Monster Worldwide Reports Third Quarter 2015 Results

WESTON, Massachusetts, Oct. 29, 2015 /PRNewswire/ --



-- Third Quarter Financial Highlights:

-- Company Exceeds Expectations on All Profitability Metrics For the
5th Consecutive Quarter

-- Adjusted EBITDA Including Korea of $32.4 Million Increases 40%
Year over Year and 12% Sequentially; Adjusted EBITDA from
Continuing Operations of $28.1 Million Increases 45% Year over
Year and 9% Sequentially
-- Adjusted EBITDA Margin Including Korea Expands to 18% from 16.1%
in Q2 2015; Adjusted EBITDA Margin from Continuing Operations
Expands to 16.8% from 15.3%
-- Non-GAAP EPS Including Korea of $0.12; Non-GAAP EPS from
Continuing Operations of $0.11; GAAP EPS from Continuing
Operations of $0.10
-- Revenue of $167.1 Million Flat Sequentially and Down 3% Year over
Year at Constant Currency
-- Cash Flow From Operations of $12.3 Million
-- Improves Financial Flexibility With Sale of Remaining Ownership
Stake in South Korean Business for Approximately $85 Million
-- Announces Authorization of $75 Million Share Repurchase Plan

Monster Worldwide, Inc. today reported financial results for the third quarter and nine months ended September 30, 2015. Third quarter 2015 financial results reflect the completion of the Company's remaining ownership stake in JobKorea, the Company's South Korean operations, which were classified as a discontinued operation.

"We are gratified that we achieved our 18-22% EBITDA margin goal a full quarter earlier than expected and adjusted EPS were at the high end of our guidance range," said Tim Yates, Chief Executive Officer. "Our new product strategy continued to gain traction with wider customer acceptance on a global basis. Revenue was essentially flat as stronger than anticipated results from Europe were offset by weaker than expected results in North America. We are extremely confident of Monster's ability to drive increased revenue and improving EBITDA margins going forward. As a sign of this confidence and our improved liquidity position as a result of the monetization of JobKorea, we are pleased to announce that our Board has authorized a $75 million buyback which we anticipate implementing as we generate free cash flow in the quarters ahead, beginning in the fourth quarter of 2015."

Third Quarter 2015 Results

Revenue from continuing operations of $167 million decreased 3% at constant currency compared to last year's third quarter and decreased 7% at actual rates. Revenue from the Company's Careers - North America operations decreased 4% year over year. Revenue from Careers - International was essentially flat year over year at constant currency and decreased 13% at actual rates. As of the first quarter of 2015, Internet Advertising & Fees revenue and operating results are being reported within the Careers - North America segment. Historical quarterly revenue data is available in the Company's supplemental financial information.

Total GAAP operating expenses from continuing operations decreased to $156 million compared to $180 million in the third quarter of 2014. Net income from continuing operations for the third quarter of 2015 was $10 million, or $0.11 per share, compared to a loss from continuing operations of $3 million, or $0.03 per share in the third quarter of 2014.

Non-GAAP net income from continuing operations was $10 million, or $0.11 per share, compared to $4 million, or $0.04 per share in the third quarter of 2014. Non-GAAP operating expenses of $150 million decreased 13% year over year. Adjusted EBITDA margin of 16.8% was led by Careers - North America with a 29% margin. Pro-forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.

Net cash provided by operating activities in the quarter was $12 million and free cash flow was $5 million. Deferred revenue of our continuing operations declined sequentially to $251 million or 10% compared to $278 million as of June 30, 2015. The Company ended the third quarter with total available liquidity of approximately $157 million.

Third quarter 2015 financial results were impacted by the sale of JobKorea, which was classified as a discontinued operation for accounting purposes. Including the Korean operations, Monster had Non-GAAP earnings per share of $0.12 and adjusted EBITDA of $32.4 million, or an 18% margin, representing an Adjusted EBITDA increase of 12% sequentially and 40% year over year. The Adjusted EBITDA margin of 18% met the Company's prior guidance of exiting 2015 with an EBITDA margin of between 18%-22%.

