EX-99.2 3 a07-3072_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

 

 

 

 

FINANCIAL SUPPLEMENT

DECEMBER 31, 2006

 

 

 

 

We provide this supplement to assist investors in evaluating our Company’s financial and operating metrics.  We suggest that the notes to this supplement are read in conjunction with the financial tables.  The financial information included in this supplement contains certain non-GAAP financial measures.  These measures should be considered in addition to results prepared in accordance with GAAP, but are not a substitute for, or superior to, GAAP results.  The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure.  The Company intends to update the financial supplement on a quarterly basis.

 

1



 

Notes to Financial Supplement

Presentation

Stock Option Investigation

On June 12, 2006, we announced that a committee of independent directors of the Board of Directors (the “Special Committee”) assisted by independent legal counsel and outside accounting experts were conducting an independent investigation to review our historical stock option grant practices.  On December 13, 2006, we restated our historical financial statements to record additional non-cash stock based compensation charges and the related income tax effects based on the findings of the Special Committee.  We recorded these non-cash compensation charges as a component of “Corporate expenses” and did not allocate these non-cash costs to our reportable segments.  The restatement did not affect our statements of operations or segment results for the 2006 periods.

Sale of Advertising & Communications business in North America.

On August 31, 2006, we sold our TMP Worldwide Advertising & Communications business in North America.  As a result of this transaction, the Company has completed the global divestiture of its recruitment advertising business and will no longer report an Advertising & Communications operating segment.  Accordingly, we have reclassified our quarterly financial information to reflect the disposition as discontinued operations in all periods presented.  The financial results from continuing operations, presented herein, reflect the remaining and ongoing results of our business.

(1) Non-GAAP financial measures

The information included in this financial supplement contains non-GAAP financial measures.  A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”).  These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures reported by other companies.  We believe that our presentation of non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations.  In addition, we use these measures for reviewing our financial results and for budgeting and planning purposes.

Operating income before depreciation and amortization (“OIBDA”) is defined as income from operations before depreciation, amortization of intangible assets and amortization of stock based compensation. We consider OIBDA to be an important indicator of our operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets and amortization of stock based compensation from period to period, which we believe is useful to management and investors in evaluating our 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.  As a result of the adoption SFAS 123(R) in 2006, free cash flow amounts in 2004 and 2005 have been adjusted to exclude the income tax benefits on stock option exercises.  Free cash flow is considered a liquidity measure and provides useful information about our 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 our cash position for the period and should not be considered a substitute for such a measure.

 

2



 

(2) Selected financial ratios

We have included selected financial ratios in this financial supplement in order to assist investors to further evaluate our business.  Our definitions and calculations are as follows:

Annualized return on equity

Annualized return on equity measures our effectiveness and ability to generate future profitability on the earnings that we retain.  In addition, the ratio is a strong indicator of how well we utilize shareholders’ investments in our business.  We calculate annualized return on equity as follows:

Annualized net income / Average stockholders’ equity

Book value per share

Book value per share is a market value indicator that we utilize when analyzing our stockholders’ equity.  We calculate book value per share as follows:

Stockholders’ equity / Total shares outstanding

Cash and marketable securities per share

We calculate cash and marketable securities per share as follows:

(Cash and cash equivalents + Marketable securities) / Total shares outstanding

 

3



 

Monster Worldwide, Inc.
Statements of Operations - Non GAAP
(unaudited, in thousands, except per share amounts)

 

 

 

Trended Quarterly Data

 

Year to Date Data

 

Summary P&L Information

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

12M 2005

 

12M 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster Careers

 

$

148,982

 

$

164,773

 

$

172,032

 

$

178,931

 

$

192,982

 

$

224,589

 

$

237,190

 

$

244,292

 

$

258,260

 

$

708,718

 

$

964,331

 

Internet Advertising & Fees

 

23,182

 

24,761

 

26,059

 

27,903

 

30,830

 

32,447

 

37,979

 

41,563

 

40,356

 

109,553

 

152,345

 

Revenue

 

172,164

 

189,534

 

198,091

 

206,834

 

223,812

 

257,036

 

275,169

 

285,855

 

298,616

 

818,271

 

1,116,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salary and related

 

70,323

 

71,282

 

77,510

 

81,820

 

85,819

 

89,524

 

95,439

 

103,895

 

112,172

 

316,431

 

401,030

 

Office and general

 

26,023

 

29,073

 

29,135

 

28,831

 

31,405

 

36,973

 

32,672

 

42,025

 

50,007

 

118,444

 

161,677

 

Marketing and promotion

 

36,594

 

47,952

 

47,062

 

46,074

 

53,633

 

65,799

 

73,212

 

68,077

 

66,418

 

194,721

 

273,506

 

OIBDA(1)

 

39,224

 

41,227

 

44,384

 

50,109

 

52,955

 

64,740

 

73,846

 

71,858

 

70,019

 

188,675

 

280,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

4,864

 

5,759

 

5,820

 

5,967

 

6,292

 

7,097

 

8,586

 

7,323

 

7,895

 

23,838

 

30,901

 

Amortization of restricted stock and RSU Plan

 

639

 

968

 

534

 

540

 

693

 

2,029

 

3,423

 

2,943

 

