001-33584 | 20-3179218 | |||||||
(Commission File Number) | (IRS Employer Identification No.) | |||||||
1040 AVENUE OF THE AMERICAS, 8TH FLOOR, NEW YORK, NEW YORK | 10018 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
(a) | Financial Statements of Business Acquired. |
(b) | Pro Forma Financial Information. |
(c) | Shell Company Transactions. |
(d) | Exhibits. |
DHI GROUP, INC. | ||||
Date: | February 3, 2016 | By: /S/ JOHN J. ROBERTS | ||
Name: John J. Roberts | ||||
Title: Chief Financial Officer | ||||
• | Total revenues of $65.1 million and Adjusted EBITDA of $18.7 million in Q4 2015 |
• | Excluding Slashdot Media, total revenues of $61.4 million and Adjusted EBITDA of $18.2 million |
• | Cash flow from operations of $11.4 million for Q4 2015 and $60.8 million for the full year 2015 |
• | Net loss of $28.2 million or $0.56 per diluted share in Q4 2015 |
• | Growth in Adjusted Revenues and improvement in Adjusted EBITDA Margin in each of our core segments except Energy during Q4 2015 |
• | Further decline in the Energy business leads the Company to record a non-cash impairment charge of $34.8 million or $0.68 per diluted share related to partial write-down of Energy segment goodwill in Q4 2015 |
• | Adoption of Open Web at Dice continues, with Dice’s Open Web annual customer count in the U.S. increasing 67% from year-end 2014. |
• | The Spotlight employer branding product suite that was launched in the Company’s Health eCareers service during the third quarter has shown initial strength. |
• | The Company’s recently-formed division, BrightMatter Group (“BMG”), will focus on new initiatives including a number of next-generation recruitment products and services that will be applicable across the Company’s brands. |
Q4 2015 | Q4 2014 | YoY % Change | |||||||
Revenues | $ | 65.1 | $ | 67.8 | (4 | )% | (1) | ||
Operating income (loss) | $ | (24.3 | ) | $ | 12.3 | n.m. | (2) | ||
Income (loss) before income taxes | $ | (25.1 | ) | $ | 11.6 | n.m. | (2) | ||
Net income (loss) | $ | (28.2 | ) | $ | 6.5 | n.m. | (2) | ||
Diluted earnings (loss) per share | $ | (0.56 | ) | $ | 0.12 | n.m. | (2) | ||
Net cash provided by operating activities | $ | 11.4 | $ | 7.9 | 44 | % | |||
Adjusted Revenues | $ | 65.1 | $ | 67.9 | (4 | )% | |||
Adjusted EBITDA | $ | 18.7 | $ | 20.1 | (7 | )% | |||
Adjusted EBITDA margin | 28.8 | % | 29.6 | % | |||||
Adjusted Revenues, excluding Slashdot Media | $ | 61.4 | $ | 63.2 | (3 | )% | (1) | ||
Adjusted EBITDA, excluding Slashdot Media | $ | 18.2 | $ | 18.8 | (3 | )% | |||
Adjusted EBITDA margin, excluding Slashdot Media | 29.7 | % | 29.7 | % | |||||
(1) Excluding the negative impact of currency translation, revenues decreased 3%. Adjusted Revenues, excluding Slashdot Media, decreased 1% year-over-year on a constant-currency basis. | |||||||||
(2) Q4 2015 includes a non-cash impairment charge of approximately $34.8 million, or $0.68 per diluted share related to the partial write-down of Energy segment goodwill. Excluding this charge, net income for Q4 2015 totaled $6.0 million or $0.12 per diluted share. |
Adjusted Revenues by Segment | Adjusted EBITDA by Segment | |||||||||||||||||||||||
Q4 2015 | Q4 2014 | YoY % Change | Q4 2015 | Q4 2015 Margin | Q4 2014 | Q4 2014 Margin | ||||||||||||||||||
Tech & Clearance | $ | 35.2 | $ | 34.5 | 2% | $ | 16.4 | 47 | % | $ | 15.0 | 43 | % | |||||||||||
Finance | 9.6 | 9.2 | 5% | 2.5 | 26 | % | 1.8 | 20 | % | |||||||||||||||