Nine Month Results

Monster Worldwide reported total revenue from continuing operations of $508 million for the first nine months ended September 30, 2015 compared to $550 million in the same period last year, a 3% decrease on a constant currency basis and 8% at actual rates. Net income from continuing operations was $15 million, or $0.16 per share, compared to a loss of $3 million, or $0.03 per share, in 2014.

Share Repurchase Program

The Company's Board of Directors has authorized a $75 million share repurchase program over a period of 24 months. The Company intends to repurchase shares under the new authorization as a percentage of future generated free cash flow, which can be adjusted periodically.

Reallocate to Accelerate

On February 10, 2015, the Company committed to implement a series of cost savings initiatives to reduce costs globally while continuing to support the Company's new strategy. The initiatives include a global workforce reduction of approximately 300 associates, lease exit costs, impairment of certain assets, and office and general expense controls. Through September 30, 2015, the Company has incurred $29 million of charges relating to this program. These charges have been excluded from the Company's Non-GAAP financial statements for the three and nine months ended September 30, 2015. The Company anticipates additional charges of approximately $1 million to $2 million in the fourth quarter of 2015 in connection with this program.

Guidance

The fourth quarter guidance includes the impact of the JobKorea transaction. Fourth quarter 2015 Non-GAAP EPS from continuing operations is expected to be in the range of $0.10 to $0.14, which excludes $2 million to $3 million of stock-based compensation, $1.2 million of non-cash debt discount amortization related to the convertible debt and restructuring charges related to the Reallocate to Accelerate program.

Historical data on Non-GAAP EPS is available in the Company's supplemental financial information.

Conference Call and Webcast

Third quarter 2015 results will be discussed on Monster Worldwide's quarterly conference call on October 29, 2015 at 8:30 AM ET. A live webcast of the conference call can be accessed online through the Investor Relations section of the Company's website at http://ir.monster.com [http://ir.monster.com/]. To join the conference call by telephone, please dial (888) 317-6003 or (412) 317-6061 and reference conference ID# 3463829. A presentation of financial slides will be referenced during the conference call and will be viewable through the live webcast. A PDF of the financial presentation can also be accessed directly through the Company's Investor Relations website at http://ir.monster.com [http://ir.monster.com/].

The Company has also made available certain supplemental financial information which can be accessed directly through the Company's Investor Relations website at http://ir.monster.com [http://ir.monster.com/].

For a replay of the conference call, please dial (877) 344-7529 or (412) 317-0088 and reference ID# 10074711. This number is valid until midnight on November 5, 2015.

About Monster Worldwide
Monster Worldwide, Inc. is a global leader in connecting people to jobs, wherever they are. For more than 20 years, Monster has helped people improve their lives with better jobs, and employers find the best talent. Today, the company offers services in more than 40 countries, providing some of the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities. Monster continues its pioneering work of transforming the recruiting industry with advanced technology using intelligent digital, social and mobile solutions, including our flagship website monster.com® and a vast array of products and services. For more information visit http://monster.com/about [http://monster.com/about].

Special Note: The statements in this release that are not strictly historical, including, without limitation, statements regarding the Company's strategic direction, prospects and future results, 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 and, therefore, actual results may differ materially from what is expressed or implied herein and no assurance can be given that the Company will achieve, among other things, its outlook with respect to earnings per share for the fourth quarter 2015. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition, 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 into this release by reference. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on the forward-looking statements in this release as they reflect management's views only as of the date hereof. The Company undertakes no obligation to revise or update any of the forward-looking statements contained in this release or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Notes Regarding the Use of Non-GAAP Financial Measures

