Monster Worldwide Reports Third Quarter 2009 Results
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Income from Continuing Operations of $0.27, Primarily Reflecting Impact of Income Tax Benefit
Non-GAAP Diluted Earnings Per Share of $0.01 and Revenue of $215 Million in Line with Expectations
Non-GAAP Operating Expenses Decline 19% to $211 Million over the Prior Year Period, and 2% Sequentially
Net Cash and Securities of $234 Million
Company Generates $12 Million in Cash Flow from Operations
NEW YORK--(BUSINESS WIRE)-- Monster Worldwide, Inc. (NYSE: MWW) today reported financial results for the third quarter ended September 30, 2009.
Third Quarter Results
Sal Iannuzzi, chairman, president and chief executive officer of Monster Worldwide, said, "While the overall global recruitment market remains challenging, we have continued to move aggressively during the downturn to invest and innovate. We are extremely excited about the upcoming launch of our next generation search and match products which represent industry leading innovation. The early response we have received from both customers and seekers has been overwhelmingly positive and extremely encouraging. These new products, together with enhanced seeker tools introduced earlier this year, have allowed us to remain the industry leader while improving our value proposition to employers and job seekers."
Mr. Iannuzzi added, "We maintained strict financial discipline during the third quarter while preserving our financial strength. We will continue to make decisions based on the longer term benefit to our customers and shareholders and we are greatly encouraged by our progress."
Total revenue was $215 million, compared with $332 million in the comparable quarter of 2008, a 35% decline. Monster Worldwide generated 42% of its revenue outside the United States and total revenue was negatively impacted by $7.4 million from unfavorable foreign exchange rates. Revenue was impacted by lower global demand for recruitment advertising services.
Careers non-GAAP revenue decreased 39% to $180 million. Careers North America generated revenue of $95 million compared with $155 million in the prior year period, a 39% decline. Careers International non-GAAP revenue was $85 million, a 40% decline over the prior year period. Internet Advertising & Fees generated revenue of $35 million, essentially flat over the $35 million reported in last year's third quarter.
Consolidated operating expenses were $212 million, and income from continuing operations was approximately $33 million, or $0.27 per diluted share, compared to income from continuing operations of $43 million, or $0.36 per diluted share, in the comparable 2008 period. Third quarter results include a net non-cash benefit of $32 million relating to the reversal of an income tax liability for uncertain tax positions. Foreign exchange rates negatively impacted consolidated operating income by approximately $0.5 million.
Non-GAAP income from continuing operations for the quarter ended September 30, 2009 excludes the $32 million benefit from the income tax adjustment and a $0.9 million net benefit resulting from pre-tax pro forma adjustments of:
-- $1.8 million in charges primarily due to facilities consolidation,
-- $5.9 million in severance charges primarily from the elimination of
certain product and technology positions in various global locations and
consolidation to the company's new Cambridge, Massachusetts facility,
-- a $0.6 million revenue reduction due to the purchase accounting
adjustment for ChinaHR, offset by
-- an aggregate benefit of $7.3 million representing the reversal of
previous accruals related to legal settlements (inclusive of the ERISA
(401k Plan) class action settlement).
These pro forma items are fully described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.
On a non-GAAP basis, Monster Worldwide generated revenue of $215 million and $211 million of operating expenses. In last year's third quarter, revenue was $332 million and operating expenses were $262 million. Income from continuing operations was $1.7 million, or $0.01 per diluted share, compared to $48 million, or $0.40 per diluted share, in the comparable prior year period.
Monster ended the third quarter of 2009 with total available liquidity of $532 million, and net cash and securities of $234 million, compared with net cash and securities of $235 million at the end of the 2009 second quarter.
During the quarter, Monster Worldwide paid back a total of $47 million of debt and currently has $50 million of outstanding debt on the balance sheet. Cash generated from operating activities was $12 million compared to $14 million used in the 2009 second quarter.
Capital expenditures were $12 million, down from $21 million in last year's third quarter. Approximately $76 million of auction rate securities are classified as a long-term asset on the consolidated balance sheet, and are included in the net cash and securities balance as of September 30, 2009.
