WESTON, Mass., May 5, 2016 /CNW/ --
First Quarter Highlights:
- Cash EBITDA of $19.5 Million
Increases Significantly over $8.1
Million in Last Year's First Quarter
- Non-GAAP EPS of $0.07 Meets
Expectations; GAAP EPS of $0.02
- Revenue of $157.8 Million Down
1% Sequentially at Constant Currency and Actual Rates
- European Business Demonstrates Sequential and Year-Over-Year
Revenue Growth at Constant Currency
- New Products Continue to Grow and Contribute 8% to
Revenue
- Repurchased 1.1 Million Shares of Common Stock For a Total
of $3 Million; Repurchased
$10 Million in Aggregate Principal
Amount of Convertible Notes
Monster Worldwide, Inc. (NYSE: MWW) today reported financial
results for the first quarter ended March
31, 2016.
Tim Yates, Chief Executive
Officer and Chief Financial Officer, stated, "We continue to make
steady progress on implementing our All the Jobs, All the People
strategy which is improving our value proposition for our customers
and job seekers. While results in our North America business in the first quarter
were mixed, we have experienced improving trends in our European
business for the third consecutive quarter. Additionally, we
repurchased both equity and a portion of the convertible notes
outstanding, demonstrating our confidence in our business and
starting in the second quarter, as previously noted, we will be
increasing investments in a couple of targeted product and
marketing areas designed to accelerate top line growth. Overall, we
are pleased with our earnings performance and cash generation
during the quarter, and we remain focused on revenue growth."
First Quarter 2016 Results
Revenue from continuing operations of $157.8 million decreased 1% sequentially at both
constant currency and actual rates, and 7% at constant currency and
9% at actual rates compared to last year's first quarter.
Revenue from the Company's Careers – North America operations decreased 11% year
over year to $109.2 million.
Revenue from Careers – International of $48.6 million was flat year over year at constant
currency and decreased 4% at actual rates. Historical quarterly
revenue data is available in the Company's supplemental financial
information.
Total GAAP operating expenses from continuing operations
decreased to $149.4 million compared
to $184.9 million in the first
quarter of 2015. Net income from continuing operations was
$1.8 million, or $0.02 per share, compared to income of
$7.4 million, or $0.08 per share, in the comparable quarter in
2015.
Non-GAAP net income from continuing operations was $6.2 million, or $0.07 per share, compared to $6.7 million, or $0.07 per share, in last year's first quarter.
Cash EBITDA grew to $19.5
million compared to $8.1
million in last year's first quarter. 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 used for operating activities was $8.6 million and free cash flow was a negative
$18.7 million in the first quarter of
2016. During the quarter the Company announced an adjustment
to working capital that impacted net cash in the quarter.
Deferred revenue from continuing operations was $270.9 million compared to $279.8 million as of December 31, 2015. The Company ended the
2016 first quarter with total available liquidity of $231.6 million compared to $267.8 million at the end of the previous fourth
quarter.
Repurchase Program
In the first quarter of 2016, the Company repurchased 1.1
million shares of the Company's common stock at a value of
$3.0 million. In October 2015, the Board of Directors authorized a
$75 million share repurchase program
over a period of 24 months. During the first quarter of 2016,
the Board authorized the use of funds allocated to the share
repurchase program for the repurchase of the Company's 3.5%
convertible notes due in 2019. On March 22, 2016, the Company repurchased
$10.0 million in aggregate principal
amount of the convertible notes for $9.5
million in cash, plus accrued interest. Dependent on market
conditions, the Company will execute the purchase of shares and
convertible notes under the authorization as a percentage of future
Cash EBITDA and free cash flow, which may be adjusted periodically
while retaining a conservative capital position.
Guidance
For the second quarter of 2016, the Company expects Cash EBITDA,
which is defined as operating income excluding depreciation,
amortization, non-cash impairment and stock-based compensation, to
be in the range of $13 million to $18
million. Adjusted EBITDA is expected to be in the
range of $15 million to $20 million.
The Company stated that Cash EBITDA is its primary profitability
metric, however, since the Company has referred to Adjusted EBITDA
as a profitability metric in prior periods, this guidance is being
provided for the second quarter of 2016.
Non-GAAP earnings per share for the second quarter of 2016 is
expected to be in the range of break-even to $0.04, which excludes $2
million to $3 million of stock-based compensation and
$1.3 million of non-cash debt
discount amortization related to the convertible notes.
