DHI Group Inc (DHX) Reports Q3 2023 Earnings: Net Income Turns Positive, Revenue Dips
DHI Group Inc (NYSE:DHX) reported Q3 2023 total revenue of $37.4 million, a decrease of 3% year over year.
The company's net income was $1.0 million, a significant improvement from a net loss of $0.9 million in Q3 2022.
Adjusted EBITDA increased by 16% YoY to $9.4 million, with an Adjusted EBITDA Margin of 25%.
Total bookings for the quarter were $31.2 million, down 15% YoY.
On November 1, 2023, DHI Group Inc (NYSE:DHX) released its financial results for the third quarter ended September 30, 2023. The company reported a total revenue of $37.4 million, marking a 3% decrease compared to the same period last year. Despite the drop in revenue, the company managed to turn a net loss of $0.9 million in Q3 2022 into a net income of $1.0 million in Q3 2023.
Financial Highlights
The company's total bookings for the quarter were $31.2 million, representing a 15% decrease year over year. However, DHI Group Inc (NYSE:DHX) saw a significant increase in its Adjusted EBITDA, which rose by 16% YoY to $9.4 million. The Adjusted EBITDA Margin also improved, reaching 25%, up from 21% in the year-ago quarter.
Art Zeile, President and CEO of DHI Group, commented on the results, stating:
While the current economic environment continues to impact our revenue and bookings, there remains a long-term secular trend for adding more tech workers in the US. [...] Until then, we continue to improve our industry-leading product offering and our go-to-market execution, while doing so in a more efficient and profitable manner as evidenced by our significant increase in our Adjusted EBITDA margin this quarter."
Financial Outlook
For fiscal 2023, DHI Group revised its full-year revenue guidance to expected total revenue growth of flat to 1% year over year. The company also expects its Adjusted EBITDA margin to be approximately 25% in the fourth quarter.
Financial Statements Summary
According to the company's condensed consolidated statements of operations, the total operating expenses for Q3 2023 were $35.2 million, compared to $37.3 million in Q3 2022. The operating income for the quarter was $2.2 million, up from $1.2 million in the same period last year.
The company's condensed consolidated balance sheet as of September 30, 2023, showed total assets of $219.7 million and total liabilities of $116.6 million. The total stockholders' equity stood at $103.1 million.
From the condensed consolidated statements of cash flows, the net cash flows from operating activities for Q3 2023 were $5.6 million, down from $9.2 million in Q3 2022. The company ended the quarter with cash of $3.7 million.
Explore the complete 8-K earnings release (here) from DHI Group Inc for further details.
This article first appeared on GuruFocus.
