DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”) today
announced financial results for the fourth quarter and full year
ended December 31, 2023.
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.
(1) See definition of bookings and see
"Notes Regarding the Use of Non-GAAP Financial Measures" related to
Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted
Earnings Per Share later in this press release.
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."
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Raime
Leeby, Chief Financial Officer, will host a conference call today,
February 7, 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.
About DHI Group, Inc.
DHI Group, Inc (NYSE: DHX) is a provider of AI-powered career
marketplaces that focus on technology roles. DHI’s two brands, Dice
and ClearanceJobs, enable recruiters and hiring managers to
efficiently search for and connect with highly skilled technology
professionals based on the skills requested. The Company’s patented
algorithm manages over 100,000 unique technology skills.
Additionally, our marketplaces allow tech professionals to find
their ideal next career opportunity, with relevant advice and
personalized insights. Learn more at www.dhigroupinc.com.
Forward-Looking Statements
This press release and oral statements made from time to time by
our representatives contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. You should
not place undue reliance on those statements because they are
subject to numerous uncertainties and factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control. Forward-looking
statements include, without limitation, information concerning our
possible or assumed future financial condition, liquidity and
results of operations, including expectations (financial or
otherwise), our strategy, plans, objectives, expectations
(financial or otherwise) and intentions, growth potential, and
statements regarding our 2024 financial outlook. These statements
often include words such as “may,” “will,” “should,” “believe,”
“expect,” “anticipate,” “intend,” “plan,” “estimate” or similar
expressions. These statements are based on assumptions that we have
made in light of our experience in the industry as well as our
perceptions of historical trends, current conditions, expected
future developments and other factors we believe are appropriate
under the circumstances. Although we believe that these
forward-looking statements are based on reasonable assumptions, you
should be aware that many factors could affect our actual financial
results or results of operations and could cause actual results to
differ materially from those in the forward-looking statements.
These factors include, but are not limited to, our ability to
execute our tech-focused strategy, competition from existing and
future competitors in the highly competitive markets in which we
operate, failure to adapt our business model to keep pace with
rapid changes in the recruiting and career services business,
failure to maintain and develop our reputation and brand
recognition, failure to increase or maintain the number of
customers who purchase recruitment packages, cyclicality or
downturns in the economy or industries we serve, uncertainty in
respect to the regulation of data protection and data privacy,
failure to attract qualified professionals to our websites or grow
the number of qualified professionals who use our websites, failure
to successfully identify or integrate acquisitions, U.S. and
foreign government regulation of the Internet and taxation, our
ability to borrow funds under our revolving credit facility or
refinance our indebtedness and restrictions on our current and
future operations under such indebtedness. These factors and others
are discussed in more detail in the Company’s filings with the
Securities and Exchange Commission, all of which are available on
the Investors page of our website at www.dhigroupinc.com, including
the Company’s most recently filed periodic reports on Form 10-K and
Form 10-Q and subsequent filings under the headings “Risk Factors,”
“Forward-Looking Statements” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.” You
should keep in mind that any forward-looking statement made by the
Company or its representatives herein, or elsewhere, speaks only as
of the date on which it is made. New risks and uncertainties come
up from time to time, and it is impossible to predict these events
or how they may affect us. We have no obligation to update any
forward-looking statements after the date hereof, except as
required by applicable federal securities laws.
Notes Regarding the Use of Non-GAAP Financial
Measures
The Company has provided certain non-GAAP financial information
as additional information for its operating results. These measures
are not in accordance with, or alternatives to, measures in
accordance with generally accepted accounting principles in the
United States (“GAAP”) and may be different from similarly titled
non-GAAP measures reported by other companies. The Company believes
that its presentation of non-GAAP measures, such as Adjusted
EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per
Share provides useful information to management and investors
regarding certain financial and business trends relating to its
financial condition and results of operations. In addition, the
Company’s management uses these measures for reviewing the
financial results of the Company and for budgeting and planning
purposes. Non-GAAP results exclude the impact of items that
management believes affect the comparability or underlying business
trends in our condensed consolidated financial statements in the
periods presented. The non-GAAP measures apply to consolidated
results or other measures as shown within this document. The
Company has provided required reconciliations to the most
comparable GAAP measures elsewhere in the document.
Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share is a non-GAAP performance
measure that management believes is useful to investors and
management in understanding our ongoing operations and in the
analysis of operating trends. Adjusted Diluted Earnings Per Share
is computed as diluted earnings per share plus or minus the impacts
of certain non-cash and other items, including impairments, costs
related to reorganizing the Company, including severance and
related costs, gains or losses on investments, restructuring
charges, proceeds from settlement, and discrete tax items.
Adjusted Diluted Earnings Per Share is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to diluted earnings per share, net income, or any other
performance measures derived in accordance with GAAP as a measure
of our profitability.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures
used by management to measure operating performance. Management
uses Adjusted EBITDA and Adjusted EBITDA Margin as performance
measures for internal monitoring and planning, including
preparation of annual budgets, analyzing investment decisions and
evaluating profitability and performance comparisons between us and
our competitors. The Company also uses these measures to calculate
amounts of performance-based compensation under the senior
management incentive bonus program. Adjusted EBITDA represents net
income plus (to the extent deducted in calculating such net income)
interest expense, income tax expense, depreciation and
amortization, and items such as non-cash stock-based compensation,
losses resulting from certain dispositions outside the ordinary
course of business including prior negative operating results of
those divested businesses, certain write-offs in connection with
indebtedness, impairment charges with respect to long-lived assets,
expenses incurred in connection with an equity offering or any
other offering of securities by the Company, extraordinary or
non-recurring non-cash expenses or losses, losses from equity
method investments, transaction costs in connection with the credit
agreement, deferred revenue written off in connection with
acquisition purchase accounting adjustments, write-off of non-cash
stock-based compensation expense, severance and retention costs
related to dispositions and reorganizations of the Company,
impairment of investment, restructuring charges and losses related
to legal claims and fees that are unusual in nature or infrequent,
minus (to the extent included in calculating such net income)
non-cash income or gains, including income from equity method
investments, interest income, business interruption insurance
proceeds, and any income or gain resulting from certain
dispositions outside the ordinary course of business, including
prior positive operating results of those divested businesses, and
gains related to legal claims that are unusual in nature or
infrequent.
Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by
revenue.
We also consider Adjusted EBITDA and Adjusted EBITDA Margin, as
defined above, to be important indicators to investors because they
provide information related to our ability to provide cash flows to
meet future debt service, capital expenditures, working capital
requirements, and to fund future growth. We present Adjusted EBITDA
and Adjusted EBITDA Margin as supplemental performance measures
because we believe that these measures provide our board of
directors, management and investors with additional information to
measure our performance, provide comparisons from period to period
by excluding potential differences caused by variations in capital
structures (affecting interest expense) and tax positions (such as
the impact on periods or companies of changes in effective tax
rates or net operating losses), and to estimate our value.
We understand that although Adjusted EBITDA and Adjusted EBITDA
Margin are frequently used by securities analysts, lenders and
others in their evaluation of companies, Adjusted EBITDA and
Adjusted EBITDA Margin have limitations as analytical tools, and
you should not consider them in isolation, or as a substitute for
analysis of our liquidity or results as reported under GAAP. Some
limitations are:
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect our
cash expenditures, or future requirements for capital expenditures
or contractual commitments;
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect
changes in, or cash requirements for, our working capital
needs;
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect
interest expense, or the cash requirements necessary to service
interest or principal payments on our debt;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized often will have to be
replaced in the future, and Adjusted EBITDA and Adjusted EBITDA
Margin do not reflect any cash requirements for such replacements;
and
- Other companies in our industry may calculate Adjusted EBITDA
and Adjusted EBITDA Margin differently than we do, limiting their
usefulness as comparative measures.
