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8-K - FORM 8-K - MONSTER WORLDWIDE, INC. | d868887d8k.htm |
EX-99.1 - EX-99.1 - MONSTER WORLDWIDE, INC. | d868887dex991.htm |
Exhibit 99.2
FINANCIAL SUPPLEMENT
December 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 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
Stock Based Compensation
Non-cash, stock-based compensation expense has been excluded from our non-GAAP financial statements for all periods presented. Effective November 4, 2014, Salvatore Iannuzzi resigned as Chief Executive Officer and President of the Company. In connection with his resignation, the Company accelerated the vesting of 160,501 RSAs and 2,250,000 RSUs, resulting in $4.4 million of non-cash compensation. These charges have been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
Separation Costs
During the three months ended December 31, 2014, excluding stock based compensation as discussed above, the Company incurred $5.0 million of separation charges primarily related the resignation of the Companys former Chief Executive Officer and President, Salvatore Iannuzzi, effective November 4, 2014. These charges have been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
Facilities Costs
During the three months and twelve months ended December 31, 2014, the Company incurred $0.5 million and $7.7 million of charges associated with exited facilities, respectively, which have been excluded from our non-GAAP financial statements for the respective periods. The majority of these charges related to facility charges associated with the consolidation of multiple offices into the Companys new corporate headquarters in Weston, Massachusetts.
Goodwill Impairment
In the fourth quarter of 2014, primarily due to the decline of our market capitalization and the implications such decline had on the carrying value of our goodwill, which resulted in higher discount rates applied to forecasted cash flows, the Company concluded that the carrying amount of goodwill exceeded its estimated fair value for both the Careers North America and Internet Advertising & Fees segments. As a result, the Company recorded a pre-tax goodwill impairment charge of $325.8 million in the three months ended December 31, 2014 ($263.0 million, net of tax), which has been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
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 year ended December 31, 2013, the Company incurred $2.9 million of costs related to the review of strategic alternatives which have been excluded from our non-GAAP financial statements.
2
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 Companys workforce, consolidating certain office facilities and impairing certain fixed assets. The Company incurred $20.0 million of restructuring costs relating to this program in the year ended December 31, 2013 which have been excluded from our non-GAAP financial statements for the twelve months ended December 31, 2013.
3.50% Convertible Senior Notes Due 2019
On October 22, 2014, the Company consummated an offering of $143.8 million aggregate principal amount of its 3.50% convertible senior notes due 2019 (the Notes), which includes $18.8 million in aggregate principal amount of Notes sold pursuant to the over-allotment option that was previously granted to the initial purchasers of the Notes and exercised by the initial purchasers on October 21, 2014. The Company received net proceeds of $139.0 million from the sale of the Notes, after deducting fees and expenses of $4.7 million. The Notes are unsecured, senior obligations of Monster, that bear interest at a rate of 3.50% per annum, payable in arrears on April 15 and October 15 of each year to holders of record at the close of business on the preceding April 1 and October 1, respectively. The Notes will mature on October 15, 2019, unless converted or repurchased in accordance with their terms prior to such date.
In connection with the offering of the Notes, Monster entered into capped call transactions with an affiliate of one of the initial purchasers. The Company used $16.5 million of the net proceeds to pay for the cost of the capped call transactions, $82.5 million to repay in full the term loan outstanding as of the date of issuance, and $40.0 million to repay a portion loans outstanding under the revolving credit facility.
In accordance with ASC 470-20, Debt with Conversion and Other Options, the Notes were separated into debt and equity components and assigned a fair value. The value assigned to the debt component was the estimated fair value, as of the issuance date, of similar debt without the conversion feature. The difference between the cash proceeds and this estimated fair value represents the value which was assigned to the equity component and was recorded as a debt discount. The debt discount is being amortized using the effective interest method from the date of issuance through the October 15, 2019 maturity date.
The initial debt component of the Notes was valued at $122.8 million, based on the contractual cash flows discounted at an appropriate market rate for non-convertible debt at the date of issuance. The carrying value of the permanent equity component reported in additional paid-in-capital was initially valued at $20.2 million, which is net of $0.7 million of fees and expenses allocated to the equity component.
During the three months ended December 31, 2014, the Company recognized $0.8 million of amortization of the debt discount and $0.2 million of deferred financing fees relating to the Notes which have been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
Amended Credit Facility
On October 31, 2014, the Company amended and restated the Second Amended Credit Agreement (the Third Amended Credit Agreement). The Third Amended Credit Agreement provides the Company with a $100 million revolving credit facility and $90 million term loan facility, providing for a total of $190 million in credit available to the Company. The borrowings under the Third Amended Credit Agreement were used to satisfy the obligations under the Second Amended Credit Agreement of $98.9 million under the revolving credit facility. Each of the revolving credit facility and the term loan facility matures on October 31, 2017. The Third Amended Credit Agreement partially qualifies as a debt extinguishment in accordance with ASC 470Debt. Accordingly, the Company expensed $0.4 million of financing fees classified as a debt extinguishment through interest & other, net during the fourth quarter of 2014, which has been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014. The remaining $2.8 million of financing fees are being deferred and amortized through October 2017.
