Good morning, and welcome to the Dice Holdings Fourth Quarter 2014 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jennifer Milan, Director of Investor Relations. Please go ahead.

Thanks, and good morning everyone. I'm thrilled to be joining you all today as the company's new Director of Investor Relations. With me on the call today is Mike Durney, president and Chief Executive Officer of Dice Holdings; along with John Roberts, our Chief Financial Officer. This morning, we issued a press release describing the company's results for the fourth quarter and full year of 2014. A copy of that release can be viewed on the company's website at diceholdingsinc.com. Before I hand the call over to John, 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 beliefs 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 sections entitled Risk Factors, Forward-looking Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. The company is under no obligation to update any forward-looking statements, except as required by the federal securities laws. 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 website. Now I'll turn the call over to John.

Thank you, Jen. I'm excited to have you on the team. We're looking forward to your expertise as it relates to your experience in both an investor relations and communications firms and as a research analyst. It's great to have you here. Now let me welcome you all to the Dice Holdings Fourth Quarter Earnings Results Conference Call. First, I will give you details on our Q4 financial performance. Then I will turn the call over to Mike, who will cover the progress we are making on our strategic plan and provide a view of the company's key goals and initiatives for 2015, all of which are designed to further enhance our ability to capture organic growth longer term. And finally, we will open it up to questions. Overall, we are pleased with the continued progress we made on our operations during the fourth quarter, which builds on the work we have completed throughout the year. Recruitment activity in the fourth quarter was fairly consistent across our brands, with the exception of Energy where we have started to see significantly more uncertainty in the market. For the fourth quarter, I want to highlight a few areas important to our results: first, improved year-over-year organic billings growth, including in all 3 brands in our Tech & Clearance segment; second, higher year-over-year revenue per recruitment package customer at Dice.com, reflecting the positive impact of Open Web and increased service levels; and third, improved year-over-year results at Slashdot Media for a fourth quarter in a row. Fourth quarter revenues increased 16% year-over-year to $67.8 million. The majority of the growth, $7.5 million, came from businesses that we acquired since November of last year. The year-over-year increase also reflects growth in all 3 brands in the Tech & Clearance segment and Slashdot Media. Our…

Great. Thanks, John. Usually, I conclude my remarks by thanking all of our employees for their hard work and dedication, but this time, I want to start off by acknowledging each of them for their effort and accomplishments over the past year. As a company, we've undergone a tremendous amount of change through 2014. When I look at our company today relative to a year ago, we have a lot of new people in place, not only in senior positions but throughout the whole organization. Of our 830 or so people worldwide, roughly 1/3 of them joined the company over the past year. The result of that today is that we are a more innovative, more progressive and more responsive organization by far for our customers and the professionals who use our services and for our employees and shareholders. And it shows in the operating and the financial performance of the company. We started 2014 with a number of goals designed to better position the company for capturing more organic growth. And although we still have a lot of work ahead of us, I'm very pleased with all that we've accomplished so far. A year ago, we talked with you about 2 principal initiatives for 2014 that we believe were critical to strengthening our company's performance for clients and professionals and ultimately in our ability to compete in what is a rapidly evolving marketplace. The first was improving Dice.com in the areas of product development, marketing and sales. And the second was investing in technology and support for additional products built within our WorkDigital team, who developed the service that is the foundation of what became Open Web. In addition to these 2 specific areas of focus for us in 2014, we outlined 3 key strategic priorities. One is to…

[Operator Instructions] And the first question comes from Craig Huber with Huber Research Partners.

My first question, I guess, on the cost front. Can you give us a sense of where -- the percentage change you're expecting for your sales and marketing line for 2015?

Craig, it's John. So I wouldn't expect the percentage of the core to change dramatically. It will go up a little bit as we continue to make some additional investments in especially the Dice.com sales and marketing business, that part of the business that we've talked about. I think, as the -- certainly, as the Energy revenue goes down and we don't make dramatic changes there on the cost front that we've talked about, naturally, that percentage is going to move up a little bit in the short term.

Okay. And then can somebody just speak a little bit about the pricing environment out there for your competitors? Is it pretty stable still? Or how is it tracking out there?

I think it continues to be relatively stable. There's a wide variety of products and services and a wide variety of pricing. I think, overall, from the generalists, so Monster, CareerBuilder, LinkedIn, pricing is generally stable. LinkedIn's raised their pricing. They're also now starting to restrict what you can get for free, which we had expected would come over time. But generally speaking, over the last 12, 18 months, the overall pricing environment's been stable to relatively positive.

Okay. And then Michael, on along those same lines, is there any major differences in the various tech centers across the U.S. in terms of how tight the labor market is for technology hirings? Or is it all -- it's all pretty stable? Or who's been able to standout one way or the other?

Yes, I think the -- overall, I would say it hasn't changed very much. The -- as we like to describe it, the closer you are to the customer, the tighter it is. And the farther away you are from the customer, it's less so. Certainly, the development centers of Silicon Valley and New York and, maybe to a lesser extent, Boston and Austin and Seattle are quite strong. When you get more back end, it's less strong. And that's been the case for a while, but it's all relative because, generally speaking, it's strong across the board.

