DHI Group lifts 2026 adjusted EBITDA margin outlook to 26%
Full-year revenue guidance is $124 million–$126 million, and DHI raised its Adjusted EBITDA margin guidance to 26%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
DHI Group, Inc. (DHX) reported third-quarter revenue of $32.240 million, compared with $32.123 million a year earlier. ClearanceJobs revenue rose 18% to $16.507 million, while Dice revenue fell 13% to $15.733 million. Total bookings increased 10% to $27.912 million, including 32% growth in ClearanceJobs bookings. Net income was $2.411 million versus a $4.269 million loss a year earlier; Adjusted EBITDA was $8.909 million, down 13%, with a 28% margin versus 32%. Operating cash flow was $7.196 million and free cash flow was $5.308 million.
At September 30, 2026, total debt was $30.0 million, down $2.0 million sequentially. DHI repurchased approximately 900,000 shares for $3.8 million in the quarter. For full-year 2026, DHI narrowed revenue guidance to $124 million–$126 million and raised its Adjusted EBITDA margin guidance to 26%; its guidance is 25% for Dice and remains 40% for ClearanceJobs.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet income was $2.4 million versus a $4.3 million loss a year earlier.
- Moderate pointOperating cash flow increased 51% to $7.2 million year over year.
Negative
- Moderate pointAdjusted EBITDA declined 13% to $8.9 million year over year.
- Moderate pointDice revenue declined 13% to $15.7 million year over year.
Filing Explained
At
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Q3 2026 revenue: $32.240 million
Q3 2026 net income: $2.411 million
Q3 2026 Adjusted EBITDA: $8.909 million
+5 more
8 metrics
Q3 2026 revenue
$32.240 million
Compared with $32.123 million in Q3 2025
Q3 2026 net income
$2.411 million
Compared with a $4.269 million net loss in Q3 2025
Q3 2026 Adjusted EBITDA
$8.909 million
Down 13% from Q3 2025
Q3 2026 operating cash flow
$7.196 million
Up 51% from Q3 2025
Q3 2026 bookings
$27.912 million
Up 10% year over year
ClearanceJobs Q3 2026 bookings growth
32%
Compared with Q3 2025
FY 2026 revenue guidance
$124 million–$126 million
Full-year guidance range
Q3 2026 share repurchases
Approximately 900,000 shares for $3.8 million
During the third quarter
Key Terms
Bookings, Free Cash Flow, Adjusted EBITDA Margin, Renewal Rate on Revenue, +1 more
5 terms
Bookings financial
"Total Bookings"
"Bookings" refer to the total value of new sales or agreements a company secures during a specific period. It shows how much business the company has signed up for, even if the products or services haven't been delivered yet. This figure helps investors understand the company's future growth potential.
Free Cash Flow financial
"Reconciliation of Cash provided by operating activities to Free Cash Flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Adjusted EBITDA Margin financial
"Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by revenue"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
Renewal Rate on Revenue financial
"Renewal Rate on Revenue"
Backlog financial
"Backlog consists of deferred revenue plus customer contractual commitments not invoiced"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
Earnings Snapshot
Revenue: $32.240 million · Guidance included
Third quarter 2026
Revenue
$32.240 million
$117,000 year over year
Net income
$2.411 million
$6.680 million year over year
Adjusted EBITDA
$8.909 million
Down $1.364 million, or 13%, year over year
Operating cash flow
$7.196 million
Up 51% year over year
Guidance
FY 2026 revenue of $124 million–$126 million; Adjusted EBITDA margin guidance of 26% for DHI, 25% for Dice and 40% for ClearanceJobs.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did DHX perform in the third quarter of 2026?
DHI Group reported $32.240 million in revenue and $2.411 million in net income for the third quarter ended September 30, 2026. Revenue was compared with $32.123 million a year earlier, when the company reported a $4.269 million net loss. Adjusted EBITDA was $8.909 million.
What is DHX's 2026 revenue guidance?
DHI Group narrowed its full-year 2026 revenue guidance to $124 million–$126 million. Its full-year Adjusted EBITDA margin guidance is 26% for DHI, 25% for Dice and 40% for ClearanceJobs.
What was DHX's backlog at September 30, 2026?
DHI Group reported backlog of $87.456 million at September 30, 2026, down 12% from $99.571 million at December 31, 2025 and down 7% from $94.271 million at September 30, 2025. Backlog consists of deferred revenue plus customer contractual commitments not invoiced.
How does DHX define bookings?
DHI Group defines bookings as the value of contractually committed services whose contract start date is during the period and whose revenue will be recognized within 12 months of that start date. For contracts extending beyond 12 months, the later-period value is recognized as bookings on each annual anniversary of the contract start date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 4, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||||||||||||||
| (Former Address of Principal Executive Offices) | ||||||||||||||||||||||||||
(515 ) 978-3737
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2026 , DHI Group, Inc. (the “Company”) reported its results of operations for the fiscal quarter ended September 30, 2026. A copy of the press release issued by the Company concerning the foregoing is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K, including the accompanying exhibits, is being furnished under Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(a)Financial Statements of Business Acquired.
Not applicable.
(b)Pro Forma Financial Information.
Not applicable.
(c)Shell Company Transactions.
Not applicable.
(d)Exhibits.
| EXHIBIT NO. | DESCRIPTION | |||||||
| 99.1 | Press Release (Earnings), dated November 4th, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DHI GROUP, INC. | ||||||||||||||
| Date: | November 4, 2026 | By: /S/ Greg Schippers | ||||||||||||
| Name: Greg Schippers | ||||||||||||||
| Title: Chief Financial Officer | ||||||||||||||
| (Principal Financial and Accounting Officer) | ||||||||||||||
| EXHIBIT INDEX | |||||
| 99.1 | Press Release (Earnings), dated November 4, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL) | ||||
DHI Group Reports Third Quarter 2026 Results; ClearanceJobs Revenue Increases 18% and Bookings Grow 32%
Company Narrows Full-Year Revenue Guidance to $124–$126 Million and Raises Adjusted EBITDA Margin Guidance to 26%
CENTENNIAL, Colorado, November 4th, 2026 - Today, DHI Group, Inc. (NYSE: DHX) (“DHI” or the “Company”) announced its financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Financial Highlights Compared to the Third Quarter 2025(1)
▪Total revenue was $32.2 million, consistent with the year ago quarter.
•ClearanceJobs revenue was $16.5 million, up 18%.
•Dice revenue was $15.7 million, down 13%.
▪Total bookings were $27.9 million, up 10%.
•ClearanceJobs bookings were $15.8 million, up 32%.
