Monster Worldwide 8-K Monster Worldwide Reports Third Quarter 2011 Results

FINANCIAL SUPPLEMENT

September 30, 2011

Monster Worldwide, Inc. (together with its consolidated subsidiaries, the “Company,” “Monster,” “we,” “our” or “us”) provides this supplement to assist investors in evaluating the Company’s financial and operating metrics. We suggest that the notes to this supplement be read in conjunction with the financial tables. The financial information included in this supplement contains certain non-GAAP financial measures. These measures should be considered in addition to results prepared in accordance with generally accepted accounting principles (“GAAP”), but are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure. The Company intends to update the financial supplement on a quarterly basis.

Notes to Financial Supplement

Presentation

Release of ChinaHR Escrowed Funds

On October 8, 2008, the Company’s Careers — International segment completed the acquisition of the remaining 55.6% ownership interest in China HR.com Holdings Ltd. (together with its subsidiaries, “ChinaHR”) not already owned by the Company. Consideration for the acquisition was approximately $167.0 million in cash, net of cash acquired. A portion of the purchase price was placed into escrow to secure the sellers’ obligation to indemnify the Company for any breaches of the representations and warranties made by the sellers. During the three months ended September 30, 2011, the Company received $17.4 million in cash, net of professional fees reimbursed to the Company, relating to the release of the ChinaHR escrowed funds, which is recorded in the consolidated statements of operations for the three and nine months ended September 30, 2011. The reimbursed professional fees were recorded as a reduction to office and general expenses in the consolidated statements of operations for the three and nine months ended September 30, 2011.

Restructuring Charges

Restructuring charges of $2.0 million primarily related to severance costs associated with the Company no longer engaging in the arbitrage lead generation business.

Acquisition of the HotJobs Assets from Yahoo! Inc.

On August 24, 2010, pursuant to an Asset Purchase Agreement dated as of February 3, 2010 (the “Asset Purchase Agreement”) by and between Monster and Yahoo! Inc. (“Yahoo!”), Monster completed the acquisition of substantially all of the assets exclusive to Yahoo! HotJobs (the “HotJobs Assets”) from Yahoo!. The purchase price for the HotJobs Assets was $225.0 million. We acquired the HotJobs Assets, among other objectives, to expand our business in the North America online recruitment market. The results of operations attributable to the HotJobs Assets have been included in our consolidated financial statements since August 24, 2010.

In the three months ended September 30, 2010, the Company incurred $8.6 million of acquisition-related costs. In the nine months ended September 30, 2011 and September 30, 2010, the Company incurred $4.6 million and $18.2 million, respectively, of acquisition-related costs. These costs primarily relate to professional fees and other integration costs associated with the acquisition, which were expensed as incurred and are included in office and general expenses and salaries and related expenses in the consolidated statement of operations. The Company did not incur any acquisition-related costs subsequent to the first quarter of 2011 and does not expect to incur any acquisition- related costs in future periods.

Deferred Revenue Related to Acquisitions

During the third quarter of 2010, we completed the acquisition of the HotJobs Assets. In accordance with existing purchase accounting rules, we were required to write-down to fair value a portion of the deferred revenue attributable to the HotJobs Assets. Consequently, in post-acquisition periods, we did not recognize the full amount of this deferred revenue. When measuring the performance of our business, however, we add back the revenue resulting from this fair value adjustment as we believe that the inclusion of this revenue provides useful information to our management, as well as to investors. In the three months ended September 30, 2010, the Company recorded a $1.8 million fair value adjustment. In the first quarter of 2011, the final quarter in which this adjustment was recorded, the Company recorded a $2.7 million fair value adjustment.

2

Severance Charges

For the three months ended September 30, 2010, the Company incurred $0.5 million of severance costs relating to targeted headcount reductions. In the nine months ended September 30, 2011 and September 30, 2010, the Company incurred $0.4 million and $7.4 million, respectively, of severance costs relating to targeted headcount reductions. These global headcount reductions were introduced to reduce operating expenses and provide funding for investments to further position the Company for sustainable long-term growth in the global online recruitment and advertising industry. The Company did not incur any severance charges relating to targeted headcount reductions in the third quarter of 2011.

Auction Rate Securities

In the nine months ended September 30, 2011 and September 30 2010, the Company received at par value issuer redemptions of auction rate securities, resulting in a $1.1 million and $1.0 million benefit which was recorded in interest and other, net, in the consolidated statement of operations.

