1,323
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) Income before income taxes and equity interests

     (423     6,750        12,773        8,321        27,421        10,035   

(Benefit from) provision for income taxes

     (11,999     2,366        4,480        28,157        23,004        6,663   

Loss in equity interests, net

     (458     (245     (119     (86     (908     (133
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     11,118        4,139        8,174        (19,922     3,509        3,239   

(Loss) income from discontinued operations, net of tax

     (6,134     (759     3,095        —          (3,798     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     4,984        3,380        11,269        (19,922     (289     3,239   

Net income attributable to noncontrolling interest

     —          —          —          (193     (193     (1,174
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Monster Worldwide, Inc.

   $ 4,984      $ 3,380      $ 11,269      $ (20,115   $ (482   $ 2,065   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share attributable to Monster Worldwide, Inc.:

            

Income (loss) from continuing operations

     0.10        0.04        0.08        (0.21     0.03        0.02   

(Loss) income from discontinued operations, net of tax

     (0.06     (0.01     0.03        —          (0.04     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 0.04      $ 0.03      $ 0.11      $ (0.21   $ —        $ 0.02   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.:

            

Income (loss) from continuing operations

     0.10        0.04        0.08        (0.21     0.03        0.02   

(Loss) income from discontinued operations, net of tax

     (0.06     (0.01     0.03        —          (0.04     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 0.04      $ 0.03      $ 0.11      $ (0.21   $ —        $ 0.02   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted avg. shares outstanding:

            

Basic shares

     111,402        110,932        105,394        97,872        106,947        91,102   

Diluted shares

     112,637        111,937        105,967        97,872        107,913        94,416   

Global employees - continuing operations (ones)

     3,852        3,905        3,948        3,998        3,998        4,068   

Annualized revenue per average employee

   $ 215.0      $ 206.3      $ 200.5      $ 200.1      $ 205.5      $ 196.5   

 

5


Monster Worldwide, Inc.

Non-GAAP Statements of Operations

(Unaudited, in thousands, except for per share amounts)

 

     Trended Data  

Summary P&L Information

   Q1 2013     Q2 2013     Q3 2013     Q4 2013     FY 2013     Q1 2014  

Monster Careers

   $ 193,654      $ 181,819      $ 178,737      $ 180,687      $ 734,897      $ 182,251   

Internet Advertising & Fees

     18,332        18,239        18,080        18,031        72,682        15,898   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

     211,986        200,058        196,817        198,718        807,579        198,149   

Salary and related

     90,781        83,997        88,030        91,207        354,015        93,826   

Office and general

     33,653        34,992        36,997        37,679        143,321        36,339   

Marketing and promotion

     49,267        43,394        38,089        38,840        169,590        41,413   

Depreciation expense

     13,000        12,644        12,297        11,981        49,922        11,885   

Amortization of intangibles

     3,104        3,081        2,248        801        9,234        634   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

     189,805        178,108        177,661        180,508        726,082        184,097   

Operating income

     22,181        21,950        19,156        18,210        81,497        14,052   

Interest and other, net

     (1,268     (1,357     (1,482     (1,663     (5,770     (1,323
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes and equity interests

     20,913        20,593        17,674        16,547        75,727        12,729   

Provision for income taxes

     7,320        7,222        6,199        5,791        26,532        4,083   

Loss in equity interests, net

     (458     (245     (119     (86     (908     (133
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     13,135        13,126        11,356        10,670        48,287        8,513   

Net income attributable to noncontrolling interest

     —          —          —          (193     (193     (1,174
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Monster Worldwide, Inc.

   $ 13,135      $ 13,126      $ 11,356      $ 10,477      $ 48,094      $ 7,339   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share attributable to Monster Worldwide, Inc.:

            

Income from continuing operations

   $ 0.12      $ 0.12      $ 0.11      $ 0.11      $ 0.45      $ 0.08   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted avg. shares outstanding:

            

Basic shares

     111,402        110,932        105,394        97,872        106,947        91,102   

Diluted shares

     112,637        111,937        105,967        98,655        107,913        94,416   

 

6


Monster Worldwide, Inc.

Segment Information and Margin Analysis - GAAP and Non-GAAP

(unaudited, in thousands)

 

     Trended Data  
     Q1 2013     Q2 2013     Q3 2013     Q4 2013     FY 2013     Q1 2014  

Segment Revenue: GAAP

            

Careers—North America

   $ 115,935      $ 109,717      $ 109,622      $ 111,000      $ 446,274      $ 111,647   

Careers—International

     77,719        72,102        69,115        69,687        288,623        70,604   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers Revenue—GAAP

     193,654        181,819        178,737        180,687        734,897        182,251   

Internet Advertising & Fees Revenue—GAAP

     18,332        18,239        18,080        18,031        72,682        15,898   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Revenue—GAAP

   $ 211,986      $ 200,058      $ 196,817      $ 198,718      $ 807,579      $ 198,149   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment operating income (loss): GAAP

