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Monster Worldwide, Inc. (NYSE:MWW) today reported financial results for
the fourth quarter and twelve months ended December 31, 2012.
Sal Iannuzzi, chairman, president and chief executive officer of Monster
Worldwide, said, “During the fourth quarter, we implemented a series of
actions designed to improve profitability and cash flow, consistent with
our previously announced restructuring. As a leaner, more focused
company, we are concentrating our resources on our core markets and are
aggressively taking the steps necessary to strengthen our business. Our
advanced product offerings, robust government business and a leading
traffic position provide a solid foundation for future growth as the
global economy recovers.”
“On the strategic alternatives front, the process continues and we will
respond quickly if an opportunity arises. We are not able to anticipate
when or whether our Board will have a concrete transaction to consider
and we will only comment further if and when this occurs,” Iannuzzi
concluded.
Full Year 2012 Business Highlights
Monster provides services to more than 300,000 customers globally,
including 95% of the Fortune 1000.
According to comScore Media Metrix, Monster enjoyed the leading U.S.
traffic position in the Career Services & Development category
throughout the majority of 2012 and ended the year with over 21
million monthly Unique Visitors.
Monster’s Government Solutions business, which accounts for more than
10% of total bookings, increased approximately 40% year over year,
including the Company’s multi-year contract with the United Kingdom
Government’s Department for Work and Pensions (DWP).
SeeMore® - the world’s first cloud-based semantic search and analytics
recruiting platform – was named one of the top products of 2012 by
Human Resource Executive® magazine. The award was announced at the
15th annual HR Technology® Conference in Chicago on October 8, 2012.
On a global basis, business derived from the Company’s advanced and
proprietary product offerings, including Career Ad Network®, Power
Resume Search® and SeeMore® increased in the double-digit percentage
range compared to the same period a year ago.
Corporate Restructuring Update
The Company is implementing its previously announced corporate
restructuring program to focus on its core business and reduce its cost
structure in order to improve profitability and cash flow. Since the
announcement of the restructuring on November 8, 2012, the Company has
implemented the following actions:
Completed the sale of ChinaHR to Saongroup, under which Monster has
taken a 10% minority stake in the combined China business of Saongroup.
Exited operations in Brazil, Mexico and Turkey and classified these
businesses as discontinued operations in the fourth quarter and full
year results.
Redeployed expenses into marketing and sales in Monster’s core
markets, while reducing the run rate of operating expenses.
As a result of the actions described above, Monster is on track to
reduce operating expenses by approximately $130 million on an annualized
basis. In association with these actions, the Company recorded pre-tax
charges of $23 million, of which $15 million was included in continuing
operations and $8 million was included in discontinued operations in the
fourth quarter 2012. The Company expects additional pre-tax charges in
the range of $27 million to $37 million to be incurred in the first half
2013.
Fourth Quarter 2012 Results
Total bookings from continuing operations were $261 million, compared to
$300 million in the same period a year ago. On a year over year basis,
currency translation had a $0.8 million negative impact on bookings in
the fourth quarter 2012. The year over year decline in total bookings is
primarily attributable to continued weakness in Europe, which has been
negatively impacted by global economic challenges, partially offset by
strength in North America’s e-commerce, staffing and newspaper channels.
Revenue from continuing operations was $211 million, compared to fourth
quarter 2011 revenue of $235 million. On a year over year basis,
currency translation had a $1.3 million negative impact on revenue in
the fourth quarter 2012. Historical data on bookings and revenue from
continuing operations for prior quarters is available in the Company’s
supplemental financial information.
Consolidated GAAP operating expenses from continuing operations of $212
million compares to $208 million in the fourth quarter 2011. Net loss
from continuing operations for the fourth quarter was $5.3 million, or a
loss per share of $0.05. In the fourth quarter 2011, the Company
reported net income from continuing operations of $20 million, or $0.16
per share. 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.
Non-GAAP net income from continuing operations of $8.7 million, or $0.08
per share, compares to $22 million, or $0.18 per share in the fourth
quarter 2011. Non-GAAP operating expenses of $196 million decreased 4%
year over year.
