WESTON, Mass., Oct. 29, 2015 /PRNewswire/ --
- Third Quarter Financial Highlights:
- Company Exceeds Expectations on All Profitability Metrics
For the 5th Consecutive Quarter
- Adjusted EBITDA Including Korea of $32.4 Million Increases 40% Year over Year and
12% Sequentially; Adjusted EBITDA from Continuing Operations of
$28.1 Million Increases 45% Year over
Year and 9% Sequentially
- Adjusted EBITDA Margin Including Korea Expands to 18% from
16.1% in Q2 2015; Adjusted EBITDA Margin from Continuing Operations
Expands to 16.8% from 15.3%
- Non-GAAP EPS Including Korea of $0.12; Non-GAAP EPS from Continuing
Operations of $0.11; GAAP EPS from
Continuing Operations of $0.10
- Revenue of $167.1 Million Flat
Sequentially and Down 3% Year over Year at Constant
Currency
- Cash Flow From Operations of $12.3
Million
- Improves Financial Flexibility With Sale of Remaining
Ownership Stake in South Korean Business for Approximately
$85 Million
- Announces Authorization of $75
Million Share Repurchase Plan
Monster Worldwide, Inc. (NYSE: MWW) today reported financial
results for the third quarter and nine months ended September 30, 2015. Third quarter 2015
financial results reflect the completion of the Company's remaining
ownership stake in JobKorea, the Company's South Korean operations,
which were classified as a discontinued operation.
"We are gratified that we achieved our 18-22% EBITDA margin goal
a full quarter earlier than expected and adjusted EPS were at the
high end of our guidance range," said Tim
Yates, Chief Executive Officer. "Our new product strategy
continued to gain traction with wider customer acceptance on a
global basis. Revenue was essentially flat as stronger than
anticipated results from Europe
were offset by weaker than expected results in North America. We are extremely confident of
Monster's ability to drive increased revenue and improving EBITDA
margins going forward. As a sign of this confidence and our
improved liquidity position as a result of the monetization of
JobKorea, we are pleased to announce that our Board has authorized
a $75 million buyback which we
anticipate implementing as we generate free cash flow in the
quarters ahead, beginning in the fourth quarter of 2015."
Third Quarter 2015 Results
Revenue from continuing operations of $167 million decreased 3% at constant currency
compared to last year's third quarter and decreased 7% at actual
rates. Revenue from the Company's Careers – North America operations decreased 4% year
over year. Revenue from Careers – International was essentially
flat year over year at constant currency and decreased 13% at
actual rates. As of the first quarter of 2015, Internet
Advertising & Fees revenue and operating results are 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 from continuing operations
decreased to $156 million compared to
$180 million in the third quarter of
2014. Net income from continuing operations for the third
quarter of 2015 was $10 million, or
$0.11 per share, compared to a loss
from continuing operations of $3
million, or $0.03 per share in
the third quarter of 2014.
Non-GAAP net income from continuing operations was $10 million, or $0.11 per share, compared to $4 million, or $0.04 per share in the third quarter of 2014.
Non-GAAP operating expenses of $150
million decreased 13% year over year. Adjusted EBITDA margin
of 16.8% was led by Careers – North
America with a 29% 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
$12 million and free cash flow was
$5 million. Deferred revenue of
our continuing operations declined sequentially to $251 million or 10% compared to $278 million as of June
30, 2015. The Company ended the third quarter with
total available liquidity of approximately $157 million.
Third quarter 2015 financial results were impacted by the sale
of JobKorea, which was classified as a discontinued operation for
accounting purposes. Including the Korean operations, Monster had
Non-GAAP earnings per share of $0.12
and adjusted EBITDA of $32.4 million,
or an 18% margin, representing an Adjusted EBITDA increase of 12%
sequentially and 40% year over year. The Adjusted EBITDA margin of
18% met the Company's prior guidance of exiting 2015 with an EBITDA
margin of between 18%-22%.
