DHI(DHX) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $35.8 million, a decrease of 7% year over year[2] - Net income was $0.9 million, or $0.02 per diluted share, compared to a net loss of $0.1 million in the same quarter last year[2] - Adjusted EBITDA was $9.0 million, up 3% year over year, with an Adjusted EBITDA Margin of 25%, up from 23% in the prior year[2] - Cash flow from operations increased by 12% to $9.1 million compared to $8.1 million in the year-ago quarter[2] - Revenue for Q2 2024 was $35,833, a decrease of 7% from $38,538 in Q2 2023[21] - Net income for Q2 2024 was $943, compared to a loss of $127 in Q2 2023, representing a significant turnaround[21] - Operating income for Q2 2024 was $2,003, compared to a loss of $29 in Q2 2023[21] - Total operating expenses decreased to $33,830 in Q2 2024 from $38,567 in Q2 2023, a reduction of approximately 12%[21] - Cash flows from operating activities for Q2 2024 were $9,063, up from $8,066 in Q2 2023[23] - The company reported a diluted earnings per share of $0.02 for Q2 2024, compared to no earnings per share in Q2 2023[21] - Total revenue for YTD 2024 was $71,858, a decrease of 7% compared to $77,158 in YTD 2023[30] - YTD net income for 2024 was a loss of $569,000, compared to a profit of $333,000 in YTD 2023[38] - Adjusted EBITDA YTD for 2024 was $17,541,000, compared to $16,799,000 in YTD 2023[38] Revenue Breakdown - ClearanceJobs revenue increased by 8% year over year to $13.3 million, while Dice revenue decreased by 14% to $22.6 million[2] - ClearanceJobs revenue increased by 8% to $13,277 in Q2 2024 from $12,266 in Q2 2023[29] - Dice revenue decreased by 14% to $22,556 in Q2 2024 from $26,272 in Q2 2023[29] - Total bookings for Q2 2024 were $29,987, down 7% from $32,303 in Q2 2023[31] - Average annual revenue per recruitment package customer for Q2 2024 increased to $24,275, a 16% increase from $20,842 in Q2 2023[32] Future Projections - The company expects Q3 2024 bookings to decline by 4% to 6% year over year, with total revenue for the full year projected to decline in the mid single-digit percentage range[4] - The company aims for an Adjusted EBITDA margin of 24% for the full year 2024[4] Assets and Liabilities - Total debt at the end of the quarter was $35.0 million, down $8.0 million from the previous year[2] - Total assets as of June 30, 2024, were $224,385, a slight decrease from $225,202 as of December 31, 2023[25] - Total liabilities decreased to $114,562 as of June 30, 2024, from $117,660 as of December 31, 2023[26] Operational Metrics - The company has 8.5 million technologist profiles and proprietary tech skills mapping tools to support employers in tech hiring[3] - The renewal rate on revenue for ClearanceJobs in Q2 2024 was 96%, up from 90% in Q2 2023[33] - Deferred revenue as of June 30, 2024, was $52,268, reflecting a 5% increase from $49,971 at the end of 2023[34] - The backlog as of June 30, 2024, was $110,305, a 2% increase from $108,097 at the end of 2023[34] - The number of recruitment package customers for ClearanceJobs decreased to 2,009, down 3% from 2,069 in June 2023[34] Non-GAAP Measures - Non-GAAP earnings per share for Q2 2024 was $0.06, consistent with Q2 2023[35] - The company is unable to provide a reconciliation of expected Adjusted EBITDA margin to its nearest GAAP measure due to the unpredictability of certain financial impacts[40] Costs and Expenses - Interest expense for Q2 2024 was $845,000, slightly down from $879,000 in Q2 2023[37] - The company incurred severance and related costs of $223,000 in Q2 2024, compared to $100,000 in Q2 2023[37]