Exhibit 99.2
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FINANCIAL SUPPLEMENT
MARCH 31, 2006
We provide this supplement to assist investors in evaluating our Company’s financial and operating metrics. We suggest that the notes to this supplement are read in conjunction with the financial tables. The financial information included in this supplement contains certain non-GAAP financial measures. These measures should be considered in addition to results prepared in accordance with GAAP, but are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in this supplement have been reconciled to the most comparable GAAP measure. The Company intends to update the financial supplement on a quarterly basis.
1
Notes to Financial Supplement
Presentation
Sale of Advertising & Communications businesses in Asia Pacific
On March 1, 2006, we completed the sale of our Advertising & Communications business in the Asia-Pacific region, and accordingly, we have reclassified our historical quarterly and annual financial information to reflect the disposition as discontinued operations in all periods presented. The financial results from continuing operations, presented herein, reflect the remaining and ongoing results of our business.
New Reportable Segment Presentation
We have reclassified our historical reportable segment information to reflect our new operating structure, which took effect in the first quarter of 2006. We now operate our business in four reportable segments: Monster Careers - North America; Monster Careers - International; Internet Advertising and Fees; and Advertising & Communications. Corporate operating expenses are not allocated to the Company’s reportable segments. Results under our new segment presentation are presented herein to assist investors with evaluating financial performance on a comparable basis. Descriptions for our revised reportable segments follow:
Monster Careers. Our Monster Careers segments predominantly earn revenue from the placement of job postings on the websites within the Monster network, access to our resume databases and other additional career-related services.
Internet Advertising and Fees. Our Internet Advertising and Fees segment earns revenue from the display of advertisements on the Monster network of websites, click-throughs on text-based links, leads provided to advertisers and subscriptions to our premium services. Among the larger components of this segment are our Fastweb, MonsterTrak, Tickle and Military.com businesses. Prior to the first quarter of 2006, these operations were managed and reported by our Monster segment. Revenue from this segment is primarily earned in the United States.
Advertising & Communications. Our Advertising & Communications segment mainly earns revenue from job advertisements placed in newspapers and Internet career related websites such as Monster and other media, plus associated fees for related services. Revenue is recorded net of media placement costs.
(1) Non-GAAP financial measures
The information included in this financial supplement contains non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures reported by other companies. We believe that our presentation of non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. In addition, we use these measures for reviewing our financial results and for budgeting and planning purposes.
2
Operating income before depreciation and amortization (“OIBDA”) is defined as income from operations before depreciation, amortization of intangible assets and amortization of stock based compensation. We consider OIBDA to be an important indicator of our operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets and amortization of stock based compensation from period to period, which we believe is useful to management and investors in evaluating our operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Free cash flow is defined as cash flow from operating activities less capital expenditures. As a result of the adoption SFAS 123(R) in 2006, free cash flow amounts in 2004 and 2005 have been adjusted to exclude the income tax benefits on stock option exercises. Free cash flow is considered a liquidity measure and provides useful information about our ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in our cash position for the period and should not be considered a substitute for such a measure.
(2) 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
Annualized return on capital employed
Annualized return on capital employed indicates how efficiently our capital is being used to generate revenue. We calculate annualized return on capital employed as follows:
Annualized operating income / (Total Assets – Current liabilities + Current portion of debt)
Annualized operating income uses historical operating income as originally reported as its basis, unadjusted for any operations discontinued subsequently. Using annualized operating income, as historically reported, most effectively displays the results of our capital allocation decisions and its ability to generate a return on those decisions.
Book value per share
Book value per share is a market value indicator that we utilize when analyzing our stockholders’ equity. We calculate book value per share as follows:
Stockholders’ equity / Total shares outstanding
Cash and marketable securities per share
We calculate cash and marketable securities per share as follows:
(Cash and cash equivalents + Marketable securities) / Total shares outstanding
3
Monster Worldwide, Inc.
Statements of Operations - Non GAAP
(unaudited, in thousands, except per share amounts)
| | Trended Quarterly Data | | Year to Date Data | |
Summary P&L Information | | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | | 3M 2005 | | 3M 2006 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Monster | | $ | 122,162 | | $ | 141,904 | | $ | 157,679 | | $ | 172,164 | | $ | 189,534 | | $ | 198,091 | | $ | 206,834 | | $ | 223,812 | | $ | 257,036 | | $ | 189,534 | | $ | 257,036 | |
Advertising & Communications | | 35,825 | | 36,223 | | 37,339 | | 39,777 | | 38,990 | | 36,674 | | 38,180 | | 39,254 | | 34,711 | | 38,990 | | 34,711 | |
Revenue | | 157,987 | | 178,127 | | 195,018 | | 211,941 | | 228,524 | | 234,765 | | 245,014 | | 263,066 | | 291,747 | | 228,524 | | 291,747 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Salary and related | | 68,637 | | 79,048 | | 88,905 | | 98,460 | | 96,691 | | 101,973 | | 105,884 | | 108,542 | | 111,280 | | 96,691 | | 111,280 | |
Office and general | | 27,931 | | 29,462 | | 31,808 | | 33,116 | | 36,280 | | 36,666 | | 35,873 | | 36,972 | | 44,110 | | 36,280 | | 44,110 | |
