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NYSE: DHX Q3 2025 Investor Presentation November 10, 2025
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Forward looking statements This presenation 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 restructuring or streamlining 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, 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 operations under such indebtedness, development and use of artificial intelligence, failure to scale, adapt and maintain our restrictions on our current and future 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, systems 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, 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 internal controls over financial reporting, results of operations fluctuating on a quarterly and annual basis, our rights plan may have anti-takeover effects, anti- takeover provisions in our governing documents making 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.
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Listed NYSE: DHX (2007) Diluted Shares Outstanding (Q4 2024) 46M HQ Denver, CO Est. 1990 Year End December 31
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DHI Group owns ClearanceJobs and Dice, which are platforms for finding and engaging with top tech talent, including engineers, software developers, data scientists, cybersecurity experts, professionals with AI skills and more. With over 9 million tech professional profiles on our two platforms, we use AI-powered tools and our proprietary skills algorithm to connect employers with the most qualified candidates for their job openings.
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DHI Group: Two-Sided Marketplaces Two Online Recruiting Platforms with proprietary software technology Help Companies and Recruiters Attract, Engage and Hire Tech Talent Millions of Candidate Profiles due to the Longevity of the Platforms SaaS Business Model with approximately 90% Recurring Revenue 7.6M Tech Professionals 1.9M Tech candidates with Security Clearances Companies and Recruiters Tech Professional Candidates
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DHI Financial Overview 1 See definition of bookings later in this document. 2 Notes regarding the use of Non-GAAP financial measures and GAAP to Non-GAAP Reconciliation at end of document. The reconciliation applies to each use of this metric throughout this presentation. 3 CAGR represents Compound Annual Growth Rate, on dollars, from 2020 to 2024. 2024 Annual Results and Five-Year Performance Revenue $142M Bookings1 $141M Adjusted EBITDA2 $35M Adjusted EBITDA Margin2 25% Operating Cash Flow $21M Capex $14M Debt $32M Share Repurchases $2M +6% CAGR3 +6% CAGR3 +12% CAGR3 $74M From 2020 – Q3 2025
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DHI Offers Candidates that Cannot be Found Elsewhere • Many active Dice tech professionals are not found on generalist sites like ZipRecruiter, Indeed or LinkedIn. • In cases where competitors do have overlapping candidate profiles, the majority are outdated by at least 6 months. • LinkedIn has no profile field for government clearance • Government workers and contractors have freedom to use ClearanceJobs due to the lack of hostile actors on the platform • Other smaller competitors are a fraction the size of ClearanceJobs
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Compelling ROI for Companies Tech Professionals are very expensive. Dice and CJ charge between $8-$10k for a standard entry level license for clients. The ROI of making one placement using these platforms is high. Most recruiters charge between 20-25% of the first-year salary of a candidate they place. “Dice has paid for itself already as we made one hire that we could not find anywhere else.” American National Insurance
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Forbes Claims Dice is the #1 Tech Job Resource Source: Forbes: The Go-To Job Boards for Tech and IT Job Seekers, July 19, 2024
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EU Defense Spending Benefits U.S. GovTech Market Historically, over 60% of EU defense procurement spending have been allocated to U.S.- based defense contractors. Source: Aviation Week • The proposed $1.1 trillion U.S. defense budget for 2026 marks the largest single-year increase in peacetime history. • Additionally, NATO countries are boosting defense spending with U.S. contractors likely to secure a significant portion of this incremental spend.
