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: | October 28, 2015 | By: /S/ JOHN J. ROBERTS | ||
Name: John J. Roberts | ||||
Title: Chief Financial Officer | ||||
• | Total revenues of $65.1 million, Adjusted EBITDA of $19.1 million and net income of $6.5 million or $0.12 per diluted share |
• | Excluding Slashdot Media, total revenues of $61.6 million, Adjusted EBITDA of $18.8 million and net income of $6.4 million |
• | Cash flow from operations of $12.4 million for Q3 2015 and $49.4 million for the first nine months, an increase of 4% year-over-year |
• | Continued adoption of Open Web, with Dice’s Open Web customer count in the U.S. increasing 56% from year-end 2014 for annual customers and reaching more than 1,000 total customers |
• | Adoption of Open Web at Dice continues and the likely-to-switch feature launched in July, which gives customers the ability to narrow candidate searches based on the likelihood of candidates to change professional position, has generated positive initial feedback. |
• | Value-add Sourcing Concierge and Branding Products growth provide an encouraging sign that the Company’s evolving product portfolio is beginning to gain greater traction. |
• | Launched Spotlight in the Company’s Health eCareers service, a new employer branding product suite with rich content and unique features, such as employee-generated company reviews, that is seeing strong early customer demand. |
Q3 2015 | Q3 2014 | YoY % Change | ||||||||
Revenues | $ | 65.1 | $ | 67.6 | (4 | )% | * | |||
Operating income | $ | 11.0 | $ | 13.4 | (18 | )% | ||||
Income before income taxes | $ | 10.1 | $ | 12.5 | (19 | )% | ||||
Net income | $ | 6.5 | $ | 9.5 | (32 | )% | ||||
Diluted earnings per share | $ | 0.12 | $ | 0.18 | (33 | )% | ||||
Net cash provided by operating activities | $ | 12.4 | $ | 14.3 | (13 | )% | ||||
Adjusted Revenues | $ | 65.1 | $ | 68.1 | (4 | )% | ||||
Adjusted EBITDA | $ | 19.1 | $ | 22.4 | (15 | )% | ||||
Adjusted EBITDA margin | 29.3 | % | 32.9 | % | n.m. | |||||
Adjusted Revenues, excluding Slashdot Media | $ | 61.6 | $ | 63.3 | (3 | )% | * | |||
Adjusted EBITDA, excluding Slashdot Media | $ | 18.8 | $ | 21.0 | (10 | )% | ||||
Adjusted EBITDA margin, excluding Slashdot Media | 30.4 | % | 33.1 | % | n.m. | |||||
* Excluding the negative impact of currency translation, revenues decreased 2%, and Adjusted Revenues, excluding Slashdot Media decreased 1%, year-over-year. |
Adjusted Revenues by Segment | Adjusted EBITDA by Segment | |||||||||||||||||||||||
Q3 2015 | Q3 2014 | YoY % Change | Q3 2015 | Q3 2015 Margin | Q3 2014 | Q3 2014 Margin | ||||||||||||||||||
Tech & Clearance | $ | 35.3 | $ | 34.0 | 4% | $ | 16.2 | 46 | % | $ | 15.8 | 46 | % | |||||||||||
Finance | 9.3 | 9.4 | (2)% | 2.3 | 25 | % | 2.2 | 23 | % | |||||||||||||||
Energy | 4.7 | 8.2 | (42)% | 0.9 | 19 | % | 4.0 | 49 | % | |||||||||||||||
Healthcare | 7.9 | 7.1 | 11% | 1.2 | 15 | % | 0.6 | 8 | % | |||||||||||||||
Hospitality | 3.9 | 3.8 | 2% | 1.7 | 44 | % | 1.6 | 42 | % | |||||||||||||||
Before Corporate & Other | 61.1 | 62.6 | (2)% | 22.4 | 37 | % | 24.3 | 39 | % | |||||||||||||||
Slashdot Media | 3.5 | 4.8 | (26)% | 0.3 | 9 | % | 1.4 | 29 | % | |||||||||||||||
Corporate & Other | 0.5 | 0.7 | (29)% | (3.5 | ) | n.m. | (3.3 | ) | n.m. | |||||||||||||||
Total Corporate & Other | 4.0 | 5.5 | (27)% | (3.2 | ) | n.m. | (1.9 | ) | n.m. | |||||||||||||||
Total | $ | 65.1 | $ | 68.1 | (4)% | $ | 19.1 | 29 | % | $ | 22.4 | 33 | % |
• | Adjusted Revenues growth in the Tech & Clearance segment was driven by growth of 23% at ClearanceJobs and 17% at Dice Europe. |