Marketing and promotion | | 37,817 | | 38,038 | | 37,284 | | 37,014 | | 48,411 | | 47,632 | | 46,244 | | 53,609 | | 66,117 | | 48,411 | | 66,117 | |
OIBDA(1) | | 23,602 | | 31,579 | | 37,021 | | 43,351 | | 47,142 | | 48,494 | | 57,013 | | 63,943 | | 70,240 | | 47,142 | | 70,240 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Depreciation expense | | 6,149 | | 6,624 | | 6,793 | | 5,781 | | 6,765 | | 6,827 | | 6,958 | | 7,193 | | 7,992 | | 6,765 | | 7,992 | |
Amortization of stock based compensation | | 474 | | 872 | | 737 | | 639 | | 968 | | 534 | | 540 | | 693 | | 2,068 | | 968 | | 2,068 | |
Amortization of intangibles | | 605 | | 1,241 | | 3,069 | | 2,329 | | 2,354 | | 2,274 | | 2,206 | | 2,859 | | 2,702 | | 2,354 | | 2,702 | |
Operating expenses | | 141,613 | | 155,285 | | 168,596 | | 177,339 | | 191,469 | | 195,906 | | 197,705 | | 209,868 | | 234,269 | | 191,469 | | 234,269 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | 16,374 | | 22,842 | | 26,422 | | 34,602 | | 37,055 | | 38,859 | | 47,309 | | 53,198 | | 57,478 | | 37,055 | | 57,478 | |
Interest and other, net(2) | | (186 | ) | (509 | ) | (244 | ) | (14 | ) | (82 | ) | 1,059 | | 865 | | 4,465 | | 3,342 | | (82 | ) | 3,342 | |
Income from cont. operations, pre-tax | | 16,188 | | 22,333 | | 26,178 | | 34,588 | | 36,973 | | 39,918 | | 48,174 | | 57,663 | | 60,820 | | 36,973 | | 60,820 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Income taxes | | 5,335 | | 7,428 | | 8,532 | | 11,343 | | 13,068 | | 13,967 | | 16,955 | | 20,149 | | 22,149 | | 13,068 | | 22,149 | |
Losses in equity interests | | — | | — | | — | | — | | (209 | ) | (367 | ) | (641 | ) | (2,180 | ) | (1,241 | ) | (209 | ) | (1,241 | ) |
Income from continuing operations | | 10,853 | | 14,905 | | 17,646 | | 23,245 | | 23,696 | | 25,584 | | 30,578 | | 35,334 | | 37,430 | | 23,696 | | 37,430 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from disc. operations, net of tax | | 1,552 | | 1,335 | | 2,342 | | 1,226 | | (3,126 | ) | (6,008 | ) | 243 | | 1,131 | | 4,832 | | (3,126 | ) | 4,832 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,405 | | $ | 16,240 | | $ | 19,988 | | $ | 24,471 | | $ | 20,570 | | $ | 19,576 | | $ | 30,821 | | $ | 36,465 | | $ | 42,262 | | $ | 20,570 | | $ | 42,262 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.09 | | $ | 0.13 | | $ | 0.15 | | $ | 0.19 | | $ | 0.20 | | $ | 0.21 | | $ | 0.25 | | $ | 0.28 | | $ | 0.30 | | $ | 0.20 | | $ | 0.30 | |
Net income | | $ | 0.11 | | $ | 0.14 | | $ | 0.17 | | $ | 0.20 | | $ | 0.17 | | $ | 0.16 | | $ | 0.25 | | $ | 0.29 | | $ | 0.33 | | $ | 0.17 | | $ | 0.33 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.09 | | $ | 0.12 | | $ | 0.15 | | $ | 0.19 | | $ | 0.19 | | $ | 0.21 | | $ | 0.25 | | $ | 0.28 | | $ | 0.29 | | $ | 0.19 | | $ | 0.29 | |
Net income | | $ | 0.11 | | $ | 0.14 | | $ | 0.17 | | $ | 0.20 | | $ | 0.17 | | $ | 0.16 | | $ | 0.25 | | $ | 0.29 | | $ | 0.32 | | $ | 0.17 | | $ | 0.32 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Weighted avg. shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | |
Basic shares | | 115,533 | | 117,431 | | 118,584 | | 119,373 | | 120,655 | | 121,049 | | 122,128 | | 124,348 | | 126,753 | | 120,655 | | 126,753 | |
Diluted shares | | 118,030 | | 120,192 | | 120,351 | | 122,353 | | 123,577 | | 123,181 | | 124,757 | | 127,418 | | 130,619 | | 123,577 | | 130,619 | |
(1) - See notes to financial supplement for further explanation of non-GAAP measures.
(2) - Interest and other, net includes a $2.1 million gain from the sale of a long-term investment in the fourth quarter of 2005.
Monster Worldwide, Inc.
Trailing Twelve Months Statistics - Statements of Operations - Non-GAAP
(unaudited, in thousands, except per share amounts)
| | Trended Quarterly Data | |
Summary P&L Information | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | |
| | | | | | | | | | | | | |
Monster | | $ | 593,909 | | $ | 661,281 | | $ | 717,468 | | $ | 766,623 | | $ | 818,271 | | $ | 885,773 | |
Advertising & Communications | | 149,164 | | 152,329 | | 152,780 | | 153,621 | | 153,098 | | 148,819 | |
Revenue | | 743,073 | | 813,610 | | 870,248 | | 920,244 | | 971,369 | | 1,034,592 | |
| | | | | | | | | | | | | |
Salary and related | | 335,050 | | 363,104 | | 386,029 | | 403,008 | | 413,090 | | 427,679 | |
Office and general | | 122,317 | | 130,666 | | 137,870 | | 141,935 | | 145,791 | | 153,621 | |
Marketing and promotion | | 150,153 | | 160,747 | | 170,341 | | 179,301 | | 195,896 | | 213,602 | |
OIBDA (1) | | 135,553 | | 159,093 | | 176,008 | | 196,000 | | 216,592 | | 239,690 | |
| | | | | | | | | | | | | |
Depreciation expense | | 25,347 | | 25,963 | | 26,166 | | 26,331 | | 27,743 | | 28,970 | |
Amortization of stock based compensation | | 2,722 | | 3,216 | | 2,878 | | 2,681 | | 2,735 | | 3,835 | |
Amortization of intangibles | | 7,244 | | 8,993 | | 10,026 | | 9,163 | | 9,693 | | 10,041 | |
Operating expenses | | 642,833 | | 692,689 | | 733,310 | | 762,419 | | 794,948 | | 837,748 | |
| | | | | | | | | | | | | |
Operating income | | 100,240 | | 120,921 | | 136,938 | | 157,825 | | 176,421 | | 196,844 | |
Interest and other, net | | (953 | ) | (849 | ) | 719 | | 1,828 | | 6,307 | | 9,731 | |
Income from cont. operations, pre-tax | | 99,287 | | 120,072 | | 137,657 | | 159,653 | | 182,728 | | 206,575 | |
| | | | | | | | | | | | | |
Income taxes | | 32,638 | | 40,371 | | 46,910 | | 55,333 | | 64,139 | | 73,220 | |
Losses in equity interests | | — | | (209 | ) | (576 | ) | (1,217 | ) | (3,397 | ) | (4,429 | ) |
Income from continuing operations | | 66,649 | | 79,492 | | 90,171 | | 103,103 | | 115,192 | | 128,926 | |
| | | | | | | | | | | | | |
Income (loss) from disc. operations, net of tax | | 6,455 | | 1,777 | | (5,566 | ) | (7,665 | ) | (7,760 | ) | 198 | |
| | | | | | | | | | | | | |
Net income | | $ | 73,104 | | $ | 81,269 | | $ | 84,605 | | $ | 95,438 | | $ | 107,432 | | $ | 129,124 | |
| | | | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.57 | | $ | 0.67 | | $ | 0.75 | | $ | 0.85 | | $ | 0.94 | | $ | 1.04 | |
Net income | | $ | 0.62 | | $ | 0.68 | | $ | 0.71 | | $ | 0.79 | | $ | 0.88 | | $ | 1.04 | |
| | | | | | | | | | | | | |
Diluted earnings per share: | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.56 | | $ | 0.65 | | $ | 0.74 | | $ | 0.84 | | $ | 0.92 | | $ | 1.02 | |
Net income | | $ | 0.61 | | $ | 0.67 | | $ | 0.69 | | $ | 0.77 | | $ | 0.86 | | $ | 1.02 | |
| | | | | | | | | | | | | |
Weighted avg. shares outstanding: | | | | | | | | | | | | | |
Basic shares | | 117,738 | | 119,011 | | 119,915 | | 120,801 | | 122,055 | | 123,570 | |
Diluted shares | | 120,075 | | 121,618 | | 122,366 | | 123,467 | | 125,038 | | 126,494 | |
(1) - See notes to financial supplement for further explanation of non-GAAP measures.
