Form 8-K DHI GROUP, INC. For: Nov 02

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November 2, 2017 7:06 AM EDT



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549



FORM 8-K


CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported) November 2, 2017

DHI Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)

DELAWARE
(State or Other Jurisdiction of Incorporation)
001-33584
 
20-3179218
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
 
 
 
 
 
1040 AVENUE OF THE AMERICAS, 8TH FLOOR, NEW YORK, NEW YORK
 
10018
(Address of Principal Executive Offices)
 
(Zip Code)

(212) 725-6550
(Registrant's Telephone Number, Including Area Code)

NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 2, 2017, DHI Group, Inc. (the “Company”) reported its results of operations for the fiscal quarter ended September 30, 2017. A copy of the press release issued by the Company concerning the foregoing is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K, including the accompanying exhibit, is being furnished under Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
ITEM 5.02          DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Departure of Michael P. Durney as President, Chief Executive Officer and Director.
On November 2, 2017, the Company announced the adoption of a CEO transition plan. In connection with the plan, Michael P. Durney, President, Chief Executive Officer and a director of the Company, will no longer be the President, Chief Executive Officer or a director of the Company, effective as of March 31, 2018; provided that the Company will have the option to extend such date for up to 30 days if the search for a new Chief Executive Officer is close to being completed (the “Termination Date”). If a new Chief Executive Officer commences employment with the Company prior to March 31, 2018, then Mr. Durney shall cease to be the President, Chief Executive Officer and a director as of such date (but shall otherwise remain an employee through March 31, 2018). The Company has engaged a search firm to assist with the search process for a new Chief Executive Officer.
In connection with Mr. Durney’s departure, the Company entered into a separation agreement (the “Separation Agreement”) with Mr. Durney on November 1, 2017. Subject to his continued compliance with the Separation Agreement and his execution and non-revocation of a release of claims on the Termination Date, Mr. Durney will be entitled to (i) continued payment of Mr. Durney’s current base salary for twelve months following the Termination Date, payable in equal installments in accordance with the Company’s payroll practices; (ii) continued medical and dental benefits for the twelve-month period following the Termination Date on the same basis as provided to active employees of the Company; (iii) accelerated vesting of certain outstanding unvested equity-based awards; (iv) the continued ability of certain outstanding performance stock units to vest in accordance with their terms as if Mr. Durney had remained employed through the applicable vesting date; (v) a bonus in respect of 2017 in accordance with the bonus plan in effect; and (vi) with respect to 2018, a pro rata target bonus based on the portion of the calendar year through the Termination Date.

In addition, Mr. Durney will be entitled to payment of other accrued but unpaid compensation and benefits, including accrued but unused vacation time, under the Company’s benefit plans and programs in accordance with their terms. The Separation Agreement also provides for customary post-employment obligations including nondisclosure of confidential information, nonsolicitation of employees, noncompetition and mutual nondisparagement covenants.

The foregoing is only a summary of the Separation Agreement, does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement. A copy of the press release issued by the Company concerning the foregoing is attached hereto as Exhibit 99.2.




ITEM 7.01     REGULATION FD DISCLOSURE
The Company changed its reportable segments during the third quarter of 2017 to reflect the current tech-focused operating structure, which was announced in the second quarter of 2017 and implemented in the third quarter of 2017. Accordingly, all prior periods have been recast to reflect the current segment presentation. A financial supplement, including a recast of comparative periods to reflect these changes in reporting segments, is attached to this Report as Exhibit 99.3.

ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

(a)
Financial Statements of Business Acquired.
Not applicable.
(b)
Pro Forma Financial Information.
Not applicable.
(c)
Shell Company Transactions.
Not applicable.
(d)
Exhibits.
EXHIBIT NO.     DESCRIPTION
99.1                Press Release, dated November 2, 2017
99.2                Press Release, dated November 2, 2017
99.3                Financial Supplement, Recast of Comparative Periods






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
DHI GROUP, INC.
 
 
 
 
 
 
 
Date:
November 2, 2017
By:  /S/ Luc Grégoire  
 
 
 
 
Name: Luc Grégoire
 
 
 
 
Title: Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 






EXHIBIT INDEX








dhilogoa25.jpg

DHI Group, Inc. Reports Third Quarter 2017 Results
•
Third quarter 2017 total revenues of $52.4 million, net income of $1.1 million and diluted EPS of $0.02, including a $0.05 negative impact from items impacting comparability to previous periods
•
Cash flow from operations of $3.5 million; Adjusted EBITDA of $10.0 million which was impacted by approximately $1.0 million of disposition and related costs
•
Discontinued getTalent as a stand-alone business as the Company narrows its focus to the core mission of connecting highly skilled tech professionals and tech recruiters

New York, New York, November 2, 2017 - DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”), a leading online career resource and talent acquisition platform for technology professionals and other select professional communities, today reported financial results for the quarter ended September 30, 2017.
"We continued to make good progress on our strategic goals for the second half of 2017, largely completing the realignment of our organization and implementing the first set of initiatives designed to return our core tech business to growth,” said Michael Durney, President and Chief Executive Officer of DHI Group, Inc. “We remain intently focused on executing and refining our growth initiatives. The early successes we have seen, for instance with content consumption by professionals, are encouraging signs that we are on the right course to reinforce our position as the leading tech talent solution platform, and ultimately reinvigorate the Company’s growth."