To compensate for these limitations, management evaluates our
liquidity by considering the economic effect of excluded expense
items independently, as well as in connection with its analysis of
cash flows from operations and through the use of other financial
measures, such as capital expenditure budget variances, investment
spending levels and return on capital analysis.
Adjusted EBITDA and Adjusted EBITDA Margin are not measurements
of our financial performance under GAAP and should not be
considered as an alternative to revenue, operating income, net
income, net income margin, cash provided by operating activities,
or any other performance measures derived in accordance with GAAP
as a measure of our profitability or liquidity.
DHI GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per
share amounts)
For the three months ended
December 31,
For the twelve months ended
December 31,
2023
2022
2023
2022
Revenue
$
37,287
$
39,762
$
151,878
$
149,680
Operating expenses:
Cost of revenue
4,948
4,766
19,787
17,607
Product development
4,493
4,692
17,777
17,674
Sales and marketing
12,602
16,157
57,421
59,364
General and administrative
7,402
8,506
31,273
34,049
Depreciation
4,339
4,893
16,915
17,487
Restructuring
—
—
2,417
—
Total operating expenses
33,784
39,014
145,590
146,181
Other operating income:
Proceeds from settlement
—
2,061
—
2,061
Operating income
3,503
2,809
6,288
5,560
Income from equity method investment
74
490
502
1,597
Gain on sale of investments
—
—
614
320
Impairment of investment
—
—
(300
)
(2,300
)
Interest expense and other
(866
)
(590
)
(3,482
)
(1,580
)
Income before income taxes
2,711
2,709
3,622
3,597
Income tax expense (benefit)
563
358
131
(579
)
Net income
$
2,148
$
2,351
$
3,491
$
4,176
Basic earnings per share
$
0.05
$
0.05
$
0.08
$
0.09
Diluted earnings per share
$
0.05
$
0.05
$
0.08
$
0.09
Weighted-average basic shares
outstanding
43,539
43,593
43,571
44,274
Weighted-average diluted shares
outstanding
44,612
46,149
44,496
46,533
DHI GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
December 31,
For the year ended December
31,
2023
2022
2023
2022
Cash flows from (used in) operating
activities:
Net income
$
2,148
$
2,351
$
3,491
$
4,176
Adjustments to reconcile net income to net
cash flows from (used in) operating activities:
Depreciation
4,339
4,893
16,915
17,487
Deferred income taxes
(122
)
(118
)
(3,301
)
(3,800
)
Amortization of deferred financing
costs
36
36
145
146
Stock-based compensation
2,194
2,331
9,916
9,519
Income from equity method investment
(74
)
(490
)
(502
)
(1,597
)
Gain on sale of investments
—
—
(614
)
(320
)
Impairment of investment
—
—
300
2,300
Change in accrual for unrecognized tax
benefits
(125
)
(224
)
263
(16
)
Changes in operating assets and
liabilities:
Accounts receivable
(3,634
)
(1,633
)
(1,398
)
(2,109
)
Prepaid expenses and other assets
415
(932
)
(335
)
(1,479
)
Capitalized contract costs
40
(955
)
3,313
(545
)
Accounts payable and accrued expenses
706
3,971
(7,093
)
7,778
Income taxes receivable/payable
(328
)
(347
)
(255
)
388
Deferred revenue
1,127
(1,388
)
(893
)
4,718
Other, net
899
(146
)
1,393
(611
)
Net cash flows from operating
activities
7,621
7,349
21,345
36,035
Cash flows from (used in) investing
activities:
Cash received from sale of investments
—
—
4,941
320
Purchases of fixed assets
(5,264
)
(4,583
)
(20,252
)
(17,976
)
Net cash flows used in investing
activities
(5,264
)
(4,583
)
(15,311
)
(17,656
)