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Tech Workforce Growth Over the next ten years, the tech workforce is projected to grow twice as fast as the overall U.S. workforce1. 304% Data Scientists and Data Analysts 267% Cybersecurity Analysts and Engineers 225% Software Developers and Engineers 177% Software QA and Testers 134% Web Designers and UI/UX 134% ClOs and IT Directors 125% Web Developers 86% Database Architects 82% Emerging Tech, IT Project Mgt., Other 73% Systems Analysts and Engineers 47% Network, Cloud Admin and Engineers 38% IT Support Specialists 17% Network/Cloud Architects Projected tech growth rates above the national rate2: The macro trend of digital transformation means demand for tech talent across the full spectrum of tech job roles. 1. U.S. Bureau of Labor Statistics and Lightcast 2. CompTIA State of the Tech Workforce, 2024 The growth consists of an expected 36% average annual turnover rate and overall population gain 18% Growth Projected tech population growth rate 6M 7.1M 2024 2034 2
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Data Suggests AI Could Have a Positive Impact on Tech Hiring Source: Census Bureau, Bureau of Labor Statistics, Bank of America Global Research Source: U.S. Bureau of Labor Statistics Employment projections for selected occupations susceptible to potential artificial intelligence impacts, 2023 - 33 Increased AI usage in white-collar industries is positively correlated with employment growth
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What’s inside our profiles leads to better tech hires • Name • Resume • Job Title • Work Authorization • Work Preference • At Least 5 Skills • Location • Email • Clearance Level (ClearanceJobs) Visible Profiles Include:
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Demonstrating ROI for Clients Challenge: Find software engineers for a variety of positions from Secret to Full-Scope poly Leidos needs to recruit and build a pipeline of cleared candidates with technical experience in a competitive market with a trusted vendor. Solution: Leverage ClearanceJobs’ candidate database and recruiting tools ClearanceJobs has been a go-to partner for Leidos recruiting needs due to the verified and vetted composition of the CJ platform. Results: • Great response time contacting cleared candidates • Carry ClearanceJobs throughout the day from morning coffee to recruiting tasks • Verified contacts keep Leidos coming back year after year • ClearanceJobs is trusted partner Dice: How Montefiore Used Branding to Differentiate Themselves Montefiore: Dice customer for 10 years. Nearly double contract value since 2015 Challenge: Standing out in a highly competitive environment Montefiore needed a more effective way to share their unique altruistic culture to stand out and attract top tech professionals due to competition with well-known hospitals in New York. Solution: Leverage Dice's branding solutions to differentiate against competitors Using Dice Company Profile and BrandMax, Montefiore strengthened its branding and showcased how mission driven values truly shape their culture. Results: • Increased awareness from utilizing branding tools • Montefiore job postings appearing in Google search results • Increased applicants • Montefiore continues using Dice branding tools to attract top tech talent ClearanceJobs: To Leidos, ClearanceJobs is more than a vendor Leidos: ClearanceJobs customer for 10 years. Purchased additional database seats, career events and media programs since 2014
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Cleared employers 10,000+ Government agencies 100+Growth opportunity Opportunity for ClearanceJobs and Dice Tech Candidate Marketplace Cleared Professionals Marketplace Subscription clients 1.8K 2024 Revenue1 $54M, +16% CAGR2 Subscription clients 4.2K 2024 Revenue1 $88M, +2% CAGR2 Commercial accounts 80,000+ Staffing, Recruiting, Consulting Firms 18,000Growth opportunity 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented. 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024
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How do we make money? Clients Pay for Annual Subscription Contracts Candidates Don’t Pay to Create a Profile or Engage with Recruiters Contracts Most have an autorenewal clause and price escalator Engagement We strategically limit profile views and encourage connections 90%+ annual recurring revenue Mid contract top-upsAdding ~79k Candidates/Mo Recruiters Chase Candidates Service both Staffing and “Direct Hire” companies Encourage maximum engagement between recruiters and candidates with text, email tools which leads to hiring success Software as a Service business model, limiting the number of candidate profiles viewed
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DHI Group Annual Financial Performance 1 CAGR represents Compound Annual Growth Rate, in dollars, from 2020 to 2024. 2 In June 2021, the Company transferred majority ownership and control of its eFinancialCareers (“eFC”) business to eFC’s management. Bookings, revenue and Adjusted EBITDA throughout this document exclude eFC. 6% CAGR 1 6% CAGR 1 DHI Bookings ($M) $110 $133 $160 $153 $141 2020 2021 2022 2023 2024 DHI Revenue ($M) $111 $120 $150 $152 $142 2020 2021 2022 2023 2024 DHI Adjusted EBITDA ($M) & Adjusted EBITDA Margin $23 $26 $31 $36 $35 20% 22% 21% 24% 25% 2020 2021 2022 2023 2024 12% CAGR 1 2 2 2
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DHI Group Quarterly Financial Performance Percentages, other than Adjusted EBITDA Margin, reflect year-over-year performance changes. 9% 19% 14% 8% DHI Bookings ($M) $29 $33 $42 $27 $25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 DHI Revenue ($M) $35 $35 $32 $32 $32 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 DHI Adjusted EBITDA ($M) & Adjusted EBITDA Margin $9 $9 $7 $8 $10 24% 26% 22% 27% 32% Q3 24 Q4 24 Q1 25 Q2 25 Q3 259% 7% 7%6% 10% 19% 9% 10% 11% 5% 12%
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Revenue Stability: Recurring Revenue Model With a subscription-based business, a large portion of revenue is contracted and booked at the beginning of each year with high predictability as we renew our contracts throughout the year.
