Good afternoon, and welcome to the Noble Capital Markets Virtual Equity Conference. I am Joe Gomes, Managing Director and Senior Analyst at Noble Capital. Today, I have the pleasure of introducing DHI Group. Following the presentation, we will have some time for Q&A. With us today from DHI is Art Zeile, Chief Executive Officer, and Greg Schippers, CFO. The floor is yours, Art. Thank you so much, Joe. Really appreciate the opportunity today. As you can see from this next chart, we have included our standard forward-looking statements waiver with the normal caveats. Let that populate. There you go. DHI Group is listed on the New York Stock Exchange under the symbol DHX, and we are headquartered in Denver, Colorado. Our ClearanceJobs and Dice brands are the leading platforms for employers to find and engage with top tech talent. We create platforms that allow our clients, who are generally recruiters or hiring managers, to connect directly with tech candidates. These are two-sided marketplaces that by definition have to serve both the needs of the clients as well as the candidates alike. This may sound similar to LinkedIn or Indeed, but we have two key differentiators that make us a necessary tool for recruiters and hiring managers looking specifically to hire technology professionals. We have built special search algorithms to find candidates based on their specific tech skills. Second, we have spent literally decades attracting the highest quality talent to our platforms. We currently have profiles of over 9 million technology professionals on the two brands, constituting about two-thirds of all the known skilled technologists in the U.S. We make money by charging our clients for subscription contracts that allow them to access our platforms, and over 90% of our revenue is recurring as a result. Tech professionals are extremely well-compensated in today's economy. We believe that we are very different from the other platforms that are available to recruiters, in that we have that unique pool of candidates that cannot be found on other sites. We've done research and studies that indicated that roughly 20%-30% of our Dice candidates can be found on an alternative career site like CareerBuilder, Monster, or ZipRecruiter, Indeed, or even LinkedIn with an up-to-date profile. When they are found on these platforms, they do not include a resume or contact information, which is generally necessary for the recruiter to do their job. ClearanceJobs is the dominant leader in its marketplace for delivering access to technology professionals with a government clearance. Think of that as secret or top secret or a number of other government clearances. LinkedIn does not offer a solution to find cleared candidates. A LinkedIn profile has no field for government clearance itself, and government workers and military contractors are restricted from using the site because it's known to be a target of foreign spies. I indicated, tech professionals are very well compensated in today's environment. The average salary for a tech worker in the U.S. last year was roughly $127,000, whereas the average worker in the U.S. made about $50,000. As a company, you basically have two choices when hiring tech workers. You use a recruiter, or you do it yourself. If you use a recruiter, you are generally charged between 20%-25% of the first year's salary. The alternative is to pay Dice roughly $7,000 for our entry-level annual subscription or ClearanceJobs about $15,000 for the entry-level subscription. Then you find and engage those candidates yourself. Even one hire easily pays for itself when you think about these subscription prices compared to paying an external recruiting agency. We generally target those customers that have multiple hires over the course of the following year for the subscription. The elevated interest rate environment clearly has suppressed hiring demand since the end of 2022, and that was, after all, the Federal Reserve's intention. For that reason, the Bureau of Labor Statistics and CompTIA forecast that over the next 10 years, ironically, the tech workforce will grow by approximately 15%, a growth rate that is twice as fast as the overall employment growth rate that is projected in that same period of time. The growth is coming from what you can see even in evidence this year, the interest in skills associated with AI projects. Many people question whether or not AI will reduce the need for developers, software developers, or coders, but independent studies from McKinsey and a number of other sources show otherwise. Moreover, since the beginning of 2026, the number of new tech job postings has increased from 220,000 to over 271,000 in April. This April figure is an increase of 34% year-over-year, and roughly 71% of all U.S. tech job postings today require AI-related skills. That's more than double what we saw last year. It's all about this AI growth trend. We have a very large TAM, total addressable market, for each one of our platforms. In the case of ClearanceJobs, we have approximately 1,800 subscription customers today. The government has publicly stated that there are over 12,000 contractors that