WESTON, Mass., May 7, 2015 /CNW/ --
- First Quarter Highlights:
- Company Exceeds Expectations on EBITDA, EPS and Cash
Flow
- Consolidated Adjusted EBITDA of $27
Million; Careers – North America EBITDA Margin of
27%
- Non-GAAP EPS of $0.08; GAAP EPS of $0.09
- Cash Flow From Operations Increased 40% Year-Over-Year to
$27 Million
- Consolidated Bookings Increased 1% Year-Over-Year at
Constant Currency
- Core Careers – North America Bookings Grew 6%
- Revenue of $184 Million
Increased 1% Sequentially at Constant Currency
- Completes Sale of Majority of Interest in Australian Joint
Venture for $9 Million
- "All the Jobs, All the People" Strategy Gaining Significant
Traction with Continued Introduction of New Strategic
Products
- "Reallocate to Accelerate" Program Substantially
Complete
- Reiterates Q4 2015 EBITDA Margin Guidance of 18-22%
Monster Worldwide, Inc. (NYSE: MWW) today reported financial
results for the first quarter ended March
31, 2015.
"Our first quarter profitability, cash flow and leverage metrics
all exceeded our expectations," said Tim
Yates, President and Chief Executive Officer. "The bookings
momentum we saw in our core North American Careers segment
continued from previous quarters with 6% year-over-year
growth. While we are pleased with the recent bookings trends,
and expect them to continue, revenue growth and sales execution
continues to be a primary focus. We welcome the addition of
Paul Forte, a veteran sales leader,
as our new head of North American sales. Bookings in our
International segment increased 2% on a constant currency
basis. We are confident that our new strategic products
combined with our traditional core products provide a superior
competitive solution for our customers. Our EBITDA margins
expanded to 14.7% and we are confident we will continue to improve
margins going forward, and we remain on track to achieve our 18-22%
target exiting this year's fourth quarter."
During the quarter, we had a number of important business
highlights including:
- Debuted "All the Jobs" strategy for seekers with the unveiling
of 3 million more jobs on Monster.com
- Newly released Responsive Designed Homepage in the U.S. offers
one site for every screen
- Introduced Monster Social Job Ads in North America, a next generation social
recruitment advertising solution
- Launched new advertising campaign targeting Millennials, the
single largest segment of the U.S. workforce for the next 2
decades
These initiatives are beginning to have a positive impact on our
traffic metrics, particularly on North American organic
traffic.
Tim Yates also commented: "Our
actions in the first quarter demonstrate our commitment to our
previously articulated capital allocation policies. Net debt
decreased and leverage ratios improved, partially as a result of
the sale of the majority of our interest in our break-even joint
venture in Australia. We will
continue to review other non-core assets."
First Quarter 2015 Results
Revenue of $184 million decreased
7% compared to last year's first quarter and 3% on a constant
currency basis. Revenue in the first quarter of 2014 was
$198 million. Revenue from the
Company's Careers – North America
operations decreased 4% year-over-year and revenue from Careers –
International decreased 13% year-over-year and 1% on a constant
currency basis. Internet Advertising & Fees revenue and
operating results are now being reported within the Careers –
North America segment. Historical
quarterly revenue data is available in the Company's supplemental
financial information.
Total GAAP operating expenses decreased to $193 million compared to $199 million in the first quarter of 2014.
Net income attributable to Monster for the first quarter of 2015
was $8 million, or $0.09 per share, compared to net income
attributable to Monster of $2
million, or $0.02 per share in
the first quarter of 2014.
Non-GAAP net income attributable to the Company was $7 million, or $0.08 per share, compared to $7 million, or $0.08 per share in the first quarter of 2014.
Non-GAAP operating expenses of $168
million decreased 8% year over year. Adjusted EBITDA margin
of 15% was led by Careers – North
America with a 27% margin. 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
$27 million and free cash flow was
$19 million. Deferred revenue
grew sequentially to $304 million or
1% compared to $301 million as of
December 31, 2014. The Company
ended the quarter with total available liquidity of approximately
$170 million.