2,424

 

2,735

 

10,819

 

Non-cash stock option expense

 

2,705

 

2,721

 

2,138

 

6,601

 

425

 

—

 

—

 

—

 

—

 

11,885

 

—

 

Amortization of intangibles

 

2,301

 

2,327

 

2,247

 

2,179

 

2,832

 

2,675

 

2,569

 

1,765

 

1,870

 

9,585

 

8,879

 

Operating expenses

 

143,449

 

160,082

 

164,446

 

172,012

 

181,099

 

204,097

 

215,901

 

226,028

 

240,786

 

677,639

 

886,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

28,715

 

29,452

 

33,645

 

34,822

 

42,713

 

52,939

 

59,268

 

59,827

 

57,830

 

140,632

 

229,864

 

Interest and other, net(2)

 

(454

)

(391

)

733

 

684

 

3,804

 

3,130

 

3,940

 

5,012

 

6,398

 

4,830

 

18,480

 

Income from cont. operations, pre-tax

 

28,261

 

29,061

 

34,378

 

35,506

 

46,517

 

56,069

 

63,208

 

64,839

 

64,228

 

145,462

 

248,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

11,733

 

10,452

 

12,146

 

13,015

 

16,028

 

20,411

 

22,077

 

22,692

 

22,481

 

51,641

 

87,661

 

Losses in equity interests

 

—

 

(209

)

(367

)

(641

)

(2,180

)

(1,241

)

(2,284

)

(2,054

)

(1,517

)

(3,397

)

(7,096

)

Income from continuing operations

 

16,528

 

18,400

 

21,865

 

21,850

 

28,309

 

34,417

 

38,847

 

40,093

 

40,230

 

90,424

 

153,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from disc. operations, net of
tax(3)

 

2,712

 

(438

)

(3,848

)

4,216

 

7,840

 

7,845

 

770

 

(123,910

)

(1,155

)

7,770

 

(116,450

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

19,240

 

$

17,962

 

$

18,017

 

$

26,066

 

$

36,149

 

$

42,262

 

$

39,617

 

$

(83,817

)

$

39,075

 

$

98,194

 

$

37,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.14

 

$

0.15

 

$

0.18

 

$

0.18

 

$

0.23

 

$

0.27

 

$

0.30

 

$

0.31

 

$

0.31

 

$

0.74

 

$

1.20

 

Net income (loss)

 

$

0.16

 

$

0.15

 

$

0.15

 

$

0.21

 

$

0.29

 

$

0.33

 

$

0.31

 

$

(0.65

)

$

0.30

 

$

0.80

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.14

 

$

0.15

 

$

0.18

 

$

0.18

 

$

0.22

 

$

0.26

 

$

0.29

 

$

0.31

 

$

0.31

 

$

0.72

 

$

1.17

 

Net income (loss)

 

$

0.16

 

$

0.15

 

$

0.15

 

$

0.21

 

$

0.28

 

$

0.32

 

$

0.30

 

$

(0.64

)

$

0.30

 

$

0.79

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted avg. shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

119,373

 

120,655

 

121,049

 

122,128

 

124,348

 

126,753

 

128,551

 

128,484

 

128,489

 

122,055

 

128,077

 

Diluted shares

 

122,353

 

123,577

 

123,181

 

124,757

 

127,418

 

130,619

 

132,009

 

130,827

 

131,209

 

125,038

 

131,247

 

 

(1) -      See notes to financial supplement for further explanation of non-GAAP measures.

(2) -      Interest and other, net includes a $2.1 million gain from the sale of a long-term investment and a $1.3 million gain related to an early repayment of a note associated with a disposed company in the fourth quarters of 2005 and  2006, respectively.

(3) -      Loss from discontinued operations, net of tax in the third quarter of 2006 includes the write-off of $133.0 million of goodwill related to our former TMP Worldwide Advertising & Communications business in North  America.



Monster Worldwide, Inc.
Trailing Twelve Months Statistics - Statements of Operations - Non-GAAP
(unaudited, in thousands, except per share amounts)

 

 

Trended Quarterly Data

 

Summary P&L Information

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

Monster Careers

 

$

516,371

 

$

571,027

 

$

620,064

 

$

664,718

 

$

708,718

 

$

768,534

 

$

833,692

 

$

899,053

 

$

964,331

 

Internet Advertising & Fees

 

77,538

 

90,254

 

97,404

 

101,905

 

109,553

 

117,239

 

129,159

 

142,819

 

152,345

 

Revenue

 

593,909

 

661,281

 

717,468

 

766,623

 

818,271

 

885,773

 

962,851

 

1,041,872

 

1,116,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salary and related

 

237,284

 

262,652

 

284,345

 

300,935

 

316,431

 

334,673

 

352,602

 

374,677

 

401,030

 

Office and general

 

94,595

 

102,906

 

108,958

 

113,062

 

118,444

 

126,344

 

129,881

 

143,075

 

161,677

 

Marketing and promotion

 

149,090

 

159,415

 

168,640

 

177,682

 

194,721

 

212,568

 

238,718

 

260,721

 

273,506

 

OIBDA(1)

 

112,940

 

136,308

 

155,525

 

174,944

 

188,675

 

212,188

 

241,650

 