Energy | 4.2 | 8.1 | (48)% | 0.8 | 19 | % | 3.4 | 42 | % | |||||||||||||||
Healthcare | 8.0 | 6.9 | 16% | 0.9 | 11 | % | 0.2 | 3 | % | |||||||||||||||
Hospitality | 3.7 | 3.6 | 3% | 1.7 | 46 | % | 1.3 | 36 | % | |||||||||||||||
Before Corporate & Other | 60.8 | 62.4 | (3)% | 22.3 | 37 | % | 21.7 | 35 | % | |||||||||||||||
BrightMatter Group | 0.6 | 0.8 | (25)% | (1.4 | ) | n.m. | (0.1 | ) | n.m. | |||||||||||||||
Corporate | - | - | - | (2.6 | ) | n.m. | (2.7 | ) | n.m. | |||||||||||||||
Slashdot Media | 3.6 | 4.7 | (23)% | 0.5 | 14 | % | 1.3 | 28 | % | |||||||||||||||
Total Corporate & Other | 4.2 | 5.6 | (25)% | (3.5 | ) | n.m. | (1.6 | ) | n.m. | |||||||||||||||
Total | $ | 65.1 | $ | 67.9 | (4)% | $ | 18.7 | 29 | % | $ | 20.1 | 30 | % |
• | Revenue growth in the Tech & Clearance segment was driven by growth of 17% at ClearanceJobs and 6% at Dice Europe. |
• | Finance segment revenues increased 10% in constant currency, driven by increases of 8% in North America, 19% in the Asia Pacific region and 13% in the UK. |
• | The decline in Energy segment Adjusted Revenues reflects the negative impact on recruitment and advertising activity from the poor overall market in oil and gas. |
• | Adjusted Revenues growth in the Healthcare segment primarily reflects an increase in usage of our services at Health eCareers driven by increased engagement with customers. |
($ in millions) | December 31, 2015 | December 31, 2014 | YoY $ Change | |||||||||
Deferred revenue (excluding Slashdot Media) | $ | 83.3 | $ | 85.0 | $ | (1.7 | ) | |||||
Slashdot Media deferred revenue (3) | 1.0 | 1.4 | (0.4 | ) | ||||||||
Total deferred revenue | $ | 84.3 | $ | 86.4 | $ | (2.1 | ) | |||||
Net debt | $ | 67.0 | $ | 83.7 | $ | (16.7 | ) | |||||
(3) Slashdot Media deferred revenue is included in liabilities held for sale as of December 31, 2015 only. |
• | The YoY decrease in deferred revenue (excluding Slashdot Media) primarily reflects a decrease in the Energy segment of $4.7 million, partially offset by increases in the Tech & Clearance, Finance and Healthcare segments. |
Current Q1 2016 and Full-Year 2016 Business Outlook | ||
($ in millions, except diluted earnings per share) | Q1 2016 | FY 2016 |
Revenues | $57.0 - $58.5 | $241.0 - $250.0 |
Talent acquisition brands Adjusted EBITDA (4) | $18.5 - $19.5 | $87.0 - $92.0 |
Corporate expenses | $2.8 - $3.0 | $12.0 - $12.5 |
Talent acquisition brands Adjusted EBITDA less corporate expenses (4) | $15.5 - $16.5 | $75.0 - $80.0 |
BrightMatter Group Adjusted EBITDA | ($1.5) - ($2.0) | ($7.0) - ($8.0) |
Total Adjusted EBITDA | $14.0 - $15.0 | $68.0 - $73.0 |
Depreciation and amortization | $4.6 - $4.8 | $16.0 - $16.5 |
Non-cash stock compensation expense | $2.7 - $2.8 | $11.0 - $11.5 |
Interest expense, net | $0.7 - $0.8 | $2.9 - $3.3 |
Income tax rate | 39% - 41% | 39% - 41% |
Net income | $3.4 - $3.8 | $23.0 - $24.5 |
Diluted earnings per share | $0.07 - $0.08 | $0.45 - $0.48 |
Diluted share count | 51 million | 51 million |
Estimated revenue growth by segment (in US dollars): | ||
Tech & Clearance | 0% - 2% | 0% - 3% |
Finance | (1%) - 1% | (1%) - 2% |
Energy | (50%) - (46%) | (38%) - (33%) |
Healthcare | 8% - 10% | 10% - 18% |
Hospitality | (6%) - (4%) | 7% - 9% |
(4) Talent acquisition brands includes the Company’s Dice, eFinancialCareers, Health eCareers, Hcareers, Rigzone, ClearanceJobs and BioSpace brands. |
