-- Revenues increased 4% to $39.6 million
-- Operating income grew 7% to $11.0 million
-- Net income totaled $6.4 million
-- Diluted earnings per share grew 43% to $0.10
-- Cash flow from operations increased 22% to $13.1 million
-- Adjusted EBITDA totaled $17.6 million (See "Notes Regarding the Use
of Non-GAAP Financial Measures")
-- Total debt outstanding reduced by $40 million to $81.5 million
NEW YORK, Oct. 23 /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
September 30, 2008.
Third Quarter Operating Results
Total revenues for the quarter ended September 30, 2008 increased 4% to
$39.6 million versus $38.1 million in the comparable quarter of 2007,
primarily driven by increased revenues at the international operations of
eFinancialCareers.
Operating income for the quarter ended September 30, 2008 grew 7% to
$11.0 million from $10.3 million in the comparable quarter of 2007, as a
result of higher revenues and lower amortization of intangible assets.
Net income for the quarter ended September 30, 2008 totaled $6.4
million, an increase of 52% from $4.2 million in the quarter ended
September 30, 2007. This increase was partially impacted by a lower
effective tax rate in the quarter as a result of changes in the non-U.S.
and state statutory rates. The Company anticipates its effective tax rate
will be approximately 35% in future periods.
Diluted earnings per share were $0.10 for the quarter ended September
30, 2008, an increase of 43% from $0.07 diluted earnings per share in the
quarter ended September 30, 2007.
Net cash provided by operating activities for the quarter ended
September 30, 2008 was $13.1 million, an increase of 22% from $10.8 million
in the comparable quarter of 2007.
Adjusted EBITDA for the quarter ended September 30, 2008 was $17.6
million, compared with $17.2 million for the third quarter of 2007, an
increase of 3%. See "Notes Regarding the Use of Non-GAAP Financial
Measures."
Operating Segment Results
For the quarter ended September 30, 2008, DCS Online revenues were
$27.2 million or 69% of Dice Holdings' consolidated revenues, representing
a 2% increase over the comparable 2007 quarter. The increase was driven by
a slight increase in average revenue per recruitment package customer at
Dice.com, as well as a 24% increase in revenues at ClearanceJobs.
eFinancialCareers, which accounted for 25% of Dice Holdings'
consolidated revenues in the third quarter of 2008, consists of the
eFinancialCareers operations outside of North America. For the quarter
ended September 30, 2008, eFinancialCareers revenues grew 18% to $9.9
million (or 16% after adding back the impact of deferred revenue written
off in connection with the October 2006 acquisition of eFinancialCareers to
the third quarter 2007 results). Continental Europe, the Middle East and
Asia Pacific each grew substantially in the quarter.
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
decreased 19% to $2.6 million (or 21% after adding back the impact of
deferred revenue written off in connection with the October 2006
acquisition of eFinancialCareers to the third quarter 2007 results). The
decline was primarily driven by reduced demand for job fairs and a decrease
in revenues at JobsintheMoney.
Nine Month Operating Results
Total revenues for the nine months ended September 30, 2008 increased
16% to $119.5 million, compared to $102.8 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 9% to $81.7 million for the
nine month period ended September 30, 2008. In the same period,
eFinancialCareers contributed revenues of $29.6 million, an increase of 48%
(or 42% after adding back the impact of deferred revenue written off in
connection with the October 2006 acquisition of eFinancialCareers to the
nine months ended September 30, 2007 results). Other revenues grew 7% to
$8.2 million (or decreased 2% after adding back the impact of deferred
revenue written off in connection with the October 2006 acquisition of
eFinancialCareers to the nine months ended September 30, 2007 results).
Operating income for the nine months ended September 30, 2008 increased
40% to $31.6 million from $22.6 million in the comparable period in the
prior year. Income from continuing operations for the nine months ended
September 30, 2008 totaled $17.7 million, an increase of 85% from $9.6
million in the comparable period of 2007. Net income for the nine months
ended September 30, 2008 increased 33% to $18.2 million from $13.7 million
in the comparable period in the prior year.
For the nine month period ended September 30, 2008, net cash provided
by operating activities increased 31% to $50.2 million compared with $38.2
million for the same period last year.
Adjusted EBITDA for the nine months ended September 30, 2008 was $51.2
million, compared with $43.9 million for the same period in 2007, an
increase of 17%. See "Notes Regarding the Use of Non-GAAP Financial
Measures."
Balance Sheet
Deferred revenue at September 30, 2008 was $44.9 million compared to
$43.9 million at September 30, 2007.
