WESTON, Massachusetts,
Feb. 11, 2016 /PRNewswire/ --
- Fourth Quarter Highlights:
- Company Exceeds Expectations on All Profitability Metrics
For the 6th Consecutive Quarter
- Adjusted EBITDA From Continuing Operations of $28.9 Million Increases 36% Year over Year and 3%
Sequentially
- Adjusted EBITDA Margin From Continuing Operations Expands to
18.1% from 12.2% in Fourth Quarter 2014 and 16.8% in the Third
Quarter 2015
- Non-GAAP EPS of $0.12 More
Than Doubles from Fourth Quarter 2014; GAAP EPS of $0.62 Including the Gain on JobKorea
Sale
- Revenue of $159.2 Million Down
6% at Constant Currency and 9% at Actual Rates Year over
Year
- Cash Flow From Operations of $18.7
Million With Strong Improvement in Liquidity
- Repurchased 1.3 Million Shares of Common Stock in the Fourth
Quarter Totaling $8 Million
- Monster Social Job Ads Distribution Extended to
Facebook
- US Joint Venture Formed with kununu™, the Leading Review –
Based Employer Branding and Transparency Platform in Europe
- Company Expects Full Year 2016 Cash EBITDA to be
$85 Million to $100 Million, an
increase of 30% Year over Year at the Midpoint
Monster Worldwide, Inc. (NYSE: MWW) today reported financial
results for the fourth quarter and full year ended December 31, 2015.
"We are pleased to report solid improvement in earnings and cash
generation consistent with our plan despite less than expected
revenue for the fourth quarter. While we have much more work to do
to fully implement our All the Jobs, All the People strategy, we
made real progress during 2015," said Tim
Yates, Chief Executive Officer of Monster. "Business trends
improved on a year over year basis while new products continue to
be an increasing percentage of our overall business. The progress
we showed in growing the revenue and profit in our European
business continued this quarter and a number of our channels in
North America showed strong
performance. We underperformed in North
America in our transactional business as a result of
competitive pressures and seasonality, as well as macro
considerations in Canada. We have
implemented a number of actions which we believe will improve our
performance going forward, remain fully committed to revenue and
cash flow growth in 2016, and expect to generate Cash EBITDA in the
range of $85 million to $100 million.
During the quarter, we repurchased 1.3 million shares as part of
the stock buyback plan and our board has given us the flexibility
to be more aggressive in implementing this program to take
advantage of the current market opportunity."
Fourth Quarter 2015 Results
Revenue from continuing operations of $159.2 million decreased 6% at constant currency
and 9% at actual rates compared to last year's fourth quarter.
Revenue from the Company's Careers – North America operations decreased 8% year
over year to $112.1 million. Revenue
from Careers – International of $47.1
million was down slightly year over year at constant
currency and decreased 11% at actual rates. As of the first quarter
of 2015, Internet Advertising & Fees revenue and operating
results are being reported within the Careers – North America segment. Historical quarterly
revenue data is available in the Company's supplemental financial
information.
Total GAAP operating expenses from continuing operations
decreased to $152.0 million compared
to $183.3 million, excluding a
$325.8 million goodwill impairment
charge, in the fourth quarter of 2014. Net loss from continuing
operations in the fourth quarter was $2.1
million, or $0.02 per share,
compared to a loss from continuing operations of $290.9 million, or $3.33 per share, in the comparable quarter in
2014.
Non-GAAP net income from continuing operations was $10.6 million, or $0.12 per share, compared to $4.9 million, or $0.05 per share in last year's fourth quarter.
Adjusted EBITDA margin of 18.1% was led by Careers – North America with a 27.7% Adjusted EBITDA
margin. Pro-forma items are described in the "Notes Regarding the
Use of Non-GAAP Financial Measures" and are reconciled to the GAAP
measure in the accompanying tables.
Net cash provided by operating activities was $18.7 million and free cash flow was $11.4 million. Deferred revenue from continuing
operations increased sequentially to $279.8
million compared to $251.1
million as of September 30,
2015. The Company ended the 2015 fourth quarter with
improved total available liquidity of approximately $267.8 million compared to $156.8 million at the end of the third quarter of
2015.
Monster Social Jobs Expands to Facebook
In a separate news release today, Monster announced the
expansion of Monster Social Job Ads, its programmatic social
recruitment advertising platform, beyond Twitter to distribute job
ads on Facebook. Monster Social Job Ads is a first-of-a-kind
recruitment advertising integration with major social platforms,
using exclusive professional information to target potential active
and passive candidates.
Joint Venture Agreement with kununu™
Monster is also announcing today its entry into a joint venture
with kununu GmbH, a subsidiary of XING
AG. kununu™ is the European leader in providing employer
transparency through ratings, reviews and employer branding.
Initially focused on the US market, this joint venture will test
the delivery of content-rich employer reviews and ratings sourced
from current and former employees and candidates. This information
is designed to help better inform consumers about the companies
they might work for, and provides several new tools for employers
to better manage their talent brands and engage prospective
candidates, including sellable branding and brand management
products.
