| [July 31, 2008] |
 |
Monster Worldwide Reports Second Quarter and Six Months 2008 Results
NEW YORK --(Business Wire)-- Monster Worldwide, Inc. (NASDAQ:MNST) today reported financial results for the second quarter ended June 30, 2008.
Second Quarter Results
Total revenue grew 9% to $354 million, from $324 million in the comparable quarter of 2007. Consolidated revenue excludes any revenue contribution from the Tickle business, which was recorded as a discontinued operation in the second quarter. Excluding the impact of foreign exchange rates, total revenue grew 4% over the prior year period.
Monster Careers revenue increased 10% to $321 million, compared with $291 million in last year's second quarter. Careers International revenue, which now accounts for 44% of consolidated revenue, grew 34% over the prior year period, or 23% excluding the benefits of currency, to $157 million. North American Careers revenue was $164 million compared with $174 million in last year's second quarter. Internet Advertising & Fees revenue was $33 million, up slightly over last year's comparable quarter. Historical results of the Internet Advertising & Fees segment have been restated for all periods to reflect the wind-down of Tickle.
Monster Worldwide's deferred revenue balance at June 30, 2008 grew 4% to $470 million over last year's second quarter balance of $452 million. Excluding the effect of foreign currency benefits, deferred revenue was flat compared to the prior year period.
Consolidated operating expenses were $323 million and income from continuing operations was $19 million, or $0.15 per diluted share in the second quarter of 2008, compared to $29 million or $0.22 per diluted share in the comparable 2007 period. The effect of foreign exchange rates benefited consolidated operating income by approximately $4 million, compared to approximately $0.5 million in the second quarter of 2007.
Included in operating results is $47 million of pre-tax, pro forma expenses, or $0.25 per diluted share. The Company recorded $44 million related to its historical stock option grant practices, of which the great majority is associated with the proposed settlements of outstanding lawsuits against the Company, as described below. The Company also incurred $3 million of costs related to its restructuring plan. These pro forma adjustments are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the nearest GAAP measure in the accompanying tables. Excluding these costs, consolidated operating expenses were $276 million and income from continuing operations in the second quarter of 2008 was $49 million, or $0.40 per diluted share, compared to $43 million, or $0.32 per diluted share, in the prior year.
At June 30, 2008, the Company had $533 million of cash, cash equivalents and available for sale securities compared with $499 million at March 31, 2008. Approximately $99 million of auction rate securities are classified as a long-term asset on the consolidated balance sheet, and are included in the cash and securities balance as of June 30, 2008. Cash generated from operating activities was $71 million in the second quarter of 2008 compared to $53 million generated in the prior year period. Capital expenditures were $30 million and increased 91% over the prior year period, reflecting the Company's increased investments in technology and infrastructure.
Sal Iannuzzi, Chairman, President and Chief Executive Officer of Monster Worldwide, said, "Despite lower demand due to the economic slowdown, we were pleased with the margin expansion and strong earnings growth posted in the second quarter. During the quarter, we devoted significant resources and made substantial progress in the areas of product innovation, customer service initiatives and sales force expansion to enhance our industry leading global position. At the same time, we accomplished a key corporate objective by slowing the growth rate of Non-GAAP operating expenses, and bringing costs in line with revenue."
Legal Settlements
In a separate news release today, the Company announced that on July 30, 2008, it entered into a Memorandum of Understanding with the class action representative and the individual defendants setting forth the settlement terms of the shareholder securities class action pending in the United States District Court for the Southern District of New York relating to the Company's historical stock option granting practices. The Memorandum of Understanding provides for a settlement of the shareholder securities class action at a net cost to the Company of approximately $25 million. The parties will enter into a formal Settlement Agreement incorporating the terms of the Memorandum of Understanding in the near future and thereafter seek Court approval.
Additionally, the Company announced that on July 28, 2008, the New York State Supreme Court gave preliminary approval to the settlement of the New York State and Federal court derivative lawsuits, the terms of which were previously announced. A final hearing to approve the settlement will be held on October 2, 2008. Commenting on these legal settlements, Mr. Iannuzzi added, "We are extremely gratified by these developments, look forward to the resolution of the remaining actions relating to the Company's historical stock option granting practices as quickly as possible and are eager to focus our energies on the continued evolution of the Company."
