Dice Holdings Inc.

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E-Mail: IR@dice.com

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Dice Holdings, Inc. Reports Fourth Quarter and Full Year 2011 Results

  • Revenues increased 25% year-over-year in the fourth quarter to $47.4 million
  • Net income grew 82% year-over-year to $10.5 million in the fourth quarter, resulting in earnings per diluted share of $0.15, an increase of 88% year-over-year
  • Adjusted EBITDA grew 30% year-over-year in the fourth quarter to $22.0 million or 46% of revenues (see "Notes Regarding the Use of Non-GAAP Financial Measures")
  • Deferred Revenue totaled nearly $61 million at year end, an increase of 24% from December 31, 2010
  • Company repurchased approximately 1.4 million shares of its common stock at an average of $8.17 per share in the fourth quarter

NEW YORK, Feb. 2, 2012 /PRNewswire/ -- Dice Holdings, Inc. (NYSE: DHX), a leading provider of specialized career websites for professional communities, today reported financial results for the quarter and year ended December 31, 2011.

Fourth Quarter Operating Results

Revenues for the quarter ended December 31, 2011 totaled $47.4 million, an increase of 25% from $37.9 million in the comparable quarter of 2010.  Each of our online brands saw double digit revenue growth year-over-year, led by Dice.com at 26% year-over-year and the Energy segment at 56% year-over-year.  In January 2012, the Company completed the combination of WorldwideWorker and Rigzone into one - Rigzone - creating a global service with strong reach in each of the major energy producing regions of the world.  

Operating income increased 54% year-over-year to $16.7 million in the fourth quarter of 2011, while the Company continues to invest in product development and marketing.  

Net income for the quarter ended December 31, 2011 grew 82% to $10.5 million from the $5.7 million earned in the comparable quarter of 2010.

Diluted earnings per share increased 88% year-over-year to $0.15 for the fourth quarter of 2011, as compared to diluted earnings per share of $0.08 in the comparable quarter a year ago.  

Net cash provided by operating activities for the quarter ended December 31, 2011 was $9.0 million, as compared to $12.4 million in the comparable quarter of 2010.  Included in the 2011 period was a $4.7 million use of cash related to the portion of the Rigzone earn-out payment that exceeded the Company's initial estimate of deferred purchase price at the time of acquisition.

Adjusted EBITDA for the quarter ended December 31, 2011 increased 30% to $22.0 million or 46% of revenues, as compared with $17.0 million or 45% of revenues for the comparable quarter of 2010.  See "Notes Regarding the Use of Non-GAAP Financial Measures."

Operating Segment Results

For the quarter ended December 31, 2011, Tech & Clearance segment revenues increased 25% year-over-year to $31.1 million or 66% of Dice Holdings' consolidated revenues.  Growth was driven by a 16% increase in the average number of recruitment package customers served at Dice.com to 8,300, as well as a 10% increase in the average monthly revenue those customers generated.  In addition, revenues from ClearanceJobs.com increased 18% year-over-year.  

The Finance segment accounted for 24% of Dice Holdings' consolidated revenues in the fourth quarter of 2011. eFinancialCareers revenues for the fourth quarter of 2011 increased 15% year-over-year to $11.1 million.

In the fourth quarter of 2011, the Energy segment represented 9% of consolidated revenues.  The energy segment grew 56% year-over-year to contribute $4.2 million in revenues in the quarter ended December 31, 2011, reflecting an increase in the number of customers utilizing Rigzone's career center.

Other segment revenues increased 24% to $0.9 million for the quarter ended December 31, 2011 from the comparable 2010 period.  The Other segment includes AllHealthcareJobs and Targeted Job Fairs. 

Full Year Operating Results

Revenues for the year ended December 31, 2011 increased 39% to $179.1 million, as compared to $129.0 million in the same period in 2010.  Recruitment activity at Dice.com and eFinancialCareers improved as compared to the same period a year ago.  In addition, the energy segment contributed revenues of $15.6 million for the year ended December 31, 2011, driven in part by the acquisitions of Rigzone (August 11, 2010) and WorldwideWorker (May 6, 2010).  Currency translation from pound sterling to U.S. dollars favorably impacted revenues for the year ended December 31, 2011 by $1.4 million from the comparable 2010 period.  