Full Year 2015 Results
Monster Worldwide reported total revenue from continuing
operations of $666.9 million for the
twelve months ended December 31, 2015
compared to $725.6 million in the
same period last year, a 4% decrease on a constant currency basis
and 8% at actual rates. GAAP net income from continuing operations
was $13.2 million, or $0.14 per share, compared to a loss of
$293.5 million, or $3.33 per share, in 2014.
Share Repurchase Program
In the fourth quarter of 2015, the Company repurchased 1.3
million shares of the Company's common stock at a value of
$8.0 million. In October 2015, the Board of Directors authorized a
$75 million share repurchase program
over a period of 24 months. The Company intends to repurchase
shares under the new authorization as a percentage of future
generated free cash flow, which can be adjusted periodically.
Guidance
First quarter 2016 Non-GAAP EPS from continuing operations is
expected to be in the range of $0.06 to
$0.10, which excludes $2 million to
$3 million of stock-based compensation and $1.2 million of non-cash debt discount
amortization related to the convertible debt. Historical data on
Non-GAAP EPS is available in the Company's supplemental financial
information.
The Company is initiating annual Cash EBITDA guidance, which is
defined as operating income excluding depreciation, amortization
and stock-based compensation. The Company expects Cash EBITDA for
the full year 2016 to be in the range of $85
million to $100 million.
Conference Call and Webcast
Fourth quarter 2015 results will be discussed on Monster
Worldwide's quarterly conference call on February 11, 2016 at 8:30
AM ET. A live webcast of the conference call can be accessed
online through the Investor Relations section of the Company's
website at http://ir.monster.com. To join the conference call by
telephone, please dial (888) 317-6003 or (412) 317-6061 and
reference conference ID# 9361666. A presentation of financial
slides will be referenced during the conference call and will be
viewable through the live webcast. A PDF of the financial
presentation can also be accessed directly through the Company's
Investor Relations website at http://ir.monster.com.
The Company has also made available certain supplemental
financial information which can be accessed directly through the
Company's Investor Relations website at http://ir.monster.com.
For a replay of the conference call, please dial (877) 344-7529
or (412) 317-0088 and reference ID# 100793397. This number is valid
until midnight on February 18,
2016.
About Monster Worldwide
Monster Worldwide, Inc.
(NYSE: MWW) is a global leader in connecting people to jobs,
wherever they are. For more than 20 years, Monster has helped
people improve their lives with better jobs, and employers find the
best talent. Today, the Company offers services in more than 40
countries, providing some of the broadest, most sophisticated job
seeking, career management, recruitment and talent management
capabilities. Monster continues its pioneering work of transforming
the recruiting industry with advanced technology using intelligent
digital, social and mobile solutions, including our flagship
website monster.com® and a vast array of products and services. For
more information visit http://monster.com/about.
Special Note: The statements in this release
that are not strictly historical, including, without limitation,
statements regarding the Company's strategic direction, prospects
and future results, constitute forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve certain risks and uncertainties
and, therefore, actual results may differ materially from what is
expressed or implied herein and no assurance can be given that the
Company will achieve, among other things, its outlook with respect
to earnings per share for the first quarter of 2016 and Cash EBITDA
for the full year 2016. Factors that could cause results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to, economic and other
conditions in the markets in which we operate, risks associated
with acquisitions or dispositions, competition, and the other risks
discussed in our Form 10-K and our other filings made with the
Securities and Exchange Commission, which discussions are
incorporated into this release by reference. Many of the factors
that will determine the Company's future results are beyond the
ability of management to control or predict. Readers should not
place undue reliance on the forward-looking statements in this
release as they reflect management's views only as of the date
hereof. The Company undertakes no obligation to revise or update
any of the forward-looking statements contained in this release or
to make any other forward-looking statements, whether as a result
of new information, future events or otherwise.
Notes Regarding the Use of Non-GAAP Financial
Measures
The Company has provided certain Non-GAAP financial information
as additional information for its operating results. These measures
are not in accordance with, or an alternative for, generally
accepted accounting principles ("GAAP") and may be different from
Non-GAAP measures reported by other companies. The Company believes
that its presentation of Non-GAAP measures provides useful
information to management and investors regarding certain financial
and business trends relating to its financial condition and results
of operations.
Non-GAAP revenue, operating expenses, operating income,
operating margin, income from continuing operations, income from
discontinued operations, net of tax, net income, net income
attributable to Monster Worldwide, Inc., and diluted earnings per
share attributable to Monster Worldwide, Inc. all exclude certain
pro-forma items including: non-cash stock based compensation
expense; costs incurred in connection with the Company's
restructuring programs; separation charges associated with the
resignation of the Company's former Chief Executive Officer;
non-cash impairment charges; impairment of capitalized software
costs; amortization of the debt discount and deferred financing
costs associated with our 3.50% convertible senior notes due 2019;
write-off of deferred financing costs relating to our former credit
facility, amended in October 2014;
income tax benefits associated with the reversal of income tax
reserves on uncertain tax positions and a tax benefit related to
certain losses arising from the Company's restructuring programs;
income tax provisions for increased valuation allowances on
deferred tax assets; gain on deconsolidation of subsidiaries and
tax provisions thereon; the results of our former South Korean
subsidiary as it has been classified as discontinued operations;
net gain recognized on the sale of our former South Korean
subsidiary; gain on partial sale of an equity method investment and
tax provisions thereon; and charges related to exited
facilities.