In November 2009, the Company entered into a settlement agreement with RBC Capital Markets Corporation (“RBC”) with respect to auction rate securities previously purchased from RBC. Pursuant to the terms of the settlement agreement, RBC immediately repurchased the subject auction rate securities from the Company at a certain discount to their par value. The Company will receive certain additional monies from RBC if, within a certain time period of the date of the execution of the settlement agreement, any of the auction rate securities still held by RBC are redeemed or refinanced by the issuer for sums higher than the amounts RBC paid the Company to repurchase such auction rate securities. As part of the settlement agreement, the Company dismissed a lawsuit it had filed against RBC in connection with, and released claims related to, RBC’s sale of the auction rate securities to the Company. Accordingly, the Company recorded a realized loss of $4.8 million in the fourth quarter of 2009 relating to the settlement with RBC, which was reflected in interest and other, net in the consolidated statement of operations for the fiscal year ended December 31, 2009. In the three months ended September 30, 2010, the Company received $0.3 million from RBC relating to auction rate securities which were redeemed by the issuer or sold by RBC for sums higher than the amounts RBC paid the Company to repurchase such auction rate securities, which resulted in a $0.3 million benefit recorded in interest and other, net, in the consolidated statement of operations for the three months ended September 30, 2010. In the nine months ended September 30, 2010, the Company received $1.4 million from RBC relating to auction rate securities which were redeemed by the issuer or sold by RBC for sums higher than the amounts RBC paid the Company to repurchase such auction rate securities, which resulted in a $1.4 million benefit recorded in interest and other, net, in the consolidated statement of operations for the nine months ended September 30, 2010.

Facility Charges

In the first quarter of 2011, the Company incurred $3.0 million of charges related to changes in sublet assumptions on previously exited facilities.

Reclassifications

Certain reclassifications of prior year amounts have been made for consistent presentation.

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, 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.

3

Non-GAAP revenue, operating expenses, operating income (loss), operating margin, net income (loss) and diluted earnings (loss) per share all exclude certain pro forma adjustments including: reversal of legal settlements, net; the receipt of escrowed funds associated with the ChinaHR acquisition; net costs associated with the Company’s historical option grant practices; the strategic restructuring actions initiated in the third quarter of 2007; severance and facility charges primarily related to the product and technology global reorganization and changes in sublet assumptions on previously exited facilities; acquisition and integration-related costs related to the acquisition of the HotJobs Assets; the fair value adjustment to deferred revenue in connection with the acquisition of ChinaHR and the HotJobs Assets; realized and unrealized gains and losses on marketable securities; and restructuring charges primarily related to severance associated with the decision to no longer engage in the arbitrage lead generation business. 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 net income or loss before interest income or expense, income tax expense or benefit, net gain or loss in equity interests, depreciation and amortization and non-cash compensation expense. 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.

Operating income before depreciation and amortization (“OIBDA”) is defined as net income or loss 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.

Bookings represent the dollar value of contractual orders received in the relevant period.

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.

4

Selected financial ratios

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

Annualized return on equity

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

Annualized net income / Average stockholders’ equity

Book value per share

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

Stockholders’ equity / Total shares outstanding

Cash and marketable securities per share

We calculate cash and marketable securities per share as follows:

(Cash and cash equivalents +Current marketable securities + Non-current marketable securities) / Total shares outstanding

