ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 13-3906555 | |
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) | (I.R.S. EMPLOYER IDENTIFICATION NO.) | |
133 Boston Post Road, Building 15, Weston, Massachusetts | 02493 | |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Class | Outstanding as of October 21, 2016 | |
Common Stock | 89,258,147 |
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Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | $ | 144,753 | $ | 167,082 | $ | 453,452 | $ | 507,694 | |||||||
Salaries and related | 79,518 | 79,787 | 235,984 | 254,500 | |||||||||||
Office and general | 47,924 | 43,638 | 134,092 | 131,430 | |||||||||||
Marketing and promotion | 28,287 | 30,044 | 91,195 | 91,091 | |||||||||||
Goodwill impairment | 147,400 | — | 289,402 | — | |||||||||||
Impairment of other assets | 34,835 | — | 38,235 | — | |||||||||||
Restructuring and other special charges | — | 2,780 | — | 28,787 | |||||||||||
Total operating expenses | 337,964 | 156,249 | 788,908 | 505,808 | |||||||||||
Operating (loss) income | (193,211 | ) | 10,833 | (335,456 | ) | 1,886 | |||||||||
Gain on partial sale of equity method investment | — | — | — | 8,849 | |||||||||||
Interest and other, net | (3,195 | ) | (3,674 | ) | (9,601 | ) | (10,289 | ) | |||||||
(Loss) income before income taxes and (loss) income in equity interests, net | (196,406 | ) | 7,159 | (345,057 | ) | 446 | |||||||||
Benefit from income taxes | (16,124 | ) | (2,361 | ) | (42,252 | ) | (14,487 | ) | |||||||
(Loss) income in equity interests, net | (222 | ) | 249 | (13 | ) | 321 | |||||||||
(Loss) income from continuing operations | (180,504 | ) | 9,769 | (302,818 | ) | 15,254 | |||||||||
Income from discontinued operations, net of tax | — | 2,163 | — | 6,005 | |||||||||||
Net (loss) income | (180,504 | ) | 11,932 | (302,818 | ) | 21,259 | |||||||||
Net income attributable to noncontrolling interest | — | 1,512 | — | 3,712 | |||||||||||
Net (loss) income attributable to Monster Worldwide, Inc. | $ | (180,504 | ) | $ | 10,420 | $ | (302,818 | ) | $ | 17,547 | |||||
*Basic (loss) earnings per share attributable to Monster Worldwide, Inc.: | |||||||||||||||
(Loss) income from continuing operations | $ | (2.03 | ) | $ | 0.11 | $ | (3.41 | ) | $ | 0.17 | |||||
Income from discontinued operations, net of tax | — | 0.01 | — | 0.03 | |||||||||||
Basic (loss) earnings per share attributable to Monster Worldwide, Inc. | $ | (2.03 | ) | $ | 0.12 | $ | (3.41 | ) | $ | 0.20 | |||||
*Diluted (loss) earnings per share attributable to Monster Worldwide, Inc.: | |||||||||||||||
(Loss) income from continuing operations | $ | (2.03 | ) | $ | 0.10 | $ | (3.41 | ) | $ | 0.16 | |||||
Income from discontinued operations, net of tax | — | 0.01 | — | 0.02 | |||||||||||
Diluted (loss) earnings per share attributable to Monster Worldwide, Inc. | $ | (2.03 | ) | $ | 0.11 | $ | (3.41 | ) | $ | 0.19 | |||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 88,932 | 90,340 | 88,846 | 89,853 | |||||||||||
Diluted | 88,932 | 96,839 | 88,846 | 94,573 | |||||||||||
Net (loss) income | $ | (180,504 | ) | $ | 11,932 | $ | (302,818 | ) | $ | 21,259 | |||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments, net | 950 | (4,925 | ) | 32 | (11,096 | ) | |||||||||
Comprehensive (loss) income | (179,554 | ) | 7,007 | (302,786 | ) | 10,163 | |||||||||
Comprehensive (loss) income attributable to noncontrolling interest | — | (1,701 | ) | — | 421 | ||||||||||
Comprehensive (loss) income attributable to Monster Worldwide, Inc. | $ | (179,554 | ) | $ | 8,708 | $ | (302,786 | ) | $ | 9,742 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 91,890 | $ | 167,915 | |||
Accounts receivable, net of allowance for doubtful accounts of $3,880 and $4,096, respectively | 209,743 | 260,518 | |||||
Prepaid and other | 51,426 | 52,599 | |||||
Total current assets | 353,059 | 481,032 | |||||
Goodwill | 218,671 | 496,499 | |||||
Property and equipment, net | 76,814 | 110,143 | |||||
Intangibles, net | 21,198 | 27,874 | |||||
Investment in unconsolidated affiliates | 22,195 | 21,566 | |||||
Long-term deferred tax asset | 38,880 | 6,953 | |||||
Other assets | 8,610 | 10,865 | |||||
Total assets | $ | 739,427 | $ | 1,154,932 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable, accrued expenses and other | 111,955 | 137,069 | |||||
Deferred revenue | 224,225 | 279,815 | |||||
Current portion of long-term debt, net | 11,314 | 9,773 | |||||
Total current liabilities | 347,494 | 426,657 | |||||
Long-term income taxes payable | 31,904 | 36,348 | |||||
Long-term debt, net, less current portion | 170,825 | 184,499 | |||||
Other long-term liabilities | 13,087 | 26,022 | |||||
Total liabilities | 563,310 | 673,526 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $.001 par value, authorized 800 shares; issued and outstanding: none | — | — | |||||
Common stock, $.001 par value, authorized 1,500,000 shares; issued: 147,919 and 147,047 shares, respectively; outstanding: 89,103 and 89,297 shares, respectively | 148 | 147 | |||||
Class B common stock, $.001 par value, authorized 39,000 shares; issued and outstanding: none | — | — | |||||
Additional paid-in capital | 2,026,803 | 2,026,268 | |||||
Accumulated deficit | (1,083,366 | ) | (780,548 | ) | |||
Accumulated other comprehensive income | 1,958 | 1,926 | |||||
Less: Treasury stock, at cost, 58,816 and 57,750 shares, respectively | (769,426 | ) | (766,387 | ) | |||
Total stockholders' equity | 176,117 | 481,406 | |||||
Total liabilities and stockholders’ equity | $ | 739,427 | $ | 1,154,932 |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
Cash flows (used for) provided by operating activities: | |||||||
Net (loss) income | $ | (302,818 | ) | $ | 21,259 | ||
Adjustments to reconcile net (loss) income to net cash (used for) provided by operating activities: | |||||||
Depreciation and amortization | 31,211 | 34,625 | |||||
Provision for doubtful accounts | 1,349 | 1,239 | |||||
Stock-based compensation | 3,488 | 11,471 | |||||
Loss (income) in equity interests, net | 13 | (321 | ) | ||||
Non-cash restructuring charges | — | 4,226 | |||||
Deferred income taxes | (41,389 | ) | 1,487 | ||||
Goodwill impairment | 289,402 | — | |||||
Gain on partial sale of equity method investment | — | (8,849 | ) | ||||
Impairment of other assets | 38,235 | — | |||||
Changes in assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | 48,067 | 40,238 | |||||
Prepaid and other | 9,684 | 9,779 | |||||
Deferred revenue | (54,691 | ) | (39,117 | ) | |||
Accounts payable, accrued liabilities and other | (33,053 | ) | (20,947 | ) | |||
Total adjustments | 292,316 | 33,831 | |||||
Net cash (used for) provided by operating activities | (10,502 | ) | 55,090 | ||||
Cash flows used for investing activities: | |||||||
Capital expenditures | (30,463 | ) | (21,604 | ) | |||
Payment for acquisition, net of cash acquired | (12,511 | ) | — | ||||
Investment in kununu US, LLC | (3,000 | ) | — | ||||
Dividends received from equity investment and other | 1,524 | 1,648 | |||||
Cash received from partial sale of equity method investment | — | 9,128 | |||||
Capitalized patent defense costs | — | (2,305 | ) | ||||
Net cash used for investing activities | (44,450 | ) | (13,133 | ) | |||
Cash flows used for financing activities: | |||||||
Payments on borrowings on credit facilities | — | (32,100 | ) | ||||
Proceeds from borrowings on credit facilities | — | 32,100 | |||||
Payments on borrowings on term loan | (7,707 | ) | (13,750 | ) | |||
Payments on convertible notes | (9,475 | ) | — | ||||
Fees paid on the issuance of debt and purchase of capped call and other | (524 | ) | (1,110 | ) | |||
Repurchase of common stock | (3,039 | ) | — | ||||
Tax withholdings related to net share settlements of restricted stock awards and units | (950 | ) | (8,039 | ) | |||
Distribution paid to minority shareholder | — | (10,018 | ) | ||||
Net cash used for financing activities | (21,695 | ) | (32,917 | ) | |||
Effects of exchange rates on cash | 622 | (3,414 | ) | ||||
Net (decrease) increase in cash and cash equivalents | $ | (76,025 | ) | $ | 5,626 | ||
Cash and cash equivalents from continuing operations, beginning of period | $ | 167,915 | $ | 72,030 | |||
Cash and cash equivalents from discontinued operations, beginning of period | — | 22,267 | |||||
Cash and cash equivalents, beginning of period | $ | 167,915 | $ | 94,297 | |||
Cash and cash equivalents from continuing operations, end of period | $ | 91,890 | $ | 88,389 | |||
Cash and cash equivalents from discontinued operations, end of period | — | 11,534 | |||||
Cash and cash equivalents, end of period | $ | 91,890 | $ | 99,923 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for income taxes | $ | 2,740 | $ | 613 | |||
Cash paid for interest | $ | 4,901 | $ | 5,707 | |||
Cash flows provided by (used in) discontinued operations: | |||||||
Net cash provided by operating activities | $ | — | $ | 10,147 | |||
Net cash used for investing activities | $ | — | $ | (241 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Basic weighted-average shares outstanding | 88,932 | 90,340 | 88,846 | 89,853 | |||||||
Impact of stock options and non-vested stock under employee compensation plans(1) | — | 627 | — | 1,006 | |||||||
Impact of 3.50% convertible senior notes due 2019(2) | — | 5,872 | — | 3,714 | |||||||
Diluted weighted-average shares outstanding | 88,932 | 96,839 | 88,846 | 94,573 | |||||||
Weighted-average anti-dilutive common stock equivalents | 1,440 | 259 | 2,015 | 777 |
(1) | For periods in which losses are presented, dilutive earnings per share calculations do not differ from basic earnings per share because the effects of any potential common stock equivalents are anti-dilutive and therefore not included in the calculation of dilutive earnings per share. For the three and nine months ended September 30, 2016, those potential shares totaled 617,286 and 694,023 related to non-vested stock under employee compensation plans, respectively, which are included in the weighted average anti-dilutive common stock equivalents above, in addition to 822,712 and 1,321,267 of out of the money anti-dilutive common stock equivalents, respectively. |
(2) | On October 22, 2014, the Company consummated an offering of the Notes. Under the treasury stock method, the Notes will generally have a dilutive impact on earnings per share if the Company’s average stock price for the period exceeds approximately $5.33 per share of Monster’s common stock, the conversion price of the Notes. For the three and nine months ended September 30, 2016, the average stock price of Monster's common stock was $3.18 and $3.30, respectively, resulting in no potential dilutive impact for the three and nine months ended September 30, 2016. For the three and nine months ended September 30, 2015, the average stock price of Monster's common stock was $6.81 and $6.18, respectively, resulting in a potential dilutive impact of approximately 5,872,000 and 3,714,000 shares, respectively. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Non-vested stock, included in salaries and related | $ | 437 | $ | 3,368 | $ | 3,488 | $ | 11,386 |
Nine months ended September 30, | |||||||||||||
2016 | 2015 | ||||||||||||
Shares | Weighted Average Fair Value at Grant Date | Shares | Weighted Average Fair Value at Grant Date | ||||||||||
Non-vested at beginning of period | 4,571 | $ | 4.95 | 8,554 | $ | 4.85 | |||||||
Granted RSUs | 4,628 | $ | 3.12 | 1,314 | $ | 5.03 | |||||||
Forfeited | (417 | ) | $ | 4.05 | (1,003 | ) | $ | 4.90 | |||||
Vested | (1,156 | ) | $ | 5.35 | (4,136 | ) | $ | 4.92 | |||||
Non-vested at end of period | 7,626 | $ | 3.83 | 4,729 | $ | 4.82 |
Nine months ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Outstanding as of the beginning of the period | 61 | $ | 33.94 | 146 | $ | 32.32 | |||||||||
Exercised | — | $ | — | — | $ | — | |||||||||
Forfeited/expired/cancelled | — | $ | — | (39 | ) | $ | 30.75 | ||||||||
Outstanding at end of the period | 61 | $ | 33.94 | 107 | $ | 32.89 | |||||||||
Options exercisable at end of period | 61 | $ | 33.94 | 107 | $ | 32.89 | |||||||||
Aggregate intrinsic value of options exercised during the period | $ | — | $ | — |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | $ | — | $ | 12,165 | $ | — | $ | 35,660 | |||||||
Income from discontinued operations, before tax | $ | — | $ | 3,429 | $ | — | $ | 9,068 | |||||||
Income tax expense(1) | — | (1,266 | ) | — | (3,063 | ) | |||||||||
Income from discontinued operations, net of tax | — | 2,163 | — | 6,005 | |||||||||||
Less: income from discontinued operations attributable to noncontrolling interest, net of tax | — | 1,512 | — | 3,712 | |||||||||||
Income from discontinued operations attributable to Monster Worldwide, Inc., net of tax | $ | — | $ | 651 | $ | — | $ | 2,293 |
(1) | Income tax expense related to the discontinued operation includes tax of JobKorea in addition to allocated corporate tax. |
September 30, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Bank time deposits | $ | — | $ | 25,148 | $ | — | $ | 25,148 | |||||||
U.S. and foreign government obligations | — | 1,135 | — | 1,135 | |||||||||||
Foreign exchange contracts | — | 13 | — | 13 | |||||||||||
Total Assets | $ | — | $ | 26,296 | $ | — | $ | 26,296 | |||||||
Liabilities: | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 6 | $ | — | $ | 6 | |||||||
Lease exit liabilities | — | — | 7,908 | 7,908 | |||||||||||
Total Liabilities | $ | — | $ | 6 | $ | 7,908 | $ | 7,914 |
December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Bank time deposits | $ | — | $ | 33,791 | $ | — | $ | 33,791 | |||||||
Foreign exchange contracts | — | 86 | — | 86 | |||||||||||
Total Assets | $ | — | $ | 33,877 | $ | — | $ | 33,877 | |||||||
Liabilities: | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 65 | $ | — | $ | 65 | |||||||
Lease exit liabilities | — | — | 10,171 | 10,171 | |||||||||||
Total Liabilities | $ | — | $ | 65 | $ | 10,171 | $ | 10,236 |
Lease Exit Liability | |||||||
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
Balance, Beginning of Period | $ | 10,171 | $ | 8,515 | |||
Expense | 676 | 4,604 | |||||
Cash payments and changes in fair value | (2,939 | ) | (3,470 | ) | |||
Balance, End of Period | $ | 7,908 | $ | 9,649 |
Foreign Currency Translation Adjustments | |||||||||
Nine months ended September 30, | |||||||||
2016 | 2015 | ||||||||
Beginning balance | $ | 1,926 | $ | 9,245 | |||||
Other comprehensive income (loss) before reclassifications | 32 | (7,805 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | |||||||
Net current period change in accumulated other comprehensive income | 32 | (7,805 | ) | ||||||
Ending balance | $ | 1,958 | $ | 1,440 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Alma Career Oy | $ | 406 | $ | 249 | $ | 1,206 | $ | 720 | |||||||
kununu US, LLC | (628 | ) | — | (1,219 | ) | — | |||||||||
CareerOne Pty Ltd | — | — | — | (399 | ) | ||||||||||
(Loss) income in equity interests, net | $ | (222 | ) | $ | 249 | $ | (13 | ) | $ | 321 |
Accrual at December 31, 2015 | Cash Payments | Accrual at September 30, 2016 | |||||||||
Workforce reduction | $ | 4,309 | $ | (3,829 | ) | $ | 480 | ||||
Consolidation of office facilities | 4,767 | (1,085 | ) | 3,682 | |||||||
Other costs and professional fees | 645 | (284 | ) | 361 | |||||||
Total | $ | 9,721 | $ | (5,198 | ) | $ | 4,523 |
September 30, 2016 | December 31, 2015 | ||||||
Capitalized software costs | $ | 165,162 | $ | 178,146 | |||
Furniture and equipment | 15,697 | 15,632 | |||||
Leasehold improvements | 36,310 | 35,846 | |||||
Computer and communications equipment | 151,098 | 152,563 | |||||
368,267 | 382,187 | ||||||
Less: accumulated depreciation | 291,453 | 272,044 | |||||
Property and equipment, net | $ | 76,814 | $ | 110,143 |
Careers - North America | Careers - International | Total | |||||||||
Balance as of December 31, 2015: | |||||||||||
Goodwill | $ | 774,765 | $ | 310,184 | $ | 1,084,949 | |||||
Accumulated impairment losses | (325,800 | ) | (262,650 | ) | (588,450 | ) | |||||
Net goodwill as of December 31, 2015 | 448,965 | 47,534 | 496,499 | ||||||||
Acquisition activity(1) | 10,845 | — | 10,845 | ||||||||
Impairment | (289,402 | ) | — | (289,402 | ) | ||||||
Translation and other adjustments, net | — | 729 | 729 | ||||||||
Balance as of September 30, 2016: | |||||||||||
Goodwill | 785,610 | 310,913 | 1,096,523 | ||||||||
Accumulated impairment losses | (615,202 | ) | (262,650 | ) | (877,852 | ) | |||||
Net goodwill as of September 30, 2016 | $ | 170,408 | $ | 48,263 | $ | 218,671 |
September 30, 2016 | |||||||||||
Component of | Notional Amount | Maturity Dates | Fair Value | ||||||||
Designated as Hedges under ASC 815 | |||||||||||
None | $ | — | $ | — | |||||||
Not Designated as Hedges under ASC 815 | |||||||||||
Foreign currency exchange forwards | Prepaid and other | 10,472 | October 2016 | 13 | |||||||
Foreign currency exchange forwards | Accrued expenses and other current liabilities | 5,686 | October 2016 | (6 | ) | ||||||
Total Derivative Instruments | $ | 16,158 | $ | 7 |
December 31, 2015 | |||||||||||
Component of | Notional Amount | Maturity Dates | Fair Value | ||||||||
Designated as Hedges under ASC 815 | |||||||||||
None | $ | — | $ | — | |||||||
Not Designated as Hedges under ASC 815 | |||||||||||
Foreign currency exchange forwards | Prepaid and other | 13,251 | January 2016 | 86 | |||||||
Foreign currency exchange forwards | Accrued expenses and other current liabilities | 14,044 | January 2016 | (65 | ) | ||||||
Total Derivative Instruments | $ | 27,295 | $ | 21 |
Location of Realized and Unrealized Net Gains (Losses) and Changes in the Fair Value of Forward Contracts | Amount of Realized and Unrealized Net Gains (Losses) and Changes in the Fair Value of Forward Contracts | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Foreign currency exchange forwards | Interest and other, net | $ | 95 | $ | (321 | ) | $ | (421 | ) | $ | 349 | ||||||
Discontinued operations | — | (170 | ) | — | (170 | ) | |||||||||||
$ | 95 | $ | (491 | ) | $ | (421 | ) | $ | 179 |
September 30, 2016 | December 31, 2015 | ||||||
3.50% convertible senior notes due 2019 | $ | 133,750 | $ | 143,750 | |||
Term loan facility | 63,722 | 71,431 | |||||
Unamortized discount on convertible senior notes | (11,903 | ) | (15,932 | ) | |||
Unamortized debt issuance costs | (3,430 | ) | (4,977 | ) | |||
182,139 | 194,272 | ||||||
Less: current portion of long-term debt, net | 11,314 | 9,773 | |||||
Long-term debt, net, less current portion | $ | 170,825 | $ | 184,499 |
1. | Prior to the business day immediately preceding January 15, 2019, during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; |
2. | Prior to the business day immediately preceding January 15, 2019, during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the trading price as defined in the Indenture per one thousand dollar principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Common Stock and the conversion rate on each such trading day; |
3. | Prior to the business day immediately preceding January 15, 2019, upon the occurrence of specified corporate events; or |
4. | At any time on or after January 15, 2019 until the close of business on the second scheduled trading day immediately preceding the October 15, 2019 maturity date. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | |||||||||||||||
Careers – North America | $ | 99,745 | $ | 119,449 | $ | 312,600 | $ | 361,685 | |||||||
Careers – International | 45,008 | 47,633 | 140,852 | 146,009 | |||||||||||
Revenue | $ | 144,753 | $ | 167,082 | $ | 453,452 | $ | 507,694 | |||||||
Operating (Loss) Income | |||||||||||||||
Careers – North America | $ | (178,201 | ) | $ | 25,739 | $ | (294,601 | ) | $ | 64,324 | |||||