3
Investment and Indefinite-Lived Intangible Impairment
During the three months ended December 31, 2014, the Company recorded an impairment charge of $1.1 million related to a cost method investment. In addition, the Company recorded an impairment charge of $1.0 million on an indefinite-lived intangible asset during the same period. These charges have been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
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, with the remaining 75% held by Alma Media Corporation (Alma Media). Alma Media is a leading media company based in Finland, focused on digital services and publishing in Finland, the Nordic countries, the Baltics and Central Europe. Effective January 3, 2014, the Company expanded its relationship with Alma Media. 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 accounts for its investment under the equity method of accounting due to the Companys 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.
As a result of the deconsolidation, the Company recorded a net gain of approximately $12.0 million during the first quarter of 2014 which has been excluded from our non-GAAP financial statements for the twelve months ended December 31, 2014.
Income Tax
As a result of the goodwill impairment recognized in the fourth quarter of 2014, the Company recognized a tax benefit of $62.8 million which has been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2014.
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 twelve months ended December 31, 2014.
In the fourth quarter of 2013, the Company recognized a tax provision relating to the sale of a noncontrolling interest in our South Korean subsidiary which has been excluded from our non-GAAP financial statements for the three and twelve months ended December 31, 2013. 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 twelve months ended December 31, 2013.
Discontinued Operations
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 to Saongroup, Ltd. (Saongroup) was completed on February 5, 2013. The Company received a 10% minority interest in the combined China business of Saongroup.
4
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 remained 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. On October 25, 2013, the Company received $1.8 million of funds previously held in escrow relating to the sale of Careers-China, which the Company recorded as a gain in the consolidated statements of operations in the year ended December 31, 2013. Additionally, the Company recorded a tax benefit of $4.9 million in the year ended December 31, 2013. Accordingly, the Company recorded a loss from discontinued operations related to Careers-China, net of tax, of $1.7 million in the year ended December 31, 2013. These charges have been excluded from our non-GAAP financial statements for the twelve months ended December 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. The Company incurred approximately $8.0 million of costs associated with the shutdown of these businesses in the fourth quarter of 2012. For the year ended December 31, 2013, the Company recorded additional costs of $3.6 million which was 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 $1.5 million for the year ended December 31, 2013. Accordingly, the Company recorded a loss from discontinued operations, net of tax, of $2.1 million in the year ended December 31, 2013. These charges have been excluded from our non-GAAP financial statements for the twelve months ended December 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, 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 (loss) income, operating margin, (loss) income from continuing operations, loss from discontinued operations, net of tax, and diluted (loss) earnings per share attributable to Monster Worldwide, Inc. all exclude certain proforma adjustments including: non-cash stock based compensation expense; costs incurred in connection with the Companys restructuring programs; non-cash impairment charges; amortization of the debt discount and deferred financing costs associated with our 3.50% convertible senior notes due 2019; write-off of deferred financing costs relating to our former credit facility, amended in October 2014; severance charges primarily associated with the resignation of our former Chief Executive Officer, effective November 4, 2014; 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 programs; income tax provisions for increased valuation allowances on deferred tax assets; income tax provision related to the sale of a noncontrolling interest; income tax benefit associated with goodwill impairment; 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. 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.
5