Trovix, Inc. Acquisition
Additionally, the Company announced separately that it has acquired Trovix, Inc., a leading provider of employment products and services using intelligent search technologies, for $72.5 million in cash. The implementation of Trovix's technology will enable Monster to provide employers and job seekers with innovative search capabilities that will simplify the recruiting process by providing highly relevant and targeted matches.
Six Months Results
Monster Worldwide reported total revenue of $721 million for the six months ended June 30, 2008 compared to $646 million in the comparable period last year, a 12% increase, or 7% before the benefit of foreign exchange rates. Monster Careers revenue grew 13% to $658 million compared with $582 million in the 2007 period. Internet Advertising & Fees reported revenue of $63 million, a decrease of 2% over the prior year period. The Company reported income from continuing operations of $42 million, or $0.35 per diluted share, compared to $70 million or $0.53 per diluted share in the prior year period.
Mr. Iannuzzi concluded, "We anticipate that we will continue to operate in a difficult environment in the near-term. However, we are committed to investing in critical areas that will provide a superior job seeker experience, and deliver the best products and services to our employers. We are increasingly optimistic about our long-term growth prospects and believe that our ongoing investments and recent developments with respect to the resolution of some of our key outstanding litigation will benefit our customers, shareholders and associates now and in the future."
Supplemental Financial Information
The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://corporate.monster.com/Q208.pdf or through the Company's Investor Relations website at http://ir.monster.com.
Conference Call Information
Second quarter 2008 results will be discussed on Monster Worldwide's quarterly conference call taking place on July 31, 2008 at 5:00 PM EDT. To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 54799235. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 5:00 PM EDT. Individuals can also access Monster Worldwide's quarterly conference call online through the Investor Relations section of the Company's website at http://ir.monster.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #54799235. This number is valid until midnight on August 6, 2008.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com.
Notes Regarding the Use of Non-GAAP Financial Measures
Monster Worldwide, Inc. (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 operating expenses, operating income, operating margin, income from continuing operations and diluted earnings per share all exclude certain pro forma adjustments including: ongoing costs associated with the stock option investigations, related litigation and potential fines or settlements; severance costs for former executive officers incurred in the second quarter of 2007; costs related to the measures taken by the Company in response to a security breach in August 2007; and the strategic restructuring actions initiated in the third quarter of 2007. The Company uses these non-GAAP measures for reviewing the ongoing results of the Company's core business operations and in certain instances, for measuring performance under certain of the Company's incentive compensation plans. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Operating income before depreciation and amortization ("OIBDA") is defined as income from operations before depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash costs incurred in connection with the Company's restructuring program. The Company considers OIBDA to be an important indicator of its operational strength. This measure eliminates the effects of depreciation, amortization of intangible assets, amortization of stock based compensation and non-cash restructuring costs from period to period, which the Company believes is useful to management and investors in evaluating its operating performance. OIBDA is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies.
Free cash flow is defined as cash flow from operating activities less capital expenditures. Free cash flow is considered a liquidity measure and provides useful information about the Company's ability to generate cash after investments in property and equipment. Free cash flow reflected herein is a non-GAAP measure and may not be comparable to similarly titled measures reported by other companies. Free cash flow does not reflect the total change in the Company's cash position for the period and should not be considered a substitute for such a measure.
