##### Table of Contents



FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE TRANSITION PERIOD FROM  to
 COMMISSION FILE NUMBER 001-34209
 
 MONSTER WORLDWIDE, INC.
  DELAWARE
    
    13-3906555(STATE OR OTHER JURISDICTION OF
    
    (I.R.S. EMPLOYERINCORPORATION OR ORGANIZATION)
    
    IDENTIFICATION NO.)622 Third Avenue, New York, New York
    
    10017(ADDRESS OF PRINCIPAL
    
    (ZIP CODE)EXECUTIVE OFFICES)
 (212) 351-7000
 þ o
 o o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
  Outstanding as ofClass
    
    October 26, 2009Common Stock
    
    
    125,702,245




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##### 



MONSTER WORLDWIDE, INC.
 TABLE OF CONTENTS
 PageNo.PART IFINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Consolidated statements of operations
    
    
    3Consolidated balance sheets
    
    
    4Consolidated statements of cash flows
    
    
    5Notes to consolidated financial statements
    
    
    6Report of Independent Registered Public Accounting Firm
    
    
    21Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    43Item 4. Controls and Procedures
    
    
    44PART IIOTHER INFORMATIONItem 1. Legal Proceedings
    
    
    44Item 1A. Risk Factors
    
    
    45Item 6. Exhibits
    
    
    45Signatures
    
    
    46Exhibit 15.1Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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##### Table of Contents



PART IFINANCIAL INFORMATION
 
 ITEM 1.
    
    FINANCIAL STATEMENTS
 MONSTER WORLDWIDE, INC.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share amounts)
 (unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenue
    
    $
    214,533
    
    
    $
    332,189
    
    
    $
    691,993
    
    
    $
    1,052,955Salaries and related
    
    
    112,833
    
    
    
    136,506
    
    
    
    348,702
    
    
    
    412,833Office and general
    
    
    59,841
    
    
    
    71,834
    
    
    
    181,816
    
    
    
    221,091Marketing and promotion
    
    
    45,757
    
    
    
    57,684
    
    
    
    164,401
    
    
    
    238,514(Reversal of) Provision for legal
settlements, net
    
    
    (6,850
    )
    
    
    
    
    
    
    (6,850
    )
    
    
    40,100Restructuring and other special charges
    
    
    
    
    
    
    3,592
    
    
    
    16,105
    
    
    
    13,251Total operating expenses
    
    
    211,581
    
    
    
    269,616
    
    
    
    704,174
    
    
    
    925,789Operating income (loss)
    
    
    2,952
    
    
    
    62,573
    
    
    
    (12,181
    )
    
    
    127,166Interest and other, net
    
    
    (48
    )
    
    
    5,283
    
    
    
    1,231
    
    
    
    15,723Income (loss) from continuing operations
before income taxes and equity interests
    
    
    2,904
    
    
    
    67,856
    
    
    
    (10,950
    )
    
    
    142,889(Benefit from) provision for income taxes
    
    
    (30,891
    )
    
    
    22,734
    
    
    
    (35,463
    )
    
    
    50,030Loss in equity interests, net
    
    
    (1,044
    )
    
    
    (2,086
    )
    
    
    (3,473
    )
    
    
    (7,500
    )Income from continuing operations
    
    
    32,751
    
    
    
    43,036
    
    
    
    21,040
    
    
    
    85,359(Loss) income from discontinued
operations, net of tax
    
    
    
    
    
    
    (258
    )
    
    
    
    
    
    
    10,840Net income
    
    $
    32,751
    
    
    $
    42,778
    
    
    $
    21,040
    
    
    $
    96,199Basic earnings per share:Income from continuing operations
    
    $
    0.27
    
    
    $
    0.36
    
    
    $
    0.18
    
    
    $
    0.70Income from discontinued operations,
net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.09Basic earnings per share
    
    $
    0.27
    
    
    $
    0.36
    
    
    $
    0.18
    
    
    $
    0.79Diluted earnings per share:Income from continuing operations
    
    $
    0.27
    
    
    $
    0.36
    
    
    $
    0.17
    
    
    $
    0.70Income from discontinued operations, net
of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.09Diluted earnings per share *
    
    $
    0.27
    
    
    $
    0.35
    
    
    $
    0.17
    
    
    $
    0.79Weighted average shares outstanding:Basic
    
    
    119,473
    
    
    
    120,057
    
    
    
    119,206
    
    
    
    121,213Diluted
    
    
    121,676
    
    
    
    120,722
    
    
    
    120,853
    
    
    
    121,884
 *-
    
    Earnings per share may not add in certain periods due to rounding. See accompanying notes.
  3




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##### Table of Contents



MONSTER WORLDWIDE, INC.
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except per share amounts)
 September 30,
    
    
    December 31,2009
    
    
    2008(unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    187,477
    
    
    $
    222,260Marketable securities, current
    
    
    20,482
    
    
    
    1,425Accounts receivable, net of allowance for doubtful accounts of $15,169
and $14,064
    
    
    243,033
    
    
    
    376,720Prepaid and other
    
    
    87,058
    
    
    
    82,416Total current assets
    
    
    538,050
    
    
    
    682,821Marketable securities, non-current
    
    
    75,953
    
    
    
    90,347Goodwill
    
    
    930,231
    
    
    
    894,546Property and equipment, net
    
    
    150,963
    
    
    
    161,282Intangibles, net
    
    
    45,893
    
    
    
    52,335Other assets
    
    
    33,142
    
    
    
    35,259Total assets
    
    $
    1,774,232
    
    
    $
    1,916,590LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    37,452
    
    
    $
    41,524Accrued expenses and other current liabilities
    
    
    146,666
    
    
    
    205,005Deferred revenue
    
    
    265,573
    
    
    
    414,312Current portion of long-term debt and borrowings under credit facilities
    
    
    5,017
    
    
    
    54,971Income taxes payable
    
    
    20,284
    
    
    
    7,896Total current liabilities
    
    
    474,992
    
    
    
    723,708Long-term income taxes payable
    
    
    82,963
    
    
    
    119,951Deferred income taxes
    
    
    33,234
    
    
    
    24,658Long-term debt, less current portion
    
    
    45,000
    
    
    
    Other long-term liabilities
    
    
    3,160
    
    
    
    1,000Total liabilities
    
    
    639,349
    
    
    
    869,317Commitments and contingenciesStockholders equity:Preferred stock, $.001 par value, authorized 800 shares; issued and
outstanding: none
    
    
    
    
    
    
    Common stock, $.001 par value, authorized 1,500,000
shares; issued: 134,287 and 133,335 shares, respectively;
outstanding: 119,565 and 118,614 shares, respectively
    
    
    134
    
    
    
    133Class B common stock, $.001 par value, authorized 39,000 shares;
issued and outstanding: none
    
    
    