Monster Worldwide, Inc.
Statements of Cash Flows
(unaudited, in thousands)
| | Trended Quarterly Data | | Year to Date Data | |
| | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | | 3M 2005 | | 3M 2006 | |
Cash flows provided by (used for) operating activities: | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 12,405 | | $ | 16,240 | | $ | 19,988 | | $ | 24,471 | | $ | 20,570 | | $ | 19,576 | | $ | 30,821 | | $ | 36,465 | | $ | 42,262 | | $ | 20,570 | | $ | 42,262 | |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | | | | | | | | | | | | | | | | | | | | | | | |
(Income) loss from discontinued operations, net of tax | | (1,552 | ) | (1,335 | ) | (2,342 | ) | (1,226 | ) | 3,126 | | 6,008 | | (243 | ) | (1,131 | ) | (4,832 | ) | 3,126 | | (4,832 | ) |
Depreciation and amortization | | 6,754 | | 7,865 | | 9,862 | | 8,110 | | 9,119 | | 9,101 | | 9,164 | | 10,052 | | 10,694 | | 9,119 | | 10,694 | |
Provision for doubtful accounts | | 912 | | 1,371 | | 1,153 | | 1,850 | | 2,315 | | 2,078 | | 3,592 | | 1,585 | | 3,745 | | 2,315 | | 3,745 | |
Tax benefit on stock based compensation | | 438 | | 1,167 | | 83 | | 5,637 | | 581 | | 3,259 | | 4,874 | | 17,773 | | 17,315 | | 581 | | 17,315 | |
Excess tax benefits from stock option exercises | | — | | — | | — | | — | | — | | — | | — | | — | | (17,051 | ) | — | | (17,051 | ) |
Non cash compensation | | 474 | | 872 | | 737 | | 639 | | 1,447 | | 534 | | 540 | | 214 | | 2,068 | | 1,447 | | 2,068 | |
Common stock issued for matching contribution to 401(k) plan and other | | 2,145 | | 1,329 | | 202 | | 604 | | 741 | | 1,264 | | 835 | | 973 | | 996 | | 741 | | 996 | |
Deferred income taxes | | 8,887 | | 6,381 | | 3,799 | | 4,017 | | 8,854 | | 756 | | 1,625 | | 5,227 | | 1,163 | | 8,854 | | 1,163 | |
Minority interests and other | | (93 | ) | (213 | ) | 67 | | 77 | | 280 | | 359 | | 366 | | 2,641 | | 1,235 | | 280 | | 1,235 | |
Changes in assets and liabilities, net of business combinations: | | — | | — | | | | | | | | | | | | | | | | | | | |
Accounts Receivable | | (14,435 | ) | (13,796 | ) | (27,732 | ) | (21,837 | ) | 7,607 | | (4,723 | ) | (6,588 | ) | (75,065 | ) | (6,123 | ) | 7,607 | | (6,123 | ) |
Prepaid and other | | 466 | | 8,803 | | 2,659 | | (4,757 | ) | 1,742 | | (10,147 | ) | 9 | | (7,055 | ) | (375 | ) | 1,742 | | (375 | ) |
Deferred revenue | | 7,964 | | 16,290 | | 16,528 | | 34,658 | | 6,728 | | 3,613 | | 2,350 | | 79,950 | | 16,138 | | 6,728 | | 16,138 | |
Accounts payable, accrued expenses and other liabilities | | 3,453 | | (21,117 | ) | 6,831 | | (16,980 | ) | (7,877 | ) | 28,528 | | 20,038 | | (10,775 | ) | 11,281 | | (7,877 | ) | 11,281 | |
Net cash provided by (used for) operating activities of discontinued operations | | (38,841 | ) | (6,497 | ) | 10,271 | | 8,829 | | (13,870 | ) | (7,284 | ) | (1,047 | ) | 95 | | (2,234 | ) | (13,870 | ) | (2,234 | ) |
Total adjustments | | (23,428 | ) | 1,120 | | 22,118 | | 19,621 | | 20,793 | | 33,346 | | 35,515 | | 24,484 | | 34,020 | | 20,793 | | 34,020 | |
Net cash provided by (used for) operating activities | | (11,023 | ) | 17,360 | | 42,106 | | 44,092 | | 41,363 | | 52,922 | | 66,336 | | 60,949 | | 76,282 | | 41,363 | | 76,282 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided by (used for) investing activities: | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | (2,649 | ) | (5,509 | ) | (4,724 | ) | (2,801 | ) | (7,881 | ) | (7,583 | ) | (7,936 | ) | (16,157 | ) | (10,925 | ) | (7,881 | ) | (10,925 | ) |
Purchase of marketable securities | | — | | — | | — | | — | | — | | — | | — | | (118,461 | ) | (334,990 | ) | — | | (334,990 | ) |
Sales and maturities of marketable securities | | — | | — | | — | | — | | — | | — | | — | | — | | 238,001 | | — | | 238,001 | |