The consolidated loss for the fourth quarter 2012 was $73 million or a
loss per share of $0.66 per share compared to consolidated net income of
$11 million or earnings per share of $0.09 for the same period a year
ago. The consolidated loss for the fourth quarter 2012 includes a loss
from discontinued operations, net of tax, of $68 million, or a loss per
share of $0.61, of which $53 million is non-cash asset write-offs.
Cash and cash equivalents were $148 million as of December 31, 2012
compared to $250 million as of December 31, 2011. Net operating cash
flow in the quarter was $17 million. Excluding results from ChinaHR,
Brazil, Mexico and Turkey, deferred revenue was $351 million compared to
$358 million in the same period a year ago.
Full Year Results
Monster Worldwide reported total revenue from continuing operations of
$890 million for the twelve months ended December 31, 2012 compared to
$994 million in the same period last year, which included $22 million
from IAF’s arbitrage lead generation business and a $2.7 million
purchase accounting adjustment related to the HotJobs acquisition. The
Company reported GAAP earnings from continuing operations of $58
million, or $0.51 per diluted share, compared to GAAP earnings of $66
million, or $0.53 per diluted share, in the prior period.
The consolidated loss for the year ended December 31, 2012 was $259
million or $2.27 per share compared to consolidated net income of $54
million or $0.43 per share for the same period in 2011. The consolidated
loss for 2012 includes a loss from discontinued operations, net of tax,
of $317 million, of which $279 million is non-cash asset write-offs.
Company Provides Q1 EPS Guidance
First quarter 2013 EPS from continuing operations is expected to be in
the range of $0.06 to $0.10.
Conference Call and Webcast
Fourth quarter 2012 results will be discussed on Monster Worldwide’s
quarterly conference call on February 7, 2013 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.
To join the conference call by telephone, please dial (888) 696-1396 or
(706) 758-9636 and reference conference ID 91616837.
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.
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.
For a replay of the conference call, please dial (855) 859-2056 or (404)
537-3406 and reference ID#91616837. This number is valid until midnight
on February 21, 2013.
About Monster Worldwide
Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster®, is the
worldwide leader in successfully connecting people to job opportunities.
From the web, to mobile, to social, Monster helps companies find people
with customized solutions using the world's most advanced technology to
match the right person to the right job. With a local presence in more
than 40 countries, Monster connects employers with quality job seekers
at all levels, provides personalized career advice to consumers globally
and delivers vast, highly targeted audiences to advertisers. To learn
more about Monster’s industry-leading products and services, visit www.monster.com.
More company information is available at http://about-monster.com.
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 earningsper share for the
first fiscal quarter 2013. 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 from continuing
operations, operating margin, net income from continuing operations, net
(loss) income from discontinued operations, and diluted earnings (loss)
per share all exclude certain pro-forma adjustments including: costs
incurred for the 2012 restructurings; recovery of restitution award from
former executive; costs incurred related to the Company’s review of
strategic alternatives; 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
program; the results of the businesses in Careers – China, Latin America
and Turkey as they have been classified as discontinued operations; the
fair value adjustment to deferred revenue in connection with the
acquisition the HotJobs Assets; the receipt of escrowed funds associated
with the ChinaHR acquisition; severance and facility charges primarily
related to the product and technology global reorganization; changes in
sublet assumptions on previously exited facilities; acquisition and
integration-related costs related to the acquisition of the HotJobs
Assets; realized and unrealized gains and losses on marketable
securities; and restructuring charges primarily related to severance and
facility charges associated with the decision in 2011 to no longer
engage in certain activities within the Internet, Advertising & Fees
segment, 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 net income or loss before interest income or
expense, income tax expense or benefit, net gain or loss in equity
interests, depreciation and amortization, non-cash compensation expense
and non-cash restructuring costs. The Company considers EBITDA to be an
important indicator of its operational strength which the Company
believes is useful to management and investors in evaluating its
operating performance. EBITDA is a non-GAAP measure and may not be
comparable to similarly titled measures reported by other companies.
Operating income before depreciation and amortization (“OIBDA”) is
defined as net income or loss 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.
Bookings represent the dollar value of contractual orders received in
the relevant period.
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.
