NEW YORK, Feb. 7, 2017
/PRNewswire/ --
- Fourth quarter total revenues of $54.9
million, net income $5.5
million, diluted EPS $0.11 and
Adjusted EBITDA $13.9 million
- Cash flow from operations totaled $8.0
million in the fourth quarter and $44.6 million for full year 2016
- Open Web reaches 24% penetration of Dice recruitment package
customers
- Strategic alternatives process announced during the fourth
quarter of 2016 progressing as envisioned
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 and year ended
December 31, 2016.
"The fourth quarter was a pivotal period for our Company, as we
began implementing our tech-focused strategy to reinvigorate growth
and ultimately transform our Company," said Michael Durney, President and Chief Executive
Officer of DHI Group, Inc. "We are laying the groundwork for future
growth through our intensified focus on tech professional
engagement and recruiting customer pain points. Already, we're
seeing indications that these efforts are paying off with improving
business metrics such as impressive growth in Dice Careers
downloads. Looking forward into 2017, we are as excited and
optimistic as ever about our Company's prospects."
Q4 2016 Tech Product and Business Highlights
- New Dice go-to-market strategy leading with our Open Web
solution drove 59% year-over-year growth in Open Web customers,
resulting in a 24% penetration rate for Open Web among Dice
recruitment package customers as of December
31, 2016, up from 14% a year ago
- Partnered with HackerEarth, a leading tech skills assessment
service provider, to bring skills assessment to our market,
enhancing value to our customers
- Dice Careers app new download year-over-year growth was 116% in
the fourth quarter
- Dice selected as the specialist partner for the launch of
Google's Cloud Jobs API, reinforcing our position as a leader in
tech recruiting
Q4 and Full Year 2016 Financial Highlights
"We are encouraged by our Company's fourth quarter performance,
with financial results meeting our expectations as we embark upon
our tech-first strategy in the midst of a very dynamic
environment," said Luc Grégoire, Chief Financial Officer.
"Importantly, our business remains very profitable and continues to
generate significant cash flow, which supports our tech-focused
initiatives to help us return to growth."
The following summarizes consolidated financial results for the
quarters and years ended December 31, 2016 and 2015 including
with and without Slashdot Media, which the Company sold in the
first quarter of 2016 ($ in millions, except per share data):
|
|
Q4
2016
|
|
Q4
2015
|
|
Change
|
|
FY
2016
|
|
FY
2015
|
|
Change
|
Revenues
|
|
$
|
54.9
|
|
|
$
|
65.1
|
|
|
(16)%
|
|
|
$
|
227.0
|
|
|
$
|
259.8
|
|
|
(13)%
|
|
Revenues, excluding
Slashdot Media
|
|
$
|
54.9
|
|
|
$
|
61.4
|
|
|
(11)%
|
|
|
$
|
226.2
|
|
|
$
|
245.0
|
|
|
(8)%
|
|
Net income
(loss)
|
|
$
|
5.5
|
|
|
$
|
(28.2)
|
|
|
n.m.
|
|
$
|
(5.4)
|
|
|
$
|
(11.0)
|
|
|
51
|
%
|
Net income, excluding
Slashdot Media, impairment charge and disposition related and other
charges
|
|
$
|
5.5
|
|
|
$
|
5.7
|
|
|
(4)%
|
|
|
$
|
18.7
|
|
|
$
|
22.6
|
|
|
(17)%
|
|
Diluted earnings
(loss) per share
|
|
$
|
0.11
|
|
|
$
|
(0.56)
|
|
|
n.m.
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
|
48
|
%
|
Diluted earnings per
share, excluding Slashdot Media, impairment charge and disposition
related and other charges
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
—
|
%
|
|
$
|
0.39
|
|
|
$
|
0.44
|
|
|
(11)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
13.9
|
|
|
$
|
18.7
|
|
|
(26)%
|
|
|
$
|
57.7
|
|
|
$
|
74.6
|
|
|
(23)%
|
|
Adjusted EBITDA
margin
|
|
25.3
|
%
|
|
28.8
|
%
|
|
|
|
25.4
|
%
|
|
28.7
|
%
|
|
|
Adjusted EBITDA,
excluding Slashdot Media and disposition related and other
costs
|
|
$
|
13.9
|
|
|
$
|
18.2
|
|
|
(24)%
|
|
|
$
|
58.7
|
|
|
$
|
72.9
|
|
|
(19)%
|
|
Adjusted EBITDA
margin, excluding Slashdot Media and disposition related and other
costs
|
|
25.3
|
%
|
|
29.7
|
%
|
|
|
|
25.9
|
%
|
|
29.8
|
%
|
|
|
|
Reconciliations of
Net Income (Loss) to Adjusted EBITDA and of Operating Cash Flows to
Adjusted EBITDA are included toward the end of this press
release
|
The following summarizes Revenues, Adjusted EBITDA and Adjusted
EBITDA Margin results for the quarters and years ended
December 31, 2016 and 2015 ($ in millions). A reconciliation
of Operating Income (Loss) to Adjusted EBITDA is included toward
the end of this release.