And then just 2 quick housekeeping ones, please. At the end of the quarter, maybe you had -- you said this, what was the number of Open Web subscribers? I think it was like 600 at the end of the September quarter.

Yes. So at the end of the year, between the various businesses, which sort of now we've launched it in 3, there's over 700 active end customers at the end of the year.

So right around 700 then.

Yes, just over 700, actually.

Yes. I think, given -- so sorry, Craig. Just given the significance now of Open Web and how much it's grown and how important it is to us, going forward, we'll start to give some specific metrics. So the number John just gave is the resolution of -- these are ongoing active, paying customers across the brands.

Maybe just remind people about the pricing of Open Web, how much that costs as a bundle but also the add-on product versus your base price if you would, please.

Sure. So on Dice.com, as a kind of a general benchmark, if you buy the recruitment package -- recruitment package, you have roughly $6,500 for an annual subscription. You can add Open Web on top of that for about $3,500.

If I just want to buy Open Web, how much is that?

About $5,000.

The next question comes from Randy Reece with Avondale Partners.

I wanted to get a better understanding of, in your sales and marketing investment, looking not only at your expectations for '15 but also the fourth quarter results, how much of the move there is sales versus online marketing spend? And how much incrementally where the dollars are going to flow in '15 in those 2 categories, people versus, I guess, online?

So it's -- so Randy, it's both. So over the course of the year, we've increased headcount at -- within the Dice sales team specifically. And then also within Q4, one of the things that I talked about a little bit and Mike highlighted as well is the Dice marketing spend certainly was up in Q4 due to the billboard and some other marketing campaigns that they had. While that's not direct, obviously that's offline, but it's in the marketing spend outside of the people. So if you look out what happened in Q4 and what the trend has been recently, it's been increases in both pieces. And I would expect that same to continue moving forward.

When it comes to launching Dice.com in EMEA, what kind of timing are you looking for there? And is there any seasonal good period to launch this kind of thing?

Yes, I think -- if I take the second piece, first, quickly. I think -- seasonally, I don't think there's any great time or poor time. We'd certainly like to have it done before we get to the fourth quarter, when we can start to really promote the brand from a customer standpoint, heading into the buying season of Q4 into Q1. I would expect it'll be relatively slow over the course of 2015 as we first focus on the brand and incorporating the Dice brand into those markets. So Dice actually has some awareness in those markets even though we've never operated there, but it's not huge, so we need to build the awareness, first, with the current users and then -- and broaden to other users. The integration of the platform is likely to come later in the year and roll into 2016.

Into '16, okay. And looking at the Dice recruitment package pricing trend, it's better than expected, for me, in the fourth quarter. And that kind of increase, what kind -- what is built into guidance after you did a 6% number in the fourth quarter?

Yes, so what's built in the guidance is a continuation of the trend we've seen over 2014. So if you look at what's happened to the average revenue per customer, you pointed out the 6%, I think we've seen that steady increase over the course of the year. And one of the things I mentioned was that about half of that increase now in Q4 -- given the continued ramp-up of Open Web and the impact of Open Web revenue now in Q4, that accounted for about half of that dollar increase in Q4 on a year-over-year basis.

The next question comes from Jeff Silber with BMO Capital Markets.

In looking at your 2015 guidance, it looks like you're projecting some slight EBITDA margin contraction in the year despite some hope for revenue growth. You mentioned the investments. They make a lot of sense to better position the company long term, but do you think margins can begin to expand again after this year? And if so, what are your long-term goals for adjusted EBITDA margin?

So Jeff, this is Mike. I think, when I look out -- we went through the process we normally go through in terms of evaluating what we wanted to accomplish in 2015. There is slight march in [ph] contraction because we believe firmly we need to continue on the path of the things that we've been working on already. I talked about Dice.com. We talked about WorkDigital. Certainly, the Energy business, I would say, is a couple million dollars of contraction from an EBITDA standpoint from '14 into '15, so that certainly plays a part. When I look out and what we've evaluated as a management team is there's a number of initiatives in our core product that we have to continue that we started in '13 through '14, and I think those level out in '15. There is a number of other initiatives that we're looking at to expand our business that have slight incremental costs built into 2015, where we're going to make a go of those businesses. And we'll invest in them for a period of time and see if they have legs, and if they do, then we'll continue to invest and expect to build yield, revenue growth. And if they don't, we'll pause on those. So that's the background. Generally speaking, I would think that we'll have EBITDA margin expansion coming out of '15 and into '16. And I think, long term, we used to talk about 40%. I think, given the nature the businesses in and how we've expanded them into different margin profiles, that 40% is probably a lofty goal over the next few years, but I certainly think we'll be firmly into the 30s based on the level set of investment we've made to date and are expecting in '15 and how we can leverage that starting out of '15 into '16.

You mentioned the uncertainty in the Energy business. I'm just curious, in talking to your customers, is there a certain level of oil prices where maybe that uncertainty goes away? If we stay at stable oil prices, can things improve over the course of this year?

