Dhi Group, Inc. · NYSE:DHX
Dhi — Q1 2026 Earnings Presentation
40 slides from Dhi's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Investor Presentation
NYSE: DHX Q1 2026 Investor Presentation May 5, 2026
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 NYSE: DHX
Listed HQ Year End Diluted Shares Outstanding (Q4 2025) NYSE: Denver, CO December 31 45M 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 7.8M Tech Professionals 2M Tech candidates with Security Clearances Help Companies and Two Online SaaS Business Model Millions of Candidate Recruiters Attract, Recruiting Platforms with approximately Profiles due
Slide 6: DHI Financial Overview
DHI Financial Overview 2025 Annual Results and Five-Year Performance $128M $126M $35M 27% Revenue Bookings1 Adjusted EBITDA2 Adjusted EBITDA Margin2 +2% CAGR3 -1% CAGR3 +8% CAGR3 $21M $14M $30M $11.4M Operating Free Cash Flow2 Debt Share Cash Flow <1.0x Repurchases Leverage4 $68.5M From 2021 –2025 1
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: 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 above the national rate2: 414% Data Scientists and Data Analysts 367% Cybersecurity Analysts and Engineers 297% 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: Innovation and Acquisitions
Innovation and Acquisitions ClearanceJobs "Expand the Mission" • Acquisition of Applicant Tracking System in 2025 • Acquisition of Cleared Staffing Firm in 2026 • Release of Premium Candidate Subscription in 2025 Dice Broadens Access • Self Service Platform released in 2025 • Recruiter marketplace r
Slide 13: Opportunity for ClearanceJobs and Dice
Opportunity for ClearanceJobs and Dice 2025 Revenue 10,000+ $55M, +12% CAGR 1 Cleared employers Subscription clients Growth 100+ 1.7K Cleared Professionals opportunity Marketplace Government agencies 2025 Revenue $73M, -4% CAGR1 80,000+ Commercial accounts Subscription clients Growth 18,000 Tech Can
Slide 14: How do we make money?
How do we make money? Clients Candidates Contracts Engagement Pay for Annual Most have an We strategically limit Don’t Pay to Create Subscription autorenewal clause and profile views and a Profile or Engage Contracts price escalator encourage connections with Recruiters ~90% annual recurring revenue
Slide 15: DHI Group Annual Financial Performance
DHI Group Annual Financial Performance DHI Bookings ($M) 2 DHI Revenue ($M) 2 DHI Adjusted EBITDA ($M) & Adjusted EBITDA 1 Margin 2 -1% CAGR1 2% CAGR 1 $160 8% CAGR $153 $150 $152 $36 $35 $35 $142 $141 $133 $128 $31 $126 $120 27% $26 25% 24% 22% 21% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Slide 16: DHI Group Quarterly Financial Performance
DHI Group Quarterly Financial Performance DHI Bookings ($M) DHI Revenue ($M) DHI Adjusted EBITDA ($M) & Adjusted EBITDA 10% 11% Margin 9% $32 $32 $32 10% 8% 14% $31 $42 $30 9% 19% $38 $10 2% 5% 5% $9 17% $31 $8 $8 10% 12% 19% $27 $7 $25 32% 30% 27% 27% 22% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q
Slide 17: Revenue Stability: Recurring Revenue Model
Revenue Stability: Recurring Revenue Model With a subscription-based business, a large portion of revenue is contracted and booked at the beginning of each year with high predictability as we renew our contracts throughout the year.
Slide 18: DHI Group Cash Flow
DHI Group Cash Flow Quarterly Cash Flow 1 Operating cash flow Capex Cap Dev Operating cash flow, Capex & Cap Dev ($ in millions) Operating cash flow Capex Cap Dev $8.4 $36 $7.2 $6.9 $29 $4.8 $21 $20 $21 $21 $18 $17 $16 $14 $14 $13 $12 $2.2 $2.2 $2.0 $2.0 $1.9 $7 $7 $1.6 $1.5 $1.5 $1.4 $1.6 $1.6 2021
Slide 19: Illustration of DHI Group Free Cash Flow
Illustration of DHI Group Free Cash Flow 1 Adjusted EBITDA to Free Cash Flow 2 Adjusted EBITDA Capex Working capital Interest expense Income taxes Other Free Cash Flow Long term goal to deliver free cash flow at or above 10% of revenue DHI Group Free Cash Flow Sources/ Uses composed of multiple elem
Slide 20: DHI Group Liquidity
DHI Group Liquidity Debt & Cash ($ in millions) Quarterly Liquidity 1 2 Debt Cash $ Shares Repurchased Leverage Ratio $33 $33 1.05 1.00 $30 $30 $30 $38 0.91 0.84 0.85 $32 $30 $30 $23 $24 0.98 $18 $13 0.91 0.90 $11 0.86 0.85 $5 $5 $4 $4 $3 $3 $3 $3 $3 $3 $2 $2 $2 $2 $2 $2 2021 2022 2023 2024 2025 Q1
Slide 21: DHI Group Buyback History
DHI Group Buyback History Shares Outstanding and Share Repurchases1 (shares in thousands) Shares Repurchased Shares Outstanding 48,756 48,217 47,368 46,875 44,460 4,815 4,236 2,814 775 5,495 2021 2022 2023 2024 2025 Shares count down 4.3M shares, of 9%, since 2021 $10M stock repurchase plan in place
Slide 22: Brand Performance
BRAND PERFORMANCE DHi
Slide 23: ClearanceJobs
ClearanceJobs 2025 Revenue 10,000+ $55M, +12% CAGR 1 Cleared employers Cleared Professionals Marketplace Subscription clients Growth 100+ 1.7K opportunity Government agencies 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025.
