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- **CJ Strength**: 1% YoY revenue growth, 43% EBITDA margin, AgileATS integration with 50%+ customer potential. 
- **Dice Challenges**: 17% YoY bookings decline, but 50% AI-related job postings. New self-service platform reduces churn. 
- **AI Growth**: AI job postings rise to 50% of Dice total, up from 10% in 2024. 
- **Financial Health**: 32% EBITDA margin, $3.2M free cash flow, $5M buyback program. 
- **GovTech Opportunity**: CJ poised to benefit from $1.1T defense budget and NATO spending.

**【CEO Summary Section】**
- DHI operates two brands: ClearanceJobs (CJ) and Dice, focusing on tech talent recruitment. CJ reported 1% YoY revenue growth, driven by defense spending, while Dice faced a 17% YoY bookings decline due to macro challenges. CJ's AI-driven ATS (AgileATS) integration with existing customers shows strong potential for incremental revenue. Dice is transitioning to a self-service model with monthly subscriptions to reduce churn. Both brands are seeing AI-related job postings rise to 50% of total, up from 10% in 2024. The company announced a $5M stock buyback program.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $32.1M (-9% YoY). CJ revenue: $13.9M (+1% YoY), Dice: $18.2M (-15% YoY). Adjusted EBITDA: $10.3M (32% margin), up from $8.6M (24% margin) YoY. CJ margin: 43%, Dice margin: 34% (vs. 19% YoY). Operating expenses declined 22% YoY due to restructuring. Free cash flow: $3.2M. Capitalized R&D: $1.6M (-51% YoY). Guidance: FY25 revenue $126-128M, EBITDA margin 27%.

**【Q&A Highlights】**
- **Dice Platform Migration**: 50% of Dice customers migrated to new self-service platform, reducing churn. Remaining migration expected by Q1 2026. **AI Trend**: 50% of Dice job postings now AI-related. **Government Shutdown Impact**: CJ bookings down 7% YoY, but large defense contractors remain bullish. **Buyback Program**: New $5M buyback announced, targeting 1x leverage. **CJ Expansion**: AgileATS could add $7K+ ARR per customer in GovTech. **Dice Risk**: Smaller customers sensitive to macro, but AI-driven demand offsets some weakness.

DHI Group, Inc. (DHX) Q3 2025 Earnings Call Transcript

- **CJ Strength**: Defense budget growth (+13.4% YoY) drives CJ's 45% EBITDA margin, with AI-powered tools capturing cleared talent demand.
- **Dice Restructuring**: $15M annual savings from workforce reduction, new DX platform enables self-service subscriptions to stabilize margins.
- **AI Job Surge**: 38% of Dice job postings require AI skills, up from 10% in 2024, positioning Dice for tech talent recovery.
- **AgileATS Expansion**: $7K/year ATS for cleared professionals integrates with CJ, targeting 50% of CJ customers for long-term growth.
- **Financial Resilience**: Adjusted EBITDA $8.5M (27% margin), free cash flow $4.8M, with $5M share buyback program remaining.


**【CEO Summary Section】**
- DHI Group operates ClearanceJobs (cleared tech talent) and Dice (non-cleared tech talent), with over 9M profiles. AI-powered tools match employers with skilled candidates.
- Acquired AgileATS, an ATS for cleared professionals, to integrate into ClearanceJobs by Q4. 50% of CJ customers fit the target profile, with $7K annual subscription potential.
- Q2 performance: CJ bookings flat YoY ($11.6M), Dice bookings down 16% YoY ($15.6M). CJ EBITDA $6.1M (45% margin), Dice EBITDA $4.2M (23% margin).
- Tech hiring stabilizing: Dice job postings 70% of pre-2023 levels, AI skills in Dice job postings rose from 10% in 2024 to 38% in Q2 2025.
- Defense budget ($1.1T, +13.4% YoY) driving CJ growth. Dice expected to rebound as macro uncertainty eases.
- Restructured Dice sales/engineering teams to save $15M annually, targeting margin improvement.

**【CFO Financial Commentary】**
- Total revenue $32M (-11% YoY), bookings $27.1M (-10% YoY). CJ revenue $13.6M (+1% YoY), Dice $18.4M (-18% YoY).
- Operating expenses $33.3M (-14% YoY, excluding $4.2M restructuring charge). Adjusted EBITDA $8.5M (27% margin), up from $9M (25% margin) YoY.
- Free cash flow $4.8M, capital expenditures $1.9M. Liquidity $2.8M, debt $30M (0.9x leverage).
- Guidance: Revenue $126-128M (-6% YoY), EBITDA margin 26% (up from prior 25%).

**【Q&A Key Highlights】**
- **CJ Growth**: Q3 bookings expected to improve post-defense budget approval. CJ retention rate 103%, new business pipeline stabilizing.
- **AgileATS**: Minimal near-term revenue impact, but long-term accretive. Sold at $7K/year, integrates with CJ and Dice.
- **Dice Recovery**: Stabilizing with staffing firms (Robert Half, Kforce) showing sequential growth. New DX platform enables self-service subscriptions, boosting upsell opportunities.
- **AI Trend**: 38% of Dice job postings require AI skills, up from 10% in 2024. Dice well-positioned to benefit from AI adoption.
- **R&D Tax Credits**: New tax law allows immediate deduction of R&D costs, reducing tax payments and supporting tech hiring.


