DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DHI GROUP, INC. | |
Entity Central Index Key | 1,393,883 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 52,890,453 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash | $ 4,659 | $ 12,068 |
Accounts receivable, net of allowance for doubtful accounts of $646 and $1,688 | 19,080 | 38,769 |
Income taxes receivable | 2,284 | 2,617 |
Prepaid and other current assets | 7,440 | 5,086 |
Total current assets | 33,463 | 58,540 |
Fixed assets, net | 14,552 | 16,147 |
Acquired intangible assets, net | 39,000 | 45,737 |
Capitalized contract costs | 6,313 | 0 |
Goodwill | 155,348 | 170,791 |
Deferred income taxes | 231 | 469 |
Other assets | 2,498 | 4,034 |
Total assets | 251,405 | 295,718 |
Current liabilities | ||
Accounts Payable and Accrued Liabilities, Current | 19,035 | 22,196 |
Deferred revenue | 55,057 | 83,646 |
Income taxes payable | 1,197 | 1,129 |
Total current liabilities | 75,289 | 106,971 |
Long-term debt, net | 16,596 | 41,450 |
Deferred income taxes | 9,667 | 8,245 |
Deferred Revenue, Noncurrent | 1,368 | 0 |
Accrued Income Taxes, Noncurrent | 0 | 1,489 |
Accrual for unrecognized tax benefits | 3,241 | 2,859 |
Other long-term liabilities | 1,308 | 2,063 |
Total liabilities | 107,469 | 163,077 |
Commitments and contingencies (Note 9) | ||
Stockholders equity | ||
Convertible preferred stock, $.01 par value, authorized 20,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value, authorized 240,000; issued 86,545 and 83,125 shares, respectively; outstanding: 53,188 and 50,480 shares, respectively | 866 | 831 |
Additional paid-in capital | 381,878 | 375,537 |
Accumulated other comprehensive loss | (29,761) | (27,330) |
Accumulated earnings | 68,490 | 59,776 |
Treasury stock, 33,357 and 32,645 shares, respectively | (277,537) | (276,173) |
Total stockholders’ equity | 143,936 | 132,641 |
Total liabilities and stockholders’ equity | $ 251,405 | $ 295,718 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Current assets | ||
Allowance for doubtful accounts | $ 646 | $ 1,688 |
Stockholders equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 240,000 | 240,000 |
Common stock, shares issued | 86,545 | 83,125 |
Common stock, shares outstanding | 53,188 | 50,480 |
Treasury stock, shares | 33,357 | 32,645 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 38,917 | $ 52,424 | $ 123,583 | $ 157,014 |
Operating expenses: | ||||
Cost of revenues | 4,424 | 7,616 | 14,330 | 22,681 |
Product development | 5,219 | 6,423 | 15,811 | 19,230 |
Selling and Marketing Expense | 13,974 | 19,988 | 46,628 | 59,638 |
General and Administrative Expense | 8,843 | 9,454 | 28,012 | 30,779 |
Depreciation | 2,540 | 2,576 | 7,155 | 7,703 |
Amortization of intangible assets | 0 | 554 | 482 | 1,686 |
Impairment of fixed assets | 0 | 2,226 | 0 | 2,226 |
Disposition related and other costs (Note 11) | 2,085 | 1,049 | 5,214 | 2,236 |
Total operating expenses | 37,085 | 49,886 | 117,632 | 146,179 |
Loss on sale of business | (365) | 0 | 3,435 | 0 |
Operating Income (Loss) | 1,467 | 2,538 | 9,386 | 10,835 |
Interest expense | (335) | (1,173) | (1,370) | (2,777) |
Other expense | (9) | (3) | (42) | (10) |
Income before income taxes | 1,123 | 1,362 | 7,974 | 8,048 |
Income Tax Expense (Benefit) | 193 | 304 | 3,746 | 3,828 |
Net income | $ 930 | $ 1,058 | $ 4,228 | $ 4,220 |
Basic earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
Weighted average basic shares outstanding | 48,780 | 48,021 | 48,589 | 47,858 |
Weighted average diluted shares outstanding | 50,390 | 48,502 | 49,707 | 48,397 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 4,228 | $ 4,220 |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation | 7,155 | 7,703 |
Amortization of intangible assets | 482 | 1,686 |
Deferred income taxes | 1,830 | (23) |
Amortization of deferred financing costs | 146 | 642 |
Stock based compensation | 5,362 | 6,275 |
Impairment of intangible assets | 0 | 2,226 |
Change in accrual for unrecognized tax benefits | 382 | 2,358 |
Loss on sale of business | 3,435 | 0 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable | 15,772 | 10,607 |
Prepaid expense and other assets | 1,709 | (1,041) |
Capitalized contract costs | (1,587) | 0 |
Accounts payable and accrued expenses | (4,180) | (152) |
Income taxes receivable/payable | (1,021) | (3,599) |
Deferred revenue | (18,622) | (3,774) |
Other, net | 469 | 51 |
Net cash flows from operating activities | 8,690 | 27,179 |
Cash flows from investing activities: | ||
Cash received from sale of business | 17,542 | 0 |
Purchases of fixed assets | (6,604) | (10,160) |
Purchases of cost method investments | 0 | (500) |
Net cash flows from investing activities | 10,938 | (10,660) |
Cash flows from financing activities: | ||
Payments on long-term debt | (30,000) | (17,000) |
Proceeds from long-term debt | 5,000 | 0 |
Payments under stock repurchase plan | (828) | 0 |
Proceeds from stock option exercises | 0 | 403 |
Purchase of treasury stock related to vested restricted stock | (547) | (1,125) |
Net cash flows used in financing activities | (26,375) | (17,722) |
Effect of exchange rate changes | (662) | 302 |
Net change in cash and cash equivalents for the period | (7,409) | (901) |
Cash, beginning of period | 12,068 | 22,987 |
Cash, end of period | $ 4,659 | $ 22,086 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 930 | $ 1,058 | $ 4,228 | $ 4,220 |
Foreign currency translation adjustment | (894) | 1,782 | (2,431) | 4,653 |
Total other comprehensive income (loss) | (894) | 1,782 | (2,431) | 4,653 |
Comprehensive income | $ 36 | $ 2,840 | $ 1,797 | $ 8,873 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of DHI Group, Inc. (“DHI” or the “Company”) have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual audited consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted and condensed pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments (consisting of only normal and recurring accruals) have been made to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “Annual Report on Form 10-K”). Operating results for the nine month period ended September 30, 2018 are not necessarily indicative of the results to be achieved for the full year. Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Management believes the most complex and sensitive judgments, because of their significance to the condensed consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Actual results could differ materially from management’s estimates reported in the condensed consolidated financial statements and footnotes thereto. There have been no significant changes in the Company’s assumptions regarding critical accounting estimates during the nine month period ended September 30, 2018 . |
SIGNIFCANT ACCOUNTING POLICIES
SIGNIFCANT ACCOUNTING POLICIES (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-09 (“Topic 606”), Revenue from Contracts with Customers . Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, Revenue Recognition, and requires entities to measure and recognize revenue and the related cash flows it expects to be entitled for the transfer of promised goods or services to customers and requires an entity to recognize the incremental costs of obtaining a contract with a customer as an asset if the entity expects to recover those costs over time. Topic 606 became effective for reporting periods beginning after December 15, 2017. Topic 606 provides companies with two implementation methods. Companies can choose to apply the standard retrospectively to each prior reporting period presented (full retrospective application) or retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that include the date of initial application (modified retrospective application). The Company has chosen the modified retrospective application method and has implemented Topic 606 effective January 1, 2018. The Company has determined that the January 1, 2018 cumulative effect to its revenue streams was an increase of approximately $0.2 million to deferred revenues, and the cumulative effect to its contract acquisition costs was an increase to contract acquisition cost assets of approximately $6.1 million , with a net after tax increase to retained earnings of approximately $4.5 million . The cumulative impact on contract acquisition costs was computed based on contracts in force as of December 31, 2017 using average commission rates on both new business sales to be amortized over approximately two years and the remaining sales contracts to be amortized over approximately one year. See Note 3 to the Notes to the Condensed Consolidated Financial Statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The new standard aims to improve existing U.S. GAAP and will change certain aspects of accounting for equity investments, financial instruments, financial liabilities, and the presentation and related disclosures. The updated standard becomes effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the new standard in the first quarter of 2018, and has determined the adoption did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . The new standard has requirements on how to account for leases by both the lessee and the lessor and adds clarification for what constitutes a lease, among other items. The updated standard becomes effective for fiscal years beginning after December 15, 2018 and interim periods the following year, with early adoption permitted. The new standard must be applied using a modified retrospective transition. In July 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new standard at the adoption date, as compared to the beginning of the earliest period presented, and recognize a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption. The Company expects to elect this transition method at the adoption date of January 1, 2019. The Company is currently finalizing its lease portfolio analysis to determine the impact to its consolidated financial statements. Adoption of this standard will result in a right-of-use asset and a related lease liability being established to reflect the present value of the future lease payments of the lease. The Company is implementing processes and tools to assist in the ongoing lease data collection and analysis, and updating accounting policies and internal controls that would be impacted by the new guidance, to ensure readiness for adoption in the first quarter of 2019. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . The new standard requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. ASU No. 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years and early adoption is permitted. The amendments allow either a retrospective or prospective approach to all implementation costs incurred after adoption. The Company is evaluating the expected impact of this standard on its consolidated financial statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION On January 1, 2018, we adopted Topic 606 applying the modified retrospective method to all contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 will be presented under Topic 606, while prior period amounts will not be adjusted and will continue to be reported under the accounting standards in effect for the period presented. We recorded a net increase to opening retained earnings of $4.5 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606. Changes in accounting policies as a result of adopting Topic 606 and nature of goods The Company recognizes revenue when control of the promised goods or services is transferred to our customers at an amount that reflects the consideration to which we expect to receive in exchange for those goods or services. Revenue is recognized net of customer discounts ratably over the service period. Customer billings delivered in advance of services being rendered are recorded as deferred revenue and recognized over the service period. The Company generates revenue from the following sources: Recruitment packages . Recruitment package revenues are derived from the sale to recruiters and employers of a combination of job postings and access to a searchable database of candidates on the Dice, ClearanceJobs, eFinancialCareers, and 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) websites. Certain of the Company’s arrangements include multiple performance obligations, which primarily consists of the ability to post jobs and access to a searchable database of candidates. The Company