DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”) today
announced financial results for the second quarter ended June 30,
2023.
Second Quarter 2023 Financial Highlights(1)
- Total revenue was $38.5 million, up 4% year over year.
- Total bookings were $32.3 million, down 9% year over year.
- Net loss was $0.1 million, or $0.00 per diluted share, a net
income margin of 0%, compared to net income of $1.5 million, or
$0.03 per diluted share, a net income margin of 4%, in the year-ago
quarter. Adjusted Diluted Earnings Per Share for the quarter was
$0.02, versus $0.01 in the year-ago quarter.
- Adjusted EBITDA was $8.7 million, up 12% year over year, and
Adjusted EBITDA Margin was 23%, up from 21% in the year-ago
quarter.
- Cash flow from operations was $8.1 million, down from $10.2
million in the year-ago quarter.
- Cash was $2.7 million and total debt was $43.0 million at
quarter end compared to $46 million at the prior quarter end.
(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 second quarter, Art Zeile, President and
CEO of DHI Group, said:
"While the current economic environment impacted our revenue and
bookings in the second quarter, we believe companies across all
industries will continue their investment in technology
initiatives. As the economy improves, we expect increased demand
for our tools, which enable companies to attract, find and hire the
right technology professionals for their open positions. In the
meantime, we are focused on improving our industry-leading product
offering and our go-to-market execution, working towards doing so
in a more efficient and profitable manner."
Commenting on 2023 guidance, Kevin Bostick, CFO of DHI Group,
said:
"Given the current hiring environment, and its impact on our
second quarter results, we now expect total revenue for 2023 to
grow 3% to 4% year over year, with third quarter revenue expected
to be flat year over year. With that, we continue to focus on the
expense side of our business. Based on the cost reduction
initiatives taken during the second quarter, we expect our Adjusted
EBITDA margin to increase in the second half of the year, with
third quarter margins at approximately 24% and at least 25% as we
exit the year."
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Kevin
Bostick, Chief Financial Officer, will host a conference call
today, August 2, 2023, 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 2023 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,
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
June 30,
For the six months ended June
30,
2023
2022
2023
2022
Revenue
$
38,538
$
37,057
$
77,158
$
71,391
Operating expenses:
Cost of revenue
4,956
4,181
9,868
8,280
Product development
4,158
4,360
8,852
8,302
Sales and marketing
14,723
14,274
30,783
28,215
General and administrative
8,453
9,109
16,661
16,875
Depreciation
4,162
4,228
8,335
8,186
Restructuring
2,115
—
2,115
—
Total operating expenses
38,567
36,152
76,614
69,858
Operating income (loss)
(29
)
905
544
1,533
Income from equity method investment
104
361
275
516
Gain on investment
—
320
—
320
Interest expense and other
(879
)
(298
)
(1,677
)
(543
)
Income (loss) before income taxes
(804
)
1,288
(858
)
1,826
Income tax benefit
(677
)
(162
)
(1,191
)
(925
)
Net income (loss)
$
(127
)
$
1,450
$
333
$
2,751
Basic earnings (loss) per share
$
—
$
0.03
$
0.01
$
0.06
Diluted earnings (loss) per share
$
—
$
0.03
$
0.01
$
0.06
Weighted-average basic shares
outstanding
43,460
44,682
43,672
44,692
Weighted-average diluted shares
outstanding
43,460
46,961
44,682
46,977
DHI GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Cash flows from (used in) operating
activities:
Net income (loss)
$
(127
)
$
1,450
$
333
$
2,751
Adjustments to reconcile net income to net
cash flows from (used in) operating activities:
Depreciation
4,162
4,228
8,335
8,186
Deferred income taxes
(1,227
)
(1,269
)
(2,075
)
(3,092
)
Amortization of deferred financing
costs
36
36
72
73
Stock-based compensation
2,667
2,456
5,554
4,691
Income from equity method investment
(104
)
(361
)
(275
)
(516
)
Gain on investments
—
(320
)
—
(320
)
Change in accrual for unrecognized tax
