EX-99.1 2 c88529exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

(LOGO)

Monster Worldwide Reports Second Quarter 2009 Results

Loss per Share from Continuing Operations of $0.01; Non-GAAP Diluted Earnings per Share at $0.03

Total Revenue of $223 Million; Non-GAAP Total Revenue of $224 Million

Non-GAAP Operating Expenses of $216 Million Decline 22% over Prior Year, and 15% Sequentially

Net Cash and Securities of $235 Million

Monster Announces Positive Beta-Testing Results for New Employer Search Product

New York, July 30, 2009— Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the second quarter ended June 30, 2009.

Second Quarter Results
Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, “Despite the challenging operating environment, we continue to invest in product innovation, technology, new verticals, global reach and sales force expansion, while at the same time successfully reducing operating expense and lowering our cost basis. We are confident that these initiatives, combined with the powerful Monster brand and our strong balance sheet, will capture global market share and provide a solid base for future long term growth and profitability.”

Mr. Iannuzzi added, “We are very encouraged by the beta tests for our new employer search product. Customer feedback continues to be very positive. This technology better enables recruiters to search relevant skills, work experience, education and other meaningful qualifications, and then analyzes, ranks and compares the information quickly and efficiently. Monster is driving efficiency and cost savings for our customers and improving our overall value proposition.”

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Total revenue was $223 million, compared with $354 million in the comparable quarter of 2008, a 37% decline due to the global economic recession. Monster generated 42% of its revenue outside the United States and total revenue was negatively impacted by $16 million from unfavorable foreign exchange rates.

Careers non-GAAP revenue decreased 40% to $191 million. North America generated revenue of $102 million compared with $164 million in the prior year period, a 38% decline. International non-GAAP revenue was $89 million, a 43% decline over the prior year period, or a 37% decrease excluding currency and the contribution from ChinaHR. Internet Advertising & Fees generated revenue of $33 million, essentially flat with last year’s second quarter revenue.

Consolidated operating expenses were $223 million, and the loss from continuing operations was approximately $1 million, or $0.01 per diluted share, compared to income from continuing operations of $19 million, or $0.15 per diluted share, in the comparable 2008 period. Operating results for the second quarter of 2008 included a $40 million charge for settlement costs and litigation related to its historical stock option practices. Foreign exchange rates negatively impacted consolidated operating income by approximately $1 million.

Income from continuing operations for the three months ended June 30, 2009 includes pre-tax pro forma adjustments that include: $5 million of expenses associated with the Company’s restructuring plan; $2 million of legal fees, primarily related to the Company’s obligation to indemnify former officers for their defense in connection with the ongoing litigation related to historical stock option grant practices; and a $0.7 million reduction to total revenue due to the purchase accounting adjustment for ChinaHR. As a result, the Company recorded total pre-tax pro forma adjustments of approximately $8 million. These 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.

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On a non-GAAP basis, the Company generated revenue of $224 million and $216 million of operating expenses. In last year’s second quarter, revenue was $354 million and operating expenses were $276 million. Income from continuing operations was $4 million, or $0.03 per share, compared to $49 million, or $0.40 per diluted share, in the comparable prior year period.

Monster ended the second quarter of 2009 with total available liquidity of $493 million, and net cash and marketable securities of $235 million, compared with net cash and securities of $247 million at the end of the 2009 first quarter.

During the quarter, the Company paid back a total of $157 million under its revolving credit lines, and currently has approximately $97 million classified as debt on the balance sheet. Cash used from operating activities was $14 million compared to $14 million generated in the 2009 first quarter.

Capital expenditures were $11 million, down from $30 million in last year’s second quarter and $15 million in the first quarter of this year. Approximately $81 million of auction rate securities are classified as a long-term asset on the consolidated balance sheet, and are included in the cash and marketable securities balance as of June 30, 2009.

Monster Worldwide’s deferred revenue balance at June 30, 2009 was $290 million, compared with last year’s second quarter balance of $470 million, and $345 million reported for the first quarter of 2009.