Careers – International | (4,762 | ) | (8,581 | ) | (16,629 | ) | (34,464 | ) | |||||||
(182,963 | ) | 17,158 | (311,230 | ) | 29,860 | ||||||||||
Corporate expenses | (10,248 | ) | (6,325 | ) | (24,226 | ) | (27,974 | ) | |||||||
Operating (Loss) Income | $ | (193,211 | ) | $ | 10,833 | $ | (335,456 | ) | $ | 1,886 | |||||
Depreciation and Amortization | |||||||||||||||
Careers – North America | $ | 7,745 | $ | 7,149 | $ | 21,861 | $ | 21,944 | |||||||
Careers – International | 2,968 | 3,677 | 8,611 | 10,771 | |||||||||||
10,713 | 10,826 | 30,472 | 32,715 | ||||||||||||
Corporate expenses | 243 | 260 | 739 | 970 | |||||||||||
Depreciation and Amortization | $ | 10,956 | $ | 11,086 | $ | 31,211 | $ | 33,685 | |||||||
Restructuring and Other Special Charges | |||||||||||||||
Careers – North America | $ | — | $ | 752 | $ | — | $ | 12,315 | |||||||
Careers – International | — | 2,028 | — | 14,353 | |||||||||||
Corporate expenses | — | — | — | 2,119 | |||||||||||
Restructuring and Other Special Charges | $ | — | $ | 2,780 | $ | — | $ | 28,787 | |||||||
Goodwill and Other Asset Impairment | |||||||||||||||
Careers – North America | $ | 182,235 | $ | — | $ | 327,637 | $ | — | |||||||
Careers – International | — | — | — | — | |||||||||||
Corporate expenses | — | — | — | — | |||||||||||
Goodwill and Other Asset Impairment | $ | 182,235 | $ | — | $ | 327,637 | $ | — | |||||||
Revenue by Geographic Region (a) | |||||||||||||||
United States | $ | 97,209 | $ | 116,328 | $ | 304,596 | $ | 350,804 | |||||||
International | 47,544 | 50,754 | 148,856 | 156,890 | |||||||||||
Revenue | $ | 144,753 | $ | 167,082 | $ | 453,452 | $ | 507,694 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
Long-lived Assets by Geographic Region (b) | |||||||
United States | $ | 55,068 | $ | 87,440 | |||
International | 21,746 | 22,703 | |||||
Total Long-Lived Assets | $ | 76,814 | $ | 110,143 |
(a) | Revenue by geographic region is generally based on the location of the Company’s subsidiary. |
(b) | Total long-lived assets include property and equipment, net. |
Operating Leases | Estimated Sublease Income | ||||||
2016 | $ | 8,298 | $ | 826 | |||
2017 | 29,053 | 3,537 | |||||
2018 | 26,251 | 3,429 | |||||
2019 | 22,782 | 3,266 | |||||
2020 | 18,930 | 3,266 | |||||
Thereafter | 42,298 | 770 | |||||
$ | 147,612 | $ | 15,094 |
/s/ BDO USA, LLP | |
BDO USA, LLP | |
New York, New York | |
October 31, 2016 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Salaries and related | 54.9 | % | 47.8 | % | 52.0 | % | 50.1 | % | |||
Office and general | 33.1 | % | 26.1 | % | 29.6 | % | 25.9 | % | |||
Marketing and promotion | 19.5 | % | 18.0 | % | 20.1 | % | 17.9 | % | |||
Goodwill impairment | 101.8 | % | — | % | 63.8 | % | — | % | |||
Impairment of other assets | 24.1 | % | — | % | 8.4 | % | — | % | |||
Restructuring and other special charges | — | % | 1.7 | % | — | % | 5.7 | % | |||
Total operating expenses | 233.5 | % | 93.5 | % | 174.0 | % | 99.6 | % | |||
Operating (loss) income | (133.5 | )% | 6.5 | % | (74.0 | )% | 0.4 | % | |||
Gain on partial sale of equity method investment | — | % | — | % | — | % | 1.7 | % | |||
Interest and other, net | (2.2 | )% | (2.2 | )% | (2.1 | )% | (2.0 | )% | |||
(Loss) income before income taxes and (loss) income in equity interests, net | (135.7 | )% | 4.3 | % | (76.1 | )% | 0.1 | % | |||
Benefit from income taxes | (11.1 | )% | (1.4 | )% | (9.3 | )% | (2.9 | )% | |||
(Loss) income in equity interests, net | (0.2 | )% | 0.1 | % | — | % | 0.1 | % | |||
(Loss) income from continuing operations | (124.7 | )% | 5.8 | % | (66.8 | )% | 3.0 | % |
Three months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 144,753 | 100.0 | % | $ | 167,082 | 100.0 | % | $ | (22,329 | ) | (13.4 | )% | |||||||
Salaries and related | 79,518 | 54.9 | % | 79,787 | 47.8 | % | (269 | ) | (0.3 | )% | ||||||||||
Office and general | 47,924 | 33.1 | % | 43,638 | 26.1 | % | 4,286 | 9.8 | % | |||||||||||
Marketing and promotion | 28,287 | 19.5 | % | 30,044 | 18.0 | % | (1,757 | ) | (5.8 | )% | ||||||||||
Goodwill impairment | 147,400 | 101.8 | % | — | — | % | 147,400 | na | ||||||||||||
Impairment of other assets | 34,835 | 24.1 | % | — | — | % | 34,835 | na | ||||||||||||
Restructuring and other special charges | — | — | % | 2,780 | 1.7 | % | (2,780 | ) | (100.0 | )% | ||||||||||
Total operating expenses | 337,964 | 233.5 | % | 156,249 | 93.5 | % | 181,715 | 116.3 | % | |||||||||||
Operating (loss) income | $ | (193,211 | ) | (133.5 | )% | $ | 10,833 | 6.5 | % | $ | (204,044 | ) | 1,883.5 | % | ||||||
Cash EBITDA | $ | 417 | 0.3 | % | $ | 25,287 | 15.1 | % | $ | (24,870 | ) | (98.4 | )% | |||||||
Adjusted EBITDA | $ | 5,435 | 3.8 | % | $ | 28,067 | 16.8 | % | $ | (22,632 | ) | (80.6 | )% |
Three months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 99,745 | 100.0 | % | $ | 119,449 | 100.0 | % | $ | (19,704 | ) | (16.5 | )% | |||||||
Salaries and related | 51,251 | 51.4 | % | 50,564 | 42.3 | % | 687 | 1.4 | % | |||||||||||
Office and general | 27,656 | 27.7 | % | 25,616 | 21.4 | % | 2,040 | 8.0 | % | |||||||||||
Marketing and promotion | 16,804 | 16.8 | % | 16,778 | 14.0 | % | 26 | 0.2 | % | |||||||||||
Goodwill impairment | 147,400 | 147.8 | % | — | — | % | 147,400 | na | ||||||||||||
Impairment of other assets | 34,835 | 34.9 | % | — | — | % | 34,835 | na | ||||||||||||
Restructuring and other special charges | — | — | % | 752 | 0.6 | % | (752 | ) | (100.0 | )% | ||||||||||
Total operating expenses | 277,946 | 278.7 | % | 93,710 | 78.5 | % | 184,236 | 196.6 | % | |||||||||||
Operating (loss) income | $ | (178,201 | ) | (178.7 | )% | $ | 25,739 | 21.5 | % | $ | (203,940 | ) | (792.3 | )% |
Three months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 45,008 | 100.0 | % | $ | 47,633 | 100.0 | % | $ | (2,625 | ) | (5.5 | )% | |||||||
Salaries and related | 25,422 | 56.5 | % | 26,480 | 55.6 | % | (1,058 | ) | (4.0 | )% | ||||||||||
Office and general | 12,866 | 28.6 | % | 14,433 | 30.3 | % | (1,567 | ) | (10.9 | )% | ||||||||||
Marketing and promotion | 11,482 | 25.5 | % | 13,273 | 27.9 | % | (1,791 | ) | (13.5 | )% | ||||||||||
Restructuring and other special charges | — | — | % | 2,028 | 4.3 | % | (2,028 | ) | (100.0 | )% | ||||||||||
Total operating expenses | 49,770 | 110.6 | % | 56,214 | 118.0 | % | (6,444 | ) | (11.5 | )% | ||||||||||
Operating loss | $ | (4,762 | ) | (10.6 | )% | $ | (8,581 | ) | (18.0 | )% | $ | 3,819 | (44.5 | )% |
Three months ended September 30, | ||||||||||||||
2016 | 2015 | Change in Dollars | Percentage Change | |||||||||||
Loss (income) before income taxes and income in equity interests | $ | (196,406 | ) | $ | 7,159 | $ | (203,565 | ) | 2,843.5 | % | ||||
Benefit from income taxes | $ | (16,124 | ) | $ | (2,361 | ) | $ | (13,763 | ) | (582.9 | )% | |||
Effective tax rate | 8.2 | % | (33.0 | )% |
Three months ended September 30, | |||||||
2016 | 2015 | ||||||
(Loss) income from continuing operations | $ | (180,504 | ) | $ | 9,769 | ||
Loss (income) in equity interests, net | 222 | (249 | ) | ||||
Benefit from income taxes | (16,124 | ) | (2,361 | ) | |||
Interest and other, net | 3,195 | 3,674 | |||||
Goodwill impairment | 147,400 | — | |||||
Impairment of other assets | 34,835 | — | |||||
Depreciation expense | 10,160 | 10,416 | |||||
Stock based compensation expense | 437 | 3,368 | |||||
Amortization of intangibles | 796 | 670 | |||||
Cash EBITDA | 417 | 25,287 | |||||
Facility charges(1) | 676 | — | |||||
Transaction costs(2) | 3,442 | — | |||||
Restructuring and other special charges, less non-cash items(3) | — | 2,780 | |||||
Net costs associated with a legal settlement term sheet(4) | 900 | — | |||||
Adjusted EBITDA | $ | 5,435 | $ | 28,067 |
(1) | In the third quarter of 2016, the Company entered into a sublease and vacated space in its New York, New York, location, resulting in a provision of $0.7 million recognized during the quarter. |
(2) | The Company incurred $3.4 million of legal and other professional fees associated with the merger agreement entered into with a subsidiary of Randstad Holdings nv (AMS:RAND) during the third quarter of 2016. |
(3) | On February 10, 2015, the Company committed to take a series of cost savings initiatives to reduce costs globally while continuing to support the Company’s strategy. The "Reallocate to Accelerate" initiatives included a global workforce reduction of approximately 300 associates, lease exit costs, impairment of certain assets, and office and general expense controls. The Company incurred $2.8 million of restructuring costs during the third quarter of 2015 related to this program. No charges related to these initiatives were recognized in 2016, and the Company does not expect to incur additional charges in future periods related to this program. |
(4) | During the third quarter of 2016, the Company accrued $0.9 million related to a settlement term sheet. See Note 18 - Commitments and Contingencies in Notes to the Consolidated Financial Statements in Item I of this Form 10-Q. |
Nine months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 453,452 | 100.0 | % | $ | 507,694 | 100.0 | % | $ | (54,242 | ) | (10.7 | )% | |||||||
Salaries and related | 235,984 | 52.0 | % | 254,500 | 50.1 | % | (18,516 | ) | (7.3 | )% | ||||||||||
Office and general | 134,092 | 29.6 | % | 131,430 | 25.9 | % | 2,662 | 2.0 | % | |||||||||||
Marketing and promotion | 91,195 | 20.1 | % | 91,091 | 17.9 | % | 104 | 0.1 | % | |||||||||||
Restructuring and other special charges | — | — | % | 28,787 | 5.7 | % | (28,787 | ) | (100.0 | )% | ||||||||||
Goodwill impairment | 289,402 | 63.8 | % | — | — | % | 289,402 | na | ||||||||||||
Impairment of other assets | 38,235 | 8.4 | % | — | — | % | 38,235 | na | ||||||||||||
Total operating expenses | 788,908 | 174.0 | % | 505,808 | 99.6 | % | 283,100 | 56.0 | % | |||||||||||
Operating (loss) income | $ | (335,456 | ) | (74.0 | )% | $ | 1,886 | 0.4 | % | $ | (337,342 | ) | (17,886.6 | )% | ||||||
Cash EBITDA | 26,880 | 5.9 | % | 51,183 | 10.1 | % | (24,303 | ) | (47.5 | )% | ||||||||||
Adjusted EBITDA | 36,067 | 8.0 | % | 77,744 | 15.3 | % | (41,677 | ) | (53.6 | )% |
Nine months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 312,600 | 100.0 | % | $ | 361,685 | 100.0 | % | $ | (49,085 | ) | (13.6 | )% | |||||||
Salaries and related | 151,070 | 48.3 | % | 155,192 | 42.9 | % | (4,122 | ) | (2.7 | )% | ||||||||||
Office and general | 79,710 | 25.5 | % | 78,063 | 21.6 | % | 1,647 | 2.1 | % | |||||||||||
Marketing and promotion | 48,784 | 15.6 | % | 51,791 | 14.3 | % | (3,007 | ) | (5.8 | )% | ||||||||||
Restructuring and other special charges | — | — | % | 12,315 | 3.4 | % | (12,315 | ) | (100.0 | )% | ||||||||||
Goodwill impairment | 289,402 | 92.6 | % | — | — | % | 289,402 | na | ||||||||||||
Impairment of other assets | 38,235 | 12.2 | % | — | — | % | 38,235 | na | ||||||||||||
Total operating expenses | 607,201 | 194.2 | % | 297,361 | 82.2 | % | 309,840 | 104.2 | % | |||||||||||
Operating (loss) income | $ | (294,601 | ) | (94.2 | )% | $ | 64,324 | 17.8 | % | $ | (358,925 | ) | (558.0 | )% |
Nine months ended September 30, | ||||||||||||||||||||
2016 | % of Revenue | 2015 | % of Revenue | Increase (Decrease) | % Increase (Decrease) | |||||||||||||||
Revenue | $ | 140,852 | 100.0 | % | $ | 146,009 | 100.0 | % | $ | (5,157 | ) | (3.5 | )% | |||||||
Salaries and related | 76,771 | 54.5 | % | 83,392 | 57.1 | % | (6,621 | ) | (7.9 | )% | ||||||||||
Office and general | 38,306 | 27.2 | % | 43,437 | 29.7 | % | (5,131 | ) | (11.8 | )% | ||||||||||
Marketing and promotion | 42,404 | 30.1 | % | 39,291 | 26.9 | % | 3,113 | 7.9 | % | |||||||||||
Restructuring and other special charges | — | — | % | 14,353 | 9.8 | % | (14,353 | ) | na | |||||||||||
Total operating expenses | 157,481 | 111.8 | % | 180,473 | 123.6 | % | (22,992 | ) | (12.7 | )% | ||||||||||
Operating loss | $ | (16,629 | ) | (11.8 | )% | $ | (34,464 | ) | (23.6 | )% | $ | 17,835 | (51.7 | )% |
Nine months ended September 30, | ||||||||||||||
2016 | 2015 | Change in Dollars | Percentage Change | |||||||||||
(Loss) income before income taxes and (loss) income in equity interests | $ | (345,057 | ) | $ | 446 | $ | (345,503 | ) | (77,467.0 | )% | ||||
Benefit from income taxes | $ | (42,252 | ) | $ | (14,487 | ) | $ | (27,765 | ) | 191.7 | % | |||
Effective tax rate | 12.2 | % | na |
Nine months ended September 30, | |||||||
2016 | 2015 | ||||||
(Loss) income from continuing operations | $ | (302,818 | ) | $ | 15,254 | ||
Loss (income) in equity interests, net | 13 | (321 | ) | ||||
Benefit from income taxes | (42,252 | ) | (14,487 | ) | |||
Interest and other, net | 9,601 | 10,289 | |||||
Gain on partial sale of equity method investment | — | (8,849 | ) | ||||
Goodwill impairment | 289,402 | — | |||||
Impairment of other assets | 38,235 | — | |||||
Depreciation expense | 29,068 | 31,684 | |||||
Stock based compensation expense | 3,488 | 11,386 | |||||
Amortization of intangibles | 2,143 | 2,001 | |||||
Restructuring non-cash expenses(1) | — | 4,226 | |||||
Cash EBITDA | $ | 26,880 | $ | 51,183 | |||
Restructuring and other special charges, less non-cash items(1) | — | 24,561 | |||||
Management advisory fees(2) | 3,752 | — | |||||
Facility charges(3) | 676 | — | |||||
Separation charges(4) | 417 | 2,000 | |||||
Net costs associated with a legal settlement term sheet(5) | 900 | — | |||||
Transaction costs(6) | 3,442 | — | |||||
Adjusted EBITDA | $ | 36,067 | $ | 77,744 |
(1) | On February 10, 2015, the Company committed to take a series of cost savings initiatives to reduce costs globally while continuing to support the Company’s strategy. The "Reallocate to Accelerate" initiatives included a global workforce reduction of approximately 300 associates, lease exit costs, impairment of certain assets, and office and general expense controls. The Company incurred $28.8 million of restructuring costs during the first nine months of 2015 related to this program (including $4.2 million of non-cash expenses). No charges related to these initiatives were recognized in 2016, and the Company does not expect to incur additional charges in future periods related to this program. |
(2) | The Company incurred $3.8 million of management advisory fees in the first nine months of 2016. The engagement ended during the second quarter and no additional fees are expected in future periods. |
(3) | In the third quarter of 2016, the Company entered into a sublease and vacated space in its New York, New York, location, resulting in a provision of $0.7 million recognized during the first nine months of 2016. |
(4) | The Company incurred $0.4 million of separation charges in the first nine months of 2016 primarily relating to the reorganization of the sales force in North America. During the nine months ended September 30, 2015, the Company incurred $2.0 million of separation charges in connection with the resignation of the Company's former Chief Executive Officer. |
(5) | During the third quarter of 2016, the Company accrued $0.9 million related to a settlement term sheet. See Note 18 - Commitments and Contingencies in Notes to the Consolidated Financial Statements in Item I of this Form 10-Q. |
(6) | The Company incurred $3.4 million of legal and other professional fees associated with the merger agreement entered into with a subsidiary of Randstad Holdings nv (AMS:RAND) during the third quarter of 2016. |
September 30, | December 31, | Change in | ||||||||||||
2016 | 2015 | Dollars | Percentage | |||||||||||
Cash and cash equivalents | $ | 91,890 | $ | 167,915 | $ | (76,025 | ) | (45.3 | )% | |||||
Percentage of total assets | 12.4 | % | 14.5 | % |
Nine months ended September 30, | Change in | |||||||||||||
2016 | 2015 | Dollars | Percentage | |||||||||||
Net cash (used for) provided by operating activities | $ | (10,502 | ) | $ | 55,090 | $ | (65,592 | ) | (119.1 | )% | ||||
Net cash used for investing activities | $ | (44,450 | ) | $ | (13,133 | ) | $ | (31,317 | ) | 238.5 | % | |||
Net cash used for financing activities | $ | (21,695 | ) | $ | (32,917 | ) | $ | 11,222 | (34.1 | )% | ||||
Effects of exchange rates on cash | $ | 622 | $ | (3,414 | ) | $ | 4,036 | 118.2 | % |
Exhibit Number | Description | |
15.1 | Letter from BDO USA, LLP regarding unaudited interim financial information. | |
31.1 | Certification by Timothy T. Yates pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification by Timothy T. Yates pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
MONSTER WORLDWIDE, INC. (Registrant) | |||||
Dated: | October 31, 2016 | ||||
By: | /S/ TIMOTHY T. YATES | ||||
Timothy T. Yates | |||||
Chief Executive Officer and Chief Financial Officer (principal executive officer, principal financial officer and principal accounting officer) |
Exhibit Number | Description | |
15.1 | Letter from BDO USA, LLP regarding unaudited interim financial information. | |
31.1 | Certification by Timothy T. Yates pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification by Timothy T. Yates pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ TIMOTHY T. YATES | |
Timothy T. Yates | ||
Chief Executive Officer and Chief Financial Officer |
By: | /S/ TIMOTHY T. YATES | |
Timothy T. Yates | ||
Chief Executive Officer and Chief Financial Officer | ||
Date: October 31, 2016 |
DOCUMENT AND ENTITY INFORMATION - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 21, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MONSTER WORLDWIDE, INC. | |
Trading Symbol | MWW | |
Entity Central Index Key | 0001020416 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 89,258,147 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 91,890 | $ 167,915 |
Accounts receivable, net of allowance for doubtful accounts of $3,880 and $4,096, respectively | 209,743 | 260,518 |
Prepaid and other | 51,426 | 52,599 |
Total current assets | 353,059 | 481,032 |
Goodwill | 218,671 | 496,499 |
Property and equipment, net | 76,814 | 110,143 |
Intangibles, net | 21,198 | 27,874 |
Investment in unconsolidated affiliates | 22,195 | 21,566 |
Long-term deferred tax asset | 38,880 | 6,953 |
Other assets | 8,610 | 10,865 |
Total assets | 739,427 | 1,154,932 |
Current liabilities: | ||
Accounts payable, accrued expenses and other | 111,955 | 137,069 |
Deferred revenue | 224,225 | 279,815 |
Current portion of long-term debt, net | 11,314 | 9,773 |
Total current liabilities | 347,494 | 426,657 |
Long-term income taxes payable | 31,904 | 36,348 |
Long-term debt, net, less current portion | 170,825 | 184,499 |
Other long-term liabilities | 13,087 | 26,022 |
Total liabilities | 563,310 | 673,526 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value, authorized 800 shares; issued and outstanding: none | 0 | 0 |
Common stock | 148 | 147 |
Additional paid-in capital | 2,026,803 | 2,026,268 |
Accumulated deficit | (1,083,366) | (780,548) |
Accumulated other comprehensive income | 1,958 | 1,926 |
Less: Treasury stock, at cost, 58,816 and 57,750 shares, respectively | (769,426) | (766,387) |
Total stockholders' equity | 176,117 | 481,406 |
Total liabilities and stockholders’ equity | 739,427 | 1,154,932 |
Common Class B | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts receivable, allowance for doubtful accounts | $ 3,880 | $ 4,096 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 800,000 | 800,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, issued (in shares) | 147,919,000 | 147,047,000 |
Common stock, outstanding (in shares) | 89,103,000 | 89,297,000 |
Treasury stock (in shares) | 58,816,000 | 57,750,000 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 39,000,000 | 39,000,000 |
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Cash flows (used for) provided by operating activities: | ||
