Monster rachète Hotjobs à Yahoo! 225 millions de dollars

04/02/2010

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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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