Monster Worldwide Reports Second Quarter 2014 Results

  • Second Quarter Highlights:
    • Revenue of $194.4 Million; Careers – North America Revenue Returns to Year-Over-Year Growth
    • Cash Flow From Operations of $25 Million
    • EBITDA of $26 Million; Careers – North America EBITDA Margin of 25%
    • Non-GAAP EPS of $0.08; Break-Even on a GAAP Basis
    • Repurchased 2 Million Shares of Common Stock in the Second Quarter Totaling $12 Million; Brings Total Repurchases to 25% of Shares Outstanding Since Q2 2013
  • Significant Progress on Implementation of New “All the Jobs, All the People” Business Strategy:
    • July 1 Commercial Launch of New Products in North America:
      • TalentBin® by Monster: Provides Customers Access to Over 120 Million Social Profiles
      • Monster Twitter Cards: Extends Monster Reach Across Broad Social Audiences
      • Talent CRM: Self Service Campaign and Messaging Platform for Recruiters
    • 3 Million Job Postings Currently Aggregated on Monster Network
    • North American and European Sales Force Realigned To Maximize Penetration of New Products

WESTON, Mass.--()--Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for the second quarter ended June 30, 2014.

“We are making significant progress on our new strategy to transform our business around our three Strategic Pillars of Reach, Connections and Solutions,” said Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide. “In the second quarter, we realigned our North American and European sales force to support our new product strategy and ensure the breadth and depth of our new product offerings will be fully utilized by our global customers. On July 1st, we implemented the first stage of our transformation by commercially introducing three exciting new products in North America: TalentBin by Monster, Monster Twitter Cards and Talent CRM and the initial reception by our customers has been strong. We will continue to work diligently to introduce new products in North America and Europe over the next few quarters and are confident that our new strategy will drive significant growth and profitability at Monster over the long term.”

Second Quarter 2014 Results

Total revenue of $194 million was down 3% compared to the second quarter of 2013. Revenue from the Company’s Careers - North America operations increased 1% on a year-over-year basis. Internet Advertising & Fees revenue was $16 million compared to $18 million in the second quarter of 2013. Historical quarterly revenue data is available in the Company’s supplemental financial information.

Total GAAP operating expenses of $190 million decreased 1% compared to $192 million in the second quarter of 2013. Net income for the second quarter of 2014 was break-even, compared to $3 million, or $0.03 per share, in the second quarter of 2013.

Non-GAAP net income was $7 million, or $0.08 per share, compared to $13 million, or $0.12 per share, in the second quarter of 2013. Non-GAAP operating expenses were $181 million, a 1% increase compared to the second quarter of 2013. Total EBITDA margin of 13% was led by Careers - North America with a 25% EBITDA margin. Pro-forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the applicable GAAP measure in the accompanying tables.

Net cash provided by operating activities in the quarter was $25 million. Deferred revenue was $316 million, down 4% compared to the quarter ended June 30, 2013. The Company ended the quarter with total available liquidity of $192 million.

Six Month Results

Monster Worldwide reported total revenue of $393 million for the first six months ended June 30, 2014 compared to $412 million in the same period last year, a 5% decrease. Monster Careers revenue decreased 4% to $361 million compared with $375 million in the 2013 period. Internet Advertising & Fees reported revenue of $32 million compared to $37 million in the prior year period. The Company reported earnings from continuing operations of $2 million, or $0.02 per share, compared to $15 million, or $0.14 per share, in the prior year period.

Share Repurchase

During the second quarter 2014, Monster repurchased 2 million shares of its common stock at an average price of $5.88 per share, for a total of $12 million. Since the inception of the existing program in the second quarter of 2013, the Company has repurchased 28 million shares, or approximately 25% of its outstanding shares, at an average price of $5.73. At June 30, 2014, there was $42 million remaining under the Company’s previously announced $200 million share repurchase program.

Company Provides Q3 EPS Guidance

Third quarter 2014 Non-GAAP EPS from continuing operations is expected to be in the range of $0.00 to $0.04, which excludes approximately $8 million of stock-based compensation.