determines the units of accounting for multiple performance obligations in accordance with Topic 606. Specifically, the Company considers a performance obligation as a separate unit of accounting if it has value to the customer on a standalone basis. The Company’s arrangements do not include a general right of return. Services to customers buying a package of available job postings and access to the database are delivered over the same period and revenue is recognized ratably over the length of the underlying contract, typically from one to twelve months. The separation of the package into two deliverables results in no change in revenue recognition since delivery of the two services occurs over the same time period. Advertising revenue. Advertising revenue is recognized over the period in which the advertisements are displayed on the websites or at the time a promotional e-mail is sent out to the audience. Classified revenue. Classified job posting revenues are derived from the sale of job postings to recruiters and employers. A job posting is the ability to list a job on the website for a specified time period. Revenue from the sale of classified job postings is recognized ratably over the length of the contract or the period of actual usage. Data services revenue. Access to the Company’s database of energy industry data is provided to customers for a fee. Data services revenue is recognized ratably over the length of the underlying contract, typically from one to twelve months. The data services business, called RigLogix, was sold on February 20, 2018. Career fair and recruitment event booth rentals . Career fair and recruitment event revenues are derived from renting booth space to recruiters and employers. Revenue from these sales are recognized when the career fair or recruitment event is held. Disaggregation of revenue Our brands serve various economic professions, such as technology, financial, hospitality (the Hcareers business was sold on May 22, 2018), and energy (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). The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue with reportable segments (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Tech-Focused Corporate & Other Total Tech-Focused Corporate & Other Total Dice $ 23,715 $ — $ 23,715 $ 70,486 $ — $ 70,486 ClearanceJobs 5,422 — 5,422 15,359 — 15,359 Dice Europe (2) 461 — 461 3,008 — 3,008 eFinancial Careers 8,388 — 8,388 25,418 — 25,418 Hcareers (1) — — — — 5,329 5,329 Rigzone (1) — 931 931 — 3,771 3,771 BioSpace (1) — — — — 212 212 Total $ 37,986 $ 931 $ 38,917 $ 114,271 $ 9,312 $ 123,583 (1) The Company 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. Hcareers was sold on May 22, 2018 and the Company transferred majority ownership of BioSpace to BioSpace management on January 31, 2018. (2) The Company ceased Dice Europe operations on August 31, 2018. Revenue for periods ending prior to January 1, 2018 have not been presented under Topic 606. Contract Balances The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands): As of September 30, 2018 As of January 1, 2018 Receivables $ 19,080 $ 38,769 Short-term contract liabilities (deferred revenue) 55,057 83,810 Long-term contract liabilities (deferred revenue) 1,368 — We receive payments from customers based upon contractual billing schedules; accounts receivable is recorded when customers are invoiced per the contractual billings schedules. As the Company's standard payment terms are less than one year, the Company elected the practical expedient, where applicable. As a result, the Company did not consider the effects of a significant financing component. Contract liabilities include customer billings delivered in advance of performance under the contract, and associated revenue is realized when services are rendered under the contract. Receivables increase due to customer billings and decrease by cash collected from customers along with business divestitures. Included in January 1, 2018 is $ 4.4 million of receivables related to businesses divested during the nine months ended September 30, 2018. Contract liabilities increase due to customer billings and are decreased as performance obligations are satisfied under the contracts. Included in January 1, 2018 is $ 8.4 million of short-term contract liabilities related to the businesses divested during the nine months ended September 30, 2018. During the three and nine months ended September 30, 2018, the Company recognized the following revenues as a result of changes in the contract liability balances in the respective periods (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 28,933 $ 69,897 Transaction price allocated to the remaining performance obligations Under the guidance of Topic 606, the following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Remainder of 2018 2019 2020 Total Tech-focused $ 27,991 $ 27,872 $ 562 $ 56,425 Contract acquisition costs In connection with the adoption of Topic 606, we are required to capitalize certain contract acquisition costs consisting primarily of commissions paid when contracts are signed. As allowed for by the practical expedient, the Company is using a portfolio approach for contract acquisition costs, which allows the new revenue guidance to be applied to a portfolio of contracts with similar characteristics. As a result, the Company has applied the portfolio approach to new business contracts and recurring or remaining business contracts. The Company reasonably expects that the effects of applying the portfolio approach would not differ materially from applying Topic 606 at the individual contract level. As of January 1, 2018, the date we adopted Topic 606, we capitalized $6.1 million in contract acquisition costs related to contracts that were not completed. The cumulative effect for contract acquisition costs was computed based on contracts in force as of December 31, 2017 using the average commission rates on both new business sales contracts, to be amortized over approximately two years , and the remaining sales contracts to be amortized over approximately one year. For costs incurred to obtain new business sales contracts, we will record these costs over an average customer life, which was determined using customer renewal rates; for the remaining sales contracts, we will record these costs over the weighted average contract term. For the three and nine months ended September 30, 2018, the Company recorded $2.7 million and $7.5 million of expense, respectively, related to the amortization of contract acquisition costs and there was no impairment loss incurred. During the three and nine months ended September 30, 2018, $0.3 million and $1.2 million of contract acquisition costs were removed, respectively, due to the sale of BioSpace and RigLogix in the first quarter of 2018, the sale of Hcareers in the second quarter of 2018, and the transfer of majority ownership of the remaining Rigzone business to Rigzone management in the third quarter of 2018. In accordance with Topic 606, the impact of adoption to our condensed consolidated statements of operations was as follows: Three Months Ended September 30, 2018 (in thousands, except per share amounts) As Reported Balance Without Adoption of Topic 606 Effect of Change- Higher (Lower) Revenues $ 38,917 $ 38,917 $ — Operating expenses $ 37,085 $ 36,914 $ 171 Loss on sale of business $ (365 ) $ (63 ) $ 302 Operating income $ 1,467 $ 1,940 $ (473 ) Net income $ 930 $ 1,285 $ (355 ) Basic earnings per share $ 0.02 $ 0.03 $ (0.01 ) Diluted earnings per share $ 0.02 $ 0.03 $ (0.01 ) Nine Months Ended September 30, 2018 (in thousands, except per share amounts) As Reported Balance Without Adoption of Topic 606 Effect of Change- Higher (Lower) Revenues $ 123,583 $ 123,545 $ 38 Operating expenses $ 117,632 $ 119,058 $ (1,426 ) Gain on sale of businesses $ 3,435 $ 4,634 $ (1,199 ) Operating income $ 9,386 $ 9,121 $ 265 Net income $ 4,228 $ 4,029 $ 199 Basic earnings per share $ 0.09 $ 0.08 $ 0.01 Diluted earnings per share $ 0.09 $ 0.08 $ 0.01 In accordance with Topic 606, the impact of adoption to our condensed consolidated balance sheets was as follows: As of September 30, 2018 (in thousands) As Reported Balance Without Adoption of Topic 606 Effect of Change-Higher (Lower) ASSETS Capitalized contract costs $ 6,313 $ — $ 6,313 Total assets $ 251,405 $ 245,092 $ 6,313 LIABILITIES AND STOCKHOLDERS' EQUITY Deferred revenue $ 55,057 $ 55,095 $ (38 ) Deferred income taxes $ 9,667 $ 8,001 $ 1,666 Total liabilities $ 107,469 $ 105,841 $ 1,628 Stockholders equity Accumulated earnings $ 68,490 $ 63,805 $ 4,685 Total stockholders' equity $ 143,936 $ 139,251 $ 4,685 Total liabilities & stockholders' equity $ 251,405 $ 245,092 $ 6,313 In accordance with Topic 606, the impact of adoption to our condensed consolidated statements of cash flows was as follows: Nine Months Ended September 30, 2018 As Reported Balance Without Adoption of Topic 606 Effect of Change-Higher (Lower) Cash flows from operating activities: Net income $ 4,228 $ 4,029 $ 199 Adjustments to reconcile net income to net cash flows from operating activities: Deferred income taxes $ 1,830 $ 1,603 $ 227 Gain on sale of businesses, net $ (3,435 ) $ (4,634 ) $ 1,199 Capitalized contract costs $ (1,587 ) $ — $ (1,587 ) Deferred revenue $ (18,622 ) $ (18,584 ) $ (38 ) Net cash flows from operating activities $ 8,690 $ 8,690 $ — |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The FASB ASC topic on Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value and requires certain disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. As a basis for considering assumptions, a three-tier fair value hierarchy is used, which prioritizes the inputs used in measuring fair value as follows: • 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. The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash, accounts receivable, other assets, accounts payable and accrued expenses and long-term debt approximate their fair values. The fair value of the long-term debt was estimated using present value techniques and market based interest rates and credit spreads. The estimated fair value of long-term debt is based on Level 2 inputs. Certain assets and liabilities are measured at fair value on a non-recurring basis. These assets include investments (included in other assets), goodwill and intangible assets which result as acquisitions occur. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. Such instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. |
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET | 9 Months Ended |