• | Finance segment revenues increased 6% in constant currency, driven by increases of 10% in North America, 10% in the Asia Pacific region, 8% in the UK and 1% in Continental Europe. |
• | 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) | September 30, 2015 | December 31, 2014 | September 30, 2014 | YTD $ Change | YoY $ Change | ||||||||||||||
Deferred revenue (excluding Slashdot Media) | $ | 81.9 | $ | 85.0 | $ | 80.5 | $ | (3.1 | ) | $ | 1.4 | ||||||||
Slashdot Media deferred revenue (1) | 1.2 | 1.4 | 1.4 | (0.2 | ) | (0.2 | ) | ||||||||||||
Total deferred revenue | $ | 83.1 | $ | 86.4 | $ | 81.9 | $ | (3.3 | ) | $ | 1.2 | ||||||||
Net debt | $ | 67.7 | $ | 83.7 | $ | 86.1 | $ | (16.0 | ) | $ | (18.4 | ) | |||||||
(1) Slashdot Media deferred revenue is included in liabilities held for sale as of September 30, 2015 only. |
• | The YTD decrease in deferred revenue (excluding Slashdot Media) primarily reflects decreases in the Energy segment, partially offset by increases in the Finance (10%) and Healthcare (12%) segments. |
• | The YoY increase in deferred revenue (excluding Slashdot Media) primarily reflects increases in the Tech & Clearance (6%) and Finance (9%) segments, partially offset by a decrease in the Energy segment. |
Current Full-Year 2015 Business Outlook Excluding Slashdot Media | |||
($ in millions, except diluted earnings per share) | Q4 2015 | FY 2015 | |
Revenues excluding Slashdot Media* | $61.5 - $62.5 | $245.0 - $246.0 | |
Estimated Contribution by Segment | |||
Tech & Clearance | 57% | 56% | |
Finance | 15% | 15% | |
Energy | 8% | 8% | |
Healthcare | 13% | 13% | |
Hospitality | 6% | 7% | |
Corporate & Other | 1% | 1% | |
Adjusted EBITDA | $17.8 - $18.8 | $72.5 - $73.5 | |
Depreciation and amortization | $5.4 | $22.9 | |
Non-cash stock compensation expense | $2.5 | $9.7 | |
Interest expense, net | $0.8 | $3.3 | |
Income taxes | $3.6 - $4.0 | $14.2 - $14.6 | |
Net income | $5.5 - $6.1 | $22.4 - $23.0 | |
Diluted earnings per share | $0.11 - $0.12 | $0.42 - $0.43 | |
Diluted share count | 52 million | 53 million | |
* For the full-year 2015, the Company now estimates Slashdot Media will generate $14 - $15 million in revenues. For Q4 2015, Slashdot Media is expected to generate $3 - $4 million in revenues. |
• | Investments in new growth initiatives; |
• | Ongoing investments related to product development including Open Web; |
• | Anticipated negative impact of currency fluctuations compared to 2014; and |
• | Anticipated negative impact on the Company’s Energy segment from the significant decline in oil prices. |
DHI GROUP, INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Revenues | $ | 65,138 | $ | 67,615 | $ | 194,710 | $ | 194,849 | ||||||||||
Operating expenses: | ||||||||||||||||||
Cost of revenues | 9,765 | 9,418 | 29,255 | 27,803 | ||||||||||||||
Product development | 7,938 | 6,487 | 22,082 | 19,254 | ||||||||||||||
Sales and marketing | 19,779 | 20,746 | 60,984 | 60,032 | ||||||||||||||
General and administrative | 10,958 | 10,760 | 34,059 | 32,131 | ||||||||||||||
Depreciation | 2,364 | 2,930 | 6,821 | 8,647 | ||||||||||||||
Amortization of intangible assets | 3,376 | 3,798 | 10,875 | 12,552 | ||||||||||||||
Change in acquisition related contingencies | — | 44 | — | 134 | ||||||||||||||
Total operating expenses | 54,180 | 54,183 | 164,076 | 160,553 | ||||||||||||||
Operating income | 10,958 | 13,432 | 30,634 | 34,296 | ||||||||||||||
Interest expense | (831 | ) | (927 | ) | (2,472 | ) | (2,875 | ) | ||||||||||
Other income (expense) | 7 | 8 | (2 | ) | (129 | ) | ||||||||||||
Income before income taxes | 10,134 | 12,513 | 28,160 | 31,292 | ||||||||||||||
Income tax expense | 3,623 | 3,020 | 10,879 | 10,196 | ||||||||||||||