For the full year 2016, Cash EBITDA is expected to be in the
range of $85 million to $100
million. The Company now expects year-over-year
revenue growth in the low-to-mid single digits at constant rates in
the fourth quarter of 2016. Historical data on Non-GAAP items
is available on the Company's supplemental financial
information.
Conference Call and Webcast
First quarter 2016 results will be discussed on Monster
Worldwide's quarterly conference call on May
5, 2016 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# 9266011. 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# 10084999. This number is
valid until midnight on May 12,
2016.
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 Cash EBITDA, Adjusted EBITDA and Non-GAAP earnings per share for
the second quarter of 2016, revenue growth for the fourth quarter
of 2016, and Cash EBITDA for the full year 2016. 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, income from continuing operations, income from
discontinued operations, net of tax, net income, net income
attributable to Monster Worldwide, Inc., and diluted earnings per
share attributable to Monster Worldwide, Inc. all exclude certain
pro-forma items including: non-cash stock based compensation
expense; costs incurred in connection with the Company's
restructuring programs; certain separation charges; certain
management advisory fees; amortization of the debt discount and
deferred financing costs associated with our 3.50% convertible
senior notes due 2019; the results of our former South Korean
subsidiary as it has been classified as discontinued operations;
and gain on partial sale of an equity method investment
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 items
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.
Non-GAAP diluted shares includes the impact, based on the
average share price for the period, of the Company's outstanding
capped call transactions, which are anti-dilutive in GAAP earnings
per share, but are expected to mitigate the dilutive effect of the
Company's 3.50% convertible senior notes due 2019.
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.
Cash EBITDA is defined as income (loss) from continuing
operations or net income (loss), as applicable, before income
(loss) in equity interests, net, provision for (benefit from)
income taxes, interest and other, net, gain on partial sale of
equity method investment, depreciation, amortization, non-cash
compensation expense and certain non-cash impairment charges.
The Company considers Cash 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. Cash EBITDA is a non-GAAP measure and may not be
comparable to similarly titled measures reported by other
companies.
Adjusted EBITDA is defined as income (loss) from continuing
operations or net income (loss), as applicable, before income
(loss) in equity interests, net, provision for (benefit from)
income taxes, interest and other, net, gain on partial sale of
equity method investment, depreciation, amortization, non-cash
compensation expense, non-cash impairment charges, costs incurred
with the Company's restructuring programs, and the impact of the
pro-forma items discussed above. The Company considers
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. Adjusted
EBITDA is a non-GAAP measure and may not be comparable to similarly
titled measures reported by other companies.
Free cash flow is defined as cash flows 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 is defined as cash and cash equivalents less total
debt. Total available liquidity is defined as cash and cash
equivalents, plus unused borrowings under our credit
facility. The Company considers net cash 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 total available liquidity, among other measures,
in evaluating its choices for capital deployment. Net cash
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,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Revenue
|
|
$
157,787
|
|
$
172,882
|
|
|
|
|
|
Salaries and
related
|
|
78,149
|
|
89,350
|
Office and
general
|
|
41,781
|
|
44,794
|
Marketing and
promotion
|
|
29,482
|
|
30,631
|
Restructuring and
other special charges
|
|
-
|
|
20,092
|
Total operating
expenses
|
|
149,412
|
|
184,867
|
|
|
|
|
|
Operating income
(loss)
|
|
8,375
|
|
(11,985)
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
-
|
|
8,849
|
|
|
|
|
|
Interest and other,
net
|
|
(3,477)
|
|
(3,206)
|
|
|
|
|
|
Income (loss) before
income taxes and income (loss) in equity interests, net
|
|
4,898
|
|
(6,342)
|
|
|
|
|
|
Provision for
(benefit from) income taxes
|
|
3,307
|
|
(13,945)
|
Income (loss) in
equity interests, net
|
|
250
|
|
(220)
|
|
|
|
|
|
Income from
continuing operations
|
|
1,841
|
|
7,383
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
-
|
|
1,806
|
|
|
|
|
|
Net
income
|
|
1,841
|
|
9,189
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
-
|
|
(1,019)
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
1,841
|
|
$
8,170
|
|
|
|
|
|
Basic earnings per
share attributable to Monster Worldwide, Inc.:
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
0.02
|
|
$
0.08
|
Income from
discontinued operations, net of tax
|
|
-
|
|
0.01
|
Basic earnings per
share attributable to Monster Worldwide, Inc.