Reallocate to Accelerate
On February 10, 2015, the Company
committed to implement a series of cost savings initiatives to
reduce costs globally while continuing to support the Company's new
strategy. The initiatives include a global workforce reduction of
approximately 300 associates, lease exit costs, impairment of
certain assets, and office and general expense controls. Through
March 31, 2015, approximately 200
associates in North America and
Europe have been impacted, and the
Company has incurred $20 million of
charges relating to this program. These charges have been excluded
from the Company's non-GAAP financial statements for the three
months ended March 31, 2015. The
Company anticipates additional charges of approximately
$3 million to $5 million in the
second and third quarters of 2015 in connection with this
program.
Segment Change
The Company has combined certain functions to better align
resources and drive growth. As a result, the Internet
Advertising & Fees segment has been combined with the Careers –
North America segment. More
specifically, Military.com will be managed by the Government
Solutions business and Fastweb and Monster.com's consumer
advertising business will now be included in the Company's core
North American results.
Guidance
Second quarter 2015 Non-GAAP EPS from continuing operations is
expected to be in the range of $0.07 to
$0.11, which excludes $4 million to
$5 million of stock-based compensation, $1.2 million of non-cash debt discount
amortization related to the convertible debt and restructuring
charges related to the Reallocate to Accelerate program.
The Company expects to exit 2015 with a fourth quarter EBITDA
margin of between 18-22%.
Historical data on Non-GAAP EPS is available in the Company's
supplemental financial information.
Conference Call and Webcast
First quarter 2015 results will be discussed on Monster
Worldwide's quarterly conference call on May
7, 2015 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) 317-6003 or (412) 317-6061 and reference
conference ID# 0430146. 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 (877) 344-7529
or (412) 317-0088 and reference ID# 10064152. This number is
valid until midnight on May 15,
2015.
About Monster Worldwide
Monster Worldwide, Inc. (NYSE:
MWW) is a global leader in connecting people to jobs, wherever they
are. For more than 20 years, Monster has helped people improve
their lives with better jobs, and employers find the best talent.
Today, the company offers services in more than 40 countries,
providing some of the broadest, most sophisticated job seeking,
career management, recruitment and talent management capabilities.
Monster continues its pioneering work of transforming the
recruiting industry with advanced technology using intelligent
digital, social and mobile solutions, including our flagship
website monster.com® and a vast array of products and services. For
more information visit http://monster.com/about.
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 second quarter 2015 and EBITDA margin
for the fourth quarter 2015. 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,
operating margin, net income, and diluted 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 Company's
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; 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 provisions
for increased valuation allowances on deferred tax assets;
gain on deconsolidation of subsidiaries and tax provisions
thereon; gain on partial sale of an equity method investment and
tax provisions thereon; and charges related to exited facilities
and acquisition related costs.
In the first quarter of the calendar year 2015, the Company
began to utilize a fixed long-term projected non-GAAP tax rate for
reporting operating results and for planning, forecasting, and
analyzing future periods. This change provides better
consistency across the interim reporting periods by eliminating the
effects of non-recurring and period-specific items. When projecting
this long-term rate, the Company evaluated a five-year financial
projection comprising the current and the next four years that
exclude the income tax effects of the non-GAAP pre-tax adjustments
described above, eliminates the effects of non-recurring and period
specific items which can vary in size and frequency, and is
reflective of the anticipated future geographic mix of income among
tax jurisdictions. The projected rate also assumes no new
acquisitions or disposals in the five-year period, eliminates the
effect of tax valuation allowances, and takes into account other
factors including the Company's current tax structure, its existing
tax positions in various jurisdictions and key legislation in major
jurisdictions where the Company operates. The non-GAAP tax
rate is 35%. The Company intends to re-evaluate this long-term rate
on an annual basis or if any significant events that may materially
affect this long-term rate occur. This long-term rate could be
subject to change for a variety of reasons, which may include (but
are not limited to) for example, significant changes in the
geographic earnings mix including future acquisition or disposition
activity, having less income than anticipated, or fundamental tax
law changes in major jurisdictions where the Company operates.
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 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 Company's 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 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.
