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DHI Group's Second Quarter Total Revenue Increases 29% Year-Over-Year as Bookings Increase 27% Year-Over-Year

Aug 03 2022

Company Raises Full Year Revenue and Profitability Guidance

CENTENNIAL, Colo., Aug. 3, 2022 /PRNewswire/ -- DHI Group, Inc. (NYSE: DHX) ("DHI" or the "Company") today announced financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Financial Highlights(1)(2)

  • Total revenue was $37.1 million, up 29% year over year.
  • Total bookings were $35.3 million, up 27% year over year.
  • Income from continuing operations was $1.5 million, or $0.03 per diluted share, compared to a loss from continuing operations of $0.2 million, or $0.00 per diluted share in the year-ago quarter.
  • Net income was $1.5 million, or $0.03 per diluted share, a net income margin of 4%, compared to a net loss of $30.2 million, or $0.64 per diluted share, a negative net income margin of 105%, in the year-ago quarter. Adjusted Diluted Earnings Per Share for the quarter was $0.01 versus $0.02 in the year-ago quarter.
  • Adjusted EBITDA was $7.8 million, an Adjusted EBITDA Margin of 21%, compared to $7.1 million and 25% in the year-ago quarter.
  • Cash flow from operations was $10.2 million.
  • Cash was $3.6 million and total debt was $30 million at quarter end.

Commenting on the quarter, Art Zeile, President and CEO of DHI Group, Inc., said:

"We are pleased to report another quarter of strong revenue growth as more employers are using our subscription-based offering to find, attract, engage and hire the highest quality tech professionals. Dice bookings continued to grow across all Dice teams, increasing 27% year over year, while revenue grew 30% year over year. Dice added 137 net new customers during the quarter and its revenue renewal rate remained strong at 99%. Similarly, ClearanceJobs performed extremely well in the second quarter with bookings growth of 27% and revenue growth of 26%, and a 99% revenue renewal rate. ClearanceJobs also added 48 net new customers during the quarter.

During the second quarter, according to CompTIA, U.S. employers posted 1.6 million tech jobs, 60% more than a year earlier and up 38% from the first quarter. Even in this difficult macro-environment this growing demand for technologists showed no signs of slowing down as U.S. employers posted over 500,000 open tech jobs in June 2022, up more than 62% year over year. With the significant supply-demand gap created by the increasing need for technologists and their record low unemployment rate, more employers need access to our growing community of tech candidates, and our sophisticated tool set, to find, attract, engage and hire the highest quality tech professionals. We believe the total addressable market for our subscription-based offering is large and we are just scratching the surface in selling our offering to employers as open tech job postings reach record levels."

Financial Guidance

"Based on our continued strong bookings growth, we expect third quarter total revenue to be in the range of $37 million to $38 million, representing growth of between 20% and 23% year over year," commented Kevin Bostick, CFO of DHI Group, Inc. "For the full year 2022, we are increasing our expected total revenue range to $145 million to $147 million from our previous range of $144 million to $146 million, representing growth of between 21% and 23% year over year. We will continue to operate the business to Adjusted EBITDA margins at or near 20% throughout 2022 as we continue to balance our strong financial performance with increased sales and marketing investment to drive continued double-digit revenue growth. We expect net income margins to be nominal for the third quarter and full year 2022."

(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.

(2)

During the second quarter of 2021, the Company completed the spinoff of its eFinancialCareers ("eFC") business to the eFC management team. The results of the eFC business for all periods on or before June 2021 are reported as discontinued operations.

 

Conference Call Information

Art Zeile, President and Chief Executive Officer, and Kevin Bostick, Chief Financial Officer, will host a conference call today, August 3, 2022, 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 technologists based on the skills requested. The Company's patented algorithm manages over 100,000 unique technology skills. Additionally, our marketplaces allow technology professionals to find their ideal next career opportunity, with relevant advice and personalized insights.  Learn more at www.dhigroupinc.com.

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

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. 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 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 non-cash impairments, costs related to reorganizing the Company, including severance and related costs, gains or losses from the sale of businesses, discontinued operations, or investments, 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, 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 revenues 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, 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 Revenues.

We also consider Adjusted EBITDA and Adjusted EBITDA Margin, as defined, 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, net income, net income margin, operating income, cash provided by operating activities, or any other performance measures derived in accordance with GAAP as a measure of our profitability or liquidity.

Forward-Looking Statements

This press release and oral statements made from time to time by our representatives contain forward-looking statements. 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 results of operations. 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, the potential impact of COVID-19 on our operations and financial results, 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 federal securities laws.