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DHI Group Cash Flow 1 Cap Dev refers to capitalized development costs from both internal labor and external vendors incurred from building new products and features on the Company's platforms. Cap dev is included in capex. Operating cash flows in Q3 2025 were $4.8M Capitalized development costs comprise over 90% of capex and cap dev is trending down Operating cash flow, Capex & Cap Dev ($ in millions) $19 $29 $36 $21 $21 $16 $14 $18 $20 $14$15 $13 $17 $16 $12 Operating cash flow Capex Cap Dev 2020 2021 2022 2023 2024 Quarterly Cash Flow $5.5 $4.4 $2.2 $6.9 $4.8 $3.2 $2.8 $2.2 $2.0 $1.6 $3.1 $2.7 $2.0 $1.9 $1.5 Operating cash flow Capex Cap Dev Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1
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Illustration of DHI Group Free Cash Flow DHI Group Free Cash Flow Sources/ Uses composed of multiple elements, with Capex being the primary driver Reduced product development costs will result in lower capex spend in 2025 Long term goal to deliver free cash flow at 10% of Revenue 1. Each component calculated using the five-year average (2020 to 2024) 2. Working capital excludes the impact of income taxes Adjusted EBITDA to Free Cash Flow Adjusted EBITDA Capex Working capitalInterest expenseIncome taxes Other Free Cash Flow 1 2
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DHI Group Liquidity 1. Includes shares repurchased under an approved stock repurchase plan and shares repurchased pursuant to our equity award plan as shares withheld for employee taxes from the vesting of employee restricted stock or performance-based restricted stock units. 2. Leverage Ratio is computed by dividing debt by Adjusted EBITDA. Q3 2025 cash of $2M, debt of $30M, leverage ratio of 0.86 $74M in shares repurchased since 2020 Debt & Cash ($ in millions) $20 $23 $30 $38 $32 $8 $2 $3 $4 $4 $11 $18 $24 $13 $2 0.72 0.84 1.00 1.05 0.91 Debt Cash $ Shares RepurchasedLeverage Ratio 2020 2021 2022 2023 2024 Quarterly Liquidity $32 $32 $33 $30 $30 $2 $4 $3 $3 $2 $— $— $2 $2 $2 0.88 0.91 0.98 0.90 0.86 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1 2
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DHI Group Buyback History 1 Includes shares repurchased under an approved stock repurchase plan and shares repurchased pursuant to our equity award plan as shares withheld for employee taxes from the vesting of employee restricted stock or performance-based restricted stock units. Shares outstanding generally decreasing from share repurchase programs $5M stock repurchase plan in place through November 2026 Shares repurchased outpacing equity grants to employees and directors, offsetting dilution Shares Outstanding and Share Repurchases1 (shares in thousands) 4,422 4,815 4,236 2,814 775 2,567 51,219 48,756 47,368 46,875 48,217 47,350 Shares Repurchased Shares Outstanding 2020 2021 2022 2023 2024 YTD 2025
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BRAND PERFORMANCE
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ClearanceJobs 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024. Cleared employers 10,000+ Government agencies 100+Growth opportunity Cleared Professionals Marketplace Subscription clients 1.8K 2024 Revenue1 $54M, +16% CAGR2