Nine Month Results
Monster Worldwide reported total revenue from continuing
operations of $508 million for the
first nine months ended September 30, 2015 compared to
$550 million in the same period last
year, a 3% decrease on a constant currency basis and 8% at actual
rates. Net income from continuing operations was $15 million, or $0.16 per share, compared to a loss of
$3 million, or $0.03 per share, in 2014.
Share Repurchase Program
The Company's Board of Directors has authorized a $75 million share repurchase program over a
period of 24 months. The Company intends to repurchase shares
under the new authorization as a percentage of future generated
free cash flow, which can be adjusted periodically.
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
September 30, 2015, the Company has
incurred $29 million of charges
relating to this program. These charges have been excluded from the
Company's Non-GAAP financial statements for the three and nine
months ended September 30, 2015. The
Company anticipates additional charges of approximately
$1 million to $2 million in the
fourth quarter of 2015 in connection with this program.
Guidance
The fourth quarter guidance includes the impact of the JobKorea
transaction. Fourth quarter 2015 Non-GAAP EPS from continuing
operations is expected to be in the range of $0.10 to $0.14, which excludes $2 million to $3 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.
Historical data on Non-GAAP EPS is available in the Company's
supplemental financial information.
Conference Call and Webcast
Third quarter 2015 results will be discussed on Monster
Worldwide's quarterly conference call on October 29, 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# 3463829. 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# 10074711. This number is
valid until midnight on November 5,
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 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, income from continuing operations, income from
discontinued operations, net of tax, net income 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; separation charges associated
with the resignation of the Company's former Chief Executive
Officer; 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; the results of our South Korean subsidiary as it has been
classified as discontinued operations; gain on partial sale of an
equity method investment and tax provisions thereon; and charges
related to exited facilities.
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.
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 items discussed above.
The Company considers EBITDA and Adjusted EBITDA to be important
indicators of its operational strength which the Company believes
are 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 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 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 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
167,082
|
|
$
179,591
|
|
$
507,694
|
|
$
550,257
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
79,787
|
|
95,800
|
|
254,500
|
|
291,868
|
Office and
general
|
|
43,638
|
|
50,376
|
|
131,430
|
|
152,196
|
Marketing and
promotion
|
|
30,044
|
|
33,383
|
|
91,091
|
|
108,508
|
Restructuring and
other special charges
|
|
2,780
|
|
-
|
|
28,787
|
|
-
|
Total operating
expenses
|
|
156,249
|
|
179,559
|
|
505,808
|
|
552,572
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
10,833
|
|
32
|
|
1,886
|
|
(2,315)
|
|
|
|
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
-
|
|
-
|
|
8,849
|
|
-
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
-
|
|
-
|
|
11,828
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(3,674)
|
|
(1,930)
|
|
(10,289)
|
|
(5,123)
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and income in equity interests
|
|
7,159
|
|
(1,898)
|
|
446
|
|
4,390
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(2,361)
|
|
841
|
|
(14,487)
|
|
6,915
|
Income in equity
interests, net
|
|
249
|
|
75
|
|
321
|
|
-
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
9,769
|
|
(2,664)
|
|
15,254
|
|
(2,525)
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
2,163
|
|
2,313
|
|
6,005
|
|
6,909
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
11,932
|
|
(351)
|
|
21,259
|
|
4,384
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(1,512)
|
|
(1,318)
|
|
(3,712)
|
|
(3,954)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Monster Worldwide, Inc.
|
|
$
10,420
|
|
$
(1,669)
|
|
$
17,547
|
|
$
430
|
|
|
|
|
|
|
|
|
|
*Basic earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
0.11
|
|
$
(0.03)
|
|
$
0.17
|
|
$
(0.03)
|
Income from
discontinued operations, net of tax
|
|
0.01
|
|
0.01
|
|
0.03
|
|
0.03
|
Basic earnings
(loss) per share attributable to Monster Worldwide,
Inc.
|
|
$
0.12
|
|
$
(0.02)
|
|
$
0.20
|
|
$
-
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
0.10
|
|
$
(0.03)
|
|
$
0.16
|
|
$
(0.03)
|
Income from
discontinued operations, net of tax
|
|
0.01
|
|
0.01
|
|
0.02
|
|
0.03
|
Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.