Earnings before interest, taxes, depreciation and amortization (EBITDA) is defined as operating income or loss before depreciation and amortization, non-cash compensation expense, non-cash impairment charges, and non-cash costs incurred in connection with the Companys restructuring programs. Adjusted EBITDA excludes the impact of the pro-forma adjustments discussed above. The Company considers EBITDA and Adjusted 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 and Adjusted EBITDA are non-GAAP measures 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 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 as amended and restated in October 2014. The Company considers net cash and securities and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.
6
Monster Worldwide, Inc.
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 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | ||||||||||||||||||||||||||||||
Monster Careers |
$ | 193,654 | $ | 181,819 | $ | 178,737 | $ | 180,687 | $ | 734,897 | $ | 182,251 | $ | 178,581 | $ | 175,028 | $ | 170,150 | $ | 706,010 | ||||||||||||||||||||
Internet Advertising & Fees |
18,332 | 18,239 | 18,080 | 18,031 | 72,682 | 15,898 | 15,860 | 16,192 | 16,053 | 64,003 | ||||||||||||||||||||||||||||||
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Revenue |
211,986 | 200,058 | 196,817 | 198,718 | 807,579 | 198,149 | 194,441 | 191,220 | 186,203 | 770,013 | ||||||||||||||||||||||||||||||
Salary and related |
90,781 | 83,997 | 88,030 | 91,207 | 354,015 | 93,826 | 94,157 | 93,905 | 95,898 | 377,786 | ||||||||||||||||||||||||||||||
Office and general |
35,028 | 36,537 | 36,997 | 37,679 | 146,241 | 42,688 | 37,296 | 39,992 | 38,355 | 158,331 | ||||||||||||||||||||||||||||||
Marketing and promotion |
49,267 | 43,394 | 38,089 | 38,840 | 169,590 | 41,413 | 37,377 | 35,109 | 32,493 | 146,392 | ||||||||||||||||||||||||||||||
Restructuring and other special charges |
13,167 | 6,828 | | | 19,995 | | | | | | ||||||||||||||||||||||||||||||
Goodwill Impairment |
| | | | | | | | 325,800 | 325,800 | ||||||||||||||||||||||||||||||
Depreciation expense |
13,000 | 12,644 | 12,297 | 11,981 | 49,922 | 11,885 | 11,217 | 11,548 | 11,369 | 46,019 | ||||||||||||||||||||||||||||||
Stock-based compensation |
6,794 | 5,470 | 4,901 | 8,226 | 25,391 | 8,173 | 9,063 | 6,682 | 11,439 | 35,357 | ||||||||||||||||||||||||||||||
Amortization of intangibles |
3,104 | 3,081 | 2,248 | 801 | 9,234 | 634 | 618 | 646 | 726 | 2,624 | ||||||||||||||||||||||||||||||
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Operating expenses |
211,141 | 191,951 | 182,562 | 188,734 | 774,388 | 198,619 | 189,728 | 187,882 | 516,080 | 1,092,309 | ||||||||||||||||||||||||||||||
Operating income (loss) |
845 | 8,107 | 14,255 | 9,984 | 33,191 | (470 | ) | 4,713 | 3,338 | (329,877 | ) | (322,296 | ) | |||||||||||||||||||||||||||
Gain on deconsolidation of subsidiaries, net |
| | | | | 11,828 | | | | 11,828 | ||||||||||||||||||||||||||||||
Interest and other, net |
(1,268 | ) | (1,357 | ) | (1,482 | ) | (1,663 | ) | (5,770 | ) | (1,323 | ) | (1,660 | ) | (1,830 | ) | (3,739 | ) | (8,552 | ) | ||||||||||||||||||||
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(Loss) Income before income taxes and equity interests |
(423 | ) | 6,750 | 12,773 | 8,321 | 27,421 | 10,035 | 3,053 | 1,508 | (333,616 | ) | (319,020 | ) | |||||||||||||||||||||||||||
(Benefit from) provision for income taxes |
(11,999 | ) | 2,366 | 4,480 | 28,157 | 23,004 | 6,663 | 1,615 | 1,934 | (45,503 | ) | (35,291 | ) | |||||||||||||||||||||||||||
(Loss) income in equity interests, net |
(458 | ) | (245 | ) | (119 | ) | (86 | ) | (908 | ) | (133 | ) | 58 | 75 | (78 | ) | (78 | ) | ||||||||||||||||||||||
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Income (loss) from continuing operations |
11,118 | 4,139 | 8,174 | (19,922 | ) | 3,509 | 3,239 | 1,496 | (351 | ) | (288,191 | ) | (283,807 | ) | ||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax |
(6,134 | ) | (759 | ) | 3,095 | | (3,798 | ) | | | | | | |||||||||||||||||||||||||||
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Net income (loss) |
4,984 | 3,380 | 11,269 | (19,922 | ) | (289 | ) | 3,239 | 1,496 | (351 | ) | (288,191 | ) | (283,807 | ) | |||||||||||||||||||||||||
Net income attributable to noncontrolling interest |
| | | (193 | ) | (193 | ) | (1,174 | ) | (1,462 | ) | (1,318 | ) | (1,528 | ) | (5,482 | ) | |||||||||||||||||||||||
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Net income (loss) attributable to Monster Worldwide, Inc. |
$ | 4,984 | $ | 3,380 | $ | 11,269 | $ | (20,115 | ) | $ | (482 | ) | $ | 2,065 | $ | 34 | $ | (1,669 | ) | $ | (289,719 | ) | $ | (289,289 | ) | |||||||||||||||
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Basic earnings (loss) per share attributable to Monster Worldwide, Inc.: |
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Income (loss) from continuing operations |
0.10 | 0.04 | 0.08 | (0.21 | ) | 0.03 | 0.02 | | (0.02 | ) | (3.31 | ) | (3.29 | ) | ||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax |
(0.06 | ) | (0.01 | ) | 0.03 | | (0.04 | ) | | | | | | |||||||||||||||||||||||||||
