Monster Worldwide (MWW)
Q4 2010 Earnings Call
January 27, 2011 5:00 pm ET
Previous Statements by MWW
» Monster Worldwide Inc. Q2 2010 Earnings Call Transcript
» Monster Worldwide Inc. Q1 2010 Earnings Call Transcript
» Monster Worldwide, Inc. Q4 2009 Earnings Call Transcript
Sal Iannuzzi - Chairman, Chief Executive Officer, President, Member of Special Committee Investigating Stock Option Practices and Member of Special Litigation Committee Addressing Civil Litigation Matters
Lori Chaitman -
Timothy Yates - Chief Financial Officer, Executive Vice President and Director
Tobey Sommer - SunTrust Robinson Humphrey Capital Markets
Douglas Arthur - Evercore Partners Inc.
Craig Huber -
Alexia Quadrani - JP Morgan Chase & Co
Mark Marcon - Robert W. Baird & Co. Incorporated
John Janedis - UBS Investment Bank
Glenn Greene - Oppenheimer & Co. Inc.
Timothy McHugh - William Blair & Company L.L.C.
Mark Mahaney - Citigroup Inc
Good afternoon. My name is K.C., and I will be your conference operator today. At this time, I would like to welcome everyone to the Monster Worldwide Fourth Quarter 2010 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Ms. Lori Chaitman, Vice President of Investor Relations. Ms. Chaitman, please proceed.
Good afternoon, and thank you for joining us on Monster Worldwide's Fourth Quarter 2010 Conference Call. We will have formal remarks from Sal Iannuzzi, Chairman, President and Chief Executive Officer; and Tim Yates, Executive Vice President and Chief Financial Officer.
In addition to Sal and Tim, several members of our executive management team are available to answer your questions during the Q&A part of the call. They are Andrea Bertone, Darko Dejanovic, Ted Gilvar, James Langrock, Michael Miller, Lise Poulos, and Mark Stoever.
Before we begin, I'd like to remind you that except for historical information, the statements made during this call constitute forward-looking statements under applicable securities laws. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company’s strategic direction, prospects and future results.
Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions or dispositions, competition and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission. With that, I'd like to turn the call over to Sal for his comments.
Good evening, and thank you all for joining us for our fourth quarter and 2010 year-end conference call. 2010 was a year in which we made significant progress in executing our strategic plans for rebuilding Monster. Financial performance improved consistently throughout the year, and we either exceeded or was at the higher end of the annual financial expectations outlined last year.
Financial highlights for the year and the quarter including HotJobs. Full-year bookings increased 23%. Fourth quarter bookings were up by 28% year-over-year and 40% sequentially. Revenue for the year increased 1% including HotJobs. As you all know, the lag between bookings and revenue growth was the direct result of the depth and length of the business downturn. Because of the strong bookings performance throughout the year, the fourth quarter bookings and revenue growth have become more comparable.
Revenue growth in the fourth quarter increased 21% compared to last year. Loss per share for the year was $0.07 and in the fourth quarter was a $0.06 profit. Our most profitable quarter in eight quarters. EBITDA for the year was $109 million and in the fourth quarter, it was $43 million.
These stong financials are direct results of the many improvements made over the past several years. We now offer the clients on a global basis to compass the best combination of the ability to reach the talent market and the ability to precisely and efficiently identify the right candidate to fill their job opening.
I want to briefly highlight some of our accomplishments during 2010. Our career end network became the industry's largest recruitment focus and network, now reaches 1/3 of the U.S. Internet population. It has become increasingly important to our clients, with 50% more of our clients purchasing CAN products during 2010 than 2009. We rolled out CAN in a number of European countries. And in response to customer demand, we also launched CAN Direct, an innovative product which allows customers to syndicate their job advertisement directly from their talent management system into our network and then drive traffic directly back to their career website.
We successfully launched the 6Sense-powered resume search or PRS product in North America. The U.K., France are in beta and in Australia. The North American PRS continues to ramp and is an increasingly important part of our overall solution. In France, while still early, we are seeing adoption rates similar to the U.S. And in the U.K., we made a strategic decision to focus initially on the enterprise market and adoption rates have been strong in this segment. Our net markets for rolling out PRS are Germany, the Netherlands and China.
We completed the HotJobs acquisition and the Yahoo! traffic deal, transactions that significantly increased our U.S. customer base and talent pool. We will integrate the two sites as planned in the next few weeks and we will be adding thousands of new customers. We successfully launched Monster in Brazil, a large market where we expect significant growth in the coming years. We recently signed a traffic deal with Yahoo! in Brazil, which we expect will more than triple our existing traffic in that country. And we are currently working on similar traffic deals with Yahoo! in other North American countries.