DHI Group, Inc. (DHX) Q2 2025 Earnings Call Transcript

- **Resilient profitability**: Q1 adjusted EBITDA of $7M (22% margin) despite 10% revenue decline, driven by CJ's 43% margin. 
- **CJ strength**: 3% revenue growth, 90%+ retention, and new EU defense spending opportunities ($150B+). 
- **Dice recovery signals**: 15% YoY job app growth, 70% Q1 bookings beat, and focus on consulting/healthcare sectors. 
- **Cost efficiency**: $20M expense reduction, 42% capex decline, and 1x leverage ratio. 
- **AI and GovTech growth**: CJ positioned to benefit from AI-driven defense spending, Dice modernizing for tech talent demand.

**【CEO Summary Section】**
- Q1 total revenue declined 10% YoY to $32.3 million, driven by macroeconomic challenges in tech hiring. However, adjusted EBITDA remained strong at $7 million (22% margin). 
- **ClearanceJobs (CJ) performance**: 
  - 3% YoY revenue growth to $13.4 million, with bookings down 1% YoY due to Dodge-related uncertainty. 
  - Adjusted EBITDA of $5.7 million (43% margin), reflecting CJ's profitability and market leadership. 
  - Secured new customers like Boston Government Services and Saab, with 90%+ retention rate. 
- **Dice performance**: 
  - Revenue down 18% YoY to $18.9 million, bookings down 20% YoY due to multiyear contract renewals at lower rates. 
  - Adjusted EBITDA of $3.4 million (18% margin), with Dice focusing on cost alignment with market conditions. 
  - Dice job applications up 15% YoY to 1.6 million/month, signaling potential recovery. 
- **Market trends**: 
  - Tech job postings up 16% YoY (70% of pre-pandemic levels), with Dice seeing success in consulting, healthcare, and financial services. 
  - AI adoption driving demand for tech talent, with CJ positioned to benefit from GovTech spending. 
  - EU defense spending could create $150B+ opportunities for U.S. contractors, with CJ as key talent acquisition platform. 

**【CFO Financial Commentary】**
- **Cost management**: 
  - Reduced operating expenses by $20 million through 3 restructurings (2023-2025). 
  - Capitalized development costs down 42% YoY to $2 million. 
- **Financial metrics**: 
  - Free cash flow of $88,000 (vs. -$2.4M YoY), with target of 10% of revenue. 
  - Leverage ratio at 0.98x (target 1x), with $33M debt vs. $50.7M deferred revenue. 
  - Share buyback program repurchased 886,000 shares ($2.1M) in Q1. 
- **Guidance**: 
  - Full year revenue $131-135M, 24% adjusted EBITDA margin target. 
  - Q2 revenue expected $32-33M, with focus on controlling costs and free cash flow generation. 

**【Q&A Highlights】**
- **CJ vs Dice margin disparity**: CJ's $700K/revenue per employee vs Dice's $350K, reflecting legacy tech stack costs. 
- **Doge impact**: CJ bookings temporarily stalled in Q1, but large customers renewed at similar rates. 
- **EU defense spending**: Potential $150B+ opportunity for U.S. contractors, with CJ as talent acquisition platform. 
- **Dice recovery**: 70% of Dice churn from <$15k/year customers; Dice bookings beat internal expectations in Q1. 
- **AI investment**: CJ leveraging AI forGovTech solutions, with Dice focusing on modernizing job search experience.

DHI (DHX)-7 May 25-2025 Q1 Earnings call transcript

- **Profitability improvement**: 25% EBITDA margin in 2024 vs 24% prior year, $10M+ cost savings.
- **Brand repositioning**: Separate Dice/CJ leadership driving 93% CJ renewal rate, 77% Dice retention.
- **Product innovation**: Dice self-serve web store (Q4 launch), CJ Verify (Q1), candidate subscriptions (mid-2025).
- **Market recovery signals**: 16% YoY increase in December tech job postings, 22% YoY growth in tech recruiter job postings.
- **Shareholder returns**: $5M buyback program approved, targeting 24% 2025 EBITDA margin.

**【CEO Summary Section】**
- Full year 2024 adjusted EBITDA of $35.3 million (25% margin), up from 24% in 2023.
- Restructured into 2 brands (Dice/ClearanceJobs) with $10 million+ annual cost savings.
- 2025 outlook: $131-135M revenue, 24% EBITDA margin, CJ bookings growth expected.
- Dice job applications +30% YoY to 1.6M/month; new self-serve web store launching Q4.
- CJ Verify and candidate subscription services to launch mid-2025.
- Board approves $5M stock buyback program.

**【CFO Financial Commentary】**
- Q4 2024 revenue $34.8M (-7% YoY), adjusted EBITDA $9.2M (26% margin).
- ClearanceJobs bookings flat YoY, Dice bookings -14% YoY.
- Operating expenses down 2% YoY to $33.1M; capitalized dev costs -23% YoY.
- Free cash flow $1.6M Q4, $7.1M full year (vs $1.1M 2023).
- 2025 capex target $10-11M (vs $13.9M 2024).
- Debt reduced to $32M (0.9x EBITDA), targeting 1.0x leverage.

**【Q&A Key Themes】**
- Dice recovery: 5% 2025 staffing growth forecast vs 7% 2024 decline.
- CJ defense budget stability: 15%+ growth in >$15k ARR accounts.
- Margins: 24% 2025 EBITDA target vs 25% 2024 actual.
- New product monetization: Dice self-serve store beta testing with 30+ customers.
- Liquidity: $3.7M cash + $100M revolver capacity.

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