5

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

Trended Data

Summary P&L Information	FY 2009			Q1 2010			Q2 2010			Q3 2010			Q4 2010			FY 2010			Q1 2011			Q2 2011			Q3 2011
Monster Careers	$	772,596		$	182,582		$	183,808		$	193,912		$	222,689		$	782,991		$	228,292		$	236,017		$	237,251
Internet Advertising & Fees		132,546			32,723			31,109			34,930			32,380			131,142			33,090			33,679			21,797
Revenue		905,142			215,305			214,917			228,842			255,069			914,133			261,382			269,696			259,048
Salary and related		423,828			118,183			104,089			105,764			115,564			443,600			122,481			119,956			120,314
Office and general		162,755			45,544			41,214			46,790			42,153			175,701			48,169			42,918			38,639
Marketing and promotion		209,661			59,581			46,925			51,661			64,399			222,566			57,698			58,524			46,527
Reversal of legal settlements, net		(6,850	)		—			—			—			—			—			—			—			—
Release of ChinaHR escrowed funds		—			—			—			—			—			—			—			—			(17,400	)
Restructuring and other special charges		16,105			—			—			—			—			—			—			—			2,004
Depreciation expense		59,117			14,521			13,782			13,975			14,204			56,482			14,373			15,052			14,998
Amortization of restricted stock and RSU Plan		39,306			10,124			10,744			13,398			12,380			46,646			13,028			12,161			8,899
Non-cash stock option expense		615			143			133			135			134			545			152			96			95
Amortization of intangibles		9,416			2,083			1,910			2,507			4,114			10,614			4,028			4,001			3,846
Operating expenses		913,953			250,179			218,797			234,230			252,948			956,154			259,929			252,708			217,922
Operating (loss) income		(8,811	)		(34,874	)		(3,880	)		(5,388	)		2,121			(42,021	)		1,453			16,988			41,126
Interest and other, net		(5,828	)		(653	)		901			(1,286	)		(835	)		(1,873	)		(441	)		(511	)		(1,478	)
(Loss) income before income taxes and equity interests		(14,639	)		(35,527	)		(2,979	)		(6,674	)		1,286			(43,894	)		1,012			16,477			39,648
(Benefit from) provison for income taxes		(37,883	)		(12,179	)		(829	)		(1,823	)		426			(14,405	)		356			5,441			7,453
Loss in equity interests, net		(4,317	)		(831	)		(807	)		(873	)		(359	)		(2,870	)		(578	)		(50	)		(368	)
Net income (loss)	$	18,927		$	(24,179	)	$	(2,957	)	$	(5,724	)	$	501		$	(32,359	)	$	78		$	10,986		$	31,827
Basic income (loss) per share:	$	0.16		$	(0.20	)	$	(0.02	)	$	(0.05	)	$	—		$	(0.27	)	$	—		$	0.09		$	0.26
Diluted income (loss) per share:	$	0.16		$	(0.20	)	$	(0.02	)	$	(0.05	)	$	—		$	(0.27	)	$	—		$	0.09		$	0.26
Weighted avg. shares outstanding:
Basic shares		119,359			120,032			120,701			120,796			120,892			120,608			121,425			122,200			122,991
Diluted shares		121,170			120,032			120,701			120,796			124,525			120,608			124,636			124,386			123,972
Global employees (ones)		5,687			5,518			5,546			5,792			5,847			5,847			5,909			6,042			6,003
Annualized revenue per average employee	$	152.4		$	153.7		$	155.4		$	161.5		$	175.3		$	161.1		$	177.9		$	180.5		$	172.1
Net Bookings		806,907			219,054			208,202			235,025	(1)		330,157			992,438			272,472			262,338			264,422

⁽¹⁾ - Excluding the effect of the arbitrage lead generation business, bookings for the three months ended September 30, 2010 was $221,139.

Monster Worldwide, Inc.
Statements of Operations
(unaudited)