Cash flows from (used in) financing
activities:
Payments on long-term debt
(2,000
)
(3,000
)
(25,000
)
(11,000
)
Proceeds from long-term debt
—
3,000
33,000
18,000
Financing costs paid
—
—
—
(515
)
Payments under stock repurchase plan
—
(3,567
)
(6,896
)
(18,530
)
Purchase of treasury stock related to
vested restricted and performance stock units
(26
)
(204
)
(6,237
)
(5,155
)
Proceeds from issuance of common stock
through ESPP
151
163
299
287
Net cash flows used in financing
activities
(1,875
)
(3,608
)
(4,834
)
(16,913
)
Net change in cash for the period
482
(842
)
1,200
1,466
Cash, beginning of period
3,724
3,848
3,006
1,540
Cash, end of period
$
4,206
$
3,006
$
4,206
$
3,006
DHI GROUP, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
ASSETS
December 31, 2023
December 31, 2022
Current assets
Cash
$
4,206
$
3,006
Accounts receivable, net
22,225
20,494
Income taxes receivable
221
—
Prepaid and other current assets
4,237
4,294
Total current assets
30,889
27,794
Fixed assets, net
25,272
21,252
Capitalized contract costs
6,364
9,677
Operating lease right-of-use assets
4,759
6,581
Investments
1,918
5,646
Acquired intangible assets
23,800
23,800
Goodwill
128,100
128,100
Other assets
4,100
3,854
Total assets
$
225,202
$
226,704
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable and accrued expenses
$
17,408
$
23,818
Deferred revenue
49,463
50,121
Income taxes payable
—
34
Operating lease liabilities
2,006
105
Total current liabilities
68,877
74,078
Deferred revenue
508
743
Operating lease liabilities
6,543
8,428
Long-term debt, net
38,000
30,000
Deferred income taxes
2,214
5,515
Accrual for unrecognized tax benefits
1,032
769
Other long-term liabilities
486
932
Total liabilities
117,660
120,465
Total stockholders’ equity
107,542
106,239
Total liabilities and stockholders’
equity
$
225,202
$
226,704
Supplemental Information and Non-GAAP
Reconciliations
On the pages that follow, we have provided certain supplemental
information that we believe will assist the reader in assessing our
business operations and performance, including certain non-GAAP
financial information and required reconciliations to the most
directly comparable GAAP measure. A statement of operations and
statement of cash flows for the three and twelve month periods
ended December 31, 2023 and 2022 and balance sheets as of December
31, 2023 and December 31, 2022 are provided elsewhere in this press
release.
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL
DATA
(Unaudited)
(in thousands, except per
share and customer data)
Revenue
Q4 2023
Q4 2022
$ Change
% Change
Dice1
$
24,632
$
28,158
$
(3,526
)
(13
)%
ClearanceJobs
12,655
11,604
1,051
9
%
Total Revenue
$
37,287
$
39,762
$
(2,475
)
(6
)%
Net income (loss)2
$
2,148
$
2,351
$
(203
)
(9
)%
Net income (loss) margin3
6
%
6
%
n.m.
n.m.
Diluted earnings (loss) per
share2
$
0.05
$
0.05
$
—
—
%
Adjusted diluted earnings per share5
$
0.04
$
0.01
$
—
300
%
Adjusted EBITDA5
$
10,063
$
8,098
$
1,965
24
%
Adjusted EBITDA margin5
27
%
20
%
n.m.
n.m.
Revenue
FY 2023
FY 2022
$ Change
% Change
Dice1
$
102,584
$
106,957
$
(4,373
)
(4
)%
ClearanceJobs
49,294
42,723
6,571
15
%
Total Revenue
$
151,878
$
149,680
$
2,198
1
%
Net income4
$
3,491
$
4,176
$
(685
)
(16
)%
Net income margin3
2
%
3
%
n.m.
n.m.
Diluted earnings per share4
$
0.08
$
0.09
$
—
(11
)%
Adjusted diluted earnings per share5
$
0.10
$
0.05
$
—
100
%
Adjusted EBITDA5
$
36,254
$
30,950
$
5,304
17
%
Adjusted EBITDA margin5
24
%
21
%
n.m.
n.m.
