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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DHI Group Inc | NYSE:DHX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.67 | 0 | 09:00:00 |
|
|
|
|
|
R
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
£
|
TRANSITION PERIOD PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
20-3179218
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1040 Avenue of the Americas, 8
th
Floor
|
|
|
New York, New York
|
|
10018
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
|
|
|
March 31,
2017 |
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash
|
$
|
24,665
|
|
|
$
|
22,987
|
|
Accounts receivable, net of allowance for doubtful accounts of $2,028 and $3,181
|
38,321
|
|
|
43,148
|
|
||
Income taxes receivable
|
754
|
|
|
731
|
|
||
Prepaid and other current assets
|
4,880
|
|
|
3,312
|
|
||
Total current assets
|
68,620
|
|
|
70,178
|
|
||
Fixed assets, net
|
18,459
|
|
|
16,610
|
|
||
Acquired intangible assets, net
|
48,561
|
|
|
49,120
|
|
||
Goodwill
|
172,406
|
|
|
171,745
|
|
||
Deferred income taxes
|
318
|
|
|
306
|
|
||
Other assets
|
2,080
|
|
|
2,136
|
|
||
Total assets
|
$
|
310,444
|
|
|
$
|
310,095
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
17,877
|
|
|
$
|
20,220
|
|
Deferred revenue
|
89,710
|
|
|
84,615
|
|
||
Income taxes payable
|
4,928
|
|
|
3,467
|
|
||
Total current liabilities
|
112,515
|
|
|
108,302
|
|
||
Long-term debt, net
|
76,841
|
|
|
84,760
|
|
||
Deferred income taxes
|
8,129
|
|
|
7,901
|
|
||
Accrual for unrecognized tax benefits
|
2,548
|
|
|
2,513
|
|
||
Other long-term liabilities
|
2,760
|
|
|
2,736
|
|
||
Total liabilities
|
202,793
|
|
|
206,212
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Convertible preferred stock, $.01 par value, authorized 20,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value, authorized 240,000; issued 83,208 and 81,989 shares, respectively; outstanding: 50,603 and 49,591 shares, respectively
|
832
|
|
|
820
|
|
||
Additional paid-in capital
|
369,430
|
|
|
366,247
|
|
||
Accumulated other comprehensive loss
|
(31,671
|
)
|
|
(32,276
|
)
|
||
Accumulated earnings
|
45,138
|
|
|
44,078
|
|
||
Treasury stock, 32,605 and 32,398 shares, respectively
|
(276,078
|
)
|
|
(274,986
|
)
|
||
Total stockholders’ equity
|
107,651
|
|
|
103,883
|
|
||
Total liabilities and stockholders’ equity
|
$
|
310,444
|
|
|
$
|
310,095
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Revenues
|
$
|
52,190
|
|
|
$
|
58,286
|
|
Operating expenses:
|
|
|
|
||||
Cost of revenues
|
7,397
|
|
|
8,535
|
|
||
Product development
|
6,451
|
|
|
7,060
|
|
||
Sales and marketing
|
19,899
|
|
|
20,502
|
|
||
General and administrative
|
11,279
|
|
|
11,213
|
|
||
Depreciation
|
2,308
|
|
|
2,598
|
|
||
Amortization of intangible assets
|
561
|
|
|
2,466
|
|
||
Disposition related and other costs (Note 9)
|
—
|
|
|
3,270
|
|
||
Total operating expenses