|
|
$
0.11
|
|
$
(0.02)
|
|
$
0.19
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
90,340
|
|
86,576
|
|
89,853
|
|
88,236
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
96,839
|
|
86,576
|
|
94,573
|
|
88,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
$
10,833
|
|
$
32
|
|
$
1,886
|
|
$
(2,315)
|
Depreciation and
amortization of intangibles
|
|
11,086
|
|
11,859
|
|
33,685
|
|
35,542
|
Stock-based
compensation
|
|
3,368
|
|
6,612
|
|
11,386
|
|
23,548
|
Restructuring
non-cash charges
|
|
-
|
|
-
|
|
4,226
|
|
-
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
25,287
|
|
$
18,503
|
|
$
51,183
|
|
$
56,775
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
-
|
|
-
|
|
2,000
|
|
-
|
Facilities
costs
|
|
-
|
|
880
|
|
-
|
|
7,229
|
Restructuring and
other special charges, less non-cash items
|
|
2,780
|
|
-
|
|
24,561
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
28,067
|
|
$
19,383
|
|
$
77,744
|
|
$
64,004
|
|
|
|
|
|
|
|
|
|
*Earnings per
share may not add in certain periods due to
rounding.
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
11,932
|
|
$
(351)
|
|
$
21,259
|
|
$
4,384
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,388
|
|
12,194
|
|
34,625
|
|
36,548
|
Provision for
doubtful accounts
|
|
478
|
|
562
|
|
1,239
|
|
1,290
|
Stock-based
compensation
|
|
3,380
|
|
6,682
|
|
11,471
|
|
23,918
|
Deferred income
taxes
|
|
(3,218)
|
|
53
|
|
1,487
|
|
3,455
|
Non-cash
restructuring charges
|
|
-
|
|
-
|
|
4,226
|
|
-
|
Income in equity
interests, net
|
|
(249)
|
|
(75)
|
|
(321)
|
|
-
|
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
|
|
-
|
|
-
|
|
-
|
|
(199)
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
19,260
|
|
25,832
|
|
40,238
|
|
65,356
|
Prepaid and
other
|
|
5,658
|
|
(2,855)
|
|
9,779
|
|
(10,845)
|
Deferred
revenue
|
|
(24,936)
|
|
(29,483)
|
|
(39,117)
|
|
(56,972)
|
Accounts payable,
accrued liabilities and other
|
|
(11,410)
|
|
(622)
|
|
(20,947)
|
|
637
|
Total
adjustments
|
|
351
|
|
12,288
|
|
33,831
|
|
51,360
|
Net cash provided
by operating activities
|
|
12,283
|
|
11,937
|
|
55,090
|
|
55,744
|
|
|
|
|
|
|
|
|
|
Cash flows used
for investing activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(6,869)
|
|
(8,287)
|
|
(21,604)
|
|
(30,756)
|
Payments for
acquisitions, net of cash acquired
|
|
-
|
|
-
|
|
-
|
|
(27,005)
|
Investment in Alma
Career Oy
|
|
-
|
|
-
|
|
-
|
|
(6,516)
|
Cash funded to equity
investee and other
|
|
-
|
|
(606)
|
|
1,648
|
|
(1,222)
|
Capitalized patent
defense costs
|
|
-
|
|
(1,742)
|
|
(2,305)
|
|
(2,962)
|
Cash received from
partial sale of equity investment
|
|
-
|
|
-
|
|
9,128
|
|
-
|
Net cash used for
investing activities
|
|
(6,869)
|
|
(10,635)
|
|
(13,133)
|
|
(68,461)
|
|
|
|
|
|
|
|
|
|
Cash flows (used
for) provided by financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings on credit facilities
|
|
-
|
|
1,500
|
|
32,100
|
|
80,300
|
Payments on
borrowings on credit facilities
|
|
-
|
|
-
|
|
(32,100)
|
|
(8,100)
|
Payments on
borrowings on term loan
|
|
(9,250)