benefits
243
101
303
194
Changes in operating assets and
liabilities:
Accounts receivable
5,990
3,863
1,837
43
Prepaid expenses and other assets
50
(2,575
)
329
(2,189
)
Capitalized contract costs
1,642
336
2,325
(147
)
Accounts payable and accrued expenses
1,825
5,054
(9,557
)
1,113
Income taxes receivable/payable
(1,478
)
22
(1,231
)
976
Deferred revenue
(5,411
)
(2,642
)
2,570
7,998
Other, net
(202
)
(149
)
(443
)
(313
)
Net cash flows from operating
activities
8,066
10,230
8,077
19,448
Cash flows from (used in) investing
activities:
Cash received from sale of investment
—
320
—
320
Purchases of fixed assets
(4,388
)
(4,439
)
(9,221
)
(8,530
)
Net cash flows used in investing
activities
(4,388
)
(4,119
)
(9,221
)
(8,210
)
Cash flows from (used in) financing
activities:
Payments on long-term debt
(9,000
)
(4,000
)
(12,000
)
(8,000
)
Proceeds from long-term debt
6,000
1,000
25,000
15,000
Financing costs paid
—
(515
)
—
(515
)
Payments under stock repurchase plan
(3,375
)
(3,701
)
(6,896
)
(11,200
)
Purchase of treasury stock related to
vested restricted and performance stock units
(95
)
(370
)
(5,390
)
(4,572
)
Proceeds from issuance of common stock
through ESPP
148
124
148
124
Net cash flows from (used in) financing
activities
(6,322
)
(7,462
)
862
(9,163
)
Net change in cash for the period
(2,644
)
(1,351
)
(282
)
2,075
Cash, beginning of period
5,368
4,966
3,006
1,540
Cash, end of period
$
2,724
$
3,615
$
2,724
$
3,615
DHI GROUP, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
ASSETS
June 30, 2023
December 31, 2022
Current assets
Cash
$
2,724
$
3,006
Accounts receivable, net
18,990
20,494
Income taxes receivable
1,197
—
Prepaid and other current assets
3,597
4,294
Total current assets
26,508
27,794
Fixed assets, net
22,133
21,252
Capitalized contract costs
7,352
9,677
Operating lease right-of-use assets
5,592
6,581
Investments
6,077
5,646
Acquired intangible assets
23,800
23,800
Goodwill
128,100
128,100
Other assets
4,150
3,854
Total assets
$
223,712
$
226,704
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable and accrued expenses
$
14,257
$
23,818
Deferred revenue
52,768
50,121
Income taxes payable
—
34
Operating lease liabilities
—
105
Total current liabilities
67,025
74,078
Deferred revenue
666
743
Operating lease liabilities
7,503
8,428
Long-term debt, net
43,000
30,000
Deferred income taxes
3,440
5,515
Accrual for unrecognized tax benefits
1,072
769
Other long-term liabilities
530
932
Total liabilities
123,236
120,465
Total stockholders’ equity
100,476
106,239
Total liabilities and stockholders’
equity
$
223,712
$
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 six month periods ended
June 30, 2023 and 2022 and balance sheets as of June 30, 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
Q2 2023
Q2 2022
$ Change
% Change
Dice1
$
26,272
$
26,823
$
(551
)
(2
)%
ClearanceJobs
12,266
10,234
2,032
20
%
Total Revenue
$
38,538
$
37,057
$
1,481
4
%
Net income (loss)2
$
(127
)
$
1,450
Net income (loss) margin3
—
%
4
%
Diluted earnings (loss) per
share2
$
—
$
0.03
Adjusted diluted earnings per share5
$
0.02
$
0.01
Adjusted EBITDA5
$
8,745
$
7,803
Adjusted EBITDA margin5
23
%
21
%
Revenue
YTD 2023
YTD 2022
$ Change
% Change
Dice1
$
53,182
$
51,457
$
1,725
3
%
ClearanceJobs
23,976
19,934
4,042
20
%
Total Revenue
$
77,158
$
71,391
$
5,767
8
%
Net income4
$
333
$
2,751
Net income margin3
—
%
4
%
Diluted earnings per share4
$
0.01
$
0.06
Adjusted diluted earnings per share5
$
0.03
$
0.02
Adjusted EBITDA5
$
16,799
$
14,733
Adjusted EBITDA margin5
22
%
21
%
(1) Includes Dice and Career
Events
(2) For the three months ended
June 30, 2023, net income and diluted earnings per share includes
the net negative impact of restructuring, income from investments
and severance and related costs, all net of tax, and discrete tax
items of $1.0 million, or $0.02 per diluted share. 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 net income and diluted earnings per
share by $0.8 million, or $0.02 per diluted share.
(3) Net income margin and
Adjusted EBITDA Margin are calculated by dividing the respective
measure by that period's revenue.