Monster Worldwide's deferred revenue balance at September 30, 2009 was $266 million, compared with last year's third quarter balance of $412 million, and $290 million reported for the second quarter of 2009.
Nine Months Results
Monster Worldwide reported total revenue of $692 million for the nine months ended September 30, 2009 compared to $1.05 billion in the comparable period last year, a 34% decrease, or 30% excluding the impact of foreign exchange rates. Monster Careers revenue declined to $593 million compared with $955 million in the 2008 period. Internet Advertising & Fees reported revenue of $99 million, a slight increase over the $98 million reported in the prior year period. The Company reported income from continuing operations of $21 million, or $0.17 per diluted share, compared to income from continuing operations of $85 million, or $0.70 per diluted share in the prior year period.
Supplemental Financial Information
The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://www.about-monster.com/q309supplement.pdf or through the Company's Investor Relations website at http://ir.monster.com.
Webcast Information
Third quarter 2009 results will be discussed on a webcast taking place on October 29, 2009 at 8:30 AM EDT. The webcast can be accessed online through the Investor Relations section of the Company's website at http://ir.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.
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: net 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; severance and facility charges primarily related to product and technology global reorganization; the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR; and a net non-cash benefit relating to the reversal of an income tax liability for uncertain tax positions. 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 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.
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.
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended September Nine Months Ended September 30,
30,
2009 2008 2009 2008
Revenue $ 214,533 $ 332,189 $ 691,993 $ 1,052,955
Salaries and 112,833 136,506 348,702 412,833
related
Office and 59,841 71,834 181,816 221,091
general
Marketing and 45,757 57,684 164,401 238,514
promotion
(Reversal of)
Provision for
legal (6,850 ) - (6,850 ) 40,100
settlements,
net
Restructuring
and other - 3,592 16,105 13,251
special
charges
Total
operating 211,581 269,616 704,174 925,789
expenses
Operating 2,952 62,573 (12,181 ) 127,166
income (loss)
Interest and (48 ) 5,283 1,231 15,723
other, net
Income (loss)
from
continuing
operations 2,904 67,856 (10,950 ) 142,889
before income
taxes and
equity
interests
(Benefit
from) (30,891 ) 22,734 (35,463 ) 50,030
Provision for
Income Taxes
Loss in
equity (1,044 ) (2,086 ) (3,473 ) (7,500 )
interests,
net
Income from
continuing 32,751 43,036 21,040 85,359
operations
(Loss) income
from
discontinued - (258 ) - 10,840
operations,
net of tax
Net income $ 32,751 $ 42,778 $ 21,040 $ 96,199
Basic
earnings per
share:
Income from
continuing $ 0.27 $ 0.36 $ 0.18 $ 0.70
operations
Income from
discontinued - - - 0.09
operations,
net of tax
Basic
earnings per $ 0.27 $ 0.36 $ 0.18 $ 0.79
share
Diluted
earnings per
share:
Income from
continuing $ 0.27 $ 0.36 $ 0.17 $ 0.70
operations
Income from
discontinued - - - 0.09
operations,
net of tax
Diluted
earnings per $ 0.27 $ 0.35 $ 0.17 $ 0.79
share
Weighted
average
shares
outstanding:
Basic 119,473 120,057 119,206 121,213
Diluted 121,676 120,722 120,853 121,884
Operating
income before
depreciation
and
amortization:
Operating $ 2,952 $ 62,573 $ (12,181 ) $ 127,166
income (loss)
Depreciation
and
amortization 17,419 14,710 50,684 40,503
of
intangibles
Amortization
of 10,081 7,602 30,349 21,468
stock-based
compensation
Restructuring
non-cash - 924 4,723 3,933
expenses
Operating
income before
depreciation $ 30,452 $ 85,809 $ 73,575 $ 193,070
and
amortization
*Earnings per share may not add in certain periods due to rounding.
