DHI Group, Inc. (NYSE: DHX) parent owners of Dice.com and ClearanceJobs has announced financial results for the fourth quarter and full year ended December 31, 2023. The stock is currently trading around $2.12 per share.
Fourth Quarter 2023 Financial Highlights(1)
- Total revenue was $37.3 million, down 6% year over year.
- Total bookings were $36.1 million, down 4% year over year.
- Net income was $2.1 million, or $0.05 per diluted share, a net income margin of 6%, compared to net income of $2.4 million, or $0.05 per diluted share, a net income margin of 6%, in the year-ago quarter. Adjusted Diluted Earnings Per Share for the quarter was $0.04, versus $0.01 in the year-ago quarter.
- Adjusted EBITDA was $10.1 million, up 24% year over year, and Adjusted EBITDA Margin was 27%, up from 20% in the year-ago quarter.
- Cash flow from operations was $7.6 million, up from $7.3 million in the year-ago quarter.
- Cash was $4.2 million and total debt was $38.0 million at quarter end compared to $40 million at the prior quarter end.
Fiscal Year 2023 Financial Highlights(1)
- Total revenue was $151.9 million, up 1% year over year.
- Total bookings were $153.2 million, down 4% year over year.
- Net income was $3.5 million, or $0.08 per diluted share, a net income margin of 2%, compared to net income of $4.2 million, or $0.09 per diluted share, a net income margin of 3%, a year-ago. Adjusted Diluted Earnings Per Share was $0.10, versus $0.05 a year-ago.
- Adjusted EBITDA was $36.3 million, up 17% year over year, and Adjusted EBITDA Margin was 24%, up from 21% a year-ago.
- Cash flow from operations was $21.3 million, down from $36.0 million a year-ago.
Commenting on the results, Art Zeile, President and CEO of DHI Group, said:
“We continue to operate effectively and efficiently in this challenging macro-economic environment as we finished the full year with total revenue growth and a significantly improved Adjusted EBITDA margin. For the full year, our total recurring revenue increased 9% year over year. As the economy begins to improve, we expect companies across all industries will restart their investment in technology initiatives such as AI, which we expect will drive increased demand for our tools, which empower companies to attract, find and hire the right technology professionals for their open positions. We are improving our industry-leading product offerings and our go-to-market execution so that we are ready to capitalize on this anticipated increased demand for our tools, while doing so in a more efficient and profitable manner.”
Commenting on 2024 guidance, Raime Leeby, CFO of DHI Group, said:
“While we saw signs of an improved bookings environment across all of our new business teams in the fourth quarter, we do not expect total bookings growth to return until the second half of the year, which we expect to result in a low single-digit percentage decline in our total revenue for the full year. From a profitability perspective, we are targeting an Adjusted EBITDA margin of 24% for the full year. We remain focused on driving long-term, sustainable revenue growth and are well positioned from a customer acquisition perspective to return to more accelerated growth when the economy begins its recovery and tech hiring returns.”