In the first quarter of the calendar year 2015, the Company
began to utilize a fixed long-term projected Non-GAAP tax rate for
reporting operating results and for planning, forecasting, and
analyzing future periods. This change provides better consistency
across the interim reporting periods by eliminating the effects of
non-recurring and period-specific items. When projecting this
long-term rate, the Company evaluated a five-year financial
projection comprising the current and the next four years that
exclude the income tax effects of the Non-GAAP pre-tax items
described above, eliminates the effects of non-recurring and period
specific items which can vary in size and frequency, and is
reflective of the anticipated future geographic mix of income among
tax jurisdictions. The projected rate also assumes no new
acquisitions or disposals in the five-year period, eliminates the
effect of tax valuation allowances, and takes into account other
factors including the Company's current tax structure, its existing
tax positions in various jurisdictions and key legislation in major
jurisdictions where the Company operates. The Non-GAAP tax rate is
35%. The Company intends to re-evaluate this long-term rate on an
annual basis or if any significant events that may materially
affect this long-term rate occur. This long-term rate could be
subject to change for a variety of reasons, which may include (but
are not limited to) for example, significant changes in the
geographic earnings mix including future acquisition or disposition
activity, having less income than anticipated, or fundamental tax
law changes in major jurisdictions where the Company operates.
Non-GAAP diluted shares includes the impact, based on the
average share price for the period, of the Company's outstanding
capped call transactions, which are anti-dilutive in GAAP earnings
per share, but are expected to mitigate the dilutive effect of the
Company's 3.50% convertible senior notes due 2019.
The Company uses these Non-GAAP measures for reviewing the
ongoing results of the Company's core business operations and in
certain instances, for measuring performance under certain of the
Company's incentive compensation plans. These Non-GAAP measures may
not be comparable to similarly titled measures reported by other
companies.
Adjusted EBITDA is defined as income (loss) from continuing
operations or net income (loss), as applicable, before income
(loss) in equity interests, net, (benefit from) provision for
income taxes, interest and other, net, gain on deconsolidation of
subsidiaries, net, gain on partial sale of equity method
investment, depreciation and amortization, non-cash compensation
expense, non-cash impairment charges, costs incurred with the
Company's restructuring programs, and the impact of the pro-forma
items discussed above. The Company considers Adjusted 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. Adjusted EBITDA is a non-GAAP
measure and may not be comparable to similarly titled measures
reported by other companies.
Cash EBITDA is defined as income (loss) from continuing
operations or net income (loss), as applicable, before income
(loss) in equity interests, net, (benefit from) provision for
income taxes, interest and other, net, gain on deconsolidation of
subsidiaries, net, gain on partial sale of equity method
investment, depreciation, amortization, non-cash compensation
expense and certain non-cash impairment charges. The Company
considers Cash 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.
Cash EBITDA 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 flows from operating
activities less capital expenditures. Free cash flow is considered
a liquidity measure and provides useful information about the
Company's ability to generate cash after investments in property
and equipment. Free cash flow reflected herein is a Non-GAAP
measure and may not be comparable to similarly titled measures
reported by other companies. Free cash flow does not reflect the
total change in the Company's cash position for the period and
should not be considered a substitute for such a measure.
Net cash is defined as cash and cash equivalents plus short-term
and long-term marketable securities, less total debt. Total
available liquidity is defined as cash and cash equivalents, plus
short-term and long-term marketable securities, plus unused
borrowings under our credit facility. The Company considers net
cash and total available liquidity to be important measures of
liquidity and indicators of its ability to meet its ongoing
obligations. The Company also uses net cash and total available
liquidity, among other measures, in evaluating its choices for
capital deployment. Net cash and total available liquidity are
presented herein as Non-GAAP measures and may not be comparable to
similarly titled measures used by other companies.
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
159,209
|
|
$
175,314
|
|
$
666,903
|
|
$
725,571
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
71,375
|
|
103,047
|
|
325,875
|
|
394,915
|
Office and
general
|
|
48,553
|
|
49,246
|
|
179,983
|
|
201,442
|
Marketing and
promotion
|
|
28,086
|
|
30,961
|
|
119,177
|
|
139,469
|
Restructuring and
other special charges
|
|
3,992
|
|
-
|
|
32,779
|
|
-
|
Goodwill
impairment
|
|
-
|
|
325,800
|
|
-
|
|
325,800
|
Total operating
expenses
|
|
152,006
|
|
509,054
|
|
657,814
|
|
1,061,626
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
7,203
|
|
(333,740)
|
|
9,089
|
|
(336,055)
|
|
|
|
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
-
|
|
-
|
|
8,849
|
|
-
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
-
|
|
-
|
|
11,828
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(3,423)
|
|
(3,825)
|
|
(13,712)
|
|
(8,948)
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and income (loss) in equity interests
|
|
3,780
|
|
(337,565)
|
|
4,226
|
|
(333,175)
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes
|
|
6,018
|
|
(46,697)
|
|
(8,469)
|
|
(39,782)
|
Income (loss) in
equity interests, net
|
|
144
|
|
(78)
|
|
465
|
|
(78)
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
(2,094)
|
|
(290,946)
|
|
13,160
|
|
(293,471)
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
58,508
|
|
2,755
|
|
64,513
|
|
9,664
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
56,414
|
|
$
(288,191)
|
|
$
77,673
|
|
$
(283,807)
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(349)
|
|
(1,528)
|
|
(4,061)
|
|
(5,482)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Monster Worldwide, Inc.