DHI GROUP, INC.

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

     (in thousands, except per share amounts)
















Three Months Ended June 30,


Six Months Ended June 30,





2022


2021


2022


2021












Revenues

$            37,057


$            28,721


$         71,391


$         55,397












Operating expenses:








Cost of revenues

4,181


3,593


8,280


7,295

Product development

4,360


3,510


8,302


7,112

Sales and marketing

14,274


10,151


28,215


19,922

General and administrative

9,109


6,939


16,875


13,093

Depreciation

4,228


4,040


8,186


7,671



Total operating expenses

36,152


28,233


69,858


55,093

Operating income

905


488


1,533


304

Income from equity method investment

361



516


Gain (loss) on investments

320


(674)


320


1,839

Interest expense and other

(298)


(87)


(543)


(282)

Income (loss) before income taxes

1,288


(273)


1,826


1,861

Income tax expense (benefit)

(162)


(61)


(925)


61

Income (loss) from continuing operations

1,450


(212)


2,751


1,800

Loss from discontinued operations, net of tax


(29,999)



(29,340)

Net income (loss)

$               1,450


$           (30,211)


$           2,751


$        (27,540)












Basic earnings per share - continuing operations


$                 0.03


$                    —


$              0.06


$              0.04

Diluted earnings per share - continuing operations


$                 0.03


$                    —


$              0.06


$              0.04












Basic earnings (loss) per share - discontinued operations


$                    —


$               (0.64)


$                 —


$            (0.62)

Diluted earnings (loss) per share - discontinued operations


$                    —


$               (0.64)


$                 —


$            (0.60)












Basic earnings (loss) per share


$                 0.03


$               (0.64)


$              0.06


$            (0.58)

Diluted earnings (loss) per share


$                 0.03


$               (0.64)


$              0.06


$            (0.56)












Weighted-average basic shares outstanding


44,682


47,227


44,692


47,111

Weighted-average diluted shares outstanding


46,961


47,227


46,977


48,854












 

DHI GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)














Three Months Ended June 30,


Six Months Ended June 30,




2022


2021


2022


2021

Cash flows from (used in) operating activities:









Net income (loss)

$       1,450


$    (30,211)


$       2,751


$    (27,540)

Adjustments to reconcile net income to net cash flows from (used in) operating activities:









Depreciation

4,228


4,349


8,186


8,445


Deferred income taxes

(1,269)


(647)


(3,092)


(951)


Amortization of deferred financing costs

36


37


73


74


Stock-based compensation

2,456


2,302


4,691


4,060


Income from equity method investment

(361)



(516)



Loss (gain) on investments

(320)


674


(320)


(1,839)


Change in accrual for unrecognized tax benefits

101


23


194


82


Loss on disposition of discontinued operations


30,203



30,203

Changes in operating assets and liabilities:









Accounts receivable

3,863


6,901


43


3,556


Prepaid expenses and other assets

(2,575)


(1,002)


(2,189)


(373)


Capitalized contract costs

336


240


(147)


(554)


Accounts payable and accrued expenses

5,054


1,763


1,113


(4,507)


Income taxes receivable/payable

22


486


976


1,613


Deferred revenue

(2,642)


(2,233)


7,998


7,118


Other, net

(149)


(11)


(313)


(89)

Net cash flows from operating activities

10,230


12,874


19,448


19,298

Cash flows from (used in) investing activities:









Cash transferred with discontinued operations


(2,951)



(2,951)


Cash received from sale of investment

320



320



Purchases of fixed assets

(4,439)


(3,119)


(8,530)


(6,822)

Net cash flows used in investing activities

(4,119)


(6,070)


(8,210)


(9,773)

Cash flows from (used in) financing activities:









Payments on long-term debt

(4,000)


(4,000)


(8,000)


(9,000)


Proceeds from long-term debt

1,000



15,000


5,000


Financing costs paid

(515)



(515)



Payments under stock repurchase plan

(3,701)


(1,775)


(11,200)


(3,444)


Purchase of treasury stock related to vested restricted and performance stock units

(370)


(483)


(4,572)


(1,826)


Proceeds from issuance of common stock through ESPP

124



124


Net cash flows used in financing activities

(7,462)


(6,258)


(9,163)


(9,270)

Effect of exchange rate changes


40



10

Net change in cash and cash equivalents for the period

(1,351)


586


2,075


265

Cash and cash equivalents, beginning of period

4,966


7,319


1,540


7,640

Cash and cash equivalents, end of period

$       3,615


$       7,905


$       3,615


$       7,905











 

DHI GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)