Historical data on Non-GAAP EPS excluding stock-based compensation expense is available in the Company’s supplemental financial information.

Conference Call and Webcast

Second quarter 2014 results will be discussed on Monster Worldwide’s quarterly conference call on August 5, 2014 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) 696-1396 or (706) 758-9636 and reference conference ID# 73442536. 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 (855) 859-2056 or (404) 537-3406 and reference ID# 73442536. This number is valid until midnight on August 19, 2014.

About Monster Worldwide

Monster Worldwide, Inc. (NYSE:MWW), is the global leader in successfully connecting job opportunities and people. Monster uses the world's most advanced technology to help people Find Better, matching job seekers to opportunities via digital, social and mobile solutions including monster.com®, our flagship website, and employers to the best talent using a vast array of products and services. As an Internet pioneer, more than 200 million people have registered on the Monster Worldwide network. Today, with operations in more than 40 countries, Monster provides the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities globally. For more information visit about.monster.com

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 third quarter 2014. 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 from continuing operations, operating margin, income (loss) from continuing operations, (loss) income from discontinued operations, net of tax, and diluted earnings (loss) per share attributable to Monster Worldwide, Inc. all exclude certain pro-forma adjustments including: non-cash stock based compensation expense; costs incurred for the 2012 restructurings; costs incurred related to the Company’s review of strategic alternatives; 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 provision related to the sale of a noncontrolling interest; the results of the businesses in Careers – China, Latin America and Turkey as they have been classified as discontinued operations; gain on deconsolidation of subsidiaries, net; and charges related to exited facilities and acquisition related costs. 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, and non-cash costs incurred in connection with the Company’s restructuring programs. The Company considers EBITDA to be an important indicator of its operational strength which the Company believes is useful to management and investors in evaluating its operating performance. EBITDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA excludes the impact of the pro-forma adjustments discussed above.

Free cash flow is defined as cash flow from operating activities less capital expenditures. Free cash flow is considered a liquidity measure and provides useful information about the Company’s ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Company’s cash position for the period and should not be considered a substitute for such a measure.

Net cash and securities are defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities, plus unused borrowings under our credit facility. The Company considers net cash and securities and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and securities and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and securities and total available liquidity are presented herein as non-GAAP measures and may not be comparable to similarly titled measures used by other companies.

MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
               
 
Three Months Ended June 30, Six Months Ended June 30,
2014 2013 2014 2013
 
Revenue $ 194,441   $ 200,058   $ 392,590   $ 412,044  
 
Salaries and related 103,220 89,467 205,219 187,042
Office and general 49,131 52,262 104,338 103,394
Marketing and promotion 37,377 43,394 78,790 92,661
Restructuring and other special charges   -     6,828     -     19,995  
Total operating expenses   189,728     191,951     388,347     403,092  
 
Operating income 4,713 8,107 4,243 8,952
 
Gain on deconsolidation of subsidiaries, net   -     -     11,828     -  
 
Interest and other, net   (1,660 )   (1,357 )   (2,983 )   (2,625 )
 
Income before income taxes and income (loss) in equity interests 3,053 6,750 13,088 6,327
 
Provision for (benefit from) income taxes 1,615 2,366 8,278 (9,633 )
Income (loss) in equity interests, net   58     (245 )   (75 )   (703 )
 
Income from continuing operations 1,496 4,139 4,735 15,257
 
Loss from discontinued operations, net of tax   -     (759 )   -     (6,893 )
 
Net income 1,496 3,380 4,735 8,364
 
Net income attributable to noncontrolling interest   (1,462 )   -     (2,636 )   -  
 
Net income attributable to Monster Worldwide, Inc. $ 34   $ 3,380   $ 2,099   $ 8,364  
 
*Basic earnings per share attributable to Monster Worldwide, Inc.:
 
Income from continuing operations $ - $ 0.04 $ 0.02 $ 0.14
Loss from discontinued operations, net of tax   -     (0.01 )   -     (0.06 )
Basic earnings per share $ -   $ 0.03   $ 0.02   $ 0.08  
 