(1) Includes Dice and Career Events
(2) For the three months ended December
31, 2023, net income and diluted earnings per share includes the
net positive impact of discrete tax items of $0.2 million, or $0.01
per diluted share. Net income and diluted earnings per share for
the three months ended December 31, 2022 includes the net positive
impact of income from investments, proceeds from settlement, and
severance and related costs, all net of tax, and discrete tax items
of $2.0 million, or $0.04 per share.
(3) Net income margin and Adjusted EBITDA
Margin are calculated by dividing the respective measure by that
period's revenue.
(4) For the year ended December 31, 2023,
net income and diluted earnings per share includes the net negative
impact of impairment of investment, severance and related costs,
gain on investment and restructuring, all net of tax, and discrete
tax items of $0.9 million, or $0.02 per diluted share. Net income
and diluted earnings per share for the year ended December 31, 2022
includes the net positive impact of income from investments,
proceeds from settlement, impairments and severance and related
costs, all net of tax, and discrete tax items of $1.9 million, or
$0.04 per share.
(5) See "Notes Regarding the Use of
Non-GAAP Financial Measures" elsewhere in this press release.
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL
DATA (CONTINUED)
(Unaudited)
(in thousands, except per
share and customer data)
Bookings1
Q4 2023
Q4 2022
$ Change
% Change
Dice
$
22,194
$
25,674
$
(3,480
)
(14
)%
ClearanceJobs
13,887
12,067
1,820
15
%
Total Bookings
$
36,081
$
37,741
$
(1,660
)
(4
)%
FY 2023
FY 2022
$ Change
% Change
Dice
$
100,766
$
113,120
$
(12,354
)
(11
)%
ClearanceJobs
52,385
47,125
5,260
11
%
Total Bookings
$
153,151
$
160,245
$
(7,094
)
(4
)%
(1) Bookings represent the value of all
contractually committed services in which the contract start date
is during the period and will be recognized as revenue within 12
months of the contract start date. For contracts that extend beyond
12 months, the value of those contracts beyond 12 months is
recognized as bookings on each annual anniversary of each contract
start date valued as the amount of revenue that will be recognized
within 12 months of the respective anniversary date.
Average Annual Revenue per
Recruitment Package Customer1
Q4 2023
Q4 2022
$ Change
% Change
Dice
$
15,788
$
15,384
$
404
3
%
ClearanceJobs
$
21,872
$
19,872
$
2,000
10
%
FY 2023
FY 2022
$ Change
% Change
Dice
$
15,631
$
14,664
$
967
7
%
ClearanceJobs
$
21,164
$
19,080
$
2,084
11
%
(1) Calculated by dividing recruitment
package customer revenue by the daily average count of recruitment
package customers during each month, adjusted to reflect a 30-day
month. The simple average of each month is used to derive the
amount for each period and then annualized to reflect 12
months.
Renewal Rates
Renewal Rate on Revenue:
Q4 2023
Q4 2022
FY 2023
FY 2022
Dice
78
%
94
%
85
%
99
%
ClearanceJobs
96
%
98
%
95
%
100
%
Renewal Rate on Count:
Dice
71
%
83
%
77
%
85
%
ClearanceJobs
78
%
80
%
81
%
84
%
Retention Rates1
Q4 2023
Q4 2022
FY 2023
FY 2022
Dice
97
%
107
%
101
%
110
%
ClearanceJobs
110
%
117
%
111
%
114
%
(1) For customers that renewed their
annual recruitment packages during the period, the retention rate
represents the total contract value renewed, relative to the
previous total contract value.
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL
DATA (CONTINUED)
(Unaudited)
(in thousands, except per
share and customer data)
Recruitment Package
Customers
December 31, 2023
December 31, 2022
Change
% Change
Dice
5,492
6,311
(819
)
(13
)%
ClearanceJobs
2,055
2,064
(9
)
—
%
Deferred Revenue and
Backlog1
December 31, 2023
December 31, 2022
$ Change
% Change
Deferred Revenue
$
49,971
$
50,864
$
(893
)
(2
)%
Contractual commitments not invoiced
58,126
66,391
(8,265
)
(12
)%
Backlog
$
108,097
$
117,255
$
(9,158
)
(8
)%
(1) Backlog consists of deferred revenue
plus customer contractual commitments not invoiced representing the
value of future services to be rendered under committed
contracts.