Sep. 30, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Acquired Intangible Assets, Net | ACQUIRED INTANGIBLE ASSETS, NET As a result of the sale of Hcareers (sold May 22, 2018), the Company disposed of all its remaining unamortized acquired intangible assets. Acquired intangible assets disposed of in conjunction with the sale had costs of $12.9 million and accumulated amortization of $6.7 million. Therefore, as of September 30, 2018, the net value of all finite-lived assets was zero. Below is a summary of the major acquired intangible assets (in thousands) as of December 31, 2017: Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Acquired Intangible Assets, Net Technology $ 4,561 $ (3,930 ) $ (631 ) $ — Trademarks and brand names—Dice 39,000 — — 39,000 Trademarks and brand names—Other 11,103 (7,260 ) (2,185 ) 1,658 Customer lists 12,887 (5,696 ) (2,112 ) 5,079 Candidate and content database 8,857 (8,354 ) (503 ) — Acquired intangible assets, net $ 76,408 $ (25,240 ) $ (5,431 ) $ 45,737 As of September 30, 2018, the Company had an indefinite-lived asset of $39.0 million related to the Dice trademark and brand name. The Company evaluates the indefinite-lived asset for impairment on an annual basis. No impairment has been recorded during the three or nine month periods ended September 30, 2018. The Company is currently performing its annual impairment testing analysis as of October 1, 2018. We determine whether the carrying value of recorded indefinite-lived acquired intangible assets is impaired on an annual basis or more frequently if indicators of potential impairment exist. The impairment review process compares the fair value of the indefinite-lived acquired intangible assets to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. The impairment test performed as of October 1, 2017 resulted in the fair value of the Dice trademark and brand name exceeding the carrying value by 4%. Revenues attributable to the Dice trademarks and brand name have declined due to competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market, and the Company’s ability to attribute value delivered to customers. Revenues related to the Dice trademark and brand name, excluding Dice Europe, which ceased operations on August 31, 2018, declined 13% and 5% for the years ended December 31, 2017 and 2016, respectively. As of September 30, 2018, revenue projections for the year ending December 31, 2018 include a 7% decline, demonstrating anticipated improvement to the rate of decline experienced in the year ended December 31, 2017. The rate of revenue decline during the year ending December 31, 2018 has consistently decreased with the first quarter declining 11%, the second quarter declining 8%, the third quarter declining 6%, and the fourth quarter projected to decline approximately 4%. Projections for the year ending December 31, 2019 are expected to decline approximately 1% and then grow in the subsequent years. The Company’s ability to achieve these revenue projections may be impacted by, among other things, the factors noted above that have contributed to the decline in recent periods. Projected future cash flows attributable to the Dice trademark and brand name declined as a result of the lower projected revenue, as well as increased spending focused on new and enhanced products and marketing campaigns. Operating expenses, excluding amortization expense, impairment charges and disposition related and other costs in the projections are expected to remain approximately consistent for the year ending December 31, 2018 as compared to the year ended December 31, 2017 and then increase at levels that allow for modest operating margin improvements. The Company utilized a relief from royalty rate method to value the Dice trademarks and brand name using a royalty rate of 5.0%. The determination of whether or not indefinite-lived acquired intangible assets have become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the indefinite-lived acquired intangible assets. Fair values are determined using a profit allocation methodology which estimates the value of the trademark and brand name by capitalizing the profits saved because the company owns the asset. We consider factors such as historical performance, anticipated market conditions, operating expense trends and capital expenditure requirements. Changes in our strategy and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of intangible assets. |
INDEBTEDNESS
INDEBTEDNESS | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | INDEBTEDNESS Credit Agreement —The Company, together with Dice, Inc. (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiary, Dice Career Solutions, Inc. (collectively, the “Borrowers”), maintains an Amended and Restated Credit Agreement (the “Credit Agreement”), which matures in November 2020. The Credit Agreement, when entered into during November 2015, provided for a revolving loan facility of $250.0 million , which was subsequently reduced to $150.0 million in August 2017, as permitted under the Credit Agreement. Borrowings under the Credit Agreement bear interest, at the Company’s option, at a LIBOR rate or a base rate plus a margin. The margin ranges from 1.75% to 2.50% on LIBOR loans and 0.75% to 1.50% on base rate loans, determined by the Company’s most recent consolidated leverage ratio. The facility may be prepaid at any time without penalty. The Credit Agreement contains various customary affirmative and negative covenants and also contains certain financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. Borrowings are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 3.0 to 1.0. Negative covenants include restrictions on incurring certain liens; making certain payments, such as stock repurchases and dividend payments; making certain investments; making certain acquisitions; making certain dispositions; and incurring additional indebtedness. Restricted payments are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 2.0 to 1.0, plus an additional $5.0 million of restricted payments. The Credit Agreement also provides that the payment of obligations may be accelerated upon the occurrence of customary events of default, including, but not limited to, non-payment, change of control, or insolvency. As of September 30, 2018 , the Company was in compliance with all of the financial covenants under the Credit Agreement. The obligations under the Credit Agreement are guaranteed by two of the Company’s wholly-owned subsidiaries, eFinancialCareers, Inc. and Targeted Job Fairs, Inc. and secured by substantially all of the assets of the Borrowers and the guarantors and stock pledges from certain of the Company’s foreign subsidiaries. The amounts borrowed as of September 30, 2018 and December 31, 2017 are as follows (dollars in thousands): September 30, December 31, Amounts borrowed: Revolving credit facility $ 17,000 $ 42,000 Less: deferred financing costs, net of accumulated amortization of $1,674 and $1,529 (404 ) (550 ) Total borrowed $ 16,596 $ 41,450 Available to be borrowed under revolving facility, subject to certain limitations $ 133,000 $ 108,000 Interest rates: LIBOR rate loans: Interest margin 1.75 % 2.25 % Actual interest rates 3.88 % 3.88 % There are no scheduled payments until maturity of the Credit Agreement in November 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases The Company leases equipment and office space under operating leases expiring at various dates through December 2026. Future minimum lease payments under non-cancellable operating leases as of September 30, 2018 are as follows (in thousands): October 1, 2018 through December 31, 2018 $ 1,013 2019 3,646 2020 3,078 2021 2,512 2022 2,231 2023 and thereafter 6,543 Total minimum payments $ 19,023 Rent expense was $0.7 million and $ 3.0 million for the three and nine month periods ended September 30, 2018 , respectively, and $1.2 million and $3.6 million for the three and nine month periods ended September 30, 2017, respectively, and is included in General and Administrative expense in the Condensed Consolidated Statements of Operations. Litigation The Company is subject to various claims from taxing authorities, lawsuits and other complaints arising in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are reasonably estimable. Although the outcome of these legal matters, except as described below and recorded in the condensed consolidated financial statements, cannot be determined, it is the opinion of management that the final resolution of these matters will not have a material effect on the Company’s financial condition, operations or liquidity. During the first quarter of 2018, the Company recorded a $1.0 million liability related to a class action lawsuit regarding the applicability of provisions of the Fair Credit Reporting Act (the "FCRA") to one of our products. The recorded liability reflects a tentative settlement, which upon execution and final approval by the court, will resolve all remaining claims subject to the lawsuit. The lawsuit was brought by Ian Douglas, individually, as a representative of the class and on behalf of the general public, against DHI Group, Inc. and Dice Inc. asserting six claims under the FCRA that the Company’s Open Web profiles are “consumer reports” and Dice is a “consumer reporting agency” under the FCRA, including claims pursuant to the private right of action in 15 U.S.C. Section 1681n for alleged willful violations of the FCRA. The action was originally filed in a federal district court on July 26, 2017, but as a part of the settlement process, the action has been re-filed and is pending in the Superior Court of Santa Clara County, California (Case No. 18CV331732). Tax Contingencies The Company operates in a number of tax jurisdictions and is routinely subject to examinations by various tax authorities with respect to income taxes and indirect taxes. The determination of the Company’s worldwide provision for taxes requires judgment and estimation. The Company has reserved for potential examination adjustments to our provision for income taxes and accrual of indirect taxes in amounts which the Company believes are reasonable. |
EQUITY TRANSACTIONS (Notes)
EQUITY TRANSACTIONS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY TRANSACTIONS Stock Repurchase Plans —In May 2018, the Board of Directors authorized a stock repurchase program that permits the purchase of up to $7 million of the Company's common stock through May 2019. Under the plan, management has discretion in determining the conditions under which shares may be purchased from time to time. During the quarter ended September 30, 2018 purchases of the Company's common stock pursuant to the Stock Repurchase Plan was as follows: Total Number of Shares Purchased Average Price Paid per Share Approximate Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 347,280 $2.08 $714,642 $6,183,521 During the nine month period ended September 30, 2018 , purchases of the Company's common stock pursuant to the Stock Repurchase Plan was as follows: Total Number of Shares Purchased Average Price Paid per Share Approximate Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 402,297 $1.79 $808,433 $6,183,521 There were 10,500 unsettled share repurchases as of September 30, 2018 . Unclaimed Shareholder Liability - Prior to the third quarter of 2018, other long-term liabilities included $1.0 million due to former shareholders of the Company under a Joint Plan of Reorganization that was agreed to by the Company and two of its creditors, and confirmed by the U.S. Bankruptcy Court of the Southern District Court of New York on June 24, 2003. During the three-month period ending September 30, 2018, the Company concluded the amounts owed were no longer due and payable and further, the amounts owed represent additional equity of the Company. Accordingly, the Company reclassified $1.0 million from other long-term liabilities to additional paid-in capital during the quarter. |
DISPOSITION RELATED AND OTHER C
DISPOSITION RELATED AND OTHER COSTS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | DISPOSITION RELATED AND OTHER COSTS In May 2017, the Company announced plans to divest a number of its non-tech businesses to achieve greater focus and resource allocation toward its core tech-focused business. The planned divestitures include: Health eCareers (sold December 4, 2017), BioSpace (transferred majority ownership to BioSpace management on January 31, 2018), Hcareers (sold May 22, 2018), and 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). Additionally, the Company ceased the Dice Europe operations on August 31, 2018. In connection with the planned divestitures and focus on the tech business, the Company incurred certain severance, reorganization, and other related costs to further these strategic objectives. The following table displays a roll forward of the disposition related and other costs and related liability balances (in thousands): Three Months Ended September 30, 2018 Accrual at June 30, 2018 Expense Cash Payments Accrual at September 30, 2018 Severance and retention $ 1,522 $ 932 $ (711 ) $ 1,743 Professional fees and other costs 451 508 (557 ) 402 Lease exit costs 259 645 (308 ) 596 Total disposition related and other costs $ 2,232 $ 2,085 $ (1,576 ) $ 2,741 Nine Months Ended September 30, 2018 Accrual at December 31, 2017 Expense Cash Payments Non-cash Impairment Accrual at September 30, 2018 Severance and retention $ 1,237 $ 2,702 $ (2,196 ) $ — $ 1,743 Professional fees and other costs 825 1,440 (1,863 ) — 402 Lease exit and related asset impairment — 1,072 (308 ) (168 ) 596 Total disposition related and other costs $ 2,062 $ 5,214 $ (4,367 ) $ (168 ) $ 2,741 Three Months Ended September 30, 2017 Accrual at June 30, 2017 Expense Cash Payments Accrual at September 30, 2017 Severance and retention $ 853 $ 676 $ (844 ) $ 685 Professional fees and other costs 70 373 (179 ) 264 Total disposition related and other costs $ 923 $ 1,049 $ (1,023 ) $ 949 Nine Months Ended September 30, 2017 Accrual at December 31, 2016 Expense Cash Payments Accrual at September 30, 2017 Severance and retention $ — $ 1,793 $ (1,108 ) $ 685 Professional fees and other costs — 443 (179 ) 264 Total disposition related and other costs $ — $ 2,236 $ (1,287 ) $ 949 