|
|
(2,500)
|
|
(13,750)
|
|
(6,875)
|
Fees paid on the
issuance of debt and purchase of capped call
|
|
-
|
|
-
|
|
(1,110)
|
|
-
|
Repurchase of common
stock
|
|
-
|
|
(553)
|
|
-
|
|
(52,070)
|
Tax withholdings
related to net share settlements of restricted stock awards and
units
|
|
(1,239)
|
|
(1,307)
|
|
(8,039)
|
|
(5,014)
|
Excess income tax
benefit from equity compensation plans
|
|
-
|
|
-
|
|
-
|
|
199
|
Distribution paid to
minority holder
|
|
-
|
|
-
|
|
(10,018)
|
|
(3,021)
|
Net cash (used
for) provided by financing activities
|
|
(10,489)
|
|
(2,860)
|
|
(32,917)
|
|
5,419
|
|
|
|
|
|
|
|
|
|
Effects of
exchange rates on cash
|
|
(2,683)
|
|
(2,461)
|
|
(3,414)
|
|
(907)
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
$
(7,758)
|
|
$
(4,019)
|
|
$
5,626
|
|
$
(8,205)
|
Cash and cash
equivalents from continuing operations, beginning of
period
|
|
$
99,415
|
|
$
66,472
|
|
$
72,030
|
|
$
70,066
|
Cash and cash
equivalents from discontinued operations, beginning of
period
|
|
8,266
|
|
17,923
|
|
22,267
|
|
18,515
|
Cash and cash
equivalents, beginning of period
|
|
$
107,681
|
|
$
84,395
|
|
$
94,297
|
|
$
88,581
|
Cash and cash
equivalents from continuing operations, end of period
|
|
$
88,389
|
|
$
61,399
|
|
$
88,389
|
|
$
61,399
|
Cash and cash
equivalents from discontinued operations, end of period
|
|
11,534
|
|
18,977
|
|
11,534
|
|
18,977
|
Cash and cash
equivalents, end of period
|
|
$
99,923
|
|
$
80,376
|
|
$
99,923
|
|
$
80,376
|
|
|
|
|
|
|
|
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities of continuing operations
|
|
$
8,370
|
|
$
10,289
|
|
$
44,943
|
|
$
48,692
|
Net cash provided by
operating activities of discontinued operations
|
|
3,913
|
|
1,648
|
|
10,147
|
|
7,052
|
Less: Capital
expenditures
|
|
(6,869)
|
|
(8,287)
|
|
(21,604)
|
|
(30,756)
|
Free cash
flow
|
|
$
5,414
|
|
$
3,650
|
|
$
33,486
|
|
$
24,988
|
|
|
|
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
Assets:
|
|
September 30,
2015
|
|
December 31,
2014
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
88,389
|
|
$
72,030
|
Accounts receivable,
net
|
|
231,192
|
|
279,569
|
Property and
equipment, net
|
|
107,288
|
|
117,191
|
Goodwill and
intangibles, net
|
|
525,850
|
|
531,195
|
Investment in
unconsolidated affiliates
|
|
18,955
|
|
20,700
|
Other
assets
|
|
103,770
|
|
125,448
|
Assets held for
sale
|
|
56,772
|
|
71,018
|
Total
Assets
|
|
$
1,132,216
|
|
$
1,217,151
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
$
140,136
|
|
$
154,103
|
Deferred
revenue
|
|
251,065
|
|
297,636
|
Current portion of
long-term debt
|
|
10,278
|
|
9,563
|
Long-term income
taxes payable
|
|
35,561
|
|
54,636
|
Long-term debt, net,
less current portion
|
|
190,494
|
|
201,821
|
Other long-term
liabilities
|
|
17,041
|
|
16,635
|
Liabilities held for
sale
|
|
10,100
|
|
8,012
|
Total
Liabilities
|
|
$
654,675
|
|
$
742,406
|
|
|
|
|
|
Stockholders'
Equity
|
|
477,541
|
|
474,745
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
1,132,216
|
|
$
1,217,151
|
|
MONSTER WORLDWIDE,
INC.