•Dice bookings were $12.1 million, down 9%.
▪Net income was $2.4 million, or $0.06 per diluted share, a net income margin of 7%, compared to net loss of $4.3 million, or $0.10 per diluted share, a net loss margin of negative 13%.
▪Non-GAAP earnings per share was $0.10 per diluted share, compared to $0.09 per diluted share.
▪Adjusted EBITDA was $8.9 million, an Adjusted EBITDA Margin of 28% compared to Adjusted EBITDA of $10.3 million, an Adjusted EBITDA Margin of 32%.
•ClearanceJobs Adjusted EBITDA was $6.7 million with a 41% Adjusted EBITDA Margin, compared to Adjusted EBITDA of $5.9 million, and a 43% Adjusted EBITDA Margin.
•Dice Adjusted EBITDA was $4.0 million with a 25% Adjusted EBITDA Margin, compared to Adjusted EBITDA of $6.2 million, and a 34% Adjusted EBITDA Margin.
▪Cash flow from operations was $7.2 million, compared to $4.8 million while fixed asset purchases increased $0.3 million, or 19%, to $1.9 million, to generate free cash flow of $5.3 million, compared to $3.2 million.
▪Cash was $3.2 million at quarter end compared to $2.9 million at the end of last year.
▪Total debt remained flat at $30.0 million compared to the end of last year, and down $2.0 million sequentially.
▪The Company repurchased 0.9 million shares for $3.8 million in the third quarter under its stock repurchase program and from the vesting of share-based awards.
(1) See definition of bookings and see "Notes Regarding the Use of Non-GAAP Financial Measures" related to Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Earnings Per Share, and Free Cash Flow, later in this press release.
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Commenting on the results, Art Zeile, President and CEO of DHI Group, said:
“Our third-quarter results reflect growing momentum at ClearanceJobs and continued progress at Dice. ClearanceJobs delivered 32% year-over-year bookings growth and 18% revenue growth. Importantly, excluding Point Solutions Group, bookings increased 15%, reflecting stronger sales execution and growing demand for cleared talent. Our ClearanceJobs new-business team delivered its strongest bookings quarter in the platform’s 24-year history, and recruitment package customer count increased sequentially. We believe this progress, together with demand from traditional defense contractors, emerging defense technology companies and allied defense firms expanding in the United States, positions ClearanceJobs for sustained growth.
“At Dice, the year-over-year bookings decline narrowed for the second consecutive quarter, reflecting progress in our efforts to stabilize the business. Although enterprise renewal spending remains under pressure, our new-business sales performance and demand for specialized technology talent provide encouraging signs. As AI initiatives create new requirements for experienced technology professionals, we believe Dice’s skills-based marketplace is well positioned to serve employers’ evolving needs. We remain focused on improving customer retention and sales execution while building on ClearanceJobs’ momentum to create long-term shareholder value.”
Greg Schippers, CFO of DHI Group, commented:
“Our third-quarter performance demonstrates the cash-generating strength of our business model. Disciplined expense management and solid collections supported strong free cash flow, enabling us to reduce debt by $2 million in the quarter while repurchasing approximately 900,000 shares for $3.8 million.
“We continue to balance investment in our growth opportunities with financial discipline, debt reduction and returning capital to shareholders. At ClearanceJobs, our focus is on translating stronger bookings into sustained revenue growth. At Dice, we are managing expenses carefully while supporting initiatives to improve customer retention and new-business performance. Our recurring revenue base and cash generation provide flexibility to pursue these priorities.”
Fiscal 2026 Financial Guidance
DHI is providing its fourth-quarter 2026 outlook, narrowing its full-year revenue guidance range and raising its full-year Adjusted EBITDA margin guidance for DHI to 26% and Dice to 25% while maintaining ClearanceJobs at 40%.
| ClearanceJobs | Dice | DHI | |||||||||||||||||||||||||||||||||
| Q4 2026 | FY 2026 | Q4 2026 | FY 2026 | Q4 2026 | FY 2026 | ||||||||||||||||||||||||||||||
| Revenues | $16M-$17M | $62M-$63M | $15M-$16M | $62M-$63M | $31M-$33M | $124M-$126M | |||||||||||||||||||||||||||||
Conference Call Information
Art Zeile, President and Chief Executive Officer, and Greg Schippers, Chief Financial Officer, will host a conference call today, November 4, 2026, at 5:00 p.m. Eastern Time to discuss the Company’s financial results and recent developments.
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The call can be accessed by dialing 1-844-890-1790 (in the U.S.) or 1-412-380-7407 (outside the U.S.). Please ask to be placed into the DHI Group, Inc. call. A live webcast of the call will simultaneously be available through the Investor Relations section of the Company’s website, https://www.dhigroupinc.com, and will be available for replay after the call ends.
About DHI Group, Inc.
DHI Group, Inc. (NYSE: DHX) is a provider of AI-powered career marketplaces that focus on technology roles. DHI’s two brands, ClearanceJobs and Dice, enable recruiters and hiring managers to efficiently search for and connect with highly skilled technology professionals based on the skills requested. The Company’s patented algorithm manages over 100,000 unique technology skills. Additionally, our marketplaces allow tech professionals to find their ideal next career opportunity, with relevant advice and personalized insights. Learn more at www.dhigroupinc.com.
Forward-Looking Statements
This press release and oral statements made from time to time by our representatives contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include, without limitation, information concerning our possible or assumed future financial condition, liquidity and results of operations, including expectations (financial or otherwise), our strategy, plans, objectives, and intentions, growth potential, and statements regarding our financial outlook. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” "target" or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to execute our tech-focused strategy, a write-off of all or a part of our goodwill and intangible assets, backlog not accurately representing future revenue, competition from existing and future competitors in the highly competitive markets in which we operate, failure to adapt our business model to keep pace with rapid changes in the recruiting and career services business and the development of new products and services, macroeconomic conditions, including government shutdowns, the impact of initiatives to restructure or streamline government agencies, such as DOGE, the risk that AI models will reduce demand for technology professionals in the workforce, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, a review of strategic alternatives may occur from time to time and the possibility that such review will not result in a transaction, inability to successfully integrate future acquisitions or identify and consummate future acquisitions, misappropriation or misuse of our intellectual property, claims against us for intellectual property infringement or failure to enforce our ownership of intellectual property, failure to attract and retain users who create and post original content on our web properties, taxation risks in various jurisdictions and the potential for unfavorable decisions related to tax assessments, taxation risks impacting our liability or past sales, and ability to make future sales, downturns in our customers' businesses, our indebtedness and our ability to borrow funds under our revolving credit facility or refinance our indebtedness, restrictions on our current and future
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operations under such indebtedness, development and use of artificial intelligence, failure to timely and efficiently scale, adapt and maintain our technology and infrastructure, capacity constraints, system failures or breaches of network security, usefulness of our candidate profiles to our customers, decreases in our user engagement, changes in search engines' methodologies, failure to halt operations of third-party websites aggregating our data, our reliance on third-party hosting facilities, our compliance with laws and regulations, U.S. and foreign government regulation of the Internet and taxation, failure to attract or retain key executives and personnel, our ability to navigate the cyclicality or downturns of the U.S. and worldwide economies, litigation related to infringement or other claims regarding our services or content, our ability to defend ownership of our intellectual property, global climate change, compliance with the continued listing standards of the New York Stock Exchange, volatility in our stock price, differences between estimates of financial projections and future results, failure to maintain controls over financial reporting, results of operations fluctuating on a quarterly and annual basis, our Section 382 Rights Plan may have an anti-takeover effect, anti-takeover provisions in our governing documents may make changes to management difficult, and disruption resulting from unsolicited offers to purchase the company. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, all of which are available on the Investors page of our website at www.dhigroupinc.com, including the Company’s most recently filed reports on Form 10-K and Form 10-Q and subsequent filings under the headings “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” You should keep in mind that any forward-looking statement made by the Company or its representatives herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by applicable federal securities laws.
