- Revenues grew 17% to $40.3 million
- Operating income increased 31% to $10.2 million
- Net income totaled $7.6 million, including a $1.2 million non-cash,
pre-tax benefit related to interest rate swap agreements and a $1.3 million
one-time tax benefit
- Diluted earnings per share totaled $0.12, compared to $0.03 in the year
ago period
- Cash flow from operations increased 2% to $13.5 million
- Adjusted EBITDA totaled $16.8 million, an increase of 12% (See "Notes -
Regarding the Use of Non-GAAP Financial Measures")
NEW YORK, July 24 /PRNewswire-FirstCall/ -- Dice Holdings, Inc. (NYSE:
DHX), a leading provider of specialized career websites for professional
communities, today reported financial results for the quarter ended June
30, 2008.
Second Quarter Operating Results
Total revenues for the quarter ended June 30, 2008 increased 17% to
$40.3 million versus $34.4 million in the comparable quarter of 2007.
Growth was driven by strong performance at eFinancialCareers, as well as an
increase in the number of recruitment package customers served at Dice.com.
Operating income for the quarter ended June 30, 2008 grew $2.4 million
or 31% to $10.2 million from the comparable quarter of 2007 as a result of
higher revenues, greater operating leverage at eFinancialCareers, and lower
amortization expense of intangible assets.
Net income for the quarter ended June 30, 2008 totaled $7.6 million,
including the impact of a $1.2 million pre-tax benefit related to the
Company's interest rate swap agreements which no longer qualify for hedge
accounting and a one-time tax benefit of $1.3 million. See "Recent
Developments" for additional detail. Net income for the quarter ended June
30, 2007 was $1.6 million.
Diluted earnings per share were $0.12 for the quarter ended June 30,
2008, which includes a $0.03 per diluted share combined benefit from the
one-time tax benefit and the change in fair value of the interest rate
swaps.
Net cash provided by operating activities for the quarter was $13.5
million, an increase of 2% from $13.2 million in the comparable quarter of
2007.
Adjusted EBITDA for the quarter ended June 30, 2008 was $16.8 million,
compared with $14.9 million for the second quarter of 2007, an increase of
12%. See "Notes Regarding the Use of Non-GAAP Financial Measures."
Operating Segment Results
For the quarter ended June 30, 2008, DCS Online revenues were $27.4
million or 68% of Dice Holdings' consolidated revenues, representing a 9%
increase over the comparable 2007 quarter. The increase was driven by a
greater number of recruitment package customers served and an increase of
3% in average revenue per recruitment package customer at Dice.com, as well
as strong growth at ClearanceJobs.
eFinancialCareers, which accounted for 25% of Dice Holdings'
consolidated revenues in the second quarter of 2008, consists of the
eFinancialCareers operations outside of North America. For the quarter
ended June 30, 2008, eFinancialCareers revenues grew 53% to $9.9 million
(or 46% after adding back the impact of deferred revenue written off in
connection with the October 2006 acquisition of eFinancialCareers to the
second quarter 2007 results). Each region of the world contributed to the
growth including substantial gains in Continental Europe, the Middle East
and Asia-Pacific.
The remaining businesses operated by Dice Holdings, which include the
eFinancialCareers operations in North America, JobsintheMoney.com, and
Targeted Job Fairs, are reported in the Other category. Other revenues grew
12% to $2.9 million (or 3% after adding back the impact of deferred revenue
written off in connection with the October 2006 acquisition of
eFinancialCareers to the second quarter 2007 results).
Six Month Operating Results
Total revenues for the six months ended June 30, 2008 increased 23% to
$79.9 million, compared to $64.7 million in the comparable period in 2007.
The increase was driven by solid performance at both eFinancialCareers and
Dice.com.
By segment, DCS Online revenues increased 12% to $54.5 million for the
six month period ended June 30, 2008. In the same period, eFinancialCareers
contributed revenues of $19.7 million, an increase of 69% (or 60% after
adding back the impact of deferred revenue written off in connection with
the October 2006 acquisition of eFinancialCareers to the six months ended
June 30, 2007 results). Other revenues grew 25% to $5.7 million (or 11%
after adding back the impact of deferred revenue written off in connection
with the October 2006 acquisition of eFinancialCareers to the six months
ended June 30, 2007 results).
