Welcome to the fourth quarter 2008 Dice Holdings, Inc. earnings conference call. (Operator Instructions) I will now turn the presentation over to your host for today's conference, Miss Jennifer Bewley, Director of Investor Relations.

Good morning everyone. With me on the call today is Scot Melland, Chairman, President and Chief Executive Officer of Dice Holdings along with Michael Durney, Senior Vice President of Finance and Chief Financial Officer. Please note this morning we issued a press release describing the company's results for the fourth quarter of 2008. A copy of that release can be viewed on the company's web site at Diceholdingsinc.com. We routinely post all material information to our web site and encourage all investors to visit the site for more information on the company. Before we begin, I'd like to note that today's call includes certain forward-looking statements, particularly statements regarding future financial and operating results of the company and its businesses. These statements are based on management's current expectations or belief and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors. The principal risks that could cause our results to differ materially from our current expectations are detailed in the company's SEC filings including our annual report on Form 10-K in the section entitled risk factors, forward-looking statements, management discussion and analysis of financial condition and results of operation. The company is under no obligation to update any forward-looking statement except as required by Federal Securities Law. Today's call also includes certain non-GAAP financial measures including adjusted EBITDA, adjusted EBITDA margin and free cash flow. For details on these measures including why we use them and reconciliations to the most comparable GAAP measures, please refer to our earnings release and our Form 8-K that has been furnished to the SEC both of which are available on our web site. Now I'll turn the call over to Scot.

First let me welcome all of you to the Dice Holdings fourth quarter and full year 2008 conference call. I'll start today by briefly discussing our fourth quarter including our perspective on the current market conditions and how they're impacting our businesses. Then I'll hand it over to Mike Durney, our CFO to take you through our financial performance in greater detail, and our guidance where we will take a different approach this year from what we've done in the past. After Mike, I'll make a few closing remarks and then we'll open up the call for questions. So let's begin with the fourth quarter. On our last call I described how market conditions had gone from uncertain to challenging to difficult during the past year. While in the fourth quarter those conditions deteriorated even further as recruitment activity dropped dramatically in November, December and now January. Obviously this impacted our results. Worldwide revenues decreased 10% in the quarter driven mainly by a decline in our U.S. based businesses and a drop in the U.K. portion of new financial careers. Demand for our services declined both here in the U.S. and abroad as companies pulled back on recruiting activity given their concerns about their own businesses and the economy in general. We moved quickly to reduce expenses during the quarter which allowed our adjusted EBITDA margins to remain high at 47%, roughly flat to last year's fourth quarter. In general, I think the fourth quarter can be characterized by four major themes; a rapid decline in the U.S. and European economies, a sharp decrease in recruiting activity, collapsing confidence amongst businesses and the spread of the global financial crisis to Asia and other fast growing markets. Unfortunately, none of these trends bode well for 2009 results. However, this is a…

Thanks to everyone for joining us today. I'll spend a few minutes covering Dice's overall financial performance for the fourth quarter and provide some details by business segment discuss some customer metrics, the balance sheet and cash flows and give some initial thoughts on 2009. Regarding '09, while we'd like to succumb to the tendency of giving guidance given the significant uncertainty, we will provide some insight into '09 based on what we see today. When I get to it a little bit later, I'll point out that this is more a point in time estimate than traditional guidance range. In the quarter total revenues decreased $4 million to $35.5 million. The decline was a function of the rapidly declining recruitment advertising market which impacted each of our businesses expect for ClearanceJobs which posted revenue growth of 37%, and the strengthening of the U.S. dollar against the Pound Sterling which had a $2.3 million negative impact versus last year for more than half of the decline. Excluding the $7.2 million charge from good will of E-financial Careers U.S. business, which I'll review more about in a moment, and 2007 jobs the money write off year over year operating expenses declined 9% or $2.2 million of which approximately $1.3 million resulted from the benefit of currency translation. The remainder was managed reductions in job seeker marketing, lower sales expense due to the decline in both the market at large and the fall off in our renewal rate, lower amortization expense and a 10% reduction in our global work force made in November. I want to note that the severance and related costs incurred in eliminating the roughly 30 positions is included in the appropriate individual expense lines consistent with how we've handled it in the past when we've unfortunately had to…

Let me conclude our formal presentation today with a few thoughts. At the beginning of 2008, we said that we were entering an uncertain year, and it certainly turned out to be one. I think we were all surprised by the severity of the downturn that we experienced. But if you look at the full year, despite the deteriorating market conditions, our revenue grew 9%. We delivered EBITDA margins of 44%. We also grew the size of our professional communities and our global footprint, and we successfully launched new career sites for our major services. All in all, not a bad performance in such a tough environment. 2009 will be a difficult year, no doubt about that. But the long term prospects for our business model and our company are strong and we intend to capitalize on them. So with that, I would like to thank all of our employees for their focus and dedication. Thank you all for listening and let's open up the call for some questions.