|
|
|
UNAUDITED NON-GAAP
STATEMENTS OF OPERATIONS AND RECONCILIATIONS
|
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
Three Months Ended
September 30, 2014
|
|
|
|
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 167,082
|
|
$
-
|
|
$ 167,082
|
|
$ 179,591
|
|
$
-
|
|
$ 179,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
79,787
|
|
(3,368)
|
a
|
76,419
|
|
95,800
|
|
(6,612)
|
a
|
89,188
|
|
|
Office and
general
|
|
43,638
|
|
-
|
|
43,638
|
|
50,376
|
|
(880)
|
c
|
49,496
|
|
|
Marketing and
promotion
|
|
30,044
|
|
-
|
|
30,044
|
|
33,383
|
|
-
|
|
33,383
|
|
|
Restructuring and
other special charges
|
|
2,780
|
|
(2,780)
|
b
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
operating expenses
|
|
156,249
|
|
(6,148)
|
|
150,101
|
|
179,559
|
|
(7,492)
|
|
172,067
|
|
Operating
income
|
|
10,833
|
|
6,148
|
|
16,981
|
|
32
|
|
7,492
|
|
7,524
|
|
|
Operating
margin
|
|
6.5%
|
|
|
|
10.2%
|
|
0.0%
|
|
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(3,674)
|
|
1,252
|
f
|
(2,422)
|
|
(1,930)
|
|
-
|
|
(1,930)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and income in equity interests
|
|
7,159
|
|
7,400
|
|
14,559
|
|
(1,898)
|
|
7,492
|
|
5,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(2,361)
|
|
7,472
|
h
|
5,111
|
|
841
|
|
1,235
|
h
|
2,076
|
|
|
Income in equity
interests, net
|
|
249
|
|
-
|
|
249
|
|
75
|
|
-
|
|
75
|
|
Income (loss) from
continuing operations
|
|
9,769
|
|
(72)
|
|
9,697
|
|
(2,664)
|
|
6,257
|
|
3,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
2,163
|
|
(2,163)
|
i
|
-
|
|
2,313
|
|
(2,313)
|
i
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
11,932
|
|
(2,235)
|
|
9,697
|
|
(351)
|
|
3,944
|
|
3,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(1,512)
|
|
1,512
|
|
-
|
|
(1,318)
|
|
1,318
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Monster Worldwide, Inc.
|
|
$
10,420
|
|
$
(723)
|
|
$
9,697
|
|
$
(1,669)
|
|
$
5,262
|
|
$
3,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
0.10
|
|
$
0.01
|
|
$
0.11
|
|
$
(0.03)
|
|
$
0.07
|
|
$
0.04
|
|
Income from
discontinued operations, net of tax
|
|
0.01
|
|
(0.01)
|
|
-
|
|
0.01
|
|
(0.01)
|
|
-
|
|
Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
$
0.11
|
|
$
-
|
|
$
0.11
|
|
$
(0.02)
|
|
$
0.06
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
96,839
|
|
(5,872)
|
j
|
90,967
|
|
86,576
|
|
2,741
|
k
|
89,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
Nine Months Ended
September 30, 2014
|
|
|
|
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 507,694
|
|
$
-
|
|
$ 507,694
|
|
$ 550,257
|
|
$
-
|
|
$ 550,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
254,500
|
|
(13,385)
|
a
|
241,115
|
|
291,868
|
|
(23,548)
|
a
|
268,320
|
|
|
Office and
general
|
|
131,430
|
|
-
|
|
131,430
|
|
152,196
|
|
(7,229)
|
c
|
144,967
|
|
|
Marketing and
promotion
|
|
91,091
|
|
-
|
|
91,091
|
|
108,508
|
|
-
|
|
108,508
|
|
|
Restructuring and
other special charges
|
|
28,787
|
|
(28,787)
|
b
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
operating expenses
|
|
505,808
|
|
(42,172)
|
|
463,636
|
|
552,572
|
|
(30,777)
|
|
521,795
|
|
Operating income
(loss)