*Diluted earnings per share attributable to Monster Worldwide, Inc.:
 
Income from continuing operations $ - $ 0.04 $ 0.02 $ 0.14
Loss from discontinued operations, net of tax   -     (0.01 )   -     (0.06 )
Diluted earnings per share $ -   $ 0.03   $ 0.02   $ 0.07  
 
 
Weighted average shares outstanding:
 
Basic   87,080     110,932     89,080     111,166  
 
Diluted   89,955     111,937     92,174     112,419  
 
 
 
EBITDA:
 
Operating income $ 4,713 $ 8,107 $ 4,243 $ 8,952
Depreciation and amortization of intangibles 11,835 15,725 24,354 31,829
Stock based compensation 9,063 5,470 17,236 12,264
Restructuring non-cash expenses   -     4,540     -     5,315  
 
EBITDA $ 25,611   $ 33,842   $ 45,833   $ 58,360  
 

*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,
2014 2013
Cash flows provided by operating activities:
Net income $ 4,735   $ 8,364  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 24,354 31,829
Provision for doubtful accounts 728 1,432
Non-cash compensation 17,236 12,264
Deferred income taxes 3,402 (2,607 )
Non-cash restructuring charges - 5,315
Loss in equity interests, net 75 703
Gain on deconsolidation of subsidiaries (13,647 ) -
Amount reclassified from accumulated other comprehensive income 1,819 (23,109 )
Tax benefit from change in uncertain tax positions - (12,869 )
Excess income tax benefit from equity compensation plans (199 ) (2,044 )
Changes in assets and liabilities, net of acquisitions:
Accounts receivable 39,524 28,641
Prepaid and other (7,990 ) 15,555
Deferred revenue (27,489 ) (31,242 )
Accounts payable, accrued liabilities and other   1,259     (25,466 )
Total adjustments   39,072     (1,598 )
Net cash provided by operating activities   43,807     6,766  
 
Cash flows used for investing activities:
Capital expenditures (22,469 ) (18,388 )
Payments for acquisitions, net of cash acquired (27,005 ) -
Investment in Alma Career Oy (6,516 ) -
Cash funded to and dividends received from equity investee and other (616 ) 139
Capitalized patent defense costs   (1,220 )   -  
Net cash used for investing activities   (57,826 )   (18,249 )
 
Cash flows provided by (used for) financing activities:
Proceeds from borrowings on credit facilities 78,800 17,500
Payments on borrowings on credit facilities (8,100 ) (39,799 )
Payments on borrowings on term loan (4,375 ) (3,125 )
Repurchase of common stock (51,517 ) (23,378 )
Tax withholdings related to net share settlements of restricted stock awards and units (3,707 ) (4,987 )
Excess income tax benefit from equity compensation plans 199 2,044
Dividend paid to noncontrolling interest   (3,021 )   -  
Net cash provided by (used for) financing activities   8,279     (51,745 )
 
Effects of exchange rates on cash   1,554     (5,624 )
 
Net decrease in cash and cash equivalents (4,186 ) (68,852 )
Cash and cash equivalents, beginning of period   88,581     148,185  
Cash and cash equivalents, end of period $ 84,395   $ 79,333  
 
Free cash flow:
 
Net cash provided by operating activities $ 43,807 $ 6,766
Less: Capital expenditures   (22,469 )   (18,388 )
Free cash flow $ 21,338   $ (11,622 )
 
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
           
Assets: June 30, 2014 December 31, 2013
 
Cash and cash equivalents $ 84,395 $ 88,581
Accounts receivable, net 293,732 332,675
Property and equipment, net 126,345 124,169
Goodwill and intangibles, net 944,210 919,576
Investment in unconsolidated affiliates 23,759 220
Other assets   124,824   121,036
Total Assets $ 1,597,265 $ 1,586,257
 
Liabilities and Stockholders' Equity:
 