|
|
$
56,065
|
|
$
(289,719)
|
|
$
73,612
|
|
$
(289,289)
|
|
|
|
|
|
|
|
|
|
*Basic earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
(0.02)
|
|
$
(3.33)
|
|
$
0.15
|
|
$
(3.33)
|
Income from
discontinued operations, net of tax
|
|
0.64
|
|
0.01
|
|
0.67
|
|
0.05
|
Basic earnings
(loss) per share attributable to Monster Worldwide,
Inc.
|
|
$
0.62
|
|
$
(3.31)
|
|
$
0.82
|
|
$
(3.29)
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
(0.02)
|
|
$
(3.33)
|
|
$
0.14
|
|
$
(3.33)
|
Income from
discontinued operations, net of tax
|
|
0.64
|
|
0.01
|
|
0.64
|
|
0.05
|
Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.
|
|
$
0.62
|
|
$
(3.31)
|
|
$
0.78
|
|
$
(3.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
90,205
|
|
87,478
|
|
89,942
|
|
88,045
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
90,205
|
|
87,478
|
|
94,867
|
|
88,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
(loss) income from continuing operations to Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
(2,094)
|
|
$
(290,946)
|
|
$
13,160
|
|
$
(293,471)
|
(Income) loss in
equity interests, net
|
|
(144)
|
|
78
|
|
(465)
|
|
78
|
Provision for
(benefit from) income taxes
|
|
6,018
|
|
(46,697)
|
|
(8,469)
|
|
(39,782)
|
Interest and other,
net
|
|
3,423
|
|
3,825
|
|
13,712
|
|
8,948
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
-
|
|
-
|
|
(11,828)
|
Gain on partial sale
of equity method investment
|
|
-
|
|
-
|
|
(8,849)
|
|
-
|
Depreciation and
amortization of intangibles
|
|
10,705
|
|
11,775
|
|
44,390
|
|
47,317
|
Stock-based
compensation
|
|
287
|
|
11,366
|
|
11,673
|
|
34,914
|
Goodwill
impairment
|
|
-
|
|
325,800
|
|
-
|
|
325,800
|
Impairment of
indefinite lived intangible
|
|
-
|
|
1,000
|
|
-
|
|
1,000
|
Restructuring
non-cash charges
|
|
690
|
|
-
|
|
4,916
|
|
-
|
Separation
costs
|
|
-
|
|
4,603
|
|
2,000
|
|
4,603
|
Impairment of
capitalized software costs
|
|
6,703
|
|
-
|
|
6,703
|
|
-
|
Facilities
costs
|
|
-
|
|
500
|
|
-
|
|
7,729
|
Restructuring and
other special charges, less non-cash items
|
|
3,302
|
|
-
|
|
27,863
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
28,890
|
|
$
21,304
|
|
$
106,634
|
|
$
85,308
|
|
|
|
|
|
|
|
|
|
*Earnings (loss) per
share may not add in certain periods due to
rounding.