|
47,895
|
|
|
55,644
|
|
||
Operating income
|
4,295
|
|
|
2,642
|
|
||
Interest expense
|
(790
|
)
|
|
(872
|
)
|
||
Other expense
|
(16
|
)
|
|
(15
|
)
|
||
Income before income taxes
|
3,489
|
|
|
1,755
|
|
||
Income tax expense
|
2,149
|
|
|
644
|
|
||
Net income
|
$
|
1,340
|
|
|
$
|
1,111
|
|
|
|
|
|
||||
Basic earnings per share
|
$
|
0.03
|
|
|
$
|
0.02
|
|
Diluted earnings per share
|
$
|
0.03
|
|
|
$
|
0.02
|
|
|
|
|
|
||||
Weighted-average basic shares outstanding
|
47,596
|
|
|
49,451
|
|
||
Weighted-average diluted shares outstanding
|
48,136
|
|
|
50,460
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net income
|
$
|
1,340
|
|
|
$
|
1,111
|
|
|
|
|
|
||||
Foreign currency translation adjustment
|
605
|
|
|
(1,419
|
)
|
||
Total other comprehensive income (loss)
|
605
|
|
|
(1,419
|
)
|
||
Comprehensive income (loss)
|
$
|
1,945
|
|
|
$
|
(308
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
1,340
|
|
|
1,111
|
|
||
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
||||
Depreciation
|
2,308
|
|
|
2,598
|
|
||
Amortization of intangible assets
|
561
|
|
|
2,466
|
|
||
Deferred income taxes
|
222
|
|
|
(84
|
)
|
||
Amortization of deferred financing costs
|
81
|
|
|
81
|
|
||
Stock based compensation
|
2,502
|
|
|
3,617
|
|
||
Change in accrual for unrecognized tax benefits
|
35
|
|
|
14
|
|
||
Loss on sale of business
|
—
|
|
|
562
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
5,026
|
|
|
2,367
|
|
||
Prepaid expenses and other assets
|
(1,494
|
)
|
|
(505
|
)
|
||
Accounts payable and accrued expenses
|
(2,349
|
)
|
|
(2,104
|
)
|
||
Income taxes receivable/payable
|
1,418
|
|
|
(2,920
|
)
|
||
Deferred revenue
|
4,851
|
|
|
5,551
|
|
||
Other, net
|
18
|
|
|
(14
|
)
|
||
Net cash flows from operating activities
|
14,519
|
|
|
12,740
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Cash received from sale of business
|
—
|
|
|
2,429
|
|
||
Purchases of fixed assets
|
(4,195
|
)
|
|
(2,319
|
)
|
||
Net cash flows (used in) from investing activities
|
(4,195
|
)
|
|
110
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payments on long-term debt
|
(8,000
|
)
|
|
(3,000
|
)
|
||
Proceeds from long-term debt
|
—
|
|
|
3,000
|
|
||
Payments under stock repurchase plan
|
—
|
|
|
(13,717
|
)
|
||
Proceeds from stock option exercises
|
403
|
|
|
1,028
|
|
||
Purchase of treasury stock related to vested restricted stock and performance stock units
|
(1,092
|
)
|
|
(2,452
|
)
|
||
Net cash flows used in financing activities
|
(8,689
|
)
|
|
(15,141
|
)
|
||
Effect of exchange rate changes
|
43
|
|
|
695
|
|
||
Net change in cash for the period
|
1,678
|
|
|
(1,596
|
)
|
||
Cash, beginning of period
|
22,987
|
|
|
34,050
|
|
||
Cash, end of period
|
$
|
24,665
|
|
|
$
|
32,454
|
|
|
|
|
|
•
|
Level 1 – Quoted prices for identical instruments in active markets.
|
•
|
Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets.