Operating income for the six months ended June 30, 2008 increased 67%
or $8.3 million to $20.6 million from the comparable period in the prior
year. Income from continuing operations for the six months ended June 30,
2008 totaled $11.3 million, an increase of 124% from $5.1 million in the
comparable period of 2007. Net income for the six months ended June 30,
2008 increased 25% to $11.8 million from $9.5 million from the comparable
period in the prior year.
For the six month period ended June 30, 2008, net cash provided by
operating activities increased 35% to $37.0 million compared with $27.4
million for the same period last year.
Adjusted EBITDA for the six months ended June 30, 2008 was $33.6
million, compared with $26.7 million for the same period in 2007, an
increase of 26%. See "Notes Regarding the Use of Non-GAAP Financial
Measures."
Balance Sheet
Deferred revenue at June 30, 2008 was $49.4 million compared to $43.9
million at June 30, 2007. The 13% increase was primarily attributable to
serving a greater number of recruitment package customers at Dice together
with a higher number of those customers under annual contract than at June
30, 2007.
Net debt, defined as total debt less cash and cash equivalents and
marketable securities, was $31.4 million at June 30, 2008, consisting of
total debt of $121.7 million minus cash and cash equivalents and marketable
securities of $90.3 million. This compares to a net debt balance of $43.9
million at March 31, 2008, consisting of total debt of $122.0 million minus
cash and cash equivalents and marketable securities of $78.1 million.
Recent Developments
During the second quarter, the Company determined its interest rate
swap agreement covering $60 million notional amount of borrowings no longer
qualified for hedge accounting. In addition, a portion of the interest rate
swap agreement covering $20 million notional amount of borrowings continues
to be treated as partially ineffective under hedge accounting rules. As a
result, the Company recorded $1.2 million of other income for the quarter
ended June 30, 2008 based on the change in fair value of the swap
agreements.
The Company's tax expense for the quarter ended June 30, 2008 was
reduced by $1.3 million in conjunction with the Company's determination
regarding permanent reinvestment of foreign earnings.
Management Comments
Scot Melland, Chairman, President and Chief Executive Officer,
commented, "Amid the continued uncertainty in our markets, we recorded
another solid quarter characterized by double digit revenue and
profitability growth. The combination of a 46% increase in revenues at
eFinancialCareers and continued expansion of our U.S. businesses
demonstrates the strength of our specialist model." Mr. Melland continued,
"We continue to enhance our professional communities and services, recently
introducing new websites for both Dice and eFinancialCareers and expanding
the eFinancialCareers service to financial centers serving three additional
markets. We are confident these actions will strengthen our long-term
position, increasing our value to professionals and customers alike."
Mike Durney, Senior Vice President, Finance and Chief Financial
Officer, noted, "As we've consistently proven over the last year,
significant cash generation coupled with strong margins makes for a great
business model and the second quarter was no different. We generated
Adjusted EBITDA margins of 42% and kept our relatively low levels of
cap-ex, even while investing in new marketing programs and launching new
platforms for the two core services." Mr. Durney added, "On top of our
continued investment, we generated more than $12 million in free cash flow
in the quarter, further strengthening our balance sheet."
Business Outlook
As of July 24, 2008, the Company anticipates the following financial
performance for the quarter ending September 30, 2008 and full year 2008:
Quarter ending Fiscal Year
Sept. 30, 2008 2008
Total Revenue $39.5 - 40.0 mm $158 - 160 mm
Estimated Contribution by Segment
DCS Online 68% 68%
eFinancialCareers 25% 25%
Other 7% 7%
Sales & Marketing expense $14.3 - 14.8 mm $59 - 60 mm
Adjusted EBITDA $17.0 - 17.5 mm $67 - 69 mm
Depreciation and amortization $5.2 - 5.3 mm $21 - 21.5 mm
Non-cash stock compensation expense $1.4 - 1.5 mm $5.5 - 6 mm
Interest expense, net $1.8 - 2.0 mm $8 - 8.5 mm
Other expense, net - $1.1 mm
Income taxes $3.1 - 3.3 mm $10 - 11 mm
Income from continuing operations $5.2 - 5.7 mm $21 - 23 mm
Adjusted EBITDA Margin 43 - 44% 42 - 43%
Fully diluted share count 65 - 66 mm 65 - 66 mm
Conference Call Information
The Company will host a conference call to discuss second quarter
results today at 8:30 a.m. Eastern Time. Hosting the call will be Scot W.