    
    
    
    Additional paid-in capital
    
    
    1,388,609
    
    
    
    1,367,373Accumulated deficit
    
    
    (324,993
    )
    
    
    (346,034
    )Accumulated other comprehensive income
    
    
    71,133
    
    
    
    25,801Total stockholders equity
    
    
    1,134,883
    
    
    
    1,047,273Total liabilities and stockholders equity
    
    $
    1,774,232
    
    
    $
    1,916,590
 See accompanying notes.
  4




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MONSTER WORLDWIDE, INC.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 (unaudited)
 Nine Months Ended
September 30,2009
    
    
    2008Cash flows provided by operating activities:Net income
    
    $
    21,040
    
    
    $
    96,199Adjustments to reconcile net income to net cash provided by operating activities:Income from discontinued operations, net of tax
    
    
    
    
    
    
    (10,840
    )Depreciation and amortization
    
    
    50,684
    
    
    
    40,503(Reversal of) Provision for legal settlements, net
    
    
    (6,850
    )
    
    
    40,100Provision for doubtful accounts
    
    
    8,566
    
    
    
    11,174Non-cash compensation
    
    
    30,349
    
    
    
    22,630Deferred income taxes
    
    
    5,739
    
    
    
    (7,142
    )Non-cash restructuring write-offs, accelerated amortization and loss on disposal
of assets
    
    
    4,744
    
    
    
    3,009Loss in equity interests, net
    
    
    3,473
    
    
    
    7,500Changes in assets and liabilities, net of purchase transactions:Accounts receivable
    
    
    127,523
    
    
    
    131,891Prepaid and other
    
    
    856
    
    
    
    21,620Deferred revenue
    
    
    (152,688
    )
    
    
    (112,567
    )Accounts payable, accrued liabilities and other
    
    
    (81,468
    )
    
    
    (4,924
    )Receipts for legal settlement, net
    
    
    
    
    
    
    5,700Net cash used for operating activities of discontinued operations
    
    
    
    
    
    
    (4,091
    )Total adjustments
    
    
    (9,072
    )
    
    
    144,563Net cash provided by operating activities
    
    
    11,968
    
    
    
    240,762Cash flows (used for) provided by investing activities:Capital expenditures
    
    
    (38,664
    )
    
    
    (71,224
    )Cash funded to equity investees
    
    
    (4,953
    )
    
    
    (5,000
    )Purchase of marketable securities
    
    
    (7,476
    )
    
    
    (182,147
    )Sales and maturities of marketable securities
    
    
    3,317
    
    
    
    502,305Payments for acquisitions and intangible assets, net of cash acquired
    
    
    (300
    )
    
    
    (126,195
    )Dividends received from unconsolidated investee
    
    
    763
    
    
    
    1,011Net cash (used for) provided by investing activities
    
    
    (47,313
    )
    
    
    118,750Cash flows (used for) provided by financing activities:Proceeds from borrowings on credit facilities
    
    
    199,203
    
    
    
    247,000Payments on borrowings on credit facilities
    
    
    (256,196
    )
    
    
    (156
    )Proceeds from borrowings on term loan
    
    
    50,000
    
    
    
    Excess tax benefits from equity compensation plans
    
    
    12
    
    
    
    981Repurchase of common stock
    
    
    (4,304
    )
    
    
    (128,133
    )Proceeds from exercise of employee stock options
    
    
    55
    
    
    
    1,156Net cash (used for) provided by financing activities
    
    
    (11,230
    )
    
    
    120,848Effects of exchange rates on cash
    
    
    11,792
    
    
    
    (4,980
    )Net (decrease) increase in cash and cash equivalents
    
    
    (34,783
    )
    
    
    475,380Cash and cash equivalents, beginning of period
    
    
    222,260
    
    
    
    129,744Cash and cash equivalents, end of period
    
    $
    187,477
    
    
    $
    605,124Supplemental disclosures of cash flow information:Cash (refunded) paid for income taxes
    
    $
    (664
    )
    
    $
    26,632Cash paid for interest
    
    $
    4,722
    
    
    $
    1,303Non-cash financing and investing activities:Liabilities created in connection with business combinations
    
    $
    298
    
    
    $
    4,049
 See accompanying notes.
  5




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##### Table of Contents



MONSTER WORLDWIDE, INC.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (dollars in thousands, except per share amounts)
 (unaudited)
 1.
    
    DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 Description of Business
  Basis of Presentation
    Adoption of New Accounting Standards
 Accounting Standards Codification
 The FASB Accounting Standards Codification and the Hierarchy
of Generally Accepted Accounting Principles The Hierarchy of Generally Accepted Accounting Principles
  6




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Participating Securities Granted in Share-Based Transactions
 Earnings Per Share Determining Whether Instruments
Granted in Share-Based Payment Transactions Are Participating Securities).
 Business Combinations and Noncontrolling Interests
 Business Combinations Business Combinations).
 Consolidations Noncontrolling Interests
in Consolidated Financial Statements)
 Fair Value Measurement and Disclosure
 Fair
Value Measurements and Disclosures Effective Date of FASB
Statement No. 157),
 Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly Investments  Debt and Equity
Securities
 Interim Disclosures about Fair Value of
Financial Instruments).
 Derivative Instruments and Hedging Activities
 Derivatives and Hedging Disclosures about Derivative Instruments and Hedging
Activities, an amendment of SFAS No. 133
  7




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##### Table of Contents



Other-Than-Temporary Impairments
 Investments  Debt and Equity
Securities Recognition and Presentation of Other-Than-Temporary
Impairments), .
 Subsequent Events
 Subsequent Events Subsequent Events)
 Accounting Standards Not Yet Effective
 Accounting for the Transfers of Financial Assets
 Accounting for Transfers of Financial
Assets an amendment to SFAS No.
 Accounting for Variable Interest Entities
 Amending FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities
 Fair Value Measurement of Liabilities
   8




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##### Table of Contents



2. EARNINGS PER SHARE
  Three      Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(thousands of shares)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Basic weighted average shares outstanding
    
    
    119,473
    
    
    
    120,057
    
    
    
    119,206
    
    
    
    121,213Effect of common stock equivalents  stock
options and non-vested stock under employee
compensation plans
    
    
    2,203
    
    
    
    665
    
    
    
    1,647
    
    
    
    671Diluted weighted average shares outstanding
    
    
    121,676
    
    
    
    120,722
    
    
    
    120,853
    
    
    
    121,884Weighted average anti-dilutive common stock
equivalents
    
    
    7,614
    
    
    
    8,864
    
    
    
    8,701
    
    
    
    7,982
 3. STOCK-BASED COMPENSATION
    Three Months Ended
September 30,
    
    
    Nine Months Ended
September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Non-vested stock, included in salaries
and related
    
