SEGMENT INFORMATION

The Company previously had two reportable segments which was reduced to one reportable segment when Health eCareers (Healthcare reportable segment) was sold on December 4, 2017. The remaining Tech-focused reportable segment includes the Dice, Dice Europe (ceased operations on August 31, 2018), ClearanceJobs, eFinancialCareers (formerly in the Global Industry Group segment), and Brightmatter (absorbed into Tech-focused in the third quarter of 2017 and formerly in Corporate & Other) services. Management has organized its reportable segment based upon our internal management reporting.

The Company has other services and activities that individually are not significant in relation to consolidated revenues, operating income or total assets. These include Slashdot Media (business sold in the first quarter of 2016), Hcareers (sold May 22, 2018), Rigzone (sold the RigLogix portion of the Rigzone business on February 20, 2018 and transferred majority ownership of the remaining Rigzone business to Rigzone management on August 31, 2018), BioSpace (transferred majority ownership to BioSpace management on January 31, 2018) (each formerly in the Global Industry Group segment), and getTalent (discontinued in the third quarter of 2017) services, which are recorded in the "Corporate & Other" category, along with corporate-related costs which are not considered in a segment.

The Company’s foreign operations are comprised of the Dice Europe operation (ceased operations on August 31, 2018) and a portion of the eFinancialCareers and Rigzone services (sold the RigLogix portion of the Rigzone business on February 20, 2018 and transferred majority ownership of the remaining Rigzone business to Rigzone management on August 31, 2018), which operate in Europe, the financial centers of the gulf region of the Middle East and Asia Pacific. The Company’s foreign operations also include Hcareers (sold on May 22, 2018), which operated in Canada. Revenue by geographic region, as shown in the table below, is based on the location of each of the Company’s subsidiaries.

The following table shows the segment information (in thousands):



	2018			2017			2016
By Segment:
Revenues:
Tech-focused	$	152,258		$	158,398		$	170,599
Healthcare	—			24,354			27,066
Corporate & Other	9,312			25,198			29,305
Total revenues	$	161,570		$	207,950		$	226,970

Depreciation:
Tech-focused	$	8,942		$	6,868		$	7,060
Healthcare	—			1,625			2,089
Corporate & Other	338			1,259			700
Total depreciation	$	9,280		9,752			$	9,849

Amortization:
Tech-focused	$	—		$	132		$	1,923
Healthcare	—			596			835
Corporate & Other	482			1,410			4,029
Total amortization	$	482		$	2,138		$	6,787

Operating income (loss):
Tech-focused	$	26,851		$	38,462		$	54,066
Healthcare	—			(1,507		)	(929		)
Corporate & Other	(15,159		)	(14,090		)	(49,746		)
Operating income	11,692			22,865			3,391
Interest expense	(2,054		)	(3,445		)	(3,481		)
Other expense	(36		)	(23		)	(29		)
Income (loss) before income taxes	$	9,602		$	19,397		$	(119	)

Capital expenditures:
Tech-focused	$	10,060		$	10,481		$	7,545
Healthcare	—			1,160			1,113
Corporate & Other	221			1,914			2,756
Total capital expenditures	$	10,281		$	13,555		$	11,414



	2018		2017		2016
By Geography:
Revenues:
United States	$	121,097	$	154,406	$	167,855
United Kingdom	15,665		22,247		23,969
EMEA, APAC and Canada (1)	24,808		31,297		35,146
Non-United States	40,473		53,544		59,115
Total revenues	$	161,570	$	207,950	$	226,970

(1) Europe (excluding United Kingdom), the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”)



	December 31, 2018		December 31, 2017		December 31, 2016
Total assets:
Tech-focused	$	251,860	$	266,390	$	263,462
Healthcare	—		—		14,375
Corporate & Other	6,525		29,328		32,258
Total assets	$	258,385	$	295,718	$	310,095

The following table shows the carrying amount of goodwill by segment as of December 31, 2017 and 2018 and the changes in goodwill for the years ended (in thousands):



	Tech-focused			Healthcare			Corporate & Other			Total
Goodwill at January 1, 2017	$	152,162		$	6,269		$	13,314		$	171,745
Foreign currency translation adjustment	5,315			—			—			5,315
Sale of business	—			(6,269		)	—			(6,269		)
Goodwill at December 31, 2017	$	157,477		$	—		$	13,314		$	170,791
Foreign currency translation adjustment	(3,503		)	—			—			(3,503		)
Sale of business	—			—			(13,314		)	(13,314		)
Goodwill at December 31, 2018	$	153,974		$	—		$	—		$	153,974

Goodwill at December 31, 2018
Goodwill	$	153,974		$	—		$	—		$	153,974
Accumulated impairment losses	—			—			—			—
	$	153,974		$	—		$	—		$	153,974

The annual impairment tests for the Tech-focused reporting unit, which were performed as of October 1, 2018 and 2017, resulted in the fair value of the reporting unit exceeding the carrying value by 40% and 1%, respectively. The increased fair value as compared to the carrying value is primarily driven by improved operating results and projections and a reduction in the estimated tax rate from 36% at October 1, 2017 to 26% and October 1, 2018. Results for the Tech-focused reporting unit for the fourth quarter of 2018 and estimated future results as of December 31, 2018 are consistent with the October 1, 2018 analysis. As a result, the Company believes it is not more likely than not that the fair value of the reporting units is less than the carrying value as of December 31, 2018. Therefore, no interim impairment testing was performed as of December 31, 2018.

The amount of goodwill as of December 31, 2018 allocated to the Tech-focused reporting unit was $154.0 million. Determining the fair value of a reporting unit is judgmental in nature and requires the use of estimates and key assumptions, particularly assumed discount rates and projections of future operating results. The discount rate applied for the Tech-focused reporting unit was 14.3% An increase to the discount rate applied or reductions to future projected operating results could result in future impairment of the Tech-focused reporting unit’s goodwill. It is reasonably possible that changes in judgments, assumptions and estimates the Company made in assessing the fair value of goodwill could cause the Company to consider some portion or all of the goodwill of the Tech-focused reporting unit to become impaired. In addition, a future decline in the overall market conditions and/or changes in the Company’s market share could negatively impact the estimated future cash flows and discount rates used to determine the fair value of the reporting unit and could result in an impairment charge in the foreseeable future.

The Tech-focused reporting unit has gone through a period of revenue declines, resulting from competition in the U.S. as well as market slowness in the U.K. due to Brexit. These disruptions and uncertainties could decrease demand for finance and technology professionals in the markets we serve. This decline in demand and any future declines in demand could significantly decrease the use of our finance and technology industry job posting websites and related services, which may adversely affect the Tech-focused reporting unit's financial condition and results of operations. If recruitment activity is slow in the industries in which we operate during 2019 and beyond, our revenues and results of operations may be negatively impacted. As a result of these factors, in the fourth quarter, the Company further evaluated the fair value of the Tech-focused reporting unit and believes it is not more likely than not that the fair value is less than the carrying value. If events and circumstances change resulting in significant reductions in actual operating income or projections of future operating income, the Company will test this reporting unit for impairment prior to the annual impairment test.

The decline in oil prices in 2014 and 2015 and the continued volatility in 2016 decreased demand for energy professionals worldwide. This decline in demand for energy professionals significantly decreased the use of the Company’s energy industry products and services, adversely affecting the Energy reporting unit’s financial condition and results of operations. As a result of these factors, the Company evaluated the fair value of this reporting unit and recorded a goodwill impairment of $15.4 million during the quarter ended September 30, 2016 at the Corporate & Other segment, bringing goodwill for the Energy reporting unit to zero. See Note 5 for further discussion.