Net debt, defined as total debt less cash and cash equivalents and
marketable securities, was $21.7 million at September 30, 2008, consisting
of total debt of $100.3 million minus cash and cash equivalents and
marketable securities of $78.6 million. This compares to a net debt balance
of $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. The decrease in total debt was a result of the Company prepaying,
in September 2008, $21.4 million of the term loan portion of its Amended
and Restated Credit Facility which matures in March 2012.
Recent Development
In mid-October 2008, the Company prepaid an additional $18.5 million on
the term loan portion of its Amended and Restated Credit Facility. As of
October 23, 2008, the Company has $81.5 million outstanding under the term
loan. Additionally, the $75 million revolving credit facility remains
undrawn.
Management Comments
Scot Melland, Chairman, President and Chief Executive Officer,
commented "Given today's challenging economic environment, it will come as
no surprise that recruitment activity is slowing. However, in the third
quarter, we continued to see success providing access to highly skilled
professionals to our customers. This is highlighted by our modest growth at
Dice and 24% growth in local currencies at eFinancialCareers' international
operations, including substantial growth in Asia and the Middle East." Mr.
Melland continued, "As we look ahead to the fourth quarter and 2009, we
believe that market conditions will deteriorate further, which will impact
our customer and billings performance. However, we are confident in our
long term market opportunity and ability to capitalize on it as economic
conditions improve."
Michael Durney, Senior Vice President, Finance and Chief Financial
Officer, noted "The financial model continued to deliver in the third
quarter with Adjusted EBITDA margins of 44% and more than $13 million in
free cash flow generated. Our model allows us substantial discretion in
managing during this increasingly difficult environment both generating
cash flow and continuing to invest to satisfy our customers." Mr. Durney
added, "We have repaid $40 million of debt using cash generated throughout
the year. Our priorities for cash deployment remain the same: looking for
investment opportunities, while actively optimizing our capital structure."
Business Outlook
As of October 23, 2008, the Company anticipates the following financial
performance for the quarter and year ending December 31, 2008:
Quarter ending
December 31, Fiscal Year
2008 2008
Total Revenue $35.5 - 36.5 mm $155 - 156 mm
-------------
Estimated Contribution by Segment
---------------------------------
DCS Online 72% 69%
eFinancialCareers 22% 24%
Other 6% 7%
Sales & Marketing expense $12.5 - 13.0 mm $57.7 - 58.2 mm
Adjusted EBITDA $15.7 - 16.7 mm $67 - 68 mm
Depreciation and amortization $5.1 - 5.2 mm $20.6 - 20.7 mm
Non-cash stock compensation expense $1.4 - 1.5 mm $5.6 - 5.7 mm
Interest expense, net $1.6 - 1.7 mm $7.7 - 7.8 mm
Other expense, net - $1.0 mm
Income taxes $2.4 - 2.6 mm $9.3 - 9.5 mm
Income from continuing operations $4.5 - 5.0 mm $22.2 - 22.7 mm
Adjusted EBITDA Margin 44 - 45% 43 - 44%
Fully diluted share count 65 - 66 mm 65 - 66 mm
Conference Call Information
The Company will host a conference call to discuss third 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
866-800-8651 or for international callers by dialing 617-614-2704; the
participant passcode is 92705562. 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 90123936. The replay will
be available until October 30, 2008. The call will also be webcast live
from the Company's website at http://www.diceholdingsinc.com under the Investor
Relations section.
Upcoming Event
The Company is pleased to announce its participation in the SunTrust
Robinson Humphrey 2008 Business Services Unconference to be held November
6, 2008 in New York City. Mr. Michael Durney, Senior Vice President,
Finance and Chief Financial Officer, will be hosting meetings with
investors.
Investor & Media Contact:
Jennifer Bewley
Director, Investor Relations
Dice Holdings, Inc.
