DHI(DHX) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $36.0 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 $1.5 million, or a loss of $0.03 per diluted share, compared to a net income of $0.5 million, or $0.01 per diluted share, in the same quarter last year[5] - Adjusted EBITDA for Q1 2024 was $8.6 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 $0.0 million in the year-ago quarter[5] - Net income for Q1 2024 was $(1,512) thousand, a decrease of 429% compared to $460 thousand in Q1 2023[32] - Total revenue for Q1 2024 was $36,025 thousand, down 7% from $38,620 thousand in Q1 2023[32] - Adjusted EBITDA for Q1 2024 increased by 6% to $8,569 thousand, compared to $8,054 thousand in Q1 2023[32] - Total bookings for Q1 2024 were $48,776 thousand, a decline of 9% from $53,566 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] - 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 $49,971 thousand at the end of December 2023[40] - Cash at the end of Q1 2024 was $3.2 million, down from $4.2 million at the end of the previous quarter[5] - Cash at the end of Q1 2024 was $3,240 thousand, down from $4,206 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 $38.0 million at the end of the previous quarter[5] - Long-term debt increased to $41,000 thousand as of March 31, 2024, compared to $38,000 thousand at the end of December 2023[28] - The company reported an interest expense of $946 million in Q1 2024, compared to $798 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 $10,414 million in Q1 2023[44] - Depreciation expense for Q1 2024 was $4,456 million, compared to $4,173 million in Q1 2023[44] - Non-cash stock-based compensation decreased to $2,144 million in Q1 2024 from $2,887 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]