|
|
Revenues
|
|
Adjusted
EBITDA
|
|
|
Q4
2016
|
|
Q4
2015
|
|
Change
|
|
Fx
Impact
|
|
Q4
2016
|
|
2016
Margin
|
|
Q4
2015
|
|
2015
Margin
|
Tech &
Clearance
|
|
$
|
33.3
|
|
|
$
|
35.7
|
|
|
(7)%
|
|
$(0.3)
|
|
$
|
15.9
|
|
|
48
|
%
|
|
$
|
17.4
|
|
|
49
|
%
|
Global Industry
Group
|
|
15.2
|
|
|
19.2
|
|
|
(21)%
|
|
(1.2)
|
|
2.6
|
|
|
17
|
%
|
|
5.1
|
|
|
27
|
%
|
Healthcare
|
|
6.4
|
|
|
6.4
|
|
|
—%
|
|
—
|
|
0.4
|
|
|
6
|
%
|
|
0.2
|
|
|
3
|
%
|
Talent Acquisition
Brands
|
|
54.9
|
|
|
61.3
|
|
|
(10)%
|
|
(1.5)
|
|
18.9
|
|
|
34
|
%
|
|
22.7
|
|
|
37
|
%
|
Corporate
|
|
—
|
|
|
—
|
|
|
—%
|
|
—
|
|
(3.0)
|
|
|
n.m.
|
|
|
(2.7)
|
|
|
n.m.
|
|
Talent Acquisition
Brands less Corporate
|
|
54.9
|
|
|
61.3
|
|
|
(10)%
|
|
(1.5)
|
|
15.9
|
|
|
29
|
%
|
|
20.0
|
|
|
33
|
%
|
Brightmatter
Group
|
|
—
|
|
|
0.1
|
|
|
n.m.
|
|
—
|
|
(2.0)
|
|
|
n.m.
|
|
|
(1.8)
|
|
|
n.m.
|
|
Slashdot
Media
|
|
—
|
|
|
3.6
|
|
|
(100)%
|
|
—
|
|
—
|
|
|
n.m.
|
|
|
0.5
|
|
|
14
|
%
|
Total
|
|
$
|
54.9
|
|
|
$
|
65.1
|
|
|
(16)%
|
|
$(1.5)
|
|
$
|
13.9
|
|
|
25
|
%
|
|
$
|
18.7
|
|
|
29
|
%
|
|
|
Revenues
|
|
Adjusted
EBITDA
|
|
|
FY
2016
|
|
FY
2015
|
|
Change
|
|
Fx
Impact
|
|
FY
2016
|
|
2016
Margin
|
|
FY
2015
|
|
2015
Margin
|
Tech &
Clearance
|
|
$
|
135.5
|
|
|
$
|
140.4
|
|
|
(4)%
|
|
$(0.7)
|
|
$
|
63.2
|
|
|
47
|
%
|
|
$
|
66.7
|
|
|
48
|
%
|
Global Industry
Group
|
|
63.6
|
|
|
78.3
|
|
|
(19)%
|
|
(3.0)
|
|
13.1
|
|
|
21
|
%
|
|
19.8
|
|
|
25
|
%
|
Healthcare
|
|
27.1
|
|
|
25.9
|
|
|
5%
|
|
—
|
|
2.5
|
|
|
9
|
%
|
|
2.6
|
|
|
10
|
%
|
Talent Acquisition
Brands
|
|
226.2
|
|
|
244.6
|
|
|
(8)%
|
|
(3.7)
|
|
78.8
|
|
|
35
|
%
|
|
89.1
|
|
|
36
|
%
|
Corporate
|
|
—
|
|
|
—
|
|
|
—%
|
|
—
|
|
(13.6)
|
|
|
n.m.
|
|
|
(12.1)
|
|
|
n.m.
|
|
Talent Acquisition
Brands less Corporate
|
|
226.2
|
|
|
244.6
|
|
|
(8)%
|
|
(3.7)
|
|
65.2
|
|
|
29
|
%
|
|
77.0
|
|
|
31
|
%
|
Brightmatter
Group
|
|
0.1
|
|
|
0.4
|
|
|
(75)%
|
|
—
|
|
(7.3)
|
|
|
n.m.
|
|
|
(4.2)
|
|
|
n.m.