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended September 30,
2009 2008
Cash flows provided by operating activities:
Net income $ 21,040 $ 96,199
Adjustments to reconcile net income to net cash
provided by operating activities:
(Income) from discontinued operations, net of - (10,840 )
tax
Depreciation and amortization 50,684 40,503
(Reversal of) Provision for legal settlements, (6,850 ) 40,100
net
Provision for doubtful accounts 8,566 11,174
Non-cash compensation 30,349 22,630
Deferred income taxes 5,739 (7,142 )
Non-cash restructuring write-offs, accelerated 4,744 3,009
amortization and loss on disposal of assets
Loss in equity interests, net 3,473 7,500
Changes in assets and liabilities, net of
business combinations:
Accounts receivable 127,523 131,891
Prepaid and other 856 21,620
Deferred revenue (152,688 ) (112,567 )
Accounts payable, accrued liabilities and other (81,468 ) (4,924 )
Receipts for legal settlements, net - 5,700
Net cash used for operating activities of - (4,091 )
discontinued operations
Total adjustments (9,072 ) 144,563
Net cash provided by operating activities 11,968 240,762
Cash flows (used for) provided by investing
activities:
Capital expenditures (38,664 ) (71,224 )
Cash funded to equity investee (4,953 ) (5,000 )
Purchase of marketable securities (7,476 ) (182,147 )
Sales and maturities of marketable securities 3,317 502,305
Payments for acquisitions and intangible (300 ) (126,195 )
assets, net of cash acquired
Dividends received from unconsolidated investee 763 1,011
Net cash (used for) provided by investing (47,313 ) 118,750
activities
Cash flows (used for) provided by financing
activities:
Proceeds from borrowings on credit facilities 199,203 247,000
Payments for borrowings on credit facilities (256,196 ) (156 )
Proceeds on borrowings on term loan 50,000 -
Repurchase of common stock (4,304 ) (128,133 )
Proceeds from exercise of employee stock 55 1,156
options
Excess tax benefits from equity compensation 12 981
plans
Net cash (used for) provided by financing (11,230 ) 120,848
activities
Effects of exchange rates on cash 11,792 (4,980 )
Net (decrease) increase in cash and cash (34,783 ) 475,380
equivalents
Cash and cash equivalents, beginning of period 222,260 129,744
Cash and cash equivalents, end of period $ 187,477 $ 605,124
Free cash flow:
Net cash provided by operating activities $ 11,968 $ 240,762
Less: Capital expenditures (38,664 ) (71,224 )
Free cash flow $ (26,696 ) $ 169,538
MONSTER WORLDWIDE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) Assets: September 30, 2009 December 31, 2008 Cash and cash equivalents $ 187,477 $ 222,260 Marketable securities, current 20,482 1,425 Accounts receivable, net 243,033 376,720 Marketable securities, non-current 75,953 90,347 Property and equipment, net 150,963 161,282 Goodwill and intangibles, net 976,124 946,881 Other assets 120,200 117,675 Total assets $ 1,774,232 $ 1,916,590 Liabilities and Stockholders' equity: Accounts payable, accrued expenses and $ 204,402 $ 254,425 other current liabilities Deferred revenue 265,573 414,312 Current portion of long-term debt and 5,017 54,971 borrowings under credit facilities Non-current income taxes payable 82,963 119,951 Long-term debt 45,000 - Other long-term liabilities 36,394 25,658 Total liabilities 639,349 869,317 Stockholders' equity 1,134,883 1,047,273 Total liabilities and stockholders' $ 1,774,232 $ 1,916,590 equity