(Operator Instructions) Your first call comes from Imran Khan – J.P. Morgan. Imran Khan – J.P. Morgan: You talked about expanding the job in other verticals for E-financial Careers. I was trying to get a better sense. Are you planning to hire new sales reps on that area or are you limiting your sales force, and if so what kind of time necessary? Second thing, you're really cutting a lot of costs and I'm trying to understand, if you could talk a little more where you're cutting the cost. It seems like the sales and marketing costs have come down $15 million plus. Which area in sales and marketing are you cutting costs? If you could give some more color on the sales cost cuts that would be very helpful.

I guess first on the E-financial Careers side, I should probably clarify a little bit. We're really not expanding it into additional verticals. We're expanding really the job types that we are going to promote and focus on on the site. So we're adding other financial positions that historically have not been a big focus like senior level positions in corporate America, positions in the public sector, positions in insurance, retail, brokerage and other types of things. I wouldn't characterize it as a move into another vertical. It's really an expansion of job types that these people really do qualify for and these people are really very interested in. In terms of the sales side of it, we are expanding the number of sales people within our current sales group that will be able to sell that service. Historically we've sold that service because it was primarily capital markets focused, sold it through a specialized team of people with a lot of experience in the capital markets industry. We're now expanding the number of sales people within our sales organization that will be able to sell that product. I think that's pretty good news there. On the cost cutting side, we are cutting costs, no doubt about that and most of that cost cutting is being felt in the sales and marketing area, and most of that is in the job seeker side of the fence. But as I mentioned in my comments, and Mike mentioned in his, I think we feel pretty comfortable that the performance of the service is very strong right now, and so we definitely have the flexibility to do that. Imran Khan – J.P. Morgan: In terms of total head count, it seems like it will increase. Is that a fair assumption?

The head count actually decreased at the end of last year because we did have a staff reduction in November, about 10% of our world wide head count, and we are not planning on expanding the head count this year. We're not being draconian about this. We are, if we see opportunities that require people, we will do that, but it's just not our plan right now to expand the head count.

Your next question comes from John Janedis – Wachovia. John Janedis – Wachovia: When the economy turns, do you think you'll lead or lag the recovery given the focus on tech and financials?

I think a lot of it has to do with what happens in those particular verticals and industry segments, but in general, just from the conversations that we've had with our customers, I think there's a feeling that if the market does look better, if there is positive news, if the economy turns up, I think there will be some latent demand. Or, there will some demand that will spring back pretty quickly.

History has shown at least for us that from a financial performance standpoint, we tend to lag a little bit. When the environment changes companies may opt to use outside providers who are already customers of ours so there is a short lag effect in terms of us realizing the benefit of a financial performance standpoint. John Janedis – Wachovia: On a related note, are you seeing any evidence of employees moving to lower cost ways of reaching seekers given weaker budgets, maybe kind of like you saw in '01?

What we do see is companies more apt to use their own web sites. That's what I refer to as save the fee for a period of time. There is a little bit of a move towards using search engines, but we haven't seen us lose significant amounts of business because people are using their own sites. We tend to view that as additive. But in short terms, they will do that. John Janedis – Wachovia: To what extent do customers ask to renegotiate or lengthen terms of contracts?

On the Dice side, I would say it happens incredibly rarely.

Your next question comes from Timothy McHugh – William Blair & Co. Timothy McHugh – William Blair & Co.: I wanted to ask about the EFC, kind of focusing a little more on some of the other areas of finance. What does this mean for Jobs in the Money both in the U.S. and abroad and how are you thinking about in terms of risk of broadening the focus of that business and maybe taking away a little bit of the focus of that vertical?

