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.
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 |
Non-GAAP | As Reported |
Proforma |
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 |
Non-GAAP | As Reported |
Proforma |
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 – |
Careers – |
Internet |
Corporate |
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 | % |