Net income | $ | 6,511 | $ | 9,493 | $ | 17,281 | $ | 21,096 | ||||||||||
Basic earnings per share | $ | 0.13 | $ | 0.18 | $ | 0.33 | $ | 0.40 | ||||||||||
Diluted earnings per share | $ | 0.12 | $ | 0.18 | $ | 0.33 | $ | 0.39 | ||||||||||
Weighted average basic shares outstanding | 51,228 | 52,089 | 51,792 | 52,486 | ||||||||||||||
Weighted average diluted shares outstanding | 52,230 | 54,106 | 53,056 | 54,545 | ||||||||||||||
DHI GROUP, INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net income | $ | 6,511 | $ | 9,493 | $ | 17,281 | $ | 21,096 | ||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||
Depreciation | 2,364 | 2,930 | 6,821 | 8,647 | ||||||||||||||
Amortization of intangible assets | 3,376 | 3,798 | 10,875 | 12,552 | ||||||||||||||
Deferred income taxes | 1,455 | (1,632 | ) | (373 | ) | (4,317 | ) | |||||||||||
Amortization of deferred financing costs | 104 | 93 | 313 | 278 | ||||||||||||||
Stock based compensation | 2,410 | 1,739 | 7,490 | 5,886 | ||||||||||||||
Change in acquisition related contingencies | — | 44 | — | 134 | ||||||||||||||
Change in accrual for unrecognized tax benefits | 8 | 613 | 172 | 893 | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||
Accounts receivable | (1,392 | ) | (1,427 | ) | 3,437 | (232 | ) | |||||||||||
Prepaid expenses and other assets | 474 | 1,726 | 1,601 | (446 | ) | |||||||||||||
Accounts payable and accrued expenses | 1,481 | 4,600 | (2,332 | ) | (16 | ) | ||||||||||||
Income taxes receivable/payable | (280 | ) | (4,879 | ) | 6,050 | (956 | ) | |||||||||||
Deferred revenue | (4,165 | ) | (3,347 | ) | (2,132 | ) | 3,581 | |||||||||||
Other, net | 34 | 528 | 166 | 544 | ||||||||||||||
Net cash flows from operating activities | 12,380 | 14,279 | 49,369 | 47,644 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Payments for acquisitions, net of cash acquired | — | — | — | (27,001 | ) | |||||||||||||
Purchases of fixed assets | (1,782 | ) | (1,838 | ) | (6,710 | ) | (6,784 | ) | ||||||||||
Net cash flows from investing activities | (1,782 | ) | (1,838 | ) | (6,710 | ) | (33,785 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||
Payments on long-term debt | (7,625 | ) | (9,625 | ) | (28,875 | ) | (23,875 | ) | ||||||||||
Proceeds from long-term debt | 5,000 | 6,000 | 20,000 | 18,000 | ||||||||||||||
Payments under stock repurchase plan | (8,182 | ) | (8,362 | ) | (29,561 | ) | (26,909 | ) | ||||||||||
Payment of acquisition related contingencies | — | — | (3,829 | ) | (824 | ) | ||||||||||||
Proceeds from stock option exercises | 758 | 4,654 | 5,897 | 7,974 | ||||||||||||||
Purchase of treasury stock related to vested restricted stock | (119 | ) | (112 | ) | (1,665 | ) | (1,223 | ) | ||||||||||
Excess tax benefit over book expense from stock based compensation | 693 | 869 | 2,114 | 1,504 | ||||||||||||||
Net cash flows from financing activities | (9,475 | ) | (6,576 | ) | (35,919 | ) | (25,353 | ) | ||||||||||
Effect of exchange rate changes | 127 | 1,103 | 394 | (839 | ) | |||||||||||||
Net change in cash and cash equivalents for the period | 1,250 | 6,968 | 7,134 | (12,333 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 32,661 | 20,050 | 26,777 | 39,351 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 33,911 | $ | 27,018 | $ | 33,911 | $ | 27,018 |
DHI GROUP, INC. | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Unaudited) | |||||||||
(in thousands) | |||||||||
ASSETS | September 30, 2015 | December 31, 2014 | |||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 33,911 | $ | 26,777 | |||||
Accounts receivable, net | 40,567 | 49,048 | |||||||
Deferred income taxes—current | 3,163 | 3,373 | |||||||
