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DHI Group Returns to Total Revenue Growth with Total Bookings Increasing 23% Year-Over-Year

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CENTENNIAL, Colo., Aug. 5, 2021 /PRNewswire/ -- DHI Group, Inc. (NYSE:DHX) ("DHI" or the "Company") today announced financial results for the second quarter ended June 30, 2021.

During the second quarter 2021, the Company completed the spinoff of its eFinancialCareers ("eFC") business to the eFC management team. The results of the eFC business are reported as discontinued operations for all periods presented in this release.

Second Quarter 2021 Financial Highlights

  • Total revenue was $28.7 million, up 4% year over year.

  • Total bookings1 were $27.9 million, up 23% year over year.

  • Loss from continuing operations was $0.2 million, compared to income of $1.2 million in the year ago quarter.

  • Earnings per diluted share from continuing operations was $0.00, compared to $0.02 in the year ago quarter. Adjusted earnings per diluted share2 for the quarter was $0.02 vs. $0.03 last year.

  • Cash flow from operations was $12.9 million, compared to $7.1 million in the year-ago quarter.

  • Adjusted EBITDA2 was $7.1 million, an Adjusted EBITDA margin2 of 25%, compared to $6.1 million and 22% in the year-ago quarter.

  • Cash was $7.9 million and net debt2 was $8.1 million at quarter end.

  • During the second quarter, the Company announced an additional $12 million authorization under its stock repurchase program, increasing the overall share buyback program running through June 2022 to a total of $20 million.

Commenting on the quarter, Art Zeile, President and CEO of DHI Group, Inc., said:

"The second quarter represented a revenue inflection point for DHI Group as we have turned the corner and are now on an upward revenue growth trajectory. As a result of our continued strong bookings1 performance, DHI returned to total revenue growth year over year for the first time in several years. Our bookings1 continued to strengthen month by month, across all teams, and we ended the quarter with total bookings1 growth of 23% year over year. Additionally, our Dice revenue renewal rate continued to strengthen in the second quarter and came in at 89 percent, up from 82 percent in the prior quarter and we ended the quarter with over 90% of our total revenue being subscription based.

"We created the industry-leading online marketplace for matching companies with the highest quality tech professionals, and with enterprises focused on tech-enabling their businesses, we are poised to benefit from the increase in hiring. Our confidence in our sales teams' strong performance over the past three quarters led us to hire more sales reps again this quarter as we look to capitalize on the millions of new technologist jobs expected over the next five years."

Business Outlook

"We expect the strong bookings1 performance we've had over the past three quarters to result in increasing total revenue growth throughout the remainder of 2021," commented Kevin Bostick, CFO of DHI Group, Inc. "We will continue to operate the business to Adjusted EBITDA margins2 at or near 20% as we balance our delivery of strong financial performance with sales and marketing investment to spur increased long-term revenue growth."

Product Highlights

Below are the key product highlights delivered during the second quarter:

Dice

  • Dice TalentSearch Social Data Refresh launched adding data and profiles from over 90 web sources. The powerful combination of refreshed social data and Dice profiles allow Dice to be the single source for the most comprehensive view of a technologist in the United States. Recruiters and employers now have a 360-degree view of candidates in Dice TalentSearch and don't have to go anywhere else when sourcing for their technology positions.

ClearanceJobs

  • CJ Team Recruiting enables a recruitment team to combine their candidate pipelines, allowing recruiters to tag candidates other recruiters from their company have interviewed, exclude those same candidates from search results, and see whether other recruiters from their company have connected with a candidate of interest. These new capabilities will increase the efficiency of the recruiting and hiring cycles.

1See definition later in this press release.
2 See "Notes Regarding the Use of Non-GAAP Financial Measures" later in this press release.

Conference Call Information

Art Zeile, President and Chief Executive Officer, and Kevin Bostick, Chief Financial Officer, will host a conference call today, August 5, 2021, at 5:00 p.m. Eastern Time to discuss the Company's financial results and recent developments.

The call can be accessed by dialing 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 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, Dice and ClearanceJobs, enable recruiters and hiring managers to efficiently search for and connect with highly skilled technologists based on the skills requested. The Company's patent-pending algorithms manage over 100,000 unique technology skills. Additionally, our marketplaces allow technology professionals to find their ideal next career opportunity, with relevant advice and personalized insights. Learn more at www.dhigroupinc.com.