Q3 2017 Tech-Focused Product and Business Highlights
DHI achieved the following as part of its tech-focused strategy:
•
Finalized the realignment of the DHI organization into a more simplified and efficient tech-focused operating structure
•
As part of the Company's organizational simplification it has hired an Executive Vice President of Sales North America, with oversight of direct and indirect sales channels for North America and responsibility for driving growth in the business
•
“Open Web First” go-to-market strategy that leads with social sourcing drove 82% year-over-year growth in Dice customers with Open Web, increasing penetration of Dice recruitment package customers to 38% as of September 30, 2017, up from 34% as of June 30, 2017 and from 19% a year ago

1


•
On-boarded 59 search API clients in the third quarter and now have 874 customers with API integrations as of September 30, 2017, a 52% increase year-over-year
•
Dice Careers app new downloads grew 5% year-over-year in the third quarter. As of September 30, 2017, cumulative downloads were 69% higher than September 30, 2016; average monthly unique visitors grew 15% year-over-year
•
ClearanceJobs Voice, which launched in the second quarter and connects employers and candidates real-time through the website, is gaining traction with customers and will be further integrated into ClearanceJobs in 2018
•
Increased non-job content consumption, with eFinancialCareers monthly content visits surpassing 2 million for the first time in the third quarter, and Dice users who visit content increasing 69% year-over-year in the third quarter

Update on Operational Efficiency
The Company continued to pursue several initiatives to realize efficiencies, enhancing its ability to commit resources to the tech-focused strategy
•
Discontinued getTalent as a standalone business, in which the Company's spending this year was approximately $3 million. A portion of getTalent resources and products were realigned to support the core tech business
•
Began serving the Mainland China market from Hong Kong creating a more efficient cost structure by exiting Shanghai
•
Launched the new tech professional site serving the U.K. market on the U.S. site platform
•
Lowered the available commitments on the Company’s revolving credit facility by $100 million due to lower anticipated borrowing needs, saving approximately $0.4 million in annual fees
•
Reduced headcount by 6.5% year-to-date through increased productivity and selective reductions

Q3 and Year-to-Date 2017 Financial Highlights
"Our third quarter financial results were consistent with the outlook we provided in July, with improved revenue trends compared to the first half of 2017 and modestly higher growth in operating costs,” said Luc Grégoire, Chief Financial Officer. “Through prudent investment and portfolio refinement, we are supporting the transition to our tech-focused strategy, which we believe will ultimately maximize shareholder value. Importantly, we are pursuing a methodical financial approach to ensure we balance near-term performance and long-term investment, and effectively employ shareholder capital.”





2


The following summarizes consolidated financial results for the quarters ended September 30, 2017 and 2016:
($ in millions, except per share data)
 
 
Q3 2017
 
Q3 2016
 
Change
 
Revenues
 
$
52.4

 
$
56.1

 
(7
)%
 
Net income (1)
 
$
1.1

 
$
(16.8
)
 
n.m.

 
Diluted earnings (loss) per share (1)
 
$
0.02

 
$
(0.35
)
 
n.m.

 
 
 
 
 
 
 
 
 
Adjusted EBITDA (2) (3)
 
$
10.0

 
$
14.9

 
(33
)%
 
Adjusted EBITDA margin
 
19.1
%
 
26.6
%
 


 
(1) Items impacting comparability to previous periods reduced net income by $2.4 million or $0.05 per share in Q3 2017 and $22.6 million or $0.47 per share in Q3 2016. For Q3 2017 these items included: disposition related and others costs, getTalent impairment, acceleration of deferred financing costs included in interest expense, and certain legal costs. For Q3 2016 these items included the impairment of goodwill and intangible assets and certain legal costs.

(2) Q3 2017 includes the impact of certain disposition and related costs of approximately $1.0 million.

(3) Reconciliations of Net Income and Operating Income to Adjusted EBITDA and of Operating Cash Flows to Adjusted EBITDA are included toward the end of this press release.

Q3 and Year-to-Date 2017 Segment Financial Highlights
The Company changed its reportable segments during the third quarter of 2017 to reflect the current tech-focused operating structure. Accordingly, all prior periods have been recast to reflect the current segment presentation. The Company's two reportable segments are Tech-focused and Healthcare. The Tech-focused segment includes Dice, Dice Europe, ClearanceJobs, eFinancialCareers, and Brightmatter (absorbed into Tech-focused in the third quarter of 2017). The Healthcare segment includes Health eCareers. Corporate and other includes Hcareers, Rigzone, BioSpace, as well as Slashdot Media and getTalent, which have been discontinued.
The following summarizes Revenues, Adjusted EBITDA and Adjusted EBITDA Margin results for the quarter and year-to-date periods ended September 30, 2017 and 2016 ($ in millions). A reconciliation of Operating Income (Loss) to Adjusted EBITDA is included toward the end of this press release.
 
 
Revenues
 
Adjusted EBITDA
 
Margin
 
 
Q3 2017
 
Q3 2016
 
Change
 
Fx Impact
 
Q3 2017
 
Q3 2016
 
Q3 2017
 
Q3 2016
Tech-focused
 
$
39.8

 
$
42.8

 
(7
)%
 
$
—

 
$
11.9

 
$
17.3

 
30
%
 
40
%
Healthcare
 
6.5

 
6.7

 
(4
)%
 
—

 
0.5

 
0.5

 
8
%
 
7
%
Corporate and other
 
6.1

 
6.6

 
(7
)%
 
—

 
(2.4
)
 
(2.9
)
 
n.m.

 
n.m.