Income taxes receivable | 1,068 | 3,973 | |||||||
Prepaid and other current assets | 3,308 | 4,764 | |||||||
Assets held for sale | 4,683 | — | |||||||
Total current assets | 86,700 | 87,935 | |||||||
Fixed assets, net | 15,495 | 16,066 | |||||||
Acquired intangible assets, net | 68,675 | 81,345 | |||||||
Goodwill | 235,445 | 239,256 | |||||||
Deferred financing costs, net | 1,007 | 1,320 | |||||||
Deferred income taxes—non-current | 344 | 399 | |||||||
Other assets | 645 | 926 | |||||||
Total assets | $ | 408,311 | $ | 427,247 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued expenses | $ | 23,042 | $ | 25,714 | |||||
Deferred revenue | 81,872 | 86,444 | |||||||
Current portion of acquisition related contingencies | — | 3,883 | |||||||
Current portion of long-term debt | 4,375 | 2,500 | |||||||
Deferred income taxes—current | — | 3 | |||||||
Income taxes payable | 4,319 | 1,205 | |||||||
Liabilities held for sale | 2,379 | — | |||||||
Total current liabilities | 115,987 | 119,749 | |||||||
Long-term debt | 97,250 | 108,000 | |||||||
Deferred income taxes—non-current | 14,703 | 15,478 | |||||||
Accrual for unrecognized tax benefits | 3,564 | 3,392 | |||||||
Other long-term liabilities | 2,985 | 2,830 | |||||||
Total liabilities | 234,489 | 249,449 | |||||||
Total stockholders’ equity | 173,822 | 177,798 | |||||||
Total liabilities and stockholders’ equity | $ | 408,311 | $ | 427,247 | |||||
DHI GROUP, INC. | ||||||||||||||||
NON-GAAP AND QUARTERLY SUPPLEMENTAL DATA | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(dollars in thousands except per customer data) | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues by Segment (GAAP Revenue) | ||||||||||||||||
Tech & Clearance (1) | $ | 35,326 | $ | 34,028 | $ | 103,330 | $ | 99,075 | ||||||||
Finance | 9,286 | 9,449 | 26,799 | 27,493 | ||||||||||||
Energy | 4,734 | 8,043 | 16,795 | 22,465 | ||||||||||||
Healthcare | 7,857 | 6,921 | 22,742 | 19,995 | ||||||||||||
Hospitality | 3,900 | 3,668 | 12,217 | 10,050 | ||||||||||||
Corporate & Other (1) | 4,035 | 5,506 | 12,827 | 15,771 | ||||||||||||
$ | 65,138 | $ | 67,615 | $ | 194,710 | $ | 194,849 | |||||||||
Add back fair value adjustment to deferred revenue | ||||||||||||||||
Tech & Clearance | $ | — | $ | — | $ | — | $ | 262 | ||||||||
Energy | — | 160 | — | 617 | ||||||||||||
Healthcare | — | 153 | — | 839 | ||||||||||||
Hospitality | — | 164 | — | 1,027 | ||||||||||||
$ | — | $ | 477 | $ | — | $ | 2,745 | |||||||||
Adjusted Revenues by Segment | ||||||||||||||||
Tech & Clearance | $ | 35,326 | $ | 34,028 | $ | 103,330 | $ | 99,337 | ||||||||
Finance | 9,286 | 9,449 | 26,799 | 27,493 | ||||||||||||
Energy | 4,734 | 8,203 | 16,795 | 23,082 | ||||||||||||
Healthcare | 7,857 | 7,074 | 22,742 | 20,834 | ||||||||||||
Hospitality | 3,900 | 3,832 | 12,217 | 11,077 | ||||||||||||
Corporate & Other | 4,035 | 5,506 | 12,827 | 15,771 | ||||||||||||
$ | 65,138 | $ | 68,092 | $ | 194,710 | $ | 197,594 | |||||||||
Dice Recruitment Package Customers | ||||||||||||||||
Beginning of period | 7,750 | 8,000 | 7,800 | 8,100 | ||||||||||||
End of period | 7,700 | 8,000 | 7,700 | 8,000 | ||||||||||||
Average for the period (2) | 7,700 | 8,000 | 7,750 | 8,000 | ||||||||||||
Dice Average Monthly Revenue per Recruitment Package Customer (3) | $ | 1,101 | $ | 1,047 | $ | 1,087 | $ | 1,035 | ||||||||
DHI GROUP, INC. | ||||||||||||||||
NON-GAAP AND QUARTERLY SUPPLEMENTAL DATA (CONTINUED) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Reconciliation of Net Income to Adjusted EBITDA: | ||||||||||||||||
Net income | $ | 6,511 | $ | 9,493 | $ | 17,281 | $ | 21,096 | ||||||||