Investor Contact
Todd Kehrli or Jim Byers
MKR Investor Relations, Inc.
212-448-4181
ir@dhigroupinc.com

Media Contact
Rachel Ceccarelli
VP of Engagement
212-448-8288
media@dhigroupinc.com

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 an alternative for, 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, Adjusted Diluted Earnings Per Share, and Net Debt provides useful information to management and investors regarding certain financial and business trends relating to its 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. 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.

Adjusted Diluted Earnings Per Share

Adjusted Diluted Earnings Per Share is a non-GAAP metric and performance measure that is useful to investors and management in understanding our ongoing operations and in the analysis of operating trends. Adjusted Diluted 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 impairments, costs related to reorganizing the Company, including severance and related costs, gains or losses on the sale of businesses, disposition costs, unrealized gains or losses on equity securities, and discrete tax items.

Adjusted Diluted 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.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP metrics used by management to measure operating performance. Management uses Adjusted EBITDA as a performance measure 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 this measure 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, non-cash stock based compensation, losses resulting from certain dispositions outside the ordinary course of business including prior negative operating results of those divested businesses, certain writeoffs in 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, transaction costs in connection with the credit agreement, deferred revenues written off in connection with acquisition purchase accounting adjustments, writeoff of non-cash stock based compensation expense, severance and retention costs related to dispositions and reorganizations of the Company, 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, interest income, business interruption insurance proceeds, and any income or gain resulting from certain dispositions outside the ordinary course of business, including prior positive operating results of those divested businesses, and gains related to legal claims that are unusual in nature or infrequent.

We also consider Adjusted EBITDA, as defined above, to be an important indicator to investors because it provides information related to our ability to provide cash flows to meet future debt service, capital expenditures and working capital requirements and to fund future growth. We present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides our board of directors, management and investors with additional information to measure our performance, provide comparisons from period to period and company to company 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.

Adjusted EBITDA Margin is computed as Adjusted EBITDA divided by Revenues.

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, net income, operating income, cash provided by operating activities, or any other performance measures derived in accordance with GAAP as a measure of our profitability.

Net Debt

Net Debt is defined as total principal outstanding on our debt less cash and cash equivalents. We consider Net Debt to be an important measure of liquidity and indicator of our ability to meet ongoing obligations. We also use Net Debt, among other measures, in evaluating our choices for capital deployment. Net Debt presented herein is a non-GAAP measure and may not be comparable to similarly titled measures used by other companies.

Forward-Looking Statements

This press release and oral statements made from time to time by our representatives contain forward-looking statements. 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 results of operations. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" 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, 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, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, the impact of the coronavirus COVID-19 outbreak on our operations and financial results, the uncertainty in respect of the regulation of data protection and data privacy, failure to attract qualified professionals to our websites or grow the number of qualified professionals who use our websites, failure to successfully identify or integrate acquisitions, U.S. and foreign government regulation of the Internet and taxation, our ability to borrow funds under our revolving credit facility or refinance our indebtedness and restrictions on our current and future operations under such indebtedness. 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 periodic 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 federal securities laws.

DHI GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)
















Three Months Ended June 30,


Six Months Ended June 30,





2021


2020


2021


2020












Revenues

$

28,721



$

27,596



$

55,397



$

56,981













Operating expenses:








Cost of revenues

3,593



3,499



7,295



6,983


Product development

3,510



3,401



7,112



7,142


Sales and marketing

10,151



9,564



19,922



21,112


General and administrative

6,939



6,904



13,093



14,119


Depreciation

4,040



2,573



7,671



5,340


Impairment of intangible assets







7,200



Total operating expenses

28,233



25,941



55,093



61,896


Operating income (loss)

488



1,655



304



(4,915)


Interest expense and other

(87)



(161)



(282)



(349)


Impairment of equity investment







(2,002)


Unrealized gain (loss) on equity security

(674)





1,839




Income (loss) before income taxes

(273)



1,494



1,861



(7,266)


Income tax expense (benefit)

(61)



332



61



(893)


Income (loss) from continuing operations

(212)



1,162



1,800



(6,373)


Income (loss) from discontinued operations, net of tax

(29,999)



700



(29,340)



1,685


Net income (loss)

$

(30,211)



$

1,862



$

(27,540)



$

(4,688)













Basic earnings (loss) per share - continuing operations


$



$

0.02



$

0.04



$

(0.13)


Diluted earnings (loss) per share - continuing operations


$



$

0.02



$

0.04



$

(0.13)













Basic earnings (loss) per share - discontinued operations


$

(0.64)



$

0.01



$

(0.62)