|
•
|
Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
|
|
As of March 31, 2017
|
||||||||||||||
|
Total Cost
|
|
Accumulated
Amortization
|
|
Foreign
Currency
Translation
Adjustment
|
|
Acquired
Intangible
Assets, Net
|
||||||||
Technology
|
$
|
5,228
|
|
|
$
|
(4,597
|
)
|
|
$
|
(631
|
)
|
|
$
|
—
|
|
Trademarks and brand names—Dice
|
39,000
|
|
|
—
|
|
|
—
|
|
|
39,000
|
|
||||
Trademarks and brand names—Other
|
13,394
|
|
|
(8,038
|
)
|
|
(2,190
|
)
|
|
3,166
|
|
||||
Customer lists
|
14,500
|
|
|
(5,993
|
)
|
|
(2,112
|
)
|
|
6,395
|
|
||||
Candidate and content database
|
8,857
|
|
|
(8,354
|
)
|
|
(503
|
)
|
|
—
|
|
||||
Acquired intangible assets, net
|
$
|
80,979
|
|
|
$
|
(26,982
|
)
|
|
$
|
(5,436
|
)
|
|
$
|
48,561
|
|
|
As of December 31, 2016
|
||||||||||||||||||
|
Total Cost
|
|
Accumulated
Amortization
|
|
Foreign
Currency
Translation
Adjustment
|
|
Impairment
|
|
Acquired
Intangible
Assets, Net
|
||||||||||
Technology
|
$
|
10,308
|
|
|
$
|
(9,677
|
)
|
|
$
|
(631
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Trademarks and brand names—Dice
|
39,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,000
|
|
|||||
Trademarks and brand names—Other
|
23,194
|
|
|
(14,379
|
)
|
|
(2,286
|
)
|
|
(3,168
|
)
|
|
3,361
|
|
|||||
Customer lists
|
28,473
|
|
|
(13,518
|
)
|
|
(2,112
|
)
|
|
(6,084
|
)
|
|
6,759
|
|
|||||
Candidate and content database
|
15,918
|
|
|
(15,295
|
)
|
|
(623
|
)
|
|
—
|
|
|
—
|
|
|||||
Acquired intangible assets, net
|
$
|
116,893
|
|
|
$
|
(52,869
|
)
|
|
$
|
(5,652
|
)
|
|
$
|
(9,252
|
)
|
|
$
|
49,120
|
|
April 1, 2017 through December 31, 2017
|
$
|
1,628
|
|
2018
|
1,781
|
|
|
2019
|
1,476
|
|
|
2020
|
1,421
|
|
|
2021
|
1,149
|
|
|
2022 and thereafter
|
2,106
|
|
|
Total
|
$
|
9,561
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Amounts borrowed:
|
|
|
|
||||
Revolving credit facility
|
$
|
78,000
|
|
|
$
|
86,000
|
|
Less: deferred financing costs, net of accumulated amortization of $1,568 and $1,487
|
(1,159
|
)
|
|
(1,240
|
)
|
||
Total borrowed
|
$
|
76,841
|
|
|
$
|
84,760
|
|
|
|
|
|
||||
Available to be borrowed under revolving facility
|
$
|
172,000
|
|
|
$
|
164,000
|
|
|
|
|
|
||||
Interest rates:
|
|
|
|
||||
LIBOR rate loans:
|
|
|
|
||||
Interest margin
|
2.00
|
%
|
|
2.00
|
%
|
||
Actual interest rates
|
3.00
|
%
|
|
2.81
|
%
|
April 1, 2017 through December 31, 2017
|
$
|
3,620
|
|
2018
|
4,682
|
|
|
2019
|
4,245
|
|
|
2020
|
3,835
|
|
|
2021
|
3,144
|
|
|
2022 and thereafter
|
8,685
|
|
|
Total minimum payments
|
$
|
28,211
|
|
|
VI
|
Approval Date
|
December 2015
|
Authorized Repurchase Amount of Common Stock
|
$50 million
|
Effective Dates
|
December 2015 to December 2016
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
||||
Foreign currency translation adjustment
|
$
|
(31,671
|
)
|
|
$
|
(32,276
|
)
|
|
Foreign currency translation adjustment
|
||
Beginning balance
|
$
|
(32,276
|
)
|