MONSTER WORLDWIDE, INC. UNAUDITED OPERATING SEGMENT INFORMATION (in thousands) Three Months Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2009 Revenue $ 95,204 $ 84,737 $ 34,592 $ 214,533 Operating income 6,057 (2,181 ) 5,091 $ (6,015 ) 2,952 (loss) OIBDA 16,902 8,154 8,247 (2,851 ) 30,452 Operating 6.4 % -2.6 % 14.7 % 1.4 % margin OIBDA 17.8 % 9.6 % 23.8 % 14.2 % margin Three Months Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2008 Revenue $ 155,165 $ 142,441 $ 34,583 $ 332,189 Operating 43,120 30,230 4,726 $ (15,503 ) 62,573 income OIBDA 52,516 39,060 7,425 (13,192 ) 85,809 Operating 27.8 % 21.2 % 13.7 % 18.8 % margin OIBDA 33.8 % 27.4 % 21.5 % 25.8 % margin Nine Months Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2009 Revenue $ 316,187 $ 277,000 $ 98,806 $ 691,993 Operating (loss) 17,804 (4,871 ) 13,574 $ (38,688 ) (12,181 ) income OIBDA 51,240 27,289 22,550 (27,504 ) 73,575 Operating 5.6 % -1.8 % 13.7 % -1.8 % margin OIBDA 16.2 % 9.9 % 22.8 % 10.6 % margin Nine Months Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2008 Revenue $ 502,983 $ 452,386 $ 97,586 $ 1,052,955 Operating 141,230 71,789 7,951 $ (93,804 ) 127,166 income OIBDA 167,754 96,083 15,725 (86,492 ) 193,070 Operating 28.1 % 15.9 % 8.1 % 12.1 % margin OIBDA 33.4 % 21.2 % 16.1 % 18.3 % margin
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
Three Months Ended September 30, 2009 Three Months Ended September 30, 2008
As Reported Proforma Non-GAAP As Reported Proforma Non-GAAP
Adjustments Adjustments
Revenue $ 214,533 $ 552 a $ 215,085 $ 332,189 $ - $ 332,189
Salaries and 112,833 (5,907 ) e 106,926 136,506 - 136,506
related
Office and 59,841 (1,333 ) b, 58,508 71,834 (3,875 ) b 67,959
general f
Marketing and 45,757 - 45,757 57,684 - 57,684
promotion
(Reversal of)
Provision for
legal (6,850 ) 6,850 c - - - -
settlements,
net
Restructuring
and other - - - 3,592 (3,592 ) d -
special
charges
Total
operating 211,581 (390 ) 211,191 269,616 (7,467 ) 262,149
expenses
Operating 2,952 942 3,894 62,573 7,467 70,040
income
Operating 1.4 % 1.8 % 18.8 % 21.1 %
margin
Interest and (48 ) - (48 ) 5,283 - 5,283
other, net
Income from
continuing
operations
before income 2,904 942 3,846 67,856 7,467 75,323
taxes and
equity
interests
(Benefit
from) (30,891 ) 31,994 g, 1,103 22,734 2,502 g 25,236
Provision for h
Income Taxes
Losses in
equity (1,044 ) - (1,044 ) (2,086 ) - (2,086 )
interests,
net
Income from
continuing $ 32,751 $ (31,052 ) $ 1,699 $ 43,036 $ 4,965 $ 48,001
operations
Diluted
earnings per
share from $ 0.27 $ (0.26 ) $ 0.01 $ 0.36 $ 0.04 $ 0.40
continuing
operations *
Weighted
average shares
outstanding:
Diluted 121,676 121,676 121,676 120,722 120,722 120,722
Nine Months Ended September 30, 2009 Nine Months Ended September 30, 2008
As Reported Proforma Non-GAAP As Reported Proforma Non-GAAP
Adjustments Adjustments
Revenue $ 691,993 $ 2,271 a $ 694,264 $ 1,052,955 - $ 1,052,955
Salaries and 348,702 (5,907 ) e 342,795 412,833 93 b 412,926
related
Office and 181,816 (6,598 ) b, 175,218 221,091 (11,658 ) b 209,433
general f
Marketing and 164,401 - 164,401 238,514 - 238,514
promotion
(Reversal of)
Provision for
legal (6,850 ) 6,850 c - 40,100 (40,100 ) c -
settlements,
net
Restructuring
and other 16,105 (16,105 ) d - 13,251 (13,251 ) d -
special
charges
Total
operating 704,174 (21,760 ) 682,414 925,789 (64,916 ) 860,873
expenses
Operating (12,181 ) 24,031 11,850 127,166 64,916 192,082
(loss) income
Operating -1.8 % 1.7 % 12.1 % 18.2 %
margin
Interest and 1,231 - 1,231 15,723 - 15,723
other, net
Loss (income)
from
continuing
operations (10,950 ) 24,031 13,081 142,889 64,916 207,805
before income
taxes and
equity
interests
(Benefit
from) (35,463 ) 39,502 g, 4,039 50,030 22,729 g 72,759
Provision for h
Income Taxes
Losses in
equity (3,473 ) - (3,473 ) (7,500 ) - (7,500 )
interests,
net
Income from
continuing $ 21,040 $ (15,471 ) $ 5,569 $ 85,359 $ 42,187 $ 127,546
operations
Diluted
earnings per
share from $ 0.17 $ (0.13 ) $ 0.05 $ 0.70 $ 0.35 $ 1.05
continuing
operations *
Weighted
average shares
outstanding:
Diluted 120,853 120,853 120,853 121,884 121,884 121,884
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.