263,399

 

280,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

21,547

 

22,104

 

22,264

 

22,410

 

23,838

 

25,176

 

27,942

 

29,298

 

30,901

 

Amortization of restricted stock and RSU Plan

 

2,722

 

3,216

 

2,878

 

2,681

 

2,735

 

3,796

 

6,685

 

9,088

 

10,819

 

Non-cash stock option expense

 

11,207

 

10,965

 

10,249

 

14,165

 

11,885

 

9,164

 

7,026

 

425

 

—

 

Amortization of intangibles

 

7,132

 

8,861

 

9,917

 

9,054

 

9,585

 

9,933

 

10,255

 

9,841

 

8,879

 

Operating expenses

 

523,577

 

570,119

 

607,251

 

639,989

 

677,639

 

721,654

 

773,109

 

827,125

 

886,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

70,332

 

91,162

 

110,217

 

126,634

 

140,632

 

164,119

 

189,742

 

214,747

 

229,864

 

Interest and other, net

 

(2,059

)

(2,174

)

(620

)

572

 

4,830

 

8,351

 

11,558

 

15,886

 

18,480

 

Income from cont. operations, pre-tax

 

68,273

 

88,988

 

109,597

 

127,206

 

145,462

 

172,470

 

201,300

 

230,633

 

248,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

25,135

 

32,936

 

40,154

 

47,346

 

51,641

 

61,600

 

71,531

 

81,208

 

87,661

 

Losses in equity interests

 

—

 

(209

)

(576

)

(1,217

)

(3,397

)

(4,429

)

(6,346

)

(7,759

)

(7,096

)

Income from continuing operations

 

43,138

 

55,843

 

68,867

 

78,643

 

90,424

 

106,441

 

123,423

 

141,666

 

153,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from disc. operations, net of tax

 

15,598

 

11,634

 

3,428

 

2,642

 

7,770

 

16,053

 

20,671

 

(107,455

)

(116,450

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

58,736

 

$

67,477

 

$

72,295

 

$

81,285

 

$

98,194

 

$

122,494

 

$

144,094

 

$

34,211

 

$

37,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.37

 

$

0.47

 

$

0.57

 

$

0.65

 

$

0.74

 

$

0.86

 

$

0.98

 

$

1.12

 

$

1.20

 

Net income

 

$

0.50

 

$

0.57

 

$

0.60

 

$

0.67

 

$

0.80

 

$

0.99

 

$

1.15

 

$

0.27

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.36

 

$

0.46

 

$

0.56

 

$

0.64

 

$

0.72

 

$

0.84

 

$

0.96

 

$

1.09

 

$

1.17

 

Net income

 

$

0.49

 

$

0.55

 

$

0.59

 

$

0.66

 

$

0.79

 

$

0.97

 

$

1.12

 

$

0.26

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted avg. shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

117,738

 

119,011

 

119,915

 

120,801

 

122,055

 

123,570

 

125,445

 

127,034

 

128,077

 

Diluted shares

 

120,075

 

121,618

 

122,366

 

123,467

 

125,038

 

126,494

 

128,701

 

130,218

 

131,247

 

(1) - See notes to financial supplement for further explanation of non-GAAP measures.



Monster Worldwide, Inc.
Statements of Cash Flows - Non GAAP
(unaudited, in thousands, except per share amounts)

 

Trended Quarterly Data

 

Year to Date Data

 

 

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

12M 2005

 

12M 2006

 

Cash flows provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

19,240

 

$

17,962

 

$

18,017

 

$

26,066

 

$

36,149

 

$

42,262

 

$

39,617

 

$

(83,817

)

$

39,075

 

$

98,194

 

$

37,137

 

Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Income) loss from discontinued operations, net of tax

 

(2,712

)

438

 

3,848

 

(4,216

)

(7,840

)

(7,845

)

(770

)

123,910

 

1,155

 

(7,770

)

116,450

 

Depreciation and amortization

 

7,165

 

8,086

 

8,067

 

8,146

 

9,124

 

9,772

 

11,155

 

9,088

 

9,765

 

33,423

 

39,780

 

Provision for doubtful accounts

 

1,593

 

2,109

 

1,750

 

2,781

 

1,807

 

2,824

 

1,840

 

1,841

 

2,550

 

8,447

 

9,055

 

Tax benefit on stock based compensation

 

(757

)

(296

)

1,100

 

(428

)

12,180

 

11,275

 

6,049

 

16

 

632

 

12,556

 

17,972

 

Excess tax benefits from stock option exercises

 

—

 

—

 

—

 

—

 

—

 

(11,011

)

(6,027

)

(16

)

(348

)

—

 

(17,402

)

Non cash compensation

 

3,343

 

4,489

 

2,405

 

7,086

 

640

 

2,068

 

3,536

 

2,791

 

2,424

 

14,620

 

10,819

 

Common stock issued for matching contribution to 401(k) plan and other

 

604

 

741

 

1,264

 

835

 

973

 

996

 

858

 

—

 

—

 

3,813

 

1,854

 

Deferred income taxes

 

9,685

 

8,548

 

1,973

 

4,543

 

9,762

 

6,736

 

2,593

 

(815

)

2,267

 

24,826

 

10,781

 

Minority interests and other

 