hold a facility clearance, allowing them to conduct business with cleared personnel. We also know that there are over 100 government agencies that we can directly contract with as well. For Dice, we have approximately 3,800 subscription clients, and we know that tens of thousands fit our ideal customer profile. Before I transition to our financial results, I will leave you with a quick summary of how we make money and the strong visibility that we have into future revenue. First and foremost, clients, again, are who pay for access to the platform. There is no charge for the candidate to create a profile and start using the platform by engaging with recruiters or applying to jobs. As I indicated earlier, because we are largely a subscription-based service with one-year minimum contracts, over 90% of our revenue is recurring, and a majority of our contracts include an auto-renewal provision with a price escalator. We allow unlimited emails and texts on our platform, which is another key competitive differentiator. We try to encourage engagement between the recruiter and the candidate because that's how they both win, and the reason why they come back to our platform. With that, I'd like to turn over the briefing to Greg. Thanks, Art, and hello, everyone. DHI's bookings, they represent the value of our contracts that will be recognized as revenue within 12 months of our contract start date, and those bookings have declined at a 1% CAGR since 2021, while revenue has risen at a 2% CAGR over the same period. With over 90% of our bookings and revenue recurring, DHI has a very predictable revenue model, with approximately 50% of each year's revenue already under contract at the start of each year. DHI's adjusted EBITDA margin has expanded since 2021 to 27% in 2025. Because of the more difficult market conditions in the last few years, we've reduced costs through restructurings, which have reduced our operating costs by approximately $35 million. We target 25% adjusted EBITDA margin for 2026. Although we are seeing signs of improvement, we've experienced challenging market conditions over the last few years in the HR tech space, with bookings and revenue declining on a year-over-year basis. Our subscription-based business creates predictable revenue, with revenue generally being recognized ratably over the annual contract term as services are delivered to our customers. This slide depicts how our committed contracts at the start of the year, shown as backlog, become revenue over the year, and then how our customers up for renewal during the year drive revenue as the year progresses. The remainder of our revenue comes from our new business efforts and transactional businesses, which primarily includes short-term job postings, career events, and our talent sourcing products. DHI produces strong operating cash flows, with the low points for operating cash flows over the past five years at $21 million and the strong markets for 2021 and 2022 driving operating cash flows to $29 and $36 million. DHI's capitalized development costs, which are part of fixed asset purchases in our cash flow statement, primarily represent the cost of our internal labor to build the products and features on the ClearanceJobs and Dice sites. With lower internal headcount resulting from the restructurings, capitalized development costs declined to $7 million in 2025 as compared to $12 million in 2024. DHI's free cash flow, which is operating cash flows less capital expenditures, is driven by adjusted EBITDA levels and capitalized development costs. Over time, we are targeting free cash flow at 10% or more of revenue. Despite significant share repurchases over the last five years, we have maintained low leverage with debt at the end of March of $33 million and less than one times EBITDA. We generally maintain approximately $2 million of cash on hand and utilize our $70 million revolver, which was refinanced in early April to manage liquidity. Since 2020, we've repurchased 20 million shares and have reduced shareholder dilution by approximately four million shares or 9%. Our current $10 million share buyback program runs through February 2027. ClearanceJobs revenue has a five-year CAGR of 12%, with the first quarter of 2026 being up 5% year-over-year. ClearanceJobs is very profitable, with adjusted EBITDA margin of approximately 40% and low spend on capitalized development. Dice's revenue has a five-year CAGR of a negative 4%, with the most recent quarter being down 17%. Dice adjusted EBITDA margin has increased in recent quarters due to the restructurings, with the most recent quarter at 28%. Dice capitalized development costs have steadily decreased and were at $1 million in Q1. In summary, we believe DHI is uniquely positioned at the intersection of two powerful and durable trends: increasing global defense spending and the growing demand for highly specialized technology talent, particularly in AI. ClearanceJobs continues to demonstrate strong growth and expanding opportunity as government and contractor demand accelerates, while Dice is well-positioned to benefit from the increasing demand for tech staffing. At the same