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
56,414
|
|
$
(288,191)
|
|
$
77,673
|
|
$
(283,807)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
10,797
|
|
12,095
|
|
45,422
|
|
48,643
|
Provision for
doubtful accounts
|
|
586
|
|
417
|
|
1,825
|
|
1,707
|
Stock-based
compensation
|
|
311
|
|
11,439
|
|
11,782
|
|
35,357
|
Deferred income
taxes
|
|
4,908
|
|
(46,873)
|
|
6,395
|
|
(43,418)
|
Non-cash
restructuring charges
|
|
690
|
|
-
|
|
4,916
|
|
-
|
Impairment of
investment and indefinite lived intangible
|
|
-
|
|
2,070
|
|
-
|
|
2,070
|
Goodwill
impairment
|
|
-
|
|
325,800
|
|
-
|
|
325,800
|
(Income) loss in
equity interests, net
|
|
(144)
|
|
78
|
|
(465)
|
|
78
|
Gain on
deconsolidation of subsidiaries
|
|
-
|
|
-
|
|
-
|
|
(13,647)
|
Amount reclassified
from accumulated other comprehensive income
|
|
3,589
|
|
-
|
|
3,589
|
|
1,819
|
Gain on partial sale
of equity method investment
|
|
-
|
|
-
|
|
(8,849)
|
|
-
|
Excess income tax
benefit from equity compensation plans
|
|
-
|
|
-
|
|
-
|
|
(199)
|
Impairment of
capitalized software costs
|
|
6,703
|
|
-
|
|
6,703
|
|
-
|
Gain from sale of
remaining interest in subsidiary
|
|
(76,100)
|
|
-
|
|
(76,100)
|
|
-
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(31,041)
|
|
(24,789)
|
|
9,197
|
|
40,567
|
Prepaid and
other
|
|
19,578
|
|
(1,663)
|
|
29,357
|
|
(12,508)
|
Deferred
revenue
|
|
29,701
|
|
24,256
|
|
(9,416)
|
|
(32,716)
|
Accounts payable,
accrued liabilities and other
|
|
(7,319)
|
|
12,372
|
|
(28,266)
|
|
13,009
|
Total
adjustments
|
|
(37,741)
|
|
315,202
|
|
(3,910)
|
|
366,562
|
Net cash provided
by operating activities
|
|
18,673
|
|
27,011
|
|
73,763
|
|
82,755
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by (used for) investing activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(7,296)
|
|
(9,087)
|
|
(28,900)
|
|
(39,843)
|
Payments for
acquisitions, net of cash acquired
|
|
-
|
|
-
|
|
-
|
|
(27,005)
|
Investment in Alma
Career Oy
|
|
(2,369)
|
|
-
|
|
(2,369)
|
|
(6,516)
|
Dividends received
from equity investment and other
|
|
(750)
|
|
(941)
|
|
898
|
|
(2,163)
|
Capitalized patent
defense costs
|
|
-
|
|
(1,577)
|
|
(2,305)
|
|
(4,539)
|
Cash received from
partial sale of equity method investment
|
|
-
|
|
-
|
|
9,128
|
|
-
|
Net proceeds received
from sale of remaining interest in subsidiary
|
|
71,425
|
|
-
|
|
71,425
|
|
-
|
Net cash provided
by (used for) investing activities
|
|
61,010
|
|
(11,605)
|
|
47,877
|
|
(80,066)
|
|
|
|
|
|
|
|
|
|
Cash flows (used
for) provided by financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings on credit facilities
|
|
-
|
|
66,100
|
|
32,100
|
|
146,400
|
Payments on
borrowings on credit facilities
|
|
-
|
|
(184,200)
|
|
(32,100)
|
|
(192,300)
|
Proceeds from
borrowings on term loan
|
|
-
|
|
90,000
|
|
-
|
|
90,000
|
Payments on
borrowings on term loan
|
|
(2,568)
|
|
(84,750)
|
|
(16,318)
|
|
(91,625)
|
Proceeds from
Convertible notes
|
|
-
|
|
143,750
|
|
-
|
|
143,750
|
Fees paid on the
issuance of debt and purchase of capped call
|
|
-
|
|
(23,111)
|
|
(1,110)
|
|
(23,111)
|
Repurchase of common
stock
|
|
(8,016)
|
|
-
|
|
(8,016)
|
|
(52,070)
|
Tax withholdings
related to net share settlements of restricted stock awards and
units
|
|
(645)
|
|
(5,551)
|
|
(8,684)
|
|
(10,565)
|
Excess income tax
benefit from equity compensation plans
|
|
-
|
|
-
|
|
-
|
|
199
|
Distribution paid to
minority shareholder
|
|
-
|
|
-
|
|
(10,018)
|
|
(3,021)
|
Net cash (used
for) provided by financing activities
|
|
(11,229)
|
|
2,238
|
|
(44,146)
|
|
7,657
|
|
|
|
|
|
|
|
|
|
Effects of exchange
rates on cash
|
|
(462)
|
|
(3,723)
|
|
(3,876)
|
|
(4,630)
|
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents
|
|
$
67,992
|
|
$
13,921
|
|
$
73,618
|
|
$
5,716
|
Cash and cash
equivalents from continuing operations, beginning of
period
|
|
$
88,389
|
|
$
61,399
|
|
$
72,030
|
|
$
70,066
|
Cash and cash
equivalents from discontinued operations, beginning of
period
|
|
11,534
|
|
18,977
|
|
22,267
|
|
18,515
|
Cash and cash
equivalents, beginning of period
|
|
$
99,923
|
|
$
80,376
|
|
$
94,297
|
|
$
88,581
|
Cash and cash
equivalents from continuing operations, end of period
|
|
$
167,915
|
|
$
72,030
|
|
$
167,915
|
|
$
72,030
|
Cash and cash
equivalents from discontinued operations, end of period
|
|
-
|
|
22,267
|
|
-
|
|
22,267
|
Cash and cash
equivalents, end of period
|
|
$
167,915
|
|
$
94,297
|
|
$
167,915
|
|
$
94,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
18,673
|
|
$
27,011
|
|
$
73,763
|
|
$
82,755
|
Less: Capital
expenditures
|
|
(7,296)
|
|
(9,087)
|
|
(28,900)
|
|
(39,843)
|
Free cash
flow
|
|
$
11,377
|
|
$
17,924
|
|
$
44,863
|
|
$
42,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONSTER WORLDWIDE,
INC.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
|
Assets:
|
December 31,
2015
|
December 31,
2014
|
|
|
|
Cash and cash
equivalents
|
$
167,915
|
$
72,030
|
Accounts receivable,
net
|
260,518
|
279,569
|
Property and
equipment, net
|
110,143
|
117,191
|
Goodwill and
intangibles, net
|
524,373
|
531,195
|
Investment in
unconsolidated affiliates
|
21,566
|
20,700
|
Other
assets
|
75,394
|
125,448
|
Assets of
discontinued operations
|
-
|
71,018
|
Total
Assets
|
$
1,159,909
|
$
1,217,151
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
137,069
|
$
154,103
|
Deferred
revenue
|
279,815
|
297,636
|
Current portion of
long-term debt
|
10,792
|
9,563
|
Long-term income
taxes payable
|
36,348
|
54,636
|
Long-term debt, net,
less current portion
|
188,457
|
201,821
|
Other long-term
liabilities
|
26,022
|
16,635
|
Liabilities of
discontinued operations
|
-
|
8,012
|
Total
Liabilities
|
$
678,503
|
$
742,406
|
|
|
|
Stockholders'
Equity
|
481,406
|
474,745
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$
1,159,909
|
$
1,217,151
|
|
|
|
MONSTER WORLDWIDE,
INC.