|
|
Slashdot
Media
|
|
0.7
|
|
|
14.8
|
|
|
(95)%
|
|
—
|
|
(0.2)
|
|
|
(29)%
|
|
|
1.7
|
|
|
11
|
%
|
Total
|
|
$
|
227.0
|
|
|
$
|
259.8
|
|
|
(13)%
|
|
$(3.7)
|
|
$
|
57.7
|
|
|
25
|
%
|
|
$
|
74.6
|
|
|
29
|
%
|
|
|
GIG Revenues by
Brand
|
($ in
millions)
|
|
Q4
2016
|
|
Q4
2015
|
|
Change
|
|
Fx
Impact
|
|
FY
2016
|
|
FY
2015
|
|
Change
|
|
Fx
Impact
|
eFinancialCareers
|
|
$
|
8.4
|
|
$
|
9.6
|
|
(13)%
|
|
$(1.1)
|
|
$
|
35.1
|
|
$
|
36.4
|
|
(4)%
|
|
$(2.7)
|
Rigzone
|
|
2.0
|
|
4.2
|
|
(52)%
|
|
(0.1)
|
|
9.5
|
|
21.0
|
|
(55)%
|
|
(0.3)
|
Hcareers
|
|
3.4
|
|
3.7
|
|
(8)%
|
|
—
|
|
14.9
|
|
16.0
|
|
(7)%
|
|
—
|
BioSpace
|
|
1.3
|
|
1.6
|
|
(19)%
|
|
—
|
|
4.1
|
|
4.9
|
|
(16)%
|
|
—
|
Global Industry
Group
|
|
$
|
15.2
|
|
$
|
19.2
|
|
(21)%
|
|
$(1.2)
|
|
$
|
63.6
|
|
$
|
78.3
|
|
(19)%
|
|
$(3.0)
|
|
|
Supplemental
Balance Sheet
Information
|
|
($ in
millions)
|
|
December
31,
2016
|
|
December
31,
2015
|
|
Change
|
|
Deferred
revenue (1)
|
|
$
|
84.6
|
|
|
$
|
83.3
|
|
|
$
|
1.3
|
|
|
Long-Term Debt,
net
|
|
$
|
84.8
|
|
|
$
|
99.4
|
|
|
$
|
(14.6)
|
|
|
Plus: Deferred
financing costs
|
|
1.2
|
|
|
1.6
|
|
|
(0.4)
|
|
|
Total principal
outstanding
|
|
$
|
86.0
|
|
|
$
|
101.0
|
|
|
$
|
(15.0)
|
|
|
Less: Cash
|
|
23.0
|
|
|
34.1
|
|
|
(11.1)
|
|
|
Net debt
|
|
$
|
63.0
|
|
|
$
|
67.0
|
|
|
$
|
(4.0)
|
|
|
|
(1) The
YTD increase in deferred revenue primarily reflects an increase in
the Tech & Clearance segment of $3.2 million, partially offset
by a decrease in the Global Industry Group segment of $1.7 million
largely due to Energy.
|
Update on Strategic Alternatives Process & Business
Outlook
In conjunction with reporting third quarter 2016 financial
results on November 1, 2016, the
Company announced plans to explore strategic alternatives to ensure
its ownership structure optimizes prospects of executing its new
tech-focused strategy and enhancing shareholder value. On
November 22, 2016 the Company
announced it had retained Evercore as its financial advisor for the
strategic alternatives process.
"The strategic alternatives process we began during the fourth
quarter is progressing in line with our expectations," said Mr.
Durney. "While there is no assurance the process will result in a
transaction, we are confident in our ability to execute our
tech-focused strategy under our current ownership structure."
There are a number of potential outcomes to the strategic
alternatives process, and some outcomes could have different
organizational and operational implications for the Company. The
Company believes this makes providing specific forward guidance
less meaningful to the reader at this time. On today's conference
call, Management will provide context around the Company's 2017
strategic objectives and operational plans. Details for the
conference call are provided below.
Stock Repurchase Program
During the fourth quarter of 2016, the Company purchased
approximately 0.6 million shares of its common stock at an average
cost of $5.87 per share for a total
cost of approximately $3.4 million.
The share repurchase program expired in December 2016, and, in light of the Company's
exploration of strategic alternatives, was not renewed. The Company
will continue to monitor market conditions and the progress of its
strategic alternatives process, and may implement a new share
repurchase authorization if warranted.
Conference Call Information
The Company will host a conference call to discuss fourth
quarter results today at 8:30 a.m. Eastern
Time. Hosting the call will be Michael Durney, President and Chief Executive
Officer, and Luc Grégoire, Chief Financial Officer.
The conference call can be accessed live over the phone 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 10099245. The replay
will be available until February 14,
2017.
The call will also be webcast live from the Company's website at
www.dhigroupinc.com under the Investor Relations section.
Investor Contact
Brendan Metrano
VP, Investor Relations
DHI Group, Inc.
212-448-4181
ir@dhigroupinc.com
Media Contact
Rachel Ceccarelli
Director, Corporate Communications
DHI Group, Inc.
212-448-8288
media@dhigroupinc.com
About DHI Group, Inc.
DHI Group, Inc. (NYSE: DHX) is a leading provider of data,
insights and employment connections through our specialized
services for professional communities including technology and
security clearance, financial services, energy, healthcare and
hospitality. Our mission is to empower professionals and
organizations to compete and win through expert insights and
relevant employment connections. Employers and recruiters use our
websites and services to source and hire the most qualified
professionals in select and highly-skilled occupations, while
professionals use our websites and services to find the best
employment opportunities in and the most timely news and
information about their respective areas of expertise. For over 25
years, we have built our Company on providing employers and
recruiters with efficient access to high-quality, unique
professional communities, and offering the professionals in those
communities access to highly-relevant career opportunities, news,
tools and information. Today, we serve multiple markets located
throughout North America,
Europe, the Middle East and the Asia Pacific region.
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, and other non-recurring income or expense
("Adjusted EBITDA"), Adjusted EBITDA Margin, Adjusted EBITDA
excluding Slashdot Media and disposition related and other costs,
Adjusted EBITDA margin excluding Slashdot Media and disposition
related and other costs, Revenues excluding Slashdot Media, Net
Income excluding Slashdot Media, impairment charge and disposition
related and other costs, Free Cash Flow, Diluted Earnings per Share
excluding Slashdot Media, impairment charge and disposition related
and other costs, 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. 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
Adjusted EBITDA is a non-GAAP 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 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 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 as a measure
of our profitability.