Yes, so we've talked for a long time about the view that there's kind of full investment at $70 and above. Under $70, it starts to decline. And when you get to $50, it's really hard for a lot of markets to make money. That varies widely. In some markets, you can make money at $30 and $40. In some markets, it takes $60 and $70, but generally speaking, that's always been our view since we've been in this business over the last 4 or 5 years. So I'd say that's the baseline. Having said that, what I tried to portray when I was talking about the environment is one of the things that happens, and we saw this -- we didn't own the business in '08 and '09, but we certainly saw it. After the fact is, when you have steep movements up or down, there's a little bit of paralysis that comes because you don't know how far it's going to go up or how far it's going to go down. So what we've seen in the back half of Q4 and in the first month of 2015 is that paralysis, where you have no idea where it's going to go. And so what we hear from customers is, "I don't know. I can't make a decision. We'll see what happens," but the expectation is, no matter where it lands, so let's say it lands in the 40s for a period of time, once the movement stabilizes, then we'll start to see some level of recruiting activity. So that level of recruiting activity is likely to be lower in the 40s than it was -- would be in the 70s and was in the 90s and 100s, but there will be some level of recruitment activity. So that's why, when you look at our projections, generally speaking, we don't expect the business to be half the size, even though oil is less than half than what it was, because we expect that activity to continue, some level of activity to continue. But when it bottoms and when it stabilizes, we're pretty sure that a fair amount of recruitment activity will commence, recommence. So that's how I -- did that help?

Yes.

The next question comes from Tim McHugh with William Blair.

It's Stephen Sheldon, in for Tim. Firstly, I just want to ask about your revenue guidance for 2015. I believe you said that the drag from currency would be $1 million in the first quarter, so how much of a drag are you factoring in for the full year?

For the full year, Stephen, it's close to $3 million.

Okay. And then just looking at the Energy segment, I know we always talk about -- you've talked about that a decent amount, but it's like you're assuming a roughly 10% to 15% decline in the segment for 2015, if my math is right. So I know that's normally been a higher-margin segment. How much of the assumed decline in 2015 is due to that? And I know you said also you're not going to be cutting expenses there, so just any color there would be appreciated.

Yes, so a pretty big portion of the decline, certainly in Q1, is related to that. So you're right. I mean, if you look at the -- what we're saying in our projections both for Q1 and for the year, it projects that segment down 10% to 15% or down a couple million dollars, as Mike said a second ago. And at least as we sit here today, we don't anticipate making changes to the cost structure, so that's going to have -- the most significant impact on the margin is going to be related to that.

I think I'll just add that, broadly speaking, there's a couple things that we want to do. One is we have to finish the integration of the 2, so out of the costs, at least the short-term cost to it. And that, we're going to do no matter what because that's we set out to not have 2 sites but 1. As an example of where we're investing is we've talked a lot about the data services business over the years. It's a relatively small part of Rigzone, but we think we can expand it. We think there are some countercyclical benefits to the data services business as people look for information about what's going on in the marketplace, so we're investing a little bit. It's not a huge amount but it's a little, but I use it as an example of where we want to continue to invest so we're ready. We know the business will come back. We know oil prices will come back. We don't know when, but we're totally confident it will come back. And now our business will rebound, and we want to be there to take share in that market.

[Operator Instructions] The next question comes from Kip Paulson with Cantor Fitzgerald. Kip N. Paulson - Cantor Fitzgerald & Co., Research Division: Just a couple quick ones. First, what was primarily responsible for the decelerating year-on-year revenue growth in Finance? And what was deferred revenue growth for the segment in the quarter?

Sure. So let me give you the -- so deferred revenue growth for Finance, specifically in the quarter, that was up actually about -- it's up about 17% from the end of last year, so the end of '14 to the end of -- from the end of 2013, so up about $1.3 million or $1.4 million, 17%. Sorry, what was the first part of the question? Kip N. Paulson - Cantor Fitzgerald & Co., Research Division: And as far as the decelerating year-on-year revenue growth overall in the quarter for Finance?

I think you have to look at the -- so you have to look at the individual segments within there. And I gave some color on some of the pieces in there. I mean I think, overall, if you look at kind of the trends in the major financial centers, those are positive in the last -- certainly in the last quarter or so. If you look at the individual growth year-over-year on a constant currency basis outside of the U.S. and Continental Europe that certainly are being a drag on the overall segment, it's been -- it's actually been fairly positive in the U.K. and the Asia part of our Asia Pacific region. Kip N. Paulson - Cantor Fitzgerald & Co., Research Division: Okay, great. And then as far as guidance, what does guidance imply for the financial segment in 2015? Are you baking in a continued acceleration from here?

Yes, so if you look at kind of the percentages of what the segments are that are in the guidance there, I think what you see in Finance is a continuation of the core trends that we've seen in the last couple quarters. One of the things that obviously is impacting it, given that the majority of that business is non-U.S. business, is the impact of the currency that I mentioned earlier. I mean that the Finance segment feels the brunt of the currency impact that I described earlier.

As there are no further questions, this concludes our question-and-answer session. I would now like to turn the call, conference back over to Jennifer Milan for any closing remarks.

Thank you for your time this morning and for your 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. Thank you, and have a great day, everyone.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.