Investor Contact
Todd Kehrli
PondelWilkinson, Inc.
212-448-4181
ir@dhigroupinc.com
4
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 in accordance with generally accepted accounting principles in the United States (“GAAP”) and may be different from similarly titled non-GAAP measures reported by other companies. The Company believes that its presentation of non-GAAP measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and non-GAAP Earnings Per Share provides useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. In addition, the Company’s management uses these measures for reviewing the financial results of the Company and for budgeting and planning purposes. Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented. The non-GAAP measures apply to consolidated results or other measures as shown within this document. The Company has provided required reconciliations to the most comparable GAAP measures elsewhere in the document.
Non-GAAP Earnings Per Share
Non-GAAP Earnings Per Share is a non-GAAP performance measure that management believes is useful to investors and management in understanding our ongoing operations and in the analysis of operating trends. Non-GAAP Earnings Per Share is computed as diluted earnings per share plus or minus the impacts of certain non-cash and other items, including non-cash stock-based compensation, impairments, costs related to reorganizing the Company, including severance and related costs, gains or losses on investments, restructuring charges, and discrete tax items.
Non-GAAP Earnings Per Share is not a measurement of our financial performance under GAAP and should not be considered as an alternative to diluted earnings per share, net income, or any other performance measures derived in accordance with GAAP as a measure of our profitability.
Free Cash Flow
We define free cash flow as net cash provided by operating activities minus fixed asset purchases. We believe free cash flow is an important non-GAAP measure for investors as it provides useful cash flow information regarding our ability to service, incur or pay down indebtedness or repurchase our common stock. Management uses free cash flow as a measure to reflect cash available to service our debt as well as to fund our expenditures. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period since it includes cash used for fixed asset purchases during the period.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures used by management to measure operating performance. Management uses Adjusted EBITDA and Adjusted EBITDA Margin as performance measures for internal monitoring and planning, including preparation of annual budgets, analyzing investment decisions and evaluating profitability and performance comparisons between us and our competitors. The Company also uses these measures to calculate amounts of performance-based compensation under the senior management incentive bonus program. Adjusted EBITDA represents net income plus (to the extent deducted in calculating such net income) interest expense, income tax expense, depreciation and amortization, and items such as non-cash stock-based compensation, certain write-offs in
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connection with indebtedness, impairment charges with respect to long-lived assets, expenses incurred in connection with an equity offering or any other offering of securities by the Company, extraordinary or non-recurring non-cash expenses or losses, losses from equity method investments, transaction costs in connection with the credit agreement, deferred revenue written off in connection with acquisition purchase accounting adjustments, write-off of non-cash stock-based compensation expense, severance and retention costs related to dispositions and reorganizations of the Company, impairment of investment and goodwill, restructuring charges and losses related to legal claims and fees that are unusual in nature or infrequent, minus (to the extent included in calculating such net income) non-cash income or gains, including income from equity method investments, interest income, business interruption insurance proceeds, and gains related to legal claims that are unusual in nature or infrequent.
Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by revenue.
We also consider Adjusted EBITDA and Adjusted EBITDA Margin, as defined above, to be important indicators to investors because they provide information related to our ability to provide cash flows to meet future debt service, capital expenditures, working capital requirements, and to fund future growth. We present Adjusted EBITDA and Adjusted EBITDA Margin as supplemental performance measures because we believe that these measures provide our board of directors, management and investors with additional information to measure our performance, provide comparisons from period to period by excluding potential differences caused by variations in capital structures (affecting interest expense) and tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), and to estimate our value.
We understand that although Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our liquidity or results as reported under GAAP. Some limitations are:
•Adjusted EBITDA and Adjusted EBITDA Margin do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
•Adjusted EBITDA and Adjusted EBITDA Margin do not reflect changes in, or cash requirements for, our working capital needs;
•Adjusted EBITDA and Adjusted EBITDA Margin do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect any cash requirements for such replacements; and
•Other companies in our industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently than we do, limiting their usefulness as comparative measures.
To compensate for these limitations, management evaluates our liquidity by considering the economic effect of excluded expense items independently, as well as in connection with its analysis of cash flows from operations and through the use of other financial measures, such as capital expenditure budget variances, investment spending levels and return on capital analysis.
Adjusted EBITDA and Adjusted EBITDA Margin are not measurements of our financial performance under GAAP and should not be considered as an alternative to revenue, operating income, net income, net income margin, cash provided by operating activities, or any other performance measures derived in accordance with GAAP as a measure of our profitability or liquidity.