Net cash and securities is defined as cash and cash equivalents plus
short-term marketable securities, less total debt. Total available
liquidity is defined as cash and cash equivalents, plus short-term
marketable securities plus unused borrowings under our credit
facilities. The Company considers net cash and securities 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 securities and total available liquidity, among other
measures, in evaluating its choices for capital deployment. Net cash and
securities 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 December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Revenue
$
211,244
$
234,786
$
890,392
$
993,644
Salaries and related
97,401
108,381
408,305
480,398
Office and general
55,497
52,763
226,601
224,914
Marketing and promotion
44,503
43,522
188,326
189,850
Restructuring and other special charges
14,831
3,035
40,358
4,715
Recovery of restitution award from former executive
-
-
(5,350
)
-
Total operating expenses
212,232
207,701
858,240
899,877
Operating (loss) income
(988
)
27,085
32,152
93,767
Interest and other, net
(1,699
)
(560
)
(5,883
)
(2,971
)
(Loss) income from continuing operations before income taxes and
equity interests
(2,687
)
26,525
26,269
90,796
Provision for (benefit from) income taxes
2,267
6,248
(32,978
)
23,504
Loss in equity interests, net
(355
)
(246
)
(1,081
)
(1,242
)
(Loss) income from continuing operations
(5,309
)
20,031
58,166
66,050
Loss from discontinued operations, net of tax
(67,716
)
(9,125
)
(316,886
)
(12,253
)
Net (loss) income
$
(73,025
)
$
10,906
$
(258,720
)
$
53,797
*Basic (loss) earnings per share:
(Loss) income from continuing operations
$
(0.05
)
$
0.17
$
0.52
$
0.54
Loss from discontinued operations, net of tax
(0.61
)
(0.08
)
(2.81
)
(0.10
)
Basic (loss) income per share
$
(0.66
)
$
0.09
$
(2.29
)
$
0.44
*Diluted (loss) earnings per share:
(Loss) income from continuing operations
$
(0.05
)
$
0.16
$
0.51
$
0.53
Loss from discontinued operations, net of tax
(0.61
)
(0.07
)
(2.78
)
(0.10
)
Diluted (loss) income per share
$
(0.66
)
$
0.09
$
(2.27
)
$
0.43
Weighted average shares outstanding:
Basic
111,098
121,378
112,866
122,002
Diluted
111,098
122,685
113,995
123,923
Operating income before depreciation, amortization, and non-cash
restructuring:
Operating (loss) income
$
(988
)
$
27,085
$
32,152
$
93,767
Depreciation and amortization of intangibles
16,386
16,740
64,280
68,666
Amortization of stock-based compensation
6,985
7,895
28,174
41,458
Restructuring non-cash expenses
1,125
130
7,541
106
Operating income before depreciation, amortization, and non-cash
restructuring
$
23,508
$
51,850
$
132,147
$
203,997
*Earnings per share may not add in certain periods due to
rounding.
MONSTER WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended
2012
2011
Cash flows provided by operating activities:
Net (loss) income
$
(258,720
)
$
53,797
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Depreciation and amortization
70,000
74,600
Provision for doubtful accounts
4,469
3,329
Non-cash compensation
28,964
42,523
Deferred income taxes
(9,814
)
(5,659
)
Non-cash restructuring write-offs and other
7,505
130
Loss in equity interests, net
1,081
1,242
Gains on auction rate securities
-
(1,732
)
Tax benefit from change in uncertain tax positions
(43,193
)
-
Impairment of goodwill and intangibles
267,855
-
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(2,013
)
(856
)
Prepaid and other
13,332
(5,510
)
Deferred revenue
(17,456
)
5,056
Accounts payable, accrued liabilities and other
(8,683
)
(17,243
)
Total adjustments
312,047
95,880
Net cash provided by operating activities
53,327
149,677
Cash flows used for investing activities:
Capital expenditures
(59,572
)
(61,818
)
Cash funded to equity investee
(2,077
)
(2,559
)
Sales and maturities of marketable securities
-
1,732