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ClearanceJobs Bookings 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024. 3 Percentage represents the change versus the prior year quarter. ClearanceJobs Bookings CAGR 15% Q3 2025 Bookings for ClearanceJobs down $1M or -7% YoY Q3 2025 revenue renewal rate for ClearanceJobs at 85% Q3 2025 revenue retention rate for ClearanceJobs at 106% ClearanceJobs Bookings by Year ($M) $32 $39 $48 $53 $56 2020 2021 2022 2023 2024 ClearanceJobs Bookings by Quarter ($M) $13 $14 $17 $12 $12 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 15% CAGR 2 0% 4% 0% 1 3 7% 1%
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ClearanceJobs Revenue ClearanceJobs revenue CAGR 16% ClearanceJobs revenue up +1% YoY in Q3 2025 16% CAGR 2 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024. 3 Percentage represents the change versus the prior year quarter. ClearanceJobs Revenue by Year ($M) $30 $35 $44 $50 $54 2020 2021 2022 2023 2024 ClearanceJobs Revenue by Quarter ($M) $14 $14 $13 $14 $14 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1%7% 1%8% 3% 1 3
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ClearanceJobs Adjusted EBITDA and Capital Expenditures ($ in millions) Q3 2025 Adjusted EBITDA at $5.9M, or a margin of 43%. Strong Adjusted EBITDA conversion to cash with low cap dev. Capex primarily consists of cap dev. 1 Cap Dev refers to capitalized development costs from both internal labor and external vendors incurred from building new products and features on the Company's platforms. Cap dev is included in capex. $6.3 $6.4 $5.7 $6.1 $5.9 $0.6 $0.5 $0.4 $0.4 $0.5$0.6 $0.5 $0.3 $0.3 $0.5 46% 46% 43% 45% 43% Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1
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Dice 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024 Tech Candidate Marketplace Subscription clients 4.2K 2024 Revenue1 $88M, +2% CAGR2 Commercial accounts 80,000+ Staffing, Recruiting, Consulting Firms 18,000Growth opportunity
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Dice Bookings Dice Bookings CAGR 2% Q3 2025 Dice bookings down $3M, or -17% YoY Q3 2025 revenue renewal rate for Dice at 69% Q3 2025 revenue retention rate for Dice at 92% 2% CAGR 2 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024. 3 Percentage represents the change versus the prior year quarter. Dice Bookings by Year ($M) $78 $94 $112 $100 $85 2020 2021 2022 2023 2024 Dice Bookings by Quarter ($M) $16 $19 $25 $16 $13 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 15% 17% 14% 20% 1 3 16%
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Dice Revenue Dice Revenue CAGR 2% Dice revenue down -15% YoY in Q3 2025 2% CAGR 2 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 CAGR represents Compound Annual Growth Rate from 2020 to 2024. 3 Percentage represents the change versus the prior year quarter. Dice Revenue by Year ($M) $81 $85 $106 $102 $88 2020 2021 2022 2023 2024 Dice Revenue by Quarter ($M) $21 $21 $19 $18 $18 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 14% 12% 15% 18% 1 3 18%
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Dice Adjusted EBITDA and Capital Expenditures ($ in millions) Q3 2025 Adjusted EBITDA of $6.2M, a margin of 34%. Cap dev declining, improving Adjusted EBITDA conversion to cash. Capex primarily consists of cap dev. 1 Cap Dev refers to capitalized development costs from both internal labor and external vendors incurred from building new products and features on the Company's platforms. Cap dev is included in capex. $4.8 $4.0 $4.3 $3.4 $4.2 $6.2 $2.7 $2.7 $2.4 $1.7 $1.7 $1.1 $2.6 $2.5 $2.2 $1.6 $1.6 $1.122% 19% 21% 18% 23% 34% Adjusted EBITDA Capex Cap Dev Adjusted EBITDA Margin Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1