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Revenue
|
|
$
183,693
|
|
$
198,149
|
|
|
|
|
|
Salaries and
related
|
|
93,746
|
|
101,999
|
Office and
general
|
|
46,042
|
|
55,207
|
Marketing and
promotion
|
|
33,161
|
|
41,413
|
Restructuring and
other special charges
|
|
20,222
|
|
-
|
Total operating
expenses
|
|
193,171
|
|
198,619
|
|
|
|
|
|
Operating
loss
|
|
(9,478)
|
|
(470)
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
8,849
|
|
-
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
11,828
|
Interest and other,
net
|
|
(3,107)
|
|
(1,323)
|
|
|
|
|
|
(Loss) income before
income taxes and loss in equity interests
|
|
(3,736)
|
|
10,035
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(13,145)
|
|
6,663
|
Loss in equity
interests, net
|
|
(220)
|
|
(133)
|
|
|
|
|
|
Net
income
|
|
9,189
|
|
3,239
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(1,019)
|
|
(1,174)
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
8,170
|
|
$
2,065
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to Monster Worldwide, Inc.
|
|
$
0.09
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.
|
|
$
0.09
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
89,137
|
|
91,102
|
|
|
|
|
|
Diluted
|
|
91,474
|
|
94,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
$
(9,478)
|
|
$
(470)
|
Depreciation and
amortization of intangibles
|
|
11,807
|
|
12,519
|
Stock-based
compensation
|
|
4,465
|
|
8,173
|
Restructuring
non-cash expenses
|
|
4,226
|
|
-
|
|
|
|
|
|
EBITDA
|
|
$
11,020
|
|
$
20,222
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2015
|
|
2014
|
Cash flows
provided by operating activities:
|
|
|
|
|
Net income
|
|
$
9,189
|
|
$
3,239
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
11,807
|
|
12,519
|
Provision for
doubtful accounts
|
|
323
|
|
316
|
Stock-based
compensation
|
|
4,465
|
|
8,173
|
Deferred income
taxes
|
|
3,933
|
|
3,893
|
Non-cash
restructuring charges
|
|
4,226
|
|
-
|
Loss in equity
interests, net
|
|
220
|
|
133
|
Gain on
deconsolidation of subsidiaries
|
|
-
|
|
(13,647)
|
Amount reclassified
from accumulated other comprehensive income
|
|
-
|
|
1,819
|
Gain on partial sale
of equity method investment
|
|
(8,849)
|
|
-
|
Excess income tax
benefit from equity compensation plans
|
|
-
|
|
(130)
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
|
Accounts
receivable
|
|
(255)
|
|
14,501
|
Prepaid and
other
|
|
(4,298)
|
|
(14,838)
|
Deferred
revenue
|
|
9,946
|
|
(964)
|
Accounts payable,
accrued liabilities and other
|
|
(3,948)
|
|
3,893
|
Total
adjustments
|
|
17,570
|
|
15,668
|
Net cash provided
by operating activities
|
|
26,759
|
|
18,907
|
|
|
|
|
|
Cash flows (used
for) provided by investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(7,945)
|
|
(10,700)
|
Payments for
acquisitions, net of cash acquired
|
|
-
|
|
(27,005)
|
Investment in Alma
Career Oy
|
|
-
|
|
(6,516)
|
Cash funded to equity
investee and other
|
|
976
|
|
(729)
|
Capitalized patent
defense costs
|
|
(2,263)
|
|
-
|
Cash received from
partial sale of equity investment
|
|
9,128
|
|
-
|
Net cash used for
investing activities
|
|
(104)
|
|
(44,950)
|
|
|
|
|
|
Cash flows
provided by (used for) financing activities:
|
|
|
|
|
Proceeds from
borrowings on credit facilities
|
|
31,600
|
|
78,800
|
Payments on
borrowings on credit facilities
|
|
(31,600)
|
|
-
|
Payments on
borrowings on term loan
|
|
(2,250)
|
|
(1,875)
|
Fees paid on the
issuance of debt
|
|
(997)
|
|
-
|
Repurchase of common
stock
|
|
-
|
|
(39,653)
|
Tax withholdings
related to net share settlements of restricted stock awards and
units
|
|
(5,494)
|
|
(1,427)
|
Excess income tax
benefit from equity compensation plans