Payments for acquisitions and intangible assets, net of cash acquired | | (25,931 | ) | (90,182 | ) | (1,813 | ) | (1,958 | ) | (42,477 | ) | (7,010 | ) | (2,265 | ) | (96,598 | ) | (23,655 | ) | (42,477 | ) | (23,655 | ) |
Investment in unconsolidated affiliate | | — | | — | | — | | — | | (50,137 | ) | — | | — | | — | | (19,936 | ) | (50,137 | ) | (19,936 | ) |
Sale of long-term investment | | — | | — | | — | | — | | 1,878 | | — | | 125 | | 2,713 | | — | | 1,878 | | — | |
Net proceeds from sale of business | | — | | — | | — | | 6,810 | | (432 | ) | 50,181 | | (658 | ) | 1,000 | | — | | (432 | ) | — | |
Net cash provided by (used for) investing activities of discontinued operations | | (5,194 | ) | (3,181 | ) | (1,439 | ) | (740 | ) | (752 | ) | (47 | ) | (607 | ) | 447 | | (960 | ) | (752 | ) | (960 | ) |
Net cash provided by (used for) investing activities | | (33,774 | ) | (98,872 | ) | (7,976 | ) | 1,311 | | (99,801 | ) | 35,541 | | (11,341 | ) | (227,056 | ) | (152,465 | ) | (99,801 | ) | (152,465 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided by financing activities: | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings (repayments) under line of credit and capital lease obligations | | (174 | ) | (196 | ) | (339 | ) | (763 | ) | (507 | ) | (1,328 | ) | (302 | ) | 323 | | (276 | ) | (507 | ) | (276 | ) |
Proceeds from the issuance of common stock | | 55,663 | | 10 | | — | | — | | — | | — | | — | | — | | — | | — | | — | |
Cash received from the exercise of employee stock options | | 2,714 | | 8,051 | | 978 | | 34,068 | | 3,653 | | 10,733 | | 23,323 | | 57,317 | | 59,594 | | 3,653 | | 59,594 | |
Excess tax benefits from stock option exercises | | — | | — | | — | | — | | — | | — | | — | | — | | 17,051 | | — | | 17,051 | |
Repurchase of common stock | | — | | — | | — | | — | | — | | (1,398 | ) | — | | (7,906 | ) | (8,537 | ) | — | | (8,537 | ) |
Structured stock repurchase, net | | — | | — | | — | | — | | — | | — | | — | | — | | (22,758 | ) | — | | (22,758 | ) |
Net cash provided by financing activities | | 58,203 | | 7,865 | | 639 | | 33,305 | | 3,146 | | 8,007 | | 23,021 | | 49,734 | | 45,074 | | 3,146 | | 45,074 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Effects of exchange rates on cash | | 227 | | (37 | ) | 239 | | 2,191 | | (1,894 | ) | (1,577 | ) | (125 | ) | (739 | ) | 547 | | (1,894 | ) | 547 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | 13,633 | | (73,684 | ) | 35,008 | | 80,899 | | (57,186 | ) | 94,893 | | 77,891 | | (117,112 | ) | (30,562 | ) | (57,186 | ) | (30,562 | ) |
Cash and cash equivalents, beginning of period | | 142,255 | | 155,888 | | 82,204 | | 117,212 | | 198,111 | | 140,925 | | 235,818 | | 313,709 | | 196,597 | | 198,111 | | 196,597 | |
Cash and cash equivalents, end of period | | $ | 155,888 | | $ | 82,204 | | $ | 117,212 | | $ | 198,111 | | $ | 140,925 | | $ | 235,818 | | $ | 313,709 | | $ | 196,597 | | $ | 166,035 | | $ | 140,925 | | $ | 166,035 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Free cash flow (1): | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used for) operating activities | | $ | (11,023 | ) | $ | 17,360 | | $ | 42,106 | | $ | 44,092 | | $ | 41,363 | | $ | 52,922 | | $ | 66,336 | | $ | 60,949 | | $ | 76,282 | | $ | 41,363 | | $ | 76,282 | |
Less: Tax benefit on stock option exercises | | (438 | ) | (1,167 | ) | (83 | ) | (5,637 | ) | (581 | ) | (2,673 | ) | (4,684 | ) | (14,243 | ) | — | | (581 | ) | — | |
Less: Capital expenditures | | (2,649 | ) | (5,509 | ) | (4,724 | ) | (2,801 | ) | (7,881 | ) | (7,583 | ) | (7,936 | ) | (16,157 | ) | (10,925 | ) | (7,881 | ) | (10,925 | ) |
Free cash flow | | $ | (14,110 | ) | $ | 10,684 | | $ | 37,299 | | $ | 35,654 | | $ | 32,901 | | $ | 42,666 | | $ | 53,716 | | $ | 30,549 | | $ | 65,357 | | $ | 32,901 | | $ | 65,357 | |
(1) - See notes to financial supplement for further explanation of non-GAAP measures.
Monster Worldwide, Inc.
