Dice Holdings Inc. (DHX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Dice Holdings Inc. has a market cap of $519.3 million; its shares were traded at around $8.32 with a P/E ratio of 41.6 and P/S ratio of 4.7. DHX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
We experienced an increase in the eFinancialCareers segment revenues of $201,000, or 3%. The increase is the result of the strengthening of the pound sterling versus the U.S. dollar in comparing the three month period ended March 31, 2010 with the three month period ended March 31, 2009, partially offset by reduced recruitment activity in the markets we serve in Europe and the Middle East. The increase in revenue due to the favorable effect of foreign exchange rates was $471,000, with an offsetting decline in revenue related to reduced recruitment activity of $270,000. Similar to in the U.S., we have begun to see an improvement in recruitment activity in United Kingdom and Asia. Revenue from our United Kingdom market measured in pound sterling increased 5% during the three months ended March 31, 2010 compared to the prior year period.
Advertising and other marketing costs for the U.S. businesses totaled $3.9 million for the three month period ended March 31, 2010 compared to $4.0 million for the same period in 2009. We continue to focus our marketing spending on online media, particularly paid search and banner advertising programs. In marketing to customers, we continue to dedicate the majority of our spend to direct mail and email campaigns focused on communicating the value proposition of our services to current and potential customers. During the three month period ended March 31, 2010, approximately 65% of our advertising and marketing spending for the U.S. businesses was focused on reaching professionals who visit our sites and increasing their levels of activity on the websites. The portion of our marketing spend that focused on attracting professionals to our sites was approximately 60% during 2009 and has historically been approximately 75%. With recruitment activity and job postings lower and job seeker activity high during 2009, we were able to reduce the amount of spending on job seeker marketing and still provide results that match our customers needs. We expect to increase our spending on job seekers through the remainder of 2010.
The salaries, commissions, and benefits component of sales and marketing expense for the U.S. businesses totaled $3.2 million for the three months ended March 31, 2010, compared to $2.8 million during the same period in 2009, an increase of $395,000, or 14%. Increased commission expense due to the increase in sales during the current period contributed $333,000 of this increase with the remainder coming from an increase in sales and marketing personnel salaries and other incentive compensation expense.
The eFinancialCareers segment experienced an increase in sales and marketing expense of $333,000 during the three month period ended March 31, 2010 compared to the same period in 2009. Of this increase, $247,000 was from sales costs, which is driven by increased commissions on higher sales. The strengthening of the pound sterling versus the U.S. dollar caused an increase in sales and marketing expense of $154,000. Partially offsetting these increases was a reduction in marketing expense of $69,000.
General and administrative expenses for the three months ended March 31, 2010 were $4.3 million compared to $5.0 million for the same period in 2009, a decrease of $710,000, or 14%. A decrease of $649,000 was related to a reduction in stock-based compensation expense due to certain options becoming fully vested during 2009, and thus fully expensed in 2009. The remainder of the decrease is related to a decrease in several miscellaneous administrative expenses in both the U.S. and at eFinancialCareers.
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Dice Holdings Inc. has a market cap of $519.3 million; its shares were traded at around $8.32 with a P/E ratio of 41.6 and P/S ratio of 4.7. DHX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
We believe the key metrics that are material to an analysis of our U.S. businesses are our total number of recruitment package customers and the revenue, on average, that these customers generate. Similar metrics are important to our international businesses. At March 31, 2010, Dice.com had approximately 6,400 total recruitment package customers and as of the same date our other websites collectively served approximately 2,300 customers, including some customers who are also customers of Dice.com. Deferred revenue is another key metric of our business as it indicates a level of sales already made that will be recognized as revenue in the future. Deferred revenue reflects the impact of our ability to sign customers to long-term contracts. We recorded deferred revenue of $38.4 million and $33.9 million at March 31, 2010 and December 31, 2009, respectively.We experienced an increase in the eFinancialCareers segment revenues of $201,000, or 3%. The increase is the result of the strengthening of the pound sterling versus the U.S. dollar in comparing the three month period ended March 31, 2010 with the three month period ended March 31, 2009, partially offset by reduced recruitment activity in the markets we serve in Europe and the Middle East. The increase in revenue due to the favorable effect of foreign exchange rates was $471,000, with an offsetting decline in revenue related to reduced recruitment activity of $270,000. Similar to in the U.S., we have begun to see an improvement in recruitment activity in United Kingdom and Asia. Revenue from our United Kingdom market measured in pound sterling increased 5% during the three months ended March 31, 2010 compared to the prior year period.
Advertising and other marketing costs for the U.S. businesses totaled $3.9 million for the three month period ended March 31, 2010 compared to $4.0 million for the same period in 2009. We continue to focus our marketing spending on online media, particularly paid search and banner advertising programs. In marketing to customers, we continue to dedicate the majority of our spend to direct mail and email campaigns focused on communicating the value proposition of our services to current and potential customers. During the three month period ended March 31, 2010, approximately 65% of our advertising and marketing spending for the U.S. businesses was focused on reaching professionals who visit our sites and increasing their levels of activity on the websites. The portion of our marketing spend that focused on attracting professionals to our sites was approximately 60% during 2009 and has historically been approximately 75%. With recruitment activity and job postings lower and job seeker activity high during 2009, we were able to reduce the amount of spending on job seeker marketing and still provide results that match our customers needs. We expect to increase our spending on job seekers through the remainder of 2010.
The salaries, commissions, and benefits component of sales and marketing expense for the U.S. businesses totaled $3.2 million for the three months ended March 31, 2010, compared to $2.8 million during the same period in 2009, an increase of $395,000, or 14%. Increased commission expense due to the increase in sales during the current period contributed $333,000 of this increase with the remainder coming from an increase in sales and marketing personnel salaries and other incentive compensation expense.
The eFinancialCareers segment experienced an increase in sales and marketing expense of $333,000 during the three month period ended March 31, 2010 compared to the same period in 2009. Of this increase, $247,000 was from sales costs, which is driven by increased commissions on higher sales. The strengthening of the pound sterling versus the U.S. dollar caused an increase in sales and marketing expense of $154,000. Partially offsetting these increases was a reduction in marketing expense of $69,000.
General and administrative expenses for the three months ended March 31, 2010 were $4.3 million compared to $5.0 million for the same period in 2009, a decrease of $710,000, or 14%. A decrease of $649,000 was related to a reduction in stock-based compensation expense due to certain options becoming fully vested during 2009, and thus fully expensed in 2009. The remainder of the decrease is related to a decrease in several miscellaneous administrative expenses in both the U.S. and at eFinancialCareers.
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