Other comprehensive income
|
605
|
|
|
Ending balance
|
$
|
(31,671
|
)
|
|
Foreign currency translation adjustment
|
||
Beginning balance
|
$
|
(20,468
|
)
|
Other comprehensive loss
|
(1,419
|
)
|
|
Ending balance
|
$
|
(21,887
|
)
|
|
Three Months Ended
|
||
|
March 31, 2016
|
||
Severance
—
Slashdot Media
|
$
|
981
|
|
Accelerated stock based compensation expense
—
Slashdot Media
|
900
|
|
|
Loss on sale of Slashdot Media
|
562
|
|
|
Severance related to other brands
|
827
|
|
|
Total disposition related and other costs
|
$
|
3,270
|
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
||||||||||
|
Shares
|
|
Weighted- Average Fair Value at Grant Date
|
|
Shares
|
|
Weighted- Average Fair Value at Grant Date
|
||||||
Non-vested at beginning of the period
|
2,226,375
|
|
|
$
|
7.87
|
|
|
2,122,225
|
|
|
$
|
8.54
|
|
Granted
|
986,000
|
|
|
$
|
5.00
|
|
|
1,033,500
|
|
|
$
|
7.56
|
|
Forfeited
|
(41,125
|
)
|
|
$
|
7.89
|
|
|
(119,875
|
)
|
|
$
|
8.36
|
|
Vested
|
(622,625
|
)
|
|
$
|
8.20
|
|
|
(655,875
|
)
|
|
$
|
8.53
|
|
Non-vested at end of period
|
2,548,625
|
|
|
$
|
6.68
|
|
|
2,379,975
|
|
|
$
|
8.13
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Weighted average fair value of PSUs granted
|
|
$
|
5.38
|
|
|
$
|
7.24
|
|
Dividend yield of DHI Group, Inc. stock
|
|
—
|
%
|
|
—
|
%
|
||
Dividend yield of Russell 2000 Index
|
|
1.4
|
%
|
|
1.7
|
%
|
||
Risk free interest rate
|
|
1.5
|
%
|
|
0.9
|
%
|
||
Volatility of DHI Group, Inc. stock
|
|
41.0
|
%
|
|
33.5
|
%
|
||
Volatility of Russell 2000 Index
|
|
16.7
|
%
|
|
16.7
|
%
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
||||||||||
|
Shares
|
|
Weighted- Average Fair Value at Grant Date
|
|
Shares
|
|
Weighted- Average Fair Value at Grant Date
|
||||||
Non-vested at beginning of the period
|
580,004
|
|
|
$
|
8.02
|
|
|
415,000
|
|
|
$
|
9.25
|
|
Granted
|
397,500
|
|
|
$
|
5.38
|
|
|
417,500
|
|
|
$
|
7.24
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
|
(26,667
|
)
|
|
$
|
8.50
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
(134,995
|
)
|
|
$
|
9.25
|
|
Non-vested at end of period
|
977,504
|
|
|
$
|
6.95
|
|
|
670,838
|
|
|
$
|
8.03
|
|
|
Three Months Ended March 31, 2017
|
|||||||||
|
Options
|
|
Weighted-Average Exercise Price
|
|
Aggregate Intrinsic Value
|
|||||
Options outstanding at beginning of the period
|
1,779,613
|
|
|
$
|
8.46
|
|
|
$
|
50,869
|
|
Exercised
|
(66,188
|
)
|
|
$
|
6.08
|
|
|
$
|
12,821
|
|
Forfeited
|
(363,243
|
)
|
|
$
|
6.24
|
|
|
$
|
—
|
|
Options outstanding at end of period
|
1,350,182
|
|
|
$
|
9.18
|
|
|
$
|
—
|
|
Exercisable at end of period
|
1,192,587
|
|
|
$
|
9.36
|
|
|
$
|
—
|
|
|
Three Months Ended March 31, 2016
|
|||||||||
|
Options
|
|
Weighted-Average Exercise Price
|
|
Aggregate Intrinsic Value
|
|||||
Options outstanding at beginning of the period
|
2,673,512
|
|
|
$
|
7.46
|
|
|
$
|
5,485,248
|
|
Exercised
|
(281,750
|
)
|
|
$
|
3.65
|
|
|
$
|
1,343,872
|