ASSETS

June 30, 2022


December 31, 2021

Current assets





Cash and cash equivalents

$                           3,615


$                           1,540


Accounts receivable, net

18,342


18,385


Income taxes receivable


354


Prepaid and other current assets

5,730


4,177



Total current assets

27,687


24,456

Fixed assets, net

20,941


20,581

Capitalized contract costs

9,279


9,131

Operating lease right-of-use assets

5,981


6,888

Investments

4,233


3,769

Investments, at fair value

3,000


3,000

Acquired intangible assets

23,800


23,800

Goodwill

128,100


128,100

Other assets

3,200


1,853



Total assets

$                       226,221


$                       221,578













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities





Accounts payable and accrued expenses

$                         16,987


$                         15,859


Deferred revenue

53,371


45,217


Income taxes payable

622



Operating lease liabilities

2,417


2,388



Total current liabilities

73,397


63,464

Deferred revenue

773


929

Operating lease liabilities

5,774


6,982

Long-term debt, net

30,000


22,730

Deferred income taxes

6,223


9,315

Accrual for unrecognized tax benefits

979


785

Other long-term liabilities

970


1,011



Total liabilities

118,116


105,216



Total stockholders' equity

108,105


116,362



Total liabilities and stockholders' equity

$                       226,221


$                       221,578







Supplemental Information and Non-GAAP Reconciliations

On the pages that follow, the Company has 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 comparable GAAP measure. A statement of operations and statement of cash flows for the three and six month periods ended June 30, 2022 and 2021 and balance sheets as of June 30, 2022 and December 31, 2021 are provided elsewhere in this press release.  

DHI GROUP, INC.

NON-GAAP & SUPPLEMENTAL DATA

(Unaudited)

(in thousands, except per share and customer data)












Revenue



Q2 2022


Q2 2021


$ Change


% Change

Dice1


$         26,823


$         20,583


$               6,240


30 %

ClearanceJobs


10,234


8,138


2,096


26 %

Total Revenues


$         37,057


$         28,721


$               8,336


29 %










Income (loss) from continuing operations2


$           1,450


$             (212)





Loss from discontinued operations, net of tax


$                —


$        (29,999)





Net income (loss)


$           1,450


$        (30,211)





Net income (loss) margin


4 %


(105) %





Diluted earnings per share - continuing operations


$             0.03


$                —





Diluted earnings (loss) per share - discontinued operations


$                —


$            (0.64)





Diluted earnings (loss) per share


$             0.03


$            (0.64)





Adjusted diluted earnings per share3


$             0.01


$             0.02





Adjusted EBITDA3


$           7,803


$           7,114





Adjusted EBITDA margin3


21 %


25 %

























Revenue



YTD 2022


YTD 2021


$ Change


% Change

Dice


$         51,457


$         39,634


$             11,823


30 %

ClearanceJobs


19,934


15,763


4,171


26 %

Total Revenues


$         71,391


$         55,397


$             15,994


29 %










Income from continuing operations4


$           2,751


$           1,800





Loss from discontinued operations, net of tax


$                —


$        (29,340)





Net income (loss)


$           2,751


$        (27,540)





Net income (loss) Margin


4 %


(50) %





Diluted income per share - continuing operations


$             0.06


$             0.04





Diluted earnings (loss) per share - discontinued operations


$                —


$            (0.60)





Diluted income (loss) per share


$             0.06


$            (0.56)





Adjusted diluted earnings per share3


$             0.02


$             0.02





Adjusted EBITDA3


$         14,733


$         12,725





Adjusted EBITDA Margin3


21 %


23 %














(1) Includes Dice and Career Events

(2) For the three months ended June 30, 2022, the Company recorded severance and related costs and gain on investments, net of tax, and discrete tax items that positively impacted income from continuing operations by $0.8 million. For the three months ended June 30, 2021, the Company recorded a loss on investment and severance and related costs, all net of tax, and discrete tax items that negatively impacted income from continuing operations by $1.1 million.

(3) See "Notes Regarding the Use of Non-GAAP Financial Measures" elsewhere in this press release.

(4) For the six months ended June 30, 2022, the Company recorded severance and related costs and gain on investments, net of tax, and discrete tax items that positively impacted income from continuing operations by $1.6 million. For the six months ended June 30, 2021, the Company recorded severance and related costs and gain on investments, all net of tax, and discrete tax items that positively impacted income from continuing operations by $0.9 million.