Six Months Results

Monster Worldwide reported total revenue of $477 million for the six months ended June 30, 2009 compared to $721 million in the comparable period last year, a 34% decrease, or 28% before the negative impact of foreign exchange rates. Monster Careers revenue declined 37% to $413 million compared with $658 million in the 2008 period. Internet Advertising & Fees reported revenue of $64 million, a slight increase over the $63 million reported in the prior year period. The Company reported a loss from continuing operations of $12 million, or $0.10 per diluted share, compared to income from continuing operations of $42 million, or $0.35 per diluted share in the prior year period.

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Supplemental Financial Information

The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://about-monster.com/q209.pdf or through the Company’s Investor Relations website at http://ir.monster.com.

Conference Call Information

Second quarter 2009 results will be discussed on Monster Worldwide’s quarterly conference call taking place on July 30, 2009 at 5:00 PM EDT.  To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 18221496.  For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#.  The call will begin promptly at 5:00 PM EDT.  Individuals can also access Monster Worldwide’s quarterly conference call online through the Investor Relations section of the Company’s website at http://ir.monster.com.  For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #18221496.  This number is valid until midnight on August 6, 2009.
 
Contacts

Investors: Robert Jones, (212) 351-7032, Robert.Jones@monsterworldwide.com
Media: Steve Sylven, (978) 461-8503, Steve.Sylven@monster.com

About Monster Worldwide

Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, Asia and Latin America, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index. To learn more about Monster’s industry-leading products and services, visit www.monster.com.
  
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.

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Non-GAAP revenue, operating expenses, operating income, operating margin, income from continuing operations and diluted earnings per share all exclude certain pro forma adjustments including: costs associated with the Company’s historical stock option grant practices, related litigation and potential fines or settlements; severance costs for former executive officers incurred in the second quarter of 2007; costs related to the measures taken by the Company in response to a security breach in August 2007; the strategic restructuring actions initiated in the third quarter of 2007; and the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR. 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.

Operating income before depreciation and amortization (“OIBDA”) is defined as income from operations before depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash costs incurred in connection with the Company’s restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA 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 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 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 securities and total available liquidity to be an important measure of liquidity and an indicator 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.

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Special Note: Except for historical information contained herein, the statements made in this release, 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, including statements regarding the Company’s strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, ongoing costs associated with the Company’s historical stock option grant practices, costs associated with the restructuring and security breach, 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 in this release by reference.

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MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2009     2008     2009     2008  
 
                               
Revenue
  $ 223,057     $ 354,294     $ 477,460     $ 720,766  
 
                       
 
                               
Salaries and related
    113,484       135,879       235,869       276,327  
Office and general
    59,862       75,358       121,975       149,257  
Marketing and promotion
    44,953       68,976       118,644       180,830  
Provision for legal settlements, net
          40,100             40,100  
Restructuring and other special charges
    5,097       2,732       16,105       9,659  
 
                       
Total operating expenses
    223,396       323,045       492,593       656,173  
 
                       
 
                               
Operating (loss) income
    (339 )     31,249       (15,133 )     64,593  
 
                               
Interest and other, net
    76       3,057       1,279       10,440  
 
                       
 
                               
(Loss) income from continuing operations before income taxes and equity interests
    (263 )     34,306       (13,854 )     75,033  
 
                               
Income taxes
    (83 )     12,153       (4,572 )     27,296  
Loss in equity interests, net
    (1,190 )     (3,592 )     (2,429 )     (5,414 )
 
                       
 
                               
(Loss) income from continuing operations
    (1,370 )     18,561       (11,711 )     42,323  
 
                               
Income from discontinued operations, net of tax
          12,269             11,098  
 
                       
 
                               
Net (loss) income
  $ (1,370 )   $ 30,830     $ (11,711 )   $ 53,421  
 
                       
 
                               
Basic (loss) earnings per share:
                               
 
                               