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATION Under the 2012 Omnibus Equity Award Plan, the Company has granted stock options, restricted stock and Performance-Based Restricted Stock Units (“PSUs”) to certain employees and directors. Beginning January 1, 2017, as a result of ASU No. 2016-09, the Company recorded expense based upon the number of awards outstanding with no estimate for forfeitures, which are recorded as they occur. The Company recorded total stock based compensation expense of $1.3 million and $5.4 million during the three and nine month periods ended September 30, 2018 , respectively, and $1.7 million and $6.3 million during the three and nine month periods ended September 30, 2017, respectively. At September 30, 2018 , there was $8.9 million of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a weighted-average period of approximately 1.5 years. During the three months ended June 30, 2018, the Company granted 1,750,000 shares of restricted stock as an Inducement Grant Under NYSE Rule 303A.08 in connection with the employment agreement for the Company’s new Chief Executive Officer. The Chief Executive Officer is also entitled to an award of 750,000 performance based restricted stock units, which will be made in accordance with a performance-based restricted stock unit program created by the Company. Restricted Stock— Restricted stock is granted to employees of the Company and its subsidiaries, and to non-employee members of the Company’s Board. These shares are part of the compensation plan for services provided by the employees or Board members. The closing price of the Company’s stock on the date of grant is used to determine the fair value of the grants. The expense related to the restricted stock grants is recorded over the vesting period. There was no cash flow impact resulting from the grants. The restricted stock vests in various increments on the anniversaries of each grant, subject to the recipient’s continued employment or service through each applicable vesting date. Vesting occurs over one year for Board members and over two to four years for employees. A summary of the status of restricted stock awards as of September 30, 2018 and 2017 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 4,896,447 $ 2.48 2,417,300 $ 6.38 Granted 7,440 $ 2.05 38,000 $ 2.80 Forfeited (180,000 ) $ 3.63 (183,375 ) $ 6.71 Vested (118,690 ) $ 2.92 (35,125 ) $ 8.93 Non-vested at end of period 4,605,197 $ 2.41 2,236,800 $ 6.25 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 2,393,257 $ 5.48 2,226,375 $ 7.87 Granted 3,770,440 $ 1.68 1,262,500 $ 4.72 Forfeited (350,375 ) $ 4.25 (438,000 ) $ 6.87 Vested (1,208,125 ) $ 5.73 (814,075 ) $ 7.98 Non-vested at end of period 4,605,197 $ 2.41 2,236,800 $ 6.25 PSUs— PSUs are granted to employees of the Company and its subsidiaries. These shares are part of the compensation plan for services provided by the employees. The expense related to the PSUs is recorded over the vesting period. These shares will vest on the dates the Compensation Committee certifies the Company’s achievement of stock price performance relative to the Russell 2000 Index, provided that the recipient remains employed through such date. Performance will be measured over three separate measurement periods: a one-year measurement period, a two-year measurement period and a three-year measurement period. For performance periods one and two, vesting is not to exceed total grant divided by three. For performance period three, vesting is no less than zero and no greater than 150% of initial grant less shares vested in performance periods one and two. There was no cash flow impact resulting from the grants. There were no PSUs granted during the nine months ended September 30, 2018. The fair value of PSUs granted during the nine months ended September 30, 2017 is measured using the Monte Carlo pricing model using the following assumptions: Weighted average fair value of PSUs granted $5.38 Dividend yield of DHI Group, Inc. stock —% Dividend yield of Russell 2000 Index 1.4% Risk free interest rate 1.5% Volatility of DHI Group, Inc. stock 41.0% Volatility of Russell 2000 Index 16.7% A summary of the status of PSUs as of September 30, 2018 and 2017 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 505,000 $ 6.24 890,838 $ 6.92 Forfeited — $ — (84,167 ) $ 6.86 Non-vested at end of period 505,000 $ 6.24 806,671 $ 6.93 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 760,003 $ 6.92 580,004 $ 8.02 Granted — $ — 397,500 $ 5.38 Forfeited (255,003 ) $ 8.27 (170,833 ) $ 7.04 Non-vested at end of period 505,000 $ 6.24 806,671 $ 6.93 Stock Options— The fair value of each option grant is estimated using the Black-Scholes option-pricing model using the weighted-average assumptions in the table below. This valuation model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected life (the period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, a risk-free interest rate and expected dividends. The expected life of options granted is derived from historical exercise behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury rates in effect at the time of grant. The stock options vest 25% after one year, beginning on the first anniversary date of the grant, and 6.25% each quarter following the first anniversary. There was no cash flow impact resulting from the grants. No stock options were granted during the nine months ended September 30, 2018 and 2017 . A summary of the status of options previously granted as of September 30, 2018 and 2017 , and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 807,562 $ 8.67 $ — Forfeited (472,187 ) $ 8.90 $ — Options outstanding at end of period 335,375 $ 8.35 $ — Exercisable at end of period 334,125 $ 8.35 $ — Three Months Ended September 30, 2017 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 1,273,088 $ 9.29 $ — Forfeited (136,875 ) $ 9.42 $ — Options outstanding at end of period 1,136,213 $ 9.28 $ — Nine Months Ended September 30, 2018 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 1,101,875 $ 9.28 $ — Forfeited (766,500 ) $ 9.68 $ — Options outstanding at end of period 335,375 $ 8.35 $ — Exercisable at end of period 334,125 $ 8.35 $ — Nine Months Ended September 30, 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 (577,212 ) $ 7.14 $ — Options outstanding at end of period 1,136,213 $ 9.28 $ — Exercisable at end of period 1,086,743 $ 9.36 $ — The weighted-average remaining contractual term of options exercisable at September 30, 2018 is 1.8 years. The following table summarizes information about options outstanding as of September 30, 2018 : Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable (in years) $ 7.00 - $ 7.99 157,375 2.4 157,375 $ 8.00 - $ 8.99 98,000 1.1 96,750 $ 9.00 - $ 9.99 80,000 1.4 80,000 335,375 334,125 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 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 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 (majority ownership transferred to BioSpace management on January 31, 2018) (each formerly in the Global Industry Group segment) and getTalent services (discontinued in the third quarter of 2017), which were 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 (ceased operations on August 31, 2018) operations 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 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 and recast for the change in reportable segments): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 By Segment: Revenues: Tech-focused $ 37,986 $ 39,814 $ 114,271 $ 118,638 Healthcare — 6,462 — 19,741 Corporate & Other 931 6,148 9,312 18,635 Total revenues $ 38,917 $ 52,424 $ 123,583 $ 157,014 Depreciation: Tech-focused $ 2,481 $ 1,789 $ 6,832 $ 5,144 Healthcare — 406 — 1,451 Corporate & Other 59 381 323 1,108 Total depreciation $ 2,540 $ 2,576 $ 7,155 $ 7,703 Amortization: Tech-focused $ — $ 28 $ — $ 108 Healthcare — 162 — 487 Corporate & Other — 364 482 1,091 Total amortization $ — $ 554 $ 482 $ 1,686 Operating income (loss): Tech-focused $ 6,313 $ 9,485 $ 19,726 $ 30,700 Healthcare — (187 ) — (1,279 ) Corporate & Other (4,846 ) (6,760 ) (10,340 ) (18,586 ) Operating income 1,467 2,538 9,386 10,835 Interest expense (335 ) (1,173 ) (1,370 ) (2,777 ) Other expense (9 ) (3 ) (42 ) (10 ) Income before income taxes $ 1,123 $ 1,362 $ 7,974 $ 8,048 Capital expenditures: Tech-focused $ 2,363 $ 1,931 $ 6,539 $ 7,544 Healthcare — 366 — 996 Corporate & Other 41 248 221 1,813 Total capital expenditures $ 2,404 $ 2,545 $ 6,760 $ 10,353 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 By Geography: Revenues: United States $ 30,468 $ 38,869 $ 90,673 $ 117,026 United Kingdom 3,626 4,541 12,517 13,886 EMEA, APAC and Canada (1) 4,823 9,014 20,393 26,102 Non-United States 8,449 13,555 32,910 39,988 Total revenues $ 38,917 $ 52,424 $ 123,583 $ 157,014 (1) Europe (excluding United Kingdom), the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) September 30, December 31, Total assets: Tech-focused $ 239,261 $ 266,390 Corporate & Other 12,144 29,328 Total assets $ 251,405 $ 295,718 The following table shows the carrying amount of goodwill by segment as of December 31, 2017 and September 30, 2018 and the changes in goodwill for the nine month period ended September 30, 2018 (in thousands): Tech-focused Corporate & Other Total Goodwill at December 31, 2017 $ 157,477 $ 13,314 $ 170,791 Foreign currency translation adjustment (2,129 ) — (2,129 ) Sale of business — (13,314 ) (13,314 ) Goodwill at September 30, 2018 $ 155,348 $ — $ 155,348 The Company is currently performing its annual impairment testing analysis as of October 1, 2018. The fair value of the Tech-focused reporting unit was not substantially in excess of the carrying value as of the most recent annual impairment testing date of October 1, 2017. The percentage by which the estimated fair value exceeded the carrying value for the Tech-focused reporting unit was 1%. Revenue projections for the Tech-focused reporting unit have declined due to competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market, the Company’s ability to attribute value delivered to customers, and continued uncertainty around Brexit. Additionally, the Company ceased operations for Dice Europe on August 31, 2018. Tech-focused revenues excluding Dice Europe, declined 7% and 4% for the years ended December 31, 2017 and 2016, respectively. Revenue projections for the year ended December 31, 2018 include a 1% decline, demonstrating an anticipated modest improvement to the rate of decline experienced in the year ended December 31, 2017, and is expected to grow revenue for the year ended December 31, 2019. The Company’s ability to achieve these projections may be impacted by, among other things, the factors noted above that have contributed to the decline in recent periods. Operating expenses, excluding amortization expense, impairment charges and disposition related and other costs in the projections are expected to remain approximately consistent for the year ending December 31, 2018 as compared to the year ended December 31, 2017 and then increase at levels that allow for modest operating margin improvements. The Tech-focused reporting unit has gone through a period of revenue declines as a result of increasing competition for finance and technology professionals in the markets we serve, while our market for security cleared technology professionals through our ClearanceJobs brand continues to experience strong growth. Increased competition 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. During the second quarter of 2018, continuing the Company’s Tech-focused strategy of targeting and investing in areas of growth for the Tech-focused business, the Company announced its intention to terminate the Dice Europe offering. Dice Europe represented 4% and 3% of the Tech-focused revenues for the year ended December 31, 2017 and the nine months ended September 30, 2018, respectively. The impact of closing the Dice Europe offering did not have a material impact on the projected financial results of the Tech-focused business. Results for the Tech-focused reporting unit since October 1, 2017 and estimated future results as of September 30, 2018 are consistent or slightly improved compared to the projections used in the October 1, 2017 analysis. Additionally, the Tax Cuts and Jobs Act, as described in Note 15, reduced the U.S. statutory federal tax rate from 35% to 21%, thereby increasing the reporting unit's projected cash flows and the percentage by which the estimated fair value exceeded the carrying value of the reporting unit. 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 September 30, 2018. Therefore, no interim impairment testing was performed as of September 30, 2018. The amount of goodwill as of September 30, 2018 allocated to the Tech-focused reporting unit was $155.3 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 12.9% as of the October 1, 2017 testing date. 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. 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed based on the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted-average number of shares of common stock outstanding plus common stock equivalents assuming exercise of stock options, where dilutive. Stock-based awards of approximately 1.5 million and 2.1 million were outstanding during the three and nine month periods ended September 30, 2018, respectively, and approximately 3.0 million and 3.3 million shares were outstanding during the three and nine month periods ended September 30, 2017, respectively, but were excluded from the calculation of diluted EPS for the periods then ended because the effect of the awards is anti-dilutive. The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 930 $ 1,058 $ 4,228 $ 4,220 Weighted-average shares outstanding—basic 48,780 48,021 48,589 47,858 Add shares issuable from stock-based awards 1,610 481 1,118 539 Weighted-average shares outstanding—diluted 50,390 48,502 49,707 48,397 Basic earnings per share $ 0.02 $ 0.02 $ 0.09 $ 0.09 Diluted earnings per share $ 0.02 $ 0.02 $ 0.09 $ 0.09 |
