Dhi Group, Inc. · NYSE:DHX
Dhi — Q2 2025 Earnings Presentation
41 slides from Dhi's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Investor Presentation
NYSE: DHX Q2 2025 Investor Presentation August 6, 2025
Slide 2: Forward looking statements
Forward looking statements This presentation 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 R
Slide 3: Listed, HQ, Year End, Diluted Shares Outstanding
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 7.5M 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 $72M From 2020 – Q2 2025 1 See d efinition of book i
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 ha
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: 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 above the national rate2: 2 304% Data Scientists and Data Analysts 267% Cybersecurity Analysts and Engineers 225% Software Developers and E
Slide 11: 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 12: 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 13: Opportunity for ClearanceJobs and Dice
Opportunity for ClearanceJobs and Dice 2024 Revenue1 10,000+ $54M, +16% CAGR2 Cleared employers Cleared Professionals Subscription clients Growth opportunity 100+ Marketplace 1.9K Government agencies 2024 Revenue1 $88M, +2% CAGR2 80,000+ Commercial accounts 18,000 Subscription clients Growth Tech Ca
Slide 14: How do we make money?
How do we make money? Clients Candidates Contracts Engagement Pay for Annual Don’t Pay to Create a Most have an We strategically limit Subscription Profile or Engage autorenewal clause and profile views and Contracts with Recruiters price escalator encourage connections 90%+ annual recurring revenue
Slide 15: DHI Group Annual Financial Performance
DHI Group Annual Financial Performance 2 2 2 1 CAGR represents Compound Annual Growth Rate, in dollars, from 2020 to 2024. 2 I n June 2021, the Co mpany transferred majority ownership and control o f its eFinancialCareers (“eFC”) b usiness to eFC’s man agement. Boo kings, revenue and Adjusted EBITD
Slide 16: DHI Group Quarterly Financial Performance
DHI Group Quarterly Financial Performance 7% 6% 7% 8% 14% 3% 9% 10% 11% 5% 9% 19% 7% 7% 10% Percentages, other than Adjusted EBITDA Margin, reflect y ear-over-year perfo rmance changes.
Slide 17: 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 18: DHI Group Cash Flow
DHI Group Cash Flow 1 Operating cash flows in Q2 2025 were $6.9M Capitalized development costs comprise approximately 90% of capex and cap dev is trending down 1 Cap Dev refers to capitalized develo pment c osts from bo th internal labor and external vendors incurred from build ing new products and
Slide 19: Illustration of DHI Group Free Cash Flow
Illustration of DHI Group Free Cash Flow 1 2 Long term goal to deliver free cash flow at 10% of Revenue DHI Group Free Cash Flow Sources/ Uses composed of multiple elements, with Capex being the primary driver Reduced product development technology costs will result in lower capex spend in 2025 1. E
Slide 20: DHI Group Liquidity
DHI Group Liquidity 1 2 Q2 2025 cash of $3M, debt of $30M, leverage ratio of 0.90 $72M in shares repurchased since 2020 1. Includes shares repurchased under an appro ved stock repurc hase plan and shares rep urchased p ursuant to our equity aw ard pl an as shares withheld for employee taxes from the
Slide 21: DHI Group Buyback History
DHI Group Buyback History Shares Outstanding and Share Repurchases1 (shares in thousands) Shares outstanding generally decreasing from share repurchase programs $5M stock repurchase plan in place through February 2026 Shares repurchased outpacing equity grants to employees and directors, offsetting
Slide 22: Brand Performance
BRAND PERFORMANCE DHi
Slide 23: ClearanceJobs
ClearanceJobs 2024 Revenue1 10,000+ Cleared Professionals $54M, +16% CAGR2 Cleared employers Marketplace Subscription clients Growth opportunity 100+ 1.9K Government agencies 1 We had previously disclosed that career events were recorded w ithin Dice. Career events have been reclassified between Cle
Slide 24: ClearanceJobs Bookings
ClearanceJobs Bookings 1 3 1% 0% 4% 8% 0% ClearanceJobs Bookings CAGR 15% Q2 2025 Bookings for ClearanceJobs was flat YoY Q2 2025 revenue renewal rate for ClearanceJobs at 87% Q2 2025 revenue retention rate for ClearanceJobs at 103% 1 We had previously disclosed that career events were recorded w it
Slide 25: ClearanceJobs Revenue
ClearanceJobs Revenue 1 3 7% 8% 7% 1% 3% ClearanceJobs revenue CAGR 16% ClearanceJobs revenue up +1% YoY in Q2 2025 1 We had previously disclosed that career events were recorded w ithin Dice. Career events have been reclassified between Clea ranceJobs and Dice based on the nature o f the event for
Slide 26: ClearanceJobs Adjusted EBITDA and Capital Expenditures
ClearanceJobs Adjusted EBITDA and Capital Expenditures ($ in millions) 1 Q2 2025 Adjusted EBITDA at $6.1M, or a margin of 45%. Strong Adjusted EBITDA conversion to cash with low cap dev. Capex primarily consists of cap dev. 1 Cap Dev refers to capitalized development costs from both internal labor a
Slide 27: Dice
Dice 2024 Revenue1 80,000+ $88M, +2% CAGR2 Commercial accounts Tech Candidate Subscription clients Growth opportunity 18,000 Marketplace 4.4K Staffing, Recruiting, Consulting Firms 1 We had previously disclosed that career events were recorded w ithin Dice. Career events have been reclassified betwe
Slide 28: Dice Bookings
Dice Bookings 1 3 20% 14% 15% 15% 16% Dice Bookings CAGR 2% Q2 2025 Dice bookings down $3M, or -16% YoY Q2 2025 revenue renewal rate for Dice at 75% Q2 2025 revenue retention rate for Dice at 102% 1 We had previously disclosed that career events were recorded within Dice. Career events have been rec
Slide 29: Dice Revenue
Dice Revenue 1 3 14% 12% 14% 18% 18% Dice Revenue CAGR 2% Dice revenue down -18% YoY in Q2 2025 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between Clea ranceJobs and Dice based on the nature o f the event for all p eriods presente
Slide 30: Dice Adjusted EBITDA and Capital Expenditures
Dice Adjusted EBITDA and Capital Expenditures ($ in millions) 1 Q2 2025 Adjusted EBITDA of $4.2M, a margin of 22.6%. Cap dev declining, improving Adjusted EBITDA conversion to cash. Capex primarily consists of cap dev. 1 Cap Dev refers to capitalized development costs from both internal labor and ex
Slide 31: 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 • Expansion of Dice transactional services • CJ + Dice new r
Slide 32: 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 33: Why Buy DHX Stock
WHY BUY DHX STOCK DHi
Slide 34: Why Buy DHX Stock
Why Buy DHX Stock • SaaS business with market cap of <1x revenue and <4x 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 35: Appendix
M Appendix DHi
Slide 36: Supplemental data - customer data
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 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 $ 14.2 $ 16
Slide 37: Supplemental data - Historical Activity
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 ClearanceJobs Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Revenues $36.0 $35.8 $35.3 $34.8 $141.9 $32.3 32.0 Revenues $13.0 $1
Slide 38: 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 39: Supplemental data - non-GAAP
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 40: Supplemental data - non-GAAP
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 2020 2021 2022 2023 2024 2024 2024 2024 2024 2025 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (30.0) $ (29.7) $ 4.2 $
Slide 41: Supplemental data - non-GAAP
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 2024 2024 2024 2024 2024 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 $ 4.5 $