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| DHI GROUP, INC. | ||||||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Revenues | $ | 32,240 | $ | 32,123 | $ | 93,274 | $ | 96,451 | ||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||||||||
| Cost of revenue | 6,715 | 4,589 | 17,773 | 15,069 | ||||||||||||||||||||||||||||
| Product development | 3,199 | 2,877 | 9,212 | 9,857 | ||||||||||||||||||||||||||||
| Sales and marketing | 10,026 | 9,082 | 28,277 | 30,751 | ||||||||||||||||||||||||||||
| General and administrative | 5,827 | 6,974 | 18,878 | 20,688 | ||||||||||||||||||||||||||||
| Depreciation | 2,307 | 3,362 | 7,554 | 11,107 | ||||||||||||||||||||||||||||
| Amortization | 304 | 126 | 842 | 126 | ||||||||||||||||||||||||||||
| Restructuring | — | — | — | 6,486 | ||||||||||||||||||||||||||||
| Impairment of intangible assets | — | 9,600 | — | 9,600 | ||||||||||||||||||||||||||||
| Impairment of goodwill | — | — | — | 7,800 | ||||||||||||||||||||||||||||
| Total operating expenses | 28,378 | 36,610 | 82,536 | 111,484 | ||||||||||||||||||||||||||||
| Operating income (loss) | 3,862 | (4,487) | 10,738 | (15,033) | ||||||||||||||||||||||||||||
| Income (loss) from equity method investment | 1 | 60 | (39) | 87 | ||||||||||||||||||||||||||||
| Interest expense and other | (567) | (614) | (1,807) | (1,893) | ||||||||||||||||||||||||||||
| Income (loss) before income taxes | 3,296 | (5,041) | 8,892 | (16,839) | ||||||||||||||||||||||||||||
| Income tax expense (benefit) | 885 | (772) | 2,352 | (1,978) | ||||||||||||||||||||||||||||
| Net income (loss) | $ | 2,411 | $ | (4,269) | $ | 6,540 | $ | (14,861) | ||||||||||||||||||||||||
| Basic earnings (loss) per share | $ | 0.06 | $ | (0.10) | $ | 0.16 | $ | (0.33) | ||||||||||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.06 | $ | (0.10) | $ | 0.15 | $ | (0.33) | ||||||||||||||||||||||||
| Weighted-average basic shares outstanding | 40,493 | 44,823 | 40,835 | 45,224 | ||||||||||||||||||||||||||||
| Weighted-average diluted shares outstanding | 42,182 | 44,823 | 42,283 | 45,224 | ||||||||||||||||||||||||||||
7
| DHI GROUP, INC. | |||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Cash flows from (used in) operating activities: | |||||||||||||||||||||||||||||
| Net income (loss) | $ | 2,411 | $ | (4,269) | $ | 6,540 | $ | (14,861) | |||||||||||||||||||||
| Adjustments to reconcile net income (loss) to net cash flows from (used in) operating activities: | |||||||||||||||||||||||||||||
| Depreciation | 2,307 | 3,362 | 7,554 | 11,107 | |||||||||||||||||||||||||
| Amortization | 304 | 126 | 842 | 126 | |||||||||||||||||||||||||
| Deferred income taxes | 671 | (789) | 1,506 | (1,187) | |||||||||||||||||||||||||
| Amortization of deferred financing costs | 42 | 37 | 120 | 109 | |||||||||||||||||||||||||
| Stock-based compensation | 1,005 | 1,284 | 3,084 | 3,911 | |||||||||||||||||||||||||
| Loss (income) from equity method investment | (1) | (60) | 39 | (87) | |||||||||||||||||||||||||
| Impairment of intangible assets | — | 9,600 | — | 9,600 | |||||||||||||||||||||||||
| Impairment of goodwill | — | — | — | 7,800 | |||||||||||||||||||||||||
| Change in accrual for unrecognized tax benefits | (7) | 23 | 33 | (309) | |||||||||||||||||||||||||
| Changes in operating assets and liabilities, net of effects of acquisition: | |||||||||||||||||||||||||||||
| Accounts receivable | 1,545 | 1,631 | 4,389 | 6,018 | |||||||||||||||||||||||||
| Prepaid expenses and other assets | (525) | (142) | 562 | 726 | |||||||||||||||||||||||||
| Capitalized contract costs | (25) | 623 | (11) | 598 | |||||||||||||||||||||||||
| Accounts payable and accrued expenses | 3,684 | (635) | 314 | (3,048) | |||||||||||||||||||||||||
| Income taxes receivable/payable | (65) | 27 | (152) | (1,699) | |||||||||||||||||||||||||
| Deferred revenue | (4,140) | (5,877) | (2,620) | (4,475) | |||||||||||||||||||||||||
| Other, net | (10) | (178) | (495) | (452) | |||||||||||||||||||||||||
| Net cash flows from operating activities | 7,196 | 4,763 | 21,705 | 13,877 | |||||||||||||||||||||||||
| Cash flows used in investing activities: | |||||||||||||||||||||||||||||
| Payment for acquisitions, net of cash acquired | (100) | (1,400) | (5,288) | (1,400) | |||||||||||||||||||||||||
| Purchases of fixed assets | (1,888) | (1,593) | (5,146) | (5,778) | |||||||||||||||||||||||||
| Net cash flows used in investing activities | (1,988) | (2,993) | (10,434) | (7,178) | |||||||||||||||||||||||||
| Cash flows from (used in) financing activities: | |||||||||||||||||||||||||||||
| Payments on long-term debt | (2,000) | — | (39,000) | (8,000) | |||||||||||||||||||||||||
| Proceeds from long-term debt | — | — | 39,000 | 6,000 | |||||||||||||||||||||||||
| Financing costs paid | — | — | (576) | — | |||||||||||||||||||||||||
| Payments under stock repurchase plan | (3,695) | (2,082) | (9,433) | (4,517) | |||||||||||||||||||||||||
| Purchase of treasury stock related to taxes on vested restricted and performance stock units | (112) | (174) | (1,060) | (1,669) | |||||||||||||||||||||||||
| Proceeds from issuance of common stock through ESPP | — | — | 60 | 81 | |||||||||||||||||||||||||
| Net cash flows used in financing activities | (5,807) | (2,256) | (11,009) | (8,105) | |||||||||||||||||||||||||
| Net change in cash for the period | (599) | (486) | 262 | (1,406) | |||||||||||||||||||||||||
| Cash, beginning of period | 3,769 | 2,782 | 2,908 | 3,702 | |||||||||||||||||||||||||
| Cash, end of period | $ | 3,170 | $ | 2,296 | $ | 3,170 | $ | 2,296 | |||||||||||||||||||||
8
| DHI GROUP, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| ASSETS | September 30, 2026 | December 31, 2025 | |||||||||||||||
| Current assets | |||||||||||||||||
| Cash | $ | 3,170 | $ | 2,908 | |||||||||||||
| Accounts receivable, net | 14,993 | 17,963 | |||||||||||||||
| Income taxes receivable | 300 | 148 | |||||||||||||||
| Prepaid and other current assets | 3,314 | 3,461 | |||||||||||||||
| Total current assets | 21,777 | 24,480 | |||||||||||||||
| Fixed assets, net | 10,895 | 13,288 | |||||||||||||||
| Capitalized contract costs | 6,493 | 6,482 | |||||||||||||||
| Operating lease right-of-use assets | 3,901 | 4,366 | |||||||||||||||
| Investments | 917 | 965 | |||||||||||||||
| Acquired intangible assets | 16,625 | 15,467 | |||||||||||||||
| Goodwill | 122,741 | 120,612 | |||||||||||||||
| Other assets | 2,661 | 2,583 | |||||||||||||||
| Total assets | $ | 186,010 | $ | 188,243 | |||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 14,261 | $ | 13,636 | |||||||||||||
| Deferred revenue | 37,012 | 39,653 | |||||||||||||||
| Operating lease liabilities | 1,067 | 1,788 | |||||||||||||||
| Total current liabilities | 52,340 | 55,077 | |||||||||||||||
| Deferred revenue | 307 | 286 | |||||||||||||||
| Operating lease liabilities | 7,366 | 7,390 | |||||||||||||||
| Long-term debt | 30,000 | 30,000 | |||||||||||||||
| Deferred income taxes | 1,622 | 116 | |||||||||||||||
| Accrual for unrecognized tax benefits | 602 | 569 | |||||||||||||||
| Other long-term liabilities | 84 | 298 | |||||||||||||||
| Total liabilities | 92,321 | 93,736 | |||||||||||||||
| Total stockholders’ equity | 93,689 | 94,507 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 186,010 | $ | 188,243 | |||||||||||||
9
Supplemental Information and Non-GAAP Reconciliations
On the pages that follow, we have provided certain supplemental information that we believe will assist the reader in assessing our business operations and performance, including certain non-GAAP financial information and required reconciliations to the most directly comparable GAAP measure. A statement of operations and statement of cash flows for the three and nine month periods ended September 30, 2026 and 2025 and balance sheets as of September 30, 2026 and December 31, 2025 are provided elsewhere in this press release.