Consolidated Condensed Balance Sheets
(unaudited, in thousands, except selected financial ratios)
| | Trended Quarterly Data | |
| | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | |
ASSETS | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 155,888 | | $ | 82,204 | | $ | 117,212 | | $ | 198,111 | | $ | 140,925 | | $ | 235,818 | | $ | 313,709 | | $ | 196,597 | | $ | 166,035 | |
Marketable securities | | — | | — | | — | | — | | — | | — | | — | | 123,747 | | 221,019 | |
Accounts receivable, net | | 236,677 | | 262,994 | | 289,574 | | 309,041 | | 302,441 | | 305,088 | | 308,082 | | 382,606 | | 384,985 | |
Prepaid and other | | 54,562 | | 53,005 | | 49,877 | | 50,171 | | 46,733 | | 53,001 | | 52,456 | | 59,711 | | 62,187 | |
Current assets of discontinued operations | | 135,432 | | 140,230 | | 159,828 | | 146,188 | | 140,042 | | 13,417 | | 14,409 | | 10,398 | | — | |
Total current assets | | 582,559 | | 538,433 | | 616,491 | | 703,511 | | 630,141 | | 607,324 | | 688,656 | | 773,059 | | 834,226 | |
| | | | | | | | | | | | | | | | | | | |
Property and equipment, net | | 71,648 | | 83,070 | | 80,933 | | 79,850 | | 81,048 | | 81,812 | | 83,064 | | 92,034 | | 94,974 | |
Goodwill | | 389,826 | | 564,475 | | 558,788 | | 607,994 | | 616,069 | | 592,987 | | 590,209 | | 679,017 | | 689,803 | |
Intangibles, net | | 27,520 | | 43,118 | | 54,228 | | 56,744 | | 51,940 | | 47,963 | | 50,446 | | 56,661 | | 54,541 | |
Other assets | | 17,674 | | 13,305 | | 13,299 | | 17,170 | | 14,769 | | 26,674 | | 26,480 | | 29,939 | | 30,544 | |
Investment in unconsolidated affiliate | | — | | — | | — | | — | | 49,928 | | 49,351 | | 48,935 | | 46,758 | | 65,480 | |
Long-term assets of discontinued operations | | 84,192 | | 85,220 | | 85,252 | | 78,344 | | 77,907 | | 1,506 | | 1,445 | | 1,247 | | — | |
Total assets | | $ | 1,173,419 | | $ | 1,327,621 | | $ | 1,408,991 | | $ | 1,543,613 | | $ | 1,521,802 | | $ | 1,407,617 | | $ | 1,489,235 | | $ | 1,678,715 | | $ | 1,769,568 | |
| | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable, accrued expenses and other | | $ | 267,961 | | $ | 286,684 | | $ | 290,382 | | $ | 290,705 | | $ | 285,119 | | $ | 307,772 | | $ | 322,929 | | $ | 322,561 | | $ | 333,598 | |
Deferred revenue | | 162,856 | | 180,196 | | 196,724 | | 231,382 | | 242,100 | | 245,713 | | 248,063 | | 328,902 | | 345,040 | |
Current portion of long-term debt | | 10,814 | | 22,492 | | 22,833 | | 29,262 | | 31,980 | | 26,572 | | 29,903 | | 31,378 | | 21,789 | |
Current liabilities of discontinued operations | | 171,929 | | 166,860 | | 193,068 | | 179,394 | | 161,228 | | 18,327 | | 17,375 | | 13,747 | | — | |
Total current liabilities | | 613,560 | | 656,232 | | 703,007 | | 730,743 | | 720,427 | | 598,384 | | 618,270 | | 696,588 | | 700,427 | |
| | | | | | | | | | | | | | | | | | | |
Long-term debt, less current portion | | 9,287 | | 34,311 | | 34,196 | | 33,975 | | 14,653 | | 14,363 | | 14,805 | | 15,678 | | 3,093 | |
Other liabilities | | 13,757 | | 15,228 | | 17,041 | | 23,083 | | 30,051 | | 35,985 | | 37,423 | | 46,637 | | 47,464 | |
Long-term liabilities of discontinued operations | | 521 | | 399 | | 315 | | 298 | | 388 | | 171 | | 155 | | 137 | | — | |
Total liabilities | | 637,125 | | 706,170 | | 754,559 | | 788,099 | | 765,519 | | 648,903 | | 670,653 | | 759,040 | | 750,984 | |
| | | | | | | | | | | | | | | | | | | |
Common stock and class B common stock | | 117 | | 120 | | 120 | | 122 | | 122 | | 122 | | 124 | | 127 | | 129 | |
Additional paid-in capital | | 1,029,961 | | 1,099,571 | | 1,104,395 | | 1,146,708 | | 1,153,681 | | 1,167,900 | | 1,196,932 | | 1,267,741 | | 1,358,758 | |
Accumulated other comprehensive income | | 53,655 | | 55,760 | | 64,369 | | 98,027 | | 71,804 | | 40,267 | | 39,740 | | 35,518 | | 42,979 | |
Unamortized stock based compensation | | — | | (2,801 | ) | (3,240 | ) | (2,603 | ) | (3,154 | ) | (2,981 | ) | (2,441 | ) | (4,403 | ) | (46,236 | ) |
Retained earnings (deficit) | | (547,439 | ) | (531,199 | ) | (511,212 | ) | (486,740 | ) | (466,170 | ) | (446,594 | ) | (415,773 | ) | (379,308 | ) | (337,046 | ) |
Total stockholders’ equity | | 536,294 | | 621,451 | | 654,432 | | 755,514 | | 756,283 | | 758,714 | | 818,582 | | 919,675 | | 1,018,584 | |
| | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,173,419 | | $ | 1,327,621 | | $ | 1,408,991 | | $ | 1,543,613 | | $ | 1,521,802 | | $ | 1,407,617 | | $ | 1,489,235 | | $ | 1,678,715 | | $ | 1,769,568 | |
| | | | | | | | | | | | | | | | | | | |
Selected Financial Ratios(2) | | | | | | | | | | | | | | | | | | | |
- Annualized return on equity | | 9.9 | % | 11.2 | % | 12.5 | % | 13.9 | % | 10.9 | % | 10.3 | % | 15.6 | % | 16.8 | % | 17.4 | % |
- Annualized return on capital employed (ROCE) | | 13.9 | % | 14.9 | % | 17.4 | % | 18.2 | % | 15.9 | % | 18.6 | % | 21.2 | % | 21.0 | % | 21.1 | % |
- Book value per share | | $ | 4.63 | | $ | 5.24 | | $ | 5.51 | | $ | 6.27 | | $ | 6.26 | | $ | 6.24 | | $ | 6.61 | | $ | 7.33 | | $ | 7.95 | |
- Cash and marketable securities per share | | $ | 1.35 | | $ | 0.69 | | $ | 0.99 | | $ | 1.64 | | $ | 1.17 | | $ | 1.94 | | $ | 2.54 | | $ | 2.55 | | $ | 3.02 | |
(2) - See notes to financial supplement for definitions and calculations of selected financial ratios.
Monster Worldwide, Inc.