Interest expense | 831 | 927 | 2,472 | 2,875 | ||||||||||||
Income tax expense | 3,623 | 3,020 | 10,879 | 10,196 | ||||||||||||
Depreciation | 2,364 | 2,930 | 6,821 | 8,647 | ||||||||||||
Amortization of intangible assets | 3,376 | 3,798 | 10,875 | 12,552 | ||||||||||||
Change in acquisition related contingencies | — | 44 | — | 134 | ||||||||||||
Non-cash stock compensation expense | 2,410 | 1,739 | 7,490 | 5,886 | ||||||||||||
Deferred revenue adjustment | — | 477 | — | 2,745 | ||||||||||||
Other | (7 | ) | (8 | ) | 2 | 129 | ||||||||||
Adjusted EBITDA | $ | 19,108 | $ | 22,420 | $ | 55,820 | $ | 64,260 | ||||||||
Reconciliation of Operating Cash Flows to Adjusted EBITDA: | ||||||||||||||||
Net cash provided by operating activities | $ | 12,380 | $ | 14,279 | $ | 49,369 | $ | 47,644 | ||||||||
Interest expense | 831 | 927 | 2,472 | 2,875 | ||||||||||||
Amortization of deferred financing costs | (104 | ) | (93 | ) | (313 | ) | (278 | ) | ||||||||
Income tax expense | 3,623 | 3,020 | 10,879 | 10,196 | ||||||||||||
Deferred income taxes | (1,455 | ) | 1,632 | 373 | 4,317 | |||||||||||
Change in accrual for unrecognized tax benefits | (8 | ) | (613 | ) | (172 | ) | (893 | ) | ||||||||
Change in accounts receivable | 1,392 | 1,427 | (3,437 | ) | 232 | |||||||||||
Change in deferred revenue | 4,165 | 3,347 | 2,132 | (3,581 | ) | |||||||||||
Deferred revenue adjustment | — | 477 | — | 2,745 | ||||||||||||
Changes in working capital and other | (1,716 | ) | (1,983 | ) | (5,483 | ) | 1,003 | |||||||||
Adjusted EBITDA | $ | 19,108 | $ | 22,420 | $ | 55,820 | $ | 64,260 | ||||||||
Adjusted EBITDA Margin (4) | 29.3 | % | 32.9 | % | 28.7 | % | 32.5 | % | ||||||||
Calculation of Free Cash Flow | ||||||||||||||||
Net cash provided by operating activities | $ | 12,380 | $ | 14,279 | $ | 49,369 | $ | 47,644 | ||||||||
Purchases of fixed assets | (1,782 | ) | (1,838 | ) | (6,710 | ) | (6,784 | ) | ||||||||
Free Cash Flow | $ | 10,598 | $ | 12,441 | $ | 42,659 | $ | 40,860 | ||||||||
DHI GROUP, INC. | ||||||||||||||||
NON-GAAP AND QUARTERLY SUPPLEMENTAL DATA (CONTINUED) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted Revenues | $ | 65,138 | $ | 68,092 | $ | 194,710 | $ | 197,594 | ||||||||
Less impact of Slashdot Media | 3,506 | 4,751 | 11,173 | 13,509 | ||||||||||||
Adjusted Revenues, excluding Slashdot Media | $ | 61,632 | $ | 63,341 | $ | 183,537 | $ | 184,085 | ||||||||
Net Income | $ | 6,511 | $ | 9,493 | $ | 17,281 | $ | 21,096 | ||||||||
Less impact of Slashdot Media | 118 | 675 | 431 | 1,885 | ||||||||||||
Net Income, excluding Slashdot Media | $ | 6,393 | $ | 8,818 | $ | 16,850 | $ | 19,211 | ||||||||
Adjusted EBITDA | $ | 19,108 | $ | 22,420 | $ | 55,820 | $ | 64,260 | ||||||||
Less impact of Slashdot Media | 292 | 1,446 | 1,144 | 4,091 | ||||||||||||
Adjusted EBITDA, excluding Slashdot Media | $ | 18,766 | $ | 20,974 | $ | 54,676 | $ | 60,169 | ||||||||
Adjusted EBITDA Margin, excluding Slashdot Media (5) | 30.4 | % | 33.1 | % | 29.8 | % | 32.7 | % | ||||||||
Segment Definitions: | ||||||||||||||||
Tech & Clearance: Dice, ClearanceJobs, Dice Europe (formerly known as The IT Job Board) and related career fairs | ||||||||||||||||
Finance: eFinancialCareers | ||||||||||||||||
Energy: Rigzone, OilCareers (from acquisition, March 2014 and integrated into the Rigzone platform in March 2015) and related career fairs | ||||||||||||||||
Healthcare: Health eCareers and BioSpace | ||||||||||||||||
Hospitality: Hcareers | ||||||||||||||||
Corporate & Other: Corporate related costs, Slashdot Media and WorkDigital | ||||||||||||||||
(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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