SUBSEQUENT EVENT (Notes)
SUBSEQUENT EVENT (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT] |
INVESTMENTS (Notes)
INVESTMENTS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | INVESTMENTS During 2017, the Company purchased preferred stock representing an additional 2.3% interest in the fully diluted shares of a leading tech skills assessment company for $0.5 million , which brought the Company's total interest to 10.0%. As of September 30, 2018, it was not practicable to estimate the fair value of the preferred stock as the shares are not traded. The investment is carried at its original cost of $2.0 million, which is included in the other assets section of the Condensed Consolidated Balance Sheets. On January 31, 2018, the Company transferred a majority ownership of the BioSpace business to BioSpace management with zero proceeds received from the transfer. The Company retained a 20% preferred share interest in the BioSpace business. The fair value of the investment was estimated to be zero at the time of the transfer. As of September 30, 2018, it was not practicable to estimate the fair value of the preferred stock investment as the shares are not traded. The investment is recorded at cost, which is zero. Upon a liquidation, sale or change in control of BioSpace within five years of January 31, 2018, the Company has the right to the first $1.0 million of proceeds or the option to convert its 20% preferred stock interest to a 20% common stock interest. On January 31, 2023, the 20% preferred share interest will convert to a 20% common share interest. On August 31, 2018, the Company transferred a majority ownership of the Rigzone business to Rigzone management, while retaining a 40% common share interest, with zero proceeds received from the transfer. The Company has agreed to provide $0.4 million of funding to the Rigzone business, which is recorded in accounts payable and accrued expenses on the condensed consolidated balance sheets. The Company has no further funding requirements to the Rigzone business. The Company has evaluated the 40% common share interest in the Rigzone business and has determined the investment meets the definition and criteria of a variable interest entity ("VIE"). The Company evaluated the VIE and determined that the Company does not have a controlling financial interest in the VIE, as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The common share interest is being accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over Rigzone. The investment is recorded at cost, which was zero at September 30, 2018. Rigzone is a website dedicated to delivering online content, data, and career services in the oil and gas industry in North America, Europe, the Middle East, and Asia Pacific. Oil and gas companies, as well as companies that serve the energy industry, use Rigzone to find talent for roles such as petroleum engineers, sales professionals with energy industry expertise and skilled tradesmen. |
SALE OF BUSINESS (Notes)
SALE OF BUSINESS (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. SALE OF BUSINESSES The Company transferred a majority ownership of the Rigzone business to Rigzone management on August 31, 2018. The Company retained a 40% common share interest in Rigzone. The Company incurred approximately $0.4 million in selling costs and recognized a $0.4 million loss on sale in the third quarter of 2018. The Company sold the Hcareers business on May 22, 2018 for $16.5 million and incurred approximately $1.5 million in selling costs, with $1.7 million of the purchase price placed in escrow (recorded in prepaid and other current assets), to be released twelve months after the closing date, subject to the terms and conditions of the transaction agreement , including certain contingencies. Additionally, the Company recorded a receivable of $0.2 million (recorded in prepaid and other current assets) related to working capital to be released four months after the closing date, subject to the terms and conditions of the transaction agreement. As of September 30, 2018, working capital had not been finalized. Net cash proceeds of $ 14.0 million were received on the date of sale of Hcareers. As a result of the sale, a $0.8 million loss was recognized in the second quarter of 2018. The Company sold the RigLogix portion of the Rigzone business on February 20, 2018 for $4.2 million and incurred approximately $0.6 million in selling costs. $0.4 million of the purchase price was placed in escrow (recorded in prepaid and other current assets) and will be released twelve months after the closing date, subject to the terms and conditions of the transaction agreement. As a result of the sale, a $ 4.6 million gain was recognized in the first quarter of 2018. The gain on sale exceeded net proceeds as liabilities transferred in the transaction exceeded assets, primarily due to deferred revenues of $1.2 million. The Company transferred a majority ownership of the BioSpace business to BioSpace management on January 31, 2018. The Company retained a preferred share interest in BioSpace, Inc., representing a 20% diluted interest. The Company incurred approximately $0.3 million in selling costs and recognized a $ 0.1 million gain on sale in the first quarter of 2018. The Company sold the Health eCareers business on December 4, 2017 for $15 million , with $1.5 million of the purchase price placed in escrow (recorded in prepaid and other current assets), to be released eighteen months after the closing date, subject to the terms and conditions of the transaction agreement. |
INCOME TAXES (Notes)
INCOME TAXES (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES The Company’s effective tax rate was 17% and 47% for the three and nine months ended September 30, 2018, respectively, and 22% and 48% for the three and nine months ended September 30, 2017, respectively. The following items caused the effective tax rate to differ from the U.S. federal statutory rate: • Tax deficiency of $0.5 million and $2.2 million during the three and nine months ended September 30, 2018, respectively, related to the vesting or settlement of share-based compensation awards. • Tax benefit of $1.0 million and $0.7 million during the three and nine months ended September 30, 2018, respectively, related to the sale of businesses. • Tax expense of $0.4 million during the three and nine months ended September 30, 2018 related to the transition tax on the deemed repatriation of foreign earnings. • Tax deficiency of $0.1 million and $0.9 million during the three and nine months ended September 30, 2017, respectively, related to the vesting or settlement of share-based compensation awards. • Tax benefit of $0.2 million and $0.1 million during the three and nine months ended September 30, 2017, respectively, related to a change in the valuation allowance for U.S. foreign tax credits. H.R.1, commonly known as the Tax Cuts and Jobs Act (“TCJA”), was signed into law in December 2017 and made significant changes to the Internal Revenue Code. Changes included a reduction in the U.S. statutory federal tax rate from 35% to 21%; the transition of U.S. international taxation from a worldwide tax system to a territorial system; a one-time transition tax on the deemed repatriation of undistributed earnings from foreign subsidiaries; and a tax on global intangible low-taxed income earned by foreign subsidiaries. Subsequent to enactment of the TCJA in December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance regarding accounting for the TCJA’s impact. SAB 118 requires companies to recognize those tax items for which accounting can be completed. For items whose accounting has not been completed, companies must recognize provisional amounts to the extent they are reasonably estimable, with subsequent adjustments over a measurement period as more information is available and calculations are finalized. As of December 31, 2017, the Company applied the guidance of SAB 118 and recorded a provisional decrease of $3.3 million in its deferred tax liabilities to reflect the new U.S. statutory tax rate of 21%; and recorded a liability of $3.0 million less tax credits of $1.4 million for a $1.6 million provisional estimate of the one-time transition tax on the deemed repatriation of foreign earnings. In the three months ended March 31, 2018, the Company completed its analysis of the impact of the TCJA on its deferred tax liabilities without any additional adjustments to the liabilities. In the three months ended September 30, 2018, the Company made a provisional adjustment to its transition tax on deemed repatriation. On the basis of revised foreign earnings computations that were updated during the reporting period, as well as additional guidance issued by the U.S. tax authorities, the Company recognized a measurement-period adjustment which increased the transition tax liability to $2.0 million, resulting in tax expense of $0.4 million. The Company is continuing its analysis of the transition tax computation, including the review of any further guidance issued by the U.S. tax authorities and expects to finalize its accounting within the measurement period provided by SAB 118. Because of the transition tax on deemed repatriation, the Company was subject to tax in 2017 on the entire amount of its previously undistributed earnings from foreign subsidiaries. Beginning in 2018, the TCJA generally provides a 100% deduction for U.S. federal tax purposes of dividends received by the Company from its foreign subsidiaries. However, the Company is currently evaluating the potential foreign and U.S. state tax liabilities that would result from future repatriations, if any, and how the TCJA will affect the Company's existing accounting position with regard to the indefinite reinvestment of undistributed foreign earnings. The Company expects to complete this evaluation, implement proper internal controls and determine the impact which the legislation may have on its indefinite reinvestment assertion within the measurement period provided by SAB 118. The TCJA established new tax rules designed to tax U.S. companies on global intangible low-taxed income (GILTI) earned by foreign subsidiaries. Companies can make an accounting policy election either to recognize deferred taxes for temporary basis differences related to GILTI; or to recognize tax expense as a current period cost in the period when the tax related to GILTI is incurred. The Company has elected to treat any potential GILTI tax as a current period cost. The Company has recorded an estimate of GILTI, which increased tax expense for the nine months ended September 30, 2018 by $0.3 million. There was no impact to the three months ended September 30, 2018. The Company is continuing to evaluate the impact of GILTI and expects to complete this evaluation and determine the impact which the legislation may have within the measurement period provided by SAB 118. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue with reportable segments (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Tech-Focused Corporate & Other Total Tech-Focused Corporate & Other Total Dice $ 23,715 $ — $ 23,715 $ 70,486 $ — $ 70,486 ClearanceJobs 5,422 — 5,422 15,359 — 15,359 Dice Europe (2) 461 — 461 3,008 — 3,008 eFinancial Careers 8,388 — 8,388 25,418 — 25,418 Hcareers (1) — — — — 5,329 5,329 Rigzone (1) — 931 931 — 3,771 3,771 BioSpace (1) — — — — 212 212 Total $ 37,986 $ 931 $ 38,917 $ 114,271 $ 9,312 $ 123,583 (1) The Company 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. Hcareers was sold on May 22, 2018 and the Company transferred majority ownership of BioSpace to BioSpace management on January 31, 2018. (2) The Company ceased Dice Europe operations on August 31, 2018. |