|
|
1,886
|
|
42,172
|
|
44,058
|
|
(2,315)
|
|
30,777
|
|
28,462
|
|
|
Operating
margin
|
|
0.4%
|
|
|
|
8.7%
|
|
-0.4%
|
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
(10,289)
|
|
3,789
|
f
|
(6,500)
|
|
(5,123)
|
|
-
|
|
(5,123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes and income (loss) in equity interests
|
|
446
|
|
37,112
|
|
37,558
|
|
4,390
|
|
18,949
|
|
23,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(14,487)
|
|
27,649
|
h
|
13,162
|
|
6,915
|
|
718
|
g,h
|
7,633
|
|
|
Income in equity
interests, net
|
|
321
|
|
-
|
|
321
|
|
-
|
|
-
|
|
-
|
|
Income (loss) from
continuing operations
|
|
15,254
|
|
9,463
|
|
24,717
|
|
(2,525)
|
|
18,231
|
|
15,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
6,005
|
|
(6,005)
|
i
|
-
|
|
6,909
|
|
(6,909)
|
i
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
21,259
|
|
3,458
|
|
24,717
|
|
4,384
|
|
11,322
|
|
15,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(3,712)
|
|
3,712
|
|
-
|
|
(3,954)
|
|
3,954
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
17,547
|
|
$
7,170
|
|
$
24,717
|
|
$
430
|
|
$
15,276
|
|
$
15,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
0.16
|
|
$
0.11
|
|
$
0.27
|
|
$
(0.03)
|
|
$
0.20
|
|
$
0.17
|
|
Income from
discontinued operations, net of tax
|
|
0.02
|
|
(0.02)
|
|
-
|
|
0.03
|
|
(0.03)
|
|
-
|
|
Diluted earnings
per share attributable to Monster Worldwide, Inc.:
|
|
$
0.19
|
|
$
0.09
|
|
$
0.27
|
|
$
-
|
|
$
0.17
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
94,573
|
|
(3,714)
|
j
|
90,859
|
|
88,236
|
|
2,999
|
k
|
91,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 YTD 2015 period
includes $2.0m of separation costs associated with the former CEO's
resignation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
corporate headquarters in Weston, Massachusetts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d
|
Gain on
deconsolidation of subsidiaries, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e
|
Gain on partial sale
of 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 Company's convertible notes
due 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g
|
Non-GAAP adjustment
includes tax provision for gain on deconsolidation of subsidiaries,
net during Q1 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
h
|
Beginning in 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 Non-GAAP
pre-tax income. Prior to Q1 2015, the Non-GAAP income tax
adjustment was calculated using the effective rate of the reporting
period, as adjusted for the effects of certain non-deductible stock
based compensation and provisions for tax valuation
allowances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i
|
Discontinued
operations related to the sale of our remaining interest in
JobKorea.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
j
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
k
|
Non-GAAP adjustment
includes the dilutive impact of the Company's non-vested stock
under employee compensation plans as anti-dilutive on a GAAP
basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Earnings per
share may not add in certain periods due to
rounding.
