Monster Worldwide Inc. (MWW)
Q2 2010 Earnings Call Transcript
July 29, 2010 5:00 pm ET
Bob Jones – VP, IR
Sal Iannuzzi – Chairman, President and CEO
Tim Yates – CFO and EVP
John Blackledge – Credit Suisse
Neil Doshi – Citi
Tim McHugh – William Blair
James Mitchell – Goldman Sachs
Mark Marcon – Robert W. Baird
Glenn Greene – Oppenheimer
Previous Statements by MWW
» Monster Worldwide Inc. Q1 2010 Earnings Call Transcript
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» Monster Worldwide, Inc. Q3 2009 Earnings Call Transcript
Good afternoon, my name is Casey and I will be your conference operator today. At this time, I would like to welcome everyone to the Monster Worldwide second quarter 2010 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator instructions) Thank you.
I would now like to introduce Bob Jones, Vice President of Investor Relations, our host for today’s call. Mr. Jones, you may begin.
Good afternoon and thank you for joining us on Monster Worldwide second quarter 2010 conference call. We will have formal remarks from Sal Iannuzzi, who is the Chairman, President and Chief Executive Officer and Tim Yates, Executive Vice President and Chief Financial Officer.
In addition several members of our executive management team are available to answer your questions during the Q&A part of the call. They are Darko Dejanovic, CIO and Head of Products; Ted Gilvar, CMO, James Langrock, Chief Accounting Officer; Michael Miller, General of Council; Arthur O’Donnell, Global Customer Service; Lise Poulos, Chief Administrative Officer; and Mark Stoever, Corporate Development & Strategic Alliances.
Before we begin, I’d like to remind you that except for historical information, the statements made during this conference 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 and 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.
Thanks, Bob. Good afternoon and thank you all for joining us on our second quarter conference call. Before we getting into a discussion of the quarter, I’d like to welcome Kathy Paladino, was joined us as Head of North American Sales. Kathy was most recently President of Motorola’s Enterprise Mobility Division, a $2 billion division at Motorola.Prior to Motorola’s acquisition of Symbol, Kathy was Head of Worldwide Sales at Symbol where she led the company to it’s highest sales volume ever.Kathy previously spent eight years of fiscal system, leading at U.S. Cable and Emerging ServicesProvider business.
Steve Cooker previously managed our US Sales team, will be leading on Global Government Solutions business. Steve has over 10 years of experience in this sector. The government sector is a large market opportunity for us and we are well positioned to expand our presence internationally and domestically with local, state and federal agency. Having both Kathy and Steve as part of our senior management team, we’ll substantially increase our firepower in the important North American and global government markets.
During the second quarter, we demonstrated solid execution. Our strategy of using Monster’s innovative technology and product portfolio to create significant value for our customers and jobseekers is making progress. The clearest evidence of our progress is that bookings increased to 208 million up 19% year-over-year and we’re at the high-end of our expectations.
This performance was achieved despite the increased global macroeconomic uncertainty and the negative impact of currency translation. At the highest levels, our value proposition is simple, we provide to our clients the broadest range of the most relevant candidate, and we do this efficiently and in a matter which maximizes the return on investment. Our customers are recognizing that Monster is much more than a job board. As we compete against general and vertical job boards and noble forms of competition, we’re able to deliver a portfolio of product and services that provide compelling solutions to each of our clients.
Our ability to offer these solutions was based on several key competitive strengths. We reach a wider audience of active and passive seekers than any of our transitional competitors. We do this with our recruitment sites, professional communities and through our Career Ad Network. Our scale will only be enhanced with a completion of the pending acquisition of Yahoo! HotJobs.
The combination of our scale and ability to perfectly match the appropriate candidate with the right job as a result of our propriety Sixth Sense technology is unsurpassed in the industry. Our broad product array including media product can be customized and packaged to meet client requirements. Our unmatched global reach is a competitive strength for servicing international enterprise clients. Our technology investments, we have made ensure the privacy and security of the data shared by our seekers and our employers.
Our sale force is now using the full scope of our products and service offerings to create an enhanced solution for our clients. As a result, our clients are allocating their highest shares of recruitment spendwith Monster. Based on our bookings growthcoupled with an analysis of our win-loss trend, we believe we are gaining market share. There were a number of key indicators of that success in the market.