    $
    9,924
    
    
    $
    7,437
    
    
    $
    29,889
    
    
    $
    20,994Non-vested stock, included in restructuring
and other special charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,162Stock options, included in salaries and related
    
    
    157
    
    
    
    165
    
    
    
    460
    
    
    
    474Total
    
    $
    10,081
    
    
    $
    7,602
    
    
    $
    30,349
    
    
    $
    22,630
    9




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##### Table of Contents



WeightedAverage FairValue at Grant(thousands of shares)
    
    Shares
    
    
    DateNon-vested at January 1, 2009
    
    
    5,612
    
    
    $
    24.57Granted
    
    
    4,010
    
    
    
    6.89Forfeited
    
    
    (650
    )
    
    
    21.02Vested
    
    
    (1,070
    )
    
    
    31.44Non-vested at September 30, 2009
    
    
    7,902
    
    
    $
    15.64
   WeightedWeighted
    
    
    Average
    
    
    AggregateAverage Exercise
    
    
    Contractual
    
    
    Intrinsic(thousands of shares)
    
    Shares
    
    
    Price
    
    
    Term (in years)
    
    
    ValueOutstanding at January 1, 2009
    
    
    6,290
    
    
    $
    30.58Exercised
    
    
    (6
    )
    
    
    9.47Forfeited/expired/cancelled
    
    
    (1,391
    )
    
    
    30.77Outstanding at September 30, 2009
    
    
    4,893
    
    
    $
    30.96
    
    
    
    2.32
    
    
    $
    4,942Options exercisable at September 30, 2009
    
    
    4,737
    
    
    $
    30.95
    
    
    
    2.19
    
    
    $
    4,942
  4. BUSINESS COMBINATIONS
  Acquired Business
    
    Acquisition Date
    
    Business SegmentCinchouse LLC
    
    July 28, 2009
    
    Internet Advertising & FeesChina HR.com Holdings Ltd. (ChinaHR)
    
    October 8, 2008
    
    Careers  InternationalTrovix Inc.
    
    July 31, 2008
    
    Careers  North AmericaAffinity Labs Inc.
    
    January 3, 2008
    
    Internet Advertising & Fees
    10




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##### Table of Contents



5. FAIR VALUE MEASUREMENT
  Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalAssets:Money market funds
    
    $
    14,094
    
    
    $
    
    
    
    $
    
    
    
    $
    14,094Bank time deposits
    
    
    
    
    
    
    46,849
    
    
    
    
    
    
    
    46,849Commercial paper
    
    
    
    
    
    
    93,157
    
    
    
    
    
    
    
    93,157Government bonds foreign
    
    
    
    
    
    
    8,884
    
    
    
    
    
    
    
    8,884Tax exempt auction rate bonds (Note 6)
    
    
    
    
    
    
    
    
    
    
    89,565
    
    
    
    89,565UBS put option (Note 6)
    
    
    
    
    
    
    
    
    
    
    142
    
    
    
    142Total Assets
    
    $
    14,094
    
    
    $
    148,890
    
    
    $
    89,707
    
    
    $
    252,691Liabilities:Lease exit liability
    
    $
    
    
    
    $
    
    
    
    $
    25,085
    
    
    $
    25,085Total Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    25,085
    
    
    $
    25,085
   11




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##### Table of Contents



Tax ExemptAuction RateBondsBalance, December 31, 2008
    
    $
    90,347Redemptions
    
    
    (900
    )Unrealized gain included in other comprehensive income
    
    
    306Unrealized loss included in interest and other, net
    
    
    (188
    )Balance, September 30, 2009
    
    $
    89,565
 UBS Put OptionBalance, December 31, 2008
    
    $
    Unrealized gain included in interest and other, net
    
    
    142Balance, September 30, 2009
    
    $
    142
 Lease
 Exit LiabilityBalance, December 31, 2008 *
    
    $
    Transfers into Level 3
    
    
    25,085Balance, September 30, 2009
    
    $
    25,085
 *-
    
    Prior to the effective
date of ASC 820.  6. INVESTMENTS
 Marketable Securities
     12




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Accounting
for Derivative and Hedging Activities) Financial Instruments The Fair Value Option for Financial Assets and
Liabilities
  Gross unrealized
    
    
    Gross unrealized
    
    
    Estimated fairCost
    
    
    losses
    
    
    gains
    
    
    valueCurrentGovernment bonds foreign
    
    $
    6,870
    
    
    $
    
    
    
    $
    
    
    
    $
    6,870Tax-exempt auction rate bonds
    
    
    13,800
    
    
    
    188
    
    
    $
    
    
    
    $
    13,612Total
    
    $
    20,670
    
    
    $
    188
    
    
    $
    
    
    
    $
    20,482Non-currentTax-exempt auction rate bonds
    
    $
    77,250
    
    
    $
    1,297
    
    
    $
    
    
    
    $
    75,953Total
    
    $
    77,250
    
    
    $
    1,297
    
    
    $
    
    
    
    $
    75,953
  13




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##### Table of Contents



Equity Investments
     Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008ChinaHR
    
    $
    
    
    
    $
    (2,323
    )
    
    $
    
    
    
    $
    (8,324
    )Finland
    
    
    41
    
    
    
    237
    
    
    
    142
    
    
    
    824Australia
    
    
    (1,085
    )
    
    
    
    
    
    
    (3,615
    )
    
    
    Loss in equity interests, net
    
    $
    (1,044
    )
    
    $
    (2,086
    )
    
    $
    (3,473
    )
    
    $
    (7,500
    )
 7. RESTRUCTURING AND OTHER SPECIAL CHARGES
   14




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##### Table of Contents



December 31,
2008
    
    
    Expense
    
    
    Cash
Payments
    
    
    Non-Cash
Utilization
    
    
    September 30,
2009Workforce reduction
    
    $
    2,749
    
    
    $
    7,731
    
    
    $
    (6,800
    )
    
    $
    
    
    
    $
    3,680Fixed asset write-offs
and accelerated
amortization
    
    
    
    
    
    
    4,721
    
    
    
    
    
    
    
    (4,721
    )
    
    
    Consolidation of office
facilities
    
    
    869
    
    
    
    2,876
    
    
    
    (761
    )
    
    
    
    
    
    
    2,984Other costs and
professional fees
    
    
    101
    
    
    
    777
    
    
    
    (340
    )
    
    
    
    
    
    
    538Total
    
    $
    3,719
    
    
    $
    16,105
    
    
    $
    (7,901
    )
    
    $
    (4,721
    )
    
    $
    7,202
 8. PROPERTY AND EQUIPMENT, NET
 September 30, 2009
    
    
    December 31, 2008Capitalized software costs
    
    $
    184,359
    
    
    $
    169,497Furniture and equipment
    
    
    31,463
    
    
    
    30,500Leasehold improvements
    
    
    32,557
    
    
    