$

0.03


Diluted earnings (loss) per share - discontinued operations


$

(0.64)



$

0.01



$

(0.60)



$

0.03













Basic earnings (loss) per share


$

(0.64)



$

0.04



$

(0.58)



$

(0.10)


Diluted earnings (loss) per share


$

(0.64)



$

0.04



$

(0.56)



$

(0.10)













Weighted-average basic shares outstanding


47,227



48,427



47,111



48,781


Weighted-average diluted shares outstanding


47,227



49,691



48,854



48,781













DHI GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)














Three Months Ended June 30,


Six Months Ended June 30,




2021


2020


2021


2020

Cash flows from (used in) operating activities:









Net income (loss)

$

(30,211)



$

1,862



$

(27,540)



$

(4,688)


Adjustments to reconcile net income (loss) to net cash flows from (used in) operating activities:









Depreciation

4,349



3,019



8,445



6,272



Deferred income taxes

(647)



458



(951)



(804)



Amortization of deferred financing costs

37



37



74



74



Stock based compensation

2,302



1,615



4,060



3,411



Impairment of intangible assets







7,200



Impairment of equity investment







2,002



Unrealized loss (gain) on equity security

674





(1,839)





Gain on sale of equity investment



(200)





(200)



Change in accrual for unrecognized tax benefits

23



63



82



(18)



Loss on disposition of discontinued operations

30,203





30,203




Changes in operating assets and liabilities:









Accounts receivable

6,901



4,876



3,556



2,765



Prepaid expenses and other assets

(1,002)



313



(373)



355



Capitalized contract costs

240



121



(554)



980



Accounts payable and accrued expenses

1,763



2,526



(4,507)



(4,242)



Income taxes receivable/payable

486



101



1,613



255



Deferred revenue

(2,233)



(8,423)



7,118



(4,041)



Other, net

(11)



719



(89)



699


Net cash flows from operating activities

12,874



7,087



19,298



10,020


Cash flows from (used in) investing activities:









Cash transferred with discontinued operations

(2,951)





(2,951)





Cash received from sale of equity investment



200





200



Purchases of fixed assets

(3,119)



(4,117)



(6,822)



(8,405)


Net cash flows used in investing activities

(6,070)



(3,917)



(9,773)



(8,205)


Cash flows from (used in) financing activities:









Payments on long-term debt

(4,000)



(7,444)



(9,000)



(9,444)



Proceeds from long-term debt



7,444



5,000



36,444



Payments under stock repurchase plan

(1,775)



(3,433)



(3,444)



(5,076)



Purchase of treasury stock related to vested restricted and performance stock units

(483)



(175)



(1,826)



(1,523)


Net cash flows from (used in) financing activities

(6,258)



(3,608)



(9,270)



20,401


Effect of exchange rate changes

40



90



10



(122)


Net change in cash and cash equivalents for the period

586



(348)



265



22,094


Cash and cash equivalents, beginning of period

7,319



27,823



7,640



5,381


Cash and cash equivalents, end of period

$

7,905



$

27,475



$

7,905



$

27,475


DHI GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)







ASSETS

June 30, 2021


December 31, 2020

Current assets





Cash and cash equivalents

$

7,905



$

4,542



Accounts receivable, net

13,727



16,134



Income taxes receivable



533



Equity security

1,839





Prepaid and other current assets

4,000



4,101



Current assets of discontinued operations



8,175




Total current assets

27,471



33,485


Fixed assets, net

21,982



23,033


Acquired intangible assets

23,800



23,800


Capitalized contract costs

6,695



6,189


Goodwill

128,100



128,100


Operating lease right-of-use assets

9,771



10,804


Equity investment

3,640




Other assets

1,542



1,378


Non-current assets of discontinued operations



14,198




Total assets

$

223,001



$

240,987














LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities





Accounts payable and accrued expenses

$

13,325



$

15,308



Operating lease liabilities

2,246



2,075



Deferred revenue

42,230



35,547



Income taxes payable

997





Current liabilities of discontinued operations



12,455




Total current liabilities

58,798



65,385


Long-term debt, net

15,656



19,583


Deferred income taxes

8,932



9,765


Deferred revenue

958



1,035


Accrual for unrecognized tax benefits

1,024



941


Operating lease liabilities

8,191



9,371


Other long-term liabilities

1,944



2,049


Non-current liabilities of discontinued operations



5,288




Total liabilities

95,503



113,417




Total stockholders' equity

127,498



127,570




Total liabilities and stockholders' equity

$

223,001



$

240,987








Supplemental Information and Non-GAAP Reconciliations

On the pages that follow, the Company has 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 comparable GAAP measure. A statement of operations and statement of cash flows for the three and six month periods ended June 30, 2021 and 2020 and balance sheets as of June 30, 2021 and December 31, 2020 are provided elsewhere in this press release.