80

 

287

 

359

 

366

 

2,641

 

1,235

 

2,284

 

2,056

 

1,522

 

3,653

 

7,097

 

Changes in assets and liabilities, net of business combinations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

—

 

Accounts Receivable

 

(19,970

)

12,392

 

(4,675

)

(14,099

)

(75,510

)

(3,062

)

(21,388

)

(24,072

)

(122,790

)

(81,892

)

(171,312

)

Prepaid and other

 

(4,504

)

1,018

 

(11,997

)

1,800

 

(8,617

)

(1,492

)

(8,248

)

(14,542

)

2,465

 

(17,796

)

(21,817

)

Deferred revenue

 

34,600

 

6,775

 

3,449

 

2,195

 

79,779

 

15,900

 

5,544

 

(2,328

)

97,440

 

92,198

 

116,556

 

Accounts payable, accrued expenses and other liabilities

 

(2,067

)

(1,651

)

20,339

 

24,301

 

(6,443

)

8,338

 

24,365

 

48,570

 

12,739

 

36,546

 

94,012

 

Net cash provided by (used for) operating activities of discontinued operations

 

(2,208

)

(19,535

)

7,023

 

6,960

 

6,304

 

4,326

 

1,342

 

16,168

 

(4,053

)

752

 

17,783

 

Total adjustments

 

24,852

 

23,401

 

34,905

 

40,270

 

24,800

 

40,060

 

23,133

 

162,667

 

5,768

 

123,376

 

231,628

 

Net cash provided by operating activities

 

44,092

 

41,363

 

52,922

 

66,336

 

60,949

 

82,322

 

62,750

 

78,850

 

44,843

 

221,570

 

268,765

 

Cash flows provided by (used for) investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(2,136

)

(7,232

)

(6,240

)

(7,236

)

(14,983

)

(9,416

)

(16,127

)

(12,825

)

(17,238

)

(35,691

)

(55,606

)

Purchase of marketable securities

 

—

 

—

 

—

 

—

 

(118,461

)

(334,990

)

(608,773

)

(404,703

)

(373,959

)

(118,461

)

(1,722,425

)

Sale of marketable securities

 

—

 

—

 

—

 

—

 

—

 

238,001

 

406,537

 

321,390

 

342,351

 

—

 

1,308,279

 

Payments for acquisitions and intangible assets, net of cash acquired

 

(1,969

)

(42,477

)

(6,828

)

(2,265

)

(96,598

)

(23,655

)

(24,312

)

(631

)

(248

)

(148,168

)

(48,846

)

Investment in unconsolidated affiliate

 

—

 

(50,137

)

—

 

—

 

—

 

(19,936

)

—

 

—

 

—

 

(50,137

)

(19,936

)

Sale of long-term investment

 

—

 

1,878

 

—

 

125

 

2,713

 

—

 

—

 

—

 

—

 

4,716

 

—

 

Net proceeds from sale of business

 

6,810

 

(432

)

50,181

 

(658

)

1,000

 

—

 

32,950

 

36,205

 

—

 

50,091

 

69,155

 

Cash funded to equity investee

 

—

 

—

 

—

 

—

 

—

 

—

 

(4,800

)

(2,400

)

(2,800

)

—

 

(10,000

)

Net cash used for investing activities of discontinued operations

 

(1,394

)

(1,401

)

(1,572

)

(1,307

)

(727

)

(2,469

)

—

 

(455

)

—

 

(5,007

)

(2,924

)

Net cash provided by (used for) investing activities

 

1,311

 

(99,801

)

35,541

 

(11,341

)

(227,056

)

(152,465

)

(214,525

)

(63,419

)

(51,894

)

(302,657

)

(482,303

)

Cash flows provided by financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net borrowings (repayments) under line of credit and capital lease obligations

 

(763

)

(507

)

(1,328

)

(302

)

323

 

(276

)

(87

)

(130

)

322

 

(1,814

)

(171

)

Proceeds from the issuance of common stock

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Cash received from the exercise of employee stock options

 

34,068

 

3,653

 

10,733

 

23,323

 

57,317

 

59,594

 

31,571

 

60

 

1,038

 

95,026

 

92,263

 

Excess tax benefits from stock option exercises

 

—

 

—

 

—

 

—

 

—

 

11,011

 

6,027

 

16

 

348

 

—

 

17,402

 

Repurchase of common stock

 

—

 

—

 

(1,398

)

—

 

(7,906

)

(8,537

)

(5,879

)

—

 

(318

)

(9,304

)

(14,734

)

Structured stock repurchase, net

 

—

 

—

 

—

 

—

 

—

 

(22,758

)

—

 

—

 

—

 

—

 

(22,758

)

Net cash provided by financing activities

 

33,305

 

3,146

 

8,007

 

23,021

 

49,734

 

39,034

 

31,632

 

(54

)

1,390

 

83,908

 

72,002

 

Effects of exchange rates on cash

 

2,191

 

(1,894

)

(1,577

)

(125

)

(739

)

547

 

1,167

 

352

 

1,553

 

(4,335

)

3,619

 

Net increase (decrease) in cash and cash equivalents

 

80,899

 

(57,186

)

94,893

 

77,891

 

(117,112

)

(30,562

)