            

Careers—North America

   $ 12,423      $ 19,272      $ 16,346      $ 16,968      $ 65,009      $ 12,120   

Careers—International

     (8,991     (6,054     (325     (3,226     (18,596     (5,289
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers operating income GAAP

     3,432        13,218        16,021        13,742        46,413        6,831   

Internet Advertising & Fees operating income GAAP

     6,262        6,312        5,902        6,016        24,492        3,691   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster operating income GAAP

   $ 9,694      $ 19,530      $ 21,923      $ 19,758      $ 70,905      $ 10,522   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate expenses GAAP

     (8,849     (11,423     (7,668     (9,774     (37,714     (10,992
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Consolidated operating income (loss) GAAP

   $ 845      $ 8,107      $ 14,255      $ 9,984      $ 33,191      $ (470
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment operating income (loss)(1): Non-GAAP

            

Careers—North America

   $ 22,424      $ 22,277      $ 17,902      $ 20,315      $ 82,918      $ 17,508   

Careers—International

     (1,747     (1,674     1,281        (2,795     (4,935     (3,130
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Careers operating income Non-GAAP

     20,677        20,603        19,183        17,520        77,983        14,378   

Internet Advertising & Fees operating income Non-GAAP

     6,883        6,978        6,353        6,753        26,967        4,415   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster operating income Non-GAAP

   $ 27,560      $ 27,581      $ 25,536      $ 24,273      $ 104,950      $ 18,793   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate expenses Non-GAAP

     (5,379     (5,631     (6,380     (6,063     (23,453     (4,741
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Monster Consolidated operating income Non-GAAP

   $ 22,181      $ 21,950      $ 19,156      $ 18,210      $ 81,497      $ 14,052   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

7


Monster Worldwide, Inc.

Segment Information and Margin Analysis—GAAP and Non-GAAP

(unaudited, in thousands)

 

     Trended Data  

Summary P&L Information

   Q1 2013      Q2 2013      Q3 2013      Q4 2013      FY 2013      Q1 2014  

Revenue—GAAP

   $ 211,986       $ 200,058       $ 196,817       $ 198,718       $ 807,579       $ 198,149   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA—GAAP (1)

   $ 24,518       $ 33,842       $ 33,701       $ 30,992       $ 123,053       $ 20,222   

Depreciation expense

     13,000         12,644         12,297         11,981         49,922         11,885   

Amortization of restricted stock

     6,794         5,470         4,901         8,226         25,391         8,173   

Restructuring non-cash charges

     775         4,540         —           —           5,315         —     

Amortization of intangibles

     3,104         3,081         2,248         801         9,234         634   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income (loss)—GAAP

   $ 845       $ 8,107       $ 14,255       $ 9,984       $ 33,191       $ (470
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Stock based compensation

     6,794         5,470         4,901         8,226         25,391         8,173   

Non-GAAP facilities and acquisiton costs

     —           —           —           —           —           6,349   

Non-GAAP fees associated with strategic alternatives

     1,375         1,545         —           —           2,920         —     

Restructuring non-cash charges

     775         4,540         —           —           5,315         —     

Restructuring expenses, less non-cash items

     12,392         2,288         —           —           14,680         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Non-GAAP Adjustments

     21,336         13,843         4,901         8,226         48,306         14,522   

Operating income Non-GAAP(1)

   $ 22,181       $ 21,950       $ 19,156       $ 18,210       $ 81,497       $ 14,052   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

8


Monster Worldwide, Inc.

Statements of Cash Flows

(unaudited, in thousands)

 

     Trended Data  
     Q1 2013     Q2 2013     Q3 2013     Q4 2013     FY 2013     Q1 2014  

Cash flows provided by (used for) operating activities:

            

Net income (loss)

   $ 4,984      $ 3,380      $ 11,269      $ (19,922   $ (289   $ 3,239   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:

            

Depreciation and amortization

     16,104        15,725        14,545        12,782        59,156        12,519   

Provision for doubtful accounts

     535        897        318        617        2,367        316   

Non-cash compensation

     6,794        5,470        4,901        8,226        25,391        8,173   

Deferred income taxes

     (2,172     (435     4,825        26,356        28,574        3,893   

Non-cash restructuring charges

     775        4,540        —          —          5,315        —     

Loss in equity interests, net

     458        245        119        86        908        133   

Gain on deconsolidation of subsidiaries

     —          —          —          —          —          (13,647

Tax benefit from change in uncertain tax positions

     (12,869     —          (1,486     —          (14,355     —     

Amount reclassified from accumulated other comprehensive income

     (23,109     —          —          —          (23,109     1,819   

Excess income tax benefit from equity compensation plans

     —          (2,044     (1,970     (1,893     (5,907     (130

Changes in assets and liabilities, net of acquisitions:

            

