Dhi Group, Inc. · NYSE:DHX
Dhi — Q3 2025 Earnings Presentation
43 slides from Dhi's earnings presentation, Nov 10, 2025
Slide 1: Q3 2025 Investor Presentation
NYSE: DHX Q3 2025 Investor Presentation November 10, 2025
Slide 2: Forward looking statements
Forward looking statements This presenation and oral statements made from time to time by our representatives contain forward- revolving credit facility or refinance our indebtedness, restrictions on our current and future looking statements within the meaning of the Private Securities Litigation Re
Slide 3: Listed NYSE: DHX (2007)
Listed HQ Year End Diluted Shares Outstanding (Q4 2024) NYSE: Denver, CO December 31 46M DHX (2007) Est. 1990
Slide 4: DHI Group owns ClearanceJobs and Dice
DHI Group owns ClearanceJobs and Dice, which are platforms for finding and engaging with top tech talent, including engineers, software developers, data scientists, cybersecurity experts, professionals with AI skills and more. With over 9 million tech professional profiles on our two platforms, we u
Slide 5: DHI Group: Two-Sided Marketplaces
DHI Group: Two-Sided Marketplaces Tech Companies and Professional Recruiters Candidates 7.6M Tech Professionals 1.9M Tech candidates with Security Clearances Help Companies and Two Online SaaS Business Model Millions of Candidate Recruiters Attract, Recruiting Platforms with approximately Profiles d
Slide 6: DHI Financial Overview
DHI Financial Overview 2024 Annual Results and Five-Year Performance $142M $141M $35M 25% Revenue Bookings1 Adjusted EBITDA2 Adjusted EBITDA Margin2 +6% CAGR3 +6% CAGR3 +12% CAGR3 $21M $14M $32M $2M Operating Capex Debt Share Cash Flow Repurchases $74M From 2020 – Q3 2025 1 See definition of booking
Slide 7: DHI Offers Candidates that Cannot Be Found Elsewhere
DHI Offers Candidates that Cannot be Found Elsewhere • Many active Dice tech professionals are not • LinkedIn has no profile field for government found on generalist sites like ZipRecruiter, clearance Indeed or LinkedIn. • Government workers and contractors have • In cases where competitors do have
Slide 8: Compelling ROI for Companies
Compelling ROI for Companies “Dice has paid for itself already as we made one hire that we could not find anywhere else.” American National Insurance Tech Professionals are very expensive. Most recruiters charge between 20-25% of the first-year salary of a candidate they place. Dice and CJ charge be
Slide 9: Forbes Claims Dice is the #1 Tech Job Resource
Forbes Claims Dice is the #1 Tech Job Resource Source: Forbes: The Go-To Job Boards for Tech and IT Job Seekers, July 19, 2024
Slide 10: EU Defense Spending Benefits U.S. GovTech Market
EU Defense Spending Benefits U.S. GovTech Market Historically, over 60% of EU defense procurement spending have been allocated to U.S.- based defense contractors. • The proposed $1.1 trillion U.S. defense budget for 2026 marks the largest single-year increase in peacetime history. • Additionally, NA
Slide 11: Tech Workforce Growth
Tech Workforce Growth Over the next ten years, the tech workforce is projected to grow twice as fast as the overall U.S. workforce1. Projected tech growth rates 2 Projected tech population growth rate above the national rate2: 7.1M 304% Data Scientists and Data Analysts 267% Cybersecurity Analysts a
Slide 12: Data Suggests AI Could Have a Positive Impact on Tech Hiring
Data Suggests AI Could Have a Positive Impact on Tech Hiring Employment projections for selected occupations susceptible to potential artificial intelligence impacts, Increased AI usage in white-collar industries is 2023 - 33 positively correlated with employment growth Source: Census Bureau, Bureau
Slide 13: What's inside our profiles leads to better tech hires
What’s inside our profiles leads to better tech hires Visible Profiles Include: • Name • Resume • Job Title • Work Authorization • Work Preference • At Least 5 Skills • Location • Email • Clearance Level (ClearanceJobs)
Slide 14: Demonstrating ROI for Clients
Demonstrating ROI for Clients ClearanceJobs: To Leidos, ClearanceJobs is more than a vendor Results: Leidos: ClearanceJobs customer for 10 years. Purchased additional database seats, career • Great response time contacting cleared candidates events and media programs since 2014 • Carry ClearanceJobs
Slide 15: Opportunity for ClearanceJobs and Dice
Opportunity for ClearanceJobs and Dice 2024 Revenue1 10,000+ $54M, +16% CAGR 2 Cleared employers Subscription clients Growth 100+ 1.8K Cleared Professionals opportunity Marketplace Government agencies 2024 Revenue1 $88M, +2% CAGR2 80,000+ Commercial accounts Subscription clients Growth 18,000 Tech C
Slide 16: How do we make money?