(118,976

)

15,729

 

(4,108

)

(1,514

)

(137,917

)

Cash and cash equivalents, beginning of period

 

117,212

 

198,111

 

140,925

 

235,818

 

313,709

 

196,597

 

166,035

 

47,059

 

62,788

 

198,111

 

196,597

 

Cash and cash equivalents, end of period

 

$

198,111

 

$

140,925

 

$

235,818

 

$

313,709

 

$

196,597

 

$

166,035

 

$

47,059

 

$

62,788

 

$

58,680

 

$

196,597

 

$

58,680

 

Free cash flow(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

44,092

 

$

41,363

 

$

52,922

 

$

66,336

 

$

60,949

 

$

82,322

 

$

62,750

 

$

78,850

 

$

44,843

 

$

221,570

 

$

268,765

 

Less: Tax benefit on stock option exercises

 

757

 

296

 

(1,100

)

428

 

(12,180

)

—

 

—

 

—

 

—

 

(12,556

)

—

 

Less: Capital expenditures

 

(2,136

)

(7,232

)

(6,240

)

(7,236

)

(14,983

)

(9,416

)

(16,127

)

(12,825

)

(17,238

)

(35,691

)

(55,606

)

Free cash flow

 

$

42,713

 

$

34,427

 

$

45,582

 

$

59,528

 

$

33,786

 

$

72,906

 

$

46,623

 

$

66,025

 

$

27,605

 

$

173,323

 

$

213,159

 

(1) - See notes to financial supplement for further explanation of non-GAAP measures.



 

Monster Worldwide, Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands, except selected financial ratios)

 

 

 

Trended Quarterly Data

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

198,111

 

$

140,925

 

$

235,818

 

$

313,709

 

$

196,597

 

$

166,035

 

$

47,059

 

$

62,788

 

$

58,680

 

Marketable securities

 

—

 

—

 

—

 

—

 

123,747

 

221,019

 

422,972

 

506,285

 

537,893

 

Accounts receivable, net

 

181,037

 

169,858

 

172,785

 

184,101

 

258,848

 

259,086

 

278,870

 

324,507

 

444,747

 

Prepaid and other

 

42,837

 

40,104

 

48,227

 

45,852

 

54,651

 

58,242

 

63,565

 

77,937

 

82,488

 

Current assets of discontinued operations

 

281,526

 

279,254

 

150,494

 

144,994

 

139,216

 

129,844

 

90,864

 

—

 

—

 

Total current assets

 

703,511

 

630,141

 

607,324

 

688,656

 

773,059

 

834,226

 

903,330

 

971,517

 

1,123,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

68,762

 

70,308

 

70,736

 

72,279

 

80,977

 

83,302

 

89,243

 

94,150

 

102,402

 

Goodwill

 

444,068

 

453,501

 

433,602

 

429,835

 

521,717

 

531,497

 

567,677

 

570,272

 

589,041

 

Intangibles, net

 

53,393

 

50,808

 

47,824

 

50,312

 

55,602

 

53,509

 

54,569

 

53,067

 

51,695

 

Other assets

 

28,258

 

19,517

 

26,437

 

26,280

 

29,755

 

30,363

 

46,018

 

49,156

 

43,232

 

Investment in unconsolidated affiliate

 

—

 

49,928

 

49,351

 

48,935

 

46,758

 

65,480

 

63,196

 

61,142

 

59,625

 

Long-term assets of discontinued operations

 

256,961

 

252,581

 

172,343

 

172,938

 

170,847

 

171,191

 

139,266

 

—

 

—

 

Total assets

 

$

1,554,953

 

$

1,526,784

 

$

1,407,617

 

$

1,489,235

 

$

1,678,715

 

$

1,769,568

 

$

1,863,299

 

$

1,799,304

 

$

1,969,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

205,087

 

$

199,321

 

$

219,459

 

$

244,952

 

$

249,464

 

$

255,812

 

$

288,031

 

$

350,250

 

$

358,850

 

Deferred revenue

 

230,354

 

241,119

 

244,568

 

246,763

 

327,429

 

343,329

 

349,034

 

346,706

 

444,145

 

Current portion of long-term debt

 

29,081

 

31,805

 

26,572

 

29,903

 

31,378

 

21,789

 

18,635

 

18,507

 

23,249

 

Current liabilities of discontinued operations

 

275,579

 

257,540

 

117,143

 

106,010

 

97,674

 

88,855

 

46,028

 

—

 

—

 

Total current liabilities

 

740,101

 

729,785

 

607,742

 

627,628

 

705,945

 

709,785

 

701,728

 

715,463

 

826,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

33,975

 

14,653

 

14,363

 

14,805

 

15,678

 

3,093

 

2,185

 

2,152

 

415

 

Other liabilities

 

963

 

1,532

 

4,043

 

8,934

 

23,615

 

30,481

 

34,812

 

34,454

 

33,459

 

Long-term liabilities of discontinued operations

 

299

 

387

 

171

 

155

 

137

 

—

 

—

 

—

 

—

 

Total liabilities

 

775,338

 

746,357

 

626,319

 

651,522

 

745,375

 

743,359

 

738,725

 

752,069

 

860,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock and class B common stock

 

122

 

122

 

