Monster Worldwide, Inc. (NYSE: MWW) today reported financial results for the third quarter ended September 30, 2016 and a GAAP to Non-GAAP reconciliation schedule for the third quarter ended September 30, 2016.
Third Quarter Financial Results
Revenue from continuing operations of $144.8 million decreased 13% at both actual and constant rates year over year. Revenue from the Company's Careers -- North America operations decreased 16% year over year to $99.7 million. Revenue from Careers -- International of $45.0 million was down 6% at actual rates and 2% in constant currency compared with the 2015 third quarter.
Total GAAP operating expenses from continuing operations were $338.0 million. Operating expenses included non-cash, pre-tax goodwill and other asset impairment charges of $182.2 million related to the completion of a formal impairment analysis referred to in the Company's second quarter 10-Q filing. Net loss from continuing operations was $180.5 million, or a loss of $2.03 per share. In last year's third quarter, net income from continuing operations was $9.8 million, or $0.10 per share. Deferred revenue was $224.2 million compared to $239.3 million as of June 30, 2016.
Non-GAAP net loss from continuing operations was $4.7 million, or a loss of $0.05 per share, compared to net income of $9.7 million, or $0.11 per share, in last year's third quarter. Cash EBITDA was $0.4 million compared to $25.3 million in the third quarter of 2015. Pro-forma items are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the GAAP measure in the accompanying tables.
As previously announced on August 9, 2016, Monster entered into a definitive agreement with Randstad Holding nv (AMS: RAND), under which Randstad, through a wholly-owned subsidiary, will acquire Monster for $3.40 per share in cash. The transaction is expected to close during the fourth quarter of 2016. The Monster Board of Directors unanimously recommends that Monster shareholders tender their shares into the Randstad offer.
In light of the announced agreement with Randstad, Monster has suspended any prior guidance and will not hold a conference call for its third quarter 2016 financial results.
About Monster Worldwide
Monster Worldwide, Inc. (NYSE: MWW) is a global leader in connecting people to jobs, wherever they are. For more than 20 years, Monster has helped people improve their lives with better jobs, and employers find the best talent. Today, the Company offers services in more than 40 countries, providing some of the broadest, most sophisticated job seeking, career management, recruitment and talent management capabilities. Monster continues its pioneering work of transforming the recruiting industry with advanced technology using intelligent digital, social and mobile solutions, including our flagship website monster.com® and a vast array of products and services. For more information visit http://monster.com/about.