• | Expectation for negative impact to Revenues from currency fluctuations of roughly $0.5 million in Q1 2016 and $2.0 million for FY 2016 relative to the same periods in the prior year, which primarily is reflected in the Finance segment. |
• | Excludes any severance or other costs related to the Company’s sale of Slashdot Media and/or the organizational changes described in the section above titled “Organizational Changes Position the Company for Next Phase of Growth.” |
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, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Revenues | $ | 65,059 | $ | 67,766 | $ | 259,769 | $ | 262,615 | ||||||||||
Operating expenses: | ||||||||||||||||||
Cost of revenues | 9,892 | 9,409 | 39,147 | 37,212 | ||||||||||||||
Product development | 7,781 | 6,833 | 29,863 | 26,087 | ||||||||||||||
Sales and marketing | 20,771 | 23,267 | 81,755 | 83,299 | ||||||||||||||
General and administrative | 10,580 | 9,928 | 44,639 | 42,059 | ||||||||||||||
Depreciation | 2,477 | 2,297 | 9,298 | 10,944 | ||||||||||||||
Amortization of intangible assets | 3,019 | 3,705 | 13,894 | 16,257 | ||||||||||||||
Impairment of goodwill | 34,818 | — | 34,818 | — | ||||||||||||||
Change in acquisition related contingencies | — | 19 | — | 153 | ||||||||||||||
Total operating expenses | 89,338 | 55,458 | 253,414 | 216,011 | ||||||||||||||
Operating income (loss) | (24,279 | ) | 12,308 | 6,355 | 46,604 | |||||||||||||
Interest expense | (817 | ) | (869 | ) | (3,289 | ) | (3,744 | ) | ||||||||||
Other income (expense) | (23 | ) | 118 | (25 | ) | (11 | ) | |||||||||||
Income (loss) before income taxes | (25,119 | ) | 11,557 | 3,041 | 42,849 | |||||||||||||
Income tax expense | 3,130 | 5,041 | 14,009 | 15,237 | ||||||||||||||
Net income (loss) | $ | (28,249 | ) | $ | 6,516 | $ | (10,968 | ) | $ | 27,612 | ||||||||
Basic earnings (loss) per share | $ | (0.56 | ) | $ | 0.13 | $ | (0.21 | ) | $ | 0.53 | ||||||||
Diluted earnings (loss) per share | $ | (0.56 | ) | $ | 0.12 | $ | (0.21 | ) | $ | 0.51 | ||||||||
Weighted average basic shares outstanding | 50,201 | 51,857 | 51,402 | 52,328 | ||||||||||||||
Weighted average diluted shares outstanding | 50,201 | 53,963 | 51,402 | 54,410 | ||||||||||||||
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, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net income (loss) | $ | (28,249 | ) | $ | 6,516 | $ | (10,968 | ) | $ | 27,612 | ||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||
Depreciation | 2,477 | 2,297 | 9,298 | 10,944 | ||||||||||||||
Amortization of intangible assets | 3,019 | 3,705 | 13,894 | 16,257 | ||||||||||||||
Deferred income taxes | (616 | ) | 619 | (989 | ) | (3,698 | ) | |||||||||||
Amortization of deferred financing costs | 89 | 86 | 402 | 365 | ||||||||||||||
Stock based compensation | 2,695 | 1,612 | 10,185 | 7,498 | ||||||||||||||
Change in acquisition related contingencies | — | 19 | — | 153 | ||||||||||||||
Impairment of goodwill | 34,818 | — | 34,818 | — | ||||||||||||||
Loss on disposal of fixed assets | — | 22 | — | 22 | ||||||||||||||
Change in accrual for unrecognized tax benefits | (128 | ) | (119 | ) | 44 | 774 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||
Accounts receivable | (5,577 | ) | (9,477 | ) | (2,140 | ) | (9,709 | ) | ||||||||||
Prepaid expenses and other assets | 133 | (696 | ) | 1,734 | (1,142 | ) | ||||||||||||
Accounts payable and accrued expenses | 1,278 | (1,052 | ) | (1,054 | ) | (1,069 | ) | |||||||||||