As we expand the focus on the job types on E-financial Careers, some of the positions that are currently on Jobs in the Money and some of the customers that we currently have using Jobs in the Money, they're for senior level financial positions, will be natural candidates to have those jobs on the new EFC financial career site. So there will be some of those jobs that will be appropriate for the scope of this service and we will probably move those jobs over through our sales conversations with those customers over the next year if appropriate. So if you look at what's going to happen to Jobs in the Money, Jobs in the Money will continue with probably a slightly smaller scope and then we'll look at how that business is performing through the year and make a decision about what we really want to do with that business by the end of the year. But I think the important point here is that we have this opportunity with the EFC to really broaden the jobs covered and better serve that community that is out there looking for opportunities today, and better serve the job types and the customers that are looking for that talent pool. So there's a nice marriage between desire for talent and talent availability there. As far as risk, we're really not concerned about the risk because we've actually had recruiting going on in these job categories in a small way, really for awhile now, and we've had satisfied experiences on both sides; both the job seeker side and the customer side. So it has worked well so far. Timothy McHugh – William Blair & Co.: Can you walk through, I missed some of your comments of EFC trends in January and the renewal rates as well as the size of those, what you've been seeing early this year.

I think when the January/February period is the biggest renewal time for recruitment agencies not direct employees, but recruitment agencies, I think E-financial Careers in the U.K. What we've seen so far through January is, we've renewed about three-quarters of the customers that had contracts up for renewal, and the retention rate on revenue is about 55%. So that includes some customers that didn't renew, the roughly one-quarter. So we're saying about 55% of the contracted revenue that we had from last year. The other point I made is that you go back to January of '08 and look at contracted revenue for those customers. Some of them had reduced their level of service already because those contracts are cancellable or reducible on notice. Timothy McHugh – William Blair & Co.: It's still based on your experience thus far, you would expect the revenue from those staffing customers to be down 45% if the other 25% you have haven't renewed yet. Is that fair?

Yes. From that customer base yes, although not year over year because last year already reflects some of the reductions that they had made during 2008. Timothy McHugh – William Blair & Co.: The marketing expenses, you obviously have been doing a good job on cutting back on that and you talked about the reasons why you feel like you can do that. Where are we relative to the discretionary cut backs that you can make though as you look at your guidance for 2009, are we at a level where you've kind of cut back the amount that you're comfortable doing so and all that's left in the budget is what you would deem necessary for the long term growth of the business, or if we saw further weakness would there be room for additional cuts?

Probably the best way to answer that question is to give you an idea of who we really look at that and measure that. We really do look at that Job Seeker marketing spend and it's something that we monitor and measure on almost a real time basis. So let's say the demand on the site increases then we have to look at are we performing very well for our customers or not. If the demand on the site decreases, there's probably additional opportunity there. So we think we've got the marketing spend where we want it today, but that part of the marketing is really a manageable part, and we see it as balancing the market place overall. Timothy McHugh – William Blair & Co.: You mentioned the January/February as a key renewal period for the staffing customers, and obviously I think year end in general is for the corporate customers. Other than the deferred revenue balance which we can obviously see, can you talk about what type of visibility you feel like, how far forward do you feel truly comfortable? You gave the comments about the macro environment adding some uncertainty, but what do you feel comfortable with at this point?

In terms of what we said about our financial performance will be or just the business in general? Timothy McHugh – William Blair & Co.: I was referring to the financial performance. Are you comfortable looking out three to six months at this point even in this macro environment given the renewals you've seen, or is it less than that given how difficult the macro environment is?

The way I phrased it in the comments I made before about our projection for '09 and the fact that we have at the beginning of January we had $45 million roughly booked of the $110 that we think we're going to do this year. So the visibility is certainly shorter than it's ever been. I know that may be a statement of the obvious, but in terms of how we're managing the business, because the bulk of our customers on the Dice side and on the Financial careers side, but more so on the Dice side, are annual customers. We do have a fair amount of visibility out every passing day in terms of what we either book new or renewed for annual, but the level of new business is certainly lower, so there is less visibility there. And the projected renewal rates have greater uncertainty than they've ever had.

Your next question comes from James Janesky – Stifel Nicolaus. James Janesky – Stifel Nicolaus: Is the renewal rate for staffing agencies in your Dice segment, is that skewed towards the January/February time frame in the U.S. as well or is that just a comment on the E-financial Careers in the U.K.?