|
|
$
0.02
|
|
$
0.09
|
|
|
|
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
0.02
|
|
$
0.08
|
Income from
discontinued operations, net of tax
|
|
-
|
|
0.01
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.
|
|
$
0.02
|
|
$
0.09
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
88,922
|
|
89,137
|
|
|
|
|
|
Diluted
|
|
89,786
|
|
91,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Income from continuing operations to Cash EBITDA and Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
1,841
|
|
$
7,383
|
(Income) loss in
equity interests, net
|
|
(250)
|
|
220
|
Provision for
(benefit from) income taxes
|
|
3,307
|
|
(13,945)
|
Interest and other,
net
|
|
3,477
|
|
3,206
|
Gain on partial sale
of equity method investment
|
|
-
|
|
(8,849)
|
Depreciation and
amortization of intangibles
|
|
10,025
|
|
11,490
|
Stock-based
compensation
|
|
1,079
|
|
4,405
|
Restructuring
non-cash charges
|
|
-
|
|
4,226
|
|
|
|
|
|
Cash
EBITDA
|
|
$
19,479
|
|
$
8,136
|
|
|
|
|
|
Advisory
fees
|
|
1,558
|
|
-
|
Separation
charges
|
|
417
|
|
-
|
Restructuring and
other special charges, less non-cash items
|
|
-
|
|
15,866
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
21,454
|
|
$
24,002
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2016
|
|
2015
|
Cash flows (used
for) provided by operating activities:
|
|
|
|
|
Net
income
|
|
$
1,841
|
|
$
9,189
|
Adjustments to
reconcile net income to net cash (used for) provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
10,025
|
|
11,807
|
Provision for
doubtful accounts
|
|
504
|
|
323
|
Stock-based
compensation
|
|
1,079
|
|
4,465
|
Deferred income
taxes
|
|
1,636
|
|
3,933
|
Non-cash
restructuring charges
|
|
-
|
|
4,226
|
(Income) loss in
equity interests, net
|
|
(250)
|
|
220
|
Gain on partial sale
of equity method investment
|
|
-
|
|
(8,849)
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
|
Accounts
receivable
|
|
16,204
|
|
(255)
|
Prepaid and
other
|
|
312
|
|
(4,298)
|
Deferred
revenue
|
|
(9,452)
|
|
9,946
|
Accounts payable,
accrued liabilities and other
|
|
(30,541)
|
|
(3,948)
|
Total
adjustments
|
|
(10,483)
|
|
17,570
|
Net cash (used
for) provided by operating activities
|
|
(8,642)
|
|
26,759
|
|
|
|
|
|
Cash flows used
for investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(10,054)
|
|
(7,945)
|
Investment in kununu
US, LLC
|
|
(3,000)
|
|
-
|
Dividends received
from equity investee and other
|
|
-
|
|
976
|
Capitalized patent
defense costs
|
|
-
|
|
(2,263)
|
Cash received from
partial sale of equity investment
|
|
-
|
|
9,128
|
Net cash used for
investing activities
|
|
(13,054)
|
|
(104)
|
|
|
|
|
|
Cash flows used
for financing activities:
|
|
|
|
|
Proceeds from
borrowings on credit facilities
|
|
-
|
|
31,600
|
Payments on
borrowings on credit facilities
|
|
-
|
|
(31,600)
|
Payments on
borrowings on term loan
|
|
(2,569)
|
|
(2,250)
|
Payments on
convertible notes
|
|
(9,475)
|
|
-
|
Proceeds from partial
unwind of capped call, financings fees, and other
|
|
122
|
|
(997)
|
Repurchase of common
stock
|
|
(3,039)
|
|
-
|
Tax withholdings
related to net share settlements of restricted stock awards and
units
|
|
(317)
|
|
(5,494)
|
Net cash used for
financing activities
|
|
(15,278)
|
|
(8,741)
|
|
|
|
|
|
Effects of exchange
rates on cash
|
|
775
|
|
(1,981)
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
$
(36,199)
|
|
$
15,933
|
Cash and cash
equivalents from continuing operations, beginning of
period
|
|
167,915
|
|
72,030
|
Cash and cash
equivalents from discontinued operations, beginning of
period
|
|
-
|
|
22,267
|
Cash and cash
equivalents, beginning of period
|
|
$
167,915
|
|
$
94,297
|
Cash and cash
equivalents from continuing operations, end of period