Adjusted EBITDA Margin
Adjusted EBITDA Margin is a non-GAAP metric used by management
to measure operating performance. Adjusted EBITDA Margin is
computed as Adjusted EBITDA divided by Revenues.
Adjusted EBITDA Excluding Slashdot Media and disposition
related and other costs
Adjusted EBITDA excluding Slashdot Media and disposition related
and other costs is a non-GAAP metric used by management to measure
operating performance. Management uses Adjusted EBITDA excluding
Slashdot Media and disposition related and other costs as a measure
of our financial performance given our sale of Slashdot Media and
disposition related and other costs. Adjusted EBITDA excluding
Slashdot Media and disposition related and other costs, represents
Adjusted EBITDA defined above, less Slashdot Media and disposition
related and other costs.
Adjusted EBITDA margin, Excluding Slashdot Media and
disposition related and other costs
Adjusted EBITDA margin, excluding Slashdot Media and disposition
related and other costs is a non-GAAP metric used by management to
measure operating performance. Management uses Adjusted EBITDA
margin, excluding Slashdot Media and disposition related and other
costs as a measure of our financial performance given our sale of
Slashdot Media and disposition related and other costs. Adjusted
EBITDA margin, excluding Slashdot Media and disposition related and
other costs, is computed as Adjusted EBITDA, excluding Slashdot
Media and disposition related and other costs divided by Revenues
excluding Slashdot Media.
Revenues Excluding Slashdot Media
Revenues excluding Slashdot Media is a non-GAAP metric used by
management to measure operating performance. Revenues
excluding Slashdot Media represents Revenues as defined above less
Slashdot Media revenue. We consider Revenues excluding
Slashdot Media to be an important measure to evaluate our financial
performance given our sale of Slashdot Media.
Net Income Excluding Slashdot Media, impairment charge and
disposition related and other costs
Net Income excluding Slashdot Media, impairment charge and
disposition related and other costs is a non-GAAP metric used by
management to measure operating performance. Net Income excluding
Slashdot Media, impairment charge and disposition related and other
costs is defined as Net Income less Slashdot Media Net Income
(Loss), impairment charge and disposition related and other costs.
We consider Net Income excluding Slashdot Media, impairment charge
and disposition related and other costs to be an important measure
of our financial performance given our sale of Slashdot Media,
impairment charge and disposition related and other costs.
Diluted Earnings per Share Excluding Slashdot Media,
impairment charge and disposition related and other costs
Diluted earnings per share excluding Slashdot Media, impairment
charge and disposition related and other costs is a non-GAAP metric
used by management to measure operating performance. Diluted
earnings per share excluding Slashdot Media, impairment charge and
disposition related and other costs is defined as diluted earnings
per share less impact per share of Slashdot Media, impairment
charge and disposition related and other costs. We consider diluted
earnings per share excluding Slashdot Media, impairment charge and
disposition related and other costs to be an important measure of
our financial performance.
Free Cash Flow
We define free cash flow as net cash provided by operating
activities 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 includes cash used for capital expenditures during
the period and is adjusted for acquisition related payments within
operating cash flows.
Net Debt
Net Debt is defined as total principal outstanding less cash. We
consider Net Debt to be an important measure of liquidity and
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 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 information without limitation 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,
the review of strategic alternatives and the possibility that such
review will not result in a transaction, 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, 2015, 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.
DHI GROUP,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(in thousands except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months
ended December
31,
|
|
For the year
ended
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
54,938
|
|
|
$
|
65,059
|
|
|
$
|
226,970
|
|
|
$
|
259,769
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
7,569
|
|
|
9,892
|
|
|
32,126
|
|
|
39,147
|
|
Product
development
|
6,391
|
|
|
7,781
|
|
|
25,714
|
|
|
29,863
|
|
Sales and
marketing
|