|
Forfeited
|
(28,063
|
)
|
|
$
|
7.79
|
|
|
$
|
—
|
|
Options outstanding at end of period
|
2,363,699
|
|
|
$
|
7.91
|
|
|
$
|
2,326,963
|
|
Exercisable at end of period
|
1,870,852
|
|
|
$
|
7.81
|
|
|
$
|
2,116,465
|
|
|
Options Outstanding
|
|
Options
Exercisable
|
|||||
Exercise Price
|
Number
Outstanding
|
|
Weighted-
Average
Remaining
Contractual
Life
|
|
Number
Exercisable
|
|||
|
|
|
(in years)
|
|
|
|||
$ 7.00 - $ 7.99
|
418,844
|
|
|
3.5
|
|
|
311,468
|
|
$ 8.00 - $ 8.99
|
214,500
|
|
|
2.3
|
|
|
202,406
|
|
$ 9.00 - $ 9.99
|
480,000
|
|
|
3.1
|
|
|
450,625
|
|
$ 10.00 - $ 14.50
|
236,838
|
|
|
2.1
|
|
|
228,088
|
|
|
1,350,182
|
|
|
|
|
1,192,587
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
By Segment:
|
|
|
|
||||
Revenues:
|
|
|
|
||||
Tech & Clearance
|
$
|
31,690
|
|
|
$
|
34,006
|
|
Global Industry Group
|
13,758
|
|
|
16,554
|
|
||
Healthcare
|
6,714
|
|
|
6,958
|
|
||
Corporate & Other
|
28
|
|
|
768
|
|
||
Total revenues
|
$
|
52,190
|
|
|
$
|
58,286
|
|
|
|
|
|
||||
Depreciation:
|
|
|
|
||||
Tech & Clearance
|
$
|
1,456
|
|
|
$
|
1,738
|
|
Global Industry Group
|
225
|
|
|
222
|
|
||
Healthcare
|
508
|
|
|
596
|
|
||
Corporate & Other
|
119
|
|
|
42
|
|
||
Total depreciation
|
$
|
2,308
|
|
|
$
|
2,598
|
|
|
|
|
|
||||
Amortization:
|
|
|
|
||||
Tech & Clearance
|
$
|
—
|
|
|
$
|
728
|
|
Global Industry Group
|
364
|
|
|
1,471
|
|
||
Healthcare
|
162
|
|
|
218
|
|
||
Corporate & Other
|
35
|
|
|
49
|
|
||
Total amortization
|
$
|
561
|
|
|
$
|
2,466
|
|
|
|
|
|
||||
Operating income (loss):
|
|
|
|
||||
Tech & Clearance
|
$
|
11,444
|
|
|
$
|
11,833
|
|
Global Industry Group
|
118
|
|
|
646
|
|
||
Healthcare
|
(450
|
)
|
|
(278
|
)
|
||
Corporate & Other
|
(6,817
|
)
|
|
(9,559
|
)
|
||
Operating income
|
4,295
|
|
|
2,642
|
|
||
Interest expense
|
(790
|
)
|
|
(872
|
)
|
||
Other expense
|
(16
|
)
|
|
(15
|
)
|
||
Income before income taxes
|
$
|
3,489
|
|
|
$
|
1,755
|
|
|
|
|
|
||||
Capital expenditures:
|
|
|
|
||||
Tech & Clearance
|
$
|
2,702
|
|
|
$
|
1,576
|
|
Global Industry Group
|
494
|
|
|
355
|
|
||
Healthcare
|
342
|
|
|
176
|
|
||
Corporate & Other
|
604
|
|
|
402
|
|
||
Total capital expenditures
|
$
|
4,142
|
|
|
$
|
2,509
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
By Geography:
|
|
|
|
||||
Revenues:
|
|
|
|
||||
United States
|
$
|
39,051
|
|
|
$
|
42,677
|
|
United Kingdom
|
4,735
|
|
|
7,973
|
|
||
EMEA, APAC and Canada (1)
|
8,404
|
|
|
7,636
|
|
||
Non-United States
|
13,139
|
|
|
15,609
|
|
||
Total revenues
|
$
|
52,190
|
|
|
$
|
58,286
|
|
|
|
|
|
||||
(1) Europe (excluding United Kingdom), the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”)
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Total assets:
|
|
|
|
||||
Tech & Clearance
|
$
|
178,345
|
|
|
$
|
179,985
|
|
Global Industry Group
|
100,628
|
|
|
98,821
|
|
||
Healthcare
|
14,015
|
|
|
14,375
|
|
||
Corporate & Other
|
17,456
|
|
|
16,914
|
|