Total
 
$
52.4

 
$
56.1

 
(7
)%
 
$
—

 
$
10.0

 
$
14.9

 
19
%
 
27
%

3


 
 
Revenues
 
Adjusted EBITDA
 
Margin
 
 
YTD 2017
 
YTD 2016
 
Change
 
Fx Impact
 
YTD 2017
 
YTD 2016
 
YTD 2017
 
YTD 2016
Tech-focused
 
$
118.6

 
$
128.9

 
(8
)%
 
$
(1.8
)
 
$
38.3

 
$
50.9

 
32
%
 
39
%
Healthcare
 
19.7

 
20.6

 
(4
)%
 
—

 
1.1

 
2.1

 
6
%
 
10
%
Corporate and other
 
18.7

 
22.5

 
(17
)%
 
(0.1
)
 
(9.4
)
 
(9.2
)
 
n.m.

 
n.m.

Total
 
$
157.0

 
$
172.0

 
(9
)%
 
$
(1.9
)
 
$
30.0

 
$
43.8

 
19
%
 
25
%
 
 
Supplemental Balance Sheet Information
 
 
September 30, 2017
 
December 31, 2016
 
YTD 2017 Change
 
September 30, 2016
 
YOY Change
Deferred revenue
 
$
81.8

 
$
84.6

 
$
(2.8
)
 
$
82.4

 
$
(0.6
)
Long-Term Debt, net
 
$
68.4

 
$
84.8

 
$
(16.4
)
 
$
90.7

 
$
(22.3
)
Plus: Deferred financing costs
 
0.6

 
1.2

 
(0.6
)
 
1.3

 
(0.7
)
Total principal outstanding
 
$
69.0

 
$
86.0

 
$
(17.0
)
 
$
92.0

 
$
(23.0
)
 
Business Outlook
For the fourth quarter, the Company expects the year-over-year rate of decline in revenue will be similar to the third quarter of 2017. The rate of operating expense growth should be modestly higher than the third quarter of 2017, with higher marketing spending in the core tech business. This outlook results in an Adjusted EBITDA margin that is slightly below the year-to-date margin through the first nine months of 2017. This outlook does not consider the impact of potential divestitures, as there is no assurance as to their timing or execution. On today’s conference call, management will discuss additional details of its tech-focused strategy, including context around the financial impact of the Company’s 2017 strategic objectives and operational plans.

Recent Developments
On October 24, 2017 the Company was paid restitution by a former employee, in the amount of $3.3 million pursuant to an Order of Restitution issued by the United States District Court for the Southern District of New York in the criminal matter captioned United States of America v. David W. Kent. The gain will be recorded as a component of operating income in the fourth quarter of 2017.

Conference Call Information
The Company will host a conference call accompanied by a presentation of supporting materials today at 8:30 a.m. Eastern Time to discuss its financial results, recent developments, and progress on its tech-focused strategy. Speaking on the call will be Michael Durney, President and Chief Executive Officer, and Luc Grégoire, Chief Financial Officer.

4


The conference call and presentation will be available live through the Company’s website in the Investor Relations section under Presentations & Events at www.dhigroupinc.com. The conference call can also be accessed by dialing 1-844-890-1790 or for international callers by dialing 1-412-380-7407.  Please ask to be joined to the DHI Group, Inc. call.
A replay will be available one hour after the call and can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 for international callers; the replay passcode is 10113606. The replay will be available until November 9, 2017. The presentation will be available for download after the conference call through the Company’s website in the Investor Relations section under Presentations & Events at www.dhigroupinc.com.

Investor Contact

Brendan Metrano
VP, Investor Relations
DHI Group, Inc.
212-448-4181
 
Media Contact

Rachel Ceccarelli
Director, Corporate Communications
DHI Group, Inc.
212-448-8288


About DHI Group, Inc.
DHI Group, Inc. (NYSE: DHX) is a leading provider of data, insights and employment connections through our specialized services for technology professionals and other select online communities. Our mission is to empower tech professionals and organizations to compete and win through expert insights and relevant employment connections. Employers and recruiters use our websites and services to source, hire and connect with the most qualified and highly-skilled tech professionals, while professionals use our websites and services to find ideal employment opportunities, relevant job advice and tailored career-related data. For over 25 years, we have built our Company on providing employers and professionals with career connections, news, tools and information. Today, we serve multiple markets located throughout North America, Europe, the Middle East and the Asia Pacific region.