Net (loss) income | $ (302,818) | $ 21,259 |
Adjustments to reconcile net (loss) income to net cash (used for) provided by operating activities: | ||
Depreciation and amortization | 31,211 | 34,625 |
Provision for doubtful accounts | 1,349 | 1,239 |
Stock-based compensation | 3,488 | 11,471 |
Loss (income) in equity interests, net | 13 | (321) |
Non-cash restructuring charges | 0 | 4,226 |
Deferred income taxes | (41,389) | 1,487 |
Goodwill impairment | 289,402 | 0 |
Gain on partial sale of equity method investment | 0 | (8,849) |
Impairment of other assets | 38,235 | 0 |
Changes in assets and liabilities, net of acquisitions: | ||
Accounts receivable | 48,067 | 40,238 |
Prepaid and other | 9,684 | 9,779 |
Deferred revenue | (54,691) | (39,117) |
Accounts payable, accrued liabilities and other | (33,053) | (20,947) |
Total adjustments | 292,316 | 33,831 |
Net cash (used for) provided by operating activities | (10,502) | 55,090 |
Cash flows used for investing activities: | ||
Capital expenditures | (30,463) | (21,604) |
Payment for acquisition, net of cash acquired | (12,511) | 0 |
Investment in kununu US, LLC | (3,000) | 0 |
Dividends received from equity investment and other | 1,524 | 1,648 |
Cash received from partial sale of equity method investment | 0 | 9,128 |
Capitalized patent defense costs | 0 | (2,305) |
Net cash used for investing activities | (44,450) | (13,133) |
Cash flows used for financing activities: | ||
Payments on borrowings on credit facilities | 0 | (32,100) |
Proceeds from borrowings on credit facilities | 0 | 32,100 |
Payments on borrowings on term loan | (7,707) | (13,750) |
Payments on convertible notes | (9,475) | 0 |
Fees paid on the issuance of debt and purchase of capped call and other | (524) | (1,110) |
Repurchase of common stock | (3,039) | 0 |
Tax withholdings related to net share settlements of restricted stock awards and units | (950) | (8,039) |
Distribution paid to minority shareholder | 0 | (10,018) |
Net cash used for financing activities | (21,695) | (32,917) |
Effects of exchange rates on cash | 622 | (3,414) |
Net (decrease) increase in cash and cash equivalents | (76,025) | 5,626 |
Cash and cash equivalents from continuing operations, beginning of period | 167,915 | 72,030 |
Cash and cash equivalents from discontinued operations, beginning of period | 0 | 22,267 |
Cash and cash equivalents, beginning of period | 167,915 | 94,297 |
Cash and cash equivalents from continuing operations, end of period | 91,890 | 88,389 |
Cash and cash equivalents from discontinued operations, end of period | 0 | 11,534 |
Cash and cash equivalents, end of period | 91,890 | 99,923 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 2,740 | 613 |
Cash paid for interest | 4,901 | 5,707 |
Cash flows provided by (used in) discontinued operations: | ||
Net cash provided by operating activities | 0 | 10,147 |
Net cash used for investing activities | $ 0 | $ (241) |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Monster Worldwide, Inc. (together with its consolidated subsidiaries, the “Company”, “Monster”, “Monster Worldwide”, “we”, “our”, or “us”) has operations that consist of two reportable segments: Careers-North America and Careers-International. Revenue in the Company’s segments is primarily earned from the placement of job advertisements on the websites within the Monster network, access to the Monster network of online resume and social profile databases, recruitment media services and other career-related services. The Company’s segments provide online services to customers in a variety of industries throughout North America, Europe, and the Asia-Pacific region. Merger Agreement On August 8, 2016, the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Randstad North America, Inc., a Delaware corporation (“Parent”), and Merlin Global Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”). Pursuant to the terms of the Merger Agreement, on September 6, 2016, Merger Sub commenced a tender offer to purchase any and all of the issued and outstanding shares of common stock of the Company, par value $0.001 per share (each a “Share”), at a purchase price of $3.40 per Share (the “Offer Price”), payable to the holder thereof in cash, without interest and less any applicable withholding taxes (the “Offer”). Following the consummation of the Offer, Merger Sub will merge with and into the Company (the “Merger”) in accordance with the Merger Agreement and under Section 251(h) of the General Corporation Law of the State of Delaware (the "DGCL"), and the Company will survive the Merger as a wholly-owned subsidiary of Parent. At the effective time of the Merger (the “Effective Time”), each Share that is not tendered and accepted pursuant to the Offer (other than Shares held by Parent, Merger Sub or the Company or their direct or indirect wholly-owned subsidiaries and Shares held by stockholders who are entitled to demand and who have properly and validly perfected their statutory rights of appraisal) will be converted into the right to receive an amount equal to the Offer Price (the “Merger Consideration”), payable to the holder thereof in cash, without interest and less any applicable withholding taxes. The obligation of Merger Sub to purchase Shares tendered in the Offer is subject to customary closing conditions, including (i) that the number of Shares validly tendered and not properly withdrawn in accordance with the terms of the Offer, together with the Shares then-owned by Parent, Merger Sub or any of their respective wholly-owned Subsidiaries, equals at least one Share more than half of the sum of (without duplication) (A) all Shares then outstanding (including all outstanding Company Restricted Shares (as defined in the Merger Agreement)) plus (B) all Shares issuable to holders of the Company's 3.50% convertible senior notes due 2019 (the "Notes") from whom the Company has received duly completed notices of exercise, plus (C) all Shares issuable to holders of Company Stock Options (as defined in the Merger Agreement) and (ii) (A) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), and (B) the approval of the relevant authority pursuant to Council Regulation 139/2004 of the European Union. The obligations of Parent and Merger Sub to complete the Offer and the Merger are not subject to any financing condition. On August 26, 2016, the Company was informed that the United States Federal Trade Commission granted early termination of the waiting period under the HSR Act, and on October 26, 2016, Randstad Holding nv, the ultimate parent of Parent and Merger Sub, received merger control clearance from the European Commission (the “EC”) for the proposed acquisition of the Company. The approval by the EC was the last regulatory approval required with respect to the Offer. The Merger Agreement includes customary termination rights for both the Company and Parent including, among others, in connection with Superior Proposals (as defined in the Merger Agreement). Upon the termination of the Merger Agreement under certain specified circumstances, the Company will be required to pay Parent a termination fee of $9,000. The Offer and withdrawal rights expired on October 28, 2016 at 12:00 midnight, New York City time. Broadridge Corporate Issuer Solutions, Inc., the depositary, has advised that a total of 45,973,527 Shares had been validly tendered into and not properly withdrawn from the Offer, representing approximately 51.5% of the Shares outstanding (including restricted shares and shares issuable to holders of stock options). In addition, notices of guaranteed delivery have been delivered for 3,708,393 Shares, representing approximately 4.15% of the outstanding Shares (including restricted shares and shares issuable to holders of stock options). The number of Shares validly tendered in accordance with the terms of the Offer and not properly withdrawn from the Offer satisfied the Minimum Tender Condition (as defined in the Merger Agreement). All conditions to the Offer having been satisfied or waived, Purchaser accepted for payment and will promptly pay for all such Shares validly tendered into and not properly withdrawn from the Offer. As a result of its acceptance of the Shares tendered into the Offer, Merger Sub will acquire sufficient Shares to complete the Merger without the affirmative vote of the stockholders of the Company pursuant to Section 251(h) of the DGCL. At the Effective Time, each Share issued and outstanding immediately prior to the Effective Time and not tendered pursuant to the Offer (other than Shares held by Parent, Merger Sub or the Company or their direct of indirect wholly-owned subsidiaries or Shares held by stockholders who validly perfect their appraisal rights under Delaware law) will be automatically converted into the right to receive an amount in cash equal to the Offer Price, without interest and less any applicable withholding taxes. Promptly following consummation of the Merger, all Shares will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Merger Sub’s acquisition of the Shares tendered in the Offer results in a “change of control” under the Third Amended and Restated Credit Agreement, dated as of October 31, 2014, among the Company, Bank of America, N.A., in its capacity as administrative agent, and the lenders identified therein (the “Third Amended Credit Agreement”), which entitles the lenders holding more than 50% of the commitments under the Third Amended Credit Agreement to declare all amounts borrowed thereunder due and payable. The Company expects that, upon the consummation of the Merger, all indebtedness, liabilities and other obligations owing thereunder will be repaid by Parent on behalf of the Company, except for a standby letter of credit in the original face amount of approximately $88, which will remain outstanding and be secured by cash collateral. The consummation of the Merger will constitute a “Fundamental Change” and a “Make-Whole Fundamental Change” under the Indenture dated as of October 22, 2014 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee, with respect to the Notes. Following the consummation of the Merger, the Company expects Parent to cause the Company to, as required by the terms of the Indenture, launch a tender offer to purchase the Notes at their principal amount plus accrued and unpaid interest (the “Repurchase Right”). In connection with the Merger, holders of the Notes also have the right, in lieu of the Repurchase Right, to convert each $1,000 principal amount of their Notes for cash at the then-applicable conversion rate under the Indenture pursuant to the terms of a supplemental indenture, however this would result holders receiving less cash for their Notes than if they had instead exercised the Repurchase Right. The Company incurred legal and other professional fees of $3,442 associated with the Merger during the three and nine months ended September 30, 2016. Basis of Presentation The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated interim financial statements include the accounts of the Company and all of its wholly-owned and majority-owned subsidiaries. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but has the ability to exert significant influence, are accounted for under the equity method of accounting. All inter-company accounts and transactions have been eliminated in consolidation. For the three and nine months ended September 30, 2015, the noncontrolling interest in our former South Korean subsidiary is recorded net of tax as Net income attributable to noncontrolling interest. In October 2015, the Company sold its remaining ownership position in its South Korean subsidiary. See Note 7 - Discontinued Operations. These statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. These consolidated interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company adheres to the same accounting policies in preparing interim financial statements. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. Such amounts are expensed in full in the year incurred. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation, including amounts related to discontinued operations. Unless noted otherwise, discussions in these notes pertain to our continuing operations. |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, which supersedes the revenue recognition guidance in Accounting Standard Codification (“ASC”) 605, Revenue Recognition. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. In July 2015, the FASB approved a one-year deferral of the effective date of this ASU. With this deferral, the amended guidance is effective retrospectively for reporting periods (interim and annual) beginning after December 15, 2017. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, which revises the guidance in ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities, and provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, which supersedes the lease accounting guidance in ASC 840, Leases. The new guidance which requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2018, for public companies, with early adoption permitted. The new guidance must be adopted using a modified retrospective approach. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, which revises the guidance in ASC 718, Compensation - Stock Compensation, and will change how companies account for certain aspects of share-based payments to employees, including the income tax impact, classification on the statement of cash flows and forfeitures. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. Early adoption is permitted. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In August 2016, the FASB issued ASU No. 2016-15, which revises the guidance in ASC 230, Statement of Cash Flows. The new guidance is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, and is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company retrospectively adopted ASU No. 2015-03 and No. 2015-15 related to simplifying the presentation of debt issuance costs. The adoption of this new guidance resulted in a change to the presentation of deferred financing costs related to our credit facilities and 3.50% convertible senior notes due 2019 from an asset to a direct deduction from the corresponding debt liability, consistent with the presentation of debt discounts and premiums. Adoption did not impact the Company’s results of operations or cash flows for any period presented. See Note 15 - Long-Term Debt. Effective January 1, 2016, the Company adopted ASU No. 2015-05 which clarified how a customer in a cloud computing arrangement should determine whether the arrangement includes a software license. Under this new guidance, if a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU did not change the customer's accounting treatment of service contracts. Previously, the Company was required to analogize to lease accounting guidance when determining the asset acquired in a software licensing arrangement. As permitted under the guidance, the Company adopted the new guidance prospectively to all new or materially modified arrangements entered into on or after the effective date. The adoption of this guidance did not impact the Company’s results of operations, financial position, or cash flows. |
EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. | EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares. When the effects are dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares, participating securities and the dilutive effect of all other stock-based compensation awards as determined under the treasury stock method. Certain stock options and stock issuable under employee compensation plans were excluded from the computation of diluted earnings per share due to their anti-dilutive effect. A reconciliation of shares used in calculating basic and diluted (loss) earnings per share is as follows (shares in thousands):
In connection with the pricing of the Notes, Monster entered into a capped call transaction which increases the effective conversion price of the Notes, and is designed to reduce potential dilution upon conversion of the Notes. Since the beneficial impact of the capped call is anti-dilutive, it is excluded from the calculation of earnings per share. See Note 15 - Long-Term Debt. Share Repurchase Program On October 27, 2015, the Board of Directors of the Company authorized a share repurchase program of up to $75,000 (the "Share Repurchase Program"). Under the Share Repurchase Program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time-to-time through October 27, 2017. The timing and amount of purchases will be based on a percentage of future generated free cash flow, and can be adjusted periodically. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice. During the nine months ended September 30, 2016, the Company repurchased 1,066,451 shares for a total of $3,018, excluding commissions, at an average price of $2.83 per share. There were no share repurchases during the second and third quarters of 2016. Since the inception of this repurchase program, the Company repurchased 2,391,451 shares for a total of $11,008, excluding commissions, at an average price of $4.60 per share. The Company currently has $63,992 remaining under the Share Repurchase Program, subject to the following paragraph. The Board of Directors of the Company has authorized the use of funds allocated to the Share Repurchase Program for the repurchase of the Notes. On March 22, 2016, the Company entered into a privately negotiated agreement to repurchase $10,000 in aggregate principal amount of the Notes for $9,475 in cash, plus accrued interest (See Note 15 - Long-Term Debt). After applying the funds utilized for such repurchase of the Notes to the amount remaining under the Share Repurchase Program, the Company currently has $54,517 available for future repurchases of shares of common stock under the Share Repurchase Program and/or future repurchases of the Notes. |
STOCK-BASED COMPENSATION |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company awards non-vested stock to employees, directors and executive officers in the form of Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”), market-based RSAs and RSUs, performance-based RSAs and RSUs and stock options. The Compensation Committee of the Company’s Board of Directors approves stock-based compensation awards for all employees and executive officers of the Company. The Corporate Governance and Nominating Committee of the Company’s Board of Directors approves stock-based compensation awards for all non-employee directors of the Company. The Company uses the fair-market value of the Company’s common stock on the date the award is approved to measure fair value for service-based and performance-based awards, a Monte Carlo simulation model to determine both the fair value and requisite service period of market-based awards and the Black-Scholes option-pricing model to determine the fair value of stock option awards. The Company presents as a financing activity in the consolidated statement of cash flows the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for the options exercised and vested RSAs and RSUs. Compensation expense for stock option awards and service-based awards is recognized ratably over the requisite service period. For market-based awards, compensation expense is recognized over the requisite service period as derived using a Monte Carlo simulation model. If an award includes both a market and performance or service condition, the requisite service period is adjusted in the event the market condition is satisfied prior to the end of the derived service period. For performance-based awards, compensation expense is recognized based on the probability of achieving the performance conditions associated with the respective shares, as determined by management. The Company recognized pre-tax compensation expense in the consolidated statements of operations related to stock-based compensation as follows, excluding discontinued operations:
Performance-Based Awards - During the first nine months of 2016, the Company granted 2,773,663 RSUs, subject to the recipient's continued employment and certain specified performance-based conditions. Service-Based Awards - During the first nine months of 2016, the Company granted an aggregate of 1,854,580 service-based RSUs. The RSUs vest in various increments on the anniversaries of the individual grant dates, with the majority vesting through June 8, 2020, subject to the recipient's continued employment or service through each applicable vesting date. There were no equity awards granted during the three months ended September 30, 2016. The Company’s non-vested stock activity is as follows (shares in thousands):
As of September 30, 2016, the unrecognized compensation expense related to non-vested stock was $10,533 which is expected to be recognized over a weighted-average period of 1.7 years. The Company’s stock option activity is as follows (shares in thousands):
The Company has not granted any stock options subsequent to 2008 and all options were fully expensed prior to January 1, 2014. On June 14, 2016, the Company issued 78,220 shares to a consultant in consideration for services under a consulting agreement entered into as part of a prior business combination. The securities were issued pursuant to the exemption contained in Section 4(a)(2) of the Securities Act of 1933, as amended. |
BUSINESS COMBINATION |
9 Months Ended |
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Sep. 30, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBIATION | BUSINESS COMBINATION In the second quarter of 2016, the Company’s Careers-North America segment purchased Jobr, Inc., the leading mobile job discovery app. Consideration for the acquisition was $12,511 in cash, net of cash acquired, with $1,300 of the consideration in escrow and $3,011 of the consideration used to eliminate Jobr debt at the time of acquisition. The Company preliminarily recorded $10,845 of goodwill, $1,870 of purchased technology, $343 of other assets, and $557 of deferred tax and other liabilities related to the acquisition. The goodwill recorded is not expected to be deductible for tax purposes. Revenue and operating results of Jobr are not presented due to immateriality. |
NONCONTROLLING INTEREST |
9 Months Ended |
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Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTEREST | NONCONTROLLING INTEREST In December 2013, the Company sold a 49.99% interest in JobKorea Ltd. (“JobKorea”), its then-wholly owned subsidiary in South Korea, to H&Q Korea for an aggregate purchase price of $90,000. Based on the terms of the agreement, Monster maintained a controlling interest in the subsidiary and, accordingly, continued to consolidate the results of JobKorea in its consolidated financial statements. In the fourth quarter of 2015, the Company sold its remaining 50.01% ownership position in JobKorea to H&Q Korea. See Note 7 - Discontinued Operations. The noncontrolling interest’s share of net income was $1,512 and $3,712 for the three and nine months ended September 30, 2015, respectively. |
DISCONTINUED OPERATIONS |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS In December 2013, H&Q Korea acquired 49.99% of JobKorea from Monster (see Note 6- Noncontrolling Interest). On September 28, 2015, the Company entered into an agreement to sell its 50.01% ownership position in JobKorea to H&Q Korea for KRW 101 billion, or approximately $85,000. The transaction closed on October 13, 2015 and is consistent with Monster's continued strategy of unlocking value and sharpening its focus on the Company's core online recruitment platform. Operating results for JobKorea, which had previously been reported in the Careers-International segment, and included in the Company’s consolidated statement of operations, were reclassified as discontinued operations for all periods presented. Summarized results of our discontinued operations are as follows:
There were no assets or liabilities of discontinued operations as of September 30, 2016 or December 31, 2015. |
FAIR VALUE MEASUREMENT |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT The Company values its assets and liabilities using the methods of fair value as described in ASC 820, Fair Value Measurements and Disclosures. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three levels of fair value hierarchy are described below: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and considers counterparty credit risk in its assessment of fair value. Observable or market inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions based on the best information available. There have been no transfers of assets or liabilities between the fair value measurement classifications during the nine months ended September 30, 2016. The Company has certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with accounting principles generally accepted in the United States. The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of September 30, 2016:
The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:
We recognize a liability for costs to terminate an operating lease obligation before the end of its term when we no longer derive economic benefit from the lease. The lease exit liabilities within the Level 3 tier relate to vacated facilities associated with previously discontinued operations, restructuring activities of the Company and consolidation of office facilities are recorded in accrued expenses and other current liabilities in the consolidated balance sheets. The liability is recognized and measured based on a discounted cash flow model when the cease use date has occurred. The fair value of the liability is determined based on the remaining lease rentals due, reduced by estimated sublease rental income that could be reasonably obtained for the property. In the third quarter of 2016, the Company entered into a sublease and vacated space in its New York, New York, location. In the first quarter of 2015, as part of its "Reallocate to Accelerate" program, the Company vacated space in its Bedford, Massachusetts location (see Note 11 - Restructuring and Other Special Charges). The changes in the fair value of the Level 3 liabilities are as follows:
The carrying value for cash and cash equivalents, accounts receivable, accounts payable, certain accrued expenses and other current liabilities approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s debt relates to its 3.50% convertible senior notes due 2019 and borrowings under its revolving credit facilities and term loan (see Note 15 - Long-Term Debt). Our borrowings under our credit facilities approximate fair value due to the debt bearing fluctuating market interest rates. The carrying amounts of the convertible senior notes approximate fair value giving effect for the term of those notes and the effective interest rates. |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The amounts recognized in accumulated other comprehensive income were as follows:
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INVESTMENTS |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS Equity Method Investments The Company accounts for investments through which it holds a noncontrolling interest and has the ability to exert significant influence using the equity method of accounting, recording its owned percentage of the investment’s net results of operations in (Loss) income in equity interests, net, in the Company’s consolidated statement of operations. Such losses reduce the carrying value of the Company’s investment and gains increase the carrying value of the Company’s investment. Dividends paid by the equity investee reduce the carrying amount of the Company’s investment. (Loss) income in equity interests, net are as follows by equity investment:
Alma Career Oy Prior to January 3, 2014, the Company had a 25% equity investment in a company located in Finland related to a business combination completed in 2001, with the remaining 75% held by Alma Media Corporation ("Alma Media"). Alma Media is a leading media company based in Finland, focused on digital services and publishing in Finland, the Nordic countries, the Baltics and Central Europe. Effective January 3, 2014, the Company expanded its relationship with Alma Media. Monster and Alma Media each contributed several additional entities and businesses into the then-existing joint venture and formed a significantly larger joint venture, Alma Career Oy, where Monster initially had an equity ownership of 15% with the opportunity to increase ownership up to 20%. The Company also contributed cash of $6,500. On October 1, 2015, the Company exercised this option and contributed cash of $2,369 to Alma Career Oy, resulting in a 16.7% equity investment in the entity. The Company accounts for this investment under the equity method of accounting due to its ability to exert significant influence over the financial and operating policies of Alma Career Oy, primarily through Monster's representation on the board of directors. The Company received a dividend of $1,235 and $835 in the second quarter of 2016 and 2015, respectively, related to this investment. The carrying value of the investment was $20,996 and $18,955 as of September 30, 2016 and 2015, respectively, and is recorded on the consolidated balance sheet as a component of Investment in unconsolidated affiliates. kununu US, LLC In February 2016, the Company formed a joint venture with kununu GmbH, a subsidiary of XING AG. kununu GmbH is the European leader in providing employer transparency through ratings, reviews, and employer branding. Initially focused on the U.S. market, the purpose of the joint venture, kununu US, LLC ("Kununu"), is to test the delivery of content-rich employer reviews and ratings sourced from current and former employees and candidates. This information is designed to help better inform the consumers about the companies they might work for, and provides several new tools for employers to better manage their talent brands and engage prospective candidates, including sellable branding and brand management products. The Company has a 50% ownership interest in Kununu and contributed cash of $3,000 to the joint venture in the first quarter of 2016. The joint venture represents a variable interest entity ("VIE") primarily due to the equity investment at risk not being sufficient to finance its activities without additional subordinated financial support. The Company is not considered the primary beneficiary primarily because the Company does not have the power to direct the activities that most significantly impact Kununu's economic performance. The Company's maximum loss exposure is limited to the committed capital. The Company accounts for this investment under the equity method of accounting due to its ability to exert significant influence over the financial and operating policies of Kununu, primarily through Monster's representation on the board of directors. The carrying value of the investment was $1,199 as of September 30, 2016 and is recorded on the consolidated balance sheet as a component of Investment in unconsolidated affiliates. In connection with the investment, the Company entered into a Cooperation Agreement with Kununu to provide sales services, support, and consulting for Kununu for an annual fee of $1,500. The annual fee is being recognized on a straight-line basis as reduction of salary and related expense, with approximately $500 and $1,000 recognized during the three and nine months ended September 30, 2016, respectively. CareerOne Pty Ltd In 2008, the Company acquired a 50% equity interest in a company located in Australia, CareerOne Pty Limited ("CareerOne"). During the first quarter of 2015, the Company expended an additional $451 for additional working capital requirements relating to CareerOne. On March 31, 2015, the Company sold the majority of its 50% equity interest in CareerOne in an arms-length transaction, leaving the Company with a 10% interest. Total cash received from the transaction was $9,128, and the sale resulted in the recognition of a pre-tax gain of $8,849 in the first quarter of 2015. As a result of the sale, the Company no longer has the ability to exert significant influence over CareerOne. Therefore, effective March 31, 2015, the remaining 10% interest retained by the Company is being accounted for under the cost method. See Note 16 – Income Taxes for discussion of the tax impact of the transaction. |
RESTRUCTURING AND OTHER SPECIAL CHARGES |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER SPECIAL CHARGES | RESTRUCTURING AND OTHER SPECIAL CHARGES Reallocate to Accelerate On February 10, 2015, the Company committed to take a series of cost savings initiatives to reduce costs globally while continuing to support the Company’s strategy. The initiatives included a global workforce reduction of approximately 300 associates (excluding discontinued operations), lease exit costs, impairment of certain assets, and office and general expense controls. No charges related to these initiatives were recognized in the three and nine months ended September 30, 2016, and the Company does not expect to incur additional charges in future periods related to this program. The following table displays a roll forward of the restructuring and other special charges and related liability balances associated with the program:
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PROPERTY AND EQUIPMENT, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET The Company’s property and equipment balances are as follows:
Depreciation expense was $10,160 and $29,068 for the three and nine months ended September 30, 2016, respectively. Depreciation expense was $10,416 and $31,684 for the three and nine months ended September 30, 2015, respectively. Long-lived assets, other than goodwill and indefinite lived intangible assets, are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of these assets and their eventual disposition are less than their carrying amounts. As a result of recent operating results, and in connection with the completion of a formal goodwill impairment analysis during the third quarter of 2016, as described in Note 13 - Goodwill and Intangible Assets, the Company recognized a pre-tax impairment charge of $31,400 on capitalized software costs during the third quarter of 2016. This charge is included as a component of Impairment of other assets on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2016. On a net of tax basis, the charge was $18,997 for the three and nine months ended September 30, 2016, after recognizing a tax benefit of $12,403. See Note 16 – Income Taxes for discussion on the tax impact of the impairment charge. This charge does not impact our liquidity, cash flows from operations, future operations, or compliance with debt covenants. |
GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGBILE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill A summary of changes in goodwill is as follows:
(1) See Note 5 - Business Combination. The Company tests the recorded amount of goodwill for recovery on an annual basis in the fourth quarter of each fiscal year, or more frequently when events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. The Company has two reporting units which are equivalent to our two operating segments: Careers-North America and Careers-International. In determining if goodwill is impaired, we estimate the fair value of the reporting unit and compare it to the carrying value of the assets and liabilities of that reporting unit. The Company determines the fair value of its reporting units using a weighting of fair values derived from the income approach and the market approach, depending on the availability of relevant market comparable information. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business’s ability to execute on the projected cash flows. Under the market approach, the Company estimates the fair value based on market multiples of cash flows and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit and considering a reasonable control premium. The weighting of the fair value derived from the market approach differs for each reporting unit depending on the level of comparability of these publicly-traded companies to the reporting unit. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. As a corroborative source of information, the Company reconciles the estimated aggregate fair values of its reporting units within a reasonable range of its market capitalization, which includes an estimated control premium (an adjustment reflecting an estimated fair value on a control basis) to verify reasonableness of the fair value of its reporting units obtained using the aforementioned methods. The control premium is estimated based upon control premiums observed in comparable market transactions. As none of our reporting units are publicly-traded, individual reporting unit fair value determinations do not directly correlate to the Company’s stock price. We monitor changes in our share price to ensure our reconciled market capitalization continues to exceed or is not significantly below the carrying value of our net assets. In the event our market capitalization does decline below its book value, we consider the length and severity of the decline and the reason for the decline when assessing whether potential goodwill impairment exists. Further, if a reporting unit does not appear to be achieving it’s the projected growth plan used in determining its fair value, we will reevaluate the reporting unit for potential goodwill impairment based on revised projections, as available. On August 8, 2016, the Company entered into a merger agreement that provides for the Company to be merged with a subsidiary of another company in a transaction in which the Company’s shareholders will receive $3.40 for each share of common stock of the Company, par value $0.001 per share, subject to customary closing conditions. See Note 1 - Description of Business and Basis of Presentation for further details. During the second quarter of 2016, in consideration of the recent decline in the Company’s market capitalization, recent operating results, and the implications the agreed-upon sale price had on the valuation of goodwill, the Company recognized an estimated pre-tax impairment charge of $142,002 to the Careers-North America reporting unit. Due to the limited time period from the indication of the impairment to August 9, 2016, the filing date of the second quarter 2016 Form 10-Q, and the complexities involved in estimating the fair value of certain assets and liabilities, the Company had not finalized its impairment analysis prior to filing its Form 10-Q for the second quarter of 2016. The preliminary estimate represented the Company’s then-best estimate of the goodwill impairment loss to be incurred subject to the completion of a formal impairment analysis in accordance with ASC 350, Intangibles - Goodwill and Other, during the third quarter of 2016. During the third quarter of 2016, with the assistance of a third party valuation firm, the Company completed a formal impairment analysis. The first step of the impairment evaluation process compares the fair value of our reporting units to their respective carrying values. The Careers-International reporting unit had a fair value that substantially exceeded its carrying value. The carrying value of the Careers-North America reporting unit exceeded its fair value and therefore, the Company was required to complete the second step of the impairment evaluation for that reporting unit. The second step of the impairment evaluation calculates the implied fair value of the goodwill, which is then compared to the carrying value of goodwill. The implied fair value of goodwill is calculated by valuing all identifiable assets and liabilities of the reporting unit with potential impairment, as indicated in step one, at the hypothetical fair value, assuming the reporting unit had been acquired in a business combination. The excess fair value of the reporting unit over the fair value of its identifiable assets and liabilities is the implied fair value of goodwill. Based upon the calculation of the implied fair value of goodwill, it was determined that the carrying value of goodwill exceeded the implied fair value of goodwill for the Careers-North America reporting unit by an amount greater than the estimated impairment charge recognized during the second quarter of 2016. As a result, the Company recorded an additional pre-tax goodwill impairment charge of $147,400 during the third quarter of 2016, bringing the total pre-tax impairment charge to $289,402 recognized during the nine months ended September 30, 2016. On a net of tax basis, the charge was $119,232 and $234,097 for the three and nine months ended September 30, 2016, respectively, after recognizing a tax benefit of $28,168 and $55,305, respectively. See Note 16 – Income Taxes for discussion on the tax impact of the impairment charges. These charges do not impact our liquidity, cash flows from operations, future operations, or compliance with debt covenants. In conjunction with the second step of the Company's goodwill impairment analysis, an impairment analysis was triggered on an amortizable trademark, resulting in a pre-tax impairment charge of $3,435 recognized during the three months ended September 30, 2016. In addition, an impairment analysis was triggered on capitalized software costs. See Note 12 - Property and Equipment, Net. These charges are recorded on the consolidated statements of operations and comprehensive income (loss) as a component of Impairment of other assets for the three and nine months ended September 30, 2016. Indefinite-lived intangibles Indefinite-lived intangible assets are primarily evaluated on an annual basis, generally in conjunction with the Company’s evaluation of goodwill balances, unless impairment indicators exist between annual impairment tests. In assessing fair value, we generally utilize a relief from royalty method. If the carrying value of the indefinite-lived intangible assets exceeds the fair value of the asset, the carrying value is written down to fair value in the period identified. During the second quarter of 2016, the Company performed an impairment analysis on two indefinite-lived intangible assets. The analysis resulted in the recognition of a pre-tax impairment charge of $3,400 during the second quarter. This charge is included as a component of Impairment of other assets on the consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2016. |
FINANCIAL DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS | FINANCIAL DERIVATIVE INSTRUMENTS The Company uses forward foreign exchange contracts as cash flow hedges to offset risks related to foreign currency transactions. These transactions primarily relate to non-functional currency denominated inter-company funding loans, non-functional currency inter-company accounts receivable, and significant non-functional currency denominated transactions with third parties. The fair value position (recorded in interest and other, net, in the consolidated statements of operations and comprehensive income (loss)) of our derivatives are as follows:
The changes in the fair value of our forward contracts are as follows:
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LONG-TERM DEBT |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt, net of discounts and debt issuance costs where applicable, is summarized as follows:
3.50% Convertible Senior Notes Due 2019 On October 22, 2014, the Company consummated an offering of $143,750 aggregate principal amount of its 3.50% convertible senior notes due 2019 (the “Notes”), which includes $18,750 in aggregate principal amount of Notes sold pursuant to the over-allotment option that was previously granted to the initial purchasers of the Notes and exercised by the initial purchasers on October 21, 2014. The Company received net proceeds of $139,031 from the sale of the Notes, after deducting fees and expenses of $4,719. The Notes are unsecured, senior obligations of Monster, that bear interest at a rate of 3.50% per annum, payable in arrears on April 15 and October 15 of each year to holders of record at the close of business on the preceding April 1 and October 1, respectively. The Notes will mature on October 15, 2019, unless converted or repurchased in accordance with their terms prior to such date. In connection with the offering of the Notes, Monster entered into capped call transactions with an affiliate of one of the initial purchasers. The Company used $16,531 of the net proceeds to pay for the cost of the capped call transactions, $82,500 to repay in full the term loan outstanding as of the date of issuance, and $40,000 to repay a portion of the loans outstanding under the revolving credit facility. The conversion rate for the Notes is initially 187.7405 shares per one thousand dollar principal amount of the Notes, which is equivalent to an initial conversion price of approximately $5.33 per share of Monster’s common stock (“Common Stock”), and is subject to adjustment in certain circumstances. In June 2015, Monster received stockholder approval to issue upon conversion of the Notes more than 19.99% of the outstanding shares of Common Stock. As a result of this approval, Monster has the ability to settle conversions of the Notes by paying or delivering, as the case may be, cash, shares of Common Stock or a combination thereof, at its election. Monster will not have the right to redeem the Notes prior to maturity. The maximum number of shares of common stock the Notes are convertible into is approximately 25,000,000, and is subject to adjustment under certain circumstances. The Notes will be convertible at the option of holders only under the following circumstances:
Further, holders may require the Company to purchase all or a portion of their Notes at a purchase price in cash equal to 100% of the principal amount at maturity of the Notes to be purchased, plus accrued and unpaid interest upon certain fundamental changes. See Note 1 - Description of Business and Basis of Presentation for information surrounding the impact of the merger agreement entered into by the Company on August 8, 2016 on the Notes. In accordance with ASC 470-20, Debt with Conversion and Other Options, the Notes were separated into debt and equity components and assigned a fair value. The value assigned to the debt component was the estimated fair value, as of the issuance date, of similar debt without the conversion feature. The difference between the cash proceeds and this estimated fair value represents the value which was assigned to the equity component and was recorded as a debt discount. The debt discount is being amortized using the effective interest method from the date of issuance through the October 15, 2019 maturity date. The initial debt component of the Notes was valued at $122,829, based on the contractual cash flows discounted at an appropriate market rate for non-convertible debt at the date of issuance. The carrying value of the permanent equity component reported in additional paid-in-capital was initially valued at $20,228, which is net of $693 of fees and expenses allocated to the equity component. The capped call transactions are expected generally to reduce potential dilution to the Common Stock and/or offset cash payments Monster would have to make in excess of the principal amount of any converted Notes in the event that the market price per share of Common Stock, as measured under the terms of the capped call transaction, is greater than the strike price of the capped call transaction, which will initially correspond to the conversion price of the Notes and be subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Notes. The cap price under the capped call transaction is initially $7.035 per share, and is subject to certain adjustments under the terms of the capped call transaction. The capped call transaction has been included as a net reduction to additional paid-in capital within stockholders’ equity in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity. On March 22, 2016, the Company entered into a privately negotiated agreement to repurchase $10,000 in aggregate principal amount of the Notes for $9,475 in cash, plus accrued interest. The Board of Directors of the Company has authorized the Company to employ funds allocated to its stock repurchase program (see Note 3 - Earnings per Share Attributable to Monster Worldwide, Inc.) for the repurchase of the Notes. The transaction closed on March 28, 2016, and it was determined that the repurchase of the principal amount shall be accounted for as a debt extinguishment in accordance with ASC 470 - Debt. Following the derecognition of the associated debt discount and deferred financing fees, a loss on extinguishment of $37 was recorded during the first quarter of 2016. In connection with the repurchase, the Company unwound a portion of the capped call transactions entered into in connection with the issuance of the Notes. As a result of the unwind, the Company received $409 on March 31, 2016, which was recognized as an increase to additional paid-in-capital during the first quarter of 2016. As of September 30, 2016, $133,750 in aggregate principal amount of the Notes was outstanding. The consummation of the Merger will constitute a “Fundamental Change” and a “Make-Whole Fundamental Change” under the Indenture. Following the consummation of the Merger, the Company expects Parent to cause the Company to, as required by the terms of the Indenture, launch a tender offer to purchase the Notes at their principal amount plus accrued and unpaid interest (the “Repurchase Right”). In connection with the Merger, holders of the Notes also have the right, in lieu of the Repurchase Right, to convert each one thousand dollar principal amount of their Notes for cash at the then-applicable conversion rate under the Indenture pursuant to the terms of a supplemental indenture, however this would result in holders receiving less cash for their Notes than if they had instead exercised the Repurchase Right. Credit Facilities On March 22, 2012, the Company amended and restated its then-existing credit agreement in its entirety (the “Second Amended Credit Agreement”). The Second Amended Credit Agreement provided the Company with a $225,000 revolving credit facility and a $100,000 term loan facility, for a total of $325,000 in credit available to the Company. The obligations under the Second Amended Credit Agreement were set to mature on March 22, 2015. The Second Amended Credit Agreement did not qualify as a debt extinguishment in accordance with ASC 470 - Debt, and all financing fees incurred were deferred and were being amortized through March 2015. On October 31, 2014, the Company amended and restated the Second Amended Credit Agreement (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement provides the Company with a $100,000 revolving credit facility and $90,000 term loan facility, providing for a total of $190,000 in credit available to the Company. The borrowings under the Third Amended Credit Agreement were used to satisfy the obligations under the Second Amended Credit Agreement of $98,900 under the revolving credit facility. Each of the revolving credit facility and the term loan facility matures on October 31, 2017. On February 5, 2015, the Company entered into an amendment of the Third Amended Credit Agreement to provide the Company with flexibility in connection with its "Reallocate to Accelerate" initiatives. The amendment provided that up to $20,000 of costs and restructuring charges incurred during the fiscal year ended December 31, 2015 will be added back to Consolidated EBITDA, a defined term in the Third Amended Credit Agreement, which is a component of the Consolidated Leverage Ratio (as defined) and the Consolidated Fixed Charge Coverage Ratio (as defined). The Third Amended Credit Agreement partially qualifies as a debt extinguishment in accordance with ASC 470 - Debt. Accordingly, the Company expensed $388 of financing fees classified as a debt extinguishment through interest & other, net during the fourth quarter of 2014. The remaining $3,080 of financing fees is being deferred and amortized through October 2017. The Company is required to make quarterly amortization payments on the outstanding principal amount of the term loans, with $3,083 payable on each of December 31, 2016, March 31, 2017, June 30, 2017, and September 30, 2017, and the remaining balance of the term loan due at maturity. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 250 basis points to 325 basis points depending on the Consolidated Leverage Ratio as defined in the Third Amended Credit Agreement or upon the Company’s election (ii) the sum of (A) the highest of (1) the Agent’s prime rate, (2) the sum of 0.50% plus the overnight federal funds rate on such day or (3) LIBOR plus 1.0%, plus (B) a margin ranging from 150 basis points to 225 basis points depending on the Company’s Consolidated Leverage Ratio. In addition, the Company will be required to pay the following fees: (i) a fee on all outstanding amounts of letters of credit at a rate per annum ranging from 250 basis points to 325 basis points (depending on the Consolidated Leverage Ratio); and (ii) a commitment fee on the unused portion of the revolving credit facility at a rate per annum ranging from 35 basis points to 50 basis points (depending on the Consolidated Leverage Ratio). The Third Amended Credit Agreement contains financial covenants requiring the Company to maintain: (i) a consolidated leverage ratio of no more than 2.75 to 1.00, as of the end of each fiscal quarter ending after the closing date through the fiscal quarter ending March 31, 2015, and 2.50 to 1.00, as of the end of the fiscal quarter ending June 30, 2015, and each fiscal quarter ending thereafter; and (ii) a consolidated Fixed Charge Coverage Ratio, as defined in the Third Amended Credit Agreement, of at least 1.50 to 1.00. The Third Amended Credit Agreement also contains various other negative covenants, including restrictions on incurring indebtedness, creating liens, mergers, dispositions of property, dividends and stock repurchases, acquisitions and other investments and entering into new lines of business. The Third Amended Credit Agreement also contains various affirmative covenants, including covenants relating to the delivery of financial statements and other financial information, maintenance of property, maintenance of insurance, maintenance of books and records, further assurances regarding collateral and compliance with environmental laws. The Third Amended Credit Agreement is secured by substantially all of the Company’s domestic assets, other than real estate and certain other excluded assets. As of September 30, 2016, the Company was in full compliance with its covenants. At September 30, 2016, the utilized portion of this credit facility was $63,722 in borrowings on the term loan facility, no borrowings on the revolving credit facility, and $90 in outstanding letters of credit. The portion of the term loan that is due within one year is $12,333 and is classified as short-term in the consolidated balance sheet, net of deferred financing fees of $1,019. The remaining amount outstanding on the term loan is classified as long-term debt in the Company’s consolidated balance sheet. As of September 30, 2016, based on the calculation of the maximum consolidated leverage ratio, $99,910 of the Company’s revolving credit facility was available. At September 30, 2016, the one month BBA LIBOR rate, the agent’s prime rate, and the overnight federal funds rate were 0.53%, 3.50% and 0.29%, respectively. As of September 30, 2016, the Company used the one month BBA LIBOR rate for the interest rate on these borrowings with an interest rate of 3.27%. Merger Sub’s acquisition of the Shares tendered in the Offer results in a “change of control” under the Third Amended Credit Agreement, which entitles the lenders holding more than 50% of the commitments under the Third Amended Credit Agreement to declare all amounts borrowed thereunder due and payable. The Company expects that, upon the consummation of the Merger, all indebtedness, liabilities and other obligations owing thereunder will be repaid by Parent on behalf of the Company, except for a standby letter of credit in the original face amount of approximately $88, which will remain outstanding and be secured by cash collateral. |