||
Total assets
|
$
|
310,444
|
|
|
$
|
310,095
|
|
|
Tech & Clearance
|
|
Global Industry Group
|
|
Healthcare
|
|
Corporate & Other
|
|
Total
|
||||||||||
Goodwill at December 31, 2016
|
$
|
94,038
|
|
|
$
|
57,524
|
|
|
$
|
6,269
|
|
|
$
|
13,914
|
|
|
$
|
171,745
|
|
Foreign currency translation adjustment
|
$
|
85
|
|
|
$
|
415
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
661
|
|
Goodwill at March 31, 2017
|
$
|
94,123
|
|
|
$
|
57,939
|
|
|
$
|
6,269
|
|
|
$
|
14,075
|
|
|
$
|
172,406
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net income
|
$
|
1,340
|
|
|
$
|
1,111
|
|
|
|
|
|
||||
Weighted-average shares outstanding—basic
|
47,596
|
|
|
49,451
|
|
||
Add shares issuable from stock-based awards
|
540
|
|
|
1,009
|
|
||
Weighted-average shares outstanding—diluted
|
48,136
|
|
|
50,460
|
|
||
|
|
|
|
||||
Basic earnings per share
|
$
|
0.03
|
|
|
$
|
0.02
|
|
Diluted earnings per share
|
$
|
0.03
|
|
|
$
|
0.02
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Tech & Clearance— Dice, Dice Europe and ClearanceJobs
|
•
|
Global Industry Group— eFinancialCareers, Rigzone, Hcareers and BioSpace
|
•
|
Healthcare— Health eCareers
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Tech & Clearance
|
$
|
31,690
|
|
|
$
|
34,006
|
|
|
$
|
(2,316
|
)
|
|
(6.8
|
)%
|
Global Industry Group:
|
|
|
|
|
|
|
|
|||||||
eFinancialCareers
|
7,857
|
|
|
8,906
|
|
|
(1,049
|
)
|
|
(11.8
|
)%
|
|||
Rigzone
|
1,661
|
|
|
2,898
|
|
|
(1,237
|
)
|
|
(42.7
|
)%
|
|||
Hcareers
|
3,571
|
|
|
3,812
|
|
|
(241
|
)
|
|
(6.3
|
)%
|
|||
BioSpace
|
669
|
|
|
938
|
|
|
(269
|
)
|
|
(28.7
|
)%
|
|||
Global Industry Group
|
13,758
|
|
|
16,554
|
|
|
(2,796
|
)
|
|
(16.9
|
)%
|
|||
Healthcare
|
6,714
|
|
|
6,958
|
|
|
(244
|
)
|
|
(3.5
|
)%
|
|||
Corporate & Other
|
28
|
|
|
768
|
|
|
(740
|
)
|
|
(96.4
|
)%
|
|||
Total revenues
|
$
|
52,190
|
|
|
$
|
58,286
|
|
|
$
|
(6,096
|
)
|
|
(10.5
|
)%
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Cost of revenues
|
$
|
7,397
|
|
|
$
|
8,535
|
|
|
$
|
(1,138
|
)
|
|
(13.3
|
)%
|
Percentage of revenues
|
14.2
|
%
|
|
14.6
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Product development
|
$
|
6,451
|
|
|
$
|
7,060
|
|
|
$
|
(609
|
)
|
|
(8.6
|
)%
|
Percentage of revenues
|
12.4
|
%
|
|
12.1
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Sales and marketing
|
$
|
19,899
|
|
|
$
|
20,502
|
|
|
$
|
(603
|
)
|
|
(2.9
|
)%
|
Percentage of revenues
|
38.1
|
%
|
|
35.2
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Increase
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
General and administrative
|
$
|
11,279
|
|
|
$
|
11,213
|
|
|
$
|
66
|
|
|
0.6
|
%
|
Percentage of revenues
|
21.6
|
%
|
|
19.2
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
||||||||
2017
|
|
2016
|
|
||||||||||
(in thousands, except percentages)
|
|||||||||||||
Disposition related and other costs
|
$
|
—
|
|
|
$
|
3,270
|
|
|
$
|
(3,270
|
)
|
|
n.m.