5


Notes Regarding the Use of Non-GAAP Financial Measures
The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States (“GAAP”) and may be different from similarly titled non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures, such as adjusted earnings before interest, taxes, depreciation, amortization, non-cash stock based compensation expense, other non-recurring income or expense (“Adjusted EBITDA”) and Adjusted EBITDA margin provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. In addition, the Company’s management uses these measures for reviewing the financial results of the Company and for budgeting and planning purposes. The non-GAAP measures apply to consolidated results and results by segment or other measure as shown within this document. The Company has provided required reconciliations to the most comparable GAAP measures elsewhere in the document.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP metrics used by management to measure operating performance. Management uses Adjusted EBITDA as a performance measure for internal monitoring and planning, including preparation of annual budgets, analyzing investment decisions and evaluating profitability and performance comparisons between us and our competitors. The Company also uses this measure to calculate amounts of performance based compensation under the senior management incentive bonus program. Adjusted EBITDA, as defined in our Credit Agreement, represents net income plus (to the extent deducted in calculating such net income) interest expense, income tax expense, depreciation and amortization, non-cash stock option expenses, losses resulting from certain dispositions outside the ordinary course of business, certain writeoffs in connection with indebtedness, impairment charges with respect to long-lived assets, expenses incurred in connection with an equity offering, extraordinary or non-recurring non-cash expenses or losses, transaction costs in connection with the Credit Agreement up to $250,000, deferred revenues written off in connection with acquisition purchase accounting adjustments, writeoff of non-cash stock compensation expense, and business interruption insurance proceeds, minus (to the extent included in calculating such net income) non-cash income or gains, interest income, and any income or gain resulting from certain dispositions outside the ordinary course of business.
We present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides our board of directors, management and investors with additional information to measure our performance, provide comparisons from period to period and company to company by excluding potential differences caused by variations in capital structures (affecting interest expense) and tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), and to estimate our value.
We also present Adjusted EBITDA because covenants in our Credit Agreement contain ratios based on this measure. Our Credit Agreement is material to us because it is one of our primary sources of liquidity. If our Adjusted EBITDA were to decline below certain levels, covenants in our Credit Agreement that are based on Adjusted EBITDA may be violated and could cause a default and acceleration of payment obligations under our Credit Agreement.

Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by Revenues. Adjusted EBITDA and Adjusted EBITDA Margin are not measurements of our financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP as a measure of our profitability.

6


Forward-Looking Statements
This press release and oral statements made from time to time by our representatives contain forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include, without limitation, information concerning our possible or assumed future results of operations. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to execute our tech-focused strategy, the review of potential dispositions of certain of our businesses and the terms and timing of any such transactions, the results and timing of our search for a new Chief Executive Officer, competition from existing and future competitors in the highly competitive market in which we operate, failure to adapt our business model to keep pace with rapid changes in the recruiting and career services business, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, the uncertainty surrounding the United Kingdom’s future departure from the European Union, including uncertainty in respect of the regulation of data protection and data privacy, failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, failure to successfully identify or integrate acquisitions, U.S. and foreign government regulation of the Internet and taxation, our ability to borrow funds under our revolving credit facility or refinance our indebtedness and restrictions on our current and future operations under such indebtedness. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, all of which are available on the Investors page of our website at www.dhigroupinc.com, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, under the headings “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
You should keep in mind that any forward-looking statement made by the Company or its representatives herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.







7


DHI GROUP, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(Unaudited)
 
     (in thousands except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
52,424

 
$
56,073

 
$
157,014

 
$
172,032

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Cost of revenues
7,616

 
7,943

 
22,681

 
24,557

 
Product development
6,423

 
6,018

 
19,230

 
19,323

 
Sales and marketing
19,988

 
19,425

 
59,638

 
58,573

 
General and administrative
9,454

 
10,101

 
30,779

 
32,822

 
Depreciation
2,576

 
2,478

 
7,703

 
7,639

 
Amortization of intangible assets
554

 
1,570

 
1,686

 
6,106

 
Impairment of goodwill
—

 
15,369

 
—

 
15,369

 
Impairment of fixed and intangible assets
2,226

 
9,252

 
2,226

 
9,252

 
Disposition related and other costs
1,049

 
—

 
2,236

 
3,347

 
 
 
Total operating expenses
49,886

 
72,156

 
146,179

 
176,988

 
Operating income (loss)
2,538

 
(16,083
)
 
10,835

 
(4,956
)
 
Interest expense
(1,173
)
 
(901
)
 
(2,777
)
 
(2,593
)
 
Other expense
(3
)
 
(1
)
 
(10
)
 
(33
)
 
Income (loss) before income taxes
1,362

 
(16,985
)
 
8,048

 
(7,582
)
 
Income tax (benefit) expense
304

 
(144
)
 
3,828

 
3,294

 
Net income (loss)
$
1,058

 
$
(16,841
)
 
$
4,220

 
$
(10,876
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.02

 
$
(0.35
)
 
$
0.09

 
$
(0.22
)
 
Diluted earnings per share
$
0.02

 
$
(0.35
)
 
$
0.09

 
$
(0.22
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average basic shares outstanding
48,021

 
47,719

 
47,858

 
48,596

 
Weighted average diluted shares outstanding
48,502

 
47,719

 
48,397

 
48,596

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


8


DHI GROUP, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(Unaudited)
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
 
 
2017
 
2016
 
2017
 
2016
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
1,058

 
$
(16,841
)
 
$
4,220

 
$
(10,876
)
 
Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Depreciation
2,576

 
2,478

 
7,703

 
7,639

 
 
Amortization of intangible assets
554

 
1,570

 
1,686

 
6,106

 
 
Deferred income taxes
(671
)
 
(2,206
)
 
(23
)
 
(1,977
)
 
 
Amortization of deferred financing costs
480

 
81

 
642

 
243

 
 
Stock based compensation
1,687

 
2,327

 
6,275

 
8,750

 
 
Impairment of goodwill
—

 
15,369

 
—

 
15,369

 
 
Impairment of fixed and intangible assets
2,226

 
9,252

 
2,226

 
9,252

 
 
Change in accrual for unrecognized tax benefits
2,288

 
51

 
2,358

 
166

 
 
Loss on sale of business
—

 
—

 
—

 
639

 
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
(624
)
 
3,190

 
10,607

 
8,047

 
 
Prepaid expenses and other assets
41

 
(449
)
 
(1,041
)
 