How do we make money? Clients Candidates Contracts Engagement Pay for Annual Most have an We strategically limit Don’t Pay to Create Subscription autorenewal clause and profile views and a Profile or Engage Contracts price escalator encourage connections with Recruiters 90%+ annual recurring revenue
Slide 17: DHI Group Annual Financial Performance
DHI Group Annual Financial Performance 2 DHI Bookings ($M) DHI Revenue2($M) DHI Adjusted EBITDA ($M) & Adjusted EBITDA 1 6% CAGR 2 Margin 1 $160 R 6% CAG R1 $153 $152 12% CAG $150 $36 $141 $35 $142 $133 $31 $120 $110 $111 $26 25% $23 24% 22% 21% 20% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 18: DHI Group Quarterly Financial Performance
DHI Group Quarterly Financial Performance DHI Bookings ($M) DHI Revenue ($M) DHI Adjusted EBITDA ($M) & Adjusted EBITDA Margin 6% 7% 14% $35 $35 10% 11% 9% $42 19% $32 $32 $32 8% 9% $10 9% $33 $9 $9 5% 7% 10% 19% $8 $29 12% $27 $7 $25 32% 26% 27% 24% 22% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1
Slide 19: Revenue Stability: Recurring Revenue Model
Revenue Stability: Recurring Revenue Model With a subscription-based business, a large portion of revenue is contracted and booked at the beginning of each year with high predictability as we renew our contracts throughout the year.
Slide 20: DHI Group Cash Flow
DHI Group Cash Flow Quarterly Cash Flow 1 Operating cash flow Capex Cap Dev Operating cash flow, Capex & Cap Dev ($ in millions) Operating cash flow Capex Cap Dev $6.9 $36 $5.5 $29 $4.8 $4.4 $21 $20 $21 $19 $18 $3.2 $3.1 $16 $17 $16 $2.8 $2.7 $15 $14 $14 $13 $12 $2.2 $2.2 $2.0 $2.0 $1.9 $1.6 $1.5 20
Slide 21: Illustration of DHI Group Free Cash Flow
Illustration of DHI Group Free Cash Flow 1 Adjusted EBITDA to Free Cash Flow 2 Adjusted EBITDA Capex Working capital Interest expense Income taxes Other Free Cash Flow Long term goal to deliver free cash flow at 10% of Revenue DHI Group Free Cash Flow Sources/ Uses composed of multiple elements, wit
Slide 22: DHI Group Liquidity
DHI Group Liquidity Debt & Cash ($ in millions) Quarterly Liquidity 1 2 Debt Cash $ Shares Repurchased Leverage Ratio $33 1.05 $32 $32 1.00 $30 $30 $38 0.91 0.84 $32 0.72 $30 $23 $24 $20 0.98 $18 $13 0.91 $11 0.90 $8 0.88 0.86 $4 $4 $4 $3 $3 $3 $2 $2 $2 $2 $2 $2 $2 $— $— 2020 2021 2022 2023 2024 Q3
Slide 23: DHI Group Buyback History
DHI Group Buyback History Shares Outstanding and Share Repurchases1 (shares in thousands) Shares Repurchased Shares Outstanding 51,219 48,756 48,217 47,368 47,350 46,875 4,422 4,815 4,236 2,814 775 2,567 2020 2021 2022 2023 2024 YTD 2025 Shares outstanding generally decreasing from share repurchase
Slide 24: Brand Performance
BRAND PERFORMANCE DHi
Slide 25: ClearanceJobs
ClearanceJobs 2024 Revenue1 10,000+ $54M, +16% CAGR 2 Cleared employers Cleared Professionals Marketplace Subscription clients Growth 100+ 1.8K opportunity Government agencies 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between Cle
Slide 26: ClearanceJobs Bookings
ClearanceJobs Bookings 1 ClearanceJobs Bookings by Year ($M) 2 $56 AGR 3 15% C $53 ClearanceJobs Bookings by Quarter ($M) $48 1% $17 0% $39 4% $14 $13 0% 7% $32 $12 $12 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2020 2021 2022 2023 2024 ClearanceJobs Bookings CAGR 15% Q3 2025 Bookings for ClearanceJobs down $1M
Slide 27: ClearanceJobs Revenue
ClearanceJobs Revenue ClearanceJobs Revenue1 by Year ($M) $54 3 2 ClearanceJobs Revenue by Quarter ($M) AGR $50 16% C $44 8% 7% 1% 1% $35 $14 $14 3% $14 $14 $30 $13 2020 2021 2022 2023 2024 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ClearanceJobs revenue CAGR 16% ClearanceJobs revenue up +1% YoY in Q3 2025 1 We
Slide 28: ClearanceJobs
ClearanceJobs Adjusted EBITDA and Capital Expenditures ($ in millions) 1 Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.3 $6.4 $6.1 $5.9 $5.7 46% 46% 45% 43% 43% $0.6 $0.6 $0.5 $0.5 $0.4 $0.4 $0.5 $0.5 $0.3 $0.3 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 2025 Adjusted EBITDA at $5.9M, or a margin of
Slide 29: Dice