10
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
| Revenue | ||||||||||||||||||||||||||
| Q3 2026 | Q3 2025 | $ Change | % Change | |||||||||||||||||||||||
| ClearanceJobs | $ | 16,507 | $ | 13,937 | $ | 2,570 | 18% | |||||||||||||||||||
| Dice | 15,733 | 18,186 | (2,453) | (13)% | ||||||||||||||||||||||
| Total Revenue | $ | 32,240 | $ | 32,123 | $ | 117 | —% | |||||||||||||||||||
Net income (loss) 1 | $ | 2,411 | $ | (4,269) | $ | 6,680 | n.m. | |||||||||||||||||||
Net income (loss) margin2 | 7 | % | (13) | % | n.m. | n.m. | ||||||||||||||||||||
Diluted earnings (loss) per share1 | $ | 0.06 | $ | (0.10) | $ | 0.16 | n.m. | |||||||||||||||||||
Non-GAAP earnings per share4 | $ | 0.10 | $ | 0.09 | $ | 0.01 | 11 | % | ||||||||||||||||||
Adjusted EBITDA4 | $ | 8,909 | $ | 10,273 | $ | (1,364) | (13) | % | ||||||||||||||||||
Adjusted EBITDA margin2 4 | 28 | % | 32 | % | n.m. | n.m. | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||
| YTD 2026 | YTD 2025 | $ Change | % Change | |||||||||||||||||||||||
| ClearanceJobs | $ | 46,057 | $ | 40,940 | $ | 5,117 | 12% | |||||||||||||||||||
| Dice | 47,217 | 55,511 | (8,294) | (15)% | ||||||||||||||||||||||
| Total Revenue | $ | 93,274 | $ | 96,451 | $ | (3,177) | (3)% | |||||||||||||||||||
Net income (loss)3 | $ | 6,540 | $ | (14,861) | $ | 21,401 | n.m. | |||||||||||||||||||
Net income (loss) margin2 | 7 | % | (15) | % | n.m. | n.m. | ||||||||||||||||||||
Diluted earnings (loss) per share3 | $ | 0.15 | $ | (0.33) | $ | 0.48 | n.m. | |||||||||||||||||||
Non-GAAP earnings per share4 | $ | 0.27 | $ | 0.21 | $ | 0.06 | 29 | % | ||||||||||||||||||
Adjusted EBITDA4 | $ | 25,369 | $ | 25,748 | $ | (379) | (1) | % | ||||||||||||||||||
Adjusted EBITDA margin2 4 | 27 | % | 27 | % | n.m. | n.m. | ||||||||||||||||||||
| (1) For the three months ended September 30, 2026, net income and diluted earnings per share includes the net negative impact of non-cash stock-based compensation and severance, professional fees and related costs of $2.4 million ($1.8 million net of tax), or $0.04 per diluted share. For the three months ended September 30, 2025, net loss and diluted loss per share includes the net negative impact of non-cash stock-based compensation, impairments, and severance, professional fees, and related costs of $11.3 million ($8.5 million net of tax), resulting in a net negative impact of $8.5 million, or $0.19 per diluted share | ||||||||||||||||||||||||||
(2) Net income (loss) margin and Adjusted EBITDA Margin are calculated by dividing the respective measure by that period's revenue. | ||||||||||||||||||||||||||
(3) For the nine months ended September 30, 2026, net income and diluted earnings per share includes the net negative impact of non-cash stock-based compensation and severance, professional fees and related costs of $6.2 million ($4.7 million net of tax), and discrete tax items of $0.1 million, resulting in a net negative impact of $4.8 million, or $0.12 per diluted share. For the nine months ended September 30, 2025, net loss and diluted loss per share includes the net negative impact of non-cash stock-based compensation, restructuring, impairments, and severance, professional fees, and related costs of $29.5 million ($24.1 million net of tax) and discrete tax items of $0.2 million, resulting in a net negative impact of $24.3 million, or $0.54 per diluted share. | ||||||||||||||||||||||||||
(4) See "Notes Regarding the Use of Non-GAAP Financial Measures" elsewhere in this press release. | ||||||||||||||||||||||||||
11
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
Bookings1 | |||||||||||||||||||||||
| Q3 2026 | Q3 2025 | $ Change | % Change | ||||||||||||||||||||
| ClearanceJobs | $ | 15,765 | $ | 11,967 | $ | 3,798 | 32 | % | |||||||||||||||
| Dice | 12,147 | 13,417 | (1,270) | (9) | % | ||||||||||||||||||
| Total Bookings | $ | 27,912 | $ | 25,384 | $ | 2,528 | 10 | % | |||||||||||||||
| YTD 2026 | YTD 2025 | $ Change | % Change | ||||||||||||||||||||
| ClearanceJobs | $ | 48,139 | $ | 40,353 | $ | 7,786 | 19 | % | |||||||||||||||
| Dice | 45,736 | 54,276 | (8,540) | (16) | % | ||||||||||||||||||
| Total Bookings | $ | 93,875 | $ | 94,629 | $ | (754) | (1) | % | |||||||||||||||
(1) 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, the value of those contracts beyond 12 months is recognized as bookings on each annual anniversary of each contract start date valued as the amount of revenue that will be recognized within 12 months of the respective anniversary date. | |||||||||||||||||||||||
Average Annual Revenue per Recruitment Package Customer1 | |||||||||||||||||||||||
| Q3 2026 | Q3 2025 | $ Change | % Change | ||||||||||||||||||||
| ClearanceJobs | $ | 29,228 | $ | 26,601 | $ | 2,627 | 10 | % | |||||||||||||||
| Dice | $ | 16,399 | $ | 15,727 | $ | 672 | 4 | % | |||||||||||||||
| YTD 2026 | YTD 2025 | $ Change | % Change | ||||||||||||||||||||
| ClearanceJobs | $ | 28,256 | $ | 26,144 | $ | 2,112 | 8 | % | |||||||||||||||
| Dice | $ | 15,921 | $ | 15,848 | $ | 73 | — | % | |||||||||||||||
(1) Calculated by dividing recruitment package customer revenue by the daily average count of recruitment package customers during each month, adjusted to reflect a 30-day month. The simple average of each month is used to derive the amount for each period and then annualized to reflect 12 months. | |||||||||||||||||||||||