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Catalysts for Expected Growth • Built for potential double-digit growth in a “normal” demand environment with Dice and ClearanceJobs Total Addressable Markets • Annual contract value expansion through subscription packages price escalators • Dice Digital Experience (DX) increases efficiency and expands offering by providing smaller firms with additional flexibility and purchase options • CJ + Dice new revenue line: Talent Sourcing Solutions • CJ recent and future M&A: AgileATS
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• Applicant Tracking System (ATS) features deepen CJ's reach across the full talent acquisition lifecycle • Further solidifies CJ as essential tool for recruiting cleared talent in the GovTech space • Immediate opportunity to offer ATS to 1,500+ existing CJ customers, bundled with current solutions, or as a stand-alone product for the 10,000+ cleared employers • Aligns with CJ’s expanded mission to provide a seamless, single-vendor solution across the talent acquisition workflow • Built from the ground up to meet the unique regulatory and compliance requirements of government contractors AgileATS Acquisition
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WHY BUY DHX STOCK
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Why Buy DHX Stock • SaaS business with market cap of <1x revenue and <3x Adjusted EBITDA • 26%+ Adjusted EBITDA margin • Both CJ and Dice have brand recognition; approximately 90% annual recurring revenue • CJ historically has minimal economic cycles or competition and anticipated tailwind from $1.1 trillion defense budget • Dice is a cyclical business entering a possible growth phase through a new digital marketplace • AI tech workforce demand driving need for CJ and Dice
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Appendix
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DHI Group, Inc. Supplemental data - customer data (unaudited) 1 We had previously disclosed that career events were recorded within Dice. Career events have been reclassified between ClearanceJobs and Dice based on the nature of the event for all periods presented 2 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. 3 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 each period and then annualized to reflect twelve months. 4 For customers that renewed their annual recruitment packages during the period, the retention rate represents the total contract value renewed, relative to the previous total contract value. ClearanceJobs Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Bookings1 2(in millions) $ 14.2 $ 9.9 $ 11.8 $ 12.4 $ 16.2 $ 10.7 $ 12.3 $ 14.2 $ 17.0 $ 11.5 $ 12.8 $ 14.2 $ 16.8 $ 11.6 $ 12.0 Revenues1 (in millions) $ 9.9 $ 10.6 $ 11.4 $ 11.8 $ 11.9 $ 12.7 $ 12.9 $ 12.9 $ 13.0 $ 13.5 $ 13.8 $ 13.8 $ 18.9 $ 13.6 $ 13.9 Recruitment Package Customers 1,928 1,976 2,030 2,064 2,078 2,069 2,054 2,055 2,032 2,009 1,982 1,949 1,891 1,868 1,822 Average Annual Revenue Per Recruitment Package Customer3 $ 18,408 $ 18,708 $ 19,308 $ 19,872 $ 20,520 $ 20,842 $ 21,422 $ 21,872 $ 23,050 $ 24,275 $ 24,762 $ 25,148 $ 25,806 $ 26,026 $ 26,601 Revenue Renewal Rate 104 % 99 % 97 % 98 % 95 % 90 % 94 % 96 % 98 % 96 % 91 % 93 % 92 % 87 % 85 % Customer Renewal Rate 87 % 84 % 84 % 80 % 83 % 81 % 81 % 78 % 78 % 78 % 78 % 76 % 79 % 77 % 76 % Retention Rate4 115 % 113 % 110 % 117 % 109 % 110 % 112 % 110 % 115 % 113 % 109 % 111 % 106 % 103 % 106 % Dice Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Bookings1 2 (in millions) $ 36.5 $ 25.4 $ 24.7 $ 25.3 $ 37.4 $ 21.6 $ 18.9 $ 21.8 $ 31.8 $ 18.5 $ 16.1 $ 18.7 $ 25.3 $ 15.6 $ 13.4 Revenues1 (in millions) $ 24.4 $ 26.5 $ 27.1 $ 27.9 $ 26.7 $ 25.8 $ 24.6 $ 24.4 $ 23.0 $ 22.3 $ 21.4 $ 21.0 $ 13.4 $ 18.4 $ 18.2 Recruitment Package Customers 6,249 6,386 6,409 6,311 6,171 6,007 5,752 5,492 5,250 5,031 4,868 4,711 4,490 4,365 4,239 Average Annual Revenue Per Recruitment Package Customer3 $ 14,112 $ 14,304 $ 14,868 $ 15,384 $ 15,672 $ 15,534 $ 15,531 $ 15,788 $ 15,997 $ 16,294 $ 16,330 $ 16,380 $ 16,384 $ 15,434 $ 15,727 Revenue Renewal Rate 104 % 99 % 98 % 94 % 92 % 84 % 78 % 78 % 82 % 78 % 74 % 77 % 70 % 75 % 69 % Customer Renewal Rate 86 % 85 % 84 % 83 % 82 % 79 % 73 % 71 % 74 % 69 % 69 % 69 % 69 % 66 % 68 % Retention Rate4 114 % 109 % 110 % 107 % 105 % 101 % 99 % 97 % 100 % 99 % 96 % 97 % 92 % 102 % 92 %
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DHI Group, Inc. Supplemental data – Historical Activity (unaudited) (dollars in millions) DHI Group, Inc. Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenues $36.0 $35.8 $35.3 $34.8 $141.9 $32.3 32.0 32.1 Cost of revenues 4.9 5.1 5.1 5.1 20.2 5.3 5.1 4.6 Product development 4.8 4.7 4.7 4.6 18.8 3.8 3.1 2.9 Sales 7.5 6.9 6.6 6.3 27.3 6.4 6.2 5.1 Marketing 5.2 4.9 5.0 4.7 19.8 4.7 4.3 4.0 General & administrative 5.1 5.2 5.3 4.9 20.5 5.1 4.7 5.3 Total operating expenses 27.5 26.8 26.7 25.6 106.6 25.3 23.4 21.9 Adjusted EBITDA 8.6 9.0 8.6 9.2 35.4 7.0 8.5 10.3 Adjusted EBITDA Margin 24% 25% 24% 26% 25% 22% 27 % 32 % ClearanceJobs Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenues $13.0 $13.5 $13.8 $13.8 $54.1 $13.4 $13.6 $13.9 Cost of revenues 1.5 1.5 1.5 1.7 6.2 1.8 1.7 1.7 Product development 1.1 1.2 1.1 1.1 4.5 1.3 1.2 1.4 Sales 2.2 2.0 2.0 1.9 8.1 2.0 2.1 2.0 Marketing 1.7 1.7 1.7 1.6 6.7 1.6 1.6 1.7 General & administrative 1.1 1.1 1.1 1.1 4.4 0.9 1.0 1.2 Total operating expenses 7.6 7.5 7.4 7.4 29.9 7.6 7.6 8.0 Adjusted EBITDA 5.5 6.0 6.3 6.4 24.2 5.7 6.1 5.9 Adjusted EBITDA Margin 42% 44% 46% 46% 45% 43% 45% 43% Dice Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenues $23.0 $22.3 $21.4 $21.0 $87.7 $18.9 18.4 18.2 Cost of revenues 3.4 3.6 3.6 3.4 14.0 3.5 3.5 2.9 Product development 3.7 3.6 3.6 3.5 14.4 2.3 1.9 1.5 Sales 5.3 4.9 4.6 4.4 19.2 4.4 4.1 3.1 Marketing 3.5 3.2 3.2 3.1 13.0 3.0 2.8 2.3 General & administrative 2.1 2.2 2.4 2.3 9.0 2.3 2.0 2.2 Total operating expenses 18.0 17.5 17.4 16.7 69.6 15.5 14.3 12.0 Adjusted EBITDA 5.0 4.8 4.0 4.3 18.1 3.4 4.2 6.2 Adjusted EBITDA Margin 22% 22% 19% 20% 21% 18% 23 % 34 % Corporate Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Cost of revenues — — — — — 0.1 — — Product development — — — — — 0.2 — — Sales — — — — — 0.1 — — Marketing — — — — — — — — General & administrative 1.9 1.8 1.7 1.6 7.0 1.8 1.7 1.9 Total operating expenses 1.9 1.8 1.7 1.6 7.0 2.2 1.7 1.9
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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, 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. 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 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, 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. Guidance Earlier in this presentation, 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 and related costs, restructuring charges and legal claims and fees. 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. Notes regarding the use of non-GAAP financial measures and guidance