    30,265Computer and communications
equipment
    
    
    178,074
    
    
    
    165,198426,453
    
    
    
    395,460Less: accumulated depreciation
    
    
    275,490
    
    
    
    234,178Property and equipment, net
    
    $
    150,963
    
    
    $
    161,282
   9. FINANCIAL DERIVATIVE INSTRUMENTS
   September 30, 2009Notional Balance
    
    
    Maturity Date
    
    
    Accrued
ExpensesDesignated as Hedges under ASC 815None
    
    
    
    
    
    
    
    
    
    
    Not Designated as Hedges under ASC 815Foreign currency exchange forwards
    
    $29,778 consisting of 7 different currency pairs
    
    
    October  December 2009
    
    
    $
    3Total Derivative Instruments
    
    
    
    
    
    
    
    
    
    $
    3December 31, 2008Notional Balance
    
    
    Maturity Date
    
    
    AccruedExpensesDesignated as Hedges under ASC 815None
    
    
    
    
    
    
    
    
    
    
    Not Designated as Hedges under ASC 815Foreign currency exchange forwards
    
    $33,200 consisting of 3 different currency pairs
    
    
    January 2009
    
    $
    (100
    )Total Derivative Instruments
    
    
    
    
    
    
    
    
    
    $
    (100
    )
   15




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##### Table of Contents



10. DISCONTINUED OPERATIONS
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Revenue
    
    $
    
    
    
    $
    190
    
    
    $
    
    
    
    $
    6,348Loss before income taxes
    
    
    
    
    
    
    (397
    )
    
    
    
    
    
    
    (18,654
    )Income tax benefit
    
    
    
    
    
    
    139
    
    
    
    
    
    
    
    29,494Income (loss) from
discontinued
operations, net of tax
    
    $
    
    
    
    $
    (258
    )
    
    $
    
    
    
    $
    10,840
 11. FINANCING AGREEMENTS
     16




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##### Table of Contents



12. COMPREHENSIVE INCOME (LOSS)
  Three Months ended
    
    
    Nine Months endedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net income
    
    $
    32,751
    
    
    $
    42,778
    
    
    $
    21,040
    
    
    $
    96,199Foreign currency translation adjustment
    
    
    42,592
    
    
    
    (56,153
    )
    
    
    45,026
    
    
    
    (29,906
    )Net unrealized gain (loss) on
available-for-sale securities
    
    
    181
    
    
    
    349
    
    
    
    306
    
    
    
    (1,021
    )Comprehensive income (loss)
    
    $
    75,524
    
    
    $
    (13,026
    )
    
    $
    66,372
    
    
    $
    65,272
 13. INCOME TAXES
     14. SEGMENT AND GEOGRAPHIC DATA
   17




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##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,Revenue
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Careers  North America
    
    $
    95,204
    
    
    $
    155,165
    
    
    $
    316,187
    
    
    $
    502,983Careers  International
    
    
    84,737
    
    
    
    142,441
    
    
    
    277,000
    
    
    
    452,386Internet Advertising & Fees
    
    
    34,592
    
    
    
    34,583
    
    
    
    98,806
    
    
    
    97,586Revenue
    
    $
    214,533
    
    
    $
    332,189
    
    
    $
    691,993
    
    
    $
    1,052,955
 Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,Operating Income (Loss)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Careers  North America
    
    $
    6,057
    
    
    $
    43,120
    
    
    $
    17,804
    
    
    $
    141,230Careers  International
    
    
    (2,181
    )
    
    
    30,231
    
    
    
    (4,871
    )
    
    
    71,790Internet Advertising & Fees
    
    
    5,091
    
    
    
    4,726
    
    
    
    13,574
    
    
    
    7,951Corporate expenses
    
    
    (6,015
    )
    
    
    (15,504
    )
    
    
    (38,688
    )
    
    
    (93,805
    )Operating income (loss)
    
    $
    2,952
    
    
    $
    62,573
    
    
    $
    (12,181
    )
    
    $
    127,166
 Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,Depreciation and Amortization
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Careers  North America
    
    $
    7,997
    
    
    $
    6,372
    
    
    $
    22,959
    
    
    $
    17,322Careers  International
    
    
    7,391
    
    
    
    6,560
    
    
    
    22,082
    
    
    
    18,281Internet Advertising & Fees
    
    
    1,929
    
    
    
    1,661
    
    
    
    5,338
    
    
    
    4,547Corporate expenses
    
    
    102
    
    
    
    117
    
    
    
    305
    
    
    
    353Depreciation and amortization
    
    $
    17,419
    
    
    $
    14,710
    
    
    $
    50,684
    
    
    $
    40,503
 Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,Restructuring and Other Special Charges
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Careers  North America
    
    $
    
    
    
    $
    651
    
    
    $
    3,758
    
    
    $
    4,607Careers  International
    
    
    
    
    
    
    2,236
    
    
    
    10,368
    
    
    
    6,752Internet Advertising & Fees
    
    
    
    
    
    
    251
    
    
    
    616
    
    
    
    1,370Corporate expenses
    
    
    
    
    
    
    454
    
    
    
    1,363
    
    
    
    522Restructuring and other
special charges
    
    $
    
    
    
    $
    3,592
    
    
    $
    16,105
    
    
    $
    13,251
 Three Months Ended
    
    
    Nine Months EndedSeptember  30,
    
    
    September  30,Revenue by Geographic Region
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008United States
    
    $
    125,322
    
    
    $
    183,208
    
    
    $
    401,476
    
    
    $
    579,469Germany
    
    
    16,423
    
    
    
    33,669
    
    
    
    56,322
    
    
    
    108,664Other foreign
    
    
    72,788
    
    
    
    115,312
    
    
    
    234,195
    
    
    
    364,822Revenue
    
    $
    214,533
    
    
    $
    332,189
    
    
    $
    691,993
    
    
    $
    1,052,955
  18




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##### Table of Contents



Total Assets by Segment
    
    September 30, 2009
    
    
    December 31, 2008Careers  North America
    
    $
    574,698
    
    
    $
    657,730Careers  International
    
    
    717,150
    
    
    
    843,007Internet Advertising & Fees
    
    
    186,697
    
    
    
    188,507Corporate
    
    
    152,577
    
    
    
    83,217Shared assets (a)
    
    
    143,110
    
    
    
    144,129Total assets
    
    $
    1,774,232
    
    
    $
    1,916,590
 (a)
    
    Shared assets represent assets that provide economic benefit to all of the Companys
operating segments. Shared assets are not allocated to operating segments for internal
reporting or decision-making purposes.  Long-lived Assets by Geographic Region (a)
    
    September 30, 2009
    
    
    December 31, 2008United States
    
    $
    111,089
    
    
    $
    117,738International
    
    
    39,874
    
    
    
    43,544Total long-lived assets
    
    $
    150,963
    
    
    $
    161,282
 (a)
    
    Long-lived assets are composed of only property and equipment, net. 15. STOCK OPTION INVESTIGATIONS AND LITIGATION
  Remaining Litigation Arising from the Companys Historical Stock Option Granting Practices
   19




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##### Table of Contents



Litigation Relating to the Companys Discontinued Tickle Business
   20




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
      
  21




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##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Item 1A. Risk Factors
 Overview
      22




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##### Table of Contents



Restructuring Program
  Business Combinations
  Acquired Business
    
    Acquisition Date
    
    Business SegmentCinchouse LLC
    
    July 28, 2009
    
    Internet Advertising & FeesChina HR.com Holdings Ltd. (ChinaHR)
    
    October 8, 2008
    
    Careers  InternationalTrovix Inc.
    