Accounts payable, accrued expenses and other current liabilities $ 160,613 $ 167,306
Deferred revenue 315,786 342,156
Current portion of long-term debt and borrowings on credit facilities 201,600 9,375
Long-term income taxes payable 55,355 53,078
Long-term debt, less current portion - 125,900
Other long-term liabilities   57,146   44,297
Total Liabilities $ 790,500 $ 742,112
 
Stockholders' Equity 806,765 844,145
     
Total Liabilities and Stockholders' Equity $ 1,597,265 $ 1,586,257
 
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
                               
Three Months Ended June 30, 2014 Three Months Ended June 30, 2013
As Reported

Non GAAP
Adjustments

Consolidated
Non GAAP

As Reported

Non GAAP
Adjustments

Consolidated
Non GAAP

 
Revenue $ 194,441   $ -   $ 194,441   $ 200,058   $ -   $ 200,058  
 
Salaries and related 103,220 (9,063 ) a 94,157 89,467 (5,470 ) a 83,997
Office and general 49,131 - 49,131 52,262 (1,545 ) b 50,717
Marketing and promotion 37,377 - 37,377 43,394 - 43,394
Restructuring and other special charges   -     -     -     6,828     (6,828 ) c   -  
Total operating expenses   189,728     (9,063 )   180,665     191,951     (13,843 )   178,108  
Operating income 4,713 9,063 13,776 8,107 13,843 21,950
Operating margin 2.4 % 7.1 % 4.1 % 11.0 %
 
Interest and other, net   (1,660 )   -     (1,660 )   (1,357 )   -     (1,357 )
 
Income before income taxes and income (loss) in equity interests 3,053 9,063 12,116 6,750 13,843 20,593
 
Provision for income taxes 1,615 2,141 g 3,756 2,366 4,856 f,g 7,222
Income (loss) in equity interests, net   58     -     58     (245 )   -     (245 )
Income from continuing operations   1,496     6,922     8,418     4,139     8,987     13,126  
 
Loss from discontinued operations, net of tax - - - (759 ) 759 i -
 
Net income 1,496 6,922 8,418 3,380 9,746 13,126
 
Net income attributable to noncontrolling interest (1,462 ) - (1,462 ) - - -
           
Net income attributable to Monster Worldwide, Inc. $ 34   $ 6,922   $ 6,956   $ 3,380   $ 9,746   $ 13,126  
 
*Diluted earnings per share attributable to Monster Worldwide, Inc.:
Income from continuing operations $ - $ 0.08 $ 0.08 $ 0.04 $ 0.08 $ 0.12
Loss from discontinued operations, net of tax   -     -     -     (0.01 )   0.01     -  
Diluted earnings per share $ -   $ 0.08   $ 0.08   $ 0.03   $ 0.09   $ 0.12  
 
Weighted average shares outstanding:
Basic 87,080 87,080 87,080 110,932 110,932 110,932
Diluted 89,955 89,955 89,955 111,937 111,937 111,937
 
 
Six Months Ended June 30, 2014 Six Months Ended June 30, 2013
As Reported

Non GAAP
Adjustments

Consolidated
Non GAAP

As Reported

Non GAAP
Adjustments

Consolidated
Non GAAP

 
Revenue $ 392,590   $ -   $ 392,590   $ 412,044   $ -   $ 412,044  
 
Salaries and related 205,219 (17,236 ) a 187,983 187,042 (12,264 ) a 174,778
Office and general 104,338 (6,349 ) d 97,989 103,394 (2,920 ) b 100,474
Marketing and promotion 78,790 - 78,790 92,661 - 92,661
Restructuring and other special charges   -     -     -     19,995     (19,995 )   -  
Total operating expenses   388,347     (23,585 )   364,762     403,092     (35,179 )   367,913  
Operating income 4,243 23,585 27,828 8,952 35,179 44,131
Operating margin 1.1 % 7.1 % 2.2 % 10.7 %
 
Gain on deconsolidation of subsidiaries, net   11,828     (11,828 ) e   -     -     -     -  
 