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DHI Group, Inc. Supplemental data - non-GAAP (unaudited) 1 Capitalized development costs consists of capitalized software costs and website development costs. (Dollars in millions) Full Year Full Year Full Year Full Year Full Year 2020 2021 2022 2023 2024 Cash provided by operating activities $ 18.7 $ 28.6 $ 36.0 $ 21.3 $ 21.0 Interest expense 1.0 0.7 1.6 3.5 3.2 Amortization of deferred financing costs (0.1) (0.1) (0.1) (0.1) (0.1) Income tax expense (benefit) (2.8) (0.6) (0.6) 0.1 2.7 Deferred income taxes 2.9 0.6 3.8 3.3 0.8 Change in accrual for unrecognized tax benefits 0.4 0.2 — (0.3) — Change in accounts receivable (0.9) 1.1 2.1 1.4 (0.1) Change in deferred revenue 8.2 (10.1) (4.7) 0.9 4.5 Disposition related and other costs — — — — — Legal contingencies and related fees — — — — — Discontinued operations results (7.3) (3.6) — — — Severance, professional fees and related costs 1.2 2.0 0.4 1.2 1.8 Restructuring — — — 2.4 1.1 Changes in working capital and other 1.3 7.4 (7.5) 2.6 0.4 Adjusted EBITDA $ 22.6 $ 26.2 $ 31.0 $ 36.3 $ 35.3 Cash provided by operating activities $ 18.7 $ 28.6 $ 36.0 $ 21.3 $ 21.0 Less: Capitalized development costs1 (15.4) (12.9) (17.2) (16.4) (12.5) Other fixed asset purchases $ (0.7) $ (1.4) $ (0.8) (3.9) (1.4) Total fixed asset purchases (16.1) (14.3) (18.0) (20.3) (13.9) Free Cash Flow $ 2.6 $ 14.3 $ 18.0 $ 1.0 $ 7.1
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DHI Group, Inc. Supplemental data - non-GAAP (unaudited) (Dollars in millions) Full Year Full Year Full Year Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2020 2021 2022 2023 2024 2024 2024 2024 2024 2025 2025 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (30.0) $ (29.7) $ 4.2 $ 3.5 $ (1.5) $ 0.9 $ (0.2) $ 1.0 $ 0.3 $ (9.8) $ (0.8) $ (4.3) Interest Expense 1.0 0.7 1.6 3.5 0.9 0.8 0.8 0.7 3.2 0.7 0.6 0.6 Income tax expense (benefit) (2.8) (0.6) (0.6) 0.1 2.3 0.4 0.1 (0.1) 2.7 (0.1) (1.1) (0.8) Depreciation 10.3 16.3 17.5 16.9 4.5 4.6 4.5 4.4 18.0 4.0 3.8 3.4 Amortization — — — — — — — — — — — 0.1 Non-cash stock based compensation 5.8 7.7 9.5 9.5 2.1 2.2 1.8 1.9 8.1 1.1 1.5 1.3 Income from equity method investment — (0.2) (1.6) (0.5) (0.1) (0.2) — 0.1 (0.2) (0.1) — — Proceeds from settlement — — (2.1) — — — — — — — — — Impairment of intangible assets 15.2 — — — — — — — — — — 9.6 Impairment of goodwill 22.6 — — — — — — — — 7.8 — — Impairment of investment 2.0 — 2.3 0.3 0.4 — — — 0.4 — — — Impairment of right-of-use asset — 1.9 — — — — — — — — — — Loss (gain) on investments (0.2) (1.2) (0.3) (0.6) — — — — — — — — Restructuring — — — 2.4 — — 1.1 — 1.1 2.3 4.2 — Severance, professional fees and related costs 1.2 2.0 0.4 1.2 — 0.2 0.5 1.1 1.8 1.1 0.2 0.4 Loss (income) from discontinued operations, net of tax (2.4) 29.3 — — — — — — — — — — Other (0.1) — 0.1 — — 0.1 — 0.1 (0.1) — 0.1 — Adjusted EBITDA $ 22.6 $ 26.2 $ 31.0 $ 36.3 $ 8.6 $ 9.0 $ 8.6 $ 9.2 $ 35.3 $ 7.0 $ 8.5 $ 10.3 Reconciliation of Net Income (loss) Margin to Adjusted EBITDA Margin Revenue $ 111.2 $ 119.9 $ 149.7 $ 151.9 $ 36.0 $ 35.8 $ 35.3 $ 34.8 $ 141.9 $ 32.3 $ 32.0 $ 32.1 Net Income (loss) Margin(1) (27) % (25) % 3 % 2 % (4) % 3 % (1) % 3 % — % (30) % (3) % (13) % Adjusted EBITDA Margin(2) 20 % 22 % 21 % 24 % 24 % 25 % 24 % 26 % 25 % 22 % 27 % 32 % (1) The sum of the quarters may not equal the full year amount. (2) Net income (loss) margin and Adjusted EBITDA margin are calculated by dividing the respective measure by that period's revenue.