(Loss) income from continuing operations
  $ (0.01 )   $ 0.15     $ (0.10 )   $ 0.35  
Income from discontinued operations, net of tax
          0.10             0.09  
 
                       
Basic (loss) earnings per share
  $ (0.01 )   $ 0.26     $ (0.10 )   $ 0.44  
 
                       
 
                               
Diluted (loss) earnings per share:
                               
 
                               
(Loss) income from continuing operations
  $ (0.01 )   $ 0.15     $ (0.10 )   $ 0.35  
Income from discontinued operations, net of tax
          0.10             0.09  
 
                       
Diluted (loss) earnings per share
  $ (0.01 )   $ 0.25     $ (0.10 )   $ 0.44  
 
                       
 
                               
Weighted average shares outstanding:
                               
 
                               
Basic
    119,274       120,885       119,066       121,798  
 
                       
 
                               
Diluted
    119,274       121,541       119,066       122,552  
 
                       
 
                               
Operating (loss) income before depreciation and amortization:
                               
 
                               
Operating (loss) income
  $ (339 )   $ 31,249     $ (15,133 )   $ 64,593  
Depreciation and amortization of intangibles
    16,945       13,604       33,265       25,793  
Amortization of stock-based compensation
    9,920       8,533       20,268       13,866  
Restructuring non-cash expenses
    1,055       923       4,723       3,009  
 
                       
 
                               
Operating income before depreciation and amortization
  $ 27,581     $ 54,309     $ 43,123     $ 107,261  
 
                       
     
*   Earnings per share may not add in certain periods due to rounding.

 

 


 

MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                 
    Six Months Ended June 30,  
    2009     2008  
Cash flows provided by operating activities:
               
Net (loss) income
  $ (11,711 )   $ 53,421  
 
           
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
               
(Income) from discontinued operations, net of tax
          (11,098 )
Depreciation and amortization of intangibles
    33,265       25,793  
Provision for legal settlements, net
          40,100  
Provision for doubtful accounts
    6,884       6,771  
Non-cash compensation
    20,268       15,028  
Deferred income taxes
    (6,421 )     (19,582 )
Non-cash restructuring write-offs and loss on disposal of assets
    4,741       2,085  
Loss in equity interests
    2,428       5,414  
Changes in assets and liabilities, net of business combinations:
               
Accounts receivable
    120,239       82,660  
Prepaid and other
    16,861       19,098  
Deferred revenue
    (124,536 )     (53,923 )
Accounts payable, accrued liabilities and other
    (61,893 )     (13,597 )
Net cash used for operating activities of discontinued operations
          (3,129 )
 
           
Total adjustments
    11,836       95,620  
 
           
Net cash provided by operating activities
    125       149,041  
 
           
 
               
Cash flows (used for) provided by investing activities:
               
Capital expenditures
    (26,379 )     (50,213 )
Purchase of marketable securities
    (7,476 )     (156,882 )
Sales and maturities of marketable securities
    3,317       436,305  
Payments for acquisitions and intangible assets, net of cash acquired
          (61,567 )
Cash funded to equity investee
    (3,314 )     (5,000 )
Dividends received from unconsolidated investee
    763       1,011  
 
           
Net cash (used for) provided by investing activities
    (33,089 )     163,654  
 
           
 
               
Cash flows provided by (used for) financing activities:
               
Proceeds from borrowings on credit facilities short-term
    199,203        
Payments for borrowings on credit facilities short-term
    (157,173 )      
Repurchase of common stock
    (2,435 )     (86,327 )
Payments on debt obligations
    (6 )     (147 )
Proceeds from exercise of employee stock options
    9       1,046  
Excess tax benefits from equity compensation plans
    4       120  
 
           
Net cash provided by (used for) financing activities
    39,602       (85,308 )
 
           
 
               
Effects of exchange rates on cash
    7,354       8,323  
 
               
Net increase in cash and cash equivalents
    13,992       235,710  
Cash and cash equivalents, beginning of period
    222,260       129,744  
 
           
Cash and cash equivalents, end of period
  $ 236,252     $ 365,454  
 
           
 