|
|
131,716
|
|
84,537
|
Cash and cash
equivalents from discontinued operations, end of period
|
|
-
|
|
25,693
|
Cash and cash
equivalents, end of period
|
|
$
131,716
|
|
$
110,230
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
Net cash (used for)
provided by operating activities
|
|
$
(8,642)
|
|
$
26,759
|
Less: Capital
expenditures
|
|
(10,054)
|
|
(7,945)
|
Free cash
flow
|
|
$
(18,696)
|
|
$
18,814
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
Assets:
|
|
March 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
131,716
|
|
$
167,915
|
Accounts receivable,
net
|
|
244,110
|
|
260,518
|
Property and
equipment, net
|
|
109,464
|
|
110,143
|
Goodwill and
intangibles, net
|
|
524,386
|
|
524,373
|
Investment in
unconsolidated affiliates
|
|
25,039
|
|
21,566
|
Other
assets
|
|
73,031
|
|
70,417
|
Total
Assets
|
|
$
1,107,746
|
|
$
1,154,932
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
$
108,576
|
|
$
137,069
|
Deferred
revenue
|
|
270,925
|
|
279,815
|
Current portion of
long-term debt, net
|
|
10,287
|
|
9,773
|
Long-term income
taxes payable
|
|
37,025
|
|
36,348
|
Long-term debt, net,
less current portion
|
|
174,156
|
|
184,499
|
Other long-term
liabilities
|
|
25,304
|
|
26,022
|
Total
Liabilities
|
|
$
626,273
|
|
$
673,526
|
|
|
|
|
|
Stockholders'
Equity
|
|
481,473
|
|
481,406
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
1,107,746
|
|
$
1,154,932
|
|
MONSTER WORLDWIDE,
INC.
|
|
|
UNAUDITED NON-GAAP
STATEMENTS OF OPERATIONS AND RECONCILIATIONS
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 157,787
|
|
$
-
|
|
$ 157,787
|
|
$ 172,882
|
|
$
-
|
|
$ 172,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
78,149
|
|
(1,496)
|
a
|
76,653
|
|
89,350
|
|
(4,405)
|
a
|
84,945
|
|
|
Office and
general
|
|
41,781
|
|
(1,558)
|
c
|
40,223
|
|
44,794
|
|
-
|
|
44,794
|
|
|
Marketing and
promotion
|
|
29,482
|
|
-
|
|
29,482
|
|
30,631
|
|
-
|
|
30,631
|
|
|
Restructuring and
other special charges
|
|
-
|
|
-
|
|
-
|
|
20,092
|
|
(20,092)
|
b
|
-
|
|
|
Total
operating expenses
|
|
149,412
|
|
(3,054)
|
|
146,358
|
|
184,867
|
|
(24,497)
|
|
160,370
|
|
Operating income
(loss)
|
|
8,375
|
|
3,054
|
|
11,429
|
|
(11,985)
|
|
24,497
|
|
12,512
|
|
|
Operating
margin
|
|
5.3%
|
|
|
|
7.2%
|
|
-6.9%
|
|
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
-
|
|
-
|
|
-
|
|
8,849
|
|
(8,849)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(3,477)
|
|
1,245
|
d
|
(2,232)
|
|
(3,206)
|
|
1,284
|
d
|
(1,922)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and income (loss) in equity interests,
net
|
|
4,898
|
|
4,299
|
|
9,197
|
|
(6,342)
|
|
16,932
|
|
10,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes
|
|
3,307
|
|
(88)
|
e
|
3,219
|
|
(13,945)
|
|
17,652
|
e
|
3,707
|
|
|
Income (loss) in
equity interests, net
|
|
250
|
|
-
|
|
250
|
|
(220)
|
|
-
|
|
(220)
|
|
Income from
continuing operations
|
|
1,841
|
|
4,387
|
|
6,228
|
|
7,383
|
|
(720)
|
|
6,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
-
|
|
1,806
|
|
(1,806)
|
f
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,841
|
|
4,387
|
|
6,228
|
|
9,189
|
|
(2,526)
|
|
6,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
-
|
|
-
|
|
-
|
|
(1,019)
|
|
1,019
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
1,841
|
|
$
4,387
|
|
$
6,228
|
|
$
8,170
|
|
$
(1,507)
|
|
$
6,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
0.02
|
|
$
0.05
|
|
$
0.07
|
|
$
0.08
|
|
$
(0.01)
|
|
$
0.07
|
|
Income from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
-
|
|
0.01
|
|
(0.01)
|
|
-
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
$
0.02
|
|
$
0.05
|
|
$
0.07
|
|
$
0.09
|
|
$
(0.02)
|
|
$
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