Special Note: Except for historical information contained herein, the statements made in this release, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the Company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, ongoing costs associated with the stock option investigations and lawsuits, costs associated with the restructuring and security breach, and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Revenue $354,294 $323,985 $720,766 $645,815
------------------------------ --------- --------- --------- ---------
Salaries and related 135,879 144,955 276,327 266,319
Office and general 75,358 62,619 149,257 130,623
Marketing and promotion 68,976 73,568 180,830 146,077
Provision for legal
settlements, net 40,100 - 40,100 -
Restructuring and other
special charges 2,732 - 9,659 -
------------------------------ --------- --------- --------- ---------
Total operating expenses 323,045 281,142 656,173 543,019
------------------------------ --------- --------- --------- ---------
Operating income 31,249 42,843 64,593 102,796
Interest and other, net 3,057 6,903 10,440 12,316
------------------------------ --------- --------- --------- ---------
Income from continuing
operations before income
taxes and equity interests 34,306 49,746 75,033 115,112
Income taxes 12,153 17,587 27,296 40,677
Loss in equity interests, net (3,592) (2,966) (5,414) (4,386)
------------------------------ --------- --------- --------- ---------
Income from continuing
operations 18,561 29,193 42,323 70,049
Income (loss) from
discontinued operations, net
of tax 12,269 (577) 11,098 (1,951)
------------------------------ --------- --------- --------- ---------
Net income $ 30,830 $ 28,616 $ 53,421 $ 68,098
============================== ========= ========= ========= =========
Basic earnings per share:
Income from continuing
operations $ 0.15 $ 0.22 $ 0.35 $ 0.54
Income (loss) from
discontinued operations, net
of tax 0.10 - 0.09 (0.01)
------------------------------ --------- --------- --------- ---------
Basic earnings per share* $ 0.26 $ 0.22 $ 0.44 $ 0.52
============================== ========= ========= ========= =========
Diluted earnings per share:
Income from continuing
operations $ 0.15 $ 0.22 $ 0.35 $ 0.53
Income (loss) from
discontinued operations, net
of tax 0.10 - 0.09 (0.01)
------------------------------ --------- --------- --------- ---------
Diluted earnings per share* $ 0.25 $ 0.21 $ 0.44 $ 0.51
============================== ========= ========= ========= =========
*Earnings per share may not add in certain periods due to rounding.
Weighted average shares
outstanding:
Basic 120,885 130,542 121,798 130,268
============================== ========= ========= ========= =========
Diluted 121,541 133,121 122,552 133,324
============================== ========= ========= ========= =========
Operating income before
depreciation and
amortization:
Operating income $ 31,249 $ 42,843 $ 64,593 $102,796
Depreciation and amortization
of intangibles 13,604 10,763 25,793 20,017
Amortization of stock based
compensation 8,533 17,116 13,866 21,478
Restructuring non-cash
expenses 923 - 3,009 -
------------------------------ --------- --------- --------- ---------
Operating income before
depreciation and amortization $ 54,309 $ 70,722 $107,261 $144,291
============================== ========= ========= ========= =========
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended June
30,
---------------------
2008 2007
---------- ----------
Cash flows provided by operating activities:
Net income $ 53,421 $ 68,098
------------------------------------------------ ---------- ----------
Adjustments to reconcile net income to net cash
provided by operating activities:
(Income) loss from discontinued operations,
net of tax (11,098) 1,951
Depreciation and amortization of intangibles 25,793 20,017
Provision for legal settlements, net 40,100 -
Provision for doubtful accounts 6,771 5,113
Non-cash compensation 15,028 21,478
Deferred income taxes (19,582) (5,505)
Loss (gain) on disposal of assets 2,085 (572)
Loss in equity interests and other 5,414 4,386
Changes in assets and liabilities, net of
business combinations:
Accounts receivable 82,660 20,366
Prepaid and other 19,098 (4,204)
Deferred revenue (53,923) 8,051
Accounts payable, accrued liabilities and
other (13,597) (1,787)
Net cash used for operating activities of
discontinued operations (3,129) (5,232)
------------------------------------------------ ---------- ----------
Total adjustments 95,620 64,062
------------------------------------------------ ---------- ----------
Net cash provided by operating activities 149,041 132,160
------------------------------------------------ ---------- ----------
Cash flows provided by (used for) investing
activities:
Capital expenditures (50,213) (36,964)
Purchase of marketable securities (156,882) (682,586)