(618
)
 
 
Accounts payable and accrued expenses
855

 
1,445

 
(152
)
 
(3,430
)
 
 
Income taxes receivable/payable
(2,134
)
 
(389
)
 
(3,599
)
 
(1,682
)
 
 
Deferred revenue
(4,875
)
 
(3,745
)
 
(3,774
)
 
(493
)
 
 
Other, net
6

 
(46
)
 
51

 
(123
)
 
Net cash flows from operating activities
3,467

 
12,087

 
27,179

 
37,012

 
Cash flows used in investing activities:
 
 
 
 
 
 
 
 
 
Cash received from sale of business
—

 
—

 
—

 
2,429

 
 
Purchases of fixed assets
(2,430
)
 
(2,955
)
 
(10,160
)
 
(8,461
)
 
 
Purchases of cost method investments
(500
)
 
—

 
(500
)
—

—

 
Net cash flows used in investing activities
(2,930
)
 
(2,955
)
 
(10,660
)
 
(6,032
)
 
Cash flows used in financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt
(2,000
)
 
(15,000
)
 
(17,000
)
 
(26,000
)
 
 
Proceeds from long-term debt
—

 
8,000

 
—

 
17,000

 
 
Payments under stock repurchase plan
—

 
(3,547
)
 
—

 
(26,179
)
 
 
Proceeds from stock option exercises
—

 
1,636

 
403

 
2,664

 
 
Purchase of treasury stock related to vested restricted stock and performance stock units
(16
)
 
(259
)
 
(1,125
)
 
(2,779
)
 
Net cash flows used in financing activities
(2,016
)
 
(9,170
)
 
(17,722
)
 
(35,294
)
 
Effect of exchange rate changes
109

 
(2
)
 
302

 
(315
)
 
Net change in cash for the period
(1,370
)
 
(40
)
 
(901
)
 
(4,629
)
 
Cash, beginning of period
23,456

 
29,461

 
22,987

 
34,050

 
Cash, end of period
$
22,086

 
$
29,421

 
$
22,086

 
$
29,421

 

9


DHI GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
 
 
 
 
 
 
ASSETS
September 30, 2017
 
December 31, 2016
Current assets
 
 
 
 
Cash
$
22,086

 
$
22,987

 
Accounts receivable, net
33,146

 
43,148

 
Income taxes receivable
2,141

 
731

 
Prepaid and other current assets
4,482

 
3,312

 
 
Total current assets
61,855

 
70,178

Fixed assets, net
17,119

 
16,610

Acquired intangible assets, net
47,440

 
49,120

Goodwill
176,641

 
171,745

Deferred income taxes
365

 
306

Other assets
2,584

 
2,136

 
 
Total assets
$
306,004

 
$
310,095

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
 
Accounts payable and accrued expenses
$
20,572

 
$
20,220

 
Deferred revenue
81,823

 
84,615

 
Income taxes payable
1,302

 
3,467

 
 
Total current liabilities
103,697

 
108,302

Long-term debt, net
68,402

 
84,760

Deferred income taxes
7,909

 
7,901

Accrual for unrecognized tax benefits
4,871

 
2,513

Other long-term liabilities
2,809

 
2,736

 
 
Total liabilities
187,688

 
206,212

Total stockholders’ equity
118,316

 
103,883

 
 
Total liabilities and stockholders’ equity
$
306,004

 
$
310,095

 
 
 
 
 
 


10



Supplemental Information and Non-GAAP Reconciliations
On the pages that follow, the Company has provided certain supplemental information that we believe will assist the reader in assessing our business operations and performance, including certain non-GAAP financial information and required reconciliations to the most comparable GAAP measure. A statement of operations and statement of cash flows for the three and nine month periods ended September 30, 2017 and 2016 and a balance sheet as of September 30, 2017 and December 31, 2016 are provided elsewhere in this press release.

11


DHI GROUP, INC.
 
NON-GAAP SUPPLEMENTAL DATA
 
(Unaudited)
 
(dollars in thousands except per customer data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
 
2017
 
2016
 
2017
 
2016
 
Reconciliation of Net Income to Adjusted EBITDA:
 
 
 
 
 
 
 
 
Net income
$
1,058

 
$
(16,841
)
 
$
4,220

 
$
(10,876
)
 
 
Interest expense
1,173

 
901

 
2,777

 
2,593

 
 
Income tax expense (benefit)
304

 
(144
)
 
3,828

 
3,294

 
 
Depreciation
2,576

 
2,478

 
7,703

 
7,639

 
 
Amortization of intangible assets
554

 
1,570

 
1,686

 
6,106

 
 
Impairment of goodwill
 
 
15,369

 
—

 
15,369

 
 
Impairment of fixed and intangible assets
2,226

 
9,252

 
2,226

 
9,252

 
 
Non-cash stock compensation expense
1,687

 
2,327

 
6,275

 
7,850

 
 
Severance—Slashdot Media
—

 
—

 
—

 
981

 
 
Accelerated stock based compensation expense—Slashdot Media
—

 
—

 
—

 
900

 
 
Loss on sale of business
—

 
—

 
—

 
639

 
 
Costs related to strategic alternatives process
—

 
—

 
807

 
—

 
 
Costs related to divestitures
372

 
—

 
442

 
—

 
 
Other
3

 
1

 
10

 
33

 
Adjusted EBITDA
$
9,953

 
$
14,913

 
$
29,974

 
$
43,780

 
 