time, we are successfully extending our platforms into adjacent services, creating new monetization opportunities and deepening our relationships with customers. Importantly, our highly recurring revenue model and strong free cash flow give us the flexibility to invest for growth while continuing to return capital to shareholders. With that, we are happy to take questions. Thanks, gentlemen. Nice presentation. Let's turn to some questions. As you mentioned, Dice revenue declined 17% year-over-year in the first quarter, with bookings down 20%. What leading indicators are you watching to determine when the commercial tech hiring market has truly stabilized? That's a great question. I can tell you that internally, we obviously look at our pipeline of activity in the new business segment, that has been growing successfully this year. I think the most important external leading indicators are the number of new tech job postings each month and how that trends over the course of time. That comes out of the Bureau of Labor Statistics JOLTS report, which is issued monthly. Best place to analyze that for the tech component of the JOLTS report is to go to CompTIA. They do a report every single month, it's just about to come out for the month of May, that indicates that number of new tech job postings. If that's increasing over the course of time as it has since January, that's a very important indicator for us. I'd say because Dice is also very highly dependent on tech staffing firms, the other super important indicator is the level of revenue growth in tech staffing. Tech staffing has been in a recession since 2023, but it's finally climbing back to growth. In fact, the last reported data point was this week by Staffing Industry Analysts that indicated that tech staffing for the month of April was up 8%. That's a pretty healthy amount of growth compared to 10% decline in 2023. What would need to change, I guess, in your customer behavior or renewal rates or even new logo activity for Dice to return to sustainable growth? I think it's just the overall amount of hiring activity in the United States. The tech staffing world really does fundamentally attend to those new tech job positions that cannot be secured by the recruiting teams internally in corporate America. I'd say that as long as there is a healthy tech environment, tech jobs growth environment, that should sustain Dice ability to get back to revenue growth. Okay. Let's switch to ClearanceJobs. That continues to grow despite the softer, broader hiring environment. How much of that growth is driven by secular demand for cleared talent versus share gains or pricing? Relatedly, we're seeing requests for significant increases in defense spending. Obviously, a lot of defense jobs require clearance. If we get that higher spending, how will that impact ClearanceJobs, do you think? You're absolutely right. The success, the performance of the platform is not correlated to the overall hiring trends in the U.S. economy. ClearanceJobs is in a very enviable position of not really having any competitors. We grow as the defense budget grows, as there are more projects that are issued, awarded by the U.S. government to military contractors. I'd say in this environment, it's very interesting that it's not just military contractors that are getting these new awards. It's also a new cohort of, I would say, tech companies from Silicon Valley, like Palantir and Anduril, and SpaceX for that matter, that are now getting awards from the government. As the government increases its spending, that trickles down to projects that require people with these clearances. Okay. As ClearanceJobs becomes a larger percent of total revenue for the company, how should investors think about the long-term margin profile and growth algorithm of the consolidated company? Yeah. From a margin perspective, we're targeting 25% adjusted EBITDA margin for 2026. Longer term, though, we believe our cost structure that we have in place is largely fixed, and we can expand on margin over time with increasing revenues. Okay. Maybe we could just talk a little about bookings versus revenue. Total bookings were down 9% in the first quarter, despite ClearanceJobs bookings going up 7%. How much visibility do bookings provide into second half 2026 revenue trends? Yeah. Our projections, as kind of laid out in our forecast that we put into our press release is that the rate of decline overall on bookings that we saw in Q1 will reduce to where we'll have year-over-year increases for ClearanceJobs like we did in Q1, and Dice should flatten out by the end of the year on bookings. For us, the way our subscription contracts work, a booking today will turn into revenue roughly in six months. When you see bookings flatten out for Dice, then about six months later, revenue will follow. Okay. I know, Art, you touched on this, but maybe you could dive a little deeper in how AI is changing the value proposition for Dice and ClearanceJobs, both in terms of product functionality and potential disruption to traditional recruiting workflows. Yes. I would say that last year was a year where everybody was stuck in terms of