Melland, Chairman, President and Chief Executive Officer, and Michael P.
Durney, Senior Vice President, Finance and Chief Financial Officer.
The conference call can be accessed live over the phone by dialing
866-543-6407 or for international callers by dialing 617-213-8898; the
participant passcode is 78450773. A replay will be available two hours
after the call and can be accessed by dialing 888-286-8010 or 617-801-6888
for international callers; the replay passcode is 30504690. The replay will
be available until July 31, 2008. The call will also be webcast live from
the Company's website at http://www.diceholdingsinc.com under the Investor
Relations section.
About Dice Holdings, Inc.
Dice Holdings, Inc. is a leading provider of specialized career
websites for professional communities, including technology and
engineering, capital markets and financial services, accounting and
finance, and security clearance. Our mission is to help our customers
source and hire the most qualified professionals in select and highly
skilled occupations, and to help those professionals find the best job
opportunities in their respective fields and further their careers. For
more than 17 years, we have built our company by providing our customers
with quick and easy access to high-quality, unique professional communities
and offering those communities access to highly relevant career
opportunities and information. Today, we serve multiple markets primarily
in North America, Europe, the Middle East, Asia and Australia.
Notes Regarding the Use of Non-GAAP Financial Measures
Dice Holdings, Inc. (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 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, non-cash impairment of intangible assets and
add back of deferred revenue written off ("Adjusted EBITDA"), free cash
flow and net debt, 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.
Adjusted EBITDA
Adjusted EBITDA is a metric 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 Amended and Restated Credit Facility, represents net income (loss)
before interest expense, interest income, income tax expense, depreciation
and amortization, non-cash stock compensation expense, extraordinary or
non-recurring non-cash income or expense, and to add back the deferred
revenues written off in connection with the eFinancialCareers acquisition
purchase accounting adjustments.
We consider Adjusted EBITDA, as defined above, to be an important
indicator to investors because it provides information related to our
ability to provide cash flows to meet future debt service, capital
expenditures and working capital requirements and to fund future growth as
well as to monitor compliance with financial covenants. 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 present this discussion of Adjusted EBITDA because covenants in our
Amended and Restated Credit Facility contain ratios based on this measure.
Our Amended and Restated Credit Facility 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 Amended and Restated Credit
Facility that are based on Adjusted EBITDA may be violated and could cause,
among other things, an inability to incur further indebtedness and in
certain circumstances a default or mandatory prepayment under our Amended
and Restated Credit Facility.
Adjusted EBITDA is not a measurement 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 or as an alternative to cash flow from operating activities as a
measure of our profitability or liquidity.
Free Cash Flow
We define free cash flow as net cash provided by operating activities
from continuing operations minus capital expenditures. We believe free cash
flow is an important non-GAAP measure as it provides useful cash flow
information regarding our ability to service, incur or pay down
indebtedness or repurchase our common stock. We use free cash flow as a
measure to reflect cash available to service our debt as well as to fund
our expenditures. A limitation of using free cash flow versus the GAAP
measure of net cash provided by operating activities is that free cash flow
does not represent the total increase or decrease in the cash balance from
operations for the period since it excludes cash used for capital
expenditures during the period.
Net Debt
Net Debt is defined as total debt less cash and cash equivalents and
marketable securities. We consider net debt to be an important measure of
liquidity and an indicator of our ability to meet ongoing obligations. We
also use net debt, among other measures, in evaluating our choices for
capital deployment. Net Debt presented herein is a non-GAAP measure and may
not be comparable to similarly titled measures used by other companies.
