DHI Group, Inc. · NYSE:DHX
DHI — Q3 2026 Earnings Presentation
43 slides from DHI's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Investor Presentation
NYSE: DHX Q3 2026 Investor Presentation November 4, 2026 1
Slide 2: Forward looking statements
Forward looking statements This presentation and oral statements made from time to time by our representatives contain forward- current and future operations under such indebtedness, development and use of artificial looking statements within the meaning of the Private Securities Litigation Reform A
Slide 3: Listing, HQ and year end facts
Listed HQ Year End Weighted Avg. Diluted Shares Outstanding (Q3 2026) NYSE: Denver CO December 31 42M DHX (2007) Est. 1990 Throughout this document, the Company references certain non-GAAP Financial Measures (free cash flow, adjusted EBITDA and Adjusted EBITDA margin) and Financial Metrics (bookings
Slide 4: DHI Group owns ClearanceJobs and Dice
DHI Group owns ClearanceJobs and Dice, which are software 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 platfo
Slide 5: Why DHX, Why Now?
Why DHX, Why Now? A high-margin recurring revenue business, a growing defense/cleared-talent franchise, and identifiable catalysts for Dice to return to cyclical growth ~90% $55M 41% Recurring revenue ClearanceJobs 2025 revenue CJ Q3 2026 Adj. EBITDA margin High revenue visibility $1T U.S. defense b
Slide 6: Two Stories Inside One Ticker
Two Stories Inside One Ticker ClearanceJobs is the growth asset. Dice is the cash-generative recovery option. ClearanceJobs — Core Growth Asset Dice — Cyclical Recovery & Cash Option 2025 Revenue: $55M 2025 Revenue: $73M 5-Year Revenue CAGR: +12% 5-Year Revenue CAGR: -4% Q3 2026 revenue: +18% YoY Q3
Slide 7: Why Our Brands Win
WHY OUR BRANDS WIN DHi
Slide 8: 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 9: 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 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: AI Job Posting Trend
AI Job Posting Trend Tech Jobs Requiring AI/ML or NLP Skills 250,000 +94% YOY +108% YOY 200,000 +70% YOY 150,000 100,000 50,000 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 10 Source: Lightcast October 2026
Slide 12: The Economist States AI Jobs Are Booming
The Economist States AI Jobs Are Booming 11 Source: The Economist, The Jobs Apocalypse is Postponed, September 12, 2026
Slide 13: Large TAMs for ClearanceJobs and Dice
Large TAMs for ClearanceJobs and Dice 2025 Revenue 10,000+ $55M, +12% CAGR Cleared employers Subscription clients Growth 100+ 1.8K Cleared Professionals opportunity Marketplace Government agencies 2025 Revenue $73M, -4% CAGR 80,000+ Commercial accounts Subscription clients Growth 18,000 Tech Candida
Slide 14: Financial Model: Free Cash Flow Generation
FINANCIAL MODEL FREE CASH FLOW GENERATION 13
Slide 15: Revenue Stability: Recurring Revenue Model
Revenue Stability: Recurring Revenue Model With a subscription-based business, a large portion of revenue is contracted and booked at the beginning of each year with high predictability as we renew our contracts throughout the year. 14
Slide 16: Illustration of DHI Group Free Cash Flow
Illustration of DHI Group Free Cash Flow 1 Adjusted EBITDA to Free Cash Flow 2 Adjusted EBITDA Capex Working capital Interest expense Income taxes Other Free Cash Flow Long term goal to deliver free cash flow at or above 10% of revenue DHI Group Free Cash Flow Sources/ Uses composed of multiple elem