Income taxes receivable/payable | (144 | ) | (670 | ) | 5,906 | (1,626 | ) | |||||||||||
Deferred revenue | 1,561 | 5,186 | (571 | ) | 8,767 | |||||||||||||
Other, net | 84 | (149 | ) | 250 | 395 | |||||||||||||
Net cash flows from operating activities | 11,440 | 7,899 | 60,809 | 55,543 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Payments for acquisitions, net of cash acquired | — | — | — | (27,001 | ) | |||||||||||||
Purchases of fixed assets | (2,368 | ) | (1,926 | ) | (9,078 | ) | (8,710 | ) | ||||||||||
Net cash flows from investing activities | (2,368 | ) | (1,926 | ) | (9,078 | ) | (35,711 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||
Payments on long-term debt | (109,625 | ) | (13,625 | ) | (138,500 | ) | (37,500 | ) | ||||||||||
Proceeds from long-term debt | 109,000 | 11,000 | 129,000 | 29,000 | ||||||||||||||
Payments under stock repurchase plan | (8,651 | ) | (6,098 | ) | (38,212 | ) | (33,007 | ) | ||||||||||
Payment of acquisition related contingencies | — | (5,001 | ) | (3,829 | ) | (5,825 | ) | |||||||||||
Proceeds from stock option exercises | 1,113 | 6,139 | 7,010 | 14,113 | ||||||||||||||
Purchase of treasury stock related to vested restricted stock | (170 | ) | (96 | ) | (1,835 | ) | (1,319 | ) | ||||||||||
Excess tax benefit over book expense from stock based compensation | 236 | 1,621 | 2,350 | 3,125 | ||||||||||||||
Financing costs paid | (646 | ) | — | (646 | ) | — | ||||||||||||
Net cash flows from financing activities | (8,743 | ) | (6,060 | ) | (44,662 | ) | (31,413 | ) | ||||||||||
Effect of exchange rate changes | (190 | ) | (154 | ) | 204 | (993 | ) | |||||||||||
Net change in cash for the period | 139 | (241 | ) | 7,273 | (12,574 | ) | ||||||||||||
Cash, beginning of period | 33,911 | 27,018 | 26,777 | 39,351 | ||||||||||||||
Cash, end of period | $ | 34,050 | $ | 26,777 | $ | 34,050 | $ | 26,777 |
DHI GROUP, INC. | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Unaudited) | |||||||||
(in thousands) | |||||||||
ASSETS | December 31, 2015 | December 31, 2014 | |||||||
Current assets | |||||||||
Cash | $ | 34,050 | $ | 26,777 | |||||
Accounts receivable, net | 46,380 | 49,048 | |||||||
Income taxes receivable | 916 | 3,973 | |||||||
Prepaid and other current assets | 3,072 | 4,764 | |||||||
Assets held for sale | 4,265 | — | |||||||
Total current assets | 88,683 | 84,562 | |||||||
Fixed assets, net | 15,255 | 16,066 | |||||||
Acquired intangible assets, net | 65,292 | 81,345 | |||||||
Goodwill | 198,598 | 239,256 | |||||||
Deferred financing costs, net | 1,564 | 1,320 | |||||||
Deferred income taxes | 322 | 481 | |||||||
Other assets | 785 | 926 | |||||||
Total assets | $ | 370,499 | $ | 423,956 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued expenses | $ | 23,883 | $ | 25,714 | |||||
Deferred revenue | 83,316 | 86,444 | |||||||
Current portion of acquisition related contingencies | — | 3,883 | |||||||
Current portion of long-term debt | — | 2,500 | |||||||
Income taxes payable | 4,006 | 1,205 | |||||||
Liabilities held for sale | 2,334 | — | |||||||
Total current liabilities | 113,539 | 119,746 | |||||||
Long-term debt | 101,000 | 108,000 | |||||||
Deferred income taxes | 10,849 | 12,190 | |||||||
Accrual for unrecognized tax benefits | 3,436 | 3,392 | |||||||
Other long-term liabilities | 3,062 | 2,830 | |||||||
Total liabilities | 231,886 | 246,158 | |||||||
Total stockholders’ equity | 138,613 | 177,798 | |||||||
