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Monster rachète Hotjobs à Yahoo! 225 millions de dollars

Poursuivant sa stratégie de diversification de ses activités, Yahoo! avait fait l’acquisition de HotJobs pour 436 millions de dollars en 2002, changement de cap avec Carol Bartz qui cherchait à s’en séparer depuis de nombreux mois.

C’est chose faite avec une cession à Monster pour 225 millions de dollars. Une bouchée de pain quand on sait que Hotjobs réalise un peu plus de 100 millions de dollars de chiffre d’affaires par an, et que Monster n’aura pas à payer son pas de porte pendant 3 ans chez Yahoo! Pas de porte qui lui coutera à l’issue de cette période 31 millions de dollars par an.

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Avec cette acquisition Monster devient le numéro 1 de l’emploi aux Etats Unis, prenant la pole position à CareerBuilder. Cela ne fera pas oublier que 2009 aura été une mauvaise année pour la firme de Boston, avec un chiffre d’affaires en baisse de 33% avec 905 millions de dollars de chiffres d’afffaires.

Vous trouverez çi dessous les derniers chiffres communiqués par Monster lors de la publication de ses résultats hier.

MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
  Three Months Ended December 31,   Twelve Months Ended December 31,
2009   2008 2009   2008
 
Revenue $ 213,149   $ 290,672   $ 905,142   $ 1,343,627  
 
Salaries and related 115,047 130,435 463,749 543,268
Office and general 49,472 61,608 231,288 282,699
Marketing and promotion 45,260 52,684 209,661 291,198
(Reversal of) Provision for legal settlements, net (6,850 ) 40,100
Restructuring and other special charges       3,156     16,105     16,407  
Total operating expenses   209,779     247,883     913,953     1,173,672  
 
Operating income (loss) 3,370 42,789 (8,811 ) 169,955
 
Interest and other, net   (7,059 )   1,560     (5,828 )   17,283  
 
(Loss) income from continuing operations before income taxes and
equity interests
(3,689 ) 44,349 (14,639 ) 187,238
 
(Benefit from) provision for Income Taxes (2,420 ) 14,880 (37,883 ) 64,910
Loss in equity interests, net   (844 )   (339 )   (4,317 )   (7,839 )
 
(Loss) income from continuing operations (2,113 ) 29,130 18,927 114,489
 
(Loss) income from discontinued operations, net of tax       (536 )       10,304  
 
Net (loss) income $ (2,113 ) $ 28,594   $ 18,927   $ 124,793  
 
Basic (loss) earnings per share:*
 
(Loss) income from continuing operations $ (0.02 ) $ 0.25 $ 0.16 $ 0.95
Income from discontinued operations, net of tax               0.09  
Basic (loss) earnings per share $ (0.02 ) $ 0.24   $ 0.16   $ 1.04  
 
Diluted (loss) earnings per share:
 
(Loss) income from continuing operations $ (0.02 ) $ 0.24 $ 0.16 $ 0.94
Income from discontinued operations, net of tax               0.09  
Diluted (loss) earnings per share $ (0.02 ) $ 0.24   $ 0.16   $ 1.03  
 
 
Weighted average shares outstanding:
 
Basic   119,575     118,601     119,359     120,557  
 
Diluted   119,575     119,380     121,170     121,167  
 
 
Operating income before depreciation and amortization:
 
Operating income (loss) $ 3,370 $ 42,789 $ (8,811 ) $ 169,955
Depreciation and amortization of intangibles 17,849 17,517 68,533 58,020
Amortization of stock-based compensation 9,572 7,224 39,921 28,692
Restructuring non-cash expenses       924     4,723     4,857  
 
Operating income before depreciation and amortization $ 30,791   $ 68,454   $ 104,366   $ 261,524  
 
*Earnings per share may not add in certain periods due to
rounding.
 
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Year Ended December 31,
2009   2008
Cash flows provided by operating activities:
Net income $ 18,927   $ 124,793  
Adjustments to reconcile net income to net cash provided by
operating activities:
(Income) from discontinued operations, net of tax (10,304 )
Depreciation and amortization 68,533 58,020
(Reversal of) Provision for legal settlements, net (6,850 ) 40,100
Provision for doubtful accounts 10,154 16,231
Non-cash compensation 39,921 29,853
Loss in equity interests 4,317 7,839
Non-cash restructuring write-offs, accelerated amortization and other 8,960 3,933
Deferred income taxes 1,189 7,430
Changes in assets and liabilities, net of acquisitions:
Accounts receivable 80,462 112,520
Prepaid and other (2,669 ) 23,168
Deferred revenue (111,634 ) (118,299 )
Payments for legal settlements, net (29,887 )
Accounts payable, accrued liabilities and other (66,585 ) (32,714 )
Net cash used for operating activities of discontinued operations       (6,849 )
Total adjustments   25,798     101,041  
Net cash provided by operating activities   44,725     225,834  
 