Segment Information and Margin Analysis - Non-GAAP
(unaudited, in thousands)
| | Trended Quarterly Data | | Year to Date Data | |
| | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | | 3M 2005 | | 3M 2006 | |
Segment revenue: | | | | | | | | | | | | | | | | | | | | | | | |
Monster Careers - North America | | $ | 92,951 | | $ | 96,985 | | $ | 103,494 | | $ | 112,070 | | $ | 123,556 | | $ | 126,152 | | $ | 134,094 | | $ | 137,798 | | $ | 159,998 | | $ | 123,556 | | $ | 159,998 | |
Monster Careers - International | | 17,166 | | 26,010 | | 30,783 | | 36,912 | | 41,217 | | 45,880 | | 44,837 | | 55,184 | | 64,591 | | 41,217 | | 64,591 | |
Monster Careers revenue | | $ | 110,117 | | $ | 122,995 | | $ | 134,277 | | $ | 148,982 | | $ | 164,773 | | $ | 172,032 | | $ | 178,931 | | $ | 192,982 | | $ | 224,589 | | $ | 164,773 | | $ | 224,589 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Internet Advertising & Fees revenue | | 12,045 | | 18,909 | | 23,402 | | 23,182 | | 24,761 | | 26,059 | | 27,903 | | 30,830 | | 32,447 | | 24,761 | | 32,447 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total Monster revenue | | $ | 122,162 | | $ | 141,904 | | $ | 157,679 | | $ | 172,164 | | $ | 189,534 | | $ | 198,091 | | $ | 206,834 | | $ | 223,812 | | $ | 257,036 | | $ | 189,534 | | $ | 257,036 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Advertising & Communications - North America | | $ | 17,495 | | $ | 17,553 | | $ | 19,292 | | $ | 21,427 | | $ | 19,762 | | $ | 18,932 | | $ | 21,540 | | $ | 25,031 | | $ | 19,917 | | $ | 19,762 | | $ | 19,917 | |
Advertising & Communications - International | | 18,330 | | 18,670 | | 18,047 | | 18,350 | | 19,228 | | 17,742 | | 16,640 | | 14,223 | | 14,794 | | 19,228 | | 14,794 | |
Advertising & Communications revenue | | $ | 35,825 | | $ | 36,223 | | $ | 37,339 | | $ | 39,777 | | $ | 38,990 | | $ | 36,674 | | $ | 38,180 | | $ | 39,254 | | $ | 34,711 | | $ | 38,990 | | $ | 34,711 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Segment OIBDA(1): | | | | | | | | | | | | | | | | | | | | | | | |
Monster Careers - North America | | $ | 22,370 | | $ | 28,038 | | $ | 32,884 | | $ | 42,670 | | $ | 42,511 | | $ | 46,070 | | $ | 51,986 | | $ | 51,673 | | $ | 59,218 | | $ | 42,511 | | $ | 59,218 | |
Monster Careers - International | | (1,141 | ) | 2,284 | | 2,586 | | 4,849 | | 925 | | 307 | | 357 | | 4,139 | | 5,026 | | 925 | | 5,026 | |
Monster Careers OIBDA (1) | | $ | 21,229 | | $ | 30,322 | | $ | 35,471 | | $ | 47,519 | | $ | 43,435 | | $ | 46,377 | | $ | 52,342 | | $ | 55,811 | | $ | 64,244 | | $ | 43,435 | | $ | 64,244 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Internet Advertising & Fees OIBDA(1) | | 6,305 | | 6,128 | | 7,133 | | 6,739 | | 8,457 | | 9,283 | | 9,555 | | 11,768 | | 11,715 | | 8,457 | | 11,715 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total Monster OIBDA(1) | | $ | 27,534 | | $ | 36,450 | | $ | 42,604 | | $ | 54,258 | | $ | 51,893 | | $ | 55,661 | | $ | 61,897 | | $ | 67,580 | | $ | 75,959 | | $ | 51,893 | | $ | 75,959 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Advertising & Communications - North America | | $ | 2,160 | | $ | 2,241 | | $ | 2,848 | | $ | 2,362 | | $ | 3,189 | | $ | 1,633 | | $ | 3,552 | | $ | 7,861 | | $ | 2,769 | | $ | 3,189 | | $ | 2,769 | |
Advertising & Communications - International | | 659 | | 1,064 | | 427 | | (1,231 | ) | 1,040 | | 517 | | 2,034 | | 975 | | 1,557 | | 1,040 | | 1,557 | |
Advertising & Communications OIBDA (1) | | $ | 2,819 | | $ | 3,305 | | $ | 3,275 | | $ | 1,131 | | $ | 4,229 | | $ | 2,150 | | $ | 5,586 | | $ | 8,836 | | $ | 4,326 | | $ | 4,229 | | $ | 4,326 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Corporate expenses before D&A(1) | | $ | (6,751 | ) | $ | (8,176 | ) | $ | (8,858 | ) | $ | (12,038 | ) | $ | (8,980 | ) | $ | (9,317 | ) | $ | (10,470 | ) | $ | (12,472 | ) | $ | (10,045 | ) | $ | (8,980 | ) | $ | (10,045 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
Segment operating income (loss):(1) | | | | | | | | | | | | | | | | | | | | | | | |
Monster Careers - North America | | $ | 18,679 | | $ | 24,439 | | $ | 29,413 | | $ | 39,527 | | $ | 38,656 | | $ | 42,170 | | $ | 48,233 | | $ | 47,863 | | $ | 55,314 | | $ | 38,656 | | $ | 55,314 | |
Monster Careers - International | | (2,021 | ) | 864 | | (358 | ) | 3,328 | | (1,565 | ) | (2,097 | ) | (2,060 | ) | 891 | | 1,166 | | (1,565 | ) | 1,166 | |
Monster Careers operating income | | $ | 16,658 | | $ | 25,304 | | $ | 29,056 | | $ | 42,855 | | $ | 37,091 | | $ | 40,073 | | $ | 46,173 | | $ | 48,754 | | $ | 56,480 | | $ | 37,091 | | $ | 56,480 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Internet Advertising & Fees operating income | | 6,047 | | 5,226 | | 5,583 | | 5,239 | | 7,356 | | 8,175 | | 8,412 | | 10,469 | | 9,627 | | 7,356 | �� | 9,627 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total Monster operating income | | $ | 22,705 | | $ | 30,529 | | $ | 34,638 | | $ | 48,093 | | $ | 44,447 | | $ | 48,248 | | $ | 54,585 | | $ | 59,223 | | $ | 66,107 | | $ | 44,447 | | $ | 66,107 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Advertising & Communications - North America | | $ | 980 | | $ | 1,017 | | $ | 1,659 | | $ | 1,241 | | $ | 2,132 | | $ | 538 | | $ | 2,309 | | $ | 6,838 | | $ | 1,728 | | $ | 2,132 | | $ | 1,728 | |
Advertising & Communications - International | | 216 | | 617 | | (27 | ) | (1,805 | ) | 699 | | 193 | | 1,720 | | 664 | | 1,307 | | 699 | | 1,307 | |