Interest and other, net   (2,983 )   -     (2,983 )   (2,625 )   -     (2,625 )
 
Income before income taxes and loss in equity interests 13,088 11,757 24,845 6,327 35,179 41,506
 
Provision for (benefit from) income taxes 8,278 (439 ) g,h 7,839 (9,633 ) 24,175 f,g 14,542
Loss in equity interests, net   (75 )   -     (75 )   (703 )   -     (703 )
Income from continuing operations   4,735     12,196     16,931     15,257     11,004     26,261  
 
Loss from discontinued operations, net of tax - - - (6,893 ) 6,893 i -
 
Net income 4,735 12,196 16,931 8,364 17,897 26,261
 
Net income attributable to noncontrolling interest (2,636 ) - (2,636 ) - - -
           
Net income attributable to Monster Worldwide, Inc. $ 2,099   $ 12,196   $ 14,295   $ 8,364   $ 17,897   $ 26,261  
 
*Diluted earnings per share attributable to Monster Worldwide, Inc.:
Income from continuing operations $ 0.02 $ 0.13 $ 0.16 $ 0.14 $ 0.10 $ 0.23
Loss from discontinued operations, net of tax   -     -     -     (0.06 )   0.06     -  
Diluted earnings per share   0.02   $ 0.13   $ 0.16   $ 0.07   $ 0.16   $ 0.23  
 
Weighted average shares outstanding:
Basic 89,080 89,080 89,080 111,166 111,166 111,166
Diluted 92,174 92,174 92,174 112,419 112,419 112,419
 
Note Regarding Non GAAP Adjustments:
  The financial information included herein contains certain non-GAAP financial measures. This information is not intended to be used in place of the financial information prepared and presented in accordance with GAAP, nor is it intended to be considered in isolation. We believe that the above presentation of non-GAAP measures provide useful information to management and investors regarding certain core operating and business trends relating to our results of operations, exclusive of certain restructuring related and other special charges.
 
  Non GAAP adjustments consist of the following:
 
a Costs related to stock based compensation
 
b Costs directly associated with our previously announced review of strategic alternatives.
 
c Restructuring related charges pertaining to the strategic actions that the Company announced in November 2012. 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, and professional fees.
 
d Charges related to exited facilities associated with the move to our new corporate headquarters in Weston, Massachusetts.
 
e Gain on deconsolidation of subsidiaries, net
 
f Non-GAAP income tax adjustment includes the reversal of income tax reserves inclusive of interest due to uncertain tax positions and a tax benefit due to certain losses arising from the company's restructuring.
 
g Non-GAAP income tax adjustment is 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.
 
h

Non-GAAP adjustment includes tax provision for gain on deconsolidation of subsidiaries, net.

 
i Discontinued operations related to our sale of ChinaHR and the exit of our businesses in Latin America and Turkey.
 
*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 June 30, 2014

Careers -
North America

Careers -
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
       
Revenue $ 110,301   $ 68,280   $ 15,860   $ 194,441  
 
Operating income (loss) - GAAP $ 17,902 $ (6,974 ) $ 3,464 $ (9,679 ) $ 4,713
Non GAAP Adjustments   3,156     2,462     458     2,987     9,063  
Operating income (loss) - Non GAAP $ 21,058   $ (4,512 ) $ 3,922   $ (6,692 ) $ 13,776  
 
EBITDA $ 27,016 $ 193 $ 4,773 $ (6,371 ) $ 25,611
Non GAAP Adjustments   -     -     -     -     -  
Adjusted EBITDA $ 27,016   $ 193   $ 4,773   $ (6,371 ) $ 25,611  
 
Operating margin - GAAP 16.2 % -10.2 % 21.8 % 2.4 %
Operating margin - Non GAAP 19.1 % -6.6 % 24.7 % 7.1 %
 
EBITDA margin 24.5 % 0.3 % 30.1 % 13.2 %
Adjusted EBITDA margin 24.5 % 0.3 % 30.1 % 13.2 %
 