Forward-Looking Statements
This press release contains 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 information
concerning our possible or assumed future results of operations, including
descriptions of our business strategy. 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, competition from existing and future competitors,
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, and the failure to attract qualified professionals or grow the
number of qualified professionals who use our websites. These factors and
others are discussed in more detail in the Company's filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K for the fiscal year ended December 31, 2007, under the headings "Risk
Factors," "Forward-Looking Statements" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and our
quarterly reports on Form 10-Q all of which are available on the Investor
Relations page of our website at http://www.diceholdingsinc.com.
You should keep in mind that any forward-looking statement made by us
herein, or elsewhere, speaks only as of the date on which we make it. New
risks and uncertainties come up from time to time, and it is impossible for
us 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 federal securities laws.
DICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share amounts)
For the three For the six
months ended months ended
June 30, June 30,
2008 2007 2008 2007
Revenues $40,281 $34,358 $79,850 $64,747
Operating expenses:
Cost of revenues 2,484 1,946 4,901 3,772
Product development 1,172 982 2,344 1,962
Sales and marketing 15,895 13,797 30,801 27,011
General and administrative 5,363 4,411 10,912 8,360
Depreciation 958 702 1,821 1,321
Amortization of intangible
assets 4,237 4,773 8,479 10,001
Total operating expenses 30,109 26,611 59,258 52,427
Operating income 10,172 7,747 20,592 12,320
Interest expense (2,484) (4,293) (5,168) (6,640)
Interest income 492 82 974 156
Other income (expense) 1,157 - (1,109) -
Income from continuing operations
before income taxes 9,337 3,536 15,289 5,836
Income tax expense 1,786 1,689 3,972 782
Income from continuing operations 7,551 1,847 11,317 5,054
Discontinued operations:
Income (loss) from discontinued
operations - 108 519 (841)
Income tax (expense) benefit
from discontinued operations - (463) - 5,156
Minority interest in net loss
of subsidiary - 121 - 121
Income from discontinued
operations, net of tax - (234) 519 4,436
Net income 7,551 1,613 11,836 9,490
Convertible preferred stock
dividends - - - (107,718)
Income (loss) attributable to
common stockholders $7,551 $1,613 $11,836 $(98,228)
Basic earnings (loss) per share:
From continuing operations $0.12 $0.03 $0.18 $(1,113.48)
From discontinued operations - - 0.01 48.12
$0.12 $0.03 $0.19 $(1,065.36)
Weighted average basic shares
outstanding 62,175 92 62,174 92
Diluted earnings (loss) per share:
From continuing operations $0.12 $0.03 $0.17 $(1,113.48)
From discontinued operations - - 0.01 48.12
$0.12 $0.03 $0.18 $(1,065.36)
Weighted average diluted shares
outstanding 65,475 58,451 65,506 92
DICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
For the three For the six
months ended months ended
June 30, June 30,
2008 2007 2008 2007
Cash flows provided by operating
activities:
Net income $7,551 $1,613 $11,836 $9,490
Adjustments to reconcile net income
to net
cash provided by
operating activities:
Depreciation 958 702 1,821 1,321
Amortization 4,237 4,773 8,479 10,001
Deferred income taxes (304) 4,170 189 (3,216)
Gain on sale of joint venture - - (611) -
Amortization of deferred
financing costs 208 185 416 336
Share based compensation 1,429 1,208 2,725 1,782
(Gain) loss on interest rate
hedges (1,157) - 1,109 -
Changes in operating assets and
liabilities:
Accounts receivable 2,788 347 3,828 1,419
Prepaid expenses and other
assets 6 (661) (49) (1,501)
Accounts payable and accrued
expenses (266) 693 1,749 (1,189)
Income taxes payable 932 (1,096) 2,437 (891)