    July 31, 2008
    
    Careers  North AmericaAffinity Labs Inc.
    
    January 3, 2008
    
    Internet Advertising & Fees
 Discontinued Operations
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(dollars in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Revenue
    
    $
    
    
    
    $
    190
    
    
    $
    
    
    
    $
    6,348Loss before income taxes
    
    
    
    
    
    
    (397
    )
    
    
    
    
    
    
    (18,654
    )Income tax benefit
    
    
    
    
    
    
    139
    
    
    
    
    
    
    
    29,494Income (loss) from
discontinued
operations, net of tax
    
    $
    
    
    
    $
    (258
    )
    
    $
    
    
    
    $
    10,840
  23




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##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenue
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Salaries and related
    
    
    52.6
    %
    
    
    41.1
    %
    
    
    50.4
    %
    
    
    39.2
    %Office and general
    
    
    27.9
    %
    
    
    21.6
    %
    
    
    26.3
    %
    
    
    21.0
    %Marketing and promotion
    
    
    21.3
    %
    
    
    17.4
    %
    
    
    23.8
    %
    
    
    22.7
    %(Reversal of) provision for legal settlements, net
    
    
    (3.2
    )%
    
    
    0.0
    %
    
    
    (1.0
    )%
    
    
    3.8
    %Restructuring and other special charges
    
    
    0.0
    %
    
    
    1.1
    %
    
    
    2.3
    %
    
    
    1.3
    %Total operating expenses
    
    
    98.6
    %
    
    
    81.2
    %
    
    
    101.8
    %
    
    
    87.9
    %Operating income (loss)
    
    
    1.4
    %
    
    
    18.8
    %
    
    
    (1.8
    )%
    
    
    12.1
    %Interest and other, net
    
    
    (0.0
    )%
    
    
    1.6
    %
    
    
    0.2
    %
    
    
    1.5
    %Income (loss) from continuing operations before
income taxes and loss in equity interests
    
    
    1.4
    %
    
    
    20.4
    %
    
    
    (1.6
    )%
    
    
    13.6
    %(Benefit from) provision for income taxes
    
    
    (14.4
    )%
    
    
    6.8
    %
    
    
    (5.1
    )%
    
    
    4.8
    %Loss in equity interests, net
    
    
    (0.5
    )%
    
    
    (0.6
    )%
    
    
    (0.5
    )%
    
    
    (0.7
    )%Income from continuing operations
    
    
    15.3
    %
    
    
    13.0
    %
    
    
    3.0
    %
    
    
    8.1
    %Income from discontinued operations, net of tax
    
    
    0.0
    %
    
    
    (0.1
    )%
    
    
    0.0
    %
    
    
    1.0
    %Net income
    
    
    15.3
    %
    
    
    12.9
    %
    
    
    3.0
    %
    
    
    9.1
    %
 The Three Months Ended September 30, 2009 Compared to the Three Months Ended September 30, 2008
 Consolidated Revenue, Operating Expenses and Operating Income
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    

Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    214,533
    
    
    
    100.0
    %
    
    $
    332,189
    
    
    
    100.0
    %
    
    $
    (117,656
    )
    
    
    (35.4
    )%Salaries and related
    
    
    112,833
    
    
    
    52.6
    %
    
    
    136,506
    
    
    
    41.1
    %
    
    
    (23,673
    )
    
    
    (17.3
    )%Office and general
    
    
    59,841
    
    
    
    27.9
    %
    
    
    71,834
    
    
    
    21.6
    %
    
    
    (11,993
    )
    
    
    (16.7
    )%Marketing and promotion
    
    
    45,757
    
    
    
    21.3
    %
    
    
    57,684
    
    
    
    17.4
    %
    
    
    (11,927
    )
    
    
    (20.7
    )%(Reversal of) provision for legal settlements, net
    
    
    (6,850
    )
    
    
    (3.2
    )%
    
    
    
    
    
    
    0.0
    %
    
    
    (6,850
    )
    
    
    (100.0
    )%Restructuring and other special charges
    
    
    
    
    
    
    0.0
    %
    
    
    3,592
    
    
    
    1.1
    %
    
    
    (3,592
    )
    
    
    (100.0
    )%Operating expenses
    
    
    211,581
    
    
    
    98.6
    %
    
    
    269,616
    
    
    
    81.2
    %
    
    
    (58,035
    )
    
    
    (21.5
    )%Operating income
    
    $
    2,952
    
    
    
    1.4
    %
    
    $
    62,573
    
    
    
    18.8
    %
    
    $
    (59,621
    )
    
    
    (95.3
    )%
    24




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##### Table of Contents



Legal Proceedings
    25




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##### Table of Contents



Careers  North America
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    95,204
    
    
    
    100.0
    %
    
    $
    155,165
    
    
    
    100.0
    %
    
    $
    (59,961
    )
    
    
    (38.6
    )%Salaries and related
    
    
    47,470
    
    
    
    49.9
    %
    
    
    53,714
    
    
    
    34.6
    %
    
    
    (6,244
    )
    
    
    (11.6
    )%Office and general
    
    
    23,599
    
    
    
    24.8
    %
    
    
    30,469
    
    
    
    19.6
    %
    
    
    (6,870
    )
    
    
    (22.5
    )%Marketing and promotion
    
    
    18,078
    
    
    
    19.0
    %
    
    
    27,211
    
    
    
    17.5
    %
    
    
    (9,133
    )
    
    
    (33.6
    )%Restructuring and other special charges
    
    
    
    
    
    
    0.0
    %
    
    
    651
    
    
    
    0.4
    %
    
    
    (651
    )
    
    
    (100.0
    )%Operating expenses
    
    
    89,147
    
    
    
    93.6
    %
    
    
    112,045
    
    
    
    72.2
    %
    
    
    (22,898
    )
    
    
    (20.4
    )%Operating income
    
    $
    6,057
    
    
    
    6.4
    %
    
    $
    43,120
    
    
    
    27.8
    %
    
    $
    (37,063
    )
    