|
UNAUDITED NON-GAAP
STATEMENTS OF OPERATIONS AND RECONCILIATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
Three Months Ended
December 31, 2014
|
|
|
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 159,209
|
|
$
-
|
|
$ 159,209
|
|
$ 175,314
|
|
$
-
|
|
$ 175,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
71,375
|
|
(287)
|
a
|
71,088
|
|
103,047
|
|
(15,969)
|
a
|
87,078
|
|
Office and
general
|
|
48,553
|
|
(6,703)
|
d
|
41,850
|
|
49,246
|
|
(1,500)
|
c
|
47,746
|
|
Marketing and
promotion
|
|
28,086
|
|
-
|
|
28,086
|
|
30,961
|
|
-
|
|
30,961
|
|
Restructuring and
other special charges
|
|
3,992
|
|
(3,992)
|
b
|
-
|
|
-
|
|
-
|
|
-
|
|
Goodwill
impairment
|
|
-
|
|
-
|
|
-
|
|
325,800
|
|
(325,800)
|
e
|
-
|
|
Total
operating expenses
|
|
152,006
|
|
(10,982)
|
|
141,024
|
|
509,054
|
|
(343,269)
|
|
165,785
|
Operating income
(loss)
|
|
7,203
|
|
10,982
|
|
18,185
|
|
(333,740)
|
|
343,269
|
|
9,529
|
|
Operating
margin
|
|
4.5%
|
|
|
|
11.4%
|
|
(190.4%)
|
|
|
|
5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(3,423)
|
|
1,250
|
h
|
(2,173)
|
|
(3,825)
|
|
2,361
|
h
|
(1,464)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and income in equity interests
|
|
3,780
|
|
12,232
|
|
16,012
|
|
(337,565)
|
|
345,630
|
|
8,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes
|
|
6,018
|
|
(430)
|
j
|
5,588
|
|
(46,697)
|
|
49,743
|
i,j
|
3,046
|
|
Income (loss) in
equity interests, net
|
|
144
|
|
-
|
|
144
|
|
(78)
|
|
-
|
|
(78)
|
(Loss) income from
continuing operations
|
|
(2,094)
|
|
12,662
|
|
10,568
|
|
(290,946)
|
|
295,887
|
|
4,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
58,508
|
|
(58,508)
|
k
|
-
|
|
2,755
|
|
(2,755)
|
k
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
56,414
|
|
(45,846)
|
|
10,568
|
|
(288,191)
|
|
293,132
|
|
4,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(349)
|
|
349
|
|
-
|
|
(1,528)
|
|
1,528
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Monster Worldwide, Inc.