Adjusted Diluted Earnings per
Share
Q4 2023
Q4 2022
FY 2023
FY 2022
Reconciliation of Diluted Earnings per
Share to Adjusted Diluted Earnings per Share:
Diluted earning (loss) per
share
$
0.05
$
0.05
$
0.08
$
0.09
Impairment of investment, net of tax
—
—
0.01
0.05
Severance and related costs, net of
tax
—
—
0.02
0.01
Proceeds from settlement, net of tax
—
(0.03
)
—
(0.03
)
Gain on investments
—
(0.01
)
(0.02
)
(0.03
)
Restructuring
—
—
0.04
—
Discrete tax items
(0.01
)
—
(0.02
)
(0.03
)
Other1
—
—
(0.01
)
(0.01
)
Adjusted diluted earnings per share
$
0.04
$
0.01
$
0.10
$
0.05
Weighted average shares- diluted and
adjusted diluted earnings per share
44,612
46,149
44,496
46,533
(1) Adjusts, as applicable, for the share
impact of common stock equivalents, where dilutive.
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL
DATA (CONTINUED)
(Unaudited)
(in thousands, except per
share and customer data)
Adjusted EBITDA
Reconciliations
Q4 2023
Q4 2022
FY 2023
FY 2022
Reconciliation of Net Income to Adjusted
EBITDA:
Net income
$
2,148
$
2,351
$
3,491
$
4,176
Interest expense
866
590
3,482
1,580
Income tax expense (benefit)
563
358
131
(579
)
Depreciation
4,339
4,893
16,915
17,487
Non-cash stock-based compensation
2,194
2,331
9,467
9,519
Income from equity method investment
(74
)
(490
)
(502
)
(1,597
)
Proceeds from settlement
—
(2,061
)
—
(2,061
)
Gain on sale of investments
—
—
(614
)
(320
)
Impairment of investment
—
—
300
2,300
Severance and related costs
27
126
1,167
445
Restructuring
—
—
2,417
—
Adjusted EBITDA
$
10,063
$
8,098
$
36,254
$
30,950
Reconciliation of Operating Cash Flows to
Adjusted EBITDA:
Net cash provided by operating
activities
$
7,621
$
7,349
$
21,345
$
36,035
Interest expense
866
590
3,482
1,580
Amortization of deferred financing
costs
(36
)
(36
)
(145
)
(146
)
Income tax expense (benefit)
563
358
131
(579
)
Deferred income taxes
122
118
3,301
3,800
Change in accrual for unrecognized tax
benefits
125
224
(263
)
16
Change in accounts receivable
3,634
1,633
1,398
2,109
Change in deferred revenue
(1,127
)
1,388
893
(4,718
)
Severance and related costs
27
126
1,167
445
Restructuring
—
—
2,417
—
Changes in working capital and other
(1,732
)
(3,652
)
2,528
(7,592
)
Adjusted EBITDA
$
10,063
$
8,098
$
36,254
$
30,950
Guidance
Earlier in this press release, the Company provided guidance for
Adjusted EBITDA margin, which is a non-GAAP financial measure. We
are unable to reconcile expected Adjusted EBITDA margin to its
nearest GAAP measure without unreasonable efforts because we are
unable to predict with a reasonable degree of certainty the actual
impact of items such as non-cash stock-based compensation,
impairments, income tax expense, gains or losses from equity method
investments, severance and retention costs, restructuring charges
and legal claims and fees. By their very nature, these items are
difficult to anticipate with precision because they are generally
associated with unexpected and unplanned events that impact our
company and its financial results. Therefore, we are unable to
provide a reconciliation of this non-GAAP financial measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207771064/en/
Investor Contact Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. 212-448-4181 ir@dhigroupinc.com
Media Contact Rachel Ceccarelli VP of Engagement
212-448-8288 media@dhigroupinc.com
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