Total liabilities and stockholders’ equity | $ | 370,499 | $ | 423,956 | |||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues by Segment (GAAP Revenue) | ||||||||||||||||
Tech & Clearance (1) | $ | 35,223 | $ | 34,534 | $ | 138,553 | $ | 133,609 | ||||||||
Finance | 9,609 | 9,168 | 36,408 | 36,661 | ||||||||||||
Energy | 4,241 | 7,984 | 21,036 | 30,449 | ||||||||||||
Healthcare | 8,020 | 6,918 | 30,762 | 26,913 | ||||||||||||
Hospitality | 3,737 | 3,606 | 15,954 | 13,656 | ||||||||||||
Corporate & Other (1) | 4,229 | 5,556 | 17,056 | 21,327 | ||||||||||||
$ | 65,059 | $ | 67,766 | $ | 259,769 | $ | 262,615 | |||||||||
Add back fair value adjustment to deferred revenue | ||||||||||||||||
Tech & Clearance | $ | — | $ | — | $ | — | $ | 262 | ||||||||
Energy | — | 111 | — | 728 | ||||||||||||
Healthcare | — | 16 | — | 855 | ||||||||||||
Hospitality | — | 15 | — | 1,042 | ||||||||||||
$ | — | $ | 142 | $ | — | $ | 2,887 | |||||||||
Adjusted Revenues by Segment | ||||||||||||||||
Tech & Clearance | $ | 35,223 | $ | 34,534 | $ | 138,553 | $ | 133,871 | ||||||||
Finance | 9,609 | 9,168 | 36,408 | 36,661 | ||||||||||||
Energy | 4,241 | 8,095 | 21,036 | 31,177 | ||||||||||||
Healthcare | 8,020 | 6,934 | 30,762 | 27,768 | ||||||||||||
Hospitality | 3,737 | 3,621 | 15,954 | 14,698 | ||||||||||||
Corporate & Other | 4,229 | 5,556 | 17,056 | 21,327 | ||||||||||||
$ | 65,059 | $ | 67,908 | $ | 259,769 | $ | 265,502 | |||||||||
Dice Recruitment Package Customers | ||||||||||||||||
Beginning of period | 7,700 | 8,000 | 7,800 | 8,100 | ||||||||||||
End of period | 7,600 | 7,800 | 7,600 | 7,800 | ||||||||||||
Average for the period (2) | 7,650 | 7,950 | 7,700 | 8,000 | ||||||||||||
Dice Average Monthly Revenue per Recruitment Package Customer (3) | $ | 1,115 | $ | 1,070 | $ | 1,094 | $ | 1,044 | ||||||||
DHI GROUP, INC. | ||||||||||||||||
NON-GAAP SUPPLEMENTAL DATA (CONTINUED) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA: | ||||||||||||||||
Net income (loss) | $ | (28,249 | ) | $ | 6,516 | $ | (10,968 | ) | $ | 27,612 | ||||||
Interest expense | 817 | 869 | 3,289 | 3,744 | ||||||||||||
Income tax expense | 3,130 | 5,041 | 14,009 | 15,237 | ||||||||||||
Depreciation | 2,477 | 2,297 | 9,298 | 10,944 | ||||||||||||
Amortization of intangible assets | 3,019 | 3,705 | 13,894 | 16,257 | ||||||||||||
Change in acquisition related contingencies | — | 19 | — | 153 | ||||||||||||
Impairment of goodwill | 34,818 | — | 34,818 | — | ||||||||||||
Non-cash stock compensation expense | 2,695 | 1,612 | 10,185 | 7,498 | ||||||||||||
Deferred revenue adjustment | — | 142 | — | 2,887 | ||||||||||||
Other | 23 | (118 | ) | 25 | 11 | |||||||||||
Adjusted EBITDA | $ | 18,730 | $ | 20,083 | $ | 74,550 | $ | 84,343 | ||||||||
Reconciliation of Operating Cash Flows to Adjusted EBITDA: | ||||||||||||||||
Net cash provided by operating activities | $ | 11,440 | $ | 7,899 | $ | 60,809 | $ | 55,543 | ||||||||
Interest expense | 817 | 869 | 3,289 | 3,744 | ||||||||||||
Amortization of deferred financing costs | (89 | ) | (86 | ) | (402 | ) | (365 | ) | ||||||||
Income tax expense | 3,130 | 5,041 | 14,009 | 15,237 | ||||||||||||
Deferred income taxes | 616 | (619 | ) | 989 | 3,698 | |||||||||||
Change in accrual for unrecognized tax benefits | 128 | 119 | (44 | ) | (774 | ) | ||||||||||
Change in accounts receivable | 5,577 | 9,477 | 2,140 | 9,709 | ||||||||||||
Change in deferred revenue | (1,561 | ) | (5,186 | ) | 571 | (8,767 | ) | |||||||||