Cash flows provided by (used for) investing activities:
Capital expenditures (48,677 ) (93,627 )
Payments for acquisitions and intangible assets, net of cash acquired (300 ) (292,836 )
Purchase of marketable securities (8,585 ) (183,932 )
Sales and maturities of marketable securities 70,977 539,286
Cash funded to equity investee (6,299 ) (6,402 )
Dividends received from unconsolidated investee 763 1,011
Net cash used in investing activities of discontinued operations        
Net cash provided by (used for) investing activities   7,879     (36,500 )
 
Cash flows (used for) provided by financing activities:
Proceeds from borrowings on credit facilities short-term 199,203 251,971
Payments for borrowings on credit facilities short-term (256,196 ) (197,893 )
Repurchase of common stock (4,571 ) (128,165 )
Cash received from the exercise of employee stock options 67 1,461
Excess tax benefits from stock-based compensation 79 1,003
Proceeds on borrowings from term loan 50,000
Payments on capitalized leases and other debt obligations       (171 )
Net cash (used for) provided by financing activities   (11,418 )   (71,794 )
 
Effects of exchange rates on cash 12,001 (25,024 )
 
Net increase in cash and cash equivalents 53,187 92,516
Cash and cash equivalents, beginning of period   222,260     129,744  
Cash and cash equivalents, end of year $ 275,447   $ 222,260  
 
Free cash flow:
 
Net cash provided by operating activities $ 44,725 $ 225,834
Less: Capital expenditures   (48,677 )   (93,627 )
Free cash flow $ (3,952 ) $ 132,207  
 
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
Assets:   December 31, 2009   December 31, 2008
 
Cash and cash equivalents $ 275,447 $ 222,260
Marketable securities, current 9,259 1,425
Accounts receivable, net 287,698 376,720
Marketable securities, non – current 15,410 90,347
Property and equipment, net 143,727 161,282
Goodwill and intangibles, net 969,621 946,881
Other assets   126,028   117,675
Total assets $ 1,827,190 $ 1,916,590
 
Liabilities and Stockholders’ equity:
 
Accounts payable, accrued expenses and other current liabilities $ 196,248 $ 254,425
Deferred revenue 305,898 414,312
Current portion of long-term debt and borrowings under credit
facilities
5,010 54,971
Long-term income taxes payable 87,343 119,951
Long-term debt 45,000
Other long-term liabilities   54,527   25,658
Total liabilities $ 694,026 $ 869,317
 
Stockholders’ equity 1,133,164 1,047,273
     
Total liabilities and stockholders’ equity $ 1,827,190 $ 1,916,590
 
MONSTER WORLDWIDE, INC.
UNAUDITED OPERATING SEGMENT INFORMATION
(in thousands)
 
Three Months Ended December 31, 2009  

Careers –
North America

 

Careers –
International

 

Internet
Advertising &
Fees

 

Corporate
Expenses

  Total
 
Revenue $ 90,932 $ 88,477 $ 33,740 $ 213,149
Operating income (loss) 1,866 (1,412 ) 4,540 $ (1,624 ) 3,370
OIBDA 12,988 9,024 7,573 1,206 30,791
 
Operating margin 2.1 % -1.6 % 13.5 % 1.6 %
OIBDA margin 14.3 % 10.2 % 22.4 % 14.4 %
 
 
Three Months Ended December 31, 2008

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue $ 135,135 $ 122,796 $ 32,741 $ 290,672
Operating income 34,025 12,938 3,715 $ (7,889 ) 42,789
OIBDA 44,138 23,833 6,293 (5,810 ) 68,454
 
Operating margin 25.2 % 10.5 % 11.3 % 14.7 %
OIBDA margin 32.7 % 19.4 % 19.2 % 23.6 %
 
 
Twelve Months Ended December 31, 2009

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue $ 407,118 $ 365,478 $ 132,546 $ 905,142
Operating income (loss) 19,670 (6,283 ) 18,114 $ (40,312 ) (8,811 )
OIBDA 64,228 36,313 30,123 (26,298 ) 104,366
 