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED NON-GAAP
OPERATING SEGMENT INFORMATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
Careers -
North America
|
|
Careers
-
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
119,449
|
|
$
47,633
|
|
|
|
$
167,082
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
25,739
|
|
$
(8,581)
|
|
$
(6,325)
|
|
$
10,833
|
Non GAAP
Adjustments
|
|
2,086
|
|
3,007
|
|
1,055
|
|
6,148
|
Operating income
(loss) - Non GAAP
|
|
$
27,825
|
|
$
(5,574)
|
|
$
(5,270)
|
|
$
16,981
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
34,221
|
|
$
(3,934)
|
|
$
(5,000)
|
|
$
25,287
|
Non GAAP
Adjustments
|
|
753
|
|
2,035
|
|
(8)
|
|
2,780
|
Adjusted
EBITDA
|
|
$
34,974
|
|
$
(1,899)
|
|
$
(5,008)
|
|
$
28,067
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
21.5%
|
|
(18.0%)
|
|
|
|
6.5%
|
Operating margin -
Non GAAP
|
|
23.3%
|
|
(11.7%)
|
|
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
28.6%
|
|
(8.3%)
|
|
|
|
15.1%
|
Adjusted EBITDA
margin
|
|
29.3%
|
|
(4.0%)
|
|
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2014
|
|
Careers
-
North America
|
|
Careers
-International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
124,757
|
|
$
54,834
|
|
|
|
$
179,591
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
21,752
|
|
$
(10,857)
|
|
$
(10,863)
|
|
$
32
|
Non GAAP
Adjustments
|
|
2,865
|
|
1,925
|
|
2,702
|
|
7,492
|
Operating income
(loss) - Non GAAP
|
|
$
24,617
|
|
$
(8,932)
|
|
$
(8,161)
|
|
$
7,524
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
30,974
|
|
$
(4,647)
|
|
$
(7,824)
|
|
$
18,503
|
Non GAAP
Adjustments
|
|
570
|
|
310
|
|
-
|
|
880
|
Adjusted
EBITDA
|
|
$
31,544
|
|
$
(4,337)
|
|
$
(7,824)
|
|
$
19,383
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
17.4%
|
|
(19.8%)
|
|
|
|
0.0%
|
Operating margin -
Non GAAP
|
|
19.7%
|
|
(16.3%)
|
|
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
24.8%
|
|
(8.5%)
|
|
|
|
10.3%
|
Adjusted EBITDA
margin
|
|
25.3%
|
|
(7.9%)
|
|
|
|
10.8%
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
Careers -
North America
|
|
Careers
- International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
361,685
|
|
$
146,009
|
|
|
|
$
507,694
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
64,324
|
|
$
(34,464)
|
|
$
(27,974)
|
|
$
1,886
|
Non GAAP
Adjustments
|
|
16,418
|
|
17,509
|
|
8,245
|
|
42,172
|
Operating income
(loss) - Non GAAP
|
|
$
80,742
|
|
$
(16,955)
|
|
$
(19,729)
|
|
$
44,058
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
94,579
|
|
$
(20,519)
|
|
$
(22,877)
|
|
$
51,183
|
Non GAAP
Adjustments
|
|
8,113
|
|
14,329
|
|
4,119
|
|
26,561
|
Adjusted
EBITDA
|
|
$
102,692
|
|
$
(6,190)
|
|
$
(18,758)
|
|
$
77,744
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
17.8%
|
|
(23.6%)
|
|
|
|
0.4%
|
Operating margin -
Non GAAP
|
|
22.3%
|
|
(11.6%)
|
|
|
|
8.7%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
26.1%
|
|
(14.1%)
|
|
|
|
10.1%
|
Adjusted EBITDA
margin
|
|
28.4%
|
|
(4.2%)
|
|
|
|
15.3%
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014
|
|
Careers
-
North America
|
|
Careers
-International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
378,463
|
|
$
171,794
|
|
|
|
$
550,257
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
58,929
|
|
$
(29,710)
|
|
$
(31,534)
|
|
$
(2,315)
|
Non GAAP
Adjustments
|
|
12,591
|
|
6,246
|
|
11,940
|
|
30,777
|
Operating income
(loss) - Non GAAP
|
|
$
71,520
|
|
$
(23,464)
|
|
$
(19,594)
|
|
$
28,462
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
88,697
|
|
$
(10,357)
|
|
$
(21,565)
|
|
$
56,775
|
Non GAAP
Adjustments
|
|
3,871
|
|
525
|
|
2,833
|
|
7,229
|
Adjusted
EBITDA
|
|
$
92,568
|
|
$
(9,832)
|
|
$
(18,732)
|
|
$
64,004
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
15.6%
|
|
(17.3%)
|
|
|
|
(0.4%)
|
Operating margin -
Non GAAP
|
|
18.9%
|
|
(13.7%)
|
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
23.4%
|
|
(6.0%)
|
|
|
|
10.3%
|
Adjusted EBITDA
margin
|
|
24.5%
|
|
(5.7%)
|
|
|
|
11.6%
|
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SOURCE Monster Worldwide, Inc.