| Renewal Rates | |||||||||||||||||||||||
Renewal Rate on Revenue(1): | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||
| ClearanceJobs | 93 | % | 85 | % | 89 | % | 89 | % | |||||||||||||||
| Dice | 67 | % | 69 | % | 68 | % | 71 | % | |||||||||||||||
Renewal Rate on Count(2): | |||||||||||||||||||||||
| ClearanceJobs | 73 | % | 76 | % | 71 | % | 77 | % | |||||||||||||||
| Dice | 58 | % | 68 | % | 58 | % | 68 | % | |||||||||||||||
| (1) Represents the annual contract value renewed for all recruitment package contracts up for renewal in the period. | |||||||||||||||||||||||
| (2) Represents the total number of recruitment package contracts that renewed relative to the total number of recruitment package contracts up for renewal in the period. | |||||||||||||||||||||||
Retention Rates1 | |||||||||||||||||||||||
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||
| ClearanceJobs | 111 | % | 106 | % | 108 | % | 105 | % | |||||||||||||||
| Dice | 92 | % | 92 | % | 97 | % | 95 | % | |||||||||||||||
| (1) For customers that renewed their annual recruitment packages during the period, the retention rate represents the annual contract value renewed, relative to the previous annual contract value. | |||||||||||||||||||||||
12
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
| Recruitment Package Customers | |||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | Change | % Change | ||||||||||||||||||||
| ClearanceJobs | 1,764 | 1,822 | (58) | (3) | % | ||||||||||||||||||
| Dice | 3,452 | 4,239 | (787) | (19) | % | ||||||||||||||||||
Deferred Revenue and Backlog1 | |||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | December 31, 2025 | $ Change | % Change | September 30, 2025 | $ Change | % Change | |||||||||||||||||||||||||||||||||||
| Deferred Revenue | $ | 37,319 | $ | 39,939 | $ | (2,620) | (7) | % | $ | 40,982 | $ | (3,663) | (9) | % | |||||||||||||||||||||||||||
| Contractual commitments not invoiced | 50,137 | 59,632 | (9,495) | (16) | % | 53,289 | (3,152) | (6) | % | ||||||||||||||||||||||||||||||||
| Backlog | $ | 87,456 | $ | 99,571 | $ | (12,115) | (12) | % | $ | 94,271 | $ | (6,815) | (7) | % | |||||||||||||||||||||||||||
(1) Backlog consists of deferred revenue plus customer contractual commitments not invoiced representing the value of future services to be rendered under committed contracts. | |||||||||||||||||||||||||||||||||||||||||
| Non-GAAP Earnings Per Share | |||||||||||||||||||||||
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | ||||||||||||||||||||
| Reconciliation of Diluted Earnings (Loss) Per Share to Non-GAAP Earnings per Share: | |||||||||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.06 | $ | (0.10) | $ | 0.15 | $ | (0.33) | |||||||||||||||
Non-cash stock-based compensation(1) | 0.02 | 0.03 | 0.07 | 0.08 | |||||||||||||||||||
Non-cash stock-based compensation, tax impact(2) | (0.01) | (0.01) | (0.02) | (0.02) | |||||||||||||||||||
Impairments(1) | — | 0.21 | — | 0.38 | |||||||||||||||||||
Impairments, tax impact(2) | — | (0.05) | — | (0.05) | |||||||||||||||||||
Severance, professional fees and related costs(1) | 0.04 | 0.01 | 0.07 | 0.04 | |||||||||||||||||||
Severance, professional fees and related costs, tax impact(2) | (0.01) | — | (0.02) | (0.01) | |||||||||||||||||||
Restructuring(1) | — | — | — | 0.14 | |||||||||||||||||||
Restructuring, tax impact(2) | — | — | — | (0.04) | |||||||||||||||||||
Other(3) | — | — | 0.02 | 0.02 | |||||||||||||||||||
| Non-GAAP earnings per share | $ | 0.10 | $ | 0.09 | $ | 0.27 | $ | 0.21 | |||||||||||||||
| Weighted average shares outstanding used in computing diluted earnings (loss) per share | 42,182 | 44,823 | 42,283 | 45,224 | |||||||||||||||||||
| Weighted average shares outstanding used in computing non-GAAP earnings per share | 42,182 | 46,024 | 42,283 | 45,830 | |||||||||||||||||||
| (1) Non-GAAP adjustment is presented on a gross basis, which excludes the impact of income taxes. | |||||||||||||||||||||||
| (2) The Company utilized a federal rate plus a net state rate that excluded the impact of share-based compensation awards and other discrete items to calculate its non-GAAP blended statutory income tax rate of 25% for the three and nine month periods ended September 30, 2026 and 2025. The non-GAAP rate has been applied to compute the tax impact of non-GAAP adjustments. | |||||||||||||||||||||||
| (3) Adjusts, as applicable, for the share impact of common stock equivalents, where dilutive, and for the impacts of rounding. | |||||||||||||||||||||||
13
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
Free Cash Flow1 | |||||||||||||||||||||||
| Q3 2026 | Q3 2025 | $ Change | % Change | ||||||||||||||||||||
| Reconciliation of Cash provided by operating activities to Free Cash Flow: | |||||||||||||||||||||||
| Cash provided by operating activities | $ | 7,196 | $ | 4,763 | $ | 2,433 | 51 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
Capitalized development costs2 | 1,576 | 1,507 | 69 | 5 | % | ||||||||||||||||||
| Other fixed asset purchases | 312 | 86 | 226 | 263 | % | ||||||||||||||||||
| Total fixed asset purchases | 1,888 | 1,593 | 295 | 19 | % | ||||||||||||||||||
| Free Cash Flow | $ | 5,308 | $ | 3,170 | $ | 2,138 | 67 | % | |||||||||||||||
| YTD 2026 | YTD 2025 | $ Change | % Change | ||||||||||||||||||||
| Cash provided by operating activities | $ | 21,705 | $ | 13,877 | $ | 7,828 | 56 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