DHI GROUP, INC.

NON-GAAP SUPPLEMENTAL DATA

(Unaudited)

(in thousands)



Revenue



Q2 2021


Q2 2020


$ Change


% Change

Dice


$

...

20,583



$

20,489



...

$

94



—%

ClearanceJobs


8,138



7,107



1,031



15%

Total Revenues


$

28,721



$

27,596



$

1,125



4%










Income (loss) from continuing operations1


$

(212)



$

1,162






Income (loss) from discontinued operations, net of tax


$

(29,999)



$

700






Net Income (loss)


$

(30,211)



$

1,862






Diluted earnings (loss) per share - continuing operations


$



$

0.02






Diluted earnings (loss) per share - discontinued operations


$

(0.64)



$

0.01






Diluted earnings (loss) per share


$

(0.64)



$

0.04






Adjusted diluted earnings per share


$

0.02



$

0.03






Adjusted EBITDA


$

7,114



$

6,115






Adjusted EBITDA Margin


25%



22%

















Revenue



YTD 2021


YTD 2020


$ Change


% Change

Dice


$

39,634



$

42,974



$

(3,340)



(8)%

ClearanceJobs


15,763



14,007



1,756



13%

Total Revenues


$

55,397



$

56,981



$

(1,584)



(3)%










Income (loss) from continuing operations2


$

1,800



$

(6,373)






Income (loss) from discontinued operations, net of tax


$

(29,340)



$

1,685






Net Loss


$

(27,540)



$

(4,688)






Diluted earnings (loss) per share - continuing operations


$

0.04



$

(0.13)






Diluted earnings (loss) per share - discontinued operations


$

(0.60)



$

0.03






Diluted loss per share


$

(0.56)



$

(0.10)






Adjusted diluted earnings per share


$

0.02



$

0.04






Adjusted EBITDA


$

12,725



$

11,670






Adjusted EBITDA Margin


23%



20%















(1) For the three months ended June 30, 2021, the Company recorded an unrealized loss on an equity security and disposition, severance and related costs, all net of tax, and discrete tax iems that negatively impacted income from continuing operations $1.1 million. For the three months ended June 30, 2020, the Company recorded disposition, severance and related costs, net of tax, that negatively impacted income from continuing operations $0.1 million.

(2) For the six months ended June 30, 2021, the Company recorded disposition, severance and related costs and an unrealized gain on an equity security, all net of tax, and discrete tax items that positively impacted income from continuing operations by $0.9 million. For the six months ended June 30, 2020, the Company recorded impairments of intangible assets and equity investments, a gain from sale of equity investment, and disposition, severance and related costs, all net of tax, and discrete tax items that negatively impacted income from continuing operations by $8.5 million.

DHI GROUP, INC.

NON-GAAP SUPPLEMENTAL DATA (CONTINUED)

(Unaudited)

(in thousands)


Bookings1


Q2 2021


Q2 2020


$ Change


% Change

Dice

$

20,215



$

16,119



$

4,096



25%

ClearanceJobs

7,648



6,509



1,139



17%

Total Bookings

$

27,863



$

22,628



$

5,235



23%










YTD 2021


YTD 2020


$ Change


% Change

Dice

$

48,140



$

45,089



$

3,051



7%

ClearanceJobs

18,241



16,249



1,992



12%

Total Bookings

$

66,381



$

61,338



$

5,043



8%









(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 Monthly Revenue per Recruitment Package Customer1


Q2 2021


Q2 2020


YTD 2021


YTD 2020

Dice

$

1,124



$

1,131



$

1,126



$

1,142


ClearanceJobs

1,394



1,353



1,384



1,328



(1) Calculated by dividing recruitment package customer revenue by the daily average count of recruitment package customers during each month, adjusted to reflect a thirty day month. The simple average of each month is used to derive the amount for the periods..