Slide 17: DHI Group Cash Flow
DHI Group Cash Flow Quarterly Cash Flow Operating cash flow Capex Cap Dev Operating cash flow, Capex & Cap Dev ($ in millions) Operating cash flow Capex Cap Dev $8.4 $36 $7.2 $7.2 $29 $6.1 $4.8 $21 $20 $21 $21 $18 $17 $16 $14 $14 $13 $12 $1.9 $7 $7 $1.6 $1.5 $1.5 $1.4 $1.6 $1.6 $1.6 $1.6 $1.6 2021 2
Slide 18: Free Cash Flow Inflection
Free Cash Flow Inflection Cap dev down, cash conversion up — as we target a 10%+ free cashflow ("FCF") conversion $13.8M $13.9M → $1.9M 10%+ $7.3M 2025 Free Cash Flow Capex: 2024 vs. 2025 Q3 2026 Capex Long-term FCF conversion goal Why this matters for the equity story: • Capitalized development cos
Slide 19: Capital Allocation Scorecard
Capital Allocation Scorecard Management is shrinking the share count while maintaining low leverage. 22M1 $79M 8.7M Shares repurchased since 2021 Total capital returned via share repurchases Net share-count reduction since 2021 (~17%) $10M 0.86x 17%+ Authorized buyback through Feb 2027 Leverage rati
Slide 20: Final Considerations
FINAL CONSIDERATIONS DHi
Slide 21: Why Buy DHX
Why Buy DHX Niche vertical marketplaces ClearanceJobs defense tailwind 1 Proprietary candidate data that competitors can't easily replicate. 2 Cleared-talent, cybersecurity, and AI demand structurally rising. ~90% recurring revenue 28% Q3 Adj. EBITDA margin 3 Visibility on full-year revenue at the s
Slide 22: Appendix
M Appendix DHi
Slide 23: Financial Performance
FINANCIAL PERFORMANCE DHi
Slide 24: DHI Group Annual Financial Performance
DHI Group Annual Financial Performance DHI Bookings ($M)1 DHI Revenue ($M)1 DHI Adjusted EBITDA ($M) & Adjusted EBITDA Margin1 -1% CAGR 2% CAGR $160 8% CAGR $153 $150 $152 $36 $35 $35 $142 $141 $133 $128 $31 $126 $120 27% $26 25% 24% 22% 21% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 202
Slide 25: DHI Group Quarterly Financial Performance
DHI Group Quarterly Financial Performance DHI Bookings ($M) DHI Revenue ($M) DHI Adjusted EBITDA ($M) & Adjusted EBITDA 9% 9% Margin 0% $38 10% 8% 2% $32 $32 $31 $31 $30 5% 19% $31 2% $10 13% 10% 2% 12% $28 $28 $9 $9 17% 2% $25 $8 $8 32% 30% 27% 27% 28% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 2
Slide 26: DHI Group Liquidity
DHI Group Liquidity Debt & Cash ($ in millions) Quarterly Liquidity 1 Debt Cash $ Shares Repurchased Leverage Ratio $33 1.05 $32 1.00 $30 $30 $30 $38 0.91 0.84 0.85 $32 $30 $30 $23 $24 $18 $13 0.91 $11 0.89 0.86 0.86 0.85 $5 $5 $4 $4 $4 $4 $3 $3 $3 $3 $3 $2 $2 $2 $2 $2 2021 2022 2023 2024 2025 Q3 25
Slide 27: 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 8.7M shares, or 17%, since January 2021 $10M stock repurchase plan
Slide 28: Brand Performance
BRAND PERFORMANCE DHi
Slide 29: ClearanceJobs
ClearanceJobs 2025 Revenue 10,000+ Cleared Professionals $55M, +12% CAGR Cleared employers Marketplace Subscription clients Growth 100+ 1.8K opportunity Government agencies 28
Slide 30: ClearanceJobs Bookings
ClearanceJobs Bookings ClearanceJobs Bookings by Year ($M) R 9% CAG $56 $55 $53 ClearanceJobs Bookings by Quarter ($M) 1 $48 7% $18 32% $39 3% $16 24% $15 7% $14 $12 2021 2022 2023 2024 2025 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ClearanceJobs bookings CAGR 9% Q3 2026 bookings for ClearanceJobs up 32% YoY Q3