18,878
|
|
|
20,771
|
|
|
77,451
|
|
|
81,755
|
|
General and
administrative
|
10,862
|
|
|
10,580
|
|
|
43,684
|
|
|
44,639
|
|
Depreciation
|
2,210
|
|
|
2,477
|
|
|
9,849
|
|
|
9,298
|
|
Amortization of
intangible assets
|
681
|
|
|
3,019
|
|
|
6,787
|
|
|
13,894
|
|
Impairment of
goodwill
|
—
|
|
|
34,818
|
|
|
15,369
|
|
|
34,818
|
|
Impairment of
intangible assets
|
—
|
|
|
—
|
|
|
9,252
|
|
|
—
|
|
Disposition related
and other costs
|
—
|
|
|
—
|
|
|
3,347
|
|
|
—
|
|
|
|
Total operating
expenses
|
46,591
|
|
|
89,338
|
|
|
223,579
|
|
|
253,414
|
|
Operating income
(loss)
|
8,347
|
|
|
(24,279)
|
|
|
3,391
|
|
|
6,355
|
|
Interest
expense
|
(888)
|
|
|
(817)
|
|
|
(3,481)
|
|
|
(3,289)
|
|
Other income
(expense)
|
4
|
|
|
(23)
|
|
|
(29)
|
|
|
(25)
|
|
Income (loss) before
income taxes
|
7,463
|
|
|
(25,119)
|
|
|
(119)
|
|
|
3,041
|
|
Income tax
expense
|
1,985
|
|
|
3,130
|
|
|
5,279
|
|
|
14,009
|
|
Net income
(loss)
|
$
|
5,478
|
|
|
$
|
(28,249)
|
|
|
$
|
(5,398)
|
|
|
$
|
(10,968)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
|
0.12
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
Diluted earnings
(loss) per share
|
$
|
0.11
|
|
|
$
|
(0.56)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
47,444
|
|
|
50,201
|
|
|
48,319
|
|
|
51,402
|
|
Weighted average
diluted shares outstanding
|
48,388
|
|
|
50,201
|
|
|
48,319
|
|
|
51,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DHI GROUP,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months
ended December
31,
|
|
For the year
ended
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
5,478
|
|
|
$
|
(28,249)
|
|
|
$
|
(5,398)
|
|
|
$
|
(10,968)
|
|
Adjustments to
reconcile net income (loss) to net cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
2,210
|
|
|
2,477
|
|
|
9,849
|
|
|
9,298
|
|
|
Amortization of
intangible assets
|
681
|
|
|
3,019
|
|
|
6,787
|
|
|
13,894
|
|
|
Deferred income
taxes
|
(1,291)
|
|
|
(616)
|
|
|
(3,268)
|
|
|
(989)
|
|
|
Amortization of
deferred financing costs
|
81
|
|
|
89
|
|
|
324
|
|
|
402
|
|
|
Stock based
compensation
|
2,395
|
|
|
2,695
|
|
|
11,145
|
|
|
10,185
|
|
|
Impairment of
goodwill
|
—
|
|
|
34,818
|
|
|
15,369
|
|
|
34,818
|
|
|
Impairment of
intangible assets
|
—
|
|
|
—
|
|
|
9,252
|
|
|
—
|
|
|
Change in accrual for
unrecognized tax benefits
|
(1,089)
|
|
|
(128)
|
|
|
(923)
|
|
|
44
|
|
|
Loss on sale of
business
|
—
|
|
|
—
|
|
|
639
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(5,766)
|
|
|
(5,577)
|
|
|
2,281
|
|
|
(2,140)
|
|
|
Prepaid expenses and
other assets
|
486
|
|
|
133
|
|
|
(132)
|
|
|
1,734
|
|
|
Accounts payable and
accrued expenses
|
476
|
|
|
1,278
|
|
|
(2,954)
|
|
|
(1,054)
|
|
|
Income taxes
receivable/payable
|
1,597
|
|
|
(144)
|
|
|
(485)
|
|
|
5,906
|
|
|
Deferred
revenue
|
2,863
|
|
|
1,561
|
|
|
2,370
|
|
|
(571)
|
|
|
Other, net
|
(157)
|
|
|
84
|
|
|
(280)
|
|
|
250
|
|
Net cash flows from
operating activities
|
7,964
|
|
|
11,440
|
|
|
44,576
|
|
|
60,809
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Cash received from
sale of business
|
—
|
|
|
—
|
|
|
2,429
|
|
|
—
|
|
|
Purchases of fixed
assets
|
(3,238)
|
|
|
(2,368)
|
|
|
(11,699)
|
|
|
(9,078)
|
|
|
Purchases of cost
method investments
|
(1,500)
|
|
|
—
|
|
|
(1,500)
|
|
|
—
|
|
Net cash flows used
in investing activities
|
(4,738)
|
|
|
(2,368)
|
|
|
(10,770)
|
|
|
(9,078)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Payments on long-term
debt
|
(16,000)
|
|
|
(109,625)
|
|
|
(42,000)
|
|
|
(138,500)
|
|
|
Proceeds from
long-term debt
|
10,000
|
|
|
109,000
|
|
|
27,000
|
|
|
129,000
|
|
|
Payments under stock
repurchase plan
|
(3,393)
|
|
|
(8,651)
|
|
|
(29,572)
|
|
|
(38,212)
|
|
|
Payment of
acquisition related contingencies
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,829)
|
|
|
Proceeds from stock
option exercises
|
142
|
|
|
1,113
|
|
|
2,806
|
|
|
7,010
|
|
|
Purchase of treasury
stock related to vested restricted stock and performance stock
units
|
(89)
|
|
|
(170)
|
|
|
(2,868)
|
|
|
(1,835)
|
|
|
Excess tax benefit
over book expense from stock based compensation
|
21
|
|
|
236
|
|
|
421
|
|
|
2,350
|
|
|
Financing costs
paid
|
—
|
|
|
(646)
|
|
|
—
|
|
|
(646)
|
|
Net cash flows used
in financing activities
|
(9,319)
|
|
|
(8,743)
|
|
|
(44,213)
|
|
|
(44,662)
|
|
Effect of exchange
rate changes
|
(341)
|
|
|
(190)
|
|
|
(656)
|
|
|
204
|
|
Net change in cash
for the period
|
(6,434)
|
|
|
139
|
|
|
(11,063)
|
|
|
7,273
|
|
Cash, beginning of
period
|
29,421
|
|
|
33,911
|
|
|
34,050
|
|
|
26,777
|
|
Cash, end of
period
|
$
|
22,987
|
|
|
$
|
34,050
|
|
|
$
|
22,987
|
|
|
$
|
34,050
|
|
DHI GROUP,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
ASSETS
|