INCOME TAXES |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The benefit from income taxes includes provisions for federal, state, and foreign income taxes. The Company operates globally with operations in various tax jurisdictions outside of the United States. Accordingly, the effective income tax rate is a composite rate reflecting the geographic mix of earnings in various tax jurisdictions and the applicable rates. Our interim provision for income taxes is measured using an estimated annual effective tax rate, adjusted for discrete items that occur within the periods presented. The tax effect of discrete items is recorded in the quarter in which they occur. Our future effective tax rates could be adversely affected by earnings being lower than anticipated in countries with lower statutory rates, greater losses than anticipated in countries with lower statutory tax rates, increases in recorded valuation allowances of tax assets, or changes in tax laws or interpretations thereof. Our effective tax rate differs from the Federal United States statutory tax rate of 35% due to accrual of state taxes, non-deductible expenses, foreign earnings and losses taxed at different rates, accrual of interest on tax liabilities, and the effect of valuation allowances on deferred tax assets. We record valuation allowances primarily on tax benefits of losses arising in certain unprofitable countries in international markets and certain U.S. Foreign Tax credits. The tax provision during the nine months ended September 30, 2016 was increased by approximately $3,452 of discrete items, consisting primarily of tax valuation allowances recorded on tax benefits of current year operating losses in certain foreign tax jurisdictions, deficiencies in tax benefits on stock based compensation, and accrued interest on unrecognized tax positions. In addition, during the nine months ended September 30, 2016, the Company recorded pre-tax charges for impairments of goodwill and other assets in the amounts $289,402 and $38,235, respectively. The Company recorded a deferred (non-cash) tax benefit of $55,305 with respect to the portion of impaired goodwill which is deductible for tax purposes, and a benefit of $14,491 related to the other asset impairment during the nine month period ended September 30, 2016. Of the goodwill impairment related tax benefits, $28,168 was recognized during the third quarter of 2016, with $27,137 recognized during the second quarter. Of the other asset impairment related tax benefits, $13,759 was recognized during the third quarter of 2016, with $732 recognized during the second quarter. Total tax benefits recognized during the nine months ended September 30, 2016 for these items was $69,796. See Note 13 - Goodwill and Intangible Assets for additional details. During the three months ended September 30, 2016, the Company increased the tax provision by approximately $25,000 due to net increases to tax valuation allowances, primarily on the deferred tax assets in the United States for foreign tax credit carryovers. The pre-tax goodwill impairment charge of $147,400 recognized during the third quarter of 2016 gave rise to a deferred tax asset by reducing the financial statement basis in certain tax-amortizable goodwill below its net tax basis, resulting in significantly higher deferred tax assets to be considered for realization. After consideration of all available positive and negative evidence, the Company concluded an increase to the valuation allowance was necessary, resulting in the increase to the tax provision. Such evidence included recent operating history, updated business forecasts, reversals of taxable temporary differences and the Company's projected future taxable income. As of September 30, 2016, the Company's total net deferred tax asset was $40,117, comprised of $128,555 of net tax assets, net of a recorded valuation allowance of $88,438. In addition, during the three months ended September 30, 2016, as a result of expirations of statutes of limitations, the Company recognized $3,443 of previously unrecognized tax benefits, and reversed an asset for recoverable foreign tax benefits of $2,379, resulting in a net tax benefit of $1,064 which impacted the effective tax rate. The Company also settled a tax examination and reversed previously accrued taxes and accrued interest of $703 and $1,268, respectively, which, net of deferred tax benefits, resulted in a net credit to the tax provision of $1,224. The total benefit reflected in the tax provision for the third quarter of 2016 due to recognition of previously unrecognized tax benefits and reversals of accrued interest thereon was $2,288. The tax matters concerned relate to the allocation of income among tax jurisdictions. The tax provision during the nine months ended September 30, 2015 reflects a provision of $1,093 attributable to discrete items, consisting primarily of a net tax benefit of $4,034 due to a loss in our remaining investment in a joint venture in China, net of a tax provision due to a gain related to the partial sale of our equity interest in a company located in Australia (see Note 10 - Investments), a provision for increases to tax valuation allowances of $3,726 on tax benefits of current year losses incurred in certain foreign tax jurisdictions, and a provision of $1,401 for other discrete items. In addition, as a result of settlement of a tax examination during the first quarter of 2015, the Company recorded a tax benefit due to recognition of previously unrecognized tax positions of $10,424 which, net of deferred tax benefits and valuation allowances, impacted the effective rate by $6,776. The Company also reversed accrued interest and penalties on unrecognized tax positions of $12,607 which, on a net of tax basis, impacted the effective tax rate by $8,977. In the three months ended September 30, 2015, as a result of expirations of statutes of limitations, the Company recognized previously unrecognized tax benefits of $2,828, and reversed an asset for recoverable foreign tax benefits of $1,986, resulting in a net tax benefit of $842, which impacted the effective tax rate. The total benefit reflected in the tax provision in the nine months ended September 30, 2015 relating to recognition of previously unrecognized tax positions, and reversals of accrued interest and penalties thereon, was $16,595. The tax matters relate primarily to the allocation of income among tax jurisdictions. The Company is currently under examination by several domestic and international tax authorities, including the United States Internal Revenue Service. Presently, no material adjustments have been proposed. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. The gross recorded liability for uncertain tax positions (inclusive of estimated interest and penalties thereon) as of September 30, 2016 and December 31, 2015 is recorded on the Company’s consolidated balance sheets as long-term income taxes payable of $31,904 and $36,348, respectively. Interest and penalties related to underpayment of income taxes are classified as a component of income tax expense in the consolidated statements of operations and comprehensive income (loss). The Company estimates that it is reasonably possible that unrecorded tax benefits may be reduced by an amount ranging from $0 to $9,500 in the next twelve months due to expirations of statutes of limitations or settlement of tax examinations. The tax matters concerned relate to the allocation of income among jurisdictions and the amount of prior year tax loss carryovers. |
SEGMENT AND GEOGRAPHIC DATA |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC DATA | SEGMENT AND GEOGRAPHIC DATA The Company conducts business in two reportable segments: Careers-North America and Careers-International. Corporate operating expenses are not allocated to the Company’s reportable segments. See Note 1 - Description of Business and Basis of Presentation for a description of our operating segments. The following tables present the Company’s operations by reportable segment and by geographic region:
Due to the nature of the Company’s operations, a majority of its assets are utilized across all segments. In addition, segment assets are not reported to, or used by, the Chief Operating Decision Maker to allocate resources or assess performance of the Company’s segments. Accordingly, the Company has not disclosed asset information by segment. |
COMMITMENTS AND CONTINGENCIES |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in various legal proceedings that are incidental to the conduct of its business. Aside from the matters discussed below, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition or results of operations. On or about October 12, 2015, TalentBin, Inc., a subsidiary of the Company, was served with notice of a purported consumer class action for allegedly assembling, scoring and sharing candidate profiles in violation of the Fair Credit Reporting Act and the California Investigative Consumer Reporting Agencies Act (“ICRAA”). The lawsuit, entitled Eric Halvorson, et. al., individually and on behalf of all others similarly situated vs. TalentBin, Inc. (Case No. CGC 15 548270), was brought in the Superior Court of the State of California, County of San Francisco. On or about November 2015, the action was removed to the United States District Court, Northern District of California (Case No. 3:15-cv-05166). The Plaintiff seeks injunctive relief, monetary damages, pre- and post-judgment interest, statutory penalties of between one hundred and one thousand dollars per violation, punitive damages and other costs and attorney’s fees. On February 23, 2016, the ICRAA claims were dismissed voluntarily. Pursuant to a term sheet executed on or about August 9, 2016, a tentative settlement was reached to resolve all remaining claims subject to execution of a final settlement agreement and approval of the Court. The Company accrued $900 related to the settlement term sheet as of September 30, 2016. In July 2016, Guyzar LLC filed suit against the Company for allegedly infringing their Patent No. 5845070 relating to methods for the authentication and preservation of confidential information usable for completing transactions with an internet entity. The lawsuit, entitled Guyzar LLC vs. Monster Worldwide, Inc. (Civil Action No. 2:16-cv-00813) was brought in the United States District Court for the Eastern District of Texas. The Plaintiff sought injunctive relief, monetary damages, enhanced damages, pre and post judgment interest, attorney’s fees and other costs. On October 17, 2016, the parties entered into a settlement agreement whereby all claims would be voluntarily dismissed with prejudice. In September 2016, three putative class actions were filed against the Company and its officers and directors. The first two, Litwin vs. Monster Worldwide, Inc., et. al., 16-cv-11844 and Dagut vs. Monster Worldwide, Inc., et. al., 16-cv-11852, were filed in the Federal District Court of Massachusetts. The third matter, Gordon vs. Giambastiani, et. al., CA No. 12746-VCG, was filed in the Delaware Chancery State Court. Each alleges material misstatements or omissions contained in the Company’s Schedule 14D-9 associated with Randstad North America, Inc.’s tender offer for the Company’s shares. The Gordon matter further alleges that the Company’s Board of Directors breached its fiduciary duties by, among other things, engaging in a flawed deal process and agreeing to an insufficient share price. The respective Plaintiffs in all three matters seek, among other things, an injunction against the consummation of the tender offer, or in the alternative, rescission, rescissionary and other damages, as well as various costs and fees including attorney’s fees. The Plaintiff in the Gordon case voluntarily withdrew Plaintiff's request for expedited discovery and has not moved for a preliminary injunction. In addition, the Plaintiff in the Dagut matter withdrew Plaintiff's motion for a preliminary injunction after the Company agreed to further amend its disclosures in its Schedule 14D-9 regarding the Company’s discretion to pay additional amounts to its financial advisor. The Company intends to vigorously defend these matters and is currently unable to estimate any potential losses. Leases The Company leases its facilities and a portion of its capital equipment under operating leases that expire at various dates. Some of the operating leases provide for increasing rents over the terms of the leases and total rent expense under these leases is recognized ratably over the initial renewal period of each lease. The following table presents future minimum lease commitments under non-cancelable operating leases and minimum rentals to be received under non-cancelable subleases at September 30, 2016, excluding discontinued operations:
Other In August 2016 and September 2016, the Company received letters from each of StoneKeyPartners (“StoneKey”) and Bank of America Merrill Lynch (“BAML”), respectively, asserting claims for advisory fees in connection with the proposed acquisition of the Company by Randstad North America, Inc. Both StoneKey’s and BAML’s claims rely upon engagement letters executed in connection with the Company’s 2012-2013 review of strategic alternatives, which was formally concluded in 2013. The Company disputes the claims asserted by both StoneKey and BAML, and accordingly, is unable to estimate any potential losses. |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation, policy | Basis of Presentation The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated interim financial statements include the accounts of the Company and all of its wholly-owned and majority-owned subsidiaries. Investments in which the Company does not have a controlling interest or is not the primary beneficiary, but has the ability to exert significant influence, are accounted for under the equity method of accounting. All inter-company accounts and transactions have been eliminated in consolidation. For the three and nine months ended September 30, 2015, the noncontrolling interest in our former South Korean subsidiary is recorded net of tax as Net income attributable to noncontrolling interest. In October 2015, the Company sold its remaining ownership position in its South Korean subsidiary. See Note 7 - Discontinued Operations. These statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. These consolidated interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company adheres to the same accounting policies in preparing interim financial statements. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. Such amounts are expensed in full in the year incurred. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation, including amounts related to discontinued operations. Unless noted otherwise, discussions in these notes pertain to our continuing operations. |
Recently issued accounting pronouncements, policy | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, which supersedes the revenue recognition guidance in Accounting Standard Codification (“ASC”) 605, Revenue Recognition. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. In July 2015, the FASB approved a one-year deferral of the effective date of this ASU. With this deferral, the amended guidance is effective retrospectively for reporting periods (interim and annual) beginning after December 15, 2017. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, which revises the guidance in ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities, and provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, which supersedes the lease accounting guidance in ASC 840, Leases. The new guidance which requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2018, for public companies, with early adoption permitted. The new guidance must be adopted using a modified retrospective approach. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, which revises the guidance in ASC 718, Compensation - Stock Compensation, and will change how companies account for certain aspects of share-based payments to employees, including the income tax impact, classification on the statement of cash flows and forfeitures. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. Early adoption is permitted. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. In August 2016, the FASB issued ASU No. 2016-15, which revises the guidance in ASC 230, Statement of Cash Flows. The new guidance is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, and is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. Recently Adopted Accounting Pronouncements Effective January 1, 2016, the Company retrospectively adopted ASU No. 2015-03 and No. 2015-15 related to simplifying the presentation of debt issuance costs. The adoption of this new guidance resulted in a change to the presentation of deferred financing costs related to our credit facilities and 3.50% convertible senior notes due 2019 from an asset to a direct deduction from the corresponding debt liability, consistent with the presentation of debt discounts and premiums. Adoption did not impact the Company’s results of operations or cash flows for any period presented. See Note 15 - Long-Term Debt. Effective January 1, 2016, the Company adopted ASU No. 2015-05 which clarified how a customer in a cloud computing arrangement should determine whether the arrangement includes a software license. Under this new guidance, if a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU did not change the customer's accounting treatment of service contracts. Previously, the Company was required to analogize to lease accounting guidance when determining the asset acquired in a software licensing arrangement. As permitted under the guidance, the Company adopted the new guidance prospectively to all new or materially modified arrangements entered into on or after the effective date. The adoption of this guidance did not impact the Company’s results of operations, financial position, or cash flows. |
Stock-based compensation, policy | STOCK-BASED COMPENSATION The Company awards non-vested stock to employees, directors and executive officers in the form of Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”), market-based RSAs and RSUs, performance-based RSAs and RSUs and stock options. The Compensation Committee of the Company’s Board of Directors approves stock-based compensation awards for all employees and executive officers of the Company. The Corporate Governance and Nominating Committee of the Company’s Board of Directors approves stock-based compensation awards for all non-employee directors of the Company. The Company uses the fair-market value of the Company’s common stock on the date the award is approved to measure fair value for service-based and performance-based awards, a Monte Carlo simulation model to determine both the fair value and requisite service period of market-based awards and the Black-Scholes option-pricing model to determine the fair value of stock option awards. The Company presents as a financing activity in the consolidated statement of cash flows the benefits of tax deductions in excess of the tax-effected compensation of the related stock-based awards for the options exercised and vested RSAs and RSUs. Compensation expense for stock option awards and service-based awards is recognized ratably over the requisite service period. For market-based awards, compensation expense is recognized over the requisite service period as derived using a Monte Carlo simulation model. If an award includes both a market and performance or service condition, the requisite service period is adjusted in the event the market condition is satisfied prior to the end of the derived service period. For performance-based awards, compensation expense is recognized based on the probability of achieving the performance conditions associated with the respective shares, as determined by management. |
EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Shares Used in Calculating Basic and Diluted Earnings Per Share | A reconciliation of shares used in calculating basic and diluted (loss) earnings per share is as follows (shares in thousands):
In connection with the pricing of the Notes, Monster entered into a capped call transaction which increases the effective conversion price of the Notes, and is designed to reduce potential dilution upon conversion of the Notes. Since the beneficial impact of the capped call is anti-dilutive, it is excluded from the calculation of earnings per share. See Note 15 - Long-Term Debt. |
STOCK-BASED COMPENSATION (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of Pre-Tax Compensation Expense | The Company recognized pre-tax compensation expense in the consolidated statements of operations related to stock-based compensation as follows, excluding discontinued operations:
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Non-Vested Stock Activity | The Company’s non-vested stock activity is as follows (shares in thousands):
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Stock Option Activity | The Company’s stock option activity is as follows (shares in thousands):
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DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | Summarized results of our discontinued operations are as follows:
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FAIR VALUE MEASUREMENT (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of September 30, 2016:
The following table summarizes those assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:
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Changes in Fair Value of Level Three Liabilities | The changes in the fair value of the Level 3 liabilities are as follows:
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | The amounts recognized in accumulated other comprehensive income were as follows:
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INVESTMENTS (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) in Equity Interests, Net | (Loss) income in equity interests, net are as follows by equity investment:
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RESTRUCTURING AND OTHER SPECIAL CHARGES (Tables) |
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Restructuring and Other Special Charges and Related Liability Balances | The following table displays a roll forward of the restructuring and other special charges and related liability balances associated with the program:
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PROPERTY AND EQUIPMENT, NET (Tables) |
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Property, Equipment and Accumulated Depreciation Balances | The Company’s property and equipment balances are as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | A summary of changes in goodwill is as follows:
(1) See Note 5 - Business Combination. |
FINANCIAL DERIVATIVE INSTRUMENTS (Tables) |
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Fair Value Position of Derivatives | The fair value position (recorded in interest and other, net, in the consolidated statements of operations and comprehensive income (loss)) of our derivatives are as follows:
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Amounts of Unrealized and Realized Net Gains and Changes in Fair Value of Derivative Positions | The changes in the fair value of our forward contracts are as follows:
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LONG-TERM DEBT (Tables) |
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Long-term Debt, Net of Discounts | Long-term debt, net of discounts and debt issuance costs where applicable, is summarized as follows:
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SEGMENT AND GEOGRAPHIC DATA (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations by Reportable Segment | The following tables present the Company’s operations by reportable segment and by geographic region:
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Long-Lived Assets by Geographic Region |
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease commitments under non-cancelable operating leases and minimum rentals to be Received under Non-Cancelable Subleases | The following table presents future minimum lease commitments under non-cancelable operating leases and minimum rentals to be received under non-cancelable subleases at September 30, 2016, excluding discontinued operations:
|
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 28, 2016
USD ($)
shares
|
Aug. 08, 2016
USD ($)
$ / shares
|
Sep. 30, 2016
USD ($)
$ / shares
|
Sep. 30, 2016
USD ($)
segment
$ / shares
|
Dec. 31, 2015
$ / shares
|
Sep. 30, 2015 |
Oct. 22, 2014
USD ($)
|
|
Business Acquisition [Line Items] | |||||||
Number of reportable segments | segment | 2 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
The Merger Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ / shares | 0.001 | ||||||
Business combination, share price (in dollars per share) | $ / shares | $ 3.40 | ||||||
Potential termination fee | $ 9,000,000 | ||||||
Professional and other transaction fees | $ 3,438,000 | $ 3,442,000 | |||||
3.50% Convertible Senior Notes Due 2019 | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate | 3.50% | 3.50% | 3.50% | ||||
3.50% Convertible Senior Notes Due 2019 | Convertible Debt | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |||
Debt instrument, face amount | $ 143,750,000 | ||||||
Subsequent Event | The Merger Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares sold (in shares) | shares | 45,973,527 | ||||||
Percentage of voting interest sold | 51.50% | ||||||
Number of shares issued notice of guaranteed delivery (in shares) | shares | 3,708,393 | ||||||
Percent of voting interest with notice of guaranteed delivery | 4.15% | ||||||
Subsequent Event | Third Amended Restated Credit Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of commitments held by lenders | 50.00% | ||||||
Subsequent Event | 3.50% Convertible Senior Notes Due 2019 | Convertible Debt | The Merger Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Principal amount convertible to cash | $ 1,000 |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - Additional Information (Details) - 3.50% Convertible Senior Notes Due 2019 |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Oct. 22, 2014 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Interest rate | 3.50% | 3.50% | ||
Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.50% | 3.50% | 3.50% |
EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. - Reconciliation of Shares Used in Calculating Basic and Diluted Earnings Per Share (Detail) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Oct. 22, 2014 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Basic weighted-average shares outstanding (in shares) | 88,932,000 | 90,340,000 | 88,846,000 | 89,853,000 | ||
Impact of stock options and non-vested stock under employee compensation plans (in shares) | 0 | 627,000 | 0 | 1,006,000 | ||
Impact of 3.50% convertible senior notes due 2019 (in shares) | 0 | 5,872,000 | 0 | 3,714,000 | ||
Diluted weighted-average shares outstanding (in shares) | 88,932,000 | 96,839,000 | 88,846,000 | 94,573,000 | ||
Weighted-average anti-dilutive common stock equivalents - stock options and non-vested stock under employee compensation plans (in shares) | 1,440,000 | 259,000 | 2,015,000 | 777,000 | ||
3.50% Convertible Senior Notes Due 2019 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Interest rate | 3.50% | 3.50% | 3.50% | |||
Convertible Debt | 3.50% Convertible Senior Notes Due 2019 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Conversion price per share (in dollars per share) | $ 5.33 | |||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |
Stock Compensation Plan | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Weighted-average anti-dilutive common stock equivalents - stock options and non-vested stock under employee compensation plans (in shares) | 617,286 | 694,023 | ||||
Convertible Debt Securities | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Weighted-average anti-dilutive common stock equivalents - stock options and non-vested stock under employee compensation plans (in shares) | 5,872,000 | 3,714,000 | ||||
Conversion price per share (in dollars per share) | $ 5.33 | $ 5.33 | ||||
Average stock price (in dollars per share) | $ 3.18 | $ 6.81 | $ 3.30 | $ 6.18 | ||
Potentially dilutive securities (in shares) | 0 | 0 | ||||
Common Stock Equivalents | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Weighted-average anti-dilutive common stock equivalents - stock options and non-vested stock under employee compensation plans (in shares) | 822,712 | 1,321,267 |
EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC. - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | 11 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 22, 2016 |
Sep. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Oct. 27, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 75,000,000 | |||||
Shares repurchased under repurchase program (in shares) | 0 | 1,066,451 | 2,391,451 | |||
Shares repurchased under repurchase program, value | $ 3,018,000 | $ 11,008,000 | ||||
Shares repurchased average price per share (in dollars per share) | $ 2.83 | $ 4.60 | ||||
Stock repurchase program, remaining amount before debt repurchase | $ 63,992,000 | $ 63,992,000 | $ 63,992,000 | |||
Payments on convertible notes | (9,475,000) | $ 0 | ||||
Stock repurchase program, remaining amount | $ 54,517,000 | $ 54,517,000 | $ 54,517,000 | |||
Convertible Debt | 3.50% Convertible Senior Notes Due 2019 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Stock repurchase program, authorized amount for debt repurchase | $ 10,000,000 | |||||
Payments on convertible notes | $ (9,475,000) |
STOCK-BASED COMPENSATION - Recognition of Pre-Tax Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Non-vested stock, included in salaries and related | $ 437 | $ 3,368 | $ 3,488 | $ 11,386 |
STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Jun. 14, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Performance Based Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 2,773,663 | ||||
Service Based Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 0 | 1,854,580 | |||
Restricted Stock and Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 4,628,000 | 1,314,000 | |||
Unrecognized compensation expense | $ 10,533 | $ 10,533 | |||
Unrecognized compensation expense, period for recognition | 1 year 8 months 12 days | ||||
Consultant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to consultant in consideration for services | 78,220 |
STOCK-BASED COMPENSATION - Non-Vested Stock Activity (Detail) - Restricted Stock and Restricted Stock Units - $ / shares shares in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Shares | ||
Non-vested at beginning of period (in shares) | 4,571 | 8,554 |
Granted (in shares) | 4,628 | 1,314 |
Forfeited (in shares) | (417) | (1,003) |
Vested (in shares) | (1,156) | (4,136) |
Non-vested at end of period (in shares) | 7,626 | 4,729 |
Weighted Average Fair Value at Grant Date | ||
Non-vested at beginning of period (in dollars per share) | $ 4.95 | $ 4.85 |
Granted (in dollars per share) | 3.12 | 5.03 |
Forfeited (in dollars per share) | 4.05 | 4.90 |
Vested (in dollars per share) | 5.35 | 4.92 |
Non-vested at end of period (in dollars per share) | $ 3.83 | $ 4.82 |
STOCK-BASED COMPENSATION - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | 93 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
|
Shares | |||
Outstanding as of the beginning of the period (in shares) | 61,000 | 146,000 | |
Exercised (in shares) | 0 | 0 | |
Forfeited/expired/cancelled (in shares) | 0 | (39,000) | |
Outstanding at the end of the period (in shares) | 61,000 | 107,000 | 61,000 |
Options exercisable at end of period (in shares) | 61,000 | 107,000 | 61,000 |
Aggregate intrinsic value of options exercised during the period | $ 0 | $ 0 | |
Weighted Average Exercise Price | |||
Outstanding as of the beginning of the period (in dollars per share) | $ 33.94 | $ 32.32 | |
Exercised (in dollars per share) | 0.00 | 0.00 | |
Forfeited/expired/cancelled (in dollars per share) | 0.00 | 30.75 | |
Outstanding at the end of the period (in dollars per share) | 33.94 | 32.89 | $ 33.94 |
Options exercisable at end of period (in dollars per share) | $ 33.94 | $ 32.89 | $ 33.94 |
Stock options granted | 0 |
BUSINESS COMBINATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Business Acquisition [Line Items] | |||
Payment for acquisition, net of cash acquired | $ 12,511 | $ 0 | |
Goodwill acquired | 10,845 | ||
Careers North America | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 10,845 | $ 10,845 | |
Careers North America | Jobr, Inc. | |||
Business Acquisition [Line Items] | |||
Payment for acquisition, net of cash acquired | 12,511 | ||
Consideration in escrow | 1,300 | ||
Consideration used to eliminate debt | 3,011 | ||
Purchased other assets | 343 | ||
Consideration deferred tax and other liabilities | 557 | ||
Technology-Based Intangible Assets | Careers North America | Jobr, Inc. | |||
Business Acquisition [Line Items] | |||
Purchased technology | $ 1,870 |
NONCONTROLLING INTEREST - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2013 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Noncontrolling Interest [Line Items] | ||||||
Percentage ownership agreed to sell | 50.01% | |||||
Net income attributable to noncontrolling interest | $ 0 | $ 1,512 | $ 0 | $ 3,712 | ||
JobKorea Ltd. | ||||||
Noncontrolling Interest [Line Items] | ||||||
Percentage ownership interest sold | 49.99% | |||||
Cash consideration received upon sale of interest in subsidiary | $ 90,000 |
DISCONTINUED OPERATIONS - Additional Information (Details) ₩ in Billions |
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 28, 2015
KRW (₩)
|
Sep. 28, 2015
USD ($)
|
Dec. 31, 2013 |
---|---|---|---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage ownership agreed to sell | 50.01% | ||||
Assets of discontinued operations | $ 0 | $ 0 | |||
Liabilities of discontinued operations | $ 0 | $ 0 | |||
JobKorea Ltd. | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage ownership agreed to sell | 50.01% | 50.01% | |||
Consideration transferred | ₩ 101 | $ 85,000,000 | |||
JobKorea Ltd. | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage ownership interest sold | 49.99% | ||||
JobKorea Ltd. | JobKorea Ltd. | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage ownership interest sold | 49.99% |
DISCONTINUED OPERATIONS - Income Statement (Details) - JobKorea Ltd. - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | $ 0 | $ 12,165 | $ 0 | $ 35,660 |
Income from discontinued operations, before tax | 0 | 3,429 | 0 | 9,068 |
Income tax expense | 0 | (1,266) | 0 | (3,063) |
Income from discontinued operations, net of tax | 0 | 2,163 | 0 | 6,005 |
Income from discontinued operations attributable to Monster Worldwide, Inc., net of tax | 0 | 651 | 0 | 2,293 |
JobKorea Ltd. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Less: income from discontinued operations attributable to noncontrolling interest, net of tax | $ 0 | $ 1,512 | $ 0 | $ 3,712 |
FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets: | ||
Assets | $ 26,296 | $ 33,877 |
Liabilities: | ||
Foreign exchange contracts | 6 | 65 |
Lease exit liabilities | 7,908 | 10,171 |
Total Liabilities | 7,914 | 10,236 |
Bank time deposits | ||
Assets: | ||
Assets | 25,148 | 33,791 |
U.S. and foreign government obligations | ||
Assets: | ||
Assets | 1,135 | |
Foreign exchange contracts | ||
Assets: | ||
Assets | 13 | 86 |
Level 1 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Foreign exchange contracts | 0 | 0 |
Lease exit liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 1 | Bank time deposits | ||
Assets: | ||
Assets | 0 | 0 |
Level 1 | U.S. and foreign government obligations | ||
Assets: | ||
Assets | 0 | |
Level 1 | Foreign exchange contracts | ||
Assets: | ||
Assets | 0 | 0 |
Level 2 | ||
Assets: | ||
Assets | 26,296 | 33,877 |
Liabilities: | ||
Foreign exchange contracts | 6 | 65 |
Lease exit liabilities | 0 | 0 |
Total Liabilities | 6 | 65 |
Level 2 | Bank time deposits | ||
Assets: | ||
Assets | 25,148 | 33,791 |
Level 2 | U.S. and foreign government obligations | ||
Assets: | ||
Assets | 1,135 | |
Level 2 | Foreign exchange contracts | ||
Assets: | ||
Assets | 13 | 86 |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Foreign exchange contracts | 0 | 0 |
Lease exit liabilities | 7,908 | 10,171 |
Total Liabilities | 7,908 | 10,171 |
Level 3 | Bank time deposits | ||
Assets: | ||
Assets | 0 | 0 |
Level 3 | U.S. and foreign government obligations | ||
Assets: | ||
Assets | 0 | |
Level 3 | Foreign exchange contracts | ||
Assets: | ||
Assets | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Changes in Fair Value of Level 3 Liabilities (Detail) - Lease Exit Liabilities - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | $ 10,171 | $ 8,515 |
Expense | 676 | 4,604 |
Cash payments and changes in fair value | (2,939) | (3,470) |
Balance, End of Period | $ 7,908 | $ 9,649 |
FAIR VALUE MEASUREMENT - Additional Information (Detail) - 3.50% Convertible Senior Notes Due 2019 |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Oct. 22, 2014 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate | 3.50% | 3.50% | ||
Convertible Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate | 3.50% | 3.50% | 3.50% |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 481,406 | |
Ending balance | 176,117 | |
AOCI Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 1,926 | $ 9,245 |
Other comprehensive income (loss) before reclassifications | 32 | (7,805) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period change in accumulated other comprehensive income | 32 | (7,805) |
Ending balance | $ 1,958 | $ 1,440 |
INVESTMENTS - Income (Loss) in Equity Interests, Net (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||||
(Loss) income in equity interests, net | $ (222) | $ 249 | $ (13) | $ 321 |
Alma Career Oy | ||||
Schedule of Equity Method Investments [Line Items] | ||||
(Loss) income in equity interests, net | 406 | 249 | 1,206 | 720 |
kununu US, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
(Loss) income in equity interests, net | (628) | 0 | (1,219) | 0 |
CareerOne Pty Ltd | ||||
Schedule of Equity Method Investments [Line Items] | ||||
(Loss) income in equity interests, net | $ 0 | $ 0 | $ 0 | $ (399) |
INVESTMENTS - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2015 |
Jan. 03, 2014 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Jan. 02, 2014 |
Dec. 31, 2008 |
|
Investment [Line Items] | |||||||||||||
Percentage ownership by parent | 50.01% | ||||||||||||
Investment in unconsolidated affiliates | $ 22,195 | $ 22,195 | $ 21,566 | ||||||||||
Cash received from partial sale of equity method investment | 0 | $ 9,128 | |||||||||||
Gain on partial sale of equity method investment | 0 | $ 0 | 0 | 8,849 | |||||||||
Finland | |||||||||||||
Investment [Line Items] | |||||||||||||
Percentage of equity investment | 25.00% | ||||||||||||
Alma Career Oy | Finland, Eastern Europe and Baltics | |||||||||||||
Investment [Line Items] | |||||||||||||
Percentage of equity investment | 16.70% | 15.00% | |||||||||||
Potential percentage of equity investment | 20.00% | ||||||||||||
Additional investments in equity method investee | $ 2,369 | $ 6,500 | |||||||||||
Dividends received | $ 1,235 | $ 835 | |||||||||||
Investment in unconsolidated affiliates | 20,996 | $ 18,955 | 20,996 | $ 18,955 | |||||||||
kununu US, LLC | |||||||||||||
Investment [Line Items] | |||||||||||||
Percentage of equity investment | 50.00% | ||||||||||||
Additional investments in equity method investee | $ 3,000 | ||||||||||||
Investment in unconsolidated affiliates | 1,199 | 1,199 | |||||||||||
Annual fee | 1,500 | ||||||||||||
Consulting fee | $ 500 | $ 1,000 | |||||||||||
CareerOne Pty Ltd | Australia | |||||||||||||
Investment [Line Items] | |||||||||||||
Percentage of equity investment | 50.00% | 50.00% | |||||||||||
Additional investments in equity method investee | $ 451 | ||||||||||||
Ownership percentage | 10.00% | ||||||||||||
Cash received from partial sale of equity method investment | $ 9,128 | ||||||||||||
Gain on partial sale of equity method investment | $ 8,849 | ||||||||||||
Alma Media Corporation | |||||||||||||
Investment [Line Items] | |||||||||||||
Percentage ownership by parent | 75.00% |
RESTRUCTURING AND OTHER SPECIAL CHARGES - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Feb. 10, 2015
person
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 0 | $ 2,780,000 | $ 0 | $ 28,787,000 | |
Restructuring February 2015 Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected number of positions eliminated | person | 300 | ||||
Restructuring charges | $ 0 | $ 0 |
RESTRUCTURING AND OTHER SPECIAL CHARGES - Restructuring Accrual Roll Forward (Detail) - Restructuring February 2015 Plan $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Accrual at December 31, 2015 | $ 9,721 |
Cash Payments | (5,198) |
Accrual at September 30, 2016 | 4,523 |
Workforce reduction | |
Restructuring Reserve [Roll Forward] | |
Accrual at December 31, 2015 | 4,309 |
Cash Payments | (3,829) |
Accrual at September 30, 2016 | 480 |
Consolidation of office facilities | |
Restructuring Reserve [Roll Forward] | |
Accrual at December 31, 2015 | 4,767 |
Cash Payments | (1,085) |
Accrual at September 30, 2016 | 3,682 |
Other costs and professional fees | |