89,786
|
|
-
|
|
89,786
|
|
91,474
|
|
(752)
|
g
|
90,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. Additionally, the Company incurred $0.4
million of separation charges in Q1 2016 primarily relating to the
reorganization of the sales force in North
America.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b
|
Restructuring related
charges pertaining to the "Reallocate to Accelerate" program
announced in February 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c
|
Charges incurred for
management advisory fees during Q1 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d
|
Non-GAAP interest
expense related to the debt discount and amortization of the
deferred financing costs related to the Company's convertible notes
due 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e
|
The Non-GAAP income
tax provision is calculated using a fixed long-term projected
Non-GAAP tax rate of 35% as applied to Non-GAAP pre-tax
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
f
|
Non-GAAP adjustment
relates to the sale of our remaining interest in our former
subsidiary in South Korea in October 2015, and primarily includes
the operations of our former subsidiary.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g
|
Non-GAAP adjustment
includes the impact, based on the average share price for the
period, of the Company's outstanding capped call transactions,
which are anti-dilutive in GAAP earnings per share but are expected
to mitigate the dilutive effect of the Company's convertible notes
due 2019.
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED NON-GAAP
OPERATING SEGMENT INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
Careers
-
North America
|
|
Careers
-
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
109,194
|
|
$
48,593
|
|
|
|
$
157,787
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
19,266
|
|
$
(4,320)
|
|
$
(6,571)
|
|
$
8,375
|
Non GAAP
Adjustments
|
|
592
|
|
225
|
|
2,237
|
|
3,054
|
Operating income
(loss) - Non GAAP
|
|
$
19,858
|
|
$
(4,095)
|
|
$
(4,334)
|
|
$
11,429
|
|
|
|
|
|
|
|
|
|
Cash
EBITDA
|
|
$
26,424
|
|
$
(1,303)
|
|
$
(5,642)
|
|
$
19,479
|
Non GAAP
Adjustments
|
|
417
|
|
-
|
|
1,558
|
|
1,975
|
Adjusted
EBITDA
|
|
$
26,841
|
|
$
(1,303)
|
|
$
(4,084)
|
|
$
21,454
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
17.6%
|
|
(8.9%)
|
|
|
|
5.3%
|
Operating margin -
Non GAAP
|
|
18.2%
|
|
(8.4%)
|
|
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
Cash EBITDA
margin
|
|
24.2%
|
|
(2.7%)
|
|
|
|
12.3%
|
Adjusted EBITDA
margin
|
|
24.6%
|
|
(2.7%)
|
|
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
Careers
-
North America
|
|
Careers
-
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
122,392
|
|
$
50,490
|
|
|
|
$
172,882
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
13,338
|
|
$
(15,425)
|
|
$
(9,898)
|
|
$
(11,985)
|
Non GAAP
Adjustments
|
|
12,508
|
|
9,608
|
|
2,381
|
|
24,497
|
Operating income
(loss) - Non GAAP
|
|
$
25,846
|
|
$
(5,817)
|
|
$
(7,517)
|
|
$
12,512
|
|
|
|
|
|
|
|
|
|
Cash
EBITDA
|
|
$
26,546
|
|
$
(10,726)
|
|
$
(7,684)
|
|
$
8,136
|
Non GAAP
Adjustments
|
|
6,831
|
|
8,448
|
|
587
|
|
15,866
|
Adjusted
EBITDA
|
|
$
33,377
|
|
$
(2,278)
|
|
$
(7,097)
|
|
$
24,002
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
10.9%
|
|
(30.6%)
|
|
|
|
(6.9%)
|
Operating margin -
Non GAAP
|
|
21.1%
|
|
(11.5%)
|
|
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
Cash EBITDA
margin
|
|
21.7%
|
|
(21.2%)
|
|
|
|
4.7%
|
Adjusted EBITDA
margin
|
|
27.3%
|
|
(4.5%)
|
|
|
|
13.9%
|
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/monster-worldwide-reports-first-quarter-2016-financial-results-300263552.html
SOURCE Monster Worldwide, Inc.