December 31,
2016
|
|
December 31,
2015
|
Current
assets
|
|
|
|
|
Cash
|
$
|
22,987
|
|
|
$
|
34,050
|
|
|
Accounts receivable,
net
|
43,148
|
|
|
46,380
|
|
|
Income taxes
receivable
|
731
|
|
|
916
|
|
|
Prepaid and other
current assets
|
3,312
|
|
|
3,072
|
|
|
Assets held for
sale
|
—
|
|
|
4,265
|
|
|
|
Total current
assets
|
70,178
|
|
|
88,683
|
|
Fixed assets,
net
|
16,610
|
|
|
15,255
|
|
Acquired intangible
assets, net
|
49,120
|
|
|
65,292
|
|
Goodwill
|
171,745
|
|
|
198,598
|
|
Deferred income
taxes
|
306
|
|
|
322
|
|
Other
assets
|
2,136
|
|
|
785
|
|
|
|
Total
assets
|
$
|
310,095
|
|
|
$
|
368,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
20,220
|
|
|
$
|
23,883
|
|
|
Deferred
revenue
|
84,615
|
|
|
83,316
|
|
|
Income taxes
payable
|
3,467
|
|
|
4,006
|
|
|
Liabilities held for
sale
|
—
|
|
|
2,334
|
|
|
|
Total current
liabilities
|
108,302
|
|
|
113,539
|
|
Long-term debt,
net
|
84,760
|
|
|
99,436
|
|
Deferred income
taxes
|
7,901
|
|
|
10,849
|
|
Accrual for
unrecognized tax benefits
|
2,513
|
|
|
3,436
|
|
Other long-term
liabilities
|
2,736
|
|
|
3,062
|
|
|
|
Total
liabilities
|
206,212
|
|
|
230,322
|
|
Total stockholders'
equity
|
103,883
|
|
|
138,613
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
310,095
|
|
|
$
|
368,935
|
|
|
|
|
|
|
|
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 months and
years ended December 31, 2016 and 2015 and a balance sheet as
of December 31, 2016 and December 31, 2015 are provided
elsewhere in this press release.
DHI GROUP,
INC.
|
NON-GAAP
SUPPLEMENTAL DATA
|
(Unaudited)
|
(dollars in
thousands except per customer data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months
ended December
31,
|
|
For the year
ended
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Reconciliation of Net
Income (Loss) to Adjusted EBITDA:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
5,478
|
|
|
$
|
(28,249)
|
|
|
$
|
(5,398)
|
|
|
$
|
(10,968)
|
|
|
Interest
expense
|
888
|
|
|
817
|
|
|
3,481
|
|
|
3,289
|
|
|
Income tax
expense
|
1,985
|
|
|
3,130
|
|
|
5,279
|
|
|
14,009
|
|
|
Depreciation
|
2,210
|
|
|
2,477
|
|
|
9,849
|
|
|
9,298
|
|
|
Amortization of
intangible assets
|
681
|
|
|
3,019
|
|
|
6,787
|
|
|
13,894
|
|
|
Impairment of
goodwill
|
—
|
|
|
34,818
|
|
|
15,369
|
|
|
34,818
|
|
|
Impairment of
intangible assets
|
—
|
|
|
—
|
|
|
9,252
|
|
|
—
|
|
|
Non-cash stock
compensation expense
|
2,395
|
|
|
2,695
|
|
|
10,245
|
|
|
10,185
|
|
|
Severance—Slashdot
Media
|
—
|
|
|
—
|
|
|
981
|
|
|
—
|
|
|
Accelerated stock
based compensation expense—Slashdot Media
|
—
|
|
|
—
|
|
|
900
|
|
|
—
|
|
|
Loss on sale of
business
|
—
|
|
|
—
|
|
|
639
|
|
|
—
|
|
|
Other
|
246
|
|
|
23
|
|
|
279
|
|
|
25
|
|
Adjusted
EBITDA
|
$
|
13,883
|
|
|
$
|
18,730
|
|
|
$
|
57,663
|
|
|
$
|
74,550
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Cash Flows to Adjusted EBITDA:
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
7,964
|
|
|
$
|
11,440
|
|
|
$
|
44,576
|
|
|
$
|
60,809
|
|
|
Interest
expense
|
888
|
|
|
817
|
|
|
3,481
|
|
|
3,289
|
|
|
Amortization of
deferred financing costs
|
(81)
|
|
|
(89)
|
|
|
(324)
|
|
|
(402)
|
|
|
Income tax
expense
|
1,985
|
|
|
3,130
|
|
|
5,279
|
|
|
14,009
|
|
|
Deferred income
taxes
|
1,291
|
|
|
616
|
|
|
3,268
|
|
|
989
|
|
|
Severance—Slashdot
Media
|
—
|
|
|
—
|
|
|
981
|
|
|
—
|
|
|
Change in accrual for
unrecognized tax benefits
|
1,089
|
|
|
128
|
|
|
923
|
|
|
(44)
|
|
|
Change in accounts
receivable
|
5,766
|
|
|
5,577
|
|
|
(2,281)
|
|
|
2,140
|
|
|
Change in deferred
revenue
|
(2,863)
|
|
|
(1,561)
|
|
|
(2,370)
|
|
|
571
|
|
|
Changes in working
capital and other
|
(2,156)
|
|
|
(1,328)
|
|
|
4,130
|
|
|
(6,811)
|
|
Adjusted
EBITDA
|
$
|
13,883
|
|
|
$
|
18,730
|
|
|
$
|
57,663
|
|
|
$
|
74,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Free
Cash Flow:
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
|
7,964
|
|
|
$
|
11,440
|
|
|
$
|
44,576
|
|
|
$
|
60,809
|
|
Purchases of fixed
assets
|
(3,238)
|
|
|
(2,368)
|
|
|
(11,699)
|
|
|
(9,078)
|
|
Free Cash
Flow
|
$
|
4,726
|
|
|
$
|
9,072
|
|
|
$
|
32,877
|
|
|
$
|
51,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dice Recruitment
Package Customers
|
|
|
|
|
|
|
|
Beginning of
period
|
7,250
|
|
|
7,700
|
|
|
7,600
|
|
|
7,800
|
|
End of
period
|
7,050
|
|
|
7,600
|
|
|
7,050
|
|
|
7,600
|
|
|
|
|
|
|
|
|
|
|
Average for the
period (1)
|
7,150
|
|
|
7,650
|
|
|
7,300
|
|
|
7,700
|
|
|
|
|
|
|
|
|
|
|
Dice Average
Monthly Revenue per
Recruitment Package Customer (2)
|
$
|
1,117
|
|
|
$
|
1,115
|
|
|
$
|
1,120
|
|
|
$
|
1,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects
the daily average of recruitment package customers during the
period.
