DHX
#Sure.
So I'll start, <UNK>, and <UNK> can enhance.
So on the product development, I think what you saw on the quarter is that as we continue to build out the product development and technology teams across the organization what we've been talking over the course of the year that we've been a little bit behind in terms of hiring there.
So you saw a little bit of catch up there in the quarter along with some costs related to really integrating the oil careers website into the RIGZONE as we kind of finalized the rebranding of that segment.
So that's really contributing to what you're seeing in terms of the cost flowing through in the quarter.
I think in terms of product development and investments moving forward, what we've been saying over the course of this year which is still a case is that we look at the investments we've been making certainly in Dice and Open Web, I think moving forward we expect to get some return on those investments.
We are kind of guiding exactly where we're going to be with that on 2016, I think that is generally, where we're moving.
Second part of the question was related to FX right.
So I guess in terms of expectations for Q4, I mean I think we're still going to have impact related to FX in the quarter if you look at where the rates were in Q4 year-ago versus where they are now and what kind of most forward contracts we're saying for FX rates moving through Q4, I think we're still going to be impacted as we move through the fourth quarter.
Sure.
So I think overall the market hasn't changed very much.
I think our performance has been enhanced as we have integrated Dice with the former IT Job Board which is now Dice Europe.
So I think our own operating performance in that market .
in those markets specifically in the UK and the Netherlands and Germany over the last year, we've made a number of improvements.
So I think the overall environment is probably roughly the same, but I think our operating execution has been on the continued improvement pattern.
That is (inaudible) where you see the growth come from.
So I would say the market continues to be really rough for us.
I don't think we see any near term improvements as I mentioned earlier.
There are a handful of signs and I would say it is more a handful, where customers now think that they have cut too much in terms of their recruitment activities and they're starting to think about leveling off and coming back at a higher level, but those are few and far between.
I think from our own operating experience there tends to be a lag both on the downside and the upside and we saw that in the previous downturn in 2007 and 2008 and then the comeback in 2009 through 2010 where there is probably three to six months lag.
So if you go back right about a year ago from now is when the steep fall started.
So somehow, the customer contracts that we put in place in Q4 for calendar year 2015 reflected reduced demand.
We're anticipating that there could be some further reductions from some of those earlier contracts that didn't fully right size.
But I think then you'll start to see the year-over-year performance from individual customers will start to level off coming out of the fourth quarter and into 2016.
So I think you're going to see a little bit of a mix, but we don't believe it's going to get better in the very near term.
Sure.
So on the first one, some of it is qualitative and some of it is quantitative and some of it is anecdotal feedback we get from users, professionals who use our services across the broad spectrum.
But if you take for instance on the Dice side the number of applications and the rate of applications has been increasing during all of 2016 as we've made the process for engaging with job postings and for actually applying job postings easier.
So the rate of applications is varied, but it's been up year-over-year kind of at the 30%, almost 30% range.
The number of first time searchable resumes or profiles has increased relatively significantly during this year to the point where at various times it's almost over 100,000 in the 90-day bucket.
So we've seen a level of activity and a level of engagement across the board those are specifically on Dice.
On RIGZONE there is probably a mix between the overall market conditions and what happens in the downturn from engagement standpoint but we've made a number of changes in the service including on RIGZONE launching for the first time, detailed job alerts that users can create on their own, where in the past we did all the searching and sent job notifications from the site, now people can do it on their own.
So we've seen an increase in engagement in people doing search alerts, so there is a number of things, both qualitatively and quantitatively from a user experience standpoint.
Having said that, there is more to do and we continue to focus on each of the brands with increasing the usability and efficiency with which people interact with our sites.
So <UNK>, I will take the second part of the question.
In terms of looking out to 2016 we're obviously not guiding towards 2016 as we sit on the call today, but I think as we look at the trends that we see in Q3 we're starting to see a number of positive signs through a number of different brands and you see that reflected in some of the revenue growth rates, you see that reflected in margin expansion and some of the core segments that we have.
I think as we sit here today and as we look out into Q4 and look on 2016 our expectation is that those trends would continue as we move into 2016 and I think we've been saying over the course of this year as we move into next year and out past next year that yes margin expansion is certainly something that we have expect based on the investments we were making.
I think that certainly improvement in the energy market would help although we're not banking on that in 2016 as <UNK> said and I think the third broad area, looking out into 2016 is really the broad suite of new products that we have been talking about over the course of the year.
So <UNK> mentioned a few today in his remarks.
We have talked about shift.
He mentioned Spotlight.
We have talked about Open Web quite a bit.
We have talked about some of the other new products at the Investor Day backs a number of months ago.
So I think as we start to get more traction from that suite of products, well the revenue contribution probably won't be huge in the beginning part of 2016.
Our expectation is that we will start to see some benefit from those as we move through the year.
Yes, I think the competitive of landscape this year or probably the past 12 to 18 months has been really interesting for us.
The core traditional competitors are still that core traditional competitors LinkedIn which we always talk about as our most important competitor, that hasn't changed.
They do a fabulous job in some respects.
We think we do a fabulous job in other respects and we have a nice place in the market as it relates to them.
I think the traditional generalist Monster Crew Builder, StepStone, Totaljobs, Seek all continue on this same path.
I think from an aggregator standpoint the aggregators continue to be more and more important in the marketplace although our belief is that they have a more dramatic impact on generalists then they do on specialists and we continue to drive usage within our sites as a destination without the reliance on the pass-through.
So I think from a competitor standpoint those are all broadly the same.
I think as you pointed out and we've said this before including on Investor Day one of the things that's happened over the last 12 to 18 months as you have a lot of new start-up competitors that given the availability of financing which has been plenty for over the last 12 to 18 months has given them life and I think given the market there is much more willingness to trial those.
So we certainly see that in the tech business.
Those startups continue to be relatively small and we think that our size and our historical presence of the market gives us an ongoing advantage, but they have been there and it is been helped by the fact that there is financing and the willingness to trial.
Yes, so <UNK> it's a great way to phrase it and thanks for the clarification.
I so let me refine a little bit what I said.
I think in our core businesses is what I said I think holds, I think from a traditional provider of the services we provide and that Monster and Crew Builder and them Hot Jobs and Seek StepStone, Totaljobs and others as generalists provide, that hasn't changed very much.
I think CareerBuilder specifically has done a great job of expanding its horizons.
So they now get into places in the marketplace where we don't actually compete.
So I think you, they would take exception I think would be fine because I think they may take exception because they are expanding their horizons outside of things that we focus on.
I think from the core what we focus on I don't think the competition has changed very much.
From them, sorry just to be clear.