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 revenue, operating expenses, operating income, operating margin, income from continuing operations, income from discontinued operations, net of tax, net income and diluted earnings per share attributable to Monster Worldwide, Inc. all exclude certain pro-forma items including: non-cash stock based compensation expense; costs incurred in connection with the Company's restructuring programs; separation charges associated with the resignation of the Company's former Chief Executive Officer; non-cash impairment charges; amortization of the debt discount and deferred financing costs associated with our 3.50% convertible senior notes due 2019; write-off of deferred financing costs relating to our former credit facility, amended in October 2014; income tax benefits associated with the reversal of income tax reserves on uncertain tax positions and a tax benefit related to certain losses arising from the Company's restructuring programs; income tax provisions for increased valuation allowances on deferred tax assets; gain on deconsolidation of subsidiaries and tax provisions thereon; the results of our South Korean subsidiary as it has been classified as discontinued operations; gain on partial sale of an equity method investment and tax provisions thereon; and charges related to exited facilities.

In the first quarter of the calendar year 2015, the Company began to utilize a fixed long-term projected Non-GAAP tax rate for reporting operating results and for planning, forecasting, and analyzing future periods. This change provides better consistency across the interim reporting periods by eliminating the effects of non-recurring and period-specific items. When projecting this long-term rate, the Company evaluated a five-year financial projection comprising the current and the next four years that exclude the income tax effects of the Non-GAAP pre-tax items described above, eliminates the effects of non-recurring and period specific items which can vary in size and frequency, and is reflective of the anticipated future geographic mix of income among tax jurisdictions. The projected rate also assumes no new acquisitions or disposals in the five-year period, eliminates the effect of tax valuation allowances, and takes into account other factors including the Company's current tax structure, its existing tax positions in various jurisdictions and key legislation in major jurisdictions where the Company operates. The Non-GAAP tax rate is 35%. The Company intends to re-evaluate this long-term rate on an annual basis or if any significant events that may materially affect this long-term rate occur. This long-term rate could be subject to change for a variety of reasons, which may include (but are not limited to) for example, significant changes in the geographic earnings mix including future acquisition or disposition activity, having less income than anticipated, or fundamental tax law changes in major jurisdictions where the Company operates.

Non-GAAP diluted shares includes the impact, based on the average share price for the period, of the Company's outstanding capped call transactions, which are anti-dilutive in GAAP earnings per share, but are expected to mitigate the dilutive effect of the Company's 3.50% convertible senior notes due 2019.

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.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is defined as operating income or loss before depreciation and amortization, non-cash compensation expense, non-cash impairment charges, and non-cash costs incurred in connection with the Company's restructuring programs. Adjusted EBITDA excludes the impact of the pro-forma items discussed above. The Company considers EBITDA and Adjusted EBITDA to be important indicators of its operational strength which the Company believes are useful to management and investors in evaluating its operating performance. EBITDA and Adjusted EBITDA are Non-GAAP measures and may not be comparable to similarly titled measures reported by other companies.

Free cash flow is defined as cash flows 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.

Net cash is defined as cash and cash equivalents plus short-term and long-term marketable securities, less total debt. Total available liquidity is defined as cash and cash equivalents, plus short-term and long-term marketable securities, plus unused borrowings under our credit facility. The Company considers net cash and total available liquidity to be important measures of liquidity and indicators of its ability to meet its ongoing obligations. The Company also uses net cash and total available liquidity, among other measures, in evaluating its choices for capital deployment. Net cash and total available liquidity are presented herein as Non-GAAP measures and may not be comparable to similarly titled measures used by other companies.




MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)



Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------

2015 2014 2015 2014
---- ---- ---- ----


Revenue $167,082 $179,591 $507,694 $550,257
------- -------- -------- -------- --------


Salaries and related 79,787 95,800 254,500 291,868

Office and general 43,638 50,376 131,430 152,196

Marketing and promotion 30,044 33,383 91,091 108,508

Restructuring and other special charges 2,780 - 28,787 -

Total operating expenses 156,249 179,559 505,808 552,572
------------------------ ------- ------- ------- -------


Operating income (loss) 10,833 32 1,886 (2,315)


Gain on partial sale of equity method investment - - 8,849 -

Gain on deconsolidation of subsidiaries, net - - - 11,828


Interest and other, net (3,674) (1,930) (10,289) (5,123)
----------------------- ------ ------ ------- ------


Income (loss) before income taxes and income in equity interests 7,159 (1,898) 446 4,390


(Benefit from) provision for income taxes (2,361) 841 (14,487) 6,915

Income in equity interests, net 249 75 321 -
------------------------------- --- --- --- ---


Income (loss) from continuing operations 9,769 (2,664) 15,254 (2,525)


Income from discontinued operations, net of tax 2,163 2,313 6,005 6,909
----------------------------------------------- ----- ----- ----- -----


Net income (loss) 11,932 (351) 21,259 4,384


Net income attributable to noncontrolling interest (1,512) (1,318) (3,712) (3,954)
-------------------------------------------------- ------ ------ ------ ------


Net income (loss) attributable to Monster Worldwide, Inc. $10,420 $(1,669) $17,547 $430
========================================================= ======= ======= ======= ====


*Basic earnings (loss) per share attributable to Monster Worldwide, Inc.:


Income (loss) from continuing operations $0.11 $(0.03) $0.17 $(0.03)

Income from discontinued operations, net of tax 0.01 0.01 0.03 0.03
----------------------------------------------- ---- ---- ---- ----

Basic earnings (loss) per share attributable to Monster Worldwide, Inc. $0.12 $(0.02) $0.20 $ -
======================================================================= ===== ====== ===== ===


*Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.:


Income (loss) from continuing operations $0.10 $(0.03) $0.16 $(0.03)

Income from discontinued operations, net of tax 0.01 0.01 0.02 0.03
----------------------------------------------- ---- ---- ---- ----

Diluted earnings (loss) per share attributable to Monster Worldwide, Inc. $0.11 $(0.02) $0.19 $ -
========================================================================= ===== ====== ===== ===



Weighted average shares outstanding:


Basic 90,340 86,576 89,853 88,236
===== ====== ====== ====== ======


Diluted 96,839 86,576 94,573 88,236
======= ====== ====== ====== ======




Reconciliation of EBITDA to Adjusted EBITDA


Operating income (loss) $10,833 $32 $1,886 $(2,315)

Depreciation and amortization of intangibles 11,086 11,859 33,685 35,542

Stock-based compensation 3,368 6,612 11,386 23,548

Restructuring non-cash charges - - 4,226 -
------------------------------ --- --- ----- ---


EBITDA $25,287 $18,503 $51,183 $56,775


Separation costs - - 2,000 -

Facilities costs - 880 - 7,229

Restructuring and other special charges, less non-cash items 2,780 - 24,561 -
------------------------------------------------------------ ----- --- ------ ---


Adjusted EBITDA $28,067 $19,383 $77,744 $64,004
=============== ======= ======= ======= =======


*Earnings per share may not add in certain periods due to rounding.





MONSTER WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------

2015 2014 2015 2014
---- ---- ---- ----

Cash flows provided by operating activities:

Net income (loss) $11,932 $(351) $21,259 $4,384
---------------- ------- ----- ------- ------

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization 11,388 12,194 34,625 36,548

Provision for doubtful accounts 478 562 1,239 1,290

Stock-based compensation 3,380 6,682 11,471 23,918

Deferred income taxes (3,218) 53 1,487 3,455

Non-cash restructuring charges - - 4,226 -

Income in equity interests, net (249) (75) (321) -

Gain on deconsolidation of subsidiaries - - - (13,647)

Amount reclassified from accumulated other comprehensive income - - - 1,819

Gain on partial sale of equity method investment - - (8,849) -

Excess income tax benefit from equity compensation plans - - - (199)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable 19,260 25,832 40,238 65,356