Slide 24: ClearanceJobs Bookings
ClearanceJobs Bookings ClearanceJobs Bookings by Year ($M) R1 9% CAG $56 $55 $53 2 ClearanceJobs Bookings by Quarter ($M) $48 7% 1% $18 $17 3% $39 $15 0% 7% $12 $12 2021 2022 2023 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ClearanceJobs Bookings CAGR 9% Q1 2026 Bookings for ClearanceJobs up 7% YoY Q1 2
Slide 25: ClearanceJobs Revenue
ClearanceJobs Revenue ClearanceJobs Revenue by Year ($M) 1 AGR 12% C $54 $55 2 $50 ClearanceJobs Revenue by Quarter ($M) $44 1% 1% 5% 3% 1% $35 $14 $14 $14 $14 $13 2021 2022 2023 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ClearanceJobs revenue CAGR 12% ClearanceJobs revenue up +5% YoY in Q1 2026 1 CAGR
Slide 26: ClearanceJobs Adjusted EBITDA and Capex
ClearanceJobs Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.1 $5.9 $6.0 $5.7 $5.7 43% 45% 43% 43% 40% $0.4 $0.5 $0.5 $0.5 $0.5 $0.6 $0.6 $0.3 $0.3 $0.3 Q1 25 Q2 25 Q3 25 Q4 25 Q1 2026 Q1 2026 Adjusted EBITDA
Slide 27: Dice
Dice 2025 Revenue 80,000+ $73M, -4% CAGR 1 Commercial accounts Subscription clients Growth 18,000 Tech Candidate Marketplace 3.8K opportunity Staffing, Recruiting, Consulting Firms 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025
Slide 28: Dice Bookings
Dice Bookings Dice Bookings by Year ($M) -7% CAGR1 $112 2 $100 Dice Bookings by Quarter ($M) $94 $85 20% $25 $71 20% $20 16% 11% 17% $17 $16 $13 2021 2022 2023 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Dice Bookings CAGR -7% Q1 2026 Dice bookings down $5M, or -20% YoY Q1 2026 revenue renewal rate for
Slide 29: Dice Revenue
Dice Revenue Dice Revenue by Year ($M) -4% CAGR1 Dice Revenue by Quarter ($M) 2 $106 $102 $88 $85 18% 18% $73 15% $19 17% $18 $18 $17 17% $16 2021 2022 2023 2024 2025 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Dice Revenue CAGR -4% Dice revenue down -17% YoY in Q1 2026 1 CAGR represents Compound Annual Growth Ra
Slide 30: Dice Adjusted EBITDA and Capex
Dice Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.2 $5.2 $4.2 $4.3 $3.4 34% $1.8 $1.7 30% $1.6 $1.6 28% 23% $1.1 $1.1 $1.0 $1.0 $1.1 $1.0 18% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 2026 Adjusted EBITDA of $4.3M,
Slide 31: Catalysts for Expected Growth
Catalysts for Expected Growth • Built for potential double-digit growth in a “normal” demand environment with ClearanceJobs and Dice Total Addressable Markets • $1 trillion U.S defense budget • Dice Self Service option for small firms with monthly subscription option • CJ as a platform • Acquisition
Slide 32: Why Buy DHX Stock
WHY BUY DHX STOCK DHi
Slide 33: Why Buy DHX Stock
Why Buy DHX Stock* • Strong Adjusted EBITDA margin and free cash flow • 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+ trillion defense budget • Dice is a cyclical busi
Slide 34: Appendix
M Appendix DHi
Slide 35: DHI Group, Inc. Supplemental data - customer data
DHI Group, Inc. Supplemental data - customer data (unaudited) ClearanceJobs Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Bookings1 2(in millions) $ 16.2 $ 10.7 $ 12.3 $ 14.2 $ 17.0 $ 11.5 $ 12.8 $ 14.2 $ 16.8 $ 11.6 $ 12.0 $ 14.6 $ 18.0 1 Re
Slide 36: DHI Group, Inc. Supplemental data - Historical Activity
DHI Group, Inc. Supplemental data – Historical Activity (unaudited) (dollars in millions) DHI Group, Inc. Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q1 26 ClearanceJobs Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q1 26 Revenues $32.3 $32.0 $32.1 $31.4 $127.8 $29.7 Revenues $13.4 $13.6 $13.9 $13.9 $54.8 $14.0 Cost of reven
Slide 37: 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 38: DHI Group, Inc. 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 2021 2022 2023 2024 2025 Cash provided by operating activities $ 28.6 $ 36.0 $ 21.3 $ 21.0 $ 21.1 Interest expense 0.7 1.6 3.5 3.2 2.5 Amortization of deferred financing c
Slide 39: DHI Group, Inc. 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 Q1 2021 2022 2023 2024 2025 2026 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (29.7) $ 4.2 $ 3.5 $ 0.3 $ (13.5) $ 1.5 Interest Expense 0.7 1.
Slide 40: DHI Group, Inc. Supplemental data - non-GAAP
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 2025 2025 2025 2025 2025(1) 2026 Reconciliation of Income (Loss) before income taxes to Adjusted EBITDA Income (Loss) Before Income Taxes $ 4.5 $ 4.6 $ 5.0 $ 4.4 $ 18.5 $ 4.5 Depreci