Trended Data

Summary P&L Information	FY 2009			Q1 2010			Q2 2010			Q3 2010			Q4 2010			FY 2010			Q1 2011			Q2 2011			Q3 2011
Monster Careers		85.4	%		84.8	%		85.5	%		84.7	%		87.3	%	��	85.7	%		87.3	%		87.5	%		91.6	%
Internet Advertising & Fees		14.6	%		15.2	%		14.5	%		15.3	%		12.7	%		14.3	%		12.7	%		12.5	%		8.4	%
Revenue		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Salary and related		46.8	%		54.9	%		48.4	%		46.2	%		45.3	%		48.5	%		46.9	%		44.5	%		46.4	%
Office and general		18.0	%		21.2	%		19.2	%		20.4	%		16.5	%		19.2	%		18.4	%		15.9	%		14.9	%
Marketing and promotion		23.2	%		27.7	%		21.8	%		22.6	%		25.2	%		24.3	%		22.1	%		21.7	%		18.0	%
Reversal of legal settlements, net		-0.8	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Release of ChinaHR escrowed funds		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		-6.7	%
Restructuring and other special charges		1.8	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.8	%
Depreciation expense		6.5	%		6.7	%		6.4	%		6.1	%		5.6	%		6.2	%		5.5	%		5.6	%		5.8	%
Amortization of restricted stock and RSU Plan		4.3	%		4.7	%		5.0	%		5.9	%		4.9	%		5.1	%		5.0	%		4.5	%		3.4	%
Non-cash stock option expense		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%
Amortization of intangibles		1.0	%		1.0	%		0.9	%		1.1	%		1.6	%		1.2	%		1.5	%		1.5	%		1.5	%
Operating expenses		101.0	%		116.2	%		101.8	%		102.4	%		99.2	%		104.6	%		99.4	%		93.7	%		84.1	%
Operating (loss) income		-1.0	%		-16.2	%		-1.8	%		-2.4	%		0.8	%		-4.6	%		0.6	%		6.3	%		15.9	%
Interest and other, net		-0.6	%		-0.3	%		0.4	%		-0.6	%		-0.3	%		-0.2	%		-0.2	%		-0.2	%		-0.6	%
(Loss) income from operations		-1.6	%		-16.5	%		-1.4	%		-2.9	%		0.5	%		-4.8	%		0.4	%		6.1	%		15.3	%
(Benefit from) provision for income taxes		-4.2	%		-5.7	%		-0.4	%		-0.8	%		0.2	%		-1.6	%		0.1	%		2.0	%		2.9	%
Losses in equity interests, net		-0.5	%		-0.4	%		-0.4	%		-0.4	%		-0.1	%		-0.3	%		-0.2	%		0.0	%		-0.1	%
Net income (loss)		2.1	%		-11.2	%		-1.4	%		-2.5	%		0.2	%		-3.5	%		0.0	%		4.1	%		12.3	%

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

Trended Data

	FY 2009			Q1 2010			Q2 2010			Q3 2010			Q4 2010			FY 2010			Q1 2011			Q2 2011			Q3 2011
Segment revenue: GAAP
Careers — North America	$	407,118		$	96,957		$	96,948		$	107,229		$	121,059		$	422,193		$	121,032		$	122,565		$	123,160
Careers — International		365,478			85,625			86,860			86,683			101,630			360,798			107,260			113,452			114,091
Careers revenue — GAAP		772,596			182,582			183,808			193,912			222,689			782,991			228,292			236,017			237,251
Internet Advertising & Fees revenue — GAAP		132,546			32,723			31,109			34,930			32,380			131,142			33,090			33,679			21,797
Total Monster consolidated revenue — GAAP	$	905,142		$	215,305		$	214,917		$	228,842		$	255,069		$	914,133		$	261,382		$	269,696		$	259,048
Segment revenue(1): Non-GAAP
Careers — North America	$	407,118		$	96,957		$	96,948		$	109,017		$	124,324		$	427,246		$	123,690		$	122,565		$	123,160
Careers — International		367,749			85,625			86,860			86,683			101,630			360,798			107,260			113,452			114,091
Careers revenue — Non-GAAP		774,867			182,582			183,808			195,700			225,954			788,044			230,950			236,017			237,251
Internet Advertising & Fees — Non-GAAP		132,546			32,723			31,109			34,930			32,380			131,142			33,090			33,679			21,797
Total Monster consolidated revenue — Non-GAAP	$	907,413		$	215,305		$	214,917		$	230,630		$	258,334		$	919,186		$	264,040		$	269,696		$	259,048
Segment operating income (loss): GAAP
Careers — North America	$	19,670		$	(3,772	)	$	17,454		$	18,773		$	15,328		$	47,783		$	16,989		$	16,002		$	21,434
Careers — International		(6,283	)		(13,412	)		(4,536	)		(5,882	)		258			(23,572	)		5,422			10,257			10,400
Careers operating income (loss) — GAAP		13,387			(17,184	)		12,918			12,891			15,586			24,211			22,411			26,259			31,834
Internet Advertising & Fees operating income — GAAP		18,114			1,236			546			1,880			562			4,224			1,503			1,862			395
Corporate operating (expense) income — GAAP		(40,312	)		(18,926	)		(17,344	)		(20,159	)		(14,027	)		(70,456	)		(22,461	)		(11,133	)		8,897
Total Monster consolidated operating (loss) income — GAAP	$	(8,811	)	$	(34,874	)	$	(3,880	)	$	(5,388	)	$	2,121		$	(42,021	)	$	1,453		$	16,988		$	41,126
Segment operating income (loss)(1): Non-GAAP
Careers — North America	$	29,250		$	(491	)	$	17,500		$	20,744		$	18,701		$	56,454		$	19,874		$	16,002		$	21,434
Careers — International		10,475			(11,269	)		(3,989	)		(5,576	)		288			(20,546	)		5,704			10,257			10,723
Careers operating income (loss) — Non-GAAP		39,725			(11,760	)		13,511			15,168			18,989			35,908			25,578			26,259			32,157
Internet Advertising & Fees operating income — Non-GAAP		20,598			2,145			561			1,937			559			5,202			1,524			1,862			2,076
Corporate operating (expense) income — Non-GAAP		(48,524	)		(14,528	)		(12,223	)		(11,554	)		(7,612	)		(45,917	)		(14,984	)		(11,133	)		(8,503	)
Total Monster consolidated operating income (loss) — Non-GAAP	$	11,799		$	(24,143	)	$	1,849		$	5,551		$	11,936		$	(4,807	)	$	12,118		$	16,988		$	25,730

