Workflow
DHI(DHX) - 2024 Q1 - Quarterly Results
DHXDHI(DHX)2024-05-08 20:18

Financial Performance - Total revenue for Q1 2024 was 36.0million,adecreaseof736.0 million, a decrease of 7% year over year[5] - Total bookings for Q1 2024 were 48.8 million, down 9% year over year[5] - Net loss for Q1 2024 was 1.5million,oralossof1.5 million, or a loss of 0.03 per diluted share, compared to a net income of 0.5million,or0.5 million, or 0.01 per diluted share, in the same quarter last year[5] - Adjusted EBITDA for Q1 2024 was 8.6million,anincreaseof68.6 million, an increase of 6% year over year, with an Adjusted EBITDA Margin of 24%, up from 21% in the prior year[5] - Cash flow from operations was 2.1 million, up from 0.0millionintheyear−agoquarter[5]−NetincomeforQ12024was0.0 million in the year-ago quarter[5] - Net income for Q1 2024 was (1,512) thousand, a decrease of 429% compared to 460thousandinQ12023[32]−TotalrevenueforQ12024was460 thousand in Q1 2023[32] - Total revenue for Q1 2024 was 36,025 thousand, down 7% from 38,620thousandinQ12023[32]−AdjustedEBITDAforQ12024increasedby638,620 thousand in Q1 2023[32] - Adjusted EBITDA for Q1 2024 increased by 6% to 8,569 thousand, compared to 8,054thousandinQ12023[32]−TotalbookingsforQ12024were8,054 thousand in Q1 2023[32] - Total bookings for Q1 2024 were 48,776 thousand, a decline of 9% from 53,566thousandinQ12023[35]CustomerMetrics−TheaverageannualrevenueperrecruitmentpackagecustomerforDiceincreasedby253,566 thousand in Q1 2023[35] Customer Metrics - The average annual revenue per recruitment package customer for Dice increased by 2% to 15,997, while ClearanceJobs saw a 12% increase to 23,050[36]−RenewalrateonrevenueforDicedecreasedto8223,050[36] - Renewal rate on revenue for Dice decreased to 82% in Q1 2024 from 92% in Q1 2023, while ClearanceJobs increased to 98% from 95%[37] - The number of recruitment package customers for Dice decreased by 15% to 5,250, while ClearanceJobs saw a slight decrease of 2% to 2,032[40] Deferred Revenue and Cash Position - Deferred revenue as of March 31, 2024, was 55,716 thousand, an increase of 11% from 49,971thousandattheendofDecember2023[40]−CashattheendofQ12024was49,971 thousand at the end of December 2023[40] - Cash at the end of Q1 2024 was 3.2 million, down from 4.2millionattheendofthepreviousquarter[5]−CashattheendofQ12024was4.2 million at the end of the previous quarter[5] - Cash at the end of Q1 2024 was 3,240 thousand, down from 4,206thousandatthebeginningoftheperiod[28]DebtandInterestExpenses−TotaldebtattheendofQ12024was4,206 thousand at the beginning of the period[28] Debt and Interest Expenses - Total debt at the end of Q1 2024 was 41.0 million, compared to 38.0millionattheendofthepreviousquarter[5]−Long−termdebtincreasedto38.0 million at the end of the previous quarter[5] - Long-term debt increased to 41,000 thousand as of March 31, 2024, compared to 38,000thousandattheendofDecember2023[28]−Thecompanyreportedaninterestexpenseof38,000 thousand at the end of December 2023[28] - The company reported an interest expense of 946 million in Q1 2024, compared to 798millioninQ12023[44]FutureOutlook−Thecompanyexpectstotalrevenueforthefullyear2024todeclineinthelowsingle−digitpercentagerange[6]−ThecompanyanticipatesbookingsperformancetoimproveinQ22024astechhiringreturnstonormallevels[5]−Techjobpostingsincreasedfrom142,000inDecember2023to191,000inMarch2024,indicatingapotentialrecoveryinhiringdemand[4]AdjustedEBITDAandExpenses−Changesinworkingcapitalandothercontributed798 million in Q1 2023[44] Future Outlook - The company expects total revenue for the full year 2024 to decline in the low single-digit percentage range[6] - The company anticipates bookings performance to improve in Q2 2024 as tech hiring returns to normal levels[5] - Tech job postings increased from 142,000 in December 2023 to 191,000 in March 2024, indicating a potential recovery in hiring demand[4] Adjusted EBITDA and Expenses - Changes in working capital and other contributed 573 million to Adjusted EBITDA in Q1 2024, compared to 10,414millioninQ12023[44]−DepreciationexpenseforQ12024was10,414 million in Q1 2023[44] - Depreciation expense for Q1 2024 was 4,456 million, compared to 4,173millioninQ12023[44]−Non−cashstock−basedcompensationdecreasedto4,173 million in Q1 2023[44] - Non-cash stock-based compensation decreased to 2,144 million in Q1 2024 from 2,887millioninQ12023[44]−Thecompanyrecordedanimpairmentofinvestmentof2,887 million in Q1 2023[44] - The company recorded an impairment of investment of 400 million in Q1 2024, with no such expense in Q1 2023[44] - The company provided guidance for Adjusted EBITDA margin but could not reconcile it to GAAP measures due to unpredictability of certain expenses[45]