 
 
 
 
 
 
 
 
Reconciliation of Operating Cash Flows to Adjusted EBITDA:
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
3,467

 
$
12,087

 
$
27,179

 
$
37,012

 
 
Interest expense
1,173

 
901

 
2,777

 
2,593

 
 
Amortization of deferred financing costs
(480
)
 
(81
)
 
(642
)
 
(243
)
 
 
Income tax expense (benefit)
304

 
(144
)
 
3,828

 
3,294

 
 
Deferred income taxes
671

 
2,206

 
23

 
1,977

 
 
Change in accrual for unrecognized tax benefits
(2,288
)
 
(51
)
 
(2,358
)
 
(166
)
 
 
Change in accounts receivable
624

 
(3,190
)
 
(10,607
)
 
(8,047
)
 
 
Change in deferred revenue
4,875

 
3,745

 
3,774

 
493

 
 
Costs related to strategic alternatives process
—

 
—

 
807

 
—

 
 
Costs related to divestitures
372

 
—

 
442

 
—

 
 
Severance—Slashdot Media
—

 
—

 
—

 
981

 
 
Changes in working capital and other
1,235

 
(560
)
 
4,751

 
5,886

 
Adjusted EBITDA
$
9,953

 
$
14,913

 
$
29,974

 
$
43,780

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dice Recruitment Package Customers
 
 
 
 
 
 
 
 
Beginning of period
6,750

 
7,300

 
7,050

 
7,600

 
End of period
6,600

 
7,250

 
6,600

 
7,250

 
 
 
 
 
 
 
 
 
 
 
Average for the period (1)
6,650

 
7,200

 
6,750

 
7,350

 
 
 
 
 
 
 
 
 
 
 
Dice Average Monthly Revenue per
Recruitment Package Customer (2)
$
1,108

 
$
1,122

 
$
1,109

 
$
1,121

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Reflects the daily average of recruitment package customers during the period.
 
(2) Reflects the simple average of each period presented.
 

12


DHI GROUP, INC.
NON-GAAP SUPPLEMENTAL DATA (CONTINUED)
(Unaudited)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
For the three months ended September 30, 2017
Reconciliation of Operating Income (Loss) to Adjusted EBITDA:
Tech-focused
 
Healthcare
 
Corporate & Other
 
Total
Operating income (loss)
$
9,485

 
$
(187
)
 
$
(6,760
)
 
$
2,538

 
Depreciation
1,789

 
406

 
381

 
2,576

 
Amortization of intangible assets
28

 
162

 
364

 
554

 
Non-cash stock compensation expense
378

 
143

 
1,166

 
1,687

 
Impairment of fixed assets
—

 
—

 
2,226

 
2,226

 
Costs related to divestiture process
228

 
—

 
144

 
372

Adjusted EBITDA
$
11,908

 
$
524

 
$
(2,479
)
 
$
9,953

 
 
 
 
 
 
 
 
 
 
 
For the three months ended September 30, 2016
Reconciliation of Operating Income (Loss) to Adjusted EBITDA:
Tech-focused
 
Healthcare
 
Corporate & Other
 
Total
Operating income (loss)
$
14,147

 
$
(366
)
 
$
(29,864
)
 
$
(16,083
)
 
Depreciation
1,743

 
539

 
196

 
2,478

 
Amortization of intangible assets
278

 
218

 
1,074

 
1,570

 
Non-cash stock compensation expense
1,079

 
127

 
1,121

 
2,327

 
Impairment of goodwill and intangible assets
—

 
—

 
24,621

 
24,621

Adjusted EBITDA
$
17,247

 
$
518

 
$
(2,852
)
 
$
14,913

 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2017
Reconciliation of Operating Income (Loss) to Adjusted EBITDA:
Tech-focused
 
Healthcare
 
Corporate & Other
 
Total
Operating income (loss)
$
30,700

 
$
(1,279
)
 
$
(18,586
)
 
$
10,835

 
Depreciation
5,144

 
1,451

 
1,108

 
7,703

 
Amortization of intangible assets
108

 
487

 
1,091

 
1,686

 
Non-cash stock compensation expense
2,145

 
416

 
3,714

 
6,275

 
Impairment of fixed assets
—

 
—

 
2,226

 
2,226

 
Costs related to strategic alternatives process
—

 
—

 
807

 
807

 
Costs related to divestitures
228

 
—

 
214

 
442

Adjusted EBITDA
$
38,325

 
$
1,075

 
$
(9,426
)
 
$
29,974

 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2016
Reconciliation of Operating Income (Loss) to Adjusted EBITDA:
Tech
 
Healthcare
 
Corporate & Other
 
Total
Operating income (loss)
$
40,097

 
$
(537
)
 
$
(44,516
)
 
$
(4,956
)
 
Depreciation
5,508

 
1,630

 
501

 
7,639

 
Amortization of intangible assets
1,833

 
654

 
3,619

 
6,106

 
Non-cash stock compensation expense
3,618

 
361

 
3,871

 
7,850

 
Impairment of goodwill and intangible assets
—

 
—

 
24,621

 
24,621

 
Slashdot media related costs and other
(102
)
 
—

 
2,622

 
2,520

Adjusted EBITDA
$
50,954

 
$
2,108

 
$
(9,282
)
 
$
43,780

Segment Definitions:
 
 
 
 
 
 
 