Restructuring Reserve [Roll Forward] | |
Accrual at December 31, 2015 | 645 |
Cash Payments | (284) |
Accrual at September 30, 2016 | $ 361 |
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 368,267 | $ 382,187 |
Less: accumulated depreciation | 291,453 | 272,044 |
Property and equipment, net | 76,814 | 110,143 |
Capitalized software costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 165,162 | 178,146 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,697 | 15,632 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 36,310 | 35,846 |
Computer and communications equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 151,098 | $ 152,563 |
PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 10,160 | $ 10,416 | $ 29,068 | $ 31,684 |
Capitalized software costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Pre-tax impairment | 31,400 | |||
Pretax impairment, net of tax | 18,997 | |||
Pretax impairment, tax benefit | $ 12,403 |
GOODWILL AND INTANGBILE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Goodwill [Roll Forward] | |||||
Goodwill, beginning of period | $ 1,084,949 | ||||
Accumulated impairment losses, beginning of period | (588,450) | ||||
Net goodwill, beginning of period | 496,499 | ||||
Acquisition activity | 10,845 | ||||
Goodwill impairment | $ (147,400) | $ (142,002) | $ 0 | (289,402) | $ 0 |
Translation and other adjustments, net | 729 | ||||
Goodwill, end of period | 1,096,523 | 1,096,523 | |||
Accumulated impairment losses, end of period | (877,852) | (877,852) | |||
Net goodwill, end of period | 218,671 | 218,671 | |||
Careers North America | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning of period | 774,765 | ||||
Accumulated impairment losses, beginning of period | (325,800) | ||||
Net goodwill, beginning of period | 448,965 | ||||
Acquisition activity | $ 10,845 | 10,845 | |||
Goodwill impairment | (147,400) | (289,402) | |||
Translation and other adjustments, net | 0 | ||||
Goodwill, end of period | 785,610 | 785,610 | |||
Accumulated impairment losses, end of period | (615,202) | (615,202) | |||
Net goodwill, end of period | 170,408 | 170,408 | |||
Careers International | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning of period | 310,184 | ||||
Accumulated impairment losses, beginning of period | (262,650) | ||||
Net goodwill, beginning of period | 47,534 | ||||
Acquisition activity | 0 | ||||
Goodwill impairment | 0 | ||||
Translation and other adjustments, net | 729 | ||||
Goodwill, end of period | 310,913 | 310,913 | |||
Accumulated impairment losses, end of period | (262,650) | (262,650) | |||
Net goodwill, end of period | $ 48,263 | $ 48,263 |
GOODWILL AND INTANGBILE ASSETS - Additional Information (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
asset
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
segment
$ / shares
|
Sep. 30, 2015
USD ($)
|
Aug. 08, 2016
$ / shares
|
Dec. 31, 2015
$ / shares
|
|
Business Acquisition [Line Items] | |||||||
Number of reportable segments | segment | 2 | ||||||
Purchase price (in dollars per share) | $ / shares | $ 3.40 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Goodwill impairment | $ 147,400 | $ 142,002 | $ 0 | $ 289,402 | $ 0 | ||
Number of intangible assets analyzed for impairment | asset | 2 | ||||||
Impairment of other assets | $ 3,400 | 38,235 | $ 0 | ||||
Careers North America | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill impairment | 147,400 | 289,402 | |||||
Goodwill impairment, net of tax | 119,232 | 234,097 | |||||
Goodwill, impairment, tax benefit | 28,168 | 55,305 | |||||
Pre-tax impairment charge | $ 38,235 | ||||||
Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Pre-tax impairment charge | $ 3,435 |
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Position of Derivatives (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Notional Amount | $ 16,158 | $ 27,295 |
Fair Value | 7 | 21 |
Designated as Hedges under ASC 815 | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Fair Value | 0 | 0 |
Not Designated as Hedges under ASC 815 | Prepaid and other | Foreign currency exchange forwards | ||
Derivative [Line Items] | ||
Notional Amount | 10,472 | 13,251 |
Fair Value | 13 | 86 |
Not Designated as Hedges under ASC 815 | Accrued expenses and other current liabilities | Foreign currency exchange forwards | ||
Derivative [Line Items] | ||
Notional Amount | 5,686 | 14,044 |
Fair Value | $ (6) | $ (65) |
FINANCIAL DERIVATIVE INSTRUMENTS - Amounts of Unrealized and Realized Net Gains and Changes in Fair Value of Derivative Positions (Detail) - Foreign currency exchange forwards - Interest and Other, net - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative [Line Items] | ||||
Amount of Realized and Unrealized Net Gains (Losses) and Changes in the Fair Value of Forward Contracts | $ 95 | $ (491) | $ (421) | $ 179 |
Continuing operations | ||||
Derivative [Line Items] | ||||
Amount of Realized and Unrealized Net Gains (Losses) and Changes in the Fair Value of Forward Contracts | 95 | (321) | (421) | 349 |
Discontinued operations | ||||
Derivative [Line Items] | ||||
Amount of Realized and Unrealized Net Gains (Losses) and Changes in the Fair Value of Forward Contracts | $ 0 | $ (170) | $ 0 | $ (170) |
LONG-TERM DEBT - Schedule of Long-term Debt, Net of Discounts (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Oct. 22, 2014 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Unamortized discount on convertible senior notes | $ (11,903) | $ (15,932) | ||
Unamortized debt issuance costs | (3,430) | (4,977) | ||
Long-term debt | 182,139 | 194,272 | ||
Less: current portion of long-term debt, net | 11,314 | 9,773 | ||
Long-term debt, net, less current portion | $ 170,825 | $ 184,499 | ||
3.50% Convertible Senior Notes Due 2019 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.50% | 3.50% | ||
Convertible Debt | 3.50% Convertible Senior Notes Due 2019 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 133,750 | $ 143,750 | ||
Interest rate | 3.50% | 3.50% | 3.50% | |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ (1,019) | |||
Less: current portion of long-term debt, net | $ 12,333 | |||
Revolving Credit Facility | Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 71,431 |
LONG-TERM DEBT - Additional Information (Detail) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 28, 2016
USD ($)
|
Mar. 22, 2016
USD ($)
|
Oct. 31, 2014
USD ($)
|
Oct. 22, 2014
USD ($)
purchaser
day
$ / shares
shares
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015 |
Mar. 31, 2015 |
Feb. 05, 2015
USD ($)
|
Mar. 22, 2012
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||||||
Principle amount of Notes | $ 9,475,000 | $ 0 | |||||||||||
Payments on borrowings on credit facilities | 0 | $ 32,100,000 | |||||||||||
Utilized portion of credit facility , due with in one year | 11,314,000 | $ 9,773,000 | |||||||||||
Deferred financing fees | $ 3,430,000 | $ 4,977,000 | |||||||||||
Second Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | $ 325,000,000 | ||||||||||||
Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | $ 190,000,000 | ||||||||||||
Allowable restructuring charges | $ 20,000,000 | ||||||||||||
Financing fees classified as a debt extinguishment | $ 388,000 | ||||||||||||
Amortization, deferred finance costs | $ 3,080,000 | ||||||||||||
Leverage ratio, maximum | 2.50 | 2.75 | |||||||||||
Fixed charge coverage, minimum | 1.50 | ||||||||||||
LIBOR Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 0.53% | ||||||||||||
Interest rate at the end of period, effective | 3.27% | ||||||||||||
LIBOR Rate | Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 1.00% | ||||||||||||
LIBOR Rate | Third Amended Restated Credit Agreement | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 2.50% | ||||||||||||
LIBOR Rate | Third Amended Restated Credit Agreement | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 3.25% | ||||||||||||
Prime Lending Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 3.50% | ||||||||||||
Prime Lending Rate | Third Amended Restated Credit Agreement | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 1.50% | ||||||||||||
Prime Lending Rate | Third Amended Restated Credit Agreement | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 2.25% | ||||||||||||
Federal Funds Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 0.29% | ||||||||||||
Federal Funds Rate | Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate at the end of period | 0.50% | ||||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Utilized portion of credit facility | $ 0 | ||||||||||||
Utilized portion of credit facility , due with in one year | 12,333,000 | ||||||||||||
Deferred financing fees | 1,019,000 | ||||||||||||
Credit facility, available to be utilized after restriction | 99,910,000 | ||||||||||||
Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Utilized portion of credit facility | 90,000 | ||||||||||||
Senior Unsecured Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments on borrowings on credit facilities | $ 98,900,000 | ||||||||||||
Senior Unsecured Revolving Credit Facility | Second Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | 225,000,000 | ||||||||||||
Senior Unsecured Revolving Credit Facility | Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | $ 100,000,000 | ||||||||||||
Senior Unsecured Revolving Credit Facility | Third Amended Restated Credit Agreement | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.35% | ||||||||||||
Senior Unsecured Revolving Credit Facility | Third Amended Restated Credit Agreement | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | ||||||||||||
Senior Unsecured Revolving Credit Facility | Letter of Credit | Third Amended Restated Credit Agreement | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, commitment fee percentage | 2.50% | ||||||||||||
Senior Unsecured Revolving Credit Facility | Letter of Credit | Third Amended Restated Credit Agreement | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, commitment fee percentage | 3.25% | ||||||||||||
Term Loan Facility | Second Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | $ 100,000,000 | ||||||||||||
Term Loan Facility | Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowings under senior unsecured revolving credit facility | $ 90,000,000 | ||||||||||||
Term Loan Facility | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 63,722,000 | ||||||||||||
Term Loan Facility | First Quarter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization payments on outstanding principal amount of term loans, in 2017 | 3,083,000 | ||||||||||||
Term Loan Facility | Second Quarter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization payments on outstanding principal amount of term loans, in 2017 | 3,083,000 | ||||||||||||
Term Loan Facility | Third Quarter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization payments on outstanding principal amount of term loans, in 2017 | 3,083,000 | ||||||||||||
Term Loan Facility | Fourth Quarter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization payments on outstanding principal amount of term loans, in 2016 | $ 3,083,000 | ||||||||||||
3.50% Convertible Senior Notes Due 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||
3.50% Convertible Senior Notes Due 2019 | Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | $ 143,750,000 | ||||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | ||||||||||
Option granted to initial purchasers and exercised, aggregate principal amount | $ 18,750,000 | ||||||||||||
Net proceeds from sale of notes | 139,031,000 | ||||||||||||
Debt Issuance Costs, Gross | $ 4,719,000 | ||||||||||||
Number of initial purchasers in capped call transactions | purchaser | 1 | ||||||||||||
Payments for capped call transactions | $ 16,531,000 | ||||||||||||
Repayments of term loan outstanding | 82,500,000 | ||||||||||||
Repayments of borrowings under revolving credit facility | $ 40,000,000 | ||||||||||||
Conversion rate per one thousand dollar principal amount of the Notes | 0.1877405 | ||||||||||||
Conversion price per share (in dollars per share) | $ / shares | $ 5.33 | ||||||||||||
Convertible, threshold percentage of outstanding shares of common stock that require stockholder approval | 19.99% | ||||||||||||
Convertible notes, shares convertible | shares | 25,000 | ||||||||||||
Debt convertible, threshold trading days | day | 20 | ||||||||||||
Debt convertible, threshold consecutive trading days | 30 days | ||||||||||||
Debt convertible, threshold percentage of stock price trigger | 130.00% | ||||||||||||
Measurement period | 5 days | ||||||||||||
Debt convertible, maximum percentage of trading price | 98.00% | ||||||||||||
Redemption price, percentage | 100.00% | ||||||||||||
Debt instrument fair value | $ 122,829,000 | ||||||||||||
Carrying value of permanent equity component reported in additional paid-in-capital | 20,228,000 | ||||||||||||
Stock repurchase program, authorized amount for debt repurchase | $ 10,000,000 | ||||||||||||
Principle amount of Notes | $ 9,475,000 | ||||||||||||
Loss on extinguishment of debt | $ 37,000 | ||||||||||||
Long-term debt | $ 133,750,000 | $ 143,750,000 | |||||||||||
3.50% Convertible Senior Notes Due 2019 | Equity Component | Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Issuance Costs, Gross | $ 693,000 | ||||||||||||
3.50% Convertible Senior Notes Due 2019 | Call Option | Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Initial cap price under capped call transaction (in dollars per share) | $ / shares | $ 7.035 | ||||||||||||
Proceeds from partial termination of capped call | $ 409,000 | ||||||||||||
Subsequent Event | Third Amended Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of commitments held by lenders | 50.00% | ||||||||||||
Subsequent Event | Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | $ 88,000 | ||||||||||||
The Merger Agreement | Subsequent Event | 3.50% Convertible Senior Notes Due 2019 | Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount convertible to cash | $ 1,000 |
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Tax Credit Carryforward [Line Items] | |||||||
Federal statutory income tax rate | 35.00% | ||||||
Increase in tax benefit due to discrete items | $ 3,452 | $ 1,093 | |||||
Goodwill impairment | $ 147,400 | $ 142,002 | $ 0 | 289,402 | 0 | ||
Net deferred tax asset | 40,117 | 40,117 | |||||
Gross deferred tax asset | 128,555 | 128,555 | |||||
Valuation allowance | 88,438 | 88,438 | |||||
Deferred tax benefit from impairment of goodwill | 28,168 | 27,137 | 55,305 | ||||
Deferred tax benefit from impairment of other assets | 13,759 | $ 732 | 14,491 | ||||
Deferred income taxes benefit | 69,796 | ||||||
Income tax expense (benefit), gain on sale of equity interest | (4,034) | ||||||
Increase (decrease) in valuation allowance | 25,000 | 3,726 | |||||
Income tax provision, other discrete items | 1,401 | ||||||
Unrecognized tax benefits due to settlement of tax examination | $ 10,424 | ||||||
Impact on effective tax rate | 6,776 | ||||||
Reversal of accrued interest related to unrecognized tax benefits | 12,607 | ||||||
Reversal of accrued interest, impact on effective tax rate | $ 8,977 | ||||||
Recognized tax benefits from expirations of statues of limitations | 3,443 | 2,828 | |||||
Recognized tax benefit from reversal of foreign tax benefit | 2,379 | 1,986 | |||||
Unrecognized tax benefits recognized in period | 1,064 | ||||||
Income tax examination refund from settlement with taxing authority, accrued taxes | 703 | 703 | |||||
Income tax examination refund from settlement with taxing authority, accrued interest | 1,268 | 1,268 | |||||
Income tax examination refund from settlement with taxing authority | 1,224 | 1,224 | |||||
Net tax benefit | $ (842) | ||||||
Total benefit reflect in tax provision | 2,288 | $ 16,595 | |||||
Long-term income taxes payable | 31,904 | 31,904 | $ 36,348 | ||||
Domestic Tax Authority | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Long-term income taxes payable | 31,904 | 31,904 | $ 36,348 | ||||
Domestic Tax Authority | Minimum | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Decrease in unrecognized tax benefits is reasonably possible | 0 | 0 | |||||
Domestic Tax Authority | Maximum | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Decrease in unrecognized tax benefits is reasonably possible | 9,500 | 9,500 | |||||
Careers North America | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Goodwill impairment | $ 147,400 | 289,402 | |||||
Impairment of other assets | $ 38,235 |
SEGMENT AND GEOGRAPHIC DATA - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
SEGMENT AND GEOGRAPHIC DATA - Operations by Reportable Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting Information [Line Items] | ||||
Revenue | $ 144,753 | $ 167,082 | $ 453,452 | $ 507,694 |
Operating (Loss) Income | (193,211) | 10,833 | (335,456) | 1,886 |
Depreciation and Amortization | 10,956 | 11,086 | 31,211 | 33,685 |
Restructuring and other special charges | 0 | 2,780 | 0 | 28,787 |
Goodwill impairment | 182,235 | 0 | 327,637 | 0 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 144,753 | 167,082 | 453,452 | 507,694 |
Operating (Loss) Income | (182,963) | 17,158 | (311,230) | 29,860 |
Depreciation and Amortization | 10,713 | 10,826 | 30,472 | 32,715 |
Operating Segments | United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 97,209 | 116,328 | 304,596 | 350,804 |
Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 47,544 | 50,754 | 148,856 | 156,890 |
Operating Segments | Careers North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 99,745 | 119,449 | 312,600 | 361,685 |
Operating (Loss) Income | (178,201) | 25,739 | (294,601) | 64,324 |
Depreciation and Amortization | 7,745 | 7,149 | 21,861 | 21,944 |
Restructuring and other special charges | 0 | 752 | 0 | 12,315 |
Goodwill impairment | 182,235 | 0 | 327,637 | 0 |
Operating Segments | Careers International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 45,008 | 47,633 | 140,852 | 146,009 |
Operating (Loss) Income | (4,762) | (8,581) | (16,629) | (34,464) |
Depreciation and Amortization | 2,968 | 3,677 | 8,611 | 10,771 |
Restructuring and other special charges | 0 | 2,028 | 0 | 14,353 |
Goodwill impairment | 0 | 0 | 0 | 0 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating (Loss) Income | (10,248) | (6,325) | (24,226) | (27,974) |
Depreciation and Amortization | 243 | 260 | 739 | 970 |
Restructuring and other special charges | 0 | 0 | 0 | 2,119 |
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT AND GEOGRAPHIC DATA - Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total Long-Lived Assets | $ 76,814 | $ 110,143 |
Reportable Geographical Components | United States | ||
Segment Reporting Information [Line Items] | ||
Total Long-Lived Assets | 55,068 | 87,440 |
Reportable Geographical Components | International | ||
Segment Reporting Information [Line Items] | ||
Total Long-Lived Assets | $ 21,746 | $ 22,703 |
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
TalentBin, Inc. | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 900 |
COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Commitments under Non-Cancelable Operating Leases and Minimum Rentals to be Received under Non-Cancelable Subleases (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Operating Leases | |
2016 | $ 8,298 |
2017 | 29,053 |
2018 | 26,251 |
2019 | 22,782 |
2020 | 18,930 |
Thereafter | 42,298 |
Future minimum lease payments | 147,612 |
Sublease Income | |
2016 | 826 |
2017 | 3,537 |
2018 | 3,429 |
2019 | 3,266 |
2020 | 3,266 |
Thereafter | 770 |
Future minimum lease payment due | $ 15,094 |
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