By segment, Tech & Clearance revenues increased 30% to $115.0 million for the year ended December 31, 2011.  In the same period, the Finance segment contributed revenues of $45.0 million, an increase of 33% (or 29% measured in pound sterling). The Energy segment contributed $15.6 million and Other segment revenues increased 35% to $3.5 million.  On a pro forma basis, Energy segment revenues would have increased 53% year-over-year had Rigzone and WorldwideWorker been owned for the entire 2010 year.  

Net income for the year ended December 31, 2011 increased 80% to $34.1 million, as compared to $18.9 million in the year ended December 31, 2010.   Diluted earnings per share were $0.49 for the year ended December 31, 2011, as compared to diluted earnings per share of $0.28 in the previous year.

For the year ended December 31, 2011, net cash provided by operating activities increased 37% to $64.5 million, as compared with $47.1 million for the same period last year. Adjusted EBITDA for the year ended December 31, 2011 increased 49% to $77.6 million, compared with $52.1 million for the same period in 2010. See "Notes Regarding the Use of Non-GAAP Financial Measures."

Balance Sheet

Deferred revenue at December 31, 2011 was $60.9 million compared to $59.4 million at September 30, 2011 and $49.2 million at December 31, 2010.  

Net Cash, defined as cash and cash equivalents and investments less total debt, was $45.2 million at December 31, 2011, consisting of cash and cash equivalents and investments of $60.2 million minus total debt of $15.0 million.  This compares to a Net Cash balance of $58.5 million at September 30, 2011, consisting of cash and cash equivalents and investments of $74.5 million minus total debt of $16.0 million.  See "Notes Regarding the Use of Non-GAAP Financial Measures."

The Company purchased 1,423,612 shares of its common stock on the open market at an average cost of $8.17 per share, for a total of approximately $11.6 million during the fourth quarter of 2011.  

Management Comments

Scot Melland, Chairman, President and Chief Executive Officer, said, "The fourth quarter caps a terrific year for the company.  Every single brand in our online portfolio - from Dice to AllHealthcareJobs - eclipsed previous annual revenue records.  It's clear the efficiency in our services, combined with our specialty focus, continues to be highly valued by hiring managers and recruiters."  Mr. Melland added, "We are excited about 2012 and expect to grow even in a more uncertain recruiting environment.   Our strategic priorities are unchanged:  expand the number of customers using our services, capitalize on the global opportunity in our energy vertical and serve more markets around the world."    

Mike Durney, Senior Vice President, Finance and Chief Financial Officer, commented, "Our record financial performance was aided by our distinct advantage - efficient recruiting of highly skilled professionals.   This results in consistently high-levels of profitability and free cash flow -  which topped $60 million this year.  We've repurchased over 2 million shares of stock since the initiation of the program in the fall."  Mr. Durney added, "We will continue to focus on profitable growth making prudent investments to optimize our opportunities."

Business Outlook

The Company is providing a current, point-in-time view of estimated financial performance based on what it sees as of February 2, 2012 for the quarter ending March 31, 2012 and the year ending December 31, 2012.  The Company's actual performance will vary based on a number of factors including those that are outlined in our Annual Report on Form 10-K for the year ended December 31, 2010, in the sections entitled "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our Quarterly Reports on Form 10-Q.



Quarter ending

March 31, 2012

Year ending

December 31, 2012

Revenues

$46.0  mm

$197 mm

Year/Year Increase in Revenues

15%

10%




Estimated Contribution by Segment



Tech & Clearance

67%

67%

Finance

21%

20%

Energy

10%

11%

Other

2%

2%




Adjusted EBITDA

$16.5 mm

$80 mm







Depreciation and amortization

$3.5 mm

$12.0 mm

Non-cash stock compensation expense

$1.5 mm

$  5.5 mm

Interest expense, net

$0.3 mm

$  1.2 mm

Income taxes

$4.1 mm

$22.7 mm




Net income

$7.1 mm

$38.6 mm




Adjusted EBITDA Margin

36%

41%




Fully diluted share count

68 mm

68 mm




Conference Call Information

The Company will host a conference call to discuss fourth quarter and full year 2011 results today at 8:30 a.m. Eastern Time.  Hosting the call will be Scot W. Melland, Chairman, President and Chief Executive Officer, and Michael P. Durney, Senior Vice President, Finance and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 866-713-8566 or for international callers by dialing 617-597-5325; the passcode is 25972998.  A replay will be available two hours after the call and can be accessed by dialing 888-286-8010 or 617-801-6888 for international callers; the replay passcode is 57640947. The replay will be available until February 9, 2012.

The call will also be webcast live from the Company's website at http://www.diceholdingsinc.com/ under the Investor Relations section.