Prepaid and other 5,658 (2,855) 9,779 (10,845)

Deferred revenue (24,936) (29,483) (39,117) (56,972)

Accounts payable, accrued liabilities and other (11,410) (622) (20,947) 637

Total adjustments 351 12,288 33,831 51,360
----------------- --- ------ ------ ------

Net cash provided by operating activities 12,283 11,937 55,090 55,744
----------------------------------------- ------ ------ ------ ------


Cash flows used for investing activities:

Capital expenditures (6,869) (8,287) (21,604) (30,756)

Payments for acquisitions, net of cash acquired - - - (27,005)

Investment in Alma Career Oy - - - (6,516)

Cash funded to equity investee and other - (606) 1,648 (1,222)

Capitalized patent defense costs - (1,742) (2,305) (2,962)

Cash received from partial sale of equity investment - - 9,128 -

Net cash used for investing activities (6,869) (10,635) (13,133) (68,461)
-------------------------------------- ------ ------- ------- -------


Cash flows (used for) provided by financing activities:

Proceeds from borrowings on credit facilities - 1,500 32,100 80,300

Payments on borrowings on credit facilities - - (32,100) (8,100)

Payments on borrowings on term loan (9,250) (2,500) (13,750) (6,875)

Fees paid on the issuance of debt and purchase of capped call - - (1,110) -

Repurchase of common stock - (553) - (52,070)

Tax withholdings related to net share settlements of restricted stock awards and units (1,239) (1,307) (8,039) (5,014)

Excess income tax benefit from equity compensation plans - - - 199

Distribution paid to minority holder - - (10,018) (3,021)

Net cash (used for) provided by financing activities (10,489) (2,860) (32,917) 5,419
---------------------------------------------------- ------- ------ ------- -----


Effects of exchange rates on cash (2,683) (2,461) (3,414) (907)
--------------------------------- ------ ------ ------ ----


Net (decrease) increase in cash and cash equivalents $(7,758) $(4,019) $5,626 $(8,205)
---------------------------------------------------- ------- ------- ------ -------

Cash and cash equivalents from continuing operations, beginning of period $99,415 $66,472 $72,030 $70,066

Cash and cash equivalents from discontinued operations, beginning of period 8,266 17,923 22,267 18,515

Cash and cash equivalents, beginning of period $107,681 $84,395 $94,297 $88,581
---------------------------------------------- -------- ------- ------- -------

Cash and cash equivalents from continuing operations, end of period $88,389 $61,399 $88,389 $61,399

Cash and cash equivalents from discontinued operations, end of period 11,534 18,977 11,534 18,977

Cash and cash equivalents, end of period $99,923 $80,376 $99,923 $80,376
======================================== ======= ======= ======= =======


Free cash flow:


Net cash provided by operating activities of continuing operations $8,370 $10,289 $44,943 $48,692

Net cash provided by operating activities of discontinued operations 3,913 1,648 10,147 7,052

Less: Capital expenditures (6,869) (8,287) (21,604) (30,756)

Free cash flow $5,414 $3,650 $33,486 $24,988
============== ====== ====== ======= =======





MONSTER WORLDWIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


Assets: September 30, 2015 December 31, 2014
------------------ -----------------


Cash and cash equivalents $88,389 $72,030

Accounts receivable, net 231,192 279,569

Property and equipment, net 107,288 117,191

Goodwill and intangibles, net 525,850 531,195

Investment in unconsolidated affiliates 18,955 20,700

Other assets 103,770 125,448

Assets held for sale 56,772 71,018

Total Assets $1,132,216 $1,217,151
------------ ========== ==========


Liabilities and Stockholders' Equity:


Accounts payable, accrued expenses and other current
liabilities $140,136 $154,103

Deferred revenue 251,065 297,636

Current portion of long-term debt 10,278 9,563

Long-term income taxes payable 35,561 54,636

Long-term debt, net, less current portion 190,494 201,821

Other long-term liabilities 17,041 16,635

Liabilities held for sale 10,100 8,012

Total Liabilities $654,675 $742,406
----------------- ======== ========


Stockholders' Equity 477,541 474,745


Total Liabilities and Stockholders' Equity $1,132,216 $1,217,151
========================================== ========== ==========





MONSTER WORLDWIDE, INC.

UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS

(in thousands, except per share amounts)


Three Months Ended September 30, 2015 Three Months Ended September 30, 2014
------------------------------------- -------------------------------------

As Reported Non GAAP Consolidated As Reported Non GAAP Consolidated
Adjustments Non GAAP Adjustments Non GAAP
----------- -------- ----------- --------


Revenue $167,082 $ - $167,082 $179,591 $ - $179,591
-------- --- -------- -------- --- --------


Salaries and related 79,787 (3,368) a 76,419 95,800 (6,612) a 89,188

Office and general 43,638 - 43,638 50,376 (880) c 49,496

Marketing and promotion 30,044 - 30,044 33,383 - 33,383

Restructuring and other special charges 2,780 (2,780) b - - - -

Total operating expenses 156,249 (6,148) 150,101 179,559 (7,492) 172,067


Operating income 10,833 6,148 16,981 32 7,492 7,524

Operating margin 6.5% 10.2% 0.0% 4.2%


Interest and other, net (3,674) 1,252 f (2,422) (1,930) - (1,930)
---


Income (loss) before income taxes and income in equity interests 7,159 7,400 14,559 (1,898) 7,492 5,594


(Benefit from) provision for income taxes (2,361) 7,472 h 5,111 841 1,235 h 2,076

Income in equity interests, net 249 - 249 75 - 75


Income (loss) from continuing operations 9,769 (72) 9,697 (2,664) 6,257 3,593
----- --- ----- ------ ----- -----


Income from discontinued operations, net of tax 2,163 (2,163) i - 2,313 (2,313) i -


Net income (loss) 11,932 (2,235) 9,697 (351) 3,944 3,593


Net income attributable to noncontrolling interest (1,512) 1,512 - (1,318) 1,318 -


Net income (loss) attributable to Monster Worldwide, Inc. $10,420 $(723) $9,697 $(1,669) $5,262 $3,593
======= ===== ====== ======= ====== ======


*Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.:

Income (loss) from continuing operations $0.10 $0.01 $0.11 $(0.03) $0.07 $0.04

Income from discontinued operations, net of tax 0.01 (0.01) - 0.01 (0.01) -
---- ----- --- ---- ----- ---

Diluted earnings (loss) per share attributable to Monster Worldwide, Inc.: $0.11 $ - $0.11 $(0.02) $0.06 $0.04
===== === ===== ====== ===== =====


Weighted average shares outstanding:

Diluted 96,839 (5,872) j 90,967 86,576 2,741 k 89,317





Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014
------------------------------------ ------------------------------------

As Reported Non GAAP Adjustments Consolidated Non GAAP As Reported Non GAAP Adjustments Consolidated Non GAAP
----------- -------------------- --------------------- ----------- -------------------- ---------------------


Revenue $507,694 $ - $507,694 $550,257 $ - $550,257
-------- --- -------- -------- --- --------


Salaries and related 254,500 (13,385) a 241,115 291,868 (23,548) a 268,320

Office and general 131,430 - 131,430 152,196 (7,229) c 144,967

Marketing and promotion 91,091 - 91,091 108,508 - 108,508

Restructuring and other special charges 28,787 (28,787) b - - - -

Total operating expenses 505,808 (42,172) 463,636 552,572 (30,777) 521,795


Operating income (loss) 1,886 42,172 44,058 (2,315) 30,777 28,462

Operating margin 0.4% 8.7% -0.4% 5.2%


Gain on partial sale of equity method investment 8,849 (8,849) e - - - -
---


Gain on deconsolidation of subsidiaries, net - - - 11,828 (11,828) d -
---


Interest and other, net (10,289) 3,789 f (6,500) (5,123) - (5,123)
---


Income before income taxes and income (loss) in equity interests 446 37,112 37,558 4,390 18,949 23,339