Sales and maturities of marketable
securities 436,305 589,565
Payments for acquisitions and intangible
assets, net of cash acquired (61,567) (1,806)
Cash funded to equity investee (5,000) (4,100)
Dividends received from unconsolidated
investee 1,011 -
Net cash used for investing activities of
discontinued operations - (250)
------------------------------------------------ ---------- ----------
Net cash provided by (used for) investing
activities 163,654 (136,141)
------------------------------------------------ ---------- ----------
Cash flows (used for) provided by financing
activities:
Repurchase of common stock (86,327) (10,042)
Proceeds from exercise of employee stock
options 1,046 53,401
Excess tax benefits from equity compensation
plans 120 12,343
Payments on debt obligations (147) -
Payments on acquisition debt - (21,862)
------------------------------------------------ ---------- ----------
Net cash (used for) provided by financing
activities (85,308) 33,840
------------------------------------------------ ---------- ----------
Effects of exchange rates on cash 8,323 2,000
Net increase in cash and cash equivalents 235,710 31,859
Cash and cash equivalents, beginning of period 129,744 58,680
------------------------------------------------ ---------- ----------
Cash and cash equivalents, end of period $ 365,454 $ 90,539
================================================ ========== ==========
Free cash flow:
Net cash provided by operating activities $ 149,041 $ 132,160
Less: Capital expenditures (50,213) (36,964)
------------------------------------------------ ---------- ----------
Free cash flow $ 98,828 $ 95,196
================================================ ========== ==========
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Assets: June 30, December 31,
2008 2007
----------- ------------
Cash and cash equivalents $ 365,454 $ 129,744
Available-for-sale securities, current 68,579 448,703
Accounts receivable, net 410,427 499,854
Available-for-sale securities, non - current 99,330 -
Property and equipment, net 149,048 123,397
Goodwill and intangibles, net 722,857 650,685
Other assets 236,014 210,696
Total assets of discontinued operations - 14,731
-------------------------------------------- ----------- ------------
Total assets $2,051,709 $2,077,810
============================================ =========== ============
Liabilities and Stockholders' equity:
Accounts payable, accrued expenses and other $ 321,077 $ 304,146
Deferred revenue 470,408 524,331
Non-current income taxes payable 119,360 111,108
Other liabilities 17,323 17,033
Debt 268 415
Total liabilities of discontinued operations - 4,276
-------------------------------------------- ----------- ------------
Total liabilities 928,436 961,309
-------------------------------------------- ----------- ------------
Stockholders' equity 1,123,273 1,116,501
-------------------------------------------- ----------- ------------
Total liabilities and stockholders' equity $2,051,709 $2,077,810
============================================ =========== ============
MONSTER WORLDWIDE, INC.
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
Three Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2008 America International & Fees Expenses Total
-------------- --------- ------------- ----------- --------- ---------
Revenue $164,280 $156,673 $33,341 $354,294
Operating
income 58,409 31,916 4,656 $(63,732) 31,249
OIBDA 67,636 40,361 7,508 (61,196) 54,309
Operating
margin 35.6% 20.4% 14.0% 8.8%
OIBDA margin 41.2% 25.8% 22.5% 15.3%
Three Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2007 America International & Fees Expenses Total
-------------- --------- ------------- ----------- --------- ---------
Revenue $174,481 $116,845 $32,659 $323,985
Operating
income 54,579 12,055 5,679 $(29,470) 42,843
OIBDA 60,845 17,362 7,438 (14,923) 70,722
Operating
margin 31.3% 10.3% 17.4% 13.2%
OIBDA margin 34.9% 14.9% 22.8% 21.8%
Six Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2008 America International & Fees Expenses Total
-------------- --------- ------------- ----------- --------- ---------
Revenue $347,818 $309,945 $63,003 $720,766
Operating
income 98,110 41,559 3,225 $(78,301) 64,593
OIBDA 115,238 57,023 8,300 (73,300) 107,261
Operating
margin 28.2% 13.4% 5.1% 9.0%
OIBDA margin 33.1% 18.4% 13.2% 14.9%
Six Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2007 America International & Fees Expenses Total
-------------- --------- ------------- ----------- --------- ---------
Revenue $358,498 $223,051 $64,266 $645,815
Operating
income 120,457 20,016 11,741 $(49,418) 102,796
OIBDA 131,995 29,956 14,908 (32,568) 144,291
Operating
margin 33.6% 9.0% 18.3% 15.9%
OIBDA margin 36.8% 13.4% 23.2% 22.3%
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