Dividends received from unconsolidated investee
728
443
Net cash used for investing activities
(60,921
)
(62,202
)
Cash flows (used for) provided by financing activities:
Proceeds from borrowings on credit facilities
224,718
108,722
Payments on borrowings on credit facilities
(305,709
)
(44,501
)
Proceeds from borrowings on term loan
100,000
-
Payments on borrowings on term loan
(43,750
)
-
Repurchase of common stock
(65,611
)
(41,973
)
Tax withholdings related to net share settlements of restricted
stock awards and units
(8,482
)
(17,139
)
Proceeds from the exercise of employee stock options
23
23
Net cash (used for) provided by financing activities
(98,811
)
5,132
Effects of exchange rates on cash
4,273
(5,459
)
Net (decrease) increase in cash and cash equivalents
(102,132
)
87,148
Cash and cash equivalents, beginning of period
250,317
163,169
Cash and cash equivalents, end of period
$
148,185
$
250,317
Free cash flow:
Net cash provided by operating activities
$
53,327
$
149,677
Less: Capital expenditures
(59,572
)
(61,818
)
Free cash flow
$
(6,245
)
$
87,859
MONSTER WORLDWIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Assets:
December 31, 2012
December 31, 2011
Cash and cash equivalents
$
148,185
$
250,317
Accounts receivable, net
335,905
343,546
Property and equipment, net
147,613
156,282
Goodwill and intangibles, net
919,854
1,184,122
Other assets
111,606
123,731
Current assets of discontinued operations
21,702
-
Total Assets
$
1,684,865
$
2,057,998
Liabilities and Stockholders' Equity:
Accounts payable, accrued expenses and other current liabilities
$
181,914
$
213,817
Deferred revenue
351,546
380,310
Current portion of long-term debt and borrowings on credit facility
18,264
188,836
Long-term income taxes payable
63,465
94,750
Long-term debt, less current portion
145,975
-
Other long-term liabilities
10,406
16,158
Current liabilities of discontinued operations
33,256
-
Total Liabilities
$
804,826
$
893,871
Stockholders' Equity
880,039
1,164,127
Total Liabilities and Stockholders' Equity
$
1,684,865
$
2,057,998
MONSTER WORLDWIDE, INC.
UNAUDITED NON-GAAP STATEMENTS OF OPERATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
Three Months Ended December 31, 2012
Three Months Ended December 31, 2011
Non GAAP
Consolidated
Non GAAP
Consolidated
As Reported
Adjustments
Non GAAP
As Reported
Adjustments
Non GAAP
Revenue
$
211,244
$
-
$
211,244
$
234,786
$
-
$
234,786
Salaries and related
97,401
-
97,401
108,381
-
108,381
Office and general
55,497
(1,347
)
g
54,150
52,763
-
52,763
Marketing and promotion
44,503
-
44,503
43,522
-
43,522
Restructuring and other special charges
14,831
(14,831
)
e
-
3,035
(3,035
)
e
-
Total operating expenses
212,232
(16,178
)
196,054
207,701
(3,035
)
204,666
Operating (loss) income
(988
)
16,178
15,190
27,085
3,035
30,120
Operating margin
-0.5
%
7.2
%
11.5
%
12.8
%
Interest and other, net
(1,699
)
-
(1,699
)
(560
)
-
(560
)
(Loss) income from continuing operations before income taxes and
equity interests
(2,687
)
16,178
13,491
26,525
3,035
29,560
Provision for income taxes
2,267
2,173
i,j
4,440
6,248
715
j
6,963
Loss in equity interests, net
(355
)
-
(355
)
(246
)
-
(246
)
(Loss) income from continuing operations
(5,309
)
14,005
8,696
20,031
2,320
22,351
(Loss) income from discontinued operations
(67,716
)
67,716
k
-
(9,125
)
9,125
k
-
Net (loss) income
$
(73,025
)
$
81,721
$
8,696
$
10,906
$
11,445
$
22,351
Diluted (loss) earnings per share:*
(Loss) income from continuing operations
$
(0.05
)
$
0.12
$
0.08
$
0.16
$
0.02
$
0.18
(Loss) income from discontinued operations, net of tax
(0.61
)
0.61
-
(0.07
)
0.07
-
Diluted (loss) income per share
$
(0.66
)
$
0.73
$
0.08
$
0.09
$
0.09
$
0.18
Weighted average shares outstanding:
Basic
111,098
111,098
111,098
121,378
121,378
121,378
Diluted
111,098
112,129
112,129
122,685
122,685
122,685