Slide 31: ClearanceJobs Revenue
ClearanceJobs Revenue ClearanceJobs Revenue by Year ($M) AGR 12% C $54 $55 1 ClearanceJobs Revenue by Quarter ($M) $50 $44 18% 14% $17 1% 5% $16 1% $35 $14 $14 $14 2021 2022 2023 2024 2025 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ClearanceJobs revenue CAGR 12% ClearanceJobs revenue up +18% YoY in Q3 2026 1 Per
Slide 32: ClearanceJobs Adjusted EBITDA and Capex
ClearanceJobs Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.7 $5.9 $6.0 $6.0 $5.7 43% 43% 41% 40% 39% $0.6 $0.6 $0.7 $0.6 $0.8 $0.7 $0.5 $0.5 $0.5 $0.5 Q3 25 Q4 25 Q1 2026 Q2 26 Q3 26 Q3 2026 Adjusted EBITDA
Slide 33: Dice
Dice 2025 Revenue 80,000+ $73M, -4% CAGR Commercial accounts Subscription clients Growth 18,000 Tech Candidate Marketplace 3.5K opportunity Staffing, Recruiting, Consulting Firms 32
Slide 34: Dice Bookings
Dice Bookings Dice Bookings by Year ($M) -7% CAGR $112 Dice Bookings by Quarter ($M) 1 $100 $94 20% $85 $20 11% $71 17% $17 14% 9% $13 $13 $12 2021 2022 2023 2024 2025 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Dice bookings CAGR -7% Q3 2026 Dice bookings down -9% YoY Q3 2026 revenue renewal rate for Dice at 67%
Slide 35: Dice Revenue
Dice Revenue Dice Revenue by Year ($M) -4% CAGR Dice Revenue by Quarter ($M) 1 $106 $102 $85 $88 $73 15% 17% $18 $17 17% 14% 13% $16 $16 $16 2021 2022 2023 2024 2025 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Dice revenue CAGR -4% Dice revenue down -13% YoY in Q3 2026 1 Percentage represents the change versus th
Slide 36: Dice Adjusted EBITDA and Capex
Dice Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin $6.2 $5.2 $4.3 $4.2 $4.0 34% 30% 28% 26% 25% $1.1 $1.1 $1.0 $1.0 $1.1 $1.0 $0.9 $0.9 $1.1 $0.9 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 2026 Adjusted EBITDA of $4.0M,
Slide 37: Supplemental data - customer data
DHI Group, Inc. Supplemental data - customer data (unaudited) ClearanceJobs Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Bookings (in millions) $ 17.0 $ 11.5 $ 12.8 $ 14.2 $ 16.8 $ 11.6 $ 12.0 $ 14.6 $ 18.0 $ 14.3 $ 15.8 Revenues (in millions) $ 13.0 $ 13.5
Slide 38: 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 Q2 26 Q3 26 ClearanceJobs Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q1 26 Q2 26 Q3 26 Revenues $32.3 $32.0 $32.1 $31.4 $127.8 $29.7 $31.3 $32.2 Revenues $13.4 $13.6 $
Slide 39: Notes regarding the use of non-GAAP financial measures
Notes regarding the use of non-GAAP financial measures 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 to, measures i
Slide 40: Notes regarding financial metric definitions
Notes regarding financial metric definitions Bookings Bookings represent the value of all contractually committed services in which the contract start date is during the period and will be recognized as revenue within 12 months of the contract start date. For contracts that extend beyond 12 months,
Slide 41: 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 42: 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 Q2 Q3 2021 2022 2023 2024 2025 2026 2026 2026 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (29.7) $ 4.2 $ 3.5 $ 0.3 $ (13.5) $ 1.5 $ 2.6 $
Slide 43: Supplemental data - non-GAAP ClearanceJobs
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2025 2025 2025 2025 2025(1) 2026 2026 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