Renewal Rates

Renewal Rate on Revenue:

Q2 2021


Q2 2020


YTD 2021


YTD 2020

Dice


89%




61%




84%




70%


ClearanceJobs


97%




93%




92%




93%














Renewal Rate on Count:












Dice


81%




57%




75%




63%


ClearanceJobs


84%




76%




83%




75%



































Recruitment Package Customers


June 30, 2021


June 30, 2020

Dice

5,441



5,450


ClearanceJobs

1,784



1,652















Deferred Revenue and Backlog


June 30, 2021


June 30, 2020

Deferred Revenue

$

43,188



$

40,351


Contractual commitments not invoiced

31,890



19,029


Backlog1

$

75,078



$

59,380






(1) Backlog consists of deferred revenue plus customer contractual commitments not invoiced representing the
value of future services to be rendered under committed contracts.

DHI GROUP, INC.

NON-GAAP SUPPLEMENTAL DATA (CONTINUED)

(Unaudited)

(in thousands)






Debt to Net Debt



June 30, 2021


December 31, 2020

Long term debt, net



$

15,656


$

19,583

Add: Deferred financing costs, net



344


417

Principal debt outstanding



16,000


20,000

Less: Cash and cash equivalents



7,905


4,542

Net Debt



$

8,095


$

15,458














Adjusted Diluted Earnings per Share


Q2 2021


Q2 2020


YTD 2021


YTD 2020

Diluted earnings (loss) per share1

$

(0.64)



$

0.04



$

(0.56)



$

(0.10)


Impairment of intangible assets and equity investment, net of tax







0.15


Disposition, severance, and related costs, net of tax

0.01





0.02



0.01


Unrealized loss (gain) on equity security

0.01





(0.03)




Discrete tax items





(0.01)



0.01


Loss (income) from discontinued operations

0.61



(0.01)



0.60



(0.03)


Other2

0.03








Adjusted diluted earnings per share3

$

0.02



$

0.03



$

0.02



$

0.04










(1) For the three month periods ended June 30, 2021 and 2020, diluted earnings per share utilized weighted average shares of 47.2 million and 49.7 million, respectively. For the six month periods ended June 30, 2021 and 2020, diluted earnings per share utilized weighted average shares of 48.9 million and 48.8 million, respectively.

(2) Adjusts, as applicable, for the share impact of common stock equivalents, where dilutive.

(3) For the three month periods ended June 30, 2021 and 2020, adjusted diluted earnings per share utilized weighted average shares of 49.1 million and 49.7 million, respectively. For the six month periods ended June 30, 2021 and 2020, adjusted diluted earnings per share utilized weighted average shares of 48.9 million and 50.2 million, respectively.

DHI GROUP, INC.

NON-GAAP SUPPLEMENTAL DATA (CONTINUED)

(Unaudited)

(dollars in thousands, except per customer data)





















Adjusted EBITDA Reconciliations



Q2 2021


Q2 2020


YTD 2021


YTD 2020

Reconciliation of Net Income (loss) to Adjusted EBITDA:








Net income (loss)

$

(30,211)



$

1,862



$

(27,540)



$

(4,688)



Interest expense

185



365



373



545



Income tax expense (benefit)

(61)



332



61



(893)



Depreciation

4,040



2,573



7,671



5,340



Non-cash stock based compensation

1,834



1,475



3,438



3,133



Impairment of intangible assets







7,200



Impairment of equity investment







2,002



Unrealized loss (gain) on equity security

674





(1,839)





Gain on sale of equity investment



(200)





(200)



Severance and related costs

749



412



1,311



913



Loss (income) on discontinued operations, net of tax

29,999



(700)



29,340



(1,685)



Other

(95)



(4)



(90)



3


Adjusted EBITDA

$

7,114



$

6,115



$

12,725



$

11,670










Reconciliation of Operating Cash Flows to Adjusted EBITDA:








Net cash provided by operating activities

$

12,874



$

7,087



$

19,298



$

10,020



Interest expense

185



365



373



545



Amortization of deferred financing costs

(37)



(37)



(74)



(74)



Income tax expense (benefit)

(61)



332



61



(893)



Deferred income taxes

647



(458)



951



804



Change in accrual for unrecognized tax benefits

(23)



(63)



(82)



18



Change in accounts receivable

(6,901)



(4,876)



(3,556)



(2,765)



Change in deferred revenue

2,233



8,423



(7,118)



4,041



Discontinued operations results

(1,937)



(1,671)



(3,593)



(3,633)



Severance and related costs

749



412



1,311



913



Changes in working capital and other

(615)



(3,399)



5,154



2,694


Adjusted EBITDA

$

7,114



$

6,115



$

12,725



$

11,670


Cision
Cision

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SOURCE DHI Group, Inc.