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Net income (loss) |
$ | 0.04 | $ | 0.03 | $ | 0.11 | $ | (0.21 | ) | $ | | $ | 0.02 | $ | | $ | (0.02 | ) | $ | (3.31 | ) | $ | (3.29 | ) | ||||||||||||||||
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Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.: |
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Income (loss) from continuing operations |
0.10 | 0.04 | 0.08 | (0.21 | ) | 0.03 | 0.02 | | (0.02 | ) | (3.31 | ) | (3.29 | ) | ||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax |
(0.06 | ) | (0.01 | ) | 0.03 | | (0.04 | ) | | | | | | |||||||||||||||||||||||||||
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Net income (loss) |
$ | 0.04 | $ | 0.03 | $ | 0.11 | $ | (0.21 | ) | $ | | $ | 0.02 | $ | | $ | (0.02 | ) | $ | (3.31 | ) | $ | (3.29 | ) | ||||||||||||||||
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Weighted avg. shares outstanding: |
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Basic shares |
111,402 | 110,932 | 105,394 | 97,872 | 106,947 | 91,102 | 87,080 | 86,576 | 87,478 | 88,045 | ||||||||||||||||||||||||||||||
Diluted shares |
112,637 | 111,937 | 105,967 | 97,872 | 107,913 | 94,416 | 89,955 | 86,576 | 87,478 | 88,045 | ||||||||||||||||||||||||||||||
Global employees - continuing operations (ones) |
3,852 | 3,905 | 3,948 | 3,998 | 3,998 | 4,068 | 4,078 | 4,067 | 4,091 | 4,091 | ||||||||||||||||||||||||||||||
Annualized revenue per average employee |
$ | 215.0 | $ | 206.3 | $ | 200.5 | $ | 200.1 | $ | 205.5 | $ | 196.5 | $ | 191.0 | $ | 187.8 | $ | 182.6 | $ | 189.5 |
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 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | ||||||||||||||||||||||||||||||
Monster Careers |
$ | 193,654 | $ | 181,819 | $ | 178,737 | $ | 180,687 | $ | 734,897 | $ | 182,251 | $ | 178,581 | $ | 175,028 | $ | 170,150 | $ | 706,010 | ||||||||||||||||||||
Internet Advertising & Fees |
18,332 | 18,239 | 18,080 | 18,031 | 72,682 | 15,898 | 15,860 | 16,192 | 16,053 | 64,003 | ||||||||||||||||||||||||||||||
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Revenue |
211,986 | 200,058 | 196,817 | 198,718 | 807,579 | 198,149 | 194,441 | 191,220 | 186,203 | 770,013 | ||||||||||||||||||||||||||||||
Salary and related |
90,781 | 83,997 | 88,030 | 91,207 | 354,015 | 93,826 | 94,157 | 93,905 | 90,924 | 372,812 | ||||||||||||||||||||||||||||||
Office and general |
33,653 | 34,992 | 36,997 | 37,679 | 143,321 | 36,339 | 37,296 | 39,112 | 36,855 | 149,602 | ||||||||||||||||||||||||||||||
Marketing and promotion |
49,267 | 43,394 | 38,089 | 38,840 | 169,590 | 41,413 | 37,377 | 35,109 | 32,493 | 146,392 | ||||||||||||||||||||||||||||||
Depreciation expense |
13,000 | 12,644 | 12,297 | 11,981 | 49,922 | 11,885 | 11,217 | 11,548 | 11,369 | 46,019 | ||||||||||||||||||||||||||||||
Amortization of intangibles |
3,104 | 3,081 | 2,248 | 801 | 9,234 | 634 | 618 | 646 | 726 | 2,624 | ||||||||||||||||||||||||||||||
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Operating expenses |
189,805 | 178,108 | 177,661 | 180,508 | 726,082 | 184,097 | 180,665 | 180,320 | 172,367 | 717,449 | ||||||||||||||||||||||||||||||
Operating income |
22,181 | 21,950 | 19,156 | 18,210 | 81,497 | 14,052 | 13,776 | 10,900 | 13,836 | 52,564 | ||||||||||||||||||||||||||||||
Interest and other, net |
(1,268 | ) | (1,357 | ) | (1,482 | ) | (1,663 | ) | (5,770 | ) | (1,323 | ) | (1,660 | ) | (1,830 | ) | (1,378 | ) | (6,191 | ) | ||||||||||||||||||||
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Income before income taxes and equity interests |
20,913 | 20,593 | 17,674 | 16,547 | 75,727 | 12,729 | 12,116 | 9,070 | 12,458 | 46,373 | ||||||||||||||||||||||||||||||
Provision for income taxes |
7,320 | 7,222 | 6,199 | 5,791 | 26,532 | 4,083 | 3,756 | 3,175 | 4,365 | 15,379 | ||||||||||||||||||||||||||||||
(Loss) income in equity interests, net |
(458 | ) | (245 | ) | (119 | ) | (86 | ) | (908 | ) | (133 | ) | 58 | 75 | (78 | ) | (78 | ) | ||||||||||||||||||||||
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Net income |
13,135 | 13,126 | 11,356 | 10,670 | 48,287 | 8,513 | 8,418 | 5,970 | 8,015 | 30,916 | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest |
| | | (193 | ) | (193 | ) | (1,174 | ) | (1,462 | ) | (1,318 | ) | (1,528 | ) | (5,482 | ) | |||||||||||||||||||||||
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Income from continuing operations attributable to Monster Worldwide, Inc. |
$ | 13,135 | $ | 13,126 | $ | 11,356 | $ | 10,477 | $ | 48,094 | $ | 7,339 | $ | 6,956 | $ | 4,652 | $ | 6,487 | $ | 25,434 | ||||||||||||||||||||
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Diluted earnings per share attributable to Monster Worldwide, Inc. |
$ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.11 | $ | 0.45 | $ | 0.08 | $ | 0.08 | $ | 0.05 | $ | 0.07 | $ | 0.28 | ||||||||||||||||||||