Costs associated with the ongoing investigation into the Company's
b 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.
Restructuring related charges pertaining to the strategic restructuring
actions that the Company announced on July 30, 2007. These charges include
d 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 Severance charges primarily related to the reorganization of the Product &
Technology groups on a global basis.
f Charges related to the consolidation of certain facilities primarily
resulting from the reorganization of the Product and Technology groups.
Income tax adjustment is calculated using the effective tax rate of the
g reported period multiplied by the ProForma adjustment to income from
continuing operations before income taxes and equity interests.
h Income tax adjustment includes the reversal of income tax reserves for
uncertain tax positions.
*Diluted 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 Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2009 Revenue - $ 95,204 $ 84,737 $ 34,592 $ 214,533 GAAP Proforma - 552 - 552 Adjustments Revenue - $ 95,204 $ 85,289 $ 34,592 $ 215,085 Non GAAP Operating income $ 6,057 $ (2,181 ) $ 5,091 $ (6,015 ) $ 2,952 (loss) - GAAP Proforma 3,462 2,963 1,415 (6,898 ) 942 Adjustments Operating income - $ 9,519 $ 782 $ 6,506 $ (12,913 ) $ 3,894 Non GAAP Operating margin - 6.4 % -2.6 % 14.7 % 1.4 % GAAP Operating margin - 10.0 % 0.9 % 18.8 % 1.8 % Non GAAP Three Months Careers - Careers - Internet Corporate Ended North International Advertising Expenses Total September America & Fees 30, 2008 Revenue $ 155,165 $ 142,441 $ 34,583 $ 332,189 Operating income - $ 43,120 $ 30,230 $ 4,726 $ (15,503 ) $ 62,573 GAAP Proforma 651 2,237 251 4,328 7,467 Adjustments Operating income - $ 43,771 $ 32,467 $ 4,977 $ (11,175 ) $ 70,040 Non GAAP Operating margin - 27.8 % 21.2 % 13.7 % 18.8 % GAAP Operating margin - 28.2 % 22.8 % 14.4 % 21.1 % Non GAAP Nine Months Careers - Internet Ended North Careers - Advertising Corporate Total September America International & Fees Expenses 30, 2009 Revenue - $ 316,187 $ 277,000 $ 98,806 $ 691,993 GAAP Proforma - 2,271 - 2,271 Adjustments Revenue - $ 316,187 $ 279,271 $ 98,806 $ 694,264 Non GAAP Operating (loss) $ 17,804 $ (4,871 ) $ 13,574 $ (38,688 ) $ (12,181 ) income - GAAP Proforma 7,220 15,049 2,031 (269 ) 24,031 Adjustments Operating income - $ 25,024 $ 10,178 $ 15,605 $ (38,957 ) $ 11,850 Non GAAP Operating margin - 5.6 % -1.8 % 13.7 % -1.8 % GAAP Operating margin - 7.9 % 3.6 % 15.8 % 1.7 % Non GAAP Nine Months Careers - Internet Ended North Careers - Advertising Corporate Total September America International & Fees Expenses 30, 2008 Revenue $ 502,983 $ 452,386 $ 97,586 $ 1,052,955 Operating income - $ 141,230 $ 71,789 $ 7,951 $ (93,804 ) $ 127,166 GAAP Proforma 4,831 6,939 1,411 51,735 64,916 Adjustments Operating income - $ 146,061 $ 78,728 $ 9,362 $ (42,069 ) $ 192,082 Non GAAP Operating margin - 28.1 % 15.9 % 8.1 % 12.1 % GAAP Operating margin - 29.0 % 17.4 % 9.6 % 18.2 % Non GAAP
Source: Monster Worldwide, Inc.
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