Advertising & Communications operating income (loss) | | $ | 1,195 | | $ | 1,634 | | $ | 1,632 | | $ | (565 | ) | $ | 2,831 | | $ | 731 | | $ | 4,029 | | $ | 7,502 | | $ | 3,035 | | $ | 2,831 | | $ | 3,035 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Corporate expenses | | $ | (7,526 | ) | $ | (9,321 | ) | $ | (9,848 | ) | $ | (12,927 | ) | $ | (10,223 | ) | $ | (10,120 | ) | $ | (11,304 | ) | $ | (13,527 | ) | $ | (11,664 | ) | $ | (10,223 | ) | $ | (11,664 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
Margin Analysis: | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Monster Careers - North America OIBDA margin | | 24.1 | % | 28.9 | % | 31.8 | % | 38.1 | % | 34.4 | % | 36.5 | % | 38.8 | % | 37.5 | % | 37.0 | % | 34.4 | % | 37.0 | % |
Monster Careers - North America operating margin | | 20.1 | % | 25.2 | % | 28.4 | % | 35.3 | % | 31.3 | % | 33.4 | % | 36.0 | % | 34.7 | % | 34.6 | % | 31.3 | % | 34.6 | % |
Monster Careers - International OIBDA margin | | -6.6 | % | 8.8 | % | 8.4 | % | 13.1 | % | 2.2 | % | 0.7 | % | 0.8 | % | 7.5 | % | 7.8 | % | 2.2 | % | 7.8 | % |
Monster Careers - International operating margin | | -11.8 | % | 3.3 | % | -1.2 | % | 9.0 | % | -3.8 | % | -4.6 | % | -4.6 | % | 1.6 | % | 1.8 | % | -3.8 | % | 1.8 | % |
Internet Advertising & Fees OIBDA margin | | 52.3 | % | 32.4 | % | 30.5 | % | 29.1 | % | 34.2 | % | 35.6 | % | 34.2 | % | 38.2 | % | 36.1 | % | 34.2 | % | 36.1 | % |
Internet Advertising & Fees operating margin | | 50.2 | % | 27.6 | % | 23.9 | % | 22.6 | % | 29.7 | % | 31.4 | % | 30.1 | % | 34.0 | % | 29.7 | % | 29.7 | % | 29.7 | % |
Monster OIBDA margin | | 22.5 | % | 25.7 | % | 27.0 | % | 31.5 | % | 27.4 | % | 28.1 | % | 29.9 | % | 30.2 | % | 29.6 | % | 27.4 | % | 29.6 | % |
Monster operating margin | | 18.6 | % | 21.5 | % | 22.0 | % | 27.9 | % | 23.5 | % | 24.4 | % | 26.4 | % | 26.5 | % | 25.7 | % | 23.5 | % | 25.7 | % |
Consolidated OIBDA margin | | 14.9 | % | 17.7 | % | 19.0 | % | 20.5 | % | 20.6 | % | 20.7 | % | 23.3 | % | 24.3 | % | 24.1 | % | 20.6 | % | 24.1 | % |
Consolidated operating margin | | 10.4 | % | 12.8 | % | 13.5 | % | 16.3 | % | 16.2 | % | 16.6 | % | 19.3 | % | 20.2 | % | 19.7 | % | 16.2 | % | 19.7 | % |
(1) - See notes to financial supplement for further explanation of non-GAAP measures.
Monster Worldwide, Inc.
Geographic Information and Employee Data - Non-GAAP
(unaudited, in thousands)
| | Trended Quarterly Data | | Year to Date Data | |
| | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | | 3M 2005 | | 3M 2006 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consolidated revenue by geographic region: | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 122,491 | | $ | 133,447 | | $ | 146,188 | | $ | 156,679 | | $ | 168,079 | | $ | 171,143 | | $ | 183,537 | | $ | 193,659 | | $ | 212,362 | | $ | 168,079 | | $ | 212,362 | |
International | | 35,496 | | 44,680 | | 48,830 | | 55,262 | | 60,445 | | 63,622 | | 61,477 | | 69,407 | | 79,385 | | 60,445 | | 79,385 | |
Consolidated revenue | | $ | 157,987 | | $ | 178,127 | | $ | 195,018 | | $ | 211,941 | | $ | 228,524 | | $ | 234,765 | | $ | 245,014 | | $ | 263,066 | | $ | 291,747 | | $ | 228,524 | | $ | 291,747 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consolidated OIBDA by geographic region: | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 30,835 | | $ | 36,407 | | $ | 42,865 | | $ | 51,771 | | $ | 54,157 | | $ | 56,987 | | $ | 65,092 | | $ | 71,302 | | $ | 73,702 | | $ | 54,157 | | $ | 73,702 | |
International | | (482 | ) | 3,348 | | 3,014 | | 3,618 | | 1,965 | | 824 | | 2,391 | | 5,114 | | 6,583 | | 1,965 | | 6,583 | |
Corporate | | (6,751 | ) | (8,176 | ) | (8,858 | ) | (12,038 | ) | (8,980 | ) | (9,317 | ) | (10,470 | ) | (12,472 | ) | (10,045 | ) | (8,980 | ) | (10,045 | ) |
Consolidated OIBDA (1) | | $ | 23,602 | | $ | 31,579 | | $ | 37,021 | | $ | 43,351 | | $ | 47,142 | | $ | 48,494 | | $ | 57,013 | | $ | 63,943 | | $ | 70,240 | | $ | 47,142 | | $ | 70,240 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consolidated operating income (loss) by geographic region: | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 25,705 | | $ | 30,682 | | $ | 36,655 | | $ | 46,006 | | $ | 48,144 | | $ | 50,883 | | $ | 58,953 | | $ | 65,170 | | $ | 66,668 | | $ | 48,144 | | $ | 66,668 | |
International | | (1,805 | ) | 1,481 | | (384 | ) | 1,523 | | (866 | ) | (1,904 | ) | (340 | ) | 1,555 | | 2,473 | | (866 | ) | 2,473 | |
Corporate | | (7,526 | ) | (9,321 | ) | (9,848 | ) | (12,927 | ) | (10,223 | ) | (10,120 | ) | (11,304 | ) | (13,527 | ) | (11,664 | ) | (10,223 | ) | (11,664 | ) |
Consolidated operating income | | $ | 16,374 | | $ | 22,842 | | $ | 26,422 | | $ | 34,602 | | $ | 37,055 | | $ | 38,859 | | $ | 47,309 | | $ | 53,198 | | $ | 57,478 | | $ | 37,055 | | $ | 57,478 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Employee Data: | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Global employees (ones) | | 3,189 | | 3,749 | | 3,903 | | 4,015 | | 4,243 | | 4,335 | | 4,431 | | 4,635 | | 4,842 | | 4,243 | | 4,842 | |
Annualized revenue per average employee | | $ | 198.6 | | $ | 205.4 | | $ | 203.9 | | $ | 214.1 | | $ | 221.4 | | $ | 218.9 | | $ | 223.6 | | $ | 232.1 | | $ | 246.3 | | $ | 221.4 | | $ | 246.3 | |
(1) - - See notes to financial supplement for further explanation of non-GAAP measures.