    
    (86.0
    )%
        26




---



##### Table of Contents



Careers  International
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    84,737
    
    
    
    100.0
    %
    
    $
    142,441
    
    
    
    100.0
    %
    
    $
    (57,704
    )
    
    
    (40.5
    )%Salaries and related
    
    
    45,915
    
    
    
    54.2
    %
    
    
    63,524
    
    
    
    44.6
    %
    
    
    (17,609
    )
    
    
    (27.7
    )%Office and general
    
    
    25,373
    
    
    
    29.9
    %
    
    
    27,328
    
    
    
    19.2
    %
    
    
    (1,955
    )
    
    
    (7.2
    )%Marketing and promotion
    
    
    15,630
    
    
    
    18.4
    %
    
    
    19,122
    
    
    
    13.4
    %
    
    
    (3,492
    )
    
    
    (18.3
    )%Restructuring and other special charges
    
    
    
    
    
    
    0.0
    %
    
    
    2,236
    
    
    
    1.6
    %
    
    
    (2,236
    )
    
    
    (100.0
    )%Operating expenses
    
    
    86,918
    
    
    
    102.6
    %
    
    
    112,210
    
    
    
    78.8
    %
    
    
    (25,292
    )
    
    
    (22.5
    )%Operating (loss) income
    
    $
    (2,181
    )
    
    
    (2.6
    )%
    
    $
    30,231
    
    
    
    21.2
    %
    
    $
    (32,412
    )
    
    
    (107.2
    )%
        27




---



##### Table of Contents



Internet Advertising & Fees
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    34,592
    
    
    
    100.0
    %
    
    $
    34,583
    
    
    
    100.0
    %
    
    $
    9
    
    
    
    0.0
    %Salaries and related
    
    
    11,516
    
    
    
    33.3
    %
    
    
    12,386
    
    
    
    35.8
    %
    
    
    (870
    )
    
    
    (7.0
    )%Office and general
    
    
    6,064
    
    
    
    17.5
    %
    
    
    6,055
    
    
    
    17.5
    %
    
    
    9
    
    
    
    0.1
    %Marketing and promotion
    
    
    11,921
    
    
    
    34.5
    %
    
    
    11,165
    
    
    
    32.3
    %
    
    
    756
    
    
    
    6.8
    %Restructuring and other special charges
    
    
    
    
    
    
    0.0
    %
    
    
    251
    
    
    
    0.7
    %
    
    
    (251
    )
    
    
    (100.0
    )%Operating expenses
    
    
    29,501
    
    
    
    85.3
    %
    
    
    29,857
    
    
    
    86.3
    %
    
    
    (356
    )
    
    
    (1.2
    )%Operating income
    
    $
    5,091
    
    
    
    14.7
    %
    
    $
    4,726
    
    
    
    13.7
    %
    
    $
    365
    
    
    
    7.7
    %
     Interest and Other, net
  Income Taxes
  (dollars in thousands)
    
    2009
    
    
    2008
    
    
    $ Change
    
    
    % ChangeIncome from
continuing operations
before income taxes
    
    $
    2,904
    
    
    $
    67,856
    
    
    $
    (64,952
    )
    
    
    (95.7
    )%Income taxes
    
    
    (30,891
    )
    
    
    22,734
    
    
    
    (53,625
    )
    
    
    (235.9
    )%Effective tax rate
    
    
    -1063.7
    %
    
    
    33.5
    %
    28




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##### Table of Contents



Diluted Earnings Per Share
  The Nine Months Ended September 30, 2009 Compared to the Nine Months Ended September 30, 2008
 Consolidated Revenue, Operating Expenses and Operating (Loss) Income
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    

2009
    
    
    Revenue
    
    

2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    691,993
    
    
    
    100.0
    %
    
    $
    1,052,955
    
    
    
    100.0
    %
    
    $
    (360,962
    )
    
    
    (34.3
    )%Salaries and related
    
    
    348,702
    
    
    
    50.4
    %
    
    
    412,833
    
    
    
    39.2
    %
    
    
    (64,131
    )
    
    
    (15.5
    )%Office and general
    
    
    181,816
    
    
    
    26.3
    %
    
    
    221,091
    
    
    
    21.0
    %
    
    
    (39,275
    )
    
    
    (17.8
    )%Marketing and promotion
    
    
    164,401
    
    
    
    23.8
    %
    
    
    238,514
    
    
    
    22.7
    %
    
    
    (74,113
    )
    
    
    (31.1
    )%(Reversal
of) provision for legal settlements, net
    
    
    (6,850
    )
    
    
    (1.0
    )%
    
    
    40,100
    
    
    
    3.8
    %
    
    
    (46,950
    )
    
    
    (117.1
    )%Restructuring and other
special charges
    
    
    16,105
    
    
    
    2.3
    %
    
    
    13,251
    
    
    
    1.3
    %
    
    
    2,854
    
    
    
    21.5
    %Operating expenses
    
    
    704,174
    
    
    
    101.8
    %
    
    
    925,789
    
    
    
    87.9
    %
    
    
    (221,615
    )
    
    
    (23.9
    )%Operating
(loss)  income
    
    $
    (12,181
    )
    
    
    (1.8
    )%
    
    $
    127,166
    
    
    
    12.1
    %
    
    $
    (139,347
    )
    
    
    (109.6
    )%
     29




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##### Table of Contents



Legal Proceedings
   Careers  North America
  % of
    
    
    
    
    
    
    %  of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    316,187
    
    
    
    100.0
    %
    
    $
    502,983
    
    
    
    100.0
    %
    
    $
    (186,796
    )
    
    
    (37.1
    )%Salaries and related
    
    
    145,606
    
    
    
    46.1
    %
    
    
    158,724
    
    
    
    31.6
    %
    
    
    (13,118
    )
    
    
    (8.3
    )%Office and general
    
    
    69,467
    
    
    
    22.0
    %
    
    
    87,114
    
    
    
    17.3
    %
    
    
    (17,647
    )
    
    
    (20.3
    )%Marketing and promotion
    
    
    79,552
    
    
    
    25.2
    %
    
    
    111,308
    
    
    
    22.1
    %
    
    
    (31,756
    )
    
    
    (28.5
    )%Restructuring and other special charges
    
    
    3,758
    
    
    
    1.2
    %
    
    
    4,607
    
    
    
    0.9
    %
    
    
    (849
    )
    
    
    (18.4
    )%Operating expenses
    
    
    298,383
    
    
    
    94.4
    %
    
    
    361,753
    
    
    
    71.9
    %
    
    
    (63,370
    )
    
    
    (17.5
    )%Operating income
    
    $
    17,804
    
    
    
    5.6
    %
    
    $
    141,230
    
    
    
    28.1
    %
    
    $
    (123,426
    )
    
