DHI Group, Inc. reported a decline in revenue for the fiscal year ending December 31, 2024, with total revenues of $141.9 million, down 7% from $151.9 million in 2023. The company's net income also saw a significant decrease, falling to $253,000 from $3.5 million in the previous year, marking a 93% drop. The net income margin decreased from 2% in 2023 to 0% in 2024, while diluted earnings per share fell to $0.01 from $0.08. Despite the revenue decline, operating income increased slightly by 1% to $6.3 million, attributed to reduced operating expenses, particularly in sales and marketing.
The company experienced contrasting performance across its two primary brands. Revenue from ClearanceJobs increased by 7.5% to $54.1 million, driven by strong demand for professionals with government clearance. In contrast, Dice's revenue decreased by 13.5% to $87.8 million, primarily due to macroeconomic conditions that led to lower renewal rates and reduced new business activity. The overall customer count for Dice fell by 14%, while ClearanceJobs maintained a solid retention rate of 111%.
Strategically, DHI Group has focused on enhancing user experience and profitability amid a challenging hiring environment for tech professionals. The company launched several new products, including the Dice Recruiter mobile app and ClearanceJobs Live, which offers live streaming content for the cleared community. Additionally, DHI Group has implemented a restructuring plan that includes a workforce reduction of approximately 8% to streamline operations and reduce costs. The company also announced a new stock repurchase program allowing for the purchase of up to $5 million of its common stock through February 2026.
As of December 31, 2024, DHI Group's cash position was $3.7 million, with total debt reduced to $32 million, resulting in a leverage ratio of 0.9 times annual adjusted EBITDA. The company reported a deferred revenue of $45.5 million, a decrease of 9% from the previous year, reflecting the ongoing impact of macroeconomic conditions on hiring. Looking ahead, DHI Group anticipates a gradual return to revenue growth as demand for tech talent stabilizes, supported by its focus on product innovation and customer engagement.
In summary, DHI Group, Inc. is navigating a challenging market environment with a strategic focus on enhancing its product offerings and operational efficiency. While the company faced declines in revenue and net income, it remains committed to improving user engagement and profitability through innovative solutions and a streamlined organizational structure.
About DHI GROUP, INC.
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