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

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

Trended Data

Summary P&L Information	FY 2009			Q1 2010			Q2 2010			Q3 2010			Q4 2010		FY 2010			Q1 2011		Q2 2011		Q3 2011
Non-GAAP revenue(1)	$	907,413		$	215,305		$	214,917		$	230,630		$	258,334	$	919,186		$	264,040	$	269,696	$	259,048
Deferred revenue related to acquisitions		2,271			—			—			1,788			3,265		5,053			2,658		—		—
Revenue — GAAP	$	905,142		$	215,305		$	214,917		$	228,842		$	255,069	$	914,133		$	261,382	$	269,696	$	259,048
OIBDA — GAAP(1)	$	104,364		$	(8,003	)	$	22,689		$	24,627		$	32,953	$	72,266		$	33,034	$	48,298	$	68,964
Depreciation expense		59,117			14,521			13,782			13,975			14,204		56,482			14,373		15,052		14,998
Amortization of restricted stock and RSU Plan		39,306			10,124			10,744			13,398			12,380		46,646			13,028		12,161		8,899
Non-cash stock option expense		615			143			133			135			134		545			152		96		95
Restructuring non-cash write-offs		4,721			—			—			—			—		—			—		—		—
Amortization of intangibles		9,416			2,083			1,910			2,507			4,114		10,614			4,028		4,001		3,846
Operating (loss) income — GAAP	$	(8,811	)	$	(34,874	)	$	(3,880	)	$	(5,388	)	$	2,121	$	(42,021	)	$	1,453	$	16,988	$	41,126
Reversal of legal settlements, net		(6,850	)		—			—			—			—		—			—		—		—
Release of ChinaHR escrowed funds		—			—			—			—			—		—			—		—		(17,400	)
Stock option investigation		(3,246	)		—			—			—			—		—			—		—		—
Non-GAAP severance		8,773			6,360			494			546			456		7,856			362		—		—
Non-GAAP facilities		3,557			—			—			—			—		—			2,998		—		—
Non-GAAP Integration fees		—			4,371			5,235			8,605			4,668		22,879			3,831		—		—
Non-GAAP Integration fees — salary		—			—			—			—			1,426		1,426			816		—		—
Deferred revenue related to acquisitions		2,271			—			—			1,788			3,265		5,053			2,658		—		—
Restructuring program non-cash write-offs		4,721			—			—			—			—		—			—		—		—
Restructuring expenses, less non-cash items		11,384			—			—			—			—		—			—		—		2,004
Total Non-GAAP Adjustments		20,610			10,731			5,729			10,939			9,815		37,214			10,665		—		(15,396	)
Operating income (loss) — Non-GAAP(1)	$	11,799		$	(24,143	)	$	1,849		$	5,551		$	11,936	$	(4,807	)	$	12,118	$	16,988	$	25,730