Capitalized development costs2 | 4,765 | 5,375 | (610) | (11) | % | ||||||||||||||||||
| Other fixed asset purchases | 381 | 403 | (22) | (5) | % | ||||||||||||||||||
| Total fixed asset purchases | 5,146 | 5,778 | (632) | (11) | % | ||||||||||||||||||
| Free Cash Flow | $ | 16,559 | $ | 8,099 | $ | 8,460 | 104 | % | |||||||||||||||
| (1) See "Notes Regarding the Use of Non-GAAP Financial Measures" elsewhere in this press release. | |||||||||||||||||||||||
| (2) Capitalized development costs consists of capitalized software costs and website development costs. | |||||||||||||||||||||||
14
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
| Adjusted EBITDA Reconciliations | ||||||||||||||||||||||||||
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | |||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA: | ||||||||||||||||||||||||||
| Net income (loss) | $ | 2,411 | $ | (4,269) | $ | 6,540 | $ | (14,861) | ||||||||||||||||||
| Interest expense | 567 | 614 | 1,807 | 1,893 | ||||||||||||||||||||||
| Income tax expense (benefit) | 885 | (772) | 2,352 | (1,978) | ||||||||||||||||||||||
| Depreciation | 2,307 | 3,362 | 7,554 | 11,107 | ||||||||||||||||||||||
| Amortization | 304 | 126 | 842 | 126 | ||||||||||||||||||||||
| Non-cash stock based compensation | 1,005 | 1,284 | 3,084 | 3,883 | ||||||||||||||||||||||
| Loss (income) from equity method investment | (1) | (60) | 39 | (87) | ||||||||||||||||||||||
| Impairment of intangible assets | — | 9,600 | — | 9,600 | ||||||||||||||||||||||
| Impairment of goodwill | — | — | — | 7,800 | ||||||||||||||||||||||
| Severance, professional fees and related costs | 1,431 | 388 | 3,151 | 1,779 | ||||||||||||||||||||||
| Restructuring | — | — | — | 6,486 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 8,909 | $ | 10,273 | $ | 25,369 | $ | 25,748 | ||||||||||||||||||
| Reconciliation of Cash Flows from Operating Activities to Adjusted EBITDA: | ||||||||||||||||||||||||||
| Net cash flows from operating activities | $ | 7,196 | $ | 4,763 | $ | 21,705 | $ | 13,877 | ||||||||||||||||||
| Interest expense | 567 | 614 | 1,807 | 1,893 | ||||||||||||||||||||||
| Amortization of deferred financing costs | (42) | (37) | (120) | (109) | ||||||||||||||||||||||
| Income tax expense (benefit) | 885 | (772) | 2,352 | (1,978) | ||||||||||||||||||||||
| Deferred income taxes | (671) | 789 | (1,506) | 1,187 | ||||||||||||||||||||||
| Change in accrual for unrecognized tax benefits | 7 | (23) | (33) | 309 | ||||||||||||||||||||||
| Change in accounts receivable | (1,545) | (1,631) | (4,389) | (6,018) | ||||||||||||||||||||||
| Change in deferred revenue | 4,140 | 5,877 | 2,620 | 4,475 | ||||||||||||||||||||||
| Severance, professional fees and related costs | 1,431 | 388 | 3,151 | 1,779 | ||||||||||||||||||||||
| Restructuring | — | — | — | 6,486 | ||||||||||||||||||||||
| Changes in working capital and other | (3,059) | 305 | (218) | 3,847 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 8,909 | $ | 10,273 | $ | 25,369 | $ | 25,748 | ||||||||||||||||||
15
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Reconciliation of Income (loss) before income taxes to Adjusted EBITDA: | ClearanceJobs | Dice | Corporate | Total | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 5,180 | $ | 1,150 | $ | (3,034) | $ | 3,296 | ||||||||||||||||||
| Interest expense | — | — | 567 | 567 | ||||||||||||||||||||||
| Depreciation | 602 | 1,705 | — | 2,307 | ||||||||||||||||||||||
| Amortization | 304 | — | — | 304 | ||||||||||||||||||||||
| Non-cash stock based compensation | 166 | 235 | 604 | 1,005 | ||||||||||||||||||||||
| Loss from equity method investment | — | — | (1) | (1) | ||||||||||||||||||||||
| Severance, professional fees and related costs | 490 | 920 | 21 | 1,431 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 6,742 | $ | 4,010 | $ | (1,843) | $ | 8,909 | ||||||||||||||||||
| Reconciliation of Adjusted EBITDA Margin: | ||||||||||||||||||||||||||
| Revenue | $ | 16,507 | $ | 15,733 | $ | — | $ | 32,240 | ||||||||||||||||||
| Income (loss) before income taxes | $ | 5,180 | $ | 1,150 | $ | (3,034) | $ | 3,296 | ||||||||||||||||||
Income before income taxes margin(1) | 31 | % | 7 | % | n.m. | 10 | % | |||||||||||||||||||
| Adjusted EBITDA | $ | 6,742 | $ | 4,010 | $ | (1,843) | $ | 8,909 | ||||||||||||||||||
Adjusted EBITDA margin(1) | 41 | % | 25 | % | n.m. | 28 | % | |||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Reconciliation of Income (loss) before income taxes to Adjusted EBITDA: | ClearanceJobs | Dice | Corporate | Total | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 4,970 | $ | (6,334) | $ | (3,677) | $ | (5,041) | ||||||||||||||||||
| Interest expense | — | — | 614 | 614 | ||||||||||||||||||||||
| Depreciation | 669 | 2,693 | — | 3,362 | ||||||||||||||||||||||
| Amortization | 126 | — | — | 126 | ||||||||||||||||||||||
| Non-cash stock based compensation | 162 | 299 | 823 | 1,284 | ||||||||||||||||||||||
| Income from equity method investment | — | — | (60) | (60) | ||||||||||||||||||||||
| Impairment of intangible assets | — | 9,600 | — | 9,600 | ||||||||||||||||||||||
| Severance, professional fees and related costs | 20 | (37) | 405 | 388 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 5,947 | $ | 6,221 | $ | (1,895) | $ | 10,273 | ||||||||||||||||||