Schedule of Contract Balances | The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands): As of September 30, 2018 As of January 1, 2018 Receivables $ 19,080 $ 38,769 Short-term contract liabilities (deferred revenue) 55,057 83,810 Long-term contract liabilities (deferred revenue) 1,368 — During the three and nine months ended September 30, 2018, the Company recognized the following revenues as a result of changes in the contract liability balances in the respective periods (in thousands): Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 28,933 $ 69,897 |
Schedule of Expected Timing of Satisfaction for Performance Obligations | Under the guidance of Topic 606, the following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands): Remainder of 2018 2019 2020 Total Tech-focused $ 27,991 $ 27,872 $ 562 $ 56,425 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In accordance with Topic 606, the impact of adoption to our condensed consolidated statements of operations was as follows: Three Months Ended September 30, 2018 (in thousands, except per share amounts) As Reported Balance Without Adoption of Topic 606 Effect of Change- Higher (Lower) Revenues $ 38,917 $ 38,917 $ — Operating expenses $ 37,085 $ 36,914 $ 171 Loss on sale of business $ (365 ) $ (63 ) $ 302 Operating income $ 1,467 $ 1,940 $ (473 ) Net income $ 930 $ 1,285 $ (355 ) Basic earnings per share $ 0.02 $ 0.03 $ (0.01 ) Diluted earnings per share $ 0.02 $ 0.03 $ (0.01 ) Nine Months Ended September 30, 2018 (in thousands, except per share amounts) As Reported Balance Without Adoption of Topic 606 Effect of Change- Higher (Lower) Revenues $ 123,583 $ 123,545 $ 38 Operating expenses $ 117,632 $ 119,058 $ (1,426 ) Gain on sale of businesses $ 3,435 $ 4,634 $ (1,199 ) Operating income $ 9,386 $ 9,121 $ 265 Net income $ 4,228 $ 4,029 $ 199 Basic earnings per share $ 0.09 $ 0.08 $ 0.01 Diluted earnings per share $ 0.09 $ 0.08 $ 0.01 In accordance with Topic 606, the impact of adoption to our condensed consolidated balance sheets was as follows: As of September 30, 2018 (in thousands) As Reported Balance Without Adoption of Topic 606 Effect of Change-Higher (Lower) ASSETS Capitalized contract costs $ 6,313 $ — $ 6,313 Total assets $ 251,405 $ 245,092 $ 6,313 LIABILITIES AND STOCKHOLDERS' EQUITY Deferred revenue $ 55,057 $ 55,095 $ (38 ) Deferred income taxes $ 9,667 $ 8,001 $ 1,666 Total liabilities $ 107,469 $ 105,841 $ 1,628 Stockholders equity Accumulated earnings $ 68,490 $ 63,805 $ 4,685 Total stockholders' equity $ 143,936 $ 139,251 $ 4,685 Total liabilities & stockholders' equity $ 251,405 $ 245,092 $ 6,313 In accordance with Topic 606, the impact of adoption to our condensed consolidated statements of cash flows was as follows: Nine Months Ended September 30, 2018 As Reported Balance Without Adoption of Topic 606 Effect of Change-Higher (Lower) Cash flows from operating activities: Net income $ 4,228 $ 4,029 $ 199 Adjustments to reconcile net income to net cash flows from operating activities: Deferred income taxes $ 1,830 $ 1,603 $ 227 Gain on sale of businesses, net $ (3,435 ) $ (4,634 ) $ 1,199 Capitalized contract costs $ (1,587 ) $ — $ (1,587 ) Deferred revenue $ (18,622 ) $ (18,584 ) $ (38 ) Net cash flows from operating activities $ 8,690 $ 8,690 $ — |
ACQUIRED INTANGIBLE ASSETS, N_2
ACQUIRED INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Below is a summary of the major acquired intangible assets (in thousands) as of December 31, 2017: Total Cost Accumulated Amortization Foreign Currency Translation Adjustment Acquired Intangible Assets, Net Technology $ 4,561 $ (3,930 ) $ (631 ) $ — Trademarks and brand names—Dice 39,000 — — 39,000 Trademarks and brand names—Other 11,103 (7,260 ) (2,185 ) 1,658 Customer lists 12,887 (5,696 ) (2,112 ) 5,079 Candidate and content database 8,857 (8,354 ) (503 ) — Acquired intangible assets, net $ 76,408 $ (25,240 ) $ (5,431 ) $ 45,737 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt | The amounts borrowed as of September 30, 2018 and December 31, 2017 are as follows (dollars in thousands): September 30, December 31, Amounts borrowed: Revolving credit facility $ 17,000 $ 42,000 Less: deferred financing costs, net of accumulated amortization of $1,674 and $1,529 (404 ) (550 ) Total borrowed $ 16,596 $ 41,450 Available to be borrowed under revolving facility, subject to certain limitations $ 133,000 $ 108,000 Interest rates: LIBOR rate loans: Interest margin 1.75 % 2.25 % Actual interest rates 3.88 % 3.88 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The Company leases equipment and office space under operating leases expiring at various dates through December 2026. Future minimum lease payments under non-cancellable operating leases as of September 30, 2018 are as follows (in thousands): October 1, 2018 through December 31, 2018 $ 1,013 2019 3,646 2020 3,078 2021 2,512 2022 2,231 2023 and thereafter 6,543 Total minimum payments $ 19,023 |
EQUITY TRANSACTIONS (Tables)
EQUITY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |
Class of Treasury Stock [Table Text Block] | Stock Repurchase Plans —In May 2018, the Board of Directors authorized a stock repurchase program that permits the purchase of up to $7 million of the Company's common stock through May 2019. Under the plan, management has discretion in determining the conditions under which shares may be purchased from time to time. |
Schedule of Repurchase Agreements [Table Text Block] | During the quarter ended September 30, 2018 purchases of the Company's common stock pursuant to the Stock Repurchase Plan was as follows: Total Number of Shares Purchased Average Price Paid per Share Approximate Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 347,280 $2.08 $714,642 $6,183,521 During the nine month period ended September 30, 2018 , purchases of the Company's common stock pursuant to the Stock Repurchase Plan was as follows: Total Number of Shares Purchased Average Price Paid per Share Approximate Dollar Value of Shares Purchased Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 402,297 $1.79 $808,433 $6,183,521 There were 10,500 unsettled share repurchases as of September 30, 2018 . |
DISPOSITION RELATED AND OTHER_2
DISPOSITION RELATED AND OTHER COSTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table displays a roll forward of the disposition related and other costs and related liability balances (in thousands): Three Months Ended September 30, 2018 Accrual at June 30, 2018 Expense Cash Payments Accrual at September 30, 2018 Severance and retention $ 1,522 $ 932 $ (711 ) $ 1,743 Professional fees and other costs 451 508 (557 ) 402 Lease exit costs 259 645 (308 ) 596 Total disposition related and other costs $ 2,232 $ 2,085 $ (1,576 ) $ 2,741 Nine Months Ended September 30, 2018 Accrual at December 31, 2017 Expense Cash Payments Non-cash Impairment Accrual at September 30, 2018 Severance and retention $ 1,237 $ 2,702 $ (2,196 ) $ — $ 1,743 Professional fees and other costs 825 1,440 (1,863 ) — 402 Lease exit and related asset impairment — 1,072 (308 ) (168 ) 596 Total disposition related and other costs $ 2,062 $ 5,214 $ (4,367 ) $ (168 ) $ 2,741 Three Months Ended September 30, 2017 Accrual at June 30, 2017 Expense Cash Payments Accrual at September 30, 2017 Severance and retention $ 853 $ 676 $ (844 ) $ 685 Professional fees and other costs 70 373 (179 ) 264 Total disposition related and other costs $ 923 $ 1,049 $ (1,023 ) $ 949 Nine Months Ended September 30, 2017 Accrual at December 31, 2016 Expense Cash Payments Accrual at September 30, 2017 Severance and retention $ — $ 1,793 $ (1,108 ) $ 685 Professional fees and other costs — 443 (179 ) 264 Total disposition related and other costs $ — $ 2,236 $ (1,287 ) $ 949 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Remaining Contractual Life | A summary of the status of options previously granted as of September 30, 2018 and 2017 , and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 807,562 $ 8.67 $ — Forfeited (472,187 ) $ 8.90 $ — Options outstanding at end of period 335,375 $ 8.35 $ — Exercisable at end of period 334,125 $ 8.35 $ — Three Months Ended September 30, 2017 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 1,273,088 $ 9.29 $ — Forfeited (136,875 ) $ 9.42 $ — Options outstanding at end of period 1,136,213 $ 9.28 $ — Nine Months Ended September 30, 2018 Options Weighted-Average Exercise Price Aggregate Intrinsic Value Options outstanding at beginning of the period 1,101,875 $ 9.28 $ — Forfeited (766,500 ) $ 9.68 $ — Options outstanding at end of period 335,375 $ 8.35 $ — Exercisable at end of period 334,125 $ 8.35 $ — Nine Months Ended September 30, 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 (577,212 ) $ 7.14 $ — Options outstanding at end of period 1,136,213 $ 9.28 $ — Exercisable at end of period 1,086,743 $ 9.36 $ — |
Schedule of Exercise Price Range | he following table summarizes information about options outstanding as of September 30, 2018 : Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable (in years) $ 7.00 - $ 7.99 157,375 2.4 157,375 $ 8.00 - $ 8.99 98,000 1.1 96,750 $ 9.00 - $ 9.99 80,000 1.4 80,000 335,375 334,125 |
Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | A summary of the status of PSUs as of September 30, 2018 and 2017 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 505,000 $ 6.24 890,838 $ 6.92 Forfeited — $ — (84,167 ) $ 6.86 Non-vested at end of period 505,000 $ 6.24 806,671 $ 6.93 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 760,003 $ 6.92 580,004 $ 8.02 Granted — $ — 397,500 $ 5.38 Forfeited (255,003 ) $ 8.27 (170,833 ) $ 7.04 Non-vested at end of period 505,000 $ 6.24 806,671 $ 6.93 |
Schedule of Valuation Assumptions | The fair value of PSUs granted during the nine months ended September 30, 2017 is measured using the Monte Carlo pricing model using the following assumptions: Weighted average fair value of PSUs granted $5.38 Dividend yield of DHI Group, Inc. stock —% Dividend yield of Russell 2000 Index 1.4% Risk free interest rate 1.5% Volatility of DHI Group, Inc. stock 41.0% Volatility of Russell 2000 Index 16.7% |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | A summary of the status of restricted stock awards as of September 30, 2018 and 2017 and the changes during the periods then ended is presented below: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 4,896,447 $ 2.48 2,417,300 $ 6.38 Granted 7,440 $ 2.05 38,000 $ 2.80 Forfeited (180,000 ) $ 3.63 (183,375 ) $ 6.71 Vested (118,690 ) $ 2.92 (35,125 ) $ 8.93 Non-vested at end of period 4,605,197 $ 2.41 2,236,800 $ 6.25 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Shares Weighted- Average Fair Value at Grant Date Shares Weighted- Average Fair Value at Grant Date Non-vested at beginning of the period 2,393,257 $ 5.48 2,226,375 $ 7.87 Granted 3,770,440 $ 1.68 1,262,500 $ 4.72 Forfeited (350,375 ) $ 4.25 (438,000 ) $ 6.87 Vested (1,208,125 ) $ 5.73 (814,075 ) $ 7.98 Non-vested at end of period 4,605,197 $ 2.41 2,236,800 $ 6.25 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table shows the segment information (in thousands and recast for the change in reportable segments): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 By Segment: Revenues: Tech-focused $ 37,986 $ 39,814 $ 114,271 $ 118,638 Healthcare — 6,462 — 19,741 Corporate & Other 931 6,148 9,312 18,635 Total revenues $ 38,917 $ 52,424 $ 123,583 $ 157,014 Depreciation: Tech-focused $ 2,481 $ 1,789 $ 6,832 $ 5,144 Healthcare — 406 — 1,451 Corporate & Other 59 381 323 1,108 Total depreciation $ 2,540 $ 2,576 $ 7,155 $ 7,703 Amortization: Tech-focused $ — $ 28 $ — $ 108 Healthcare — 162 — 487 Corporate & Other — 364 482 1,091 Total amortization $ — $ 554 $ 482 $ 1,686 Operating income (loss): Tech-focused $ 6,313 $ 9,485 $ 19,726 $ 30,700 Healthcare — (187 ) — (1,279 ) Corporate & Other (4,846 ) (6,760 ) (10,340 ) (18,586 ) Operating income 1,467 2,538 9,386 10,835 Interest expense (335 ) (1,173 ) (1,370 ) (2,777 ) Other expense (9 ) (3 ) (42 ) (10 ) Income before income taxes $ 1,123 $ 1,362 $ 7,974 $ 8,048 Capital expenditures: Tech-focused $ 2,363 $ 1,931 $ 6,539 $ 7,544 Healthcare — 366 — 996 Corporate & Other 41 248 221 1,813 Total capital expenditures $ 2,404 $ 2,545 $ 6,760 $ 10,353 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 By Geography: Revenues: United States $ 30,468 $ 38,869 $ 90,673 $ 117,026 United Kingdom 3,626 4,541 12,517 13,886 EMEA, APAC and Canada (1) 4,823 9,014 20,393 26,102 Non-United States 8,449 13,555 32,910 39,988 Total revenues $ 38,917 $ 52,424 $ 123,583 $ 157,014 (1) Europe (excluding United Kingdom), the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) September 30, December 31, Total assets: Tech-focused $ 239,261 $ 266,390 Corporate & Other 12,144 29,328 Total assets $ 251,405 $ 295,718 |