122

 

124

 

127

 

129

 

131

 

131

 

131

 

Additional paid-in capital

 

1,446,234

 

1,443,125

 

1,457,343

 

1,487,677

 

1,553,339

 

1,592,077

 

1,629,378

 

1,632,246

 

1,636,023

 

Accumulated other comprehensive income

 

98,027

 

71,804

 

40,267

 

39,740

 

35,515

 

42,979

 

64,424

 

68,034

 

87,632

 

Unamortized stock based compensation

 

(15,336

)

(3,154

)

(2,981

)

(2,441

)

(4,403

)

—

 

—

 

—

 

—

 

Retained earnings (deficit)

 

(749,432

)

(731,470

)

(713,453

)

(687,387

)

(651,238

)

(608,976

)

(569,359

)

(653,176

)

(614,101

)

Total stockholders’ equity

 

779,615

 

780,427

 

781,298

 

837,713

 

933,340

 

1,026,209

 

1,124,574

 

1,047,235

 

1,109,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,554,953

 

$

1,526,784

 

$

1,407,617

 

$

1,489,235

 

$

1,678,715

 

$

1,769,568

 

$

1,863,299

 

$

1,799,304

 

$

1,969,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 - Annualized return on equity

 

10.5

%

9.2

%

9.2

%

12.9

%

16.3

%

17.3

%

14.7

%

36.2

%

13.8

%

 - Book value per share

 

$

6.47

 

$

6.46

 

$

6.43

 

$

6.77

 

$

7.44

 

$

8.01

 

$

8.75

 

$

8.15

 

$

8.63

 

 - Cash and marketable securities per
   share

 

$

1.64

 

$

1.17

 

$

1.94

 

$

2.54

 

$

2.55

 

$

3.02

 

$

3.66

 

$

4.43

 

$

4.64

 

(2) - See notes to financial supplement for definitions and calculations of selected financial ratios.



Monster Worldwide, Inc.
Segment Information and Margin Analysis - Non-GAAP
(unaudited, in thousands)

 

 

Trended Quarterly Data

 

Year to Date Data

 

 

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

12M 2005

 

12M 2006

 

Segment revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster Careers - North America

 

$

112,070

 

$

123,556

 

$

126,152

 

$

134,094

 

$

137,798

 

$

159,998

 

$

162,816

 

$

166,910

 

$

168,327

 

$

521,600

 

$

658,051

 

Monster Careers - International

 

36,912

 

41,217

 

45,880

 

44,837

 

55,184

 

64,591

 

74,374

 

77,382

 

89,933

 

187,118

 

306,280

 

Monster Careers revenue

 

$

148,982

 

$

164,773

 

$

172,032

 

$

178,931

 

$

192,982

 

$

224,589

 

$

237,190

 

$

244,292

 

$

258,260

 

$

708,718

 

$

964,331

 

Internet Advertising & Fees revenue

 

23,182

 

24,761

 

26,059

 

27,903

 

30,830

 

32,447

 

37,979

 

41,563

 

40,356

 

109,553

 

152,345

 

Consolidated revenue

 

$

172,164

 

$

189,534

 

$

198,091

 

$

206,834

 

$

223,812

 

$

257,036

 

$

275,169

 

$

285,855

 

$

298,616

 

$

818,271

 

$

1,116,676

 

Segment OIBDA(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster Careers - North America

 

$

40,786

 

$

41,409

 

$

45,309

 

$

50,984

 

$

49,974

 

$

58,652

 

$

61,337

 

$

62,114

 

$

64,984

 

$

187,676

 

$

247,087

 

Monster Careers - International

 

3,940

 

545

 

(777

)

92

 

3,580

 

4,724

 

7,064

 

8,248

 

13,001

 

3,440

 

33,037

 

Monster Careers OIBDA(1)

 

$

44,726

 

$

41,954

 

$

44,532

 

$

51,076

 

$

53,554

 

$

63,376

 

$

68,401

 

$

70,362

 

$

77,985

 

$

191,116

 

$

280,124

 

Internet Advertising & Fees OIBDA(1)

 

6,705

 

8,269

 

9,187

 

9,557

 

11,915

 

11,608

 

14,235

 

13,504

 

12,849

 

38,928

 

52,196

 

Total Monster OIBDA(1)

 

$

51,431

 

$

50,223

 

$

53,719

 

$

60,633

 

$

65,469

 

$

74,984

 

$

82,636

 

$

83,866

 

$

90,834

 

$

230,044

 

$

332,320

 

Corporate expenses before D&A(1)

 

$

(12,207

)

$

(8,996

)

$

(9,335

)

$

(10,524

)

$

(12,514

)

$

(10,244

)

$

(8,790

)

$

(12,008

)

$

(20,815

)

$

(41,369

)

$

(51,857

)

Segment operating income (loss):(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster Careers - North America

 

$

37,267

 

$

37,285

 

$

41,100

 

$

46,735

 

$

45,769

 

$

54,559

 

$

55,597

 

$

57,193

 

$

59,853

 

$

170,889

 

$

227,202

 

Monster Careers - International

 

2,299

 

(1,978

)

(3,217

)

(2,367

)

285

 

765

 

2,003

 

4,997

 

9,658

 

(7,277

)