|
|
-
|
|
130
|
Net cash (used
for) provided by financing activities
|
|
(8,741)
|
|
35,975
|
|
|
|
|
|
Effects of exchange
rates on cash
|
|
(1,981)
|
|
118
|
|
|
|
|
|
Net increase in
cash and cash equivalents
|
|
15,933
|
|
10,050
|
Cash and cash
equivalents, beginning of period
|
|
94,297
|
|
88,581
|
Cash and cash
equivalents, end of period
|
|
$
110,230
|
|
$
98,631
|
|
|
|
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
26,759
|
|
$
18,907
|
Less: Capital
expenditures
|
|
(7,945)
|
|
(10,700)
|
Free cash
flow
|
|
$
18,814
|
|
$
8,207
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
Assets:
|
|
March 31,
2015
|
|
December 31,
2014
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
110,230
|
|
$
94,297
|
Accounts receivable,
net
|
|
275,539
|
|
282,523
|
Property and
equipment, net
|
|
117,203
|
|
119,729
|
Goodwill and
intangibles, net
|
|
565,592
|
|
571,124
|
Investment in
unconsolidated affiliates
|
|
18,832
|
|
20,700
|
Other
assets
|
|
116,069
|
|
128,778
|
Total
Assets
|
|
$
1,203,465
|
|
$
1,217,151
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
$
160,821
|
|
$
159,027
|
Deferred
revenue
|
|
303,535
|
|
300,724
|
Current portion of
long-term debt
|
|
10,125
|
|
9,563
|
Long-term income
taxes payable
|
|
37,550
|
|
54,636
|
Long-term debt, net,
less current portion
|
|
200,055
|
|
201,821
|
Other long-term
liabilities
|
|
18,125
|
|
16,635
|
Total
Liabilities
|
|
$
730,211
|
|
$
742,406
|
|
|
|
|
|
Stockholders'
Equity
|
|
473,254
|
|
474,745
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
1,203,465
|
|
$
1,217,151
|
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
|
|
UNAUDITED NON-GAAP
STATEMENTS OF OPERATIONS AND RECONCILIATIONS
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
|
As
Reported
|
|
Non-GAAP
Adjustments
|
|
Consolidated
Non-GAAP
|
|
As
Reported
|
|
Non-GAAP
Adjustments
|
|
Consolidated
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 183,693
|
|
$
-
|
|
$ 183,693
|
|
$ 198,149
|
|
$
-
|
|
$ 198,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
93,746
|
|
(4,465)
|
a
|
89,281
|
|
101,999
|
|
(8,173)
|
a
|
93,826
|
|
|
Office and
general
|
|
46,042
|
|
-
|
|
46,042
|
|
55,207
|
|
(6,349)
|
c
|
48,858
|
|
|
Marketing and
promotion
|
|
33,161
|
|
-
|
|
33,161
|
|
41,413
|
|
-
|
|
41,413
|
|
|
Restructuring and
other special charges
|
|
20,222
|
|
(20,222)
|
b
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
operating expenses
|
|
193,171
|
|
(24,687)
|
|
168,484
|
|
198,619
|
|
(14,522)
|
|
184,097
|
|
Operating (loss)
income
|
|
(9,478)
|
|
24,687
|
|
15,209
|
|
(470)
|
|
14,522
|
|
14,052
|
|
|
Operating
margin
|
|
(5.2%)
|
|
|
|
8.3%
|
|
(0.2%)
|
|
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
8,849
|
|
(8,849)
|
e
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
-
|
|
-
|
|
11,828
|
|
(11,828)
|
d
|
-
|
|
|
Interest and other,
net
|
|
(3,107)
|
|
1,284
|
f
|
(1,823)
|
|
(1,323)
|
|
-
|
|
(1,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income taxes and loss in equity interests
|
|
(3,736)
|
|
17,122
|
|
13,386
|
|
10,035
|
|
2,694
|
|
12,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(13,145)
|
|
17,831
|
g
|
4,686
|
|
6,663
|
|
(2,580)
|
h
|
4,083
|
|
|
Loss in equity
interests, net
|
|
(220)
|
|
-
|
|
(220)
|
|
(133)
|
|
-
|
|
(133)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
9,189
|
|
(709)
|
|
8,480
|
|
3,239
|
|
5,274
|
|
8,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(1,019)
|
|
-
|
|
(1,019)
|
|
(1,174)
|
|
-
|
|
(1,174)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
8,170
|
|
$
(709)
|
|
$
7,461
|
|
$
2,065
|
|
$
5,274
|
|
$
7,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