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

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

Trended Data

	FY 2009			Q1 2010			Q2 2010				Q3 2010			Q4 2010			FY 2010			Q1 2011			Q2 2011			Q3 2011
Cash flows provided by (used for) operating activities:
Net income (loss)	$	18,927		$	(24,179	)	$	(2,957	)	��	$	(5,724	)	$	501		$	(32,359	)	$	78		$	10,986		$	31,827
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		68,533			16,604			15,692				16,482			18,318			67,096			18,401			19,053			18,844
Reversal of legal settlements, net		(6,850	)		—			—				—			—			—			—			—			—
Provision for doubtful accounts		10,154			1,149			398				489			911			2,947			370			1,067			1,015
Non-cash compensation		39,921			10,267			10,877				13,533			12,514			47,191			13,180			12,257			8,994
Deferred income taxes		1,189			(14,713	)		(2,872	)			(8,509	)		(1,796	)		(27,890	)		(3,984	)		(6,563	)		3,985
Non-cash restructuring write-offs, accelerated amortization, and other		4,779			—			144				19			92			255			—			—			—
Loss in equity interests, net		4,317			831			807				873			359			2,870			578			50			368
Losses (gains) on auction rate securities		4,181			(200	)		(1,904	)			(311	)		—			(2,415	)		(1,120	)		(612	)		—
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		80,462			17,631			16,930				(21,282	)		(66,834	)		(53,555	)		12,416			16,630			18,650
Prepaid and other		(2,669	)		1,589			(2,201	)			720			(16,598	)		(16,490	)		(6,718	)		2,015			2,342
Deferred revenue		(111,634	)		4,668			(19,725	)			12,471			65,074			62,488			14,926			(17,955	)		(21,902	)
Accounts payable, accrued expenses and other liabilities		(66,585	)		22,569			(8,491	)			9,849			19,007			42,934			1,293			(8,859	)		(16,597	)
Total adjustments		25,798			60,395			9,655				24,334			31,047			125,431			49,342			17,083			15,699
Net cash provided by operating activities		44,725			36,216			6,698				18,610			31,548			93,072			49,420			28,069			47,526
Cash flows provided by (used for) investing activities:
Capital expenditures		(48,677	)		(8,536	)		(11,939	)			(16,181	)		(20,470	)		(57,126	)		(16,457	)		(16,331	)		(12,645	)
Purchase of marketable securities		(8,585	)		—			—				—			—			—			—			—			—
Sale and maturities of marketable securities and other		70,977			3,414			11,120				8,461			4,094			27,089			1,120			612			—
Payments for acquisitions and intangible assets, net of cash acquired		(300	)		—			—				(225,000	)		(795	)		(225,795	)		—			—			—
Dividends received from unconsolidated investee		763			220			—				—			—			220			443			—			—
Cash funded to equity investee		(6,299	)		(1,345	)		(1,555	)			(1,524	)		(1,224	)		(5,648	)		(1,007	)		(808	)		(744	)
Net cash provided by (used for) investing activities		7,879			(6,247	)		(2,374	)			(234,244	)		(18,395	)		(261,260	)		(15,901	)		(16,527	)		(13,389	)
Cash flows (used for) provided by financing activities:
Proceeds from borrowings on credit facilities short-term		199,203			—			—				90,000			—			90,000			—			2,126			105,599
Payments on borrowings on term loan and credit facilities		(256,196	)		—			—				(5,000	)		(10,500	)		(15,500	)		(4,500	)		—			(5,000	)
Tax withholdings related to net share settlements of restricted stock awards and units		(4,571	)		(6,359	)		(2,856	)			(589	)		(4,423	)		(14,227	)		(7,096	)		(6,776	)		(3,004	)
Net borrowings (payments) under capital lease obligations and other debt		50,000			—			—				—			—			—			—			—			—
Proceeds from the exercise of employee stock options		67			27			39				—			234			300			23			—			—
Excess tax benefits from equity compensation plans		79			—			—				—			—			—			—			—			—
Net cash (used for) provided by financing activities		(11,418	)		(6,332	)		(2,817	)			84,411			(14,689	)		60,573			(11,573	)		(4,650	)		97,595
Effects of exchange rates on cash		12,001			(7,932	)		(3,930	)			9,207			(2,008	)		(4,663	)		5,887			1,140			(8,965	)
Net increase (decrease) in cash and cash equivalents		53,187			15,705			(2,423	)			(122,016	)		(3,544	)		(112,278	)		27,833			8,032			122,767
Cash and cash equivalents, beginning of period		222,260			275,447			291,152				288,729			166,713			275,447			163,169			191,002			199,034
Cash and cash equivalents, end of period	$	275,447		$	291,152		$	288,729			$	166,713		$	163,169		$	163,169		$	191,002		$	199,034		$	321,801
Non — GAAP Free cash flow(1):
Net cash provided by operating activities	$	44,725		$	36,216		$	6,698			$	18,610		$	31,548		$	93,072		$	49,420		$	28,069		$	47,526
Less: Capital expenditures		(48,677	)		(8,536	)		(11,939	)			(16,181	)		(20,470	)		(57,126	)		(16,457	)		(16,331	)		(12,645	)
Free cash flow	$	(3,952	)	$	27,680		$	(5,241	)		$	2,429		$	11,078		$	35,946		$	32,963		$	11,738		$	34,881