It was purely a comment on E-financial Careers in the U.K. The U.K. also, just to be clear, it's the U.K. market, but some of those customers have world wide arrangements, just to be absolutely clear. The renewal time frames on staffing and consulting companies in the U.S. for Dice are not concentrated in that period. James Janesky – Stifel Nicolaus: So they're spread out over, fairly even over the year?

There's pockets of concentration. We have some in December because people are on calendar year. I think just to be further clear, we highlight E-financial Careers because it's got far fewer customers, so there isn't any concentration of those types of customers that you had in January and February. Of the 7,400 customers there is some distribution. There are more in December. The bigger ones tend to be spread out. James Janesky – Stifel Nicolaus: Part of the uncertainty in the gap of about 50% what's deferred and what your total revenue outlook is for 2009 has to do with what the staffing agencies are going to, their pattern of spending over the balance of the year, is that correct?

No, because I think if you look at staffing, consulting and recruiting companies which we put into one bucket versus companies hiring through direct employers, if you look at the mix, direct employers are a greater than 50% share of the count, slightly less than 50% of the revenue. I wouldn't say our view on filling the gap of revenue for the rest of the year is dependent on staffing companies because we have some in November, we have some in September, and those will have relatively small impact on revenue when they're up for renewal later in the year. James Janesky – Stifel Nicolaus: To what extent, recruitment, staffing, consulting agencies tend to be the temporary positions tend to be earlier cycle than permanent positions. To what extent can that help your recovery moving from a lagging to more of a leading or coincident type of recovery in your revenues?

I think if you look at what happened through 2008 as the market weakened throughout the year and with the staffing, recruiting, consulting firms actually did a little bit better. We had better renewal performance with those guys. They kept their levels up higher and seemed to be weathering the storm a lot better than other types of customers. I think now we're hearing from those customers, if you look at their public releases that they're now seeing conditions impact their financial performance, and I think we're feeling that as well now. In a recovery scenario, what typically happens is we do see temporary contractor business increase followed then by full time hiring. In a typical recovery scenario, I would expect that temporary contractor business to go up and to go up first. James Janesky – Stifel Nicolaus: Should we use 38% for an effective tax rate for 2009 and 2010?

I would use 35%.

Your next question comes from Collis Boyce – Morgan Stanley. Collis Boyce – Morgan Stanley: Following up on the sales and marketing, trying to ask a different way, if you are forecasting $10 million for the next quarter and $40 million over the course of the year, how much of that could be variable versus fixed? I'm just wondering if things do get materially worse, how low could that potentially go understanding that if the economy rebounds, it might go up, I'm just wondering how much more wiggle room for the downside could there be?

Those expenses typically are not, we really don't consider them as variable because they don't move directly as an impact of customer count or as an impact of revenue moving up or down. Those are really controlled by us so we usually refer to them as discretionary and I guess to get at the meat of your question, we do have a lot of discretion. We could, and I think we mentioned this in the past, we could theoretically cut our marketing almost to zero on the job seeker side and the short term impact to our business would be very, very small. But you wouldn't want to do that because there are people out there today that you want to reach and there are pockets of hot demand in certain skills that you need to serve customers. So we need to continue to spend in those areas. If we did find ourselves in a real difficult situation, we do have a lot of flexibility to take that cost down. Collis Boyce – Morgan Stanley: On the customer side, can you give us any sense of the number of customers? Obviously it was down Q over Q. Is there any way to give us any color on the number of customers that might have gone out of business, merged or declared bankruptcy?

It's not very many. There are some small recruiters and small consulting firms or value added sellers on Dice side that have gone out of business or can't be found. It is pretty small. Merged, in our business there's some of that. Not a lot necessarily and I'd point out that while this is not a big impact there are some acquisitions and mergers that don't necessarily result in the customer going away because they had separate agreements and they keep them for some reason. So it's relatively small. Collis Boyce – Morgan Stanley: Do you feel that you have a core base of customers that will continue to renew? I was just trying to get an understanding of how big that could be. So out of the 7,600 customers or number of package customers at the end of the quarter, is that something that's 80% of that, 50%? Any details you could give would be great.

That's a great question. That's one we ask ourselves all the time. We define it and we struggle to define it and we don't have an answer to give you.

Your next question comes from Craig Huber – Barclays Capital. Craig Huber – Barclays Capital: With head count you mentioned a 10% reduction in head count in the month of November, where did you end the year in terms of full time corporate employees?