Schedule of Goodwill [Table Text Block] | The following table shows the carrying amount of goodwill by segment as of December 31, 2017 and September 30, 2018 and the changes in goodwill for the nine month period ended September 30, 2018 (in thousands): Tech-focused Corporate & Other Total Goodwill at December 31, 2017 $ 157,477 $ 13,314 $ 170,791 Foreign currency translation adjustment (2,129 ) — (2,129 ) Sale of business — (13,314 ) (13,314 ) Goodwill at September 30, 2018 $ 155,348 $ — $ 155,348 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 930 $ 1,058 $ 4,228 $ 4,220 Weighted-average shares outstanding—basic 48,780 48,021 48,589 47,858 Add shares issuable from stock-based awards 1,610 481 1,118 539 Weighted-average shares outstanding—diluted 50,390 48,502 49,707 48,397 Basic earnings per share $ 0.02 $ 0.02 $ 0.09 $ 0.09 Diluted earnings per share $ 0.02 $ 0.02 $ 0.09 $ 0.09 |
SIGNIFCANT ACCOUNTING POLICIE_2
SIGNIFCANT ACCOUNTING POLICIES (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Accounting Policies [Abstract] | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | $ 0.2 |
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Modification of Contract | 6.1 |
Cumulative Effect on Retained Earnings, Net of Tax | $ 4.5 |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to opening retained earnings | $ 68,490 | $ 68,490 | $ 59,776 | |
Receivables related to businesses divested | 4,400 | |||
Short-term contract liabilities related to businesses divested | 8,400 | |||
Capitalized contract acquisition costs | $ 6,100 | |||
Amortization period for contract acquisition costs | 2 years | |||
Amortization expense of contract acquisition costs | 2,700 | 7,500 | ||
Contract acquisition costs | 300 | 1,200 | ||
Effect of Change - Higher (Lower) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to opening retained earnings | $ 4,685 | $ 4,685 | ||
Effect of Change - Higher (Lower) [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to opening retained earnings | $ 4,500 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 38,917 | $ 123,583 |
Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 37,986 | 114,271 |
Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 931 | 9,312 |
Dice [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 23,715 | 70,486 |
Dice [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 23,715 | 70,486 |
Dice [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
ClearanceJobs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 5,422 | 15,359 |
ClearanceJobs [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 5,422 | 15,359 |
ClearanceJobs [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
Dice Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 461 | 3,008 |
Dice Europe [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 461 | 3,008 |
Dice Europe [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
eFinancial Careers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 8,388 | 25,418 |
eFinancial Careers [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 8,388 | 25,418 |
eFinancial Careers [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
Hcareers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 5,329 |
Hcareers [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
Hcareers [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 5,329 |
Rigzone [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 931 | 3,771 |
Rigzone [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
Rigzone [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 931 | 3,771 |
BioSpace [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 212 |
BioSpace [Member] | Tech-Focused [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 0 | 0 |
BioSpace [Member] | Corporate & Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 0 | $ 212 |
REVENUE RECOGNITION Revenue R_2
REVENUE RECOGNITION Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2018 |
Revenue from Contract with Customer [Abstract] | |||
Receivables | $ 38,769 | $ 19,080 | |
Short-term contract liabilities (deferred revenue) | 83,810 | $ 55,057 | 55,057 |
Long-term contract liabilities (deferred revenue) | $ 0 | 1,368 | 1,368 |
Amounts included in the contract liability at the beginning of the period | $ 28,933 | $ 69,897 |
REVENUE RECOGNITION Revenue R_3
REVENUE RECOGNITION Revenue Recognition - Performance Obligations (Details) - Tech [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 27,991 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 27,872 |
Tech-focused revenue, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Tech-focused revenue, remaining performance obligation | $ 56,425 |
Tech-focused revenue, expected timing of satisfaction | 1 year |
Revenue Recognition Impact on C
Revenue Recognition Impact on Condensed Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 38,917 | $ 52,424 | $ 123,583 | $ 157,014 |
Operating expenses | 37,085 | 49,886 | 117,632 | 146,179 |
Loss on sale of business | (365) | 0 | 3,435 | 0 |
Operating income | 1,467 | 2,538 | 9,386 | 10,835 |
Net income | $ 930 | $ 1,058 | $ 4,228 | $ 4,220 |
Basic earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
Effect of Change - Higher (Lower) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 38 | ||
Operating expenses | 171 | (1,426) | ||
Loss on sale of business | 302 | (1,199) | ||
Operating income | (473) | 265 | ||
Net income | $ (355) | $ 199 | ||
Basic earnings (loss) per share (in dollars per share) | $ (0.01) | $ 0.01 | ||
Diluted earnings (loss) per share (in dollars per share) | $ (0.01) | $ 0.01 | ||
Accounting Standards Update 2014-09 [Member] | Balance Without Adoption of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 38,917 | $ 123,545 | ||
Operating expenses | 36,914 | 119,058 | ||
Loss on sale of business | (63) | 4,634 | ||
Operating income | 1,940 | 9,121 | ||
Net income | $ 1,285 | $ 4,029 | ||
Basic earnings (loss) per share (in dollars per share) | $ 0.03 | $ 0.08 | ||
Diluted earnings (loss) per share (in dollars per share) | $ 0.03 | $ 0.08 |
Revenue Recognition Impact on_2
Revenue Recognition Impact on Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disaggregation of Revenue [Line Items] | |||
Capitalized contract costs | $ 6,313 | $ 0 | |
Total assets | 251,405 | 295,718 | |
Deferred revenue | 55,057 | 83,646 | |
Deferred income taxes | 9,667 | 8,245 | |
Total liabilities | 107,469 | 163,077 | |
Stockholders equity | |||
Accumulated earnings | 68,490 | 59,776 | |
Total stockholders' equity | 143,936 | 132,641 | |
Total liabilities & stockholders' equity | 251,405 | $ 295,718 | |
Balance Without Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized contract costs | 0 | ||
Total assets | 245,092 | ||
Deferred revenue | 55,095 | ||
Deferred income taxes | 8,001 | ||
Total liabilities | 105,841 | ||
Stockholders equity | |||
Accumulated earnings | 63,805 | ||
Total stockholders' equity | 139,251 | ||
Total liabilities & stockholders' equity | 245,092 | ||
Effect of Change - Higher (Lower) [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized contract costs | 6,313 | ||
Total assets | 6,313 | ||
Deferred revenue | (38) | ||
Deferred income taxes | 1,666 | ||
Total liabilities | 1,628 | ||
Stockholders equity | |||
Accumulated earnings | 4,685 | ||
Total stockholders' equity | 4,685 | ||
Total liabilities & stockholders' equity | $ 6,313 | ||
Effect of Change - Higher (Lower) [Member] | Accounting Standards Update 2014-09 [Member] | |||
Stockholders equity | |||
Accumulated earnings | $ 4,500 |
Revenue Recognition Impact on_3
Revenue Recognition Impact on Condensed Statement of Cash Flows (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net income | $ 930,000 | $ 1,058,000 | $ 4,228,000 | $ 4,220,000 |
Deferred income taxes | 1,830,000 | (23,000) | ||
Gain on sale of businesses, net | (3,435,000) | 0 | ||
Capitalized contract costs | (1,587,000) | 0 | ||
Deferred revenue | (18,622,000) | (3,774,000) | ||
Net cash flows from operating activities | 8,690,000 | $ 27,179,000 | ||
Effect of Change - Higher (Lower) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net income | (355,000) | 199,000 | ||
Deferred income taxes | 227,000 | |||
Gain on sale of businesses, net | 1,199,000 | |||
Capitalized contract costs | (1,587,000) | |||
Deferred revenue | (38,000) | |||
Net cash flows from operating activities | 0 | |||
Accounting Standards Update 2014-09 [Member] | Balance Without Adoption of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net income | $ 1,285,000 | 4,029,000 | ||
Deferred income taxes | 1,603,000 | |||
Gain on sale of businesses, net | (4,634,000) | |||
Capitalized contract costs | 0 | |||
Deferred revenue | (18,584,000) | |||
Net cash flows from operating activities | $ 8,690,000 |
ACQUIRED INTANGIBLE ASSETS, N_3
ACQUIRED INTANGIBLE ASSETS, NET (Summary of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 76,408 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 25,240 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 5,431 | ||||
Impairment of intangible assets | $ 0 | $ (2,226) | $ 0 | $ (2,226) | |
Acquired intangible assets, net | $ 39,000 | $ 39,000 | 45,737 | ||
Technology Equipment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 4,561 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 3,930 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 631 | ||||
Acquired intangible assets, net | 0 | ||||
Trademarks, Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 11,103 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 7,260 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 2,185 | ||||
Acquired intangible assets, net | 1,658 | ||||
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 12,887 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,696 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 2,112 | ||||
Acquired intangible assets, net | 5,079 | ||||
Candidate Database [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 8,857 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,354 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 503 | ||||
Acquired intangible assets, net | 0 | ||||
Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 39,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | ||||
Finite-Lived Intangible Assets, Translation Adjustments | 0 | ||||
Acquired intangible assets, net | $ 39,000 |
INDEBTEDNESS (Details)
INDEBTEDNESS (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital, Pro forma basis | 2 | ||
restricted payments under the Credit Agreement | $ 5,000 | ||
Maximum available to be borrowed under revolving facility | 250,000 | $ 150,000 | |
Total borrowed | $ 16,596 | $ 41,450 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.75% | 2.25% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.75% | ||
Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 0.75% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 2.50% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest margin | 1.50% |
INDEBTEDNESS (Schedule of Credi
INDEBTEDNESS (Schedule of Credit Agreement) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 17,000 | $ 42,000 |
Less: deferred financing costs, net of accumulated amortization of $1,674 and $1,529 | (404) | (550) |