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Weighted avg. shares outstanding: |
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Basic shares |
111,402 | 110,932 | 105,394 | 97,872 | 106,947 | 91,102 | 87,080 | 86,576 | 87,478 | 88,045 | ||||||||||||||||||||||||||||||
Diluted shares |
112,637 | 111,937 | 105,967 | 98,655 | 107,913 | 94,416 | 89,955 | 89,317 | 90,664 | 91,091 |
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 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | |||||||||||||||||||||||||||||||
Segment Revenue: |
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Careers - North America |
$ | 115,935 | $ | 109,717 | $ | 109,622 | $ | 111,000 | $ | 446,274 | $ | 111,647 | $ | 110,301 | $ | 108,565 | $ | 106,433 | $ | 436,946 | ||||||||||||||||||||
Careers - International |
77,719 | 72,102 | 69,115 | 69,687 | 288,623 | 70,604 | 68,280 | 66,463 | 63,717 | 269,064 | ||||||||||||||||||||||||||||||
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Careers Revenue |
193,654 | 181,819 | 178,737 | 180,687 | 734,897 | 182,251 | 178,581 | 175,028 | 170,150 | 706,010 | ||||||||||||||||||||||||||||||
Internet Advertising & Fees Revenue |
18,332 | 18,239 | 18,080 | 18,031 | 72,682 | 15,898 | 15,860 | 16,192 | 16,053 | 64,003 | ||||||||||||||||||||||||||||||
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Total Monster Revenue |
$ | 211,986 | $ | 200,058 | $ | 196,817 | $ | 198,718 | $ | 807,579 | $ | 198,149 | $ | 194,441 | $ | 191,220 | $ | 186,203 | $ | 770,013 | ||||||||||||||||||||
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Segment operating income (loss): GAAP |
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Careers - North America |
$ | 12,423 | $ | 19,272 | $ | 16,346 | $ | 16,968 | $ | 65,009 | $ | 12,120 | $ | 17,902 | $ | 18,310 | $ | (246,626 | ) | $ | (198,294 | ) | ||||||||||||||||||
Careers - International |
(8,991 | ) | (6,054 | ) | (325 | ) | (3,226 | ) | (18,596 | ) | (5,289 | ) | (6,974 | ) | (7,551 | ) | (5,315 | ) | (25,129 | ) | ||||||||||||||||||||
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Careers operating income GAAP |
3,432 | 13,218 | 16,021 | 13,742 | 46,413 | 6,831 | 10,928 | 10,759 | (251,941 | ) | (223,423 | ) | ||||||||||||||||||||||||||||
Internet Advertising & Fees operating income GAAP |
6,262 | 6,312 | 5,902 | 6,016 | 24,492 | 3,691 | 3,464 | 3,442 | (59,221 | ) | (48,624 | ) | ||||||||||||||||||||||||||||
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Total Monster operating income |
$ | 9,694 | $ | 19,530 | $ | 21,923 | $ | 19,758 | $ | 70,905 | $ | 10,522 | $ | 14,392 | $ | 14,201 | $ | (311,162 | ) | $ | (272,047 | ) | ||||||||||||||||||
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Corporate expenses GAAP |
(8,849 | ) | (11,423 | ) | (7,668 | ) | (9,774 | ) | (37,714 | ) | (10,992 | ) | (9,679 | ) | (10,863 | ) | (18,715 | ) | (50,249 | ) | ||||||||||||||||||||
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Total Monster Consolidated operating income (loss) GAAP |
$ | 845 | $ | 8,107 | $ | 14,255 | $ | 9,984 | $ | 33,191 | $ | (470 | ) | $ | 4,713 | $ | 3,338 | $ | (329,877 | ) | $ | (322,296 | ) | |||||||||||||||||
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Segment operating income (loss)(1): Non-GAAP |
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Careers - North America |
$ | 22,424 | $ | 22,277 | $ | 17,902 | $ | 20,315 | $ | 82,918 | $ | 17,508 | $ | 21,058 | $ | 20,814 | $ | 19,978 | $ | 79,358 | ||||||||||||||||||||
Careers - International |
(1,747 | ) | (1,674 | ) | 1,281 | (2,795 | ) | (4,935 | ) | (3,130 | ) | (4,512 | ) | (5,556 | ) | (2,879 | ) | (16,077 | ) | |||||||||||||||||||||
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Careers operating income Non-GAAP |
20,677 | 20,603 | 19,183 | 17,520 | 77,983 | 14,378 | 16,546 | 15,258 | 17,099 | 63,281 | ||||||||||||||||||||||||||||||
Internet Advertising & Fees operating income Non-GAAP |
6,883 | 6,978 | 6,353 | 6,753 | 26,967 | 4,415 | 3,922 | 3,803 | 3,943 | 16,083 | ||||||||||||||||||||||||||||||
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Total Monster operating income Non-GAAP |
$ | 27,560 | $ | 27,581 | $ | 25,536 | $ | 24,273 | $ | 104,950 | $ | 18,793 | $ | 20,468 | $ | 19,061 | $ | 21,042 | $ | 79,364 | ||||||||||||||||||||
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Corporate expenses Non-GAAP |
(5,379 | ) | (5,631 | ) | (6,380 | ) | (6,063 | ) | (23,453 | ) | (4,741 | ) | (6,692 | ) | (8,161 | ) | (7,206 | ) | (26,800 | ) | ||||||||||||||||||||
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Total Monster Consolidated operating income Non-GAAP |
$ | 22,181 | $ | 21,950 | $ | 19,156 | $ | 18,210 | $ | 81,497 | $ | 14,052 | $ | 13,776 | $ | 10,900 | $ | 13,836 | $ | 52,564 | ||||||||||||||||||||
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(1) - See notes to financial supplement for further explanation of Non-GAAP measures.
Monster Worldwide, Inc.