Investor & Media Contact:
Jennifer Bewley
Vice-President, Investor Relations & Corporate Communications
Dice Holdings, Inc.
212-448-4181
IR@dice.com

About Dice Holdings, Inc.

Dice Holdings, Inc. (NYSE: DHX) is a leading provider of specialized career websites for professional communities, including technology and engineering, financial services, energy, healthcare, and security clearance. Our mission is to help our customers source and hire the most qualified professionals in select and highly skilled occupations, and to help those professionals find the best job opportunities in their respective fields and further their careers. For more than 21 years, we have built our company by providing our customers with quick and easy access to high-quality, unique professional communities and offering those communities access to highly relevant career opportunities and information. Today, we serve multiple markets primarily in North America, Europe, the Middle East, Asia and Australia.

Notes Regarding the Use of Non-GAAP Financial Measures

Dice Holdings, Inc. (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 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"), free cash flow, net cash 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.

Adjusted EBITDA

Adjusted EBITDA is a 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 (loss) plus (to the extent deducted in calculating such net income (loss)) 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 (loss)) non-cash income or gains, interest income, and any income or gain resulting from certain dispositions outside the ordinary course of business.  

We consider Adjusted EBITDA, as defined above, to be an important indicator to investors because it provides information related to our ability to provide cash flows to meet future debt service, capital expenditures and working capital requirements and to fund future growth as well as to monitor compliance with financial covenants.  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 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 or as an alternative to cash flow from operating activities as a measure of our profitability or liquidity.

Free Cash Flow

We define free cash flow as net cash provided by operating activities adding back the portion of payment of Rigzone acquisition contingency included in operating activities on the cash flows statement 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 excludes cash used for capital expenditures during the period.

Net Cash/Net Debt

Net Cash is defined as cash and cash equivalents and investments less total debt. Net Debt is defined as total debt less cash and cash equivalents and investments. We consider Net Cash and Net Debt to be important measures of liquidity and indicators of our ability to meet ongoing obligations.  We also use Net Cash and Net Debt, among other measures, in evaluating our choices for capital deployment.  Net Cash and Net Debt presented herein are non-GAAP measures and may not be comparable to similarly titled measures used by other companies.

Forward-Looking Statements

This press release contains 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 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, including without limitation statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."  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, competition from existing and future competitors in the highly competitive developing 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 failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, the 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 our credit facility.  These factors and others are discussed in more detail in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, under the headings "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our Quarterly Reports on Form 10-Q, all of which are available on the Investor Relations page of our website at www.diceholdingsinc.com.

You should keep in mind that any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which we make it. New risks and uncertainties come up from time to time, and it is impossible for us 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 federal securities laws.

DICE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands except per share amounts)




















For the three months ended
December 31,


For the year ended
December 31,







2011


2010


2011


2010














Revenues


$

47,356



$

37,889



$

179,130



$

128,997















Operating expenses:









Cost of revenues


3,408



2,600



13,024



9,573


Product development


2,846



2,132



10,316



6,747


Sales and marketing


14,465



11,696



59,111



44,183


General and administrative


5,977



6,129



23,804



20,736


Depreciation


1,325



1,040



4,739



4,122


Amortization of intangible assets


2,658



2,913



10,062



11,431


Change in acquisition related contingencies


(29)



528



3,127



47




Total operating expenses


30,650



27,038



124,183



96,839


Operating income


16,706



10,851



54,947



32,158


Interest expense


(327)



(569)



(1,446)



(3,376)


Deferred financing cost write-off








(1,388)


Interest income


20



24



112



112


Gain from interest rate hedges








216


Other expense


(124)



(4)



(124)



(4)


Income before income taxes


16,275



10,302



53,489



27,718


Income tax expense


5,815



4,558



19,389



8,819


Net income


$

10,460



$

5,744



$

34,100



$

18,899















Basic earnings per share


$

0.16



$

0.09



$

0.52



$

0.30


Diluted earnings per share


$

0.15



$

0.08



$

0.49



$

0.28















Weighted average basic shares outstanding


65,219



63,479



65,809



62,665


Weighted average diluted shares outstanding


68,382



68,904



70,053



67,926
































DICE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)












For the three months ended
December 31,


For the year ended
December 31,



2011


2010


2011


2010

Cash flows from operating activities:










Net income


$

10,460



$

5,744



$

34,100



$

18,899


Adjustments to reconcile net income to net cash flows from operating activities:










Depreciation


1,325



1,040



4,739



4,122



Amortization of intangible assets


2,658



2,913



10,062



11,431



Deferred income taxes


1,371



295



(474)



(2,026)



Amortization of deferred financing costs


115



114



461



676



Write-off of deferred financing costs








1,388



Share based compensation


1,290



896



4,676



3,589



Change in acquisition related contingencies


(29)



528



3,127



47



Change in accrual for unrecognized tax benefits


25



118



(525)



(1,384)


Changes in operating assets and liabilities:










Accounts receivable


(3,947)



(3,800)



(3,730)



(3,904)



Prepaid expenses and other assets


337



402



(557)



(76)



Accounts payable and accrued expenses


369



1,188



176



4,372



Income taxes receivable/payable


(1,939)



(1,472)



5,290



(2,041)



Deferred revenue


1,484



4,642



11,672



12,582



Payments to reduce interest rate hedge agreements








(333)



Payment of Rigzone acquisition contingency


(4,660)





(4,660)





Other, net


127



(192)



137



(274)


Net cash flows from operating activities


8,986



12,416



64,494



47,068


Cash flows from investing activities:










Purchases of fixed assets


(2,457)



(1,212)



(7,776)



(4,626)



Purchases of investments






(4,988)



(2,442)



Maturities and sales of investments




1,325



2,150



4,436



Payments for acquisitions, net of cash acquired








(43,796)


Net cash flows from investing activities


(2,457)



113




(10,614)



(46,428)


Cash flows from financing activities:










Payments on long-term debt


(1,000)



(16,000)



(26,000)



(78,300)



Proceeds from long-term debt








69,000



Proceeds from sale of common stock




11,043



11,943



11,043



Purchase of treasury stock related to option exercises




(11,043)



(11,943)



(11,043)



Payments under stock repurchase plan


(12,008)





(19,462)





Payment of acquisition related contingencies


(8,050)





(8,280)





Proceeds from stock option exercises


113



3,616



4,556



4,307



Excess tax benefit over book expense from stock options exercised


318



4,698



7,762



4,832



Financing costs paid




(158)





(1,608)



Other






(171)




Net cash flows from financing activities


(20,627)



(7,844)



(41,595)



(1,769)


Effect of exchange rate changes


(171)



(296)



(78)



(766)


Net change in cash and cash equivalents for the period


(14,269)



4,389



12,207



(1,895)


Cash and cash equivalents, beginning of period


69,506



38,641



43,030



44,925


Cash and cash equivalents, end of period


$

55,237



$

43,030



$

55,237



$

43,030















DICE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)











ASSETS


December 31, 2011


December 31, 2010

Current assets






Cash and cash equivalents





$

55,237



$

43,030



Investments


4,983



2,166



Accounts receivable, net


20,684



16,921



Deferred income taxes - current


509



1,691



Income taxes receivable




3,019



Prepaid and other current assets


2,190



1,659




Total current assets


83,603



68,486


Fixed assets, net


8,726



5,674


Acquired intangible assets, net


56,471



66,500


Goodwill


176,365



176,406


Deferred financing costs, net


957



1,418


Other assets


256



238




Total assets





$

326,378



$

318,722


LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities






Accounts payable and accrued expenses


14,599



13,801



Deferred revenue


60,887



49,224



Current portion of acquisition related contingencies


1,557



10,144



Current portion of long-term debt


4,000



4,000



Income taxes payable


2,929



735




Total current liabilities


83,972



77,904


Long-term debt


11,000



37,000


Deferred income taxes - non-current


17,167



18,807


Accrual for unrecognized tax benefits


3,869



4,394


Acquisition related contingencies




1,226


Other long-term liabilities


1,154



1,164




Total liabilities


117,162



140,495


Total stockholders' equity


209,216



178,227




Total liabilities and stockholders' equity


$

326,378



$

318,722















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 quarter and year ended December 31, 2011 and a balance sheet for the period then ended are provided elsewhere in this press release.  Supplemental schedules provided include:

Quarterly Adjusted EBITDA Reconciliation

A reconciliation of Adjusted EBITDA for the quarters and years ended December 31, 2011 and 2010 is provided.  This information provides the reader with the information we believe is necessary to analyze the Company.

Non-GAAP and Quarterly Supplemental Data

On this schedule, the Company provides certain non-GAAP information as of and for the quarters and years ended December 31, 2011 and 2010 that we believe is useful to understanding the business operations of the Company.