Monster Worldwide, Inc.
Statements of Operations - Non GAAP
(unaudited)
| | Trended Quarterly Data | | Year to Date Data | |
Summary P&L Information | | Q1 2004 | | Q2 2004 | | Q3 2004 | | Q4 2004 | | Q1 2005 | | Q2 2005 | | Q3 2005 | | Q4 2005 | | Q1 2006 | | 3M 2005 | | 3M 2006 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Monster | | 77.3 | % | 79.7 | % | 80.9 | % | 81.2 | % | 82.9 | % | 84.4 | % | 84.4 | % | 85.1 | % | 88.1 | % | 82.9 | % | 88.1 | % |
Advertising & Communications | | 22.7 | % | 20.3 | % | 19.1 | % | 18.8 | % | 17.1 | % | 15.6 | % | 15.6 | % | 14.9 | % | 11.9 | % | 17.1 | % | 11.9 | % |
Revenue | | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
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Salary and related | | 43.4 | % | 44.4 | % | 45.6 | % | 46.5 | % | 42.3 | % | 43.4 | % | 43.2 | % | 41.3 | % | 38.1 | % | 42.3 | % | 38.1 | % |
Office and general | | 17.7 | % | 16.5 | % | 16.3 | % | 15.6 | % | 15.9 | % | 15.6 | % | 14.6 | % | 14.1 | % | 15.1 | % | 15.9 | % | 15.1 | % |
Marketing and promotion | | 23.9 | % | 21.4 | % | 19.1 | % | 17.5 | % | 21.2 | % | 20.3 | % | 18.9 | % | 20.4 | % | 22.7 | % | 21.2 | % | 22.7 | % |
OIBDA(1) | | 14.9 | % | 17.7 | % | 19.0 | % | 20.5 | % | 20.6 | % | 20.7 | % | 23.3 | % | 24.3 | % | 24.1 | % | 20.6 | % | 24.1 | % |
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Depreciation expense | | 3.9 | % | 3.7 | % | 3.5 | % | 2.7 | % | 3.0 | % | 2.9 | % | 2.8 | % | 2.7 | % | 2.7 | % | 3.0 | % | 2.7 | % |
Amortization of stock based compensation | | 0.3 | % | 0.5 | % | 0.4 | % | 0.3 | % | 0.4 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.7 | % | 0.4 | % | 0.7 | % |
Amortization of intangibles | | 0.4 | % | 0.7 | % | 1.6 | % | 1.1 | % | 1.0 | % | 1.0 | % | 0.9 | % | 1.1 | % | 0.9 | % | 1.0 | % | 0.9 | % |
Operating expenses | | 89.6 | % | 87.2 | % | 86.5 | % | 83.7 | % | 83.8 | % | 83.4 | % | 80.7 | % | 79.8 | % | 80.3 | % | 83.8 | % | 80.3 | % |
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Operating income | | 10.4 | % | 12.8 | % | 13.5 | % | 16.3 | % | 16.2 | % | 16.6 | % | 19.3 | % | 20.2 | % | 19.7 | % | 16.2 | % | 19.7 | % |
Interest and other, net | | -0.1 | % | -0.3 | % | -0.1 | % | 0.0 | % | 0.0 | % | 0.5 | % | 0.4 | % | 1.7 | % | 1.1 | % | 0.0 | % | 1.1 | % |
Income from cont. operations, pre-tax | | 10.2 | % | 12.5 | % | 13.4 | % | 16.3 | % | 16.2 | % | 17.0 | % | 19.7 | % | 21.9 | % | 20.8 | % | 16.2 | % | 20.8 | % |
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Income taxes | | 3.4 | % | 4.2 | % | 4.4 | % | 5.4 | % | 5.7 | % | 5.9 | % | 6.9 | % | 7.7 | % | 7.6 | % | 5.7 | % | 7.6 | % |
Losses in equity interests | | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | -0.1 | % | -0.2 | % | -0.3 | % | -0.8 | % | -0.4 | % | -0.1 | % | -0.4 | % |
Income from continuing operations | | 6.9 | % | 8.4 | % | 9.0 | % | 11.0 | % | 10.4 | % | 10.9 | % | 12.5 | % | 13.4 | % | 12.8 | % | 10.4 | % | 12.8 | % |
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Income (loss) from disc. operations, net of tax | | 1.0 | % | 0.7 | % | 1.2 | % | 0.6 | % | -1.4 | % | -2.6 | % | 0.1 | % | 0.4 | % | 1.7 | % | -1.4 | % | 1.7 | % |
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Net income | | 7.9 | % | 9.1 | % | 10.2 | % | 11.5 | % | 9.0 | % | 8.3 | % | 12.6 | % | 13.9 | % | 14.5 | % | 9.0 | % | 14.5 | % |
(1) - - See notes to financial supplement for further explanation of non-GAAP measures.