Total borrowed | 16,596 | 41,450 |
Line of Credit Facility, Remaining Borrowing Capacity | 133,000 | 108,000 |
Accumulated Amortization, Deferred Finance Costs | $ 1,674 | $ 1,529 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Interest margin | 1.75% | 2.25% |
Actual interest rates | 3.88% | 3.88% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
October 1, 2018 through December 31, 2018 | $ 1,013 | $ 1,013 | |||
2,019 | 3,646 | 3,646 | |||
2,020 | 3,078 | 3,078 | |||
2,021 | 2,512 | 2,512 | |||
2,022 | 2,231 | 2,231 | |||
2023 and thereafter | 6,543 | 6,543 | |||
Total minimum payments | 19,023 | 19,023 | |||
Operating Leases, Rent Expense, Net [Abstract] | |||||
Rent expense | $ 700 | $ 1,200 | $ 3,000 | $ 3,600 | |
Loss Contingency Accrual, Period Increase (Decrease) | $ 1,000 |
EQUITY TRANSACTIONS (Details)
EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | May 31, 2018 | Dec. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares, Outstanding | 10,500 | 10,500 | ||
Treasury Stock, Value | $ 277,537 | $ 277,537 | $ 7,000 | $ 276,173 |
Treasury Stock, Shares, Acquired | 347,000 | 402,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 2.08 | $ 1.79 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 715 | $ 808 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6,184 | $ 6,184 |
DISPOSITION RELATED AND OTHER_3
DISPOSITION RELATED AND OTHER COSTS Schedule of Restructuring Costs- Disposition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Environmental Exit Costs, Name of Property [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 259 | $ 0 | ||||||
Disposition 2017 [Member] | Corporate and Other [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 2,741 | $ 949 | $ 2,741 | $ 949 | 2,232 | 2,062 | $ 923 | $ 0 |
Restructuring and Related Cost, Incurred Cost | 2,085 | 5,214 | ||||||
Payments for Restructuring | (1,576) | 1,049 | (4,367) | 2,236 | ||||
Non Deductible Impairment Charge | (1,023) | (168) | (1,287) | |||||
Disposition 2017 [Member] | Corporate and Other [Member] | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 1,743 | 685 | 1,743 | 685 | 1,522 | 1,237 | 853 | 0 |
Restructuring and Related Cost, Incurred Cost | 676 | 2,702 | 1,793 | |||||
Payments for Restructuring | (711) | (844) | (2,196) | (1,108) | ||||
Non Deductible Impairment Charge | 0 | |||||||
Disposition 2017 [Member] | Corporate and Other [Member] | Professional Fees [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 402 | 264 | 402 | 264 | $ 451 | $ 825 | $ 70 | $ 0 |
Restructuring and Related Cost, Incurred Cost | 373 | 1,440 | 443 | |||||
Payments for Restructuring | (557) | $ (179) | (1,863) | $ (179) | ||||
Non Deductible Impairment Charge | 0 | |||||||
Disposition 2017 [Member] | Corporate and Other [Member] | Environmental Exit Costs, Name of Property [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 596 | 596 | ||||||
Restructuring and Related Cost, Incurred Cost | 1,072 | |||||||
Non Deductible Impairment Charge | $ (168) |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 1,300 | $ 1,700 | $ 5,400 | $ 6,300 |
Unrecognized compensation expense | $ 8,882 | $ 8,882 | ||
Weighted-average period | 1 year 6 months |
STOCK BASED COMPENSATION (Statu
STOCK BASED COMPENSATION (Status of Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period (in shares) | 4,896,447 | 2,417,300 | 2,393,257 | 2,226,375 |
Granted (in shares) | 7,440 | 38,000 | 3,770,440 | 1,262,500 |
Forfeited (in shares) | (180,000) | (183,375) | (350,375) | (438,000) |
Vested (in shares) | (118,690) | (35,125) | (1,208,125) | (814,075) |
Non-vested at end of period (in shares) | 4,605,197 | 2,236,800 | 4,605,197 | 2,236,800 |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Non-vested at beginning of the period (in usd per share) | $ 2.48 | $ 6.38 | $ 5.48 | $ 7.87 |
Granted (in usd per share) | 2.05 | 2.80 | 1.68 | 4.72 |
Forfeited (in usd per share) | 3.63 | 6.71 | 4.25 | 6.87 |
Vested (in usd per share) | 2.92 | 8.93 | 5.73 | 7.98 |
Non-vested at end of period (in usd per share) | $ 2.41 | $ 6.25 | $ 2.41 | $ 6.25 |
STOCK BASED COMPENSATION (Fair
STOCK BASED COMPENSATION (Fair Value Assumptions) (Details) - Performance Stock Units [Member] | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value of PSUs granted (in usd per share) | $ 5.38 |
Dividend yield of DHI Group, Inc. stock | 0.00% |
Dividend yield of Russell 2000 Index | 1.40% |
Risk free interest rate | 2.00% |
DHI Group, Inc. Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average expected volatility | 41.00% |
Russell 2000 Index [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average expected volatility | 16.70% |
STOCK BASED COMPENSATION Status
STOCK BASED COMPENSATION Status of PSUs (Details) - Performance Stock Units [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period (in shares) | 505,000 | 890,838 | 760,003 | 580,004 |
Forfeited (in shares) | 0 | (84,167) | (255,003) | (170,833) |
Granted (in shares) | 0 | 397,500 | ||
Non-vested at end of period (in shares) | 505,000 | 806,671 | 505,000 | 806,671 |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Non-vested at beginning of the period (in usd per share) | $ 6.24 | $ 6.92 | $ 6.92 | $ 8.02 |
Forfeited (in usd per share) | 0 | 6.86 | 8.27 | 7.04 |
Granted (in usd per share) | 0 | 5.38 | ||
Non-vested at end of period (in usd per share) | $ 6.24 | $ 6.93 | $ 6.24 | $ 6.93 |
STOCK BASED COMPENSATION (Summa
STOCK BASED COMPENSATION (Summary of Status of Options) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period (in shares) | 807,562 | 1,273,088 | 1,101,875 | 1,779,613 |
Exercised (in shares) | 66,188 | |||
Forfeited (in shares) | (472,187) | (136,875) | (766,500) | (577,212) |
Options outstanding at end of period (in shares) | 335,375 | 1,136,213 | 335,375 | 1,136,213 |
Exercisable at end of period (in shares) | 334,125 | 1,086,743 | 334,125 | 1,086,743 |
Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period (in usd per share) | $ 8.67 | $ 9.29 | $ 9.28 | $ 8.46 |
Exercised (in usd per share) | 6.08 | |||
Forfeited (in usd per share) | 8.90 | 9.42 | 9.68 | 7.14 |
Options outstanding at end of period (in usd per share) | 8.35 | 9.28 | 8.35 | 9.28 |
Exercisable at end of period (in usd per share) | $ 8.35 | $ 9.36 | $ 8.35 | $ 9.36 |
Aggregate Instrinsic Value [Abstract] | ||||
Options outstanding at beginning of the period | $ 0 | $ 0 | $ 0 | $ 50,869 |
Options outstanding at end of period | 0 | 0 | 0 | 0 |
Exercisable at end of period | $ 0 | $ 12,821 | $ 0 | $ 12,821 |
STOCK BASED COMPENSATION (Sum_2
STOCK BASED COMPENSATION (Summary of Options Outstanding) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding (in shares) | 335 |
Number of options exercisable (in shares) | 334 |
$ 7.00 - $ 7.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, lower limit | $ / shares | $ 7 |
Exercise price, upper limit | $ / shares | $ 7.99 |
Number of options outstanding (in shares) | 157 |
Weighted- Average Remaining Contractual Life | 2 years 4 months |
Number of options exercisable (in shares) | 157 |
$ 8.00 - $ 8.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, lower limit | $ / shares | $ 8 |
Exercise price, upper limit | $ / shares | $ 8.99 |
Number of options outstanding (in shares) | 98 |
Weighted- Average Remaining Contractual Life | 1 year 7 days |
Number of options exercisable (in shares) | 97 |
$ 9.00 - $ 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price, lower limit | $ / shares | $ 9 |
Exercise price, upper limit | $ / shares | $ 9.99 |
Number of options outstanding (in shares) | 80 |
Weighted- Average Remaining Contractual Life | 1 year 4 months |
Number of options exercisable (in shares) | 80 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 38,917 | $ 52,424 | $ 123,583 | $ 157,014 | |
Depreciation | 2,540 | 2,576 | 7,155 | 7,703 | |
Amortization of intangible assets | 0 | 554 | 482 | 1,686 | |
Operating income | 1,467 | 2,538 | 9,386 | 10,835 | |
Interest expense | (335) | (1,173) | (1,370) | (2,777) | |
Other expense | (9) | (3) | (42) | (10) | |
Income before income taxes | 1,123 | 1,362 | 7,974 | 8,048 | |
Capital expenditures | 2,404 | 2,545 | 6,760 | 10,353 | |
Total assets | 251,405 | 251,405 | $ 295,718 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 30,468 | 38,869 | 90,673 | 117,026 | |
UNITED KINGDOM | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,626 | 4,541 | 12,517 | 13,886 | |
EMEA, APAC and Canada [Domain] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,823 | 9,014 | 20,393 | 26,102 | |
Non-US [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,449 | 13,555 | 32,910 | 39,988 | |
Tech [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 37,986 | 39,814 | 114,271 | 118,638 | |
Depreciation | 2,481 | 1,789 | 6,832 | 5,144 | |
Amortization of intangible assets | 0 | 28 | 0 | 108 | |
Operating income | 6,313 | 9,485 | 19,726 | 30,700 | |
Capital expenditures | 2,363 | 1,931 | 6,539 | 7,544 | |
Total assets | 239,261 | 239,261 | 266,390 | ||
Healthcare Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 6,462 | 0 | 19,741 | |
Depreciation | 0 | 406 | 0 | 1,451 | |
Amortization of intangible assets | 0 | 162 | 0 | 487 | |
Operating income | 0 | (187) | 0 | (1,279) | |
Capital expenditures | 0 | 366 | 0 | 996 | |
Corporate & Other Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 931 | 6,148 | 9,312 | 18,635 | |
Depreciation | 59 | 381 | 323 | 1,108 | |
Amortization of intangible assets | 0 | 364 | 482 | 1,091 | |
Operating income | (4,846) | (6,760) | (10,340) | (18,586) | |
Capital expenditures | 41 | $ 248 | 221 | $ 1,813 | |
Total assets | $ 12,144 | $ 12,144 | $ 29,328 |
SEGMENT INFORMATION (Carrying A
SEGMENT INFORMATION (Carrying Amount of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 170,791 |
Foreign currency translation adjustment | 2,129 |
Goodwill, ending balance | 155,348 |
Impairment of goodwill | (13,314) |
Tech [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 157,477 |
Foreign currency translation adjustment | 2,129 |
Goodwill, ending balance | 155,348 |
Impairment of goodwill | 0 |
Corporate & Other Segment [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 13,314 |
Foreign currency translation adjustment | 0 |
Goodwill, ending balance | 0 |
Impairment of goodwill | $ (13,314) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number of Shares, excluded from computation | 1,500 | 3,000 | 2,100 | 3,300 |
Income from continuing operations- basic and diluted | $ 930 | $ 1,058 | $ 4,228 | $ 4,220 |
Weighted average shares outstanding-basic | 48,780 | 48,021 | 48,589 | 47,858 |
Weighted Average Number of Shares, Contingently Issuable | 1,610 | 481 | 1,118 | 539 |
Weighted average diluted shares outstanding | 50,390 | 48,502 | 49,707 | 48,397 |
Basic earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.09 | $ 0.09 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Investment Income, Investment Expense | $ 0.5 | |
BioSpace [Member] | ||
Segment Reporting Information [Line Items] | ||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal | 20.00% |
SALE OF BUSINESS (Details)
SALE OF BUSINESS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||||||
Loss on sale of business | $ (365) | $ 0 | $ 3,435 | $ 0 | |||
Hospitality [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 16,500 | ||||||
Divestiture of business selling costs | 1,500 | ||||||
Escrow Deposits Related to Property Sales | 1,700 | ||||||
Proceeds from Divesture of Business, Receivable, Working Capital | 200 | ||||||
Net Cash Provided by (Used in) Discontinued Operations | $ 14,000 | ||||||
Rigzone [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 4,200 | ||||||
Divestiture of business selling costs | 400 | 600 | |||||
Escrow Deposits Related to Property Sales | 400 | ||||||
Loss on sale of business | $ 400 | ||||||
Proceeds from Divesture of Business, Receivable, Working Capital | 4,554 | ||||||
BioSpace [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Divestiture of business selling costs | 300 | ||||||
Proceeds from Divesture of Business, Receivable, Working Capital | $ 85 | ||||||
Health eCareers [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 15,000 | ||||||
Escrow Deposits Related to Property Sales | $ 1,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Millions | Sep. 30, 2018USD ($) |
INCOME TAXES [Abstract] | |
Deferred Tax Liabilities, Net | $ 3.3 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 3 |