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DHI Group, Inc. Supplemental data - non-GAAP (unaudited) 1 Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by that period’s revenue. ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2024 2024 2024 2024 2024 2025 2025 2025 Reconciliation of Income (Loss) before income taxes to Adjusted EBITDA Income (Loss) Before Income Taxes $ 4.4 $ 4.9 $ 5.3 $ 5.4 $ 20.1 $ 4.5 $ 4.6 $ 5.0 Depreciation 0.7 0.7 0.7 0.6 2.6 0.7 0.9 0.7 Amortization — — — — — — — 0.1 Non-cash stock based compensation 0.4 0.4 0.3 0.4 1.5 0.2 0.2 0.2 Restructuring — — — — — — 0.4 — Severance, professional fees and related costs — — — — — 0.3 — — Other — — — — — — — (0.1) Adjusted EBITDA(1) $ 5.5 $ 6.0 $ 6.3 $ 6.4 $ 24.2 $ 5.7 $ 6.1 $ 5.9 Reconciliation of Adjusted EBITDA Margin Revenue $ 13.0 $ 13.5 $ 13.8 $ 13.8 $ 54.1 $ 13.4 $ 13.6 $ 13.9 Income (Loss) Before Income Taxes Margin(2) 34 % 36 % 38 % 39 % 37 % 34 % 34 % 36 % Adjusted EBITDA Margin(2) 42 % 44 % 46 % 46 % 45 % 43 % 45 % 42 % Dice (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 2024 2024 2024 2024 2024 2025 2025 2025 Reconciliation of Income (Loss) Before Income Taxes to Adjusted EBITDA Income (Loss) Before Income Taxes $ 0.5 $ 0.2 $ (0.5) $ (0.1) $ — $ (8.3) $ (3.0) $ (6.3) Depreciation 3.8 3.9 3.9 3.7 15.3 3.3 2.9 2.7 Non-cash stock based compensation 0.7 0.7 0.6 0.7 2.8 0.5 0.5 0.3 Impairment of intangible assets — — — — — — — 9.6 Impairment of goodwill — — — — — 7.8 — — Restructuring — — — — — — 3.8 — Severance, professional fees and related costs — — — — — 0.2 (0.1) — Other — — — — — (0.1) 0.1 (0.1) Adjusted EBITDA(1) $ 5.0 $ 4.8 $ 4.0 $ 4.3 $ 18.1 $ 3.4 $ 4.2 $ 6.2 Reconciliation of Adjusted EBITDA Margin Revenue $ 23.0 $ 22.3 $ 21.4 $ 21.0 $ 87.7 $ 18.9 $ 18.4 $ 18.2 Income (Loss) Before Income Taxes Margin(2) 2 % 1 % (2) % — % — % (44) % (16) % (35) % Adjusted EBITDA Margin(2) 22 % 22 % 19 % 20 % 21 % 18 % 23 % 34 % (1) The sum of the quarters may not equal the full year amount. (2) Margins are calculated by dividing the respective measure by that period's revenue.