    
    (87.4
    )%
  30




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##### Table of Contents



Careers  International
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    277,000
    
    
    
    100.0
    %
    
    $
    452,386
    
    
    
    100.0
    %
    
    $
    (175,386
    )
    
    
    (38.8
    )%Salaries and related
    
    
    144,449
    
    
    
    52.1
    %
    
    
    192,198
    
    
    
    42.5
    %
    
    
    (47,749
    )
    
    
    (24.8
    )%Office and general
    
    
    75,208
    
    
    
    27.2
    %
    
    
    87,214
    
    
    
    19.3
    %
    
    
    (12,006
    )
    
    
    (13.8
    )%Marketing and promotion
    
    
    51,846
    
    
    
    18.7
    %
    
    
    94,432
    
    
    
    20.9
    %
    
    
    (42,586
    )
    
    
    (45.1
    )%Restructuring and other special charges
    
    
    10,368
    
    
    
    3.7
    %
    
    
    6,752
    
    
    
    1.5
    %
    
    
    3,616
    
    
    
    53.5
    %Operating expenses
    
    
    281,871
    
    
    
    101.8
    %
    
    
    380,596
    
    
    
    84.1
    %
    
    
    (98,725
    )
    
    
    (25.9
    )%Operating (loss) income
    
    $
    (4,871
    )
    
    
    (1.8
    )%
    
    $
    71,790
    
    
    
    15.9
    %
    
    $
    (76,661
    )
    
    
    (106.8
    )%
  31




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32




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##### Table of Contents



Internet Advertising & Fees
  % of
    
    
    
    
    
    
    % of
    
    
    Increase
    
    
    % Increase(dollars in thousands)
    
    2009
    
    
    Revenue
    
    
    2008
    
    
    Revenue
    
    
    (Decrease)
    
    
    (Decrease)Revenue
    
    $
    98,806
    
    
    
    100.0
    %
    
    $
    97,586
    
    
    
    100.0
    %
    
    $
    1,220
    
    
    
    1.2
    %Salaries and related
    
    
    34,674
    
    
    
    35.1
    %
    
    
    37,992
    
    
    
    38.9
    %
    
    
    (3,318
    )
    
    
    (8.7
    )%Office and general
    
    
    17,670
    
    
    
    17.9
    %
    
    
    18,933
    
    
    
    19.4
    %
    
    
    (1,263
    )
    
    
    (6.7
    )%Marketing and promotion
    
    
    32,272
    
    
    
    32.7
    %
    
    
    31,340
    
    
    
    32.1
    %
    
    
    932
    
    
    
    3.0
    %Restructuring and other special charges
    
    
    616
    
    
    
    0.6
    %
    
    
    1,370
    
    
    
    1.4
    %
    
    
    (754
    )
    
    
    (55.0
    )%Operating expenses
    
    
    85,232
    
    
    
    86.3
    %
    
    
    89,635
    
    
    
    91.9
    %
    
    
    (4,403
    )
    
    
    (4.9
    )%Operating income
    
    $
    13,574
    
    
    
    13.7
    %
    
    $
    7,951
    
    
    
    8.1
    %
    
    $
    5,623
    
    
    
    70.7
    %
     Interest and Other, net
  Income Taxes
  (dollars in thousands)
    
    2009
    
    
    2008
    
    
    $ Change
    
    
    % Change(Loss) income loss from
continuing operations before income taxes
    
    $
    (10,950
    )
    
    $
    142,889
    
    
    $
    (153,839
    )
    
    
    (107.7
    )%Income taxes
    
    
    (35,463
    )
    
    
    50,030
    
    
    
    (85,493
    )
    
    
    (170.9
    )%Effective tax rate
    
    
    323.9
    %
    
    
    35.0
    %
   33




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##### Table of Contents



Diluted Earnings Per Share
  Financial Condition
  September 30,
    
    
    December 31,
    
    
    Change(dollars in thousands)
    
    2009
    
    
    2008
    
    
    $
    
    
    %Cash and cash equivalents
    
    $
    187,477
    
    
    $
    222,260
    
    
    $
    (34,783
    )
    
    
    (15.6
    )%Marketable securities
(current and non-current)
    
    
    96,435
    
    
    
    91,772
    
    
    
    4,663
    
    
    
    5.1
    %Cash and cash equivalents and
marketable securities
    
    $
    283,912
    
    
    $
    314,032
    
    
    $
    (30,120
    )
    
    
    (9.6
    )%Percentage of total assets
    
    
    16.0
    %
    
    
    16.4
    %
   September 30,
    
    
    September 30,
    
    
    Change(dollars in thousands)
    
    2009
    
    
    2008
    
    
    $
    
    
    %Cash provided by operating
activities of continuing operations
    
    $
    11,968
    
    
    $
    244,853
    
    
    $
    (232,885
    )
    
    
    (95.1
    )%Cash (used for) provided by
investing activities of continuing
operations
    
    
    (47,313
    )
    
    
    118,750
    
    
    
    (166,063
    )
    
    
    (139.8
    )%Cash (used for) provided by
financing activities of continuing
operations
    
    
    (11,230
    )
    
    
    120,848
    
    
    
    (132,078
    )
    
    
    (109.3
    )%Cash used in discontinued operations
    
    
    
    
    
    
    (4,091
    )
    
    
    4,091
    
    
    
    100.0
    %Effect of exchange rates on cash
    
    
    11,792
    
    
    
    (4,980
    )
    
    
    16,772
    
    
    
    336.8
    %
 Liquidity and Capital Resources
   34




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35




---



##### Table of Contents



36




---



##### Table of Contents



Cash Flows
     Share Repurchase Plan
  Fair Value Measurement
 Liquidity and Capital Resources
 Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalAssets:Money market funds
    
    $
    14,094
    
    
    $
    
    
    
    $
    
    
    
    $
    14,094Bank time deposits
    
    
    
    
    
    
    46,849
    
    
    
    
    
    
    
    46,849Commercial paper
    
    
    
    
    
    
    93,157
    
    
    
    
    
    
    
    93,157Government bonds foreign
    
    
    
    
    
    
    8,884
    
    
    
    
    
    
    
    8,884Tax exempt auction rate bonds
    
    
    
    
    
    
    
    
    
    
    89,565
    
    
    
    89,565UBS put option
    
    
    
    
    
    
    
    
    
    
    142
    
    
    
    142Total Assets
    
    $
    14,094
    
    
    $
    148,890
    
    
    $
    89,707
    
    
    $
    252,691Liabilities:Lease exit liability
    
    $
    
    
    
    $
    
    
    