DICE HOLDINGS, INC.

QUARTERLY ADJUSTED EBITDA RECONCILIATIONS

(Unaudited)

(in thousands)












For the three months
ended December 31,


For the year ended
December 31,



2011


2010


2011


2010










Reconciliation of Net Income to Adjusted EBITDA:









Net income


$

10,460



$

5,744



$

34,100



$

18,899



Interest expense


327



569



1,446



3,376



Deferred financing cost write-off








1,388



Interest income


(20)



(24)



(112)



(112)



Income tax expense


5,815



4,558



19,389



8,819



Depreciation


1,325



1,040



4,739



4,122



Amortization of intangible assets


2,658



2,913



10,062



11,431



Change in acquisition related contingencies


(29)



528



3,127



47



Gain on interest rate hedges








(216)



Non-cash stock compensation expense


1,290



896



4,676



3,589



Other income


168



4



124



4



Expenses incurred with equity offering




750





750


Adjusted EBITDA


$

21,994



$

16,978



$

77,551



$

52,097











Reconciliation of Operating Cash Flows to Adjusted EBITDA:









Net cash provided by operating activities


$

8,986



$

12,416



$

64,494



$

47,068



Interest expense


327



569



1,446



3,376



Amortization of deferred financing costs


(115)



(114)



(461)



(676)



Interest income


(20)



(24)



(112)



(112)



Income tax expense


5,815



4,558



19,389



8,819



Deferred income taxes


(1,371)



(295)



474



2,026



Change in accrual for unrecognized tax benefits


(25)



(118)



525



1,384



Change in accounts receivable


3,947



3,800



3,730



3,904



Change in deferred revenue


(1,484)



(4,642)



(11,672)



(12,582)



Payment of Rigzone acquisition contingency


4,660





4,660





Changes in working capital and other


1,274



828



(4,922)



(1,110)


Adjusted EBITDA


$

21,994



$

16,978



$

77,551



$

52,097















DICE HOLDINGS, INC.


NON-GAAP AND QUARTERLY SUPPLEMENTAL DATA


(Unaudited)


(dollars in thousands except per customer data)














For the three months ended
December 31,


For the year ended
December 31,




2011


2010


2011


2010


Revenues by Segment









Tech & Clearance

$

31,086



$

24,772



$

115,011



$

88,206



Finance

11,130



9,671



44,970



33,730



Energy

4,245



2,725



15,622



4,440



Other

895



721



3,527



2,621





$

47,356



$

37,889



$

179,130



$

128,997



Percentage of Revenues by Segment









Tech & Clearance

65.6%



65.4%



64.2%



68.4%



Finance

23.5%



25.5%



25.1%



26.1%



Energy

9.0%



7.2%



8.7%



3.5%



Other

1.9%



1.9%



2.0%



2.0%





100.0%



100.0%



100.0%



100.0%













Adjusted EBITDA (3)

$

21,994



$

16,978



$

77,551



$

52,097



Adjusted EBITDA Margin

46.4%



44.8%



43.3%



40.4%













Calculation of Free Cash Flow









Net cash provided by operating activities

$

8,986



$

12,416



$

64,494



$

47,068



Add: Portion of payment of Rigzone acquisition contingency included in operating activities

4,660





4,660





Purchases of fixed assets

(2,457)



(1,212)



(7,776)



(4,626)



Free Cash Flow

$

11,189



$

11,204



$

61,378



$

42,442













Deferred Revenue (end of period)

$

60,887



$

49,224



n.a.


n.a.











Dice.com Recruitment Package Customers









Beginning of period

8,250



7,050



7,000



5,900



End of period

8,100



7,000



8,100



7,000



Average for the period (1)

8,300



7,150



7,900



6,700













Dice.com Average Monthly Revenue per

  Recruitment Package Customer (2)

$

951



$

867



n.a


n.a












Segment Definitions:









Tech & Clearance: Dice.com and ClearanceJobs






Finance: eFinancialCareers worldwide






Energy: Rigzone (from acquisition, August 2010) and WorldwideWorker (from acquisition, May 2010)


Other: AllHealthcareJobs, Targeted Job Fairs, and JobsintheMoney (through June 2010)












(1) Reflects the daily average of recruitment package customers during the period.






(2) Reflects simple average of three months in each period.






(3) Excludes costs from the secondary offering of common stock of approximately $750,000 for the quarter and year ended December 31, 2010.





SOURCE Dice Holdings, Inc.