Three Months Ended June 30, 2013

Careers -
North America

Careers -
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
       
Revenue $ 109,717   $ 72,102   $ 18,239   $ 200,058  
 
Operating income (loss) - GAAP $ 19,272 $ (6,054 ) $ 6,312 $ (11,423 ) $ 8,107
Non GAAP Adjustments   3,005     4,380     666     5,792     13,843  
Operating income (loss) - Non GAAP $ 22,277   $ (1,674 ) $ 6,978   $ (5,631 ) $ 21,950  
 
EBITDA $ 30,609 $ 2,727 $ 7,829 $ (7,323 ) $ 33,842
Non GAAP Adjustments   328     1,390     256     1,859     3,833  
Adjusted EBITDA $ 30,937   $ 4,117   $ 8,085   $ (5,464 ) $ 37,675  
 
Operating margin - GAAP 17.6 % -8.4 % 34.6 % 4.1 %
Operating margin - Non GAAP 20.3 % -2.3 % 38.3 % 11.0 %
 
EBITDA margin 27.9 % 3.8 % 42.9 % 16.9 %
Adjusted EBITDA margin 28.2 % 5.7 % 44.3 % 18.8 %
 
Six Months Ended June 30, 2014

Careers -
North America

Careers -
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
       
Revenue $ 221,948   $ 138,884   $ 31,758   $ 392,590  
 
Operating income (loss) - GAAP $ 30,022 $ (12,263 ) $ 7,155 $ (20,671 ) $ 4,243
Non GAAP Adjustments   8,544     4,621     1,182     9,238     23,585  
Operating income (loss) - Non GAAP $ 38,566   $ (7,642 ) $ 8,337   $ (11,433 ) $ 27,828  
 
EBITDA $ 47,712 $ 1,851 $ 10,011 $ (13,741 ) $ 45,833
Non GAAP Adjustments   3,101     215     200     2,833     6,349  
Adjusted EBITDA $ 50,813   $ 2,066   $ 10,211   $ (10,908 ) $ 52,182  
 
Operating margin - GAAP 13.5 % -8.8 % 22.5 % 1.1 %
Operating margin - Non GAAP 17.4 % -5.5 % 26.3 % 7.1 %
 
EBITDA margin 21.5 % 1.3 % 31.5 % 11.7 %
Adjusted EBITDA margin 22.9 % 1.5 % 32.2 % 13.3 %
 
Six Months Ended June 30, 2013

Careers -
North America

Careers -
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
       
Revenue $ 225,652   $ 149,821   $ 36,571   $ 412,044  
 
Operating income (loss) - GAAP $ 31,695 $ (15,045 ) $ 12,574 $ (20,272 ) $ 8,952
Non GAAP Adjustments   13,006     11,624     1,287     9,262     35,179  
Operating income (loss) - Non GAAP $ 44,701   $ (3,421 ) $ 13,861   $ (11,010 ) $ 44,131  
 
EBITDA $ 54,624 $ 1,877 $ 15,767 $ (13,908 ) $ 58,360
Non GAAP Adjustments   7,542     6,480     342     3,236     17,600  
Adjusted EBITDA $ 62,166   $ 8,357   $ 16,109   $ (10,672 ) $ 75,960  
 
Operating margin - GAAP 14.0 % -10.0 % 34.4 % 2.2 %
Operating margin - Non GAAP 19.8 % -2.3 % 37.9 % 10.7 %
 
EBITDA margin 24.2 % 1.3 % 43.1 % 14.2 %
Adjusted EBITDA margin 27.5 % 5.6 % 44.0 % 18.4 %
 

Contacts

Monster Worldwide, Inc.
Investors:
Michael McGuinness, 212-351-7110
michael.mcguinness@monster.com
or
Media: Matt Anchin, 212-351-7528
matt.anchin@monster.com

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Contacts

Monster Worldwide, Inc.
Investors:
Michael McGuinness, 212-351-7110
michael.mcguinness@monster.com
or
Media: Matt Anchin, 212-351-7528
matt.anchin@monster.com