Tech-focused: Dice, Dice Europe, eFinancialCareers and ClearanceJobs; Healthcare: Health eCareers; Other: Hcareers, Rigzone, BioSpace, Slashdot, getTalent, and Corporate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

13


DHI GROUP, INC.
SUPPLEMENTAL DATA - REVENUE DETAIL
(Unaudited)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
Q3 2017

 
Q3 2016

 
Change
 
$ Fx Impact
 
YTD
2017

 
YTD 2016

 
Change
 
$ Fx Impact
Dice (1)
 
$
27,123

 
$
30,335

 
(11)%
 
$
33

 
$
81,933

 
$
91,895

 
(11)%
 
$
(336
)
eFinancialCareers
 
8,232

 
8,765

 
(6)%
 
(21
)
 
24,068

 
26,725

 
(10)%
 
(1,420
)
ClearanceJobs
 
4,459

 
3,639

 
23%
 
—

 
12,637

 
10,256

 
23%
 
—

Tech-focused businesses
 
$
39,814

 
$
42,739

 
(7)%
 
$
12

 
$
118,638

 
$
128,876

 
(8)%
 
$
(1,756
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Health eCareers
 
6,462

 
6,735

 
(4)%
 
$
—

 
19,741

 
20,647

 
(4)%
 
$
—

Hcareers (2)
 
3,519

 
3,631

 
(3)%
 
—

 
10,880

 
11,477

 
(5)%
 
—

Rigzone (2)
 
1,869

 
2,122

 
(12)%
 
8

 
5,315

 
7,455

 
(29)%
 
(87
)
BioSpace (2)
 
746

 
833

 
(10)%
 
—

 
2,365

 
2,796

 
(15)%
 
—

Non-tech businesses
 
12,596

 
13,321

 
(5)%
 
8

 
38,301

 
42,375

 
(10)%
 
(87
)
Slashdot Media and getTalent (2)
 
14

 
13

 
8%
 
—

 
75

 
781

 
(90)%
 
—

Total
 
$
52,424

 
$
56,073

 
(7)%
 
$
20

 
$
157,014

 
$
172,032

 
(9)%
 
$
(1,843
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes Dice, Dice Europe, and Targeted Job Fairs
(2) Included in Corporate & Other
 
 
 
 
 
 
 
 
 
 


14
EXHIBIT 99.2


For Immediate Release                                    

DHI Group, Inc. Announces CEO Transition Plan

Michael Durney to Remain President and CEO as
Board Conducts Search Process

Board is Confident in Tech-Focused Strategy; Sees Opportunities to Accelerate Progress
and Improve Business Execution

New York, New York, November 2, 2017 - DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”), a leading online career resource and talent acquisition platform for technology professionals and other select professional communities, today announced that its Board of Directors and its President and Chief Executive Officer, Michael Durney, have initiated a CEO transition plan. Mr. Durney will remain President and CEO until March 31, 2018 or until a successor is found. In the event the search process extends beyond March 31, Mr. Durney has agreed to stay on for a designated period. Once a successor is appointed, Mr. Durney will serve in an advisory capacity for a short time to help ensure a smooth transition.

The Board has commenced a search process for a new CEO and has retained Heidrick & Struggles, an international executive search firm.

“As DHI continues to execute on its strategy to become a single tech-focused organization, now is the right time in the Company’s evolution to implement a CEO transition plan,” said John Barter, Chairman of the Board. “The Board remains confident in the Company’s strategy and believes that there are opportunities to accelerate DHI’s progress and improve business execution. The Board is confident in its ability to identify a successor who will effectively drive improved growth and shareholder value by reinvigorating DHI’s technology talent acquisition franchise and fast-tracking the development of
next-generation talent acquisition solutions.”

Mr. Barter continued, “Mike has been a senior executive at DHI for over 17 years, serving as CFO when he first joined the Company in 2000 and then as CEO since 2013. On behalf of the Board of Directors, I thank Mike for the energy and dedication he has brought to DHI throughout his tenure.”

“We are executing on our go-forward strategy focused on tech and skills, which we are confident will bring renewed growth to the Company. I will continue to work on focusing our resources behind the tech-first strategy and deepening engagement with professionals while the Company conducts its search for the next leader of the business," said Michael Durney, President and Chief Executive Officer of DHI Group, Inc.

DHI today also announced its financial results for the third quarter of 2017.

Investor Contact
 
Media Contact
Brendan Metrano
 
Rachel Ceccarelli
VP, Investor Relations       
 
Director, Corporate Communications
DHI Group, Inc.
 
DHI Group, Inc.
212-448-4181
 
212-448-8288
 


About DHI Group, Inc.

DHI Group, Inc. (NYSE: DHX) is a leading provider of data, insights and employment connections through our specialized services for technology professionals and other select online communities. Our mission is to empower tech professionals and organizations to compete and win through expert insights and relevant employment


EXHIBIT 99.2


connections. Employers and recruiters use our websites and services to source, hire and connect with the most qualified and highly-skilled tech professionals, while professionals use our websites and services to find ideal employment opportunities, relevant job advice and tailored career-related data. For over 25 years, we have built our Company on providing employers and professionals with career connections, news, tools and information. Today, we serve multiple markets located throughout North America, Europe, the Middle East and the Asia Pacific region. Find out more at http://www.dhigroupinc.com/home-page/default.aspx.