Deferred revenue (2,956) 1,648 3,074 9,354
Other, net 42 (424) 36 498
Net cash provided by operating
activities 13,468 13,158 37,039 27,404
Cash flows used for investing
activities:
Purchases of fixed assets (1,394) (893) (2,150) (1,524)
Purchases of marketable
securities (26,923) (200) (26,923) (200)
Maturities and sales of
marketable securities 11,295 200 11,395 200
Other, net - (17) - (32)
Net cash used for investing
activities (17,022) (910) (17,678) (1,556)
Cash flows used for financing
activities:
Proceeds from long-term debt - - - 113,000
Payments on long-term debt (300) (11,000) (2,700) (22,000)
Dividends paid on convertible
preferred stock - - - (107,718)
Dividends paid on common stock - - - (180)
Payments to holders of vested
stock options in lieu of
dividends - - - (4,602)
Financing costs paid - - - (2,239)
Payment of costs related to
initial public offering - (456) (354) (456)
Proceeds from stock option
exercises 6 - 9 -
Other - (175) - (175)
Net cash used for financing
activities (294) (11,631) (3,045) (24,370)
Net cash used for operating
activities of discontinued
operations - (338) (409) 380
Net cash used for investing
activities of discontinued
operations - - - (6)
Net cash used for discontinued
operations - (338) (409) 374
Effect of exchange rate changes 447 105 1,240 125
Net change in cash and cash
equivalents for the period (3,401) 384 17,147 1,977
Cash and cash equivalents,
beginning of period 78,073 7,277 57,525 5,684
Cash and cash equivalents, end of
period $74,672 $7,661 $74,672 $7,661
DICE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
June 30, December 31,
ASSETS 2008 2007
Current assets
Cash and cash equivalents $74,672 $57,525
Marketable securities 15,600 150
Accounts receivable, net of
allowance for doubtful accounts
of $1,626 and $1,631 15,315 19,112
Deferred income taxes - current 7,856 13,750
Prepaid and other current assets 2,088 2,582
Current assets of discontinued
operations - 195
Total current assets 115,531 93,314
Fixed assets, net 6,105 5,768
Acquired intangible assets, net 70,142 78,572
Goodwill 160,069 159,773
Deferred financing costs, net of
accumulated amortization
of $1,668 and $1,252 3,125 3,541
Other assets 411 484
Non-current assets of
discontinued operations - 135
Total assets $355,383 $341,587
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
expenses $13,395 $11,971
Deferred revenue 49,350 46,230
Current portion of long-term
debt 750 2,850
Income taxes payable 5,598 3,697
Current liabilities of
discontinued operations - 1,404
Total current liabilities 69,093 66,152
Long-term debt 120,950 121,550
Deferred income taxes -
non-current 20,794 26,256
Interest rate hedge liability 767 -
Other long-term liabilities 6,721 7,002
Total liabilities 218,325 220,960
Total stockholders' equity 137,058 120,627
Total liabilities and
stockholders' equity $355,383 $341,587
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. Historical results for each quarter of 2006 and 2007 can be found
at our website http://www.diceholdingsinc.com under the Investor Relations
section. Supplemental schedules provided include:
Quarterly Adjusted EBITDA Reconciliation
A reconciliation of Adjusted EBITDA for the quarter and six months
ended June 30, 2007 and 2008 is provided. This information provides the
reader with the information we believe is necessary to analyze the Company.
Quarterly Supplemental Data and Certain Non-GAAP Reconciliations
On this schedule, the Company provides certain non-GAAP information for
the quarter and six months ended June 30, 2007 and 2008 that we believe is
useful to understanding the business operations of the Company, namely,
Adjusted Revenues By Segment, which reflects historical revenues adjusted
for the addition of deferred revenue that was previously written off as
part of purchase accounting adjustments related to the eFinancialCareers
acquisition.
DICE HOLDINGS, INC.