(Benefit from) provision for income taxes (14,487) 27,649 h 13,162 6,915 718 g,h 7,633

Income in equity interests, net 321 - 321 - - -


Income (loss) from continuing operations 15,254 9,463 24,717 (2,525) 18,231 15,706
------ ----- ------ ------ ------ ------


Income from discontinued operations, net of tax 6,005 (6,005) i - 6,909 (6,909) i -


Net income 21,259 3,458 24,717 4,384 11,322 15,706


Net income attributable to noncontrolling interest (3,712) 3,712 - (3,954) 3,954 -


Net income attributable to Monster Worldwide, Inc. $17,547 $7,170 $24,717 $430 $15,276 $15,706
======= ====== ======= ==== ======= =======


*Diluted earnings per share attributable to Monster Worldwide, Inc.:

Income (loss) from continuing operations $0.16 $0.11 $0.27 $(0.03) $0.20 $0.17

Income from discontinued operations, net of tax 0.02 (0.02) - 0.03 (0.03) -
---- ----- --- ---- ----- ---

Diluted earnings per share attributable to Monster Worldwide, Inc.: $0.19 $0.09 $0.27 $ - $0.17 $0.17
===== ===== ===== === ===== =====


Weighted average shares outstanding:

Diluted 94,573 (3,714) j 90,859 88,236 2,999 k 91,235





Note Regarding Non GAAP 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.


Non GAAP adjustments consist of the
following:


a Costs related to stock based
compensation. Additionally, the YTD
2015 period includes $2.0m of
separation costs associated with the
former CEO's resignation.


b Restructuring related charges
pertaining to the cost reduction
plan announced in February 2015.


c Charges related to exited facilities
primarily associated with the move
to our corporate headquarters in
Weston, Massachusetts.


d Gain on deconsolidation of
subsidiaries, net


e Gain on partial sale of an equity
method investment during Q1 2015.


f Non-GAAP interest expense related
to the debt discount and
amortization of the deferred
financing costs related to the
Company's convertible notes due
2019.


g Non-GAAP adjustment includes tax
provision for gain on
deconsolidation of subsidiaries,
net during Q1 2014


h Beginning in Q1 2015, the Non-GAAP
income tax provision is calculated
using a fixed long-term projected
Non-GAAP tax rate of 35% as applied
to Non-GAAP pre-tax income. Prior
to Q1 2015, the Non-GAAP income tax
adjustment was calculated using the
effective rate of the reporting
period, as adjusted for the effects
of certain non-deductible stock
based compensation and provisions
for tax valuation allowances.


i Discontinued operations related to
the sale of our remaining
interest in JobKorea.


j Non-GAAP adjustment includes the
impact, based on the average share
price for the period, of the
Company's outstanding capped call
transactions, which are anti-
dilutive in GAAP earnings per share
but are expected to mitigate the
dilutive effect of the Company's
convertible notes due 2019.


k Non-GAAP adjustment includes the
dilutive impact of the Company's
non-vested stock under employee
compensation plans as anti-dilutive
on a GAAP basis


*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 September 30, 2015 Careers - Careers - Corporate Total
North America International Expenses
--- ------------- ------------- --------


Revenue $119,449 $47,633 $167,082
======== ======= ========


Operating income (loss) - GAAP $25,739 $(8,581) $(6,325) $10,833

Non GAAP Adjustments 2,086 3,007 1,055 6,148

Operating income (loss) - Non GAAP $27,825 $(5,574) $(5,270) $16,981
======= ======= ======= =======