Operating margin 4.8 % -1.7 % 13.7 % -1.0 %
OIBDA margin 15.8 % 9.9 % 22.7 % 11.5 %
 
 
Twelve Months Ended December 31, 2008

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue $ 638,118 $ 575,182 $ 130,327 $ 1,343,627
Operating income 175,255 84,727 11,666 $ (101,693 ) 169,955
OIBDA 211,892 119,916 22,018 (92,302 ) 261,524
 
Operating margin 27.5 % 14.7 % 9.0 % 12.6 %
OIBDA margin 33.2 % 20.8 % 16.9 % 19.5 %
 
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
 
  Three Months Ended December 31, 2009   Three Months Ended December 31, 2008
As Reported  

Proforma
Adjustments

  Non-GAAP As Reported  

Proforma
Adjustments

  Non-GAAP
 
Revenue $ 213,149 $ $ 213,149 $ 290,672 $ 2,213 a $ 292,885
 
Salaries and related 115,047 (2,866 ) e 112,181 130,435 130,435
Office and general 49,472 6,287 b, f 55,759 61,608 6,682 b 68,290
Marketing and promotion 45,260 45,260 52,684 52,684
(Reversal of) Provision for legal settlements, net
Restructuring and other special charges               3,156     (3,156 ) d    
Total operating expenses   209,779     3,421     213,200     247,883     3,526     251,409  
Operating income 3,370 (3,421 ) (51 ) 42,789 (1,313 ) 41,476
Operating margin 1.6 % 0.0 % 14.7 % 14.2 %
 
Interest and other, net   (7,059 )   6,150   i   (909 )   1,560         1,560  
 
(Loss) income from continuing operations before income taxes and
equity interests
(3,689 ) 2,729 (960 ) 44,349 (1,313 ) 43,036
 
(Benefit from) provision for Income Taxes (2,420 ) 2,103 g, h (317 ) 14,880 (441 ) g 14,439
Losses in equity interests, net   (844 )       (844 )   (339 )       (339 )
(Loss) Income from continuing operations $ (2,113 ) $ 626   $ (1,487 ) $ 29,130   $ (872 ) $ 28,258  
 
Diluted (loss) earnings per share from continuing operations * $ (0.02 ) $ 0.01   $ (0.01 ) $ 0.24   $ (0.01 ) $ 0.24  
 
Weighted average shares outstanding:
Diluted 119,575 119,575 119,575 119,380 119,380 119,380
 
 
Twelve Months Ended December 31, 2009 Twelve Months Ended December 31, 2008
As Reported

Proforma
Adjustments

Non-GAAP As Reported

Proforma
Adjustments

Non-GAAP
 
Revenue $ 905,142 $ 2,271 a $ 907,413 $ 1,343,627 2,213 a $ 1,345,840
 
Salaries and related 463,749 (8,773 ) e 454,976 543,268 93 b 543,361
Office and general 231,288 (311 ) b, f 230,977 282,699 (4,976 ) b 277,723
Marketing and promotion 209,661 209,661 291,198 291,198
(Reversal of) Provision for legal settlements, net (6,850 ) 6,850 c 40,100 (40,100 ) c
Restructuring and other special charges   16,105     (16,105 ) d       16,407     (16,407 ) d    
Total operating expenses   913,953     (18,339 )   895,614     1,173,672     (61,390 )   1,112,282  
Operating (loss) income (8,811 ) 20,610 11,799 169,955 63,603 233,558
Operating margin -1.0 % 1.3 % 12.6 % 17.4 %
 
Interest and other, net   (5,828 )   6,150   i   322     17,283         17,283  
 
(Loss) income from continuing operations before income taxes and
equity interests
(14,639 ) 26,760 12,121 187,238 63,603 250,841
 
(Benefit from) provision for Income Taxes (37,883 ) 41,605 g, h 3,722 64,910 22,288 g 87,198
Losses in equity interests, net   (4,317 )       (4,317 )   (7,839 )       (7,839 )
Income from continuing operations $ 18,927   $ (14,845 ) $ 4,082   $ 114,489   $ 41,315   $ 155,804  
 
 
Diluted earnings per share from continuing operations * $ 0.16   $ (0.12 ) $ 0.03   $ 0.94   $ 0.34   $ 1.29  
 
 
Weighted average shares outstanding:
Diluted 121,170 121,170 121,170 121,167 121,167 121,167

Note Regarding ProForma Adjustments:

 
    The financial information included herein contains certain non-GAAP
financial measures. This information is not intended to be used in
place of the financial information prepared and presented in
accordance with GAAP, nor is it intended to be considered in
isolation. We believe that the above presentation of non-GAAP
measures provide useful information to management and investors
regarding certain core operating and business trends relating to our
results of operations, exclusive of certain restructuring related
and other special charges.
 