QUARTERLY ADJUSTED EBITDA RECONCILIATIONS
(Unaudited)
(in thousands)
For the three For the six
months ended months ended
June 30, June 30,
2008 2007 2008 2007
Reconciliation of Net Income to
Adjusted EBITDA:
Net income $7,551 $1,613 $11,836 $9,490
Discontinued operations - 234 (519) (4,436)
Interest income (492) (82) (974) (156)
Interest expense 2,484 4,293 5,168 6,640
Income tax expense 1,786 1,689 3,972 782
Depreciation 958 702 1,821 1,321
Amortization of intangible assets 4,237 4,773 8,479 10,001
Non-cash stock compensation
expense 1,429 1,208 2,725 1,782
Other (income) expense (1,157) - 1,109 -
Deferred revenue adjustment - 518 - 1,276
Adjusted EBITDA $16,796 $14,948 $33,617 $26,700
Reconciliation of Operating Cash
Flows to Adjusted EBITDA:
Net cash provided by operating
activities $13,468 $13,158 $37,039 $27,404
Interest expense 2,484 4,293 5,168 6,640
Interest income (492) (82) (974) (156)
Income tax expense 1,786 1,689 3,972 782
Deferred income taxes 304 (4,170) (189) 3,216
Change in accounts receivable (2,788) (347) (3,828) (1,419)
Change in deferred revenue 2,956 (1,648) (3,074) (9,354)
Changes in working capital (714) 1,488 (4,173) 3,083
Deferred financing costs (208) (185) (416) (336)
Adjustments for cash flows from
discontinued operations - 234 (519) (4,436)
Gain on discontinued operations - - 611 -
Deferred revenue adjustment - 518 - 1,276
Adjusted EBITDA $16,796 $14,948 $33,617 $26,700
DICE HOLDINGS, INC.
NON-GAAP RECONCILIATIONS AND QUARTERLY SUPPLEMENTAL DATA
(Unaudited)
(dollars in thousands except per customer data)
For the three For the six
months ended months ended
June 30, June 30,
2008 2007 2008 2007
Reconciliation of GAAP Reported
Revenue by Segment to Adjusted
Revenue by Segment
DCS Online:
Reported Actual $27,421 $25,233 $54,496 $48,584
DCS Online 27,421 25,233 54,496 48,584
eFinancialCareers:
Reported Actual 9,920 6,497 19,701 11,642
Deferred Revenue Adjustment (1) - 301 - 680
eFinancialCareers 9,920 6,798 19,701 12,322
Other:
Reported Actual 2,940 2,628 5,653 4,521
Deferred Revenue Adjustment (1) - 217 - 596
Other 2,940 2,845 5,653 5,117
Consolidated:
Reported Actual $40,281 $34,358 $79,850 $64,747
Deferred Revenue Adjustment (1) - 518 - 1,276
Total Adjusted Revenue $40,281 $34,876 $79,850 $66,023
Percentage of Adjusted Revenue by
Segment
DCS Online 68.1% 72.4% 68.2% 73.6%
eFinancialCareers 24.6% 19.5% 24.7% 18.7%
Other 7.3% 8.2% 7.1% 7.7%
100.0% 100.0% 100.0% 100.0%
Sales and Marketing Expense $15,895 $13,797 $30,801 $27,011
Sales and Marketing Expense as a
Percentage of:
Actual Revenue 39.5% 40.2% 38.6% 41.7%
Adjusted Revenue 39.5% 39.6% 38.6% 40.9%
Adjusted EBITDA $16,796 $14,948 $33,617 $26,700
Adjusted EBITDA Margin 41.7% 42.9% 42.1% 40.4%
Dice.com Recruitment Package Customers
Beginning of period 9,150 8,500 8,700 7,600
End of period 8,950 8,800 8,950 8,800
Dice.com Average Monthly Revenue per
Recruitment Package Customer (2) $853 $830 n.a. n.a.
Deferred Revenue $49,350 $43,854 n.a. n.a.
Net cash provided by operating
activities $13,468 $13,158 $37,039 $27,404
Purchases of fixed assets (1,394) (893) (2,150) (1,524)
Free Cash Flows $12,074 $12,265 $34,889 $25,880
Segment Definitions:
DCS Online: Dice.com and ClearanceJobs
eFinancialCareers: eFinancialCareers worldwide, excluding North America
Other: eFinancialCareers (North America), Targeted Job Fairs,
JobsintheMoney
(1) Deferred revenue adjustments are related to deferred revenue written
off in application of purchase accounting. See discussion at
"Supplemental Information and Non-GAAP Reconciliations".
(2) Reflects simple average of three months in each quarterly period.
SOURCE Dice Holdings, Inc.
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Related links:
http://www.diceholdingsinc.com
CONTACT:
Jennifer Bewley, Director, Investor Relations
of Dice Holdings, Inc., +1-212-448-4181, or IR@dice.com, or Media
Relations, Rich Layne of ICR Inc., +1-646-277-1219
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