$
0.09
|
|
$
(0.01)
|
|
$
0.08
|
|
$
0.02
|
|
$
0.06
|
|
$
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
91,474
|
|
-
|
|
91,474
|
|
94,416
|
|
-
|
|
94,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 related to
stock based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b
|
Restructuring related
charges pertaining to the cost reduction plan announced in February
2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c
|
Charges related to
exited facilities primarily associated with the move to our new
corporate headquarters in Weston, Massachusetts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d
|
Gain on
deconsolidation of subsidiaries, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e
|
Gain on the sale of
the majority of our interest in an equity method investment during
Q1 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
f
|
Non-GAAP interest
expense related to the debt discount and amortization of the
deferred financing costs related to the convertible notes due
December 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g
|
Beginning Q1 2015,
the non-GAAP income tax provision is calculated using a fixed
long-term projected non-GAAP tax rate of 35% as applied to the
non-GAAP pre-tax income. Please refer to the notes to the financial
supplement for full explanation of non-GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
h
|
Non-GAAP adjustment
includes tax provision for gain on deconsolidation of subsidiaries,
net during Q1 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED NON-GAAP
OPERATING SEGMENT INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
Careers
-
North
America
|
|
Careers
-
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
122,392
|
|
$
61,301
|
|
|
|
$
183,693
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
13,338
|
|
$
(12,918)
|
|
$
(9,898)
|
|
$
(9,478)
|
Non-GAAP
Adjustments
|
|
12,508
|
|
9,798
|
|
2,381
|
|
24,687
|
Operating income
(loss) - Non-GAAP
|
|
$
25,846
|
|
$
(3,120)
|
|
$
(7,517)
|
|
$
15,209
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
26,546
|
|
$
(7,840)
|
|
$
(7,686)
|
|
$
11,020
|
Non-GAAP
Adjustments
|
|
6,831
|
|
8,576
|
|
589
|
|
15,996
|
Adjusted
EBITDA
|
|
$
33,377
|
|
$
736
|
|
$
(7,097)
|
|
$
27,016
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
10.9%
|
|
(21.1%)
|
|
|
|
(5.2%)
|
Operating margin -
Non-GAAP
|
|
21.1%
|
|
(5.1%)
|
|
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
21.7%
|
|
(12.8%)
|
|
|
|
6.0%
|
Adjusted EBITDA
margin
|
|
27.3%
|
|
1.2%
|
|
|
|
14.7%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
Careers
-
North
America
|
|
Careers
-
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
127,545
|
|
$
70,604
|
|
|
|
$
198,149
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
15,811
|
|
$
(5,289)
|
|
$
(10,992)
|
|
$
(470)
|
Non-GAAP
Adjustments
|
|
6,112
|
|
2,159
|
|
6,251
|
|
14,522
|
Operating income
(loss) - Non-GAAP
|
|
$
21,923
|
|
$
(3,130)
|
|
$
(4,741)
|
|
$
14,052
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
25,934
|
|
$
1,658
|
|
$
(7,370)
|
|
$
20,222
|
Non-GAAP
Adjustments
|
|
3,302
|
|
215
|
|
2,832
|
|
6,349
|
Adjusted
EBITDA
|
|
$
29,236
|
|
$
1,873
|
|
$
(4,538)
|
|
$
26,571
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
12.4%
|
|
(7.5%)
|
|
|
|
(0.2%)
|
Operating margin -
Non-GAAP
|
|
17.2%
|
|
(4.4%)
|
|
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
20.3%
|
|
2.3%
|
|
|
|
10.2%
|
Adjusted EBITDA
margin
|
|
22.9%
|
|
2.7%
|
|
|
|
13.4%
|
|
|
|
|
|
|
|
|
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/monster-worldwide-reports-first-quarter-2015-results-300079477.html
SOURCE Monster Worldwide, Inc.