    $
    25,085
    
    
    $
    25,085Total Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    25,085
    
    
    $
    25,085
  37




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##### Table of Contents



Tax ExemptAuction RateBondsBalance, December 31, 2008
    
    $
    90,347Redemptions
    
    
    (900
    )Unrealized gain included in other comprehensive income
    
    
    306Unrealized loss included in interest and other, net
    
    
    (188
    )Balance, September 30, 2009
    
    $
    89,565
 UBS Put OptionBalance, December 31, 2008
    
    $
    Unrealized gain included in interest and other, net
    
    
    142Balance, September 30, 2009
    
    $
    142
 Lease ExitLiabilityBalance, December 31, 2008
    
    $
    Transfers into Level 3
    
    
    25,085Balance, September 30, 2009
    
    $
    25,085
  Critical Accounting Estimates
  Basis of Presentation and Significant
Accounting Policies Item 8,
Financial Statements and Supplementary Data
 Revenue Recognition and Accounts Receivable
 Careers (North America and International).
  38




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##### Table of Contents



Internet Advertising & Fees.
 Fair Value Measurements
  Asset Impairment
 Business Combinations, Goodwill and Intangible Assets. Business Combinations
   Long-lived assets.
 Income Taxes
 Income
Taxes
  39




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##### Table of Contents



Stock-Based Compensation
 Stock Compensation
 Restructuring and Other Operating Lease Obligations
  Equity Investments
  Recently Issued Accounting Pronouncements
 Adoption of New Accounting Standards
 Accounting Standards Codification
 The FASB Accounting Standards Codification and the Hierarchy
of Generally Accepted Accounting Principles The Hierarchy of Generally Accepted Accounting Principles
 Participating Securities Granted in Share-Based Transactions
 Earnings Per Share Determining Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities).
  40




---



##### Table of Contents



Business Combinations and Noncontrolling Interests
 Business Combinations Business Combinations).
 Consolidations Noncontrolling Interests
in Consolidated Financial Statements).
 Fair Value Measurement and Disclosure
 Fair
Value Measurements and Disclosures Effective Date of FASB
Statement No. 157),
 Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly Investments  Debt and Equity Securities
 Interim Disclosures about Fair Value of Financial Instruments).
 Derivative Instruments and Hedging Activities
 Derivatives and Hedging Disclosures about Derivative Instruments and Hedging
Activities, an amendment of SFAS No. 133
 Other-Than-Temporary Impairments
 Investments  Debt and Equity
Securities Recognition and Presentation of Other-Than-Temporary
Impairments), .
  41




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##### Table of Contents



Subsequent Events
 Subsequent Events Subsequent Events)
 Accounting Standards Not Yet Effective
 Accounting for the Transfers of Financial Assets
 Accounting for Transfers of Financial
Assets an amendment to SFAS No.
 Accounting for Variable Interest Entities
 Amending FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities
 Fair Value Measurement of Liabilities
   42




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Quantitative and Qualitative Disclosures About Market
Risk
 Foreign Exchange Risk
     Interest Rate Risk
 Credit Facility
  Investment Portfolio
   43




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##### Table of Contents



Other Market Risks
 Investments in Auction Rate Securities
  
 ITEM 4.
    
    CONTROLS AND PROCEDURES
   
 PART IIOTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
  Remaining Litigation Arising from the Companys Historical Stock Option Granting Practices
   44




---



##### Table of Contents



Litigation Relating to the Companys Discontinued Tickle Business
  
 ITEM 1A.
    
    RISK FACTORS
 Item 1A. Risk Factor Item 1A., Risk Factors
 
 ITEM 6.
    
    EXHIBITS
  ExhibitNumber
    
    Description10.1
    
    
    Amended and Restated Credit Agreement, dated August 31, 2009, by and among Monster Worldwide,
Inc., certain of Monster Worldwide, Inc.s subsidiaries that may be designated as borrowers,
Bank of America, N.A., in its capacity as administrative agent, swing line lender and l/c
issuer and the lenders identified therein. (1)10.2
    
    
    Amended and Restated Subsidiary Guaranty, dated August 31, 2009, by the domestic subsidiaries
of Monster Worldwide, Inc. party thereto in favor of Bank of America, N.A., in its capacity
as administrative agent. (2)10.3
    
    
    U.S. Pledge Agreement, dated August 31, 2009, by Monster Worldwide, Inc. and Monster
(California), Inc. in favor of Bank of America, N.A., in its capacity as administrative
agent. (3)15.1
    
    
    Letter from BDO Seidman, LLP regarding unaudited interim financial information.31.1
    
    
    Certification by Salvatore Iannuzzi pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a),
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    
    Certification by Timothy T. Yates pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certification by Salvatore Iannuzzi pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    
    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.
 
 (1)
    
    Incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K
filed on September 3, 2009.(2)
    
    Incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K
filed on September 3, 2009.(3)
    
    Incorporated by reference to Exhibit 10.3 to the Companys Current Report on Form 8-K
filed on September 3, 2009.  45




---



##### Table of Contents



SIGNATURES
  MONSTER WORLDWIDE, INC. (Registrant)Dated: October 30, 2009
    By:
    /s/ SALVATORE IANNUZZISalvatore IannuzziChairman, President and Chief Executive Officer
(principal executive officer)Dated: October 30, 2009
    By:
    /s/ TIMOTHY T. YATESTimothy T. YatesExecutive Vice President and Chief Financial Officer
(principal financial officer)Dated: October 30, 2009
    By:
    /s/ JAMES M. LANGROCKJames M. LangrockSenior Vice President, Finance and Chief
Accounting Officer
(principal accounting officer)  46




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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description10.1
    
    
    Amended and Restated Credit Agreement, dated August 31, 2009, by and among Monster
Worldwide, Inc., certain of Monster Worldwide, Inc.s subsidiaries that may be
designated as borrowers, Bank of America, N.A., in its capacity as administrative agent,
swing line lender and l/c issuer and the lenders identified therein. (1)10.2
    
    
    Amended and Restated Subsidiary Guaranty, dated August 31, 2009, by the domestic
subsidiaries of Monster Worldwide, Inc. party thereto in favor of Bank of America, N.A.,
in its capacity as administrative agent. (2)10.3
    
    
    U.S. Pledge Agreement, dated August 31, 2009, by Monster Worldwide, Inc. and Monster
(California), Inc. in favor of Bank of America, N.A., in its capacity as administrative
agent. (3)15.1
    
    
    Letter from BDO Seidman, LLP regarding unaudited interim financial information.31.1
    
    
    Certification by Salvatore Iannuzzi pursuant to Exchange Act Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    
    Certification by Timothy T. Yates pursuant to Exchange Act Rule 13a-14(a) and 15d-14(a),
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certification by Salvatore Iannuzzi pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    
    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.
 
 (1)
    
    Incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed
on September 3, 2009.(2)
    
    Incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K filed
on September 3, 2009.(3)
    
    Incorporated by reference to Exhibit 10.3 to the Companys Current Report on Form 8-K filed
on September 3, 2009.  47