17,423

 

Monster Careers operating income

 

$

39,566

 

$

35,307

 

$

37,883

 

$

44,368

 

$

46,054

 

$

55,324

 

$

57,600

 

$

62,190

 

$

69,511

 

$

163,612

 

$

244,625

 

Internet Advertising & Fees operating income

 

4,968

 

7,116

 

8,046

 

8,407

 

10,656

 

9,486

 

12,563

 

11,843

 

11,170

 

34,225

 

45,062

 

Total Monster operating income

 

$

44,534

 

$

42,423

 

$

45,929

 

$

52,775

 

$

56,710

 

$

64,810

 

$

70,163

 

$

74,033

 

$

80,681

 

$

197,837

 

$

289,687

 

Corporate expenses

 

$

(15,819

)

$

(12,971

)

$

(12,284

)

$

(17,953

)

$

(13,997

)

$

(11,871

)

$

(10,895

)

$

(14,206

)

$

(22,851

)

$

(57,205

)

$

(59,823

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Margin Analysis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster Careers - North America OIBDA margin

 

36.4

%

33.5

%

35.9

%

38.0

%

36.3

%

36.7

%

37.7

%

37.2

%

38.6

%

36.0

%

37.5

%

Monster Careers - North America operating margin

 

33.3

%

30.2

%

32.6

%

34.9

%

33.2

%

34.1

%

34.1

%

34.3

%

35.6

%

32.8

%

34.5

%

Monster Careers - International OIBDA margin

 

10.7

%

1.3

%

-1.7

%

0.2

%

6.5

%

7.3

%

9.5

%

10.7

%

14.5

%

1.8

%

10.8

%

Monster Careers - International operating margin

 

6.2

%

-4.8

%

-7.0

%

-5.3

%

0.5

%

1.2

%

2.7

%

6.5

%

10.7

%

-3.9

%

5.7

%

Internet Advertising & Fees OIBDA margin

 

28.9

%

33.4

%

35.3

%

34.3

%

38.6

%

35.8

%

37.5

%

32.5

%

31.8

%

35.5

%

34.3

%

Internet Advertising & Fees operating margin

 

21.4

%

28.7

%

30.9

%

30.1

%

34.6

%

29.2

%

33.1

%

28.5

%

27.7

%

31.2

%

29.6

%

Monster OIBDA margin

 

29.9

%

26.5

%

27.1

%

29.3

%

29.3

%

29.2

%

30.0

%

29.3

%

30.4

%

28.1

%

29.8

%

Monster operating margin

 

25.9

%

22.4

%

23.2

%

25.5

%

25.3

%

25.2

%

25.5

%

25.9

%

27.0

%

24.2

%

25.9

%

Consolidated OIBDA margin

 

22.8

%

21.8

%

22.4

%

24.2

%

23.7

%

25.2

%

26.8

%

25.1

%

23.4

%

23.1

%

25.1

%

Consolidated operating margin

 

16.7

%

15.5

%

17.0

%

16.8

%

19.1

%

20.6

%

21.5

%

20.9

%

19.4

%

17.2

%

20.6

%

(1) - See notes to financial supplement for further explanation of non-GAAP measures.



Monster Worldwide, Inc.
Geographic Information and Employee Data - Non-GAAP
(unaudited, in thousands)

 

 

Trended Quarterly Data

 

Year to Date Data

 

 

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

12M 2005

 

12M 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated revenue by geographic region:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

135,252

 

$

148,317

 

$

152,211

 

$

161,997

 

$

168,628

 

$

192,445

 

$

200,795

 

$

208,473

 

$

208,683

 

$

631,153

 

$

810,396

 

International

 

36,912

 

41,217

 

45,880

 

44,837

 

55,184

 

64,591

 

74,374

 

77,382

 

89,933

 

187,118

 

306,280

 

Consolidated revenue

 

$

172,164

 

$

189,534

 

$

198,091

 

$

206,834

 

$

223,812

 

$

257,036

 

$

275,169

 

$

285,855

 

$

298,616

 

$

818,271

 

$

1,116,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated OIBDA by geographic region:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

47,491

 

$

49,678

 

$

54,496

 

$

60,541

 

$

61,889

 

$

70,260

 

$

75,572

 

$

75,618

 

$

77,833

 

$

226,604

 

$

299,283

 

International

 

3,940

 

545

 

(777

)

92

 

3,580

 

4,724

 

7,064

 

8,248

 

13,001

 

3,440

 

33,037

 

Corporate

 

(12,207

)

(8,996

)

(9,335

)

(10,524

)

(12,514

)

(10,244

)

(8,790

)

(12,008

)

(20,815

)

(41,369

)

(51,857

)

Consolidated OIBDA(1)

 

$

39,224

 

$

41,227

 

$

44,384

 

$

50,109

 

$

52,955

 

$

64,740

 

$

73,846

 

$

71,858

 

$

70,019

 

$

188,675

 

$

280,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income (loss) by geographic region:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

42,235

 

$

44,401

 

$

49,146

 

$

55,142

 

$

56,425

 

$

64,045

 

$

68,160

 

$

69,036

 

$

71,023

 

$

205,114

 

$

272,264

 

International

 

2,299

 

(1,978

)