|
|
$
56,065
|
|
$
(45,497)
|
|
$
10,568
|
|
$ (289,719)
|
|
$ 294,660
|
|
$
4,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
continuing operations
|
|
$
(0.02)
|
|
$
0.14
|
|
$
0.12
|
|
$
(3.33)
|
|
$
3.38
|
|
$
0.05
|
Income from
discontinued operations, net of tax
|
|
0.64
|
|
(0.64)
|
|
-
|
|
0.01
|
|
(0.01)
|
|
-
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
$
0.62
|
|
$
0.50
|
|
$
0.12
|
|
$
(3.31)
|
|
$
3.37
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
90,205
|
|
774
|
l,m
|
90,979
|
|
87,478
|
|
3,186
|
m
|
90,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2015
|
|
Twelve Months
Ended December 31, 2014
|
|
|
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
As
Reported
|
|
Non GAAP
Adjustments
|
|
Consolidated
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 666,903
|
|
$
-
|
|
$ 666,903
|
|
$ 725,571
|
|
$
-
|
|
$ 725,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
related
|
|
325,875
|
|
(13,672)
|
a
|
312,203
|
|
394,915
|
|
(39,517)
|
a
|
355,398
|
|
Office and
general
|
|
179,983
|
|
(6,703)
|
d
|
173,280
|
|
201,442
|
|
(8,729)
|
c
|
192,713
|
|
Marketing and
promotion
|
|
119,177
|
|
-
|
|
119,177
|
|
139,469
|
|
-
|
|
139,469
|
|
Restructuring and
other special charges
|
|
32,779
|
|
(32,779)
|
b
|
-
|
|
-
|
|
-
|
|
-
|
|
Goodwill
impairment
|
|
-
|
|
-
|
|
-
|
|
325,800
|
|
(325,800)
|
e
|
-
|
|
Total
operating expenses
|
|
657,814
|
|
(53,154)
|
|
604,660
|
|
1,061,626
|
|
(374,046)
|
|
687,580
|
Operating income
(loss)
|
|
9,089
|
|
53,154
|
|
62,243
|
|
(336,055)
|
|
374,046
|
|
37,991
|
|
Operating
margin
|
|
1.4%
|
|
|
|
9.3%
|
|
(46.3%)
|
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on partial sale
of equity method investment
|
|
8,849
|
|
(8,849)
|
g
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
deconsolidation of subsidiaries, net
|
|
-
|
|
-
|
|
-
|
|
11,828
|
|
(11,828)
|
f
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other,
net
|
|
(13,712)
|
|
5,039
|
h
|
(8,673)
|
|
(8,948)
|
|
2,361
|
h
|
(6,587)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and income (loss) in equity
interests
|
|
4,226
|
|
49,344
|
|
53,570
|
|
(333,175)
|
|
364,579
|
|
31,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes
|
|
(8,469)
|
|
27,219
|
j
|
18,750
|
|
(39,782)
|
|
50,461
|
i,j
|
10,679
|
|
Income (loss) in
equity interests, net
|
|
465
|
|
-
|
|
465
|
|
(78)
|
|
-
|
|
(78)
|
Income (loss) from
continuing operations
|
|
13,160
|
|
22,125
|
|
35,285
|
|
(293,471)
|
|
314,118
|
|
20,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
64,513
|
|
(64,513)
|
k
|
-
|
|
9,664
|
|
(9,664)
|
k
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
77,673
|
|
(42,388)
|
|
35,285
|
|
(283,807)
|
|
304,454
|
|
20,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
|
(4,061)
|
|
4,061
|
|
-
|
|
(5,482)
|
|
5,482
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Monster Worldwide, Inc.
|
|
$
73,612
|
|
$
(38,327)
|
|
$
35,285
|
|
$ (289,289)
|
|
$ 309,936
|
|
$
20,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
0.14
|
|
$
0.25
|
|
$
0.39
|
|
$
(3.33)
|
|
$
3.56
|
|
$
0.23
|
Income from
discontinued operations, net of tax
|
|
0.64
|
|
(0.64)
|
|
-
|
|
0.05
|
|
(0.05)
|
|
-
|
Diluted earnings
(loss) per share attributable to Monster Worldwide,
Inc.:
|
|
$
0.78
|
|
$
(0.39)
|
|
$
0.39
|
|
$
(3.29)
|
|
$
3.51
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
94,867
|
|
(3,977)
|
l
|
90,890
|
|
88,045
|
|
3,046
|
m
|
91,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Regarding Non
GAAP Adjustments:
|
|
The financial
information included herein contains certain Non-GAAP financial
measures. This information is not intended to be used in
place of the financial information prepared and presented in
accordance with GAAP, nor is it intended to be considered in
isolation. We believe that the above presentation of Non-GAAP
measures provide useful information to management and investors
regarding certain core operating and business trends relating to
our results of operations, exclusive of certain restructuring
related and other special charges.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non GAAP
adjustments consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a
|
Costs related to
stock based compensation. Additionally, the YTD 2015 period
includes $2.0m of separation costs associated with the former CEO's
resignation which occurred in Q4 2014. Similarly, both the QTD and
YTD 2014 periods include $4.4m of expense associated with the
acceleration of shares and $5.0m of cash separation costs in
connection with his resignation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b
|
Restructuring related
charges pertaining to the"Reallocate to Accelerate" program
announced in February 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c
|
Charges related to
exited facilities primarily associated with the move to our
corporate headquarters in Weston, Massachusetts. In addition, the
Company recorded a $1.0m impairment on an indefinite-lived
intangible in Q4 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d
|
Impairment charge
relating to capitalized software costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e
|
Goodwill impairment
charge resulting from our 2014 annual impairment test which was
recognized in our Careers-North America segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
f
|
Gain on
deconsolidation of subsidiaries, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g
|
Gain on partial sale