212.448.4181 | IR@dice.com
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 18 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 nine
months ended months ended
September 30, September 30,
2008 2007 2008 2007
Revenues $39,642 $38,089 $119,492 $102,836
Operating expenses:
Cost of revenues 2,558 2,443 7,459 6,215
Product development 1,183 1,178 3,527 3,140
Sales and marketing 14,350 13,469 45,151 40,480
General and
administrative 5,362 5,213 16,274 13,573
Depreciation 965 827 2,786 2,148
Amortization of intangible
assets 4,186 4,661 12,665 14,662
Total operating
expenses 28,604 27,791 87,862 80,218
Operating income 11,038 10,298 31,630 22,618
Interest expense (2,441) (3,387) (7,609) (10,027)
Interest income 528 371 1,502 527
Other income (expense) 135 - (974) -
Income from continuing
operations before income taxes 9,260 7,282 24,549 13,118
Income tax expense 2,889 2,779 6,861 3,561
Income from continuing
operations 6,371 4,503 17,688 9,557
Discontinued operations:
Income (loss) from
discontinued operations - (460) 519 (1,301)
Income tax (expense)
benefit from discontinued
operations - 154 - 5,310
Minority interest in net
loss of subsidiary - - - 121
Income (loss) from discontinued
operations, net of tax - (306) 519 4,130
Net income 6,371 4,197 18,207 13,687
Convertible preferred stock
dividends - - - (107,718)
Income (loss) attributable to
common stockholders $6,371 $4,197 $18,207 $(94,031)
Basic earnings (loss)
per share:
From continuing operations $0.10 $0.07 $0.28 $(5.82)
From discontinued operations - (0.01) 0.01 0.24
$0.10 $0.06 $0.29 $(5.58)
Weighted average basic shares
outstanding 62,204 49,873 62,188 16,868
Diluted earnings (loss) per
share:
From continuing operations $0.10 $0.07 $0.27 $(5.82)
From discontinued operations - - 0.01 0.24
$0.10 $0.07 $0.28 $(5.58)
Weighted average diluted
shares outstanding 65,836 64,401 65,595 16,868
DICE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
For the three For the nine
months ended months ended
September 30, September 30,
2008 2007 2008 2007
Cash flows provided by operating
activities:
Net income $6,371 $4,197 $18,207 $13,687
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 965 827 2,786 2,148
Amortization 4,186 4,661 12,665 14,662
Deferred income taxes 1,233 1,720 1,422 (1,496)
Gain on sale of joint venture - - (611) -
Amortization of deferred
financing costs 209 202 625 538
Share based compensation 1,442 1,138 4,167 2,920
(Gain) loss on interest rate
hedges (135) - 974 -
Changes in operating assets and
liabilities:
Accounts receivable 2,757 (2,839) 6,585 (1,420)
Prepaid expenses and other
assets (310) 139 (359) (1,362)
Accounts payable and accrued
expenses (327) 506 1,422 (683)
Income taxes payable 556 950 2,993 59
Deferred revenue (3,825) (66) (751) 9,288
Other, net 22 (648) 58 (150)
Net cash provided by operating
activities 13,144 10,787 50,183 38,191
Cash flows provided by (used for)
investing activities:
Purchases of fixed assets (893) (1,048) (3,043) (2,572)
Purchases of marketable
securities (22,274) - (49,197) (200)
Maturities and sales of
marketable securities 29,593 200 40,988 400
Other, net - - - (32)
Net cash provided by (used for)
investing activities 6,426 (848) (11,252) (2,404)
Cash flows provided by (used for)
financing activities:
Proceeds from long-term debt - - - 113,000
Payments on long-term debt (21,400) (55,300) (24,100) (77,300)
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 - (7) - (2,246)
Proceeds from initial public
offering - 81,003 - 81,003
Payment of costs related to
initial public offering - (981) (354) (1,437)
Proceeds from stock option
exercises 49 89 58 89
Other - - - (175)
Net cash provided by (used for)
financing activities (21,351) 24,804 (24,396) 434
Net cash provided by (used for)
operating activities of
discontinued operations - 203 (409) 583
Net cash used for investing
activities of discontinued
operations - - - (6)
Net cash provided by (used for)
discontinued operations - 203 (409) 577
Effect of exchange rate changes (2,574) 29 (1,334) 154
Net change in cash and cash
equivalents for the period (4,355) 34,975 12,792 36,952
Cash and cash equivalents,
beginning of period 74,672 7,661 57,525 5,684
Cash and cash equivalents, end of
period $70,317 $42,636 $70,317 $42,636
DICE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
ASSETS September 30, December 31,
2008 2007
Current assets
Cash and cash equivalents $70,317 $57,525
Marketable securities 8,289 150
Accounts receivable, net 11,911 19,112