For the Three Months Ended June
30, 2008
---------------------------------
As Proforma
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $354,294 - $354,294
Salaries and related 135,879 - 135,879
Office and general 75,358 (4,256) a 71,102
Marketing and promotion 68,976 - 68,976
Provision for legal settlements,
net 40,100 (40,100) b -
Restructuring and other special
charges 2,732 (2,732) c -
--------- ------------ ---------
Total operating expenses 323,045 (47,088) 275,957
--------- ------------ ---------
Operating income 31,249 47,088 78,337
Operating margin 8.8% 22.1%
Interest and other, net 3,057 - 3,057
--------- ------------ ---------
Income from continuing operations
before income taxes and equity
interests 34,306 47,088 81,394
Income taxes 12,153 16,681 d 28,834
Losses in equity interests, net (3,592) - (3,592)
--------- ------------ ---------
Income from continuing operations $ 18,561 $ 30,407 $ 48,968
========= ============ =========
Diluted earnings per share from
continuing operations $ 0.15 $ 0.25 $ 0.40
========= ============ =========
Weighted average shares outstanding:
Diluted 121,541 121,541 121,541
Six Months Ended June 30, 2008
---------------------------------
As Proforma
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $720,766 - $720,766
Salaries and related 276,327 93 a 276,420
Office and general 149,257 (7,783) a 141,474
Marketing and promotion 180,830 - 180,830
Provision for legal settlements,
net 40,100 (40,100) b -
Restructuring and other special
charges 9,659 (9,659) c -
--------- ------------ ---------
Total operating expenses 656,173 (57,449) 598,724
--------- ------------ ---------
Operating income 64,593 57,449 122,042
Operating margin 9.0% 16.9%
Interest and other, net 10,440 - 10,440
--------- ------------ ---------
Income from continuing operations
before income taxes and equity
interests 75,033 57,449 132,482
Income taxes 27,296 20,899 d 48,195
Losses in equity interests, net (5,414) - (5,414)
--------- ------------ ---------
Income from continuing operations $ 42,323 $ 36,550 $ 78,873
========= ============ =========
Diluted earnings per share from
continuing operations * $ 0.35 $ 0.30 $ 0.64
========= ============ =========
Weighted average shares outstanding:
Diluted 122,552 122,552 122,552
For the Three Months Ended June
30, 2007
---------------------------------
As Proforma
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $323,985 - $323,985
Salaries and related 144,955 (16,142) a 128,813
Office and general 62,619 (5,000) a 57,619
Marketing and promotion 73,568 - 73,568
Provision for legal settlements,
net - - -
Restructuring and other special
charges - - -
--------- ------------ ---------
Total operating expenses 281,142 (21,142) 260,000
--------- ------------ ---------
Operating income 42,843 21,142 63,985
Operating margin 13.2% 19.7%
Interest and other, net 6,903 - 6,903
--------- ------------ ---------
Income from continuing operations
before income taxes and equity
interests 49,746 21,142 70,888
Income taxes 17,587 7,474 d 25,061
Losses in equity interests, net (2,966) (2,966)
--------- ------------ ---------
Income from continuing operations $ 29,193 $ 13,668 $ 42,861
========= ============ =========
Diluted earnings per share from
continuing operations $ 0.22 $ 0.10 $ 0.32
========= ============ =========
Weighted average shares outstanding:
Diluted 133,121 133,121 133,121
Six Months Ended June 30, 2007
---------------------------------
As Proforma
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $645,815 - $645,815
Salaries and related 266,319 (16,142) a 250,177
Office and general 130,623 (14,827) a 115,796
Marketing and promotion 146,077 - 146,077
Provision for legal settlements,
net - - -
Restructuring and other special
charges - - -
--------- ------------ ---------
Total operating expenses 543,019 (30,969) 512,050
--------- ------------ ---------
Operating income 102,796 30,969 133,765
Operating margin 15.9% 20.7%
Interest and other, net 12,316 - 12,316
--------- ------------ ---------
Income from continuing operations
before income taxes and equity
interests 115,112 30,969 146,081
Income taxes 40,677 10,943 d 51,620
Losses in equity interests, net (4,386) - (4,386)
--------- ------------ ---------
Income from continuing operations $ 70,049 $ 20,026 $ 90,075
========= ============ =========
Diluted earnings per share from
continuing operations * $ 0.53 $ 0.15 $ 0.68
========= ============ =========
Weighted average shares outstanding:
Diluted 133,324 133,324 133,324
Note Regarding ProForma Adjustments:
ProForma adjustments consist of the following:
a Costs associated with the ongoing investigation into the Company's
historical stock option granting practices, and costs associated
with the remediation of a security breach related to the Company's
resume database in August 2007.