Reconciliation of Operating Income to EBITDA and Adjusted EBITDA
(unaudited, in thousands)
Trended Data | ||||||||||||||||||||||||||||||||||||||||
Summary P&L Information |
Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | ||||||||||||||||||||||||||||||
Revenue |
$ | 211,986 | $ | 200,058 | $ | 196,817 | $ | 198,718 | $ | 807,579 | $ | 198,149 | $ | 194,441 | $ | 191,220 | $ | 186,203 | $ | 770,013 | ||||||||||||||||||||
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Operating income (loss) - GAAP |
$ | 845 | $ | 8,107 | $ | 14,255 | $ | 9,984 | $ | 33,191 | $ | (470 | ) | $ | 4,713 | $ | 3,338 | $ | (329,877 | ) | $ | (322,296 | ) | |||||||||||||||||
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Depreciation expense |
13,000 | 12,644 | 12,297 | 11,981 | 49,922 | 11,885 | 11,217 | 11,548 | 11,369 | 46,019 | ||||||||||||||||||||||||||||||
Stock-based compensation |
6,794 | 5,470 | 4,901 | 8,226 | 25,391 | 8,173 | 9,063 | 6,682 | 11,439 | 35,357 | ||||||||||||||||||||||||||||||
Goodwill impairment |
| | | | | | | | 325,800 | 325,800 | ||||||||||||||||||||||||||||||
Restructuring non-cash charges and other |
775 | 4,540 | | | 5,315 | | | | 1,000 | 1,000 | ||||||||||||||||||||||||||||||
Amortization of intangibles |
3,104 | 3,081 | 2,248 | 801 | 9,234 | 634 | 618 | 646 | 726 | 2,624 | ||||||||||||||||||||||||||||||
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EBITDA (1) |
$ | 24,518 | $ | 33,842 | $ | 33,701 | $ | 30,992 | $ | 123,053 | $ | 20,222 | $ | 25,611 | $ | 22,214 | $ | 20,457 | $ | 88,504 | ||||||||||||||||||||
Separation costs |
| | | | | | | | 4,974 | 4,974 | ||||||||||||||||||||||||||||||
Facility costs |
| | | | | 6,349 | | 880 | 500 | 7,729 | ||||||||||||||||||||||||||||||
Fees associated with strategic alternatives |
1,375 | 1,545 | | | 2,920 | | | | | | ||||||||||||||||||||||||||||||
Restructuring expenses, less non-cash items |
12,392 | 2,288 | | | 14,680 | | | | | | ||||||||||||||||||||||||||||||
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Total Non-GAAP Adjustments |
13,767 | 3,833 | | | 17,600 | 6,349 | | 880 | 5,474 | 12,703 | ||||||||||||||||||||||||||||||
Adjusted EBITDA (1) |
$ | 38,285 | $ | 37,675 | $ | 33,701 | $ | 30,992 | $ | 140,653 | $ | 26,571 | $ | 25,611 | $ | 23,094 | $ | 25,931 | $ | 101,207 | ||||||||||||||||||||
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(1) - See notes to financial supplement for further explanation of Non-GAAP measures.
Monster Worldwide, Inc.
Statements of Cash Flows
(unaudited, in thousands)
Trended Data | ||||||||||||||||||||||||||||||||||||||||
Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | |||||||||||||||||||||||||||||||
Cash flows (used for) provided by operating activities: |
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Net income (loss) |
$ | 4,984 | $ | 3,380 | $ | 11,269 | $ | (19,922 | ) | $ | (289 | ) | $ | 3,239 | $ | 1,496 | $ | (351 | ) | $ | (288,191 | ) | $ | (283,807 | ) | |||||||||||||||
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Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: |
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Depreciation and amortization |
16,104 | 15,725 | 14,545 | 12,782 | 59,156 | 12,519 | 11,835 | 12,194 | 12,095 | 48,643 | ||||||||||||||||||||||||||||||
Provision for doubtful accounts |
535 | 897 | 318 | 617 | 2,367 | 316 | 412 | 562 | 417 | 1,707 | ||||||||||||||||||||||||||||||
Stock-based compensation |
6,794 | 5,470 | 4,901 | 8,226 | 25,391 | 8,173 | 9,063 | 6,682 | 11,439 | 35,357 | ||||||||||||||||||||||||||||||
Deferred income taxes |
(2,172 | ) | (435 | ) | 4,825 | 26,356 | 28,574 | 3,893 | (491 | ) | 53 | (46,873 | ) | (43,418 | ) | |||||||||||||||||||||||||
Non-cash restructuring charges and other |
775 | 4,540 | | | 5,315 | | | | | | ||||||||||||||||||||||||||||||
Impairment of investment and indefinite lived intangible |
| | | | | | | | 2,070 | 2,070 | ||||||||||||||||||||||||||||||
Goodwill Impairment |
| | | | | | | | 325,000 | 325,000 | ||||||||||||||||||||||||||||||
Loss (income) in equity interests, net |
458 | 245 | 119 | 86 | 908 | 133 | (58 | ) | (75 | ) | 78 | 78 | ||||||||||||||||||||||||||||
Gain on deconsolidation of subsidiaries |
| | | | | (13,647 | ) | | | | (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 | | | | 1,819 | ||||||||||||||||||||||||||||
Excess income tax benefit from equity compensation plans |
| (2,044 | ) | (1,970 | ) | (1,893 | ) | (5,907 | ) | (130 | ) | (69 | ) | | | (199 | ) | |||||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions: |
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Accounts receivable |
5,907 | 22,734 | 12,820 | (33,443 | ) | 8,018 | 14,501 | 25,023 | 25,832 | (24,789 | ) | 40,567 | ||||||||||||||||||||||||||||
Prepaid and other |
14,690 | 865 | (3,371 | ) | 2,389 | 14,573 | (14,838 | ) | 6,848 | (2,855 | ) | (863 | ) | (11,708 | ) | |||||||||||||||||||||||||