Forward-Looking Statements
This press release and oral statements made from time to time by our representatives contain forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include, without limitation, information concerning our possible or assumed future results of operations. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to execute our tech-focused strategy, the review of potential dispositions of certain of our businesses and the terms and timing of any such transactions, the results and timing of our search for a new Chief Executive Officer, competition from existing and future competitors in the highly competitive market in which we operate, failure to adapt our business model to keep pace with rapid changes in the recruiting and career services business, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, the uncertainty surrounding the United Kingdom’s future departure from the European Union, including uncertainty in respect of the regulation of data protection and data privacy, failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, failure to successfully identify or integrate acquisitions, U.S. and foreign government regulation of the Internet and taxation, our ability to borrow funds under our revolving credit facility or refinance our indebtedness and restrictions on our current and future operations under such indebtedness. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, all of which are available on the Investors page of our website at www.dhigroupinc.com, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, under the headings “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
You should keep in mind that any forward-looking statement made by the Company or its representatives herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.






 
 
 
 
 
 
 
EXHIBIT 99.3
 
 
 
 
 
 
 
 
 
 
 
 
 
DHI Group, Inc.
 
Segment Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
2017
All amounts in thousands
 
Q1
Q2
Q3
Q4
FY
 
Q1
Q2
 
 
 
 
 
 
 
 
 
 
 
 
NEW SEGMENTS (1)
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
Tech-focused
 
$
42,922

$
43,215

$
42,739

$
41,724

$
170,600

 
$
39,549

$
39,276

 
Healthcare
 
6,958

6,955

6,735

6,418

27,066

 
6,714

6,565

 
Corporate & Other
 
8,406

7,503

6,599

6,796

29,304

 
5,927

6,559

 
  Total
 
$
58,286

$
57,673

$
56,073

$
54,938

$
226,970

 
$
52,190

$
52,400

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation & Amortization
 
 
 
 
 
 
 
 
 
Tech-focused
 
$
2,640

$
2,680

$
2,021

$
1,641

$
8,982

 
$
1,598

$
1,837

 
Healthcare
 
814

713

757

640

2,924

 
670

700

 
Corporate & Other
 
1,610

1,240

1,270

610

4,730

 
601

853

 
  Total
 
$
5,064

$
4,633

$
4,048

$
2,891

$
16,636

 
$
2,869

$
3,390

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income (Loss)
 
 
 
 
 
 
 
 
 
Tech-focused
 
$
11,832

$
14,118

$
14,147

$
13,970

$
54,067

 
$
11,098

$
10,117

 
Healthcare
 
(279
)
107

(366
)
(392
)
(930
)
 
(450
)
(642
)
 
Corporate & Other
 
(8,911
)
(5,740
)
(29,864
)
(5,231
)
(49,746
)
 
(6,353
)
(5,473
)
 
  Total
 
$
2,642

$
8,485

$
(16,083
)
$
8,347

$
3,391

 
$
4,295

$
4,002

 
 
 
 
 
 
 
 
 
 
 
 
(1) Tech-focused: Dice, Dice Europe, eFinancialCareers and ClearanceJobs; Healthcare: Health eCareers; Corporate & Other: Hcareers, Rigzone, BioSpace, getTalent, Slashdot Media (Q1 2016 only), and Corporate.
 
 
 
 
 
 
 
 
 
 
 
 
 
AS PREVIOUSLY REPORTED (2)
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
Tech & Clearance
 
$
34,006

$
34,153

$
33,971

$
33,325

$
135,455

 
$
31,690

$
31,303

 
Global Industries Group
 
16,554

16,546

15,352

15,152

63,604

 
13,758

14,504

 
Healthcare
 
6,958

6,955

6,735

6,418

27,066

 
6,714

6,565

 
Corporate & Other
 
768

19

15

43

845

 
28

28

 
  Total
 
$
58,286

$
57,673

$
56,073

$
54,938

$
226,970

 
$
52,190

$
52,400

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation & Amortization
 
 
 
 
 
 
 
 
 
Tech & Clearance
 
$
2,466

$
2,499

$
1,853

$
1,484

$
8,302

 
$
1,456

$
1,695

 
Global Industries Group
 
1,693

1,304

1,308

615

4,920

 
589

610

 
Healthcare
 
814

713

757

640

2,924

 
670

700

 
Corporate & Other
 
91

117

130

152

490

 
154

385

 
  Total
 
$
5,064

$
4,633

$
4,048

$
2,891

$
16,636

 
$
2,869

$
3,390

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income (Loss)
 
 
 
 
 
 
 
 
 
Tech & Clearance
 
$
11,833

$
13,291

$
12,896

$
13,647

$
51,667

 
$
11,444

$
10,712

 
Global Industries Group
 
646

2,477

(22,817
)
1,592

(18,102
)
 
118

510

 
Healthcare
 
(278
)
107

(366
)
(392
)
(929
)
 
(450
)
(642
)
 
Corporate & Other
 
(9,559
)
(7,390
)
(5,796
)
(6,500
)
(29,245
)
 
(6,817
)
(6,578
)
 
  Total
 
$
2,642

$
8,485

$
(16,083
)
$
8,347

$
3,391

 
$
4,295

$
4,002

 
 
 
 
 
 
 
 
 
 
 
 
(2) Tech & Clearance: Dice, Dice Europe and ClearanceJobs; Global Industry Group: eFinancialCareers, Rigzone, Hcareers and BioSpace; Healthcare: Health eCareers; Corporate & Other: Brightmatter, Slashdot Media (Q1 2016 only), and Corporate
 
 
 
 
 
 
 
 
 
 
 
 
 



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