Accounts receivable

     5,907        22,734        12,820        (33,443     8,018        14,501   

Prepaid and other

     14,690        865        (3,371     2,389        14,573        (14,838

Deferred revenue

     (5,039     (26,203     (16,582     25,635        (22,189     (964

Accounts payable, accrued liabilities, and other

     (15,695     (9,771     (23,137     3,972        (44,631     3,893   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

     (13,621     12,023        (9,018     44,727        34,111        15,668   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used for) provided by operating activities

     (8,637     15,403        2,251        24,805        33,822        18,907   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows used for investing activities:

            

Capital expenditures

     (9,149     (9,239     (6,602     (7,626     (32,616     (10,700

Payments for acquisitions, net of cash acquired

     —          —          —          —          —          (27,005

Investment in Alma Career Oy

     —          —          —          —          —          (6,516

Cash funded to and dividends received from equity investee and other

     623        (484     (2,638     (3,767     (6,266     (729
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used for investing activities

     (8,526     (9,723     (9,240     (11,393     (38,882     (44,950
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows (used for) provided by financing activities:

            

Proceeds from borrowings on credit facilities

     17,500        —          52,000        —          69,500        78,800   

Payments on borrowings on credit facilities

     (11,399     (28,400     —          (51,800     (91,599     —     

Payments on borrowings on term loan

     (1,250     (1,875     (1,875     (1,875     (6,875     (1,875

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

     (1,793     (3,194     (927     (147     (6,061     (1,427

Repurchase of common stock

     —          (23,378     (37,404     (46,385     (107,167     (39,653

Excess income tax benefit from equity compensation plans

     —          2,044        1,970        1,893        5,907        130   

Net proceeds from sale of noncontrolling interest

     —          —          —          86,523        86,523        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used for) provided by financing activities

     3,058        (54,803     13,764        (11,791     (49,772     35,975   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Effects of exchange rates on cash

     (3,172     (2,452     837        15        (4,772     118   

Net (decrease) increase in cash and cash equivalents

     (17,277     (51,575     7,612        1,636        (59,604     10,050   

Cash and cash equivalents, beginning of period

     148,185        130,908        79,333        86,945        148,185        88,581   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 130,908      $ 79,333      $ 86,945      $ 88,581      $ 88,581      $ 98,631   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

9


Monster Worldwide, Inc.

Consolidated Condensed Balance Sheets

(unaudited, in thousands, except selected financial ratios)

 

     Trended Data  
     March 2013     June 2013     September 2013     December 2013     March 2014  
ASSETS           

Current assets:

          

Cash and cash equivalents

   $ 130,908      $ 79,333      $ 86,945      $ 88,581      $ 98,631   

Accounts Receivable, net

     333,174        309,064        298,823        332,675        318,615   

Prepaid and other

     75,229        73,853        73,801        82,809        92,717   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     539,311        462,250        459,569        504,065        509,963   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Property and equipment, net

     137,998        132,393        128,409        124,169        126,232   

Goodwill

     880,715        873,166        891,623        895,518        918,672   

Intangibles, net

     29,385        26,096        24,219        24,058        27,849   

Investment in unconsolidated affiliates

     170        229        150        220        24,584   

Other assets

     38,644        41,078        39,960        38,227        35,496   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 1,626,223      $ 1,535,212      $ 1,543,930      $ 1,586,257      $ 1,642,796   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY           

Current liabilities:

          

Accounts payable, accrued expenses and other

   $ 186,142      $ 175,335      $ 151,778      $ 166,257      $ 165,535   

Deferred revenue

     356,468        329,492        315,645        342,156        341,947   

Current portion of long-term debt

     7,500        8,125        8,750        9,375        212,200   

Current liabilities of discontinued operations

     3,771        2,522        2,137        1,049        735   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     553,881        515,474        478,310        518,837        720,417   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Long-term income taxes payable

     51,255        52,590        51,298        53,078        54,451   

Long-term debt, less current portion

     161,600        130,700        180,200        125,900        —     

Other liabilities

     8,352        8,994        5,752        44,297        53,527   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     775,088        707,758        715,560        742,112        828,395   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Common stock and class B common stock

     141        141        142        142        142   

Additional paid-in capital

     1,962,039        1,970,025        1,976,768        2,003,394        2,011,447   

Accumulated other comprehensive income

     50,163        41,024        62,046        63,368        67,691   

Accumulated deficit

     (559,405     (556,025     (544,756     (564,871     (562,806

Treasury stock, at cost

     (601,803     (627,711     (665,830     (712,362     (753,873

Noncontrolling interest

     —          —          —          54,474        51,800   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total stockholders’ equity

     851,135        827,454        828,370        844,145        814,401   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,626,223      $ 1,535,212      $ 1,543,930      $ 1,586,257      $ 1,642,796   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Memo(1)

          

- Net (debt)/cash

   $ (38,192   $ (59,492   $ (102,005   $ (46,694   $ (113,569

 

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

 

10