NEW YORK, Nov. 7, 2019 /PRNewswire/ — DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”) today announced the following financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Results
- Revenues were $37.2 million. Ongoing tech-focused1 revenues were flat year over year and on a sequential basis, excluding foreign exchange
- Dice revenues were $22.9 million, down 3% compared to the prior year quarter and down 1% on a sequential basis
- eFinancialCareers revenues were $7.9 million, down 2% compared to the prior year quarter and flat on a sequential basis, excluding foreign exchange
- ClearanceJobs revenues were $6.3 million, up 17% year over year and up 5% on a sequential basis
- Net income was $4.4 million, or $0.08 per diluted share, compared to net income of $0.9 million, or $0.02 per diluted share, in the year ago quarter
- Cash flow from operations was $4.6 million
- Cash was $4.5 million; total debt reduced to $8 million
- Adjusted EBITDA2 was $8.7 million and Adjusted EBITDA margin2 was 23%
Commenting on the quarter, Art Zeile, President and CEO of DHI Group, Inc., said:
“We made continued progress in the third quarter, further strengthening our product offering and go-to-market strategy, both of which will be key drivers of our future growth. Our focus on accelerating product development resulted in hiring additional engineering talent to improve the rate at which we can launch new features, specifically for our largest platform, Dice. We also added new commercial sales people – and with our new CRO, Arie Kanofsky, now on board – we will be expanding our commercial sales force significantly over the next few quarters. We believe these investments will further anchor DHI as an industry leader for matching technologists with employers and position the Company to generate sustained long-term revenue growth in the future.”
1 Excludes Dice Europe, which ceased operations August 31, 2018.
2 See “Notes Regarding the Use of Non-GAAP Financial Measures” later in this press release.
Product Highlights
Dice
- Job Search and Job Alerts, the enhanced job search platform features, which deliver improved search relevance by applying DHI’s tech skills data model and include a new user interface with personalized email alerts, are now in general availability on Dice.com and in the Dice iOS and Android mobile apps.
eFinancialCareers
- Recruiter Profile, launched version 2.0, giving recruiters a place to build their brand on the platform and better gain the trust of candidates by sharing hiring needs, recent achievements, upcoming events and company news.
ClearanceJobs
- Employer Dashboard, which delivers real-time user engagement metrics and uses automated intelligence powered by IntelliSearch to recommend new candidate/employer connections, is now available to all clients.
Business Outlook
DHI expects ongoing tech-focused1 revenue for the fourth quarter to be sequentially flat with the third quarter and anticipates that Dice revenue will turn to positive year-over-year growth in 2020. The Company continues to expect Adjusted EBITDA margin2 for the full 2019 fiscal year to be approximately 23%, as it continues to increase its product and engineering capacity, as well as invest in more sales resources to accelerate growth. The Company is not providing guidance for net income because it cannot reasonably assess the impact of stock-based compensation and income tax expense.