Deferred revenue adjustment | — | 142 | — | 2,887 | ||||||||||||
Changes in working capital and other | (1,328 | ) | 2,427 | (6,811 | ) | 3,431 | ||||||||||
Adjusted EBITDA | $ | 18,730 | $ | 20,083 | $ | 74,550 | $ | 84,343 | ||||||||
Adjusted EBITDA Margin (4) | 28.8 | % | 29.6 | % | 28.7 | % | 31.8 | % | ||||||||
Calculation of Free Cash Flow | ||||||||||||||||
Net cash provided by operating activities | $ | 11,440 | $ | 7,899 | $ | 60,809 | $ | 55,543 | ||||||||
Purchases of fixed assets | (2,368 | ) | (1,926 | ) | (9,078 | ) | (8,710 | ) | ||||||||
Free Cash Flow | $ | 9,072 | $ | 5,973 | $ | 51,731 | $ | 46,833 | ||||||||
DHI GROUP, INC. | ||||||||||||||||
NON-GAAP SUPPLEMENTAL DATA (CONTINUED) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted Revenues | $ | 65,059 | $ | 67,908 | $ | 259,769 | $ | 265,502 | ||||||||
Less impact of Slashdot Media | 3,646 | 4,731 | 14,819 | 18,240 | ||||||||||||
Adjusted Revenues, excluding Slashdot Media | $ | 61,413 | $ | 63,177 | $ | 244,950 | $ | 247,262 | ||||||||
Net Income (loss) | $ | (28,249 | ) | $ | 6,516 | $ | (10,968 | ) | $ | 27,612 | ||||||
Less impact of Slashdot Media | 261 | 752 | 692 | 2,637 | ||||||||||||
Net Income (loss), excluding Slashdot Media | $ | (28,510 | ) | $ | 5,764 | $ | (11,660 | ) | $ | 24,975 | ||||||
Adjusted EBITDA | $ | 18,730 | $ | 20,083 | $ | 74,550 | $ | 84,343 | ||||||||
Less impact of Slashdot Media | 519 | 1,298 | 1,663 | 5,389 | ||||||||||||
Adjusted EBITDA, excluding Slashdot Media | $ | 18,211 | $ | 18,785 | $ | 72,887 | $ | 78,954 | ||||||||
Adjusted EBITDA Margin, excluding Slashdot Media (5) | 29.7 | % | 29.7 | % | 29.8 | % | 31.9 | % | ||||||||
Net Income (Loss) | $ | (28,249 | ) | $ | 6,516 | $ | (10,968 | ) | $ | 27,612 | ||||||
Less impact of impairment charge, net of income taxes | 34,246 | — | 34,246 | — | ||||||||||||
Net Income, excluding impairment charge | $ | 5,997 | $ | 6,516 | $ | 23,278 | $ | 27,612 | ||||||||
Diluted Earnings (Loss) per Share | $ | (0.56 | ) | $ | 0.12 | $ | (0.21 | ) | $ | 0.51 | ||||||
Less impact per share of impairment charge | 0.68 | — | 0.67 | — | ||||||||||||
Diluted Earnings per Share, excluding impairment charge | $ | 0.12 | $ | 0.12 | $ | 0.46 | $ | 0.51 | ||||||||
Segment Definitions: | ||||||||||||||||
Tech & Clearance: Dice, ClearanceJobs and Dice Europe (formerly known as The IT Job Board) | ||||||||||||||||
Finance: eFinancialCareers | ||||||||||||||||
Energy: Rigzone and OilCareers (from acquisition, March 2014 and integrated into the Rigzone platform in March 2015) | ||||||||||||||||
Healthcare: Health eCareers and BioSpace | ||||||||||||||||
Hospitality: Hcareers | ||||||||||||||||
Corporate & Other: Corporate related costs, Slashdot Media, WorkDigital and BrightMatter | ||||||||||||||||
(1) The 2014 period reflects a reclassification of certain revenue from the Tech & Clearance segment to the Corporate & Other segment. | ||||||||||||||||
(2) Reflects the daily average of recruitment package customers during the period. | ||||||||||||||||
(3) Reflects the simple average of each period presented. | ||||||||||||||||
(4) Adjusted EBITDA margin is computed as Adjusted EBITDA divided by Adjusted Revenues. | ||||||||||||||||
(5) Adjusted EBITDA margin, excluding Slashdot Media, is computed as Adjusted EBITDA, excluding Slashdot Media, divided by Adjusted Revenues, excluding Slashdot Media. | ||||||||||||||||
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