EBITDA $34,221 $(3,934) $(5,000) $25,287

Non GAAP Adjustments 753 2,035 (8) 2,780

Adjusted EBITDA $34,974 $(1,899) $(5,008) $28,067
======= ======= ======= =======


Operating margin - GAAP 21.5% (18.0%) 6.5%

Operating margin - Non GAAP 23.3% (11.7%) 10.2%


EBITDA margin 28.6% (8.3%) 15.1%

Adjusted EBITDA margin 29.3% (4.0%) 16.8%


Three Months Ended September 30, 2014 Careers - Careers -International Corporate Expenses Total
North America
--- -------------


Revenue $124,757 $54,834 $179,591
======== ======= ========


Operating income (loss) - GAAP $21,752 $(10,857) $(10,863) $32

Non GAAP Adjustments 2,865 1,925 2,702 7,492

Operating income (loss) - Non GAAP $24,617 $(8,932) $(8,161) $7,524
======= ======= ======= ======


EBITDA $30,974 $(4,647) $(7,824) $18,503

Non GAAP Adjustments 570 310 - 880

Adjusted EBITDA $31,544 $(4,337) $(7,824) $19,383
======= ======= ======= =======


Operating margin - GAAP 17.4% (19.8%) 0.0%

Operating margin - Non GAAP 19.7% (16.3%) 4.2%


EBITDA margin 24.8% (8.5%) 10.3%

Adjusted EBITDA margin 25.3% (7.9%) 10.8%


Nine Months Ended September 30, 2015 Careers - Careers - International Corporate Expenses Total
North America
--- -------------


Revenue $361,685 $146,009 $507,694
======== ======== ========


Operating income (loss) - GAAP $64,324 $(34,464) $(27,974) $1,886

Non GAAP Adjustments 16,418 17,509 8,245 42,172

Operating income (loss) - Non GAAP $80,742 $(16,955) $(19,729) $44,058
======= ======== ======== =======


EBITDA $94,579 $(20,519) $(22,877) $51,183

Non GAAP Adjustments 8,113 14,329 4,119 26,561

Adjusted EBITDA $102,692 $(6,190) $(18,758) $77,744
======== ======= ======== =======


Operating margin - GAAP 17.8% (23.6%) 0.4%

Operating margin - Non GAAP 22.3% (11.6%) 8.7%


EBITDA margin 26.1% (14.1%) 10.1%

Adjusted EBITDA margin 28.4% (4.2%) 15.3%


Nine Months Ended September 30, 2014 Careers - Careers -International Corporate Expenses Total
North America
--- -------------


Revenue $378,463 $171,794 $550,257
======== ======== ========


Operating income (loss) - GAAP $58,929 $(29,710) $(31,534) $(2,315)

Non GAAP Adjustments 12,591 6,246 11,940 30,777

Operating income (loss) - Non GAAP $71,520 $(23,464) $(19,594) $28,462
======= ======== ======== =======


EBITDA $88,697 $(10,357) $(21,565) $56,775

Non GAAP Adjustments 3,871 525 2,833 7,229

Adjusted EBITDA $92,568 $(9,832) $(18,732) $64,004
======= ======= ======== =======


Operating margin - GAAP 15.6% (17.3%) (0.4%)

Operating margin - Non GAAP 18.9% (13.7%) 5.2%


EBITDA margin 23.4% (6.0%) 10.3%

Adjusted EBITDA margin 24.5% (5.7%) 11.6%




Logo - http://photos.prnewswire.com/prnh/20150113/168978LOGO [http://photos.prnewswire.com/prnh/20150113/168978LOGO]



Photo: http://photos.prnewswire.com/prnh/20150113/168978LOGO


Monster Worldwide, Inc.


CONTACT: Investors: Mike McGuinness, (212) 351-7110,michael.mcguinness@monster.com; Media: Matt Anchin, (212) 351-7528,matt.anchin@monster.com


Web site: http://www.monster.com/

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