|
Percentage of revenues
|
—
|
%
|
|
5.6
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
(in thousands, except percentages)
|
||||||||||||||
Depreciation
|
$
|
2,308
|
|
|
$
|
2,598
|
|
|
$
|
(290
|
)
|
|
(11.2
|
)%
|
Percentage of revenues
|
4.4
|
%
|
|
4.5
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Amortization
|
$
|
561
|
|
|
$
|
2,466
|
|
|
$
|
(1,905
|
)
|
|
(77.3
|
)%
|
Percentage of revenues
|
1.1
|
%
|
|
4.2
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Decrease
|
|
Percent
Change
|
|||||||||
2017
|
|
2016
|
|
|||||||||||
|
(in thousands, except percentages)
|
|||||||||||||
Interest expense
|
$
|
790
|
|
|
$
|
872
|
|
|
$
|
(82
|
)
|
|
(9.4
|
)%
|
Percentage of revenues
|
1.5
|
%
|
|
1.5
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
2017
|
|
2016
|
|||||
(in thousands, except
percentages)
|
|||||||
Income before income taxes
|
$
|
3,489
|
|
|
$
|
1,755
|
|
Income tax expense
|
2,149
|
|
|
644
|
|
||
Effective tax rate
|
61.6
|
%
|
|
36.7
|
%
|
•
|
Adjusted EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
|
•
|
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on your debt;
|
•
|
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
|
•
|
Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
|
|
For the three months ended March 31,
|
||||||
2017
|
|
2016
|
|||||
Reconciliation of Net Income to Adjusted EBITDA:
|
|
|
|
||||
Net income
|
$
|
1,340
|
|
|
$
|
1,111
|
|
Interest expense
|
790
|
|
|
872
|
|
||
Income tax expense
|
2,149
|
|
|
644
|
|
||
Depreciation
|
2,308
|
|
|
2,598
|
|
||
Amortization of intangible assets
|
561
|
|
|
2,466
|
|
||
Non-cash stock compensation expense
|
2,502
|
|
|
2,717
|
|
||
Severance--Slashdot Media
|
—
|
|
|
981
|
|
||
Accelerated stock based compensation expense--Slashdot Media
|
—
|
|
|
900
|
|
||
Loss on sale of business
|
—
|
|
|
562
|
|
||
Costs related to strategic alternatives process
|
830
|
|
|
—
|
|
||
Other
|
16
|
|
|
15
|
|
||
Adjusted EBITDA
|
$
|
10,496
|
|
|
$
|
12,866
|
|
|
|
|
|
||||
Reconciliation of Operating Cash Flows to Adjusted EBITDA:
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
14,519
|
|
|
$
|
12,740
|
|
Interest expense
|
790
|
|
|
872
|
|
||
Amortization of deferred financing costs
|
(81
|
)
|
|
(81
|
)
|
||
Income tax expense
|
2,149
|
|
|
644
|
|
||
Deferred income taxes
|
(222
|
)
|
|
84
|
|
||
Severance--Slashdot Media
|
—
|
|
|
981
|
|
||
Change in accrual for unrecognized tax benefits
|
(35
|
)
|
|
(14
|
)
|
||
Change in accounts receivable
|
(5,026
|
)
|
|
(2,367
|
)
|
||
Change in deferred revenue
|
(4,851
|
)
|
|
(5,551
|
)
|
||
Costs related to strategic alternatives process
|
830
|
|
|
—
|
|
||
Changes in working capital and other
|
2,423
|
|
|
5,558
|
|
||
Adjusted EBITDA
|
$
|
10,496
|
|
|
$
|
12,866
|
|
|
For the three months ended March 31,