Twelve Months Ended December 31, 2012
Twelve Months Ended December 31, 2011
Non GAAP
Consolidated
Non GAAP
Consolidated
As Reported
Adjustments
Non GAAP
As Reported
Adjustments
Non GAAP
Revenue
$
890,392
$
-
$
890,392
$
993,644
2,658
a
$
996,302
Salaries and related
408,305
-
408,305
480,398
(1,170
)
b,c
479,228
Office and general
226,601
(4,659
)
g
221,942
224,914
(6,829
)
c,d
218,085
Marketing and promotion
188,326
-
188,326
189,850
-
189,850
Restructuring and other special charges
40,358
(40,358
)
e
-
4,715
(4,715
)
e
-
Recovery of restitution award from former executive
(5,350
)
5,350
f
-
-
-
-
Total operating expenses
858,240
(39,667
)
818,573
899,877
(12,714
)
887,163
Operating income
32,152
39,667
71,819
93,767
15,372
109,139
Operating margin
3.6
%
8.1
%
9.4
%
11.0
%
Interest and other, net
(5,883
)
-
(5,883
)
(2,971
)
(1,120
)
h
(4,091
)
Income from continuing operations before income taxes and equity
interests
26,269
39,667
65,936
90,796
14,252
105,048
(Benefit from) provision for income taxes
(32,978
)
55,075
i,j
22,097
23,504
4,041
j
27,545
Loss in equity interests, net
(1,081
)
-
(1,081
)
(1,242
)
-
(1,242
)
Income (loss) from continuing operations
58,166
(15,408
)
42,758
66,050
10,211
76,261
(Loss) income from discontinued operations
(316,886
)
316,886
k
-
(12,253
)
12,253
k
-
Net (loss) income
$
(258,720
)
$
301,478
$
42,758
$
53,797
$
22,464
$
76,261
Diluted (loss) earnings per share:*
Income (loss) from continuing operations
$
0.51
$
(0.14
)
$
0.38
$
0.53
$
0.08
$
0.62
(Loss) income from discontinued operations, net of tax
(2.78
)
2.78
-
(0.10
)
0.10
-
Diluted (loss) income per share
$
(2.27
)
$
2.64
$
0.38
$
0.43
$
0.18
$
0.62
Weighted average shares outstanding:
Basic
112,866
112,866
112,866
122,002
122,002
122,002
Diluted
113,995
113,995
113,995
123,923
123,923
123,923
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 the acquisition of the HotJobs
Assets in Q3 2010.
b
Severance charges primarily related to the reorganization of the
product & technology groups on a global basis.
c
Acquisition and integration related costs associated with the
acquisition of the HotJobs Assets.
d
Charges related to changes in sublet assumptions on previously
exited facilities.
e
Restructuring related charges pertaining to the actions that the
Company announced in January and November 2012 as well as charges
related to the Company no longer engaging in the arbitrage lead
generation business in 2011. 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,
and professional fees.
f
Restitution award paid by a former executive to the United States
government in connection with the Company's historical stock option
practices.
g
Costs directly associated with our previously announced review of
strategic alternatives.
h
Net realized gains on available for sale securities.
i
Non-GAAP income tax adjustment includes the reversal of income tax
reserves on uncertain tax positions, the tax effects of an
investment writeoff, certain tax evaluation adjustments, and
restructuring related items during the year.
j
Income tax adjustment is calculated using the effective tax rate of
the reported period multiplied by the ProForma adjustment to income
(loss) before income taxes and loss in equity interests and for the
effects for certain tax evaluation adjustments
k
Represents the results of discontinued operations related to our
decision to sell our Careers-China business. The sale closed in
February 2013. Additionally, we have decided to cease operations in
Latin America and Turkey during the quarter.
l
Excluding the effect of the arbitrage lead generation business which
contributed $22,239 of revenue in the first half of 2011, Non-GAAP
revenue for the twelve months ended 2011 was $971,406.
*Earnings per share may not add in certain periods due to
rounding.
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