(3,217

)

(2,367

)

285

 

765

 

2,003

 

4,997

 

9,658

 

(7,277

)

17,423

 

Corporate

 

(15,819

)

(12,971

)

(12,284

)

(17,953

)

(13,997

)

(11,871

)

(10,895

)

(14,206

)

(22,851

)

(57,205

)

(59,823

)

Consolidated operating income

 

$

28,715

 

$

29,452

 

$

33,645

 

$

34,822

 

$

42,713

 

$

52,939

 

$

59,268

 

$

59,827

 

$

57,830

 

$

140,632

 

$

229,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global employees (ones)

 

3,317

 

3,044

 

3,216

 

3,347

 

3,537

 

3,785

 

4,214

 

4,632

 

4,854

 

3,537

 

4,854

 

Annualized revenue per average employee

 

$

209.5

 

$

238.4

 

$

253.2

 

$

252.1

 

$

260.1

 

$

280.8

 

$

275.2

 

$

258.5

 

$

251.8

 

$

260.1

 

$

251.8

 

(1) - See notes to financial supplement for further explanation of non-GAAP measures.



Monster Worldwide, Inc.
Statements of Operations - Non GAAP
(unaudited)

 

 

Trended Quarterly Data

 

Year to Date Data

 

Summary P&L Information

 

Q4 2004

 

Q1 2005

 

Q2 2005

 

Q3 2005

 

Q4 2005

 

Q1 2006

 

Q2 2006

 

Q3 2006

 

Q4 2006

 

12M 2005

 

12M 2006

 

Monster Careers

 

86.5

%

86.9

%

86.8

%

86.5

%

86.2

%

87.4

%

86.2

%

85.5

%

86.5

%

86.6

%

86.4

%

Internet Advertising & Fees

 

13.5

%

13.1

%

13.2

%

13.5

%

13.8

%

12.6

%

13.8

%

14.5

%

13.5

%

13.4

%

13.6

%

Revenue

 

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salary and related

 

40.8

%

37.6

%

39.1

%

39.6

%

38.3

%

34.8

%

34.7

%

36.3

%

37.6

%

38.7

%

35.9

%

Office and general

 

15.1

%

15.3

%

14.7

%

13.9

%

14.0

%

14.4

%

11.9

%

14.7

%

16.7

%

14.5

%

14.5

%

Marketing and promotion

 

21.3

%

25.3

%

23.8

%

22.3

%

24.0

%

25.6

%

26.6

%

23.8

%

22.2

%

23.8

%

24.5

%

OIBDA(1)

 

22.8

%

21.8

%

22.4

%

24.2

%

23.7

%

25.2

%

26.8

%

25.1

%

23.4

%

23.1

%

25.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

2.8

%

3.0

%

2.9

%

2.9

%

2.8

%

2.8

%

3.1

%

2.6

%

2.6

%

2.9

%

2.8

%

Amortization of restricted stock and RSU Plan

 

0.4

%

0.5

%

0.3

%

0.3

%

0.3

%

0.8

%

1.2

%

1.0

%

0.8

%

0.3

%

1.0

%

Non-cash stock option expense

 

1.6

%

1.4

%

1.1

%

3.2

%

0.2

%

0.0

%

0.0

%

0.0

%

0.0

%

1.5

%

0.0

%

Amortization of intangibles

 

1.3

%

1.2

%

1.1

%

1.1

%

1.3

%

1.0

%

0.9

%

0.6

%

0.6

%

1.2

%

0.8

%

Operating expenses

 

83.3

%

84.5

%

83.0

%

83.2

%

80.9

%

79.4

%

78.5

%

79.1

%

80.6

%

82.8

%

79.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

16.7

%

15.5

%

17.0

%

16.8

%

19.1

%

20.6

%

21.5

%

20.9

%

19.4

%

17.2

%

20.6

%

Interest and other, net

 

-0.3

%

-0.2

%

0.4

%

0.3

%

1.7

%

1.2

%

1.4

%

1.8

%

2.1

%

0.6

%

1.7

%

Income from cont. operations, pre-tax

 

16.4

%

15.3

%

17.4

%

17.2

%

20.8

%

21.8

%

23.0

%

22.7

%

21.5

%

17.8

%

22.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

6.8

%

5.5

%

6.1

%

6.3

%

7.2

%

7.9

%

8.0

%

7.9

%

7.5

%

6.3

%

7.9

%

Losses in equity interests

 

0.0

%

-0.1

%

-0.2

%

-0.3

%

-1.0

%

-0.5

%

-0.8

%

-0.7

%

-0.5

%

-0.4

%

-0.6

%

Income from continuing operations

 

9.6

%

9.7

%

11.0

%

10.6

%

12.6

%

13.4

%

14.1

%

14.0

%

13.5

%

11.1

%

13.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from disc. operations, net of tax

 

1.6

%

-0.2

%

-1.9

%

2.0

%

3.5

%

3.1

%

0.3

%

-43.3

%

-0.4

%

0.9

%

-10.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

11.2

%

9.5

%

9.1

%

12.6

%

16.2

%

16.4

%

14.4

%

-29.3

%

13.1

%

12.0

%

3.3

%

(1) - See notes to financial supplement for further explanation of non-GAAP measures.