               
Free cash flow:
               
 
               
Net cash provided by operating activities
  $ 125     $ 149,041  
Less: Capital expenditures
    (26,379 )     (50,213 )
 
           
Free cash flow
  $ (26,254 )   $ 98,828  
 
           

 

 


 

MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                 
    June 30, 2009     December 31, 2008  
 
               
Assets:
               
 
               
Cash and cash equivalents
  $ 236,252     $ 222,260  
Marketable securities, current
    14,533       1,425  
Accounts receivable, net
    249,004       376,720  
Marketable securities, non — current
    81,272       90,347  
Property and equipment, net
    153,942       161,282  
Goodwill and intangibles, net
    944,981       946,881  
Other assets
    109,483       117,675  
 
           
Total assets
  $ 1,789,467     $ 1,916,590  
 
           
 
               
Liabilities and Stockholders’ equity:
               
 
               
Accounts payable, accrued expenses and other
  $ 192,289     $ 254,425  
Deferred revenue
    289,818       414,312  
Borrowings on credit facilities short-term
    97,000       54,971  
Non-current income taxes payable
    125,991       119,951  
Other liabilities
    30,971       25,658  
 
           
Total liabilities
    736,069       869,317  
 
           
 
               
Stockholders’ equity
    1,053,398       1,047,273  
 
           
 
               
Total liabilities and stockholders’ equity
  $ 1,789,467     $ 1,916,590  
 
           

 

 


 

MONSTER WORLDWIDE, INC.
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Three Months Ended June 30, 2009   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 101,799     $ 88,598     $ 32,660             $ 223,057  
Operating (loss) income
    10,919       (2,019 )     4,926     $ (14,165 )     (339 )
OIBDA
    22,066       8,386       7,939       (10,810 )     27,581  
 
                                       
Operating margin
    10.7 %     -2.3 %     15.1 %             -0.2 %
OIBDA margin
    21.7 %     9.5 %     24.3 %             12.4 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Three Months Ended June 30, 2008   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 164,280     $ 156,673     $ 33,341             $ 354,294  
Operating income
    58,409       31,916       4,656     $ (63,732 )     31,249  
OIBDA
    67,636       40,361       7,508       (61,196 )     54,309  
 
                                       
Operating margin
    35.6 %     20.4 %     14.0 %             8.8 %
OIBDA margin
    41.2 %     25.8 %     22.5 %             15.3 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Six Months Ended June 30, 2009   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 220,983     $ 192,263     $ 64,214             $ 477,460  
Operating (loss) income
    11,747       (2,690 )     8,483     $ (32,673 )     (15,133 )
OIBDA
    34,338       19,135       14,303       (24,653 )     43,123  
 
                                       
Operating margin
    5.3 %     -1.4 %     13.2 %             -3.2 %
OIBDA margin
    15.5 %     10.0 %     22.3 %             9.0 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Six Months Ended June 30, 2008   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 347,818     $ 309,945     $ 63,003             $ 720,766  
Operating income
    98,110       41,559       3,225     $ (78,301 )     64,593  
OIBDA
    115,238       57,023       8,300       (73,300 )     107,261  
 
                                       
Operating margin
    28.2 %     13.4 %     5.1 %             9.0 %
OIBDA margin
    33.1 %     18.4 %     13.2 %             14.9 %

 

 


 

MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
                                                 
    Three Months Ended June 30, 2009     Three Months Ended June 30, 2008  
            Proforma                     Proforma        
    As Reported     Adjustments     Non-GAAP     As Reported     Adjustments     Non-GAAP  
 
                                               
Revenue
  $ 223,057     $ 725 a   $ 223,782     $ 354,294     $     $ 354,294  
 
                                               
Salaries and related
    113,484             113,484       135,879             135,879  
Office and general
    59,862       (2,245 )b     57,617       75,358       (4,256 )b     71,102  
Marketing and promotion
    44,953             44,953       68,976             68,976  
Provision for legal settlements, net
                      40,100       (40,100 )c      
Restructuring and other special charges
    5,097       (5,097 )d           2,732       (2,732 )d      
 