283 Craig Huber – Barclays Capital: Did you have any other additional head count reductions after the November and also what about in the first quarter, have you reduced any employee counts?

The answer to the after November, the answer is no. Today we have within one or two or three people, we have roughly the same number.

There's a natural flow of performance issues and other things, but there was no organized reduction in force. Craig Huber – Barclays Capital: Do you have any plans in the coming months or are you just going to see how things go?

We have no plans on employee base. Craig Huber – Barclays Capital: Could you just break down the dollars, you talked about roughly $40 million for the year in sales versus the marketing. How does that break down in the marketing piece? What percent roughly are you figuring the share would come from, job seekers versus your customers?

Historically the break down of sales versus marketing has been one-third, two-thirds; one-third to sales, two-thirds to marketing. We expect that to change slightly but not a tremendous amount. In terms of the two-thirds that is marketing, historically it has been three quarters or so to job seeker and a quarter to lead generation or to customers, and I mentioned earlier the distribution of those will change. So job seeker might be 60% to two-thirds going forward, down from the 75% and the lead generation customer acquisition would be a third to 40%. Craig Huber – Barclays Capital: What about the sales part of this $40 million or so? How do you see that playing out for the year? You mentioned that you mentioned there was a lot of discretion in this overall thing, but just the sales piece in particular, what are you budgeting for that part?

It's not tremendously different from the one-third/two-thirds I mentioned earlier. Sales will be down because billings are down. Craig Huber – Barclays Capital As you try to manage your costs as best you can in this environment, what economic assumptions are you basing your guidance on? Are you expecting it all in the second half, your recovery back end loading in 2010? What are your thoughts that you based your assumptions on?

We're not making any assumption of a recovery in 2009. We're essentially taking the conditions that we have today and really expecting them not to get better throughout the year.

Your next question comes from Youssef Squali – Jefferies & Co. Youssef Squali – Jefferies & Co.: In setting your guidance for Q1 and '09 can you help us try to gauge which you baked in there in terms of pressure on customer losses versus pricing? If I use your Q1 guidance and the comment you made earlier about having lost a couple hundred customers on the BCS side so far, to get to your numbers even if I continue that at a slower pace in February and March I need to probably bake in a dramatic decline in average revenue per customer. Is that what you're kind of saying, is that there is probably more pressure on the pricing side than there is on the customer side?

No, I would say we're not prepared to give any more guidance on specifics or on how we built it. We've probably given too much already. In terms of what I said earlier, we expect that average revenue per customer will decline slightly throughout the year, so you can infer from that we assume the customer count will decline at a relatively significant pace. So if you take 55% renewal rate on annual contracts, you factor in fewer short term contracts given the environment, and if you were to extend out to 55% renewal rate and factor in an assumption for new annual contracts which we don't think will be very great, I think you'll come to a lower customer account number. Youssef Squali – Jefferies & Co.: What has historically been the mix of short term contracts?

Historically annual contracts at any given time have been in the low 80's percent. It used to be slightly less. The 80% at December 31 it was 88% and that's in part driven by the fact that year end, we have fewer short term contracts because there's less activity that drives short term contracts around the holiday period. The majority of the remainder are one month contracts which tend to cycle through. We do generate some level of one month contracts as kind of a paid trial, so those at times will convert into annual contracts because it's somebody paying for a month's service before they're willing to commit to a year's worth of service, but I would say the mix will continue to be similar going forward. Youssef Squali – Jefferies & Co.: Do you plan on any more debt pre-payments in '09?

I would say it is more likely than not that we would have further debt repayments. We assess constantly in terms of the mix of cash and debt and the negative carry costs given the interest rate environment. So I think it's quite likely we will, but it's something we assess all the time. Youssef Squali – Jefferies & Co.: Is it then fair to assume that the priority is really on lightening up on the debt side as opposed to doing any kind of buy back?

We certainly are not entertaining any near term stock buy backs principally because our credit facility doesn't allow it. That's one of the reasons. It's a pretty good reason. The opportunity to get the ability to do that with our current lenders is limited without paying some different rate on the current outstanding balance. So I think that is not an option for the near term. Youssef Squali – Jefferies & Co.: That's the $75 million credit facility or are you talking about covenants on the debt?

It is one facility which has two pieces. So it's one agreement; the term loan and the revolver are one agreement.