b Provision for costs associated with the proposed and anticipated
legal settlements related to the stock option litigation, net of
recoveries.
c Restructuring related charges pertain to the strategic
restructuring actions that the Company announced on July 30, 2007.
These charges include costs related to the reduction in the
Company's workforce, fixed asset write-offs, costs relating to the
consolidation of certain office facilities, contract termination
costs, relocation costs and professional fees.
d Income tax adjustment is calculated using the effective tax rate of
the reported period multiplied by the ProForma adjustment to
income from continuing operations before income taxes and equity
interest.
*Diluted earnings per share may not add in certain periods due to
rounding.
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP OPERATING SEGMENT INFORMATION
(in thousands)
Three Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2008 America International & Fees Expenses Total
------------ --------- -------------- ------------ --------- ---------
Revenue $164,280 $ 156,673 $33,341 $354,294
Operating
income -
GAAP $ 58,409 $ 31,916 $ 4,656 $(63,732) $ 31,249
Proforma
Adjustments 926 1,400 338 44,424 47,088
--------- -------------- ------------ --------- ---------
Operating
income -
Non GAAP $ 59,335 $ 33,316 $ 4,994 $(19,308) $ 78,337
========= ============== ============ ========= =========
Operating
margin -
GAAP 35.6% 20.4% 14.0% 8.8%
Operating
margin -
Non GAAP 36.1% 21.3% 15.0% 22.1%
Three Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2007 America International & Fees Expenses Total
------------ --------- -------------- ------------ --------- ---------
Revenue $174,481 $ 116,845 $32,659 $323,985
Operating
income -
GAAP $ 54,579 $ 12,055 $ 5,679 $(29,470) $ 42,843
Proforma
Adjustments 450 - - 20,692 21,142
--------- -------------- ------------ --------- ---------
Operating
income -
Non GAAP $ 55,029 $ 12,055 $ 5,679 $ (8,778) $ 63,985
========= ============== ============ ========= =========
Operating
margin -
GAAP 31.3% 10.3% 17.4% 13.2%
Operating
margin -
Non GAAP 31.5% 10.3% 17.4% 19.7%
Six Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2008 America International & Fees Expenses Total
------------ --------- -------------- ------------ --------- ---------
Revenue $347,818 $ 309,945 $63,003 $720,766
Operating
income -
GAAP $ 98,110 $ 41,559 $ 3,225 $(78,301) $ 64,593
Proforma
Adjustments 4,180 4,702 1,160 47,407 57,449
--------- -------------- ------------ --------- ---------
Operating
income -
Non GAAP $102,290 $ 46,261 $ 4,385 $(30,894) $122,042
========= ============== ============ ========= =========
Operating
margin -
GAAP 28.2% 13.4% 5.1% 9.0%
Operating
margin -
Non GAAP 29.4% 14.9% 7.0% 16.9%
Six Months Careers - Internet
Ended June North Careers - Advertising Corporate
30, 2007 America International & Fees Expenses Total
------------ --------- -------------- ------------ --------- ---------
Revenue $358,498 $ 223,051 $64,266 $645,815
Operating
income -
GAAP $120,457 $ 20,016 $11,741 $(49,418) $102,796
Proforma
Adjustments 450 - - 30,519 30,969
--------- -------------- ------------ --------- ---------
Operating
income -
Non GAAP $120,907 $ 20,016 $11,741 $(18,899) $133,765
========= ============== ============ ========= =========
Operating
margin -
GAAP 33.6% 9.0% 18.3% 15.9%
Operating
margin -
Non GAAP 33.7% 9.0% 18.3% 20.7%
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