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

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

Trended Data

		December 2009			March 2010			June 2010			September 2010			December 2010			March 2011			June 2011			September 2011
ASSETS
Current assets:
Cash and cash equivalents		$	275,447		$	291,152		$	288,729		$	166,713		$	163,169		$	191,002		$	199,034		$	321,801
Marketable securities, current			9,259			8,150			8,300			—			—			—			—			—
Accounts Receivable, net			287,698			263,589			242,199			282,274			346,751			340,307			323,726			298,778
Prepaid and other			73,089			70,229			68,487			66,301			75,451			84,600			84,744			83,506
Total current assets			645,493			633,120			607,715			515,288			585,371			615,909			607,504			704,085
Marketable securities, non-current			15,410			13,110			4,094			4,094			—			—			—			—
Property and equipment, net			143,727			136,487			136,821			143,973			150,147			154,900			158,178			155,642
Goodwill			925,758			917,187			892,008			1,123,834			1,122,951			1,151,182			1,157,724			1,137,074
Intangibles, net			43,863			41,173			39,029			70,067			66,184			62,474			58,788			54,759
Investment in unconsolidated affiliates			546			330			640			745			1,359			919			1,545			1,643
Other assets			52,393			50,884			52,411			52,108			51,990			51,061			47,816			42,107
Total assets		$	1,827,190		$	1,792,291		$	1,732,718		$	1,910,109		$	1,978,002		$	2,036,445		$	2,031,555		$	2,095,310
LIABILITIES AND STOCKHOLDERS’ EQUITY	��
Current liabilities:
Accounts payable, accrued expenses and other		$	196,248		$	217,671		$	203,227		$	213,562		$	225,876		$	232,701		$	220,694		$	202,251
Deferred revenue			305,898			304,993			279,809			312,952			376,448			399,105			382,835			354,029
Borrowings on credit facility short-term			—			—			—			90,000			79,500			75,000			77,129			182,771
Current portion of long-term debt			5,010			5,003			5,000			5,000			5,000			5,000			5,000			5,000
Total current liabilities			507,156			527,667			488,036			621,514			686,824			711,806			685,658			744,051
Long-term income taxes payable			87,343			89,101			90,813			95,464			95,390			96,922			96,443			98,164
Long-term debt, less current portion			45,000			45,000			45,000			40,000			40,000			40,000			40,000			35,000
Other liabilities			54,527			38,288			38,325			27,398			27,138			20,603			17,970			20,534
Total liabilities			694,026			700,056			662,174			784,376			849,352			869,331			840,071			897,749
Common stock and class B common stock			134			135			135			136			136			137			138			138
Additional paid-in capital			1,395,970			1,394,915			1,404,043			1,416,547			1,424,815			1,427,804			1,434,095			1,440,027
Accumulated other comprehensive income			64,167			48,470			20,608			69,016			63,165			98,561			105,653			73,971
Accumulated deficit			(327,107	)		(351,285	)		(354,242	)		(359,966	)		(359,466	)		(359,388	)		(348,402	)		(316,575	)
Total stockholders’ equity			1,133,164			1,092,235			1,070,544			1,125,733			1,128,650			1,167,114			1,191,484			1,197,561
Total liabilities and stockholders’ equity		$	1,827,190		$	1,792,291		$	1,732,718		$	1,910,109		$	1,978,002		$	2,036,445		$	2,031,555		$	2,095,310
Selected Financial Ratios(1)
- Annualized return on equity			-0.7	%		-8.7	%		-1.1	%		-2.1	%		0.2	%		0.0	%		3.7	%		10.7	%
- Book value per share		$	9.47		$	9.05		$	8.87		$	9.32		$	9.32		$	9.56		$	9.70		$	9.73
- Cash and marketable securities per share		$	2.51		$	2.59		$	2.49		$	1.41		$	1.35		$	1.57		$	1.62		$	2.61
- Net cash and securities		$	250,106		$	262,409		$	251,123		$	35,807		$	38,669		$	71,002		$	76,905		$	99,030

⁽¹⁾ - See notes to financial supplement for definitions and calculations of selected financial ratios.