Dice 2024 Revenue1 80,000+ $88M, +2% CAGR 2 Commercial accounts Subscription clients Growth 18,000 Tech Candidate Marketplace 4.2K opportunity Staffing, Recruiting, Consulting Firms 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified betwe
Slide 30: Dice Bookings
Dice Bookings Dice Bookings by Year ($M) 1 2 2% CAGR $112 3 Dice Bookings by Quarter ($M) $100 $94 20% $85 $25 $78 14% $19 15% 16% $16 $16 17% $13 2020 2021 2022 2023 2024 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Dice Bookings CAGR 2% Q3 2025 Dice bookings down $3M, or -17% YoY Q3 2025 revenue renewal rate for
Slide 31: Dice Revenue
Dice Revenue 1 Dice Revenue by Year ($M) 2 2% CAGR 3 Dice Revenue by Quarter ($M) $106 $102 $88 $85 $81 12% 14% $21 $21 18% 18% 15% $19 $18 $18 2020 2021 2022 2023 2024 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Dice Revenue CAGR 2% Dice revenue down -15% YoY in Q3 2025 1 We had previously disclosed that career
Slide 32: Dice
Dice Adjusted EBITDA and Capital Expenditures ($ in millions) 1 Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.2 $4.8 $4.3 $4.2 $4.0 $3.4 $2.7 $2.6 $2.7 $2.5 $2.4 34% $2.2 $1.7 $1.6 $1.7 $1.6 23% $1.1 $1.1 22% 21% 19% 18% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 2025 Adjusted EBITDA of $6.2M,
Slide 33: Catalysts for Expected Growth
Catalysts for Expected Growth • Built for potential double-digit growth in a “normal” demand environment with Dice and ClearanceJobs Total Addressable Markets • Annual contract value expansion through subscription packages price escalators • Dice Digital Experience (DX) increases efficiency and expa
Slide 34: AgileATS Acquisition
AgileATS Acquisition • Applicant Tracking System (ATS) features deepen CJ's reach across the full talent acquisition lifecycle • Further solidifies CJ as essential tool for recruiting cleared talent in the GovTech space • Immediate opportunity to offer ATS to 1,500+ existing CJ customers, bundled wi
Slide 35: Why Buy DHX Stock
WHY BUY DHX STOCK DHi
Slide 36: Why Buy DHX Stock
Why Buy DHX Stock • SaaS business with market cap of <1x revenue and <3x Adjusted EBITDA • 26%+ Adjusted EBITDA margin • Both CJ and Dice have brand recognition; approximately 90% annual recurring revenue • CJ historically has minimal economic cycles or competition and anticipated tailwind from $1.1
Slide 37: Appendix
M Appendix DHi
Slide 38: DHI Group, Inc.
DHI Group, Inc. Supplemental data - customer data (unaudited) ClearanceJobs Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Bookings1 2(in millions) $ 14.2 $ 9.9 $ 11.8 $ 12.4 $ 16.2 $ 10.7 $ 12.3 $ 14.2 $ 17.0 $ 11.5 $ 12.8 $ 1
Slide 39: DHI Group, Inc.
DHI Group, Inc. Supplemental data – Historical Activity (unaudited) (dollars in millions) DHI Group, Inc. Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 ClearanceJobs Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenues $36.0 $35.8 $35.3 $34.8 $141.9 $32.3 32.0 3
Slide 40: Notes regarding the use of non-GAAP financial measures and guidance
Notes regarding the use of non-GAAP financial measures and guidance Notes Regarding the Use of Non-GAAP Financial Measures The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or alternatives t
Slide 41: DHI Group, Inc.
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) (Dollars in millions) Full Year Full Year Full Year Full Year Full Year 2020 2021 2022 2023 2024 Cash provided by operating activities $ 18.7 $ 28.6 $ 36.0 $ 21.3 $ 21.0 Interest expense 1.0 0.7 1.6 3.5 3.2 Amortization of deferred financing c
Slide 42: DHI Group, Inc.
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) (Dollars in millions) Full Year Full Year Full Year Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2020 2021 2022 2023 2024 2024 2024 2024 2024 2025 2025 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (30.0) $ (29.7)
Slide 43: DHI Group, Inc.
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2024 2024 2024 2024 2024 2025 2025 2025 Reconciliation of Income (Loss) before income taxes to Adjusted EBITDA Income (Loss) Before Income Taxes $ 4.4 $ 4.9 $ 5.3 $ 5.4 $ 20.1