ProForma adjustments consist of the following:
 
a   Deferred revenue fair value adjustment required under existing
purchase accounting rules relating to our acquisition of China HR.
 
b Costs associated with the ongoing investigation into the Company’s
historical stock option granting practices, net of reimbursements as
well as costs associated with the security breach incurred in 2008.
 
c (Reversal of) provision for costs associated with the proposed legal
settlements related to the stock option litigation, net of
recoveries.
 
d Restructuring related charges pertaining 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.
 
e Severance charges primarily related to the reorganization of the
Product & Technology groups on a global basis.
 
f Charges related to the consolidation of certain facilities primarily
resulting from the reorganization of the Product and Technology
groups.
 
g 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 interests.
 
h Income tax adjustment includes the reversal of income tax reserves,
net.
 
i Net realized/unrealized loss on available for sale securities.
 
*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 Ended December 31, 2009  

Careers –
North America

 

Careers –
International

 

Internet
Advertising &
Fees

 

Corporate
Expenses

  Total
 
Revenue – GAAP $ 90,932 $ 88,477 $ 33,740 $ 213,149
Proforma Adjustments                
Revenue – Non GAAP $ 90,932   $ 88,477   $ 33,740   $ 213,149  
 
Operating income (loss) – GAAP $ 1,866 $ (1,412 ) $ 4,540 $ (1,624 ) $ 3,370
Proforma Adjustments   2,360     1,709     453     (7,943 )   (3,421 )
Operating income (loss) – Non GAAP $ 4,226   $ 297   $ 4,993   $ (9,567 ) $ (51 )
 
Operating margin – GAAP 2.1 % -1.6 % 13.5 % 1.6 %
Operating margin – Non GAAP 4.6 % 0.3 % 14.8 % 0.0 %
 
 
Three Months Ended December 31, 2008

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue $ 135,135 $ 122,796 $ 32,741 $ 290,672
Proforma Adjustments       2,213         2,213  
Revenue – Non GAAP $ 135,135   $ 125,009   $ 32,741   $ 292,885  
 
Operating income – GAAP $ 34,025 $ 12,938 $ 3,715 $ (7,889 ) $ 42,789
Proforma Adjustments   289     4,773     30     (6,405 )   (1,313 )
Operating income – Non GAAP $ 34,314   $ 17,711   $ 3,745   $ (14,294 ) $ 41,476  
 
Operating margin – GAAP 25.2 % 10.5 % 11.3 % 14.7 %
Operating margin – Non GAAP 25.4 % 14.2 % 11.4 % 14.2 %
 
 
Twelve Months Ended December 31, 2009

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue – GAAP $ 407,118 $ 365,478 $ 132,546 $ 905,142
Proforma Adjustments       2,271         2,271  
Revenue – Non GAAP $ 407,118   $ 367,749   $ 132,546   $ 907,413  
 
Operating income (loss) – GAAP $ 19,670 $ (6,283 ) $ 18,114 $ (40,312 ) $ (8,811 )
Proforma Adjustments   9,580     16,758     2,484     (8,212 )   20,610  
Operating income – Non GAAP $ 29,250   $ 10,475   $ 20,598   $ (48,524 ) $ 11,799  
 
Operating margin – GAAP 4.8 % -1.7 % 13.7 % -1.0 %
Operating margin – Non GAAP 7.2 % 2.8 % 15.5 % 1.3 %
 
 
Twelve Months Ended December 31, 2008

Careers –
North America

Careers –
International

Internet
Advertising &
Fees

Corporate
Expenses

Total
 
Revenue $ 638,118 $ 575,182 $ 130,327 $ 1,343,627
Proforma Adjustments       2,213         2,213  
Revenue – Non GAAP $ 638,118   $ 577,395   $ 130,327   $ 1,345,840  
 
 
Operating income – GAAP $ 175,255 $ 84,727 $ 11,666 $ (101,693 ) $ 169,955
Proforma Adjustments   5,120     11,712     1,441     45,330     63,603  
Operating income – Non GAAP $ 180,375   $ 96,439   $ 13,107   $ (56,363 ) $ 233,558  
 
Operating margin – GAAP 27.5 % 14.7 % 9.0 % 12.6 %
Operating margin – Non GAAP 28.3 % 16.7 % 10.1 % 17.4 %
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