|
||||||
2017
|
|
2016
|
|||||
Cash from operating activities
|
$
|
14,519
|
|
|
$
|
12,740
|
|
Purchases of fixed assets
|
(4,195
|
)
|
|
(2,319
|
)
|
||
Free cash flow
|
$
|
10,324
|
|
|
$
|
10,421
|
|
|
For the three months ended March 31,
|
||||||
2017
|
|
2016
|
|||||
Cash from operating activities
|
$
|
14,519
|
|
|
$
|
12,740
|
|
Cash (used in) from investing activities
|
(4,195
|
)
|
|
110
|
|
||
Cash used in financing activities
|
(8,689
|
)
|
|
(15,141
|
)
|
|
Payments due by period
|
||||||||||||||||||
Total
|
|
Less Than 1 Year
|
|
2-3 Years
|
|
4-5 Years
|
|
More Than 5 Years
|
|||||||||||
|
(in thousands)
|
||||||||||||||||||
Credit Agreement
|
$
|
78,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78,000
|
|
|
$
|
—
|
|
Operating lease obligations
|
28,211
|
|
|
3,620
|
|
|
8,927
|
|
|
6,979
|
|
|
8,685
|
|
|||||
Total contractual obligations
|
$
|
106,211
|
|
|
$
|
3,620
|
|
|
$
|
8,927
|
|
|
$
|
84,979
|
|
|
$
|
8,685
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Nominees
|
|
For
|
|
Against
|
|
Abstain
|
|
Broker Non-Votes
|
Carol Carpenter
|
|
40,212,281
|
|
871,594
|
|
10,053
|
|
3,786,445
|
Jennifer Deason
|
|
40,865,916
|
|
217,959
|
|
10,053
|
|
3,786,445
|
For
|
|
Against
|
|
Abstain
|
|
Broker Non-Votes
|
44,558,717
|
|
301,814
|
|
19,842
|
|
—
|
For
|
|
Against
|
|
Abstain
|
|
Broker Non-Votes
|
39,527,110
|
|
1,532,861
|
|
33,957
|
|
3,786,445
|
For
|
|
Against
|
|
Abstain
|
|
Broker Non-Votes
|
38,316,750
|
|
2,767,998
|
|
9,180
|
|
3,786,445
|
Every Year
|
|
Every Two Years
|
|
Every Three Years
|
|
Abstain
|
|
Broker Non-Votes
|
31,898,643
|
|
120,988
|
|
9,036,675
|
|
37,622
|
|
3,786,445
|
31.1*
|
|
Certifications of Michael Durney, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2*
|
|
Certifications of Luc Grégoire, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1*
|
|
Certifications of Michael Durney, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2*
|
|
Certifications of Luc Grégoire, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
|
Filed herewith.
|
Date:
|
May 3, 2017
|
|
DHI Group, Inc.
|
|
|
|
|
Registrant
|
|
|
|
|
|
|
|
|
|
By:
|
/S/ Michael P. Durney
|
|
|
|
|
Michael P. Durney
President and Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/S/ Luc Grégoire
|
|
|
|
|
Luc Grégoire
Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer)
|
31.1*
|
|
Certifications of Michael Durney, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2*
|
|
Certifications of Luc Grégoire, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1*
|
|
Certifications of Michael Durney, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2*
|
|
Certifications of Luc Grégoire, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
|
Filed herewith.
|
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