| Reconciliation of Adjusted EBITDA Margin: | ||||||||||||||||||||||||||
| Revenue | $ | 13,937 | $ | 18,186 | $ | — | $ | 32,123 | ||||||||||||||||||
| Income (loss) before income taxes | $ | 4,970 | $ | (6,334) | $ | (3,677) | $ | (5,041) | ||||||||||||||||||
Income (loss) before income taxes margin(1) | 36 | % | (35) | % | n.m. | (16) | % | |||||||||||||||||||
| Adjusted EBITDA | $ | 5,947 | $ | 6,221 | $ | (1,895) | $ | 10,273 | ||||||||||||||||||
Adjusted EBITDA margin(1) | 43 | % | 34 | % | n.m. | 32 | % | |||||||||||||||||||
(1) Income (Loss) Before Income Taxes Margin and Adjusted EBITDA Margin are calculated by dividing the respective measure by that period's revenue. | ||||||||||||||||||||||||||
16
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Reconciliation of Income (loss) before income taxes to Adjusted EBITDA: | ClearanceJobs | Dice | Corporate | Total | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 14,329 | $ | 4,751 | $ | (10,188) | $ | 8,892 | ||||||||||||||||||
| Interest expense | — | — | 1,807 | 1,807 | ||||||||||||||||||||||
| Depreciation | 1,833 | 5,721 | — | 7,554 | ||||||||||||||||||||||
| Amortization | 842 | — | — | 842 | ||||||||||||||||||||||
| Non-cash stock based compensation | 451 | 803 | 1,830 | 3,084 | ||||||||||||||||||||||
| Income (loss) from equity method investment | — | — | 39 | 39 | ||||||||||||||||||||||
| Severance, professional fees and related costs | 933 | 1,248 | 970 | 3,151 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 18,388 | $ | 12,523 | $ | (5,542) | $ | 25,369 | ||||||||||||||||||
| Reconciliation of Adjusted EBITDA Margin: | ||||||||||||||||||||||||||
| Revenue | $ | 46,057 | $ | 47,217 | $ | — | $ | 93,274 | ||||||||||||||||||
| Income (loss) before income taxes | $ | 14,329 | $ | 4,751 | $ | (10,188) | $ | 8,892 | ||||||||||||||||||
Income (loss) before income taxes margin(1) | 31 | % | 10 | % | n.m. | 10 | % | |||||||||||||||||||
| Adjusted EBITDA | $ | 18,388 | $ | 12,523 | $ | (5,542) | $ | 25,369 | ||||||||||||||||||
Adjusted EBITDA margin(1) | 40 | % | 27 | % | n.m. | 27 | % | |||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Reconciliation of Income (loss) before income taxes to Adjusted EBITDA: | ClearanceJobs | Dice | Corporate | Total | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | 14,095 | $ | (17,626) | $ | (13,308) | $ | (16,839) | ||||||||||||||||||
| Interest expense | — | — | 1,893 | 1,893 | ||||||||||||||||||||||
| Depreciation | 2,245 | 8,862 | — | 11,107 | ||||||||||||||||||||||
| Amortization | 126 | — | — | 126 | ||||||||||||||||||||||
| Non-cash stock based compensation | 582 | 1,290 | 2,011 | 3,883 | ||||||||||||||||||||||
| Income from equity method investment | — | — | (87) | (87) | ||||||||||||||||||||||
| Impairment of intangible assets | — | 9,600 | — | 9,600 | ||||||||||||||||||||||
| Impairment of goodwill | — | 7,800 | — | 7,800 | ||||||||||||||||||||||
| Severance, professional fees and related costs | 304 | 48 | 1,427 | 1,779 | ||||||||||||||||||||||
| Restructuring | 372 | 3,844 | 2,270 | 6,486 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 17,724 | $ | 13,818 | $ | (5,794) | $ | 25,748 | ||||||||||||||||||
| Reconciliation of Adjusted EBITDA Margin: | ||||||||||||||||||||||||||
| Revenue | $ | 40,940 | $ | 55,511 | $ | — | $ | 96,451 | ||||||||||||||||||
| Income (loss) before income taxes | $ | 14,095 | $ | (17,626) | $ | (13,308) | $ | (16,839) | ||||||||||||||||||
Income (loss) before income taxes margin(1) | 34 | % | (32) | % | n.m. | (17) | % | |||||||||||||||||||
| Adjusted EBITDA | $ | 17,724 | $ | 13,818 | $ | (5,794) | $ | 25,748 | ||||||||||||||||||
Adjusted EBITDA margin(1) | 43 | % | 25 | % | n.m. | 27 | % | |||||||||||||||||||
(1) Income (Loss) Before Income Taxes Margin and Adjusted EBITDA Margin are calculated by dividing the respective measure by that period's revenue. | ||||||||||||||||||||||||||
17
DHI GROUP, INC.
NON-GAAP & SUPPLEMENTAL DATA
(Unaudited)
(in thousands, except per share and customer data)
A reconciliation of Adjusted EBITDA Margin for the three and nine months ended September 30, 2026 and 2025 follows (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 32,240 | $ | 32,123 | $ | 93,274 | $ | 96,451 | |||||||||||||||
| Net income (loss) | $ | 2,411 | $ | (4,269) | $ | 6,540 | $ | (14,861) | |||||||||||||||
Net income (loss) margin(1) | 7 | % | (13) | % | 7 | % | (15) | % | |||||||||||||||
| Adjusted EBITDA | $ | 8,909 | $ | 10,273 | $ | 25,369 | $ | 25,748 | |||||||||||||||
Adjusted EBITDA Margin(1) | 28 | % | 32 | % | 27 | % | 27 | % | |||||||||||||||
| (1) Net income (loss) margin and Adjusted EBITDA Margin are calculated by dividing the respective measure by that period's revenue. | |||||||||||||||||||||||
Guidance
Earlier in this press release, the Company provided guidance for Adjusted EBITDA margin, which is a non-GAAP financial measure. We are unable to reconcile expected Adjusted EBITDA margin to its nearest GAAP measure without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of items such as non-cash stock-based compensation, impairments, income tax expense, gains or losses from equity method investments, severance, professional fees and related costs, and restructuring charges. By their very nature, these items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of this non-GAAP financial measure without unreasonable efforts.
18