DHI Group, Inc. (NYSE: DHX) announced financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights(1)
- Total revenue was $35.3 million, down 6% year over year.
- ClearanceJobs revenue was $13.4 million, up 6% year over year.
- Dice revenue was $21.9 million, down 12% year over year.
- Total bookings were $28.9 million, down 7% year over year.
- ClearanceJobs bookings were $12.6 million, up 4% year over year.
- Dice bookings were $16.3 million, down 15% year over year.
- Net loss was $0.2 million, or $0.00 per diluted share, a net income margin of negative 1%, compared to net income of $1.0 million, or $0.02 per diluted share, a net income margin of 3%, in the year-ago quarter.
- Non-GAAP earnings per share was $0.05 per diluted share, compared to the prior year quarter at $0.06 per diluted share.
- Adjusted EBITDA was $8.6 million, down 8% year over year, and Adjusted EBITDA Margin was 24%, compared to 25% in the year-ago quarter.
- Cash flow from operations was $5.5 million, down 2% from $5.6 million in the year-ago quarter.
- Cash was $2.1 million at quarter end compared to $3.7 million in the year ago quarter and total debt was $32.0 million at quarter end, down $8.0 million from the year-ago quarter.
(1) See definition of bookings and see “Notes Regarding the Use of Non-GAAP Financial Measures” related to Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP Earnings Per Share, including the revised title and definition of Non-GAAP Earnings Per Share, later in this press release.
Commenting on the results, Art Zeile, President and CEO of DHI Group, said:
“In the third quarter we continued to see a steady rise in new tech job postings, with the third quarter’s total of over 600,000 reported by CompTIA showing year over year growth for the first time in over a year. In September, there were 225,000 new tech job postings, marking a 22% increase from the previous year, and the recently released October data shows the addition of 223,000 new tech jobs, representing a 34% year-over-year increase. This significant year over year growth is encouraging and, I believe, reflects that a broader recovery is starting to take place across our industry. AI initiatives are increasingly driving demand for tech professionals. As businesses ramp up their investment in AI technology initiatives, we believe our 8.8 million technologist profiles and our proprietary tech skills mapping and search algorithms, will be essential tools for employers looking to find the ideal candidates for their open tech job postings.”
Updating 2024 full-year guidance, Raime Leeby, CFO of DHI Group, commented:
“While we expect our bookings to return to growth next year, we expect our fourth quarter bookings to be down 8% to 10% year over year, and we expect our revenue for the fourth quarter to be down 7% to 8% year over year. From a profitability perspective, we continue to target an Adjusted EBITDA margin of 24% for the full year.”
Chief Financial Officer Transition
Today, DHI announced that Raime Leeby will step down as Chief Financial Officer effective November 15, 2024, to pursue an opportunity outside DHI. Greg Schippers will assume the role of Interim Chief Financial Officer (“Interim CFO”) at that time.
“Raime will be leaving at the end of the week to pursue an exciting opportunity with a former employer,” said Art Zeile, CEO of DHI Group. “We are grateful for her outstanding contributions as CFO, during which she strengthened our finance team’s processes, accountability, and culture. Greg Schippers, our current Vice President of Finance and Controller, with over 10 years of experience at DHI Group, will step in as Interim CFO, bringing strong expertise in financial planning, fiscal oversight, and strategic decision-making. We are confident in his ability to lead our finance team forward. We will miss Raime and wish her all the best in this new chapter.”
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Raime Leeby, Chief Financial Officer, will host a conference call today, November 12, 2024, at 5:00 p.m. Eastern Time to discuss the Company’s financial results and recent developments.
The call can be accessed by dialing 844-890-1790 (in the U.S.) or 412-380-7407 (outside the U.S.). Please ask to be placed into the DHI Group, Inc. call. A live webcast of the call will simultaneously be available through the Investor Relations section of the Company’s website, https://www.dhigroupinc.com, and available for replay after the call ends.