their hiring plans. What I mean by that is it was a wait and see attitude as to whether or not AI could actually complement or it would no longer be necessary to hire software developers. I think that the vote has come in very strongly that you need these software developers, you need technology talent to implement AI projects, and that's what you see in the growth of new tech job postings. As I indicated, we started the year with roughly about 200,000 new tech job postings and have already increased that number to 271,000 as of April. If you dig into those postings themselves, you'd find that 71% require one or more AI skills. It's very clear. You could see that also with the numbers associated with AI projects that are flowing through Accenture or Deloitte or through IBM, through all of the major consulting firms. Right now is a period of time where everybody is trying to harness AI as fast as they can or before their competitors do, and they're using technology professionals to do so. Okay. Maybe talk a little bit more on your auto renewal and price escalator clauses in your contracts. How high are we looking at that annual escalator for price in the contracts? Sure. Just big picture-wise, about 80%-90% of our contracts have this auto renewal provision with a price escalator. It's very standard in most software or SaaS-based contracts. I would say that we allow our sales reps that are closest to the relationship to set what that escalator should be, and sometimes there are incentives that if you have a longer term contract, it's a lower escalator, so on and so forth. I'd say that the best way to think about it is that they fall in a range of about 2%-5% each year. Okay. Let's talk a little bit about capital allocation. You got the repurchase activity, relatively stable debt position. How are you balancing buybacks, debt reduction, investment in product innovation? How do you go about that? Greg, do you want to take that one? Yeah, sure. We definitely take a balanced approach on that. To begin with, our target for free cash flow, so the cash we have available to do these things, is 10% or more of our revenue. Our main use of free cash flow is the share repurchases, tuck-in acquisitions for ClearanceJobs, or debt repayment. From a debt side, we target one times leverage or just a little under, and that's typically where we stay, and that allows us to be at the lowest pricing tier on our credit agreement. We have a $10 million share repurchase program out there right now, which is active, starting February, runs through next February. We've done a couple of tuck-in acquisitions for ClearanceJobs as well. From an operational standpoint, investing back in the business. We do artfully, I would say, put money back into the business, where we feel like we're going to generate the most revenue or the most bookings from it. We feel like we're upping our marketing expense for the Dice self-service option, which is new this year. We feel like we got a good checkout, a good kind of a user experience in place now, we're ready to put some marketing dollars into that. That's an example of where we'd be investing back in. Okay. Let's stick with the M&A for a moment. When you look out there, you talk about some tuck-ins, are there more available? Is it all going to one side of the business or the other? Are there transformative acquisition potential out there? Maybe just a little more your thought process of that whole potential M&A? Sure. I could take that one. I can tell you that our strategy is really that they should be smaller acquisitions, which involve obviously less risk. They are centered on ClearanceJobs. They are generally adjacencies to what we do. If you think about our platform being a platform to find and recruit talent, we want to find adjacent kind of value propositions that we can sell to the same decision-makers that we work with every single day with ClearanceJobs, and those are largely the HR leadership of the larger military contractors. Another aspect of this is that they're generally proprietary. We're not necessarily winning these acquisitions through a process. I would also say that they have to be immediately accretive. Those are some of the kind of boundary conditions for how we think about acquisitions. Okay. Let's wrap it up with the long-term outlook. If tech hiring normalizes over the next 12- 24 months, what level of revenue growth and free cash flow conversion should investors expect from DHI? I can tell you that our mandate from our board is to get ClearanceJobs back to double-digit revenue growth and Dice back to single-digit revenue growth and maintain that 10%+ free cash flow margin. It can expand, to Greg's point, as we gain revenue traction again, revenue growth, because we have a lot of leverage in terms of free cash flow. Well, Art and Greg, we've come to the end of our allotted time. We covered a lot of ground today and got significant insight into what DHI Group does, its markets, and opportunities. We appreciate you taking the time to participate in our conference, and we wish you and the company the best in the future. Thanks again. Thank you, Joe. Thank you.