|
|
(2) Reflects
the simple average of each period presented.
|
|
|
|
DHI GROUP,
INC.
|
NON-GAAP
SUPPLEMENTAL DATA (CONTINUED)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended December 31, 2016
|
Reconciliation of
Operating Income (Loss)
to Adjusted
EBITDA:
|
Tech &
Clearance
|
|
Global Industry
Group
|
|
Healthcare
|
|
Corporate
|
|
Brightmatter
Group
|
|
Slashdot
Media
|
|
Total
|
Operating income
(loss)
|
$
|
13,647
|
|
|
$
|
1,592
|
|
|
$
|
(392)
|
|
|
$
|
(4,360)
|
|
|
$
|
(2,140)
|
|
|
$
|
—
|
|
|
$
|
8,347
|
|
|
Depreciation
|
1,437
|
|
|
205
|
|
|
459
|
|
|
32
|
|
|
77
|
|
|
—
|
|
|
2,210
|
|
|
Amortization of
intangible assets
|
47
|
|
|
410
|
|
|
181
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
681
|
|
|
Non-cash stock
compensation expense
|
755
|
|
|
387
|
|
|
129
|
|
|
1,075
|
|
|
49
|
|
|
—
|
|
|
2,395
|
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
Adjusted
EBITDA
|
$
|
15,886
|
|
|
$
|
2,594
|
|
|
$
|
377
|
|
|
$
|
(3,003)
|
|
|
$
|
(1,971)
|
|
|
$
|
—
|
|
|
$
|
13,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended December 31, 2015
|
Reconciliation of
Operating Income (Loss)
to Adjusted
EBITDA:
|
Tech &
Clearance
|
|
Global Industry
Group
|
|
Healthcare
|
|
Corporate
|
|
Brightmatter
Group
|
|
Slashdot
Media
|
|
Total
|
Operating income
(loss)
|
$
|
14,220
|
|
|
$
|
(32,232)
|
|
|
$
|
(703)
|
|
|
$
|
(3,997)
|
|
|
$
|
(1,991)
|
|
|
$
|
424
|
|
|
$
|
(24,279)
|
|
|
Depreciation
|
1,650
|
|
|
220
|
|
|
574
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
2,477
|
|
|
Amortization of
intangible assets
|
829
|
|
|
1,834
|
|
|
251
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
3,019
|
|
|
Non-cash stock
compensation expense
|
676
|
|
|
437
|
|
|
76
|
|
|
1,311
|
|
|
100
|
|
|
95
|
|
|
2,695
|
|
|
Impairment of
goodwill
|
—
|
|
|
34,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,818
|
|
Adjusted
EBITDA
|
$
|
17,375
|
|
|
$
|
5,077
|
|
|
$
|
198
|
|
|
$
|
(2,653)
|
|
|
$
|
(1,786)
|
|
|
$
|
519
|
|
|
$
|
18,730
|
|
|
|
For the year ended
December 31, 2016
|
Reconciliation of
Operating Income (Loss)
to Adjusted
EBITDA:
|
Tech &
Clearance
|
|
Global Industry
Group
|
|
Healthcare
|
|
Corporate
|
|
Brightmatter
Group
|
|
Slashdot
Media
|
|
Total
|
Operating income
(loss)
|
$
|
51,667
|
|
|
$
|
(18,102)
|
|
|
$
|
(929)
|
|
|
$
|
(18,645)
|
|
|
$
|
(7,827)
|
|
|
$
|
(2,773)
|
|
|
$
|
3,391
|
|
|
Depreciation
|
6,565
|
|
|
891
|
|
|
2,089
|
|
|
131
|
|
|
173
|
|
|
—
|
|
|
9,849
|
|
|
Amortization of
intangible assets
|
1,737
|
|
|
4,029
|
|
|
835
|
|
|
—
|
|
|
186
|
|
|
—
|
|
|
6,787
|
|
|
Non-cash stock
compensation expense
|
3,210
|
|
|
1,639
|
|
|
490
|
|
|
4,660
|
|
|
201
|
|
|
45
|
|
|
10,245
|
|
|
Impairment of
goodwill and intangibles
|
—
|
|
|
24,621
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,621
|
|
|
Severance—Slashdot
Media
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
981
|
|
|
981
|
|
|
Accelerated stock
based compensation expense—Slashdot Media
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
900
|
|
|
Loss on sale of
business
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
639
|
|
|
639
|
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
Adjusted
EBITDA
|
$
|
63,179
|
|
|
$
|
13,078
|
|
|
$
|
2,485
|
|
|
$
|
(13,604)
|
|
|
$
|
(7,267)
|
|
|
$
|
(208)
|
|
|
$
|
57,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31, 2015
|
Reconciliation of
Operating Income (Loss)