Your next question comes from John Blackbridge – Credit Suisse. John Blackbridge – Credit Suisse: On the contract renewals that are coming up in '09, just to clarify, are you holding the line on pricing or are you dropping pricing a bit given the renewal rates are expected to be down. And then if you could just provide the renewal rates 1Q '08 through 3Q '08. And then on the debt repayments, is it because there's no acquisition opportunities and you are going to utilize expected free cash flow plus your existing cash?

On the renewal pricing, we are maintaining our regular renewal pricing and discounts we're paying up front. If a customer is a long term customer and they may be at pricing that may be a little more advantageous than the current rates, we'll more likely than not grant them in if they're a long term customer. But essentially, we're staying with our given pricing strategy. On the renewal rates, the renewal rates on annual contracts for Dice in Q1 '08 was about 71.5%, 67.5% in Q2 and 65% in Q3, 55% in Q4. Q2 tends to be the lowest number of contracts up for renewal and Q4 tends to be the highest, just to give you some flavor. In terms of cash utilization, we continue to look for acquisition opportunities. We spend a lot of time on it. There are things that we see that we like. There's things that we see that we end up not liking. The one think that has been consistent though is that the things that we look at tend to be relatively small and so having a $75 million untapped revolver together with the cash we have means we can balance debt repayments and continue to look at acquisitions. There is nothing on the horizon though. John Blackbridge – Credit Suisse: The renewal rate was 55% in the fourth quarter of '08 versus 65%. Does that number kind of hold for the first couple of quarters? You said you're expecting renewal rates to kind of dip and then level off. So are you expecting them to dip the first three quarters and then level off in the fourth quarter, because it was down somewhat significantly in the fourth quarter of '08?

We expect it to be slightly lower at the beginning of '09 on the margin and then begin to flatten because at some point there's a couple of things that happen. You do reach the core customer base even though we're not ready to quantify what the core customer base is, you do reach the core customer base that will use the service and will renew. The other factor that comes into play is if you look at annual contracts up for renewal in Q3 and Q4, Q3 and Q4 of '07, while there was the beginnings of some rumblings in the markets we operate in that Dice operates in, the environment was still pretty good so you had annual contracts either being renewed in second half of '07 or new customers being booked. Those are the ones that are up for renewal in Q3 '08 and Q4 '08, so you're renewing off contracts that were booked in a better environment. As you get later into '09, you're potentially renewing customers that booked in a not so great environment which does have an impact on what the renewal rate will be. If you're likely to have contracted with us in Q3 '08, probably slightly more likely to renew in Q3 '098 given that the environment was not very good in Q3 '08.

Your next question comes from [Douglas Campbell – Spare Capital] [Douglas Campbell – Spare Capital]: I would think there might be some unusually attractive opportunities for acquisitions in the current and ongoing environment and you mentioned you were looking. Is there anything in your debt covenants that would preclude you from picking up an acquisition that you would otherwise think is economically attractive?

In the current environment, as Mike mentioned, we are looking at acquisition opportunity. We don't have anything imminent there. We've seen things that we like but maybe don't like from an evaluation perspective. We've seen things that didn't turn out to be as good as we thought they were when we first looked at them. Is there anything in our debt covenants that would prevent us from doing something that we would like to do? There are limitations or baskets that limit the size of what we can do in our covenants but we don't see those as really impacting the kinds of things that we're looking at. As Mike mentioned earlier, most of what we're looking at are smaller types of acquisitions that would fit within the covenants that are part of that agreement. [Douglas Campbell – Spare Capital]: In terms of your efforts to find employment for people in the more traditional financial community outside of that community where financial skills are needed, my working assumption would be that would account for a rather modest absorption of those people. Is that correct, or do you see significant opportunity to shift people outside of the traditional areas that you're focused on?

I think there are a number of jobs in those categories that we mentioned that we're broadening into. I think though that we're still in the process of really mapping out how large that opportunity is. We see opportunity there. I think it's one that we definitely should go after as a company because it's a good opportunity for the company, and it's a great way to serve that community. But we still don't have our arms around it as to how large that opportunity could be for us.

There are no further questions at this time. I'd like to turn the call back over to Jennifer Bewley for closing remarks.

Thank you for your time this morning and interest in Dice Holdings. Management will be available to answer any follow up questions you may have. Please call Investor Relations at 212-448-4181 to be placed in the queue. Have a good day.