Deferred income taxes - current 5,386 13,750
Prepaid and other current assets 2,159 2,582
Current assets of
discontinued operations - 195
Total current assets 98,062 93,314
Fixed assets, net 5,968 5,768
Acquired intangible assets, net 64,848 78,572
Goodwill 154,454 159,773
Deferred financing costs, net 2,916 3,541
Other assets 299 484
Non-current assets of
discontinued operations - 135
Total assets $326,547 $341,587
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
expenses $12,654 $11,971
Deferred revenue 44,854 46,230
Current portion of
long-term debt 1,000 2,850
Income taxes payable 5,154 3,697
Current liabilities of
discontinued operations - 1,404
Total current liabilities 63,662 66,152
Long-term debt 99,300 121,550
Deferred income taxes -
non-current 19,184 26,256
Interest rate hedge liability 649 -
Other long-term liabilities 6,555 7,002
Total liabilities 189,350 220,960
Total stockholders' equity 137,197 120,627
Total liabilities and
stockholders' equity $326,547 $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 nine months
ended September 30, 2008 and 2007 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 nine months ended September 30, 2008 and 2007 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 For the
three months nine months
ended ended
September 30, September 30,
2008 2007 2008 2007
Reconciliation of Net Income to
Adjusted EBITDA:
Net income $6,371 $4,197 $18,207 $13,687
Discontinued operations - 306 (519) (4,130)
Interest income (528) (371) (1,502) (527)
Interest expense 2,441 3,387 7,609 10,027
Income tax expense 2,889 2,779 6,861 3,561
Depreciation 965 827 2,786 2,148
Amortization of
intangible assets 4,186 4,661 12,665 14,662
Non-cash stock
compensation expense 1,442 1,138 4,167 2,920
Other (income) expense (135) - 974 -
Deferred revenue
adjustment - 248 - 1,524
Adjusted EBITDA $17,631 $17,172 $51,248 $43,872
Reconciliation of Operating Cash
Flows to Adjusted EBITDA:
Net cash provided by operating
activities $13,144 $10,787 $50,183 $38,191
Interest expense 2,441 3,387 7,609 10,027
Interest income (528) (371) (1,502) (527)
Income tax expense 2,889 2,779 6,861 3,561
Deferred income taxes (1,233) (1,720) (1,422) 1,496
Change in accounts
receivable (2,757) 2,839 (6,585) 1,420
Change in deferred revenue 3,825 66 751 (9,288)
Changes in working capital 59 (947) (4,114) 2,136
Deferred financing
costs (209) (202) (625) (538)
Adjustments for cash
flows from discontinued
operations - 306 (519) (4,130)
Gain on discontinued
operations - - 611 -
Deferred revenue adjustment - 248 - 1,524
Adjusted EBITDA $17,631 $17,172 $51,248 $43,872
DICE HOLDINGS, INC.
NON-GAAP RECONCILIATIONS AND QUARTERLY SUPPLEMENTAL DATA
(Unaudited)
(dollars in thousands except per customer data)
For the three For the nine
months ended months ended
September 30, September 30,
2008 2007 2008 2007
Reconciliation of GAAP Reported
Revenue by Segment to Adjusted
Revenue by Segment
DCS Online:
Reported Actual $27,199 $26,557 $81,695 $75,141
DCS Online 27,199 26,557 81,695 75,141
eFinancialCareers:
Reported Actual 9,862 8,349 29,563 19,991
Deferred Revenue Adjustment (1) - 147 - 827
eFinancialCareers 9,862 8,496 29,563 20,818
Other:
Reported Actual 2,581 3,183 8,234 7,704
Deferred Revenue Adjustment (1) - 101 - 697
Other 2,581 3,284 8,234 8,401
Consolidated:
Reported Actual $39,642 $38,089 $119,492 $102,836
Deferred Revenue Adjustment (1) - 248 - 1,524
Total Adjusted Revenue $39,642 $38,337 $119,492 $104,360
Percentage of Adjusted Revenue
by Segment
DCS Online 68.6% 69.3% 68.4% 72.0%
eFinancialCareers 24.9% 22.2% 24.7% 19.9%
Other 6.5% 8.6% 6.9% 8.0%
100.0% 100.0% 100.0% 100.0%
Sales and Marketing Expense $14,350 $13,469 $45,151 $40,480
Sales and Marketing Expense as a
Percentage of :
Actual Revenue 36.2% 35.4% 37.8% 39.4%
Adjusted Revenue 36.2% 35.1% 37.8% 38.8%
Adjusted EBITDA $17,631 $17,172 $51,248 $43,872
Adjusted EBITDA Margin 44.5% 44.8% 42.9% 42.0%
Dice.com Recruitment Package
Customers
Beginning of period 8,950 8,800 8,700 7,600
End of period 8,800 9,000 8,800 9,000
Dice.com Average Monthly Revenue
per Recruitment Package
Customer (2) $849 $839 n.a. n.a.
Net cash provided by operating
activities $13,144 $10,787 $50,183 $38,191
Purchases of fixed assets (893) (1,048) (3,043) (2,572)
Free Cash Flow $12,251 $9,739 $47,140 $35,619
Deferred Revenue (end of period) $44,854 $43,871 n.a. n.a.
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, Dice Holdings, Inc., +1-212-448-4181, IR@dice.com
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