 

DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA (CONTINUED)
(Unaudited)
(in thousands, except per share and customer data)



Bookings1


Q2 2022


Q2 2021


$ Change


% Change

Dice

$             25,645


$             20,215


$               5,430


27 %

ClearanceJobs

9,677


7,648


2,029


27 %

Total Bookings

$             35,322


$             27,863


$               7,459


27 %










YTD 2022


YTD 2021


$ Change


% Change

Dice

$             62,464


$             48,140


$             14,324


30 %

ClearanceJobs

23,541


18,241


5,300


29 %

Total Bookings

$             86,005


$             66,381


$             19,624


30 %









(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


Q2 2022


Q2 2021


$ Change


% Change

Dice

$           14,304


$           13,488


$                 816


6 %

ClearanceJobs

$           18,708


$           16,728


$              1,980


12 %










YTD 2022


YTD 2021


$ Change


% Change

Dice

$           14,208


$           13,512


$                 696


5 %

ClearanceJobs

$           18,564


$           16,608


$              1,956


12 %









(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:

Q2 2022


Q2 2021


YTD 2022


YTD 2021

Dice

99 %


89 %


102 %


84 %

ClearanceJobs

99 %


97 %


102 %


92 %









Renewal Rate on Count:








Dice

85 %


81 %


86 %


75 %

ClearanceJobs

84 %


84 %


85 %


83 %

 


Recruitment Package Customers


June 30, 2022


June 30, 2021


Change


% Change

Dice

6,386


5,441


945


17 %

ClearanceJobs

1,976


1,784


192


11 %

 

DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA (CONTINUED)
(Unaudited)
(in thousands, except per share and customer data)



Deferred Revenue and Backlog1


June 30, 2022


December 31, 2021


$ Change


% Change

Deferred Revenue

$                   54,144


$                   46,146


$                 7,998


17 %

Contractual commitments not invoiced

49,981


46,497


3,484


7 %

Backlog

$                 104,125


$                   92,643


$               11,482


12 %









(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


Q2 2022


Q2 2021


YTD 2022


YTD 2021

Reconciliation of Diluted Earnings (Loss) per Share to Adjusted Diluted Earnings per Share:


Diluted earnings (loss) per share

$                       0.03

$                     (0.64)


$                  0.06


$                (0.56)

Severance and related costs, net of tax


0.01


0.01


0.02

Loss (gain) on investments

(0.01)


0.01


(0.02)


(0.03)

Discrete tax items

(0.01)



(0.02)


(0.01)

Loss from discontinued operations, net of tax


0.61



0.60

Other1


0.03


(0.01)


Adjusted diluted earnings per share

$                       0.01


$                       0.02


$                  0.02


$                  0.02









Weighted average shares- diluted earnings per share

46,961


47,227


46,977


47,111

Weighted average shares - adjusted diluted earnings per share

46,961


49,077


46,977


48,854









(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



Q2 2022


Q2 2021


YTD 2022


YTD 2021

Reconciliation of Net Income (loss) to Adjusted EBITDA:








Net income (loss)

$          1,450


$       (30,211)


$          2,751


$       (27,540)


Interest expense

298


185


543


373


Income tax expense (benefit)

(162)


(61)


(925)


61


Depreciation

4,228


4,040


8,186


7,671


Non-cash stock-based compensation

2,456


1,834


4,691


3,438


Income from equity method investment

(361)



(516)



Loss (gain) on investment

(320)


674


(320)


(1,839)


Severance and related costs

214


749


323


1,311


Loss on discontinued operations, net of tax


29,999



29,340


Other


(95)



(90)

Adjusted EBITDA

$          7,803


$          7,114


$        14,733


$        12,725









Reconciliation of Operating Cash Flows to Adjusted EBITDA:








Net cash provided by operating activities

$        10,230


$        12,874


$        19,448


$        19,298


Interest expense

298


185


543


373


Amortization of deferred financing costs

(36)


(37)


(73)


(74)


Income tax expense (benefit)

(162)


(61)


(925)


61


Deferred income taxes

1,269


647


3,092


951


Change in accrual for unrecognized tax benefits

(101)


(23)


(194)


(82)


Change in accounts receivable

(3,863)


(6,901)


(43)


(3,556)


Change in deferred revenue

2,642


2,233


(7,998)


(7,118)


Discontinued operations results


(1,937)



(3,593)


Severance and related costs

214


749


323


1,311


Changes in working capital and other

(2,688)


(615)


560


5,154

Adjusted EBITDA

$          7,803


$          7,114


$        14,733


$        12,725

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/dhi-groups-second-quarter-total-revenue-increases-29-year-over-year-as-bookings-increase-27-year-over-year-301599231.html

SOURCE DHI Group, Inc.

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