                                   
Total operating expenses
    223,396       (7,342 )     216,054       323,045       (47,088 )     275,957  
 
                                   
Operating (loss) income
    (339 )     8,067       7,728       31,249       47,088       78,337  
Operating margin
    -0.2 %             3.5 %     8.8 %             22.1 %
 
                                               
Interest and other, net
    76             76       3,057             3,057  
 
                                   
 
                                               
(Loss) income from continuing operations before income taxes and equity interests
    (263 )     8,067       7,804       34,306       47,088       81,394  
 
                                               
Income taxes
    (83 )     2,546 e     2,463       12,153       16,681 e     28,834  
Losses in equity interests, net
    (1,190 )           (1,190 )     (3,592 )           (3,592 )
 
                                   
(Loss) Income from continuing operations
  $ (1,370 )   $ 5,521     $ 4,151     $ 18,561     $ 30,407     $ 48,968  
 
                                   
 
                                               
Diluted (loss) earnings per share from continuing operations *
  $ (0.01 )   $ 0.05     $ 0.03     $ 0.15     $ 0.25     $ 0.40  
 
                                   
 
                                               
Weighted average shares outstanding:
                                               
Diluted
    119,274       121,809       121,809       121,541       121,541       121,541  
                                                 
    Six Months Ended June 30, 2009     Six Months Ended June 30, 2008  
            Proforma     Consolidated             Proforma        
    As Reported     Adjustments     Non-GAAP     As Reported     Adjustments     Non-GAAP  
 
                                               
Revenue
  $ 477,460     $ 1,719 a   $ 479,179     $ 720,766           $ 720,766  
 
                                               
Salaries and related
    235,869             235,869       276,327       93 b     276,420  
Office and general
    121,975       (5,265 )b     116,710       149,257       (7,783 )b     141,474  
Marketing and promotion
    118,644             118,644       180,830             180,830  
Provision for legal settlements, net
                      40,100       (40,100 )c      
Restructuring and other special charges
    16,105       (16,105 )d           9,659       (9,659 )d      
 
                                   
Total operating expenses
    492,593       (21,370 )     471,223       656,173       (57,449 )     598,724  
 
                                   
Operating (loss) income
    (15,133 )     23,089       7,956       64,593       57,449       122,042  
Operating margin
    -3.2 %             1.7 %     9.0 %             16.9 %
 
                                               
Interest and other, net
    1,279             1,279       10,440             10,440  
 
                                   
 
                                               
Income from continuing operations before income taxes and equity interests
    (13,854 )     23,089       9,235       75,033       57,449       132,482  
 
                                               
Income taxes
    (4,572 )     7,620 e     3,048       27,296       20,899 e     48,195  
Losses in equity interests, net
    (2,429 )           (2,429 )     (5,414 )           (5,414 )
 
                                   
Income from continuing operations
  $ (11,711 )   $ 15,469     $ 3,758     $ 42,323     $ 36,550     $ 78,873  
 
                                   
 
                                               
Diluted earnings per share from continuing operations *
  $ (0.10 )   $ 0.13     $ 0.03     $ 0.35     $ 0.30     $ 0.64  
 
                                   
 
                                               
Weighted average shares outstanding:
                                               
Diluted
    119,066       120,904       120,904       122,552       122,552       122,552  
Note Regarding ProForma 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.
ProForma adjustments consist of the following:
a   Deferred revenue fair value adjustment required under existing purchase accounting rules relating to our acquisition of China HR.
b   Costs associated with the ongoing investigation into the Company’s historical stock option granting practices, net of reimbursements as well as costs associated with the security breach incurred in 2008.
c   Provision for costs associated with the proposed legal settlements related to the stock option litigation, net of recoveries.
d   Restructuring related charges pertaining to the strategic restructuring actions that the Company announced on July 30, 2007. These charges include costs related to the reduction in the Company’s workforce, fixed asset write-offs, costs relating to the consolidation of certain office facilities, contract termination costs, relocation costs and professional fees.
e   Income tax adjustment is calculated using the effective tax rate of the reported period multiplied by the ProForma adjustment to income from continuing operations before income taxes and equity interests.
     