(4) For the six months ended June
30, 2023, net income and diluted earnings per share includes the
net negative impact of restructuring, income from investments and
severance and related costs, all net of tax, and discrete tax items
of $0.9 million, or $0.02 per diluted share. 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 net income by $1.6 million, or $0.04 per
diluted 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
Q2 2023
Q2 2022
$ Change
% Change
Dice
$
21,843
$
25,645
$
(3,802
)
(15
)%
ClearanceJobs
10,460
9,677
783
8
%
Total Bookings
$
32,303
$
35,322
$
(3,019
)
(9
)%
YTD 2023
YTD 2022
$ Change
% Change
Dice
$
59,461
$
62,464
$
(3,003
)
(5
)%
ClearanceJobs
26,408
23,541
2,867
12
%
Total Bookings
$
85,869
$
86,005
$
(136
)
—
%
(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 2023
Q2 2022
$ Change
% Change
Dice
$
15,534
$
14,304
$
1,230
9
%
ClearanceJobs
$
20,842
$
18,708
$
2,134
11
%
YTD 2023
YTD 2022
$ Change
% Change
Dice
$
15,602
$
14,208
$
1,394
10
%
ClearanceJobs
$
20,681
$
18,564
$
2,117
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:
Q2 2023
Q2 2022
YTD 2023
YTD 2022
Dice
84
%
99
%
89
%
102
%
ClearanceJobs
90
%
99
%
93
%
102
%
Renewal Rate on Count:
Dice
79
%
85
%
81
%
86
%
ClearanceJobs
81
%
84
%
82
%
85
%
Retention Rates1
Q2 2023
Q2 2022
YTD 2023
YTD 2022
Dice
101
%
109
%
103
%
112
%
ClearanceJobs
110
%
113
%
110
%
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
June 30, 2023
June 30, 2022
Change
% Change
Dice
6,007
6,386
(379
)
(6
)%
ClearanceJobs
2,069
1,976
93
5
%
Deferred Revenue and
Backlog1
Comparison to Prior Year
End
Comparison Year Over
Year
June 30, 2023
December 31, 2022
$ Change
% Change
June 30, 2022
$ Change
% Change
Deferred Revenue
$
53,434
$
50,864
$
2,570
5
%
$
54,144
$
(710
)
(1
)%
Contractual commitments not invoiced
64,328
66,391
(2,063
)
(3
)%
49,981
14,347
29
%
Backlog
$
117,762
$
117,255
$
507
—
%
$
104,125
$
13,637
13
%
(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 2023
Q2 2022
YTD 2023
YTD 2022
Reconciliation of Diluted Earnings per
Share to Adjusted Diluted Earnings per Share:
Diluted earnings per share
$
—
$
0.03
$
0.01
$
0.06
Severance and related costs, net of
tax
—
—
0.01
0.01
Gain on investments
—
(0.01
)
—
(0.02
)
Restructuring
0.04
—
0.04
—
Discrete tax items
(0.01
)
(0.01
)
(0.02
)
(0.02
)
Other1
(0.01
)
—
(0.01
)
(0.01
)
Adjusted diluted earnings per share
$
0.02
$
0.01
$
0.03
$
0.02
Weighted average shares- diluted earnings
per share
43,460
46,961
44,682
46,977
Weighted average shares - adjusted diluted
earnings per share
44,159
46,691
44,682
46,977
(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 2023
Q2 2022
YTD 2023
YTD 2022
Reconciliation of Net Income to Adjusted
EBITDA:
Net income
$
(127
)
$
1,450
$
333
$
2,751
Interest expense
879
298
1,677
543
Income tax benefit
(677
)
(162
)
(1,191
)
(925
)
Depreciation
4,162
4,228
8,335
8,186
Non-cash stock-based compensation
2,397
2,456
5,284
4,691
Income from equity method investment
(104
)
(361
)
(275
)
(516
)
Gain on investment
—
(320
)
—
(320
)
Severance and related costs
100
214
521
323
Restructuring
2,115
—
2,115
—
Adjusted EBITDA
$
8,745
$
7,803
$
16,799
$
14,733
Reconciliation of Operating Cash Flows to
Adjusted EBITDA:
Net cash provided by operating
activities
$
8,066
$
10,230
$
8,077
$
19,448
Interest expense
879
298
1,677
543
Amortization of deferred financing
costs
(36
)
(36
)
(72
)
(73
)
Income tax benefit
(677
)
(162
)
(1,191
)
(925
)
Deferred income taxes
1,227
1,269
2,075
3,092
Change in accrual for unrecognized tax
benefits
(243
)
(101
)
(303
)
(194
)
Change in accounts receivable
(5,990
)
(3,863
)
(1,837
)
(43
)
Change in deferred revenue
5,411
2,642
(2,570
)
(7,998
)
Severance and related costs
100
214
521
323
Restructuring
2,115
—
2,115
—
Changes in working capital and other
(2,107
)
(2,688
)
8,307
560
Adjusted EBITDA
$
8,745
$
7,803
$
16,799
$
14,733
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/20230802234513/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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