of an equity method investment during Q1 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
h
|
Non-GAAP interest
expense related to the debt discount and amortization of deferred
financing costs associated with the Company's convertible notes due
2019. The QTD and YTD 2014 periods also include an impairment
charge related to a cost basis investment recognized in Q4
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i
|
Non-GAAP adjustment
for both the QTD and YTD 2014 periods includes a tax benefit of
approximately $63.0m related to the goodwill impairment charge
recognized in Q4 2014. The YTD 2014 period also includes a Non-GAAP
adjustment for the tax provison on the gain on deconsolidation of
subsidiaries, net recognized during Q1 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
j
|
Beginning in Q1 2015,
the Non-GAAP income tax provision is calculated using a fixed
long-term projected Non-GAAP tax rate of 35% as applied to Non-GAAP
pre-tax income. Prior to Q1 2015, the Non-GAAP income tax
adjustment was calculated using the effective rate of the reporting
period, as adjusted for the effects of certain non-deductible stock
based compensation and provisions for tax valuation
allowances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
k
|
Non-GAAP adjustment
relates to the sale of our remaining interest in our former
subsidiary in South Korea which closed in October 2015, and
primarily includes the operations of our former subsidiary. The
adjustment in the QTD and YTD 2015 periods includes a net gain
recognized on the sale of $76.1m ($57.4m after tax) recognized in
Q4 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
l
|
Non-GAAP adjustment
includes the impact, based on the average share price for the
period, of the Company's outstanding capped call transactions,
which are anti-dilutive in GAAP earnings per share but are expected
to mitigate the dilutive effect of the Company's convertible notes
due 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
m
|
Non-GAAP adjustment
includes the dilutive impact of the Company's non-vested stock
under employee compensation plans as anitidilutive on a GAAP
basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Earnings (loss)
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
December 31, 2015
|
|
Careers - North
America
|
|
Careers -
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
112,121
|
|
$
47,088
|
|
|
|
$
159,209
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
18,030
|
|
$
(4,956)
|
|
$
(5,871)
|
|
$
7,203
|
Non GAAP
Adjustments
|
|
6,051
|
|
3,408
|
|
1,523
|
|
10,982
|
Operating income
(loss) - Non GAAP
|
|
$
24,081
|
|
$
(1,548)
|
|
$
(4,348)
|
|
$
18,185
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
31,027
|
|
$
1,961
|
|
$
(4,098)
|
|
$
28,890
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
16.1%
|
|
(10.5%)
|
|
|
|
4.5%
|
Operating margin -
Non GAAP
|
|
21.5%
|
|
(3.3%)
|
|
|
|
11.4%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
27.7%
|
|
4.2%
|
|
|
|
18.1%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
|
Careers -
North America
|
|
Careers -
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
122,486
|
|
$
52,828
|
|
|
|
$
175,314
|
|
|
|
|
|
|
|
|
|
Operating loss -
GAAP
|
|
$
(305,847)
|
|
$
(9,178)
|
|
$
(18,715)
|
|
$
(333,740)
|
Non GAAP
Adjustments
|
|
329,768
|
|
1,995
|
|
11,506
|
|
343,269
|
Operating income
(loss) - Non GAAP
|
|
$
23,921
|
|
$
(7,183)
|
|
$
(7,209)
|
|
$
9,529
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
30,790
|
|
$
(2,918)
|
|
$
(6,568)
|
|
$
21,304
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
(249.7%)
|
|
(17.4%)
|
|
|
|
(190.4%)
|
Operating margin -
Non GAAP
|
|
19.5%
|
|
(13.6%)
|
|
|
|
5.4%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
25.1%
|
|
(5.5%)
|
|
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2015
|
|
Careers - North
America
|
|
Careers -
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
473,806
|
|
$
193,097
|
|
|
|
$
666,903
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) - GAAP
|
|
$
82,354
|
|
$
(39,420)
|
|
$
(33,845)
|
|
$
9,089
|
Non GAAP
Adjustments
|
|
22,469
|
|
20,917
|
|
9,768
|
|
53,154
|
Operating income
(loss) - Non GAAP
|
|
$
104,823
|
|
$
(18,503)
|
|
$
(24,077)
|
|
$
62,243
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
133,719
|
|
$
(4,227)
|
|
$
(22,858)
|
|
$
106,634
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
17.4%
|
|
(20.4%)
|
|
|
|
1.4%
|
Operating margin -
Non GAAP
|
|
22.1%
|
|
(9.6%)
|
|
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
28.2%
|
|
(2.2%)
|
|
|
|
16.0%
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014
|
|
Careers - North
America
|
|
Careers -
International
|
|
Corporate
Expenses
|
|
Total
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
500,949
|
|
$
224,622
|
|
|
|
$
725,571
|
|
|
|
|
|
|
|
|
|
Operating loss -
GAAP
|
|
$
(246,918)
|
|
$
(38,888)
|
|
$
(50,249)
|
|
$
(336,055)
|
Non GAAP
Adjustments
|
|
342,359
|
|
8,241
|
|
23,446
|
|
374,046
|
Operating income
(loss) - Non GAAP
|
|
$
95,441
|
|
$
(30,647)
|
|
$
(26,803)
|
|
$
37,991
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
123,359
|
|
$
(12,747)
|
|
$
(25,304)
|
|
$
85,308
|
|
|
|
|
|
|
|
|
|
Operating margin -
GAAP
|
|
(49.3%)
|
|
(17.3%)
|
|
|
|
(46.3%)
|
Operating margin -
Non GAAP
|
|
19.1%
|
|
(13.6%)
|
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
24.6%
|
|
(5.7%)
|
|
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
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