Deferred revenue |
(5,039 | ) | (26,203 | ) | (16,582 | ) | 25,635 | (22,189 | ) | (964 | ) | (26,525 | ) | (29,483 | ) | 24,256 | (32,716 | ) | ||||||||||||||||||||||
Accounts payable, accrued liabilities, and other |
(15,695 | ) | (9,771 | ) | (23,137 | ) | 3,972 | (44,631 | ) | 3,893 | (2,634 | ) | (622 | ) | 12,372 | 13,009 | ||||||||||||||||||||||||
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Total adjustments |
(13,621 | ) | 12,023 | (9,018 | ) | 44,727 | 34,111 | 15,668 | 23,404 | 12,288 | 315,202 | 366,562 | ||||||||||||||||||||||||||||
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Net cash (used for) provided by operating activities |
(8,637 | ) | 15,403 | 2,251 | 24,805 | 33,822 | 18,907 | 24,900 | 11,937 | 27,011 | 82,755 | |||||||||||||||||||||||||||||
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Cash flows used for investing activities: |
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Capital expenditures |
(9,149 | ) | (9,239 | ) | (6,602 | ) | (7,626 | ) | (32,616 | ) | (10,700 | ) | (11,769 | ) | (8,287 | ) | (9,087 | ) | (39,843 | ) | ||||||||||||||||||||
Payments for acquisitions, net of cash acquired |
| | | | | (27,005 | ) | | | | (27,005 | ) | ||||||||||||||||||||||||||||
Investment in Alma Career Oy |
| | | | | (6,516 | ) | | | | (6,516 | ) | ||||||||||||||||||||||||||||
Cash funded to and dividends received from equity investee and other |
623 | (484 | ) | (2,638 | ) | (3,767 | ) | (6,266 | ) | (729 | ) | 113 | (606 | ) | (941 | ) | (2,163 | ) | ||||||||||||||||||||||
Capitalized patent defense costs |
| | | | | | (1,220 | ) | (1,742 | ) | (1,577 | ) | (4,539 | ) | ||||||||||||||||||||||||||
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Net cash used for investing activities |
(8,526 | ) | (9,723 | ) | (9,240 | ) | (11,393 | ) | (38,882 | ) | (44,950 | ) | (12,876 | ) | (10,635 | ) | (11,605 | ) | (80,066 | ) | ||||||||||||||||||||
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Cash flows provided by (used for) financing activities: |
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Proceeds from borrowings on credit facilities |
17,500 | | 52,000 | | 69,500 | 78,800 | | 1,500 | 66,100 | 146,400 | ||||||||||||||||||||||||||||||
Payments on borrowings on credit facilities |
(11,399 | ) | (28,400 | ) | | (51,800 | ) | (91,599 | ) | | (8,100 | ) | | (184,200 | ) | (192,300 | ) | |||||||||||||||||||||||
Proceeds from borrowings on term loan |
| | | | | | | | 90,000 | 90,000 | ||||||||||||||||||||||||||||||
Payments on borrowings on term loan |
(1,250 | ) | (1,875 | ) | (1,875 | ) | (1,875 | ) | (6,875 | ) | (1,875 | ) | (2,500 | ) | (2,500 | ) | (84,750 | ) | (91,625 | ) | ||||||||||||||||||||
Proceeds from Convertible notes |
| | | | | | | | 143,750 | 143,750 | ||||||||||||||||||||||||||||||
Fees paid on the issuance of debt and purchase of capped call |
| | | | | | | | (23,111 | ) | (23,111 | ) | ||||||||||||||||||||||||||||
Tax withholdings related to net share settlements of restricted stock awards and units |
(1,793 | ) | (3,194 | ) | (927 | ) | (147 | ) | (6,061 | ) | (1,427 | ) | (2,280 | ) | (1,307 | ) | (5,551 | ) | (10,565 | ) | ||||||||||||||||||||
Repurchase of common stock |
| (23,378 | ) | (37,404 | ) | (46,385 | ) | (107,167 | ) | (39,653 | ) | (11,864 | ) | (553 | ) | | (52,070 | ) | ||||||||||||||||||||||
Excess income tax benefit from equity compensation plans |
| 2,044 | 1,970 | 1,893 | 5,907 | 130 | 69 | | | 199 | ||||||||||||||||||||||||||||||
Net proceeds from sale of noncontrolling interest |
| | | 86,523 | 86,523 | | | | | | ||||||||||||||||||||||||||||||
Dividend paid to noncontrolling interest |
| | | | | | (3,021 | ) | | | (3,021 | ) | ||||||||||||||||||||||||||||
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Net cash provided by (used for) financing activities |
3,058 | (54,803 | ) | 13,764 | (11,791 | ) | (49,772 | ) | 35,975 | (27,696 | ) | (2,860 | ) | 2,238 | 7,657 | |||||||||||||||||||||||||
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Effects of exchange rates on cash |
(3,172 | ) | (2,452 | ) | 837 | 15 | (4,772 | ) | 118 | 1,436 | (2,461 | ) | (3,723 | ) | (4,630 | ) | ||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents |
(17,277 | ) | (51,575 | ) | 7,612 | 1,636 | (59,604 | ) | 10,050 | (14,236 | ) | (4,019 | ) | 13,921 | 5,716 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period |
148,185 | 130,908 | 79,333 | 86,945 | 148,185 | 88,581 | 98,631 | 84,395 | 80,376 | 88,581 | ||||||||||||||||||||||||||||||
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Cash and cash equivalents, end of period |
$ | 130,908 | $ | 79,333 | $ | 86,945 | $ | 88,581 | $ | 88,581 | $ | 98,631 | $ | 84,395 | $ | 80,376 | $ | 94,297 | $ | 94,297 | ||||||||||||||||||||
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Monster Worldwide, Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands)