*   Diluted earnings per share may not add in certain periods due to rounding. Diluted shares used for 2009 GAAP presentation are the same as basic shares due to a net loss in 2009.

 

 


 

MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Three Months Ended June 30, 2009   North America     International     Fees     Expenses     Total  
 
                                       
Revenue — GAAP
  $ 101,799     $ 88,598     $ 32,660             $ 223,057  
Proforma Adjustments
          725                     725  
 
                               
Revenue — Non GAAP
  $ 101,799     $ 89,323     $ 32,660             $ 223,782  
 
                               
 
                                       
Operating (loss) income — GAAP
  $ 10,919     $ (2,019 )   $ 4,926     $ (14,165 )   $ (339 )
Proforma Adjustments
    1,486       4,002       170       2,409       8,067  
 
                             
Operating (loss) income — Non GAAP
  $ 12,405     $ 1,983     $ 5,096     $ (11,756 )   $ 7,728  
 
                             
 
                                       
Operating margin — GAAP
    10.7 %     -2.3 %     15.1 %             -0.2 %
Operating margin — Non GAAP
    12.2 %     2.2 %     15.6 %             3.5 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Three Months Ended June 30, 2008   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 164,280     $ 156,673     $ 33,341             $ 354,294  
 
                               
 
Operating income (loss) — GAAP
  $ 58,409     $ 31,916     $ 4,656     $ (63,732 )   $ 31,249  
Proforma Adjustments
    926       1,400       338       44,424       47,088  
 
                             
Operating income (loss) — Non GAAP
  $ 59,335     $ 33,316     $ 4,994     $ (19,308 )   $ 78,337  
 
                             
 
                                       
Operating margin — GAAP
    35.6 %     20.4 %     14.0 %             8.8 %
Operating margin — Non GAAP
    36.1 %     21.3 %     15.0 %             22.1 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Six Months Ended June 30, 2009   North America     International     Fees     Expenses     Total  
 
                                       
Revenue — GAAP
  $ 220,983     $ 192,263     $ 64,214             $ 477,460  
Proforma Adjustments
          1,719                     1,719  
 
                               
Revenue — Non GAAP
  $ 220,983     $ 193,982     $ 64,214             $ 479,179  
 
                               
 
                                       
Operating (loss) income — GAAP
  $ 11,747     $ (2,690 )   $ 8,483     $ (32,673 )   $ (15,133 )
Proforma Adjustments
    3,758       12,086       616       6,629       23,089  
 
                             
Operating (loss) income — Non GAAP
  $ 15,505     $ 9,396     $ 9,099     $ (26,044 )   $ 7,956  
 
                             
 
                                       
Operating margin — GAAP
    5.3 %     -1.4 %     13.2 %             -3.2 %
Operating margin — Non GAAP
    7.0 %     4.8 %     14.2 %             1.7 %
                                         
                    Internet              
    Careers -     Careers -     Advertising &     Corporate        
Six Months Ended June 30, 2008   North America     International     Fees     Expenses     Total  
 
                                       
Revenue
  $ 347,818     $ 309,945     $ 63,003             $ 720,766  
 
                               
 
                                       
Operating income — GAAP
  $ 98,110     $ 41,559     $ 3,225     $ (78,301 )   $ 64,593  
Proforma Adjustments
    4,180       4,702       1,160       47,407       57,449  
 
                             
Operating income — Non GAAP
  $ 102,290     $ 46,261     $ 4,385     $ (30,894 )   $ 122,042  
 
                             
 
                                       
Operating margin — GAAP
    28.2 %     13.4 %     5.1 %             9.0 %
Operating margin — Non GAAP
    29.4 %     14.9 %     7.0 %             16.9 %