to Adjusted
EBITDA:
|
Tech &
Clearance
|
|
Global Industry
Group
|
|
Healthcare
|
|
Corporate
|
|
Brightmatter
Group
|
|
Slashdot
Media
|
|
Total
|
Operating income
(loss)
|
$
|
53,897
|
|
|
$
|
(26,624)
|
|
|
$
|
(490)
|
|
|
$
|
(16,528)
|
|
|
$
|
(5,047)
|
|
|
$
|
1,147
|
|
|
$
|
6,355
|
|
|
Depreciation
|
6,495
|
|
|
915
|
|
|
1,599
|
|
|
135
|
|
|
—
|
|
|
154
|
|
|
9,298
|
|
|
Amortization of
intangible assets
|
3,460
|
|
|
8,735
|
|
|
1,202
|
|
|
—
|
|
|
497
|
|
|
—
|
|
|
13,894
|
|
|
Non-cash stock
compensation expense
|
2,832
|
|
|
1,960
|
|
|
317
|
|
|
4,342
|
|
|
372
|
|
|
362
|
|
|
10,185
|
|
|
Impairment of
goodwill
|
—
|
|
|
34,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,818
|
|
Adjusted
EBITDA
|
$
|
66,684
|
|
|
$
|
19,804
|
|
|
$
|
2,628
|
|
|
$
|
(12,051)
|
|
|
$
|
(4,178)
|
|
|
$
|
1,663
|
|
|
$
|
74,550
|
|
|
DHI GROUP,
INC.
|
|
NON-GAAP
SUPPLEMENTAL DATA (CONTINUED)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
For the three
months
ended December
31,
|
|
For the year
ended
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
$
|
54,938
|
|
|
$
|
65,059
|
|
|
$
|
226,970
|
|
|
$
|
259,769
|
|
Less Slashdot
Media
|
—
|
|
|
3,646
|
|
|
747
|
|
|
14,819
|
|
Revenues, excluding
Slashdot Media
|
$
|
54,938
|
|
|
$
|
61,413
|
|
|
$
|
226,223
|
|
|
$
|
244,950
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
$
|
5,478
|
|
|
$
|
(28,249)
|
|
|
$
|
(5,398)
|
|
|
$
|
(10,968)
|
|
Exclude Slashdot
Media net income (loss)
|
—
|
|
|
261
|
|
|
(1,755)
|
|
|
692
|
|
Add back impairment
charge, net of income taxes
|
—
|
|
|
34,246
|
|
|
21,790
|
|
|
34,246
|
|
Add back severance
related to re-alignment, net of tax
|
—
|
|
|
—
|
|
|
521
|
|
|
—
|
|
Net Income, excluding
Slashdot Media, impairment charge and disposition
related
and other
costs
|
$
|
5,478
|
|
|
$
|
5,736
|
|
|
$
|
18,668
|
|
|
$
|
22,586
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Share, excluding Slashdot Media, impairment charge and
disposition related
and other costs (1)
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.39
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
13,883
|
|
|
$
|
18,730
|
|
|
$
|
57,663
|
|
|
$
|
74,550
|
|
Exclude Slashdot
Media
|
—
|
|
|
519
|
|
|
(208)
|
|
|
1,663
|
|
Add back severance
related to re-alignment
|
—
|
|
|
—
|
|
|
827
|
|
|
—
|
|
Adjusted EBITDA,
excluding Slashdot Media and disposition related and
other
costs
|
$
|
13,883
|
|
|
$
|
18,211
|
|
|
$
|
58,698
|
|
|
$
|
72,887
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin, excluding Slashdot Media and disposition related
and
other
costs
|
25.3
|
%
|
|
29.7
|
%
|
|
25.9
|
%
|
|
29.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Definitions:
|
|
|
|
|
|
|
|
Tech &
Clearance: Dice, Dice Europe and ClearanceJobs
|
Global Industry
Group: eFinancialCareers, Rigzone, Hcareers and
BioSpace
|
|
|
|
|
Healthcare: Health
eCareers
|
Corporate &
Other: Corporate related costs, Slashdot Media and
Brightmatter
|
|
|
|
|
|
|
|
|
|
(1) Diluted
Earnings per Share, excluding Slashdot Media, impairment charge and
disposition related and other costs, is computed as Net Income,
excluding Slashdot Media, impairment charge and disposition related
and other costs, divided by weighted average diluted shares
outstanding.
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dhi-group-inc-reports-fourth-quarter-and-full-year-2016-results-300403071.html
SOURCE DHI Group, Inc.