Trended Data | ||||||||||||||||||||||||||||||||
March 2013 | June 2013 | September 2013 | December 2013 | March 2014 | June 2014 | September 2014 | December 2014 | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: |
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Cash and cash equivalents |
$ | 130,908 | $ | 79,333 | $ | 86,945 | $ | 88,581 | $ | 98,631 | $ | 84,395 | $ | 80,376 | $ | 94,297 | ||||||||||||||||
Accounts receivable, net |
333,174 | 309,064 | 298,823 | 332,675 | 318,615 | 293,732 | 262,434 | 282,523 | ||||||||||||||||||||||||
Prepaid and other |
75,229 | 73,853 | 73,801 | 82,809 | 92,717 | 88,127 | 87,353 | 83,326 | ||||||||||||||||||||||||
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Total current assets |
539,311 | 462,250 | 459,569 | 504,065 | 509,963 | 466,254 | 430,163 | 460,146 | ||||||||||||||||||||||||
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Property and equipment, net |
137,998 | 132,393 | 128,409 | 124,169 | 126,232 | 126,345 | 121,461 | 119,729 | ||||||||||||||||||||||||
Goodwill |
880,715 | 873,166 | 891,623 | 895,518 | 918,672 | 915,024 | 891,870 | 540,621 | ||||||||||||||||||||||||
Intangibles, net |
29,385 | 26,096 | 24,219 | 24,058 | 27,849 | 29,186 | 31,327 | 30,503 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates |
170 | 229 | 150 | 220 | 24,584 | 23,759 | 22,690 | 20,700 | ||||||||||||||||||||||||
Other assets |
38,644 | 41,078 | 39,960 | 38,227 | 35,496 | 36,697 | 37,355 | 45,452 | ||||||||||||||||||||||||
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Total assets |
$ | 1,626,223 | $ | 1,535,212 | $ | 1,543,930 | $ | 1,586,257 | $ | 1,642,796 | $ | 1,597,265 | $ | 1,534,866 | $ | 1,217,151 | ||||||||||||||||
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LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: |
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Accounts payable, accrued expenses and other |
$ | 186,142 | $ | 175,335 | $ | 151,778 | $ | 166,257 | $ | 165,535 | $ | 160,121 | $ | 152,965 | $ | 158,759 | ||||||||||||||||
Deferred revenue |
356,468 | 329,492 | 315,645 | 342,156 | 341,947 | 315,786 | 281,039 | 300,724 | ||||||||||||||||||||||||
Current portion of long-term debt |
7,500 | 8,125 | 8,750 | 9,375 | 212,200 | 201,600 | 10,000 | 9,563 | ||||||||||||||||||||||||
Current liabilities of discontinued operations |
3,771 | 2,522 | 2,137 | 1,049 | 735 | 492 | 378 | 268 | ||||||||||||||||||||||||
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Total current liabilities |
553,881 | 515,474 | 478,310 | 518,837 | 720,417 | 677,999 | 444,382 | 469,314 | ||||||||||||||||||||||||
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Long-term income taxes payable |
51,255 | 52,590 | 51,298 | 53,078 | 54,451 | 55,355 | 56,465 | 54,636 | ||||||||||||||||||||||||
Long-term debt, net, less current portion |
161,600 | 130,700 | 180,200 | 125,900 | | | 190,600 | 201,821 | ||||||||||||||||||||||||
Other liabilities |
8,352 | 8,994 | 5,752 | 44,297 | 53,527 | 57,146 | 59,219 | 16,635 | ||||||||||||||||||||||||
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Total liabilities |
775,088 | 707,758 | 715,560 | 742,112 | 828,395 | 790,500 | 750,666 | 742,406 | ||||||||||||||||||||||||
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Common stock and class B common stock |
141 | 141 | 142 | 142 | 142 | 142 | 143 | 144 | ||||||||||||||||||||||||
Additional paid-in capital |
1,962,039 | 1,970,025 | 1,976,768 | 2,003,394 | 2,011,447 | 2,019,350 | 2,026,324 | 2,040,209 | ||||||||||||||||||||||||
Accumulated other comprehensive income |
50,163 | 41,024 | 62,046 | 63,368 | 67,691 | 61,916 | 35,685 | 9,245 | ||||||||||||||||||||||||
Accumulated deficit |
(559,405 | ) | (556,025 | ) | (544,756 | ) | (564,871 | ) | (562,806 | ) | (562,772 | ) | (564,441 | ) | (854,160 | ) | ||||||||||||||||
Treasury stock, at cost |
(601,803 | ) | (627,711 | ) | (665,830 | ) | (712,362 | ) | (753,873 | ) | (768,050 | ) | (769,676 | ) | (774,940 | ) | ||||||||||||||||
Noncontrolling interest |
| | | 54,474 | 51,800 | 56,179 | 56,165 | 54,247 | ||||||||||||||||||||||||
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Total stockholders equity |
851,135 | 827,454 | 828,370 | 844,145 | 814,401 | 806,765 | 784,200 | 474,745 | ||||||||||||||||||||||||
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Total liabilities and stockholders equity |
$ | 1,626,223 | $ | 1,535,212 | $ | 1,543,930 | $ | 1,586,257 | $ | 1,642,796 | $ | 1,597,265 | $ | 1,534,866 | $ | 1,217,151 | ||||||||||||||||
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Memo(1) |
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- Net cash (debt) |
$ | (38,192 | ) | $ | (59,492 | ) | $ | (102,005 | ) | $ | (46,694 | ) | $ | (113,569 | ) | $ | (117,205 | ) | $ | (120,224 | ) | $ | (117,088 | ) |
(1) - See notes to financial supplement for definitions and calculations of selected financial metrics.