DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”) today announced financial results for the first quarter ended March 31, 2022.
During the second quarter 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.
First Quarter 2022 Financial Highlights
- Total revenue was $34.3 million, up 29% year over year.
- Total bookings1 were $50.7 million, up 32% year over year.
- Income from continuing operations was $1.3 million, or $0.03 per diluted share, compared to income from continuing operations of $2.0 million, or $0.04 per diluted share in the year-ago quarter.
- Net income was $1.3 million, or $0.03 per diluted share and net income margin of 4%, compared to net income of $2.7 million, or $0.05 per diluted share and net income margin of 10%, in the year-ago quarter. Adjusted earnings per diluted share2 for the quarter was $0.01 versus earnings of $0.00 in the year-ago quarter.
- Adjusted EBITDA2 was $6.9 million, and Adjusted EBITDA margin2 of 20%, compared to $5.6 million and 21% in the year-ago quarter.
- Cash flow from operations was $9.2 million, compared to $6.4 million in the year-ago quarter.
- Cash was $5.0 million and total debt was $33.0 million at quarter-end.
Commenting on the quarter, Art Zeile, President, and CEO of DHI Group, Inc., said:
“We are pleased to report continued strong total 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 32% year over year, while revenue grew 29% year over year. Dice added 245 net new customers during the quarter and its revenue renewal rate improved to 104%, up from 82% a year ago. Similarly, ClearanceJobs performed extremely well in the first quarter with bookings growth of 31% and revenue growth of 27%, and a 104% revenue renewal rate. ClearanceJobs also added 50 net new customers during the quarter.
During the first quarter, U.S. employers posted 1.1 million tech jobs, 43% more than a year earlier. As demand for technologists continues to grow at a rapid pace, we believe more employers will need our growing community of technologists, and our sophisticated tool set, to find and attract the right tech candidates. We believe the total addressable market for our subscription-based offering is vast and wide and we are just scratching the surface as open tech job postings reach record levels.”
Financial Guidance
“Based on our continued strong bookings growth, we expect second quarter total revenue to be in the range of $35.0 million to $36.0 million, representing growth of between 22% and 25% year over year,” commented Kevin Bostick, CFO of DHI Group, Inc. “For the full year 2022, we expect total revenue to be in the range of $144.0 million to $146.0 million, representing growth of between 20% and 22% 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 negligible for the second quarter and full year 2022.”
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Kevin Bostick, Chief Financial Officer, will host a conference call today, May 4, 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.
