DHI Group Inc (DHX) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the DHI Group Inc. Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 DHI Group Inc. 2023 年第二季度財務業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.

我現在想將會議轉交給 MKR 投資者關係部的 Todd Kehrli。請繼續。

Thank you, Operator. Good afternoon, and welcome to DHI Group's 2023 Second Quarter Earnings Conference Call. With me on today's call are DHI's CEO, Art Zeile; and CFO, Kevin Bostick.

謝謝你，接線員。下午好，歡迎參加 DHI 集團 2023 年第二季度收益電話會議。與我一起參加今天電話會議的有 DHI 首席執行官 Art Zeile；和首席財務官凱文·博斯蒂克。

Before I turn the call over to Art, I'd like to cover a few quick guidance. This afternoon, DHI issued a press release announcing its 2023 second quarter financial results. The release is available on the company's website at dhigroupinc.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

在將電話轉給 Art 之前，我想先介紹一些快速指導。今天下午，DHI發布新聞稿，公佈了2023年第二季度財務業績。該新聞稿可在該公司網站 dhigroupinc.com 上獲取。此次電話會議將通過互聯網向所有感興趣的各方進行現場直播，網絡廣播將存檔在公司網站的投資者關係頁面上。

I want to remind everyone that during today's call, management will make forward-looking statements that involve risks and uncertainties. Please note that except for the historical information, statements on today's call may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect DHI management's current views concerning future events and financial performance and are subject to risks and uncertainties, and actual results may differ materially from the outcomes contained in any forward-looking statements. Factors that could cause these forward-looking statements to differ from actual results include the risks and uncertainties discussed in the company's periodic reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. DHI undertakes no obligation to update or revise any forward-looking statements.

我想提醒大家，在今天的電話會議中，管理層將做出涉及風險和不確定性的前瞻性聲明。請注意，除了歷史信息外，今天電話會議的聲明可能構成聯邦證券法含義內的前瞻性聲明。這些前瞻性陳述反映了 DHI 管理層當前對未來事件和財務業績的看法，並受到風險和不確定性的影響，實際結果可能與任何前瞻性陳述中包含的結果存在重大差異。可能導致這些前瞻性陳述與實際結果不同的因素包括公司在 10-K 和 10-Q 表格定期報告以及向美國證券交易委員會提交的其他文件中討論的風險和不確定性。 DHI 不承擔更新或修改任何前瞻性陳述的義務。

Lastly, during today's call, management will be referring to specific financial measures, including adjusted EBITDA, adjusted EBITDA margin and adjusted diluted earnings per share that are not prepared in accordance with U.S. GAAP. Information about and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release, a copy of which you can find on our website at dhigroupinc.com in the Investor section.

最後，在今天的電話會議上，管理層將提及具體的財務指標，包括調整後的EBITDA、調整後的EBITDA 利潤率和調整後的稀釋每股收益，這些指標均未按照美國公認會計準則編制。有關這些非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的信息和調節可在我們的收益發布中找到，您可以在我們的網站 dhigroupinc.com 的投資者部分找到該副本。

I'll now turn the call over to Art Zeile, CEO of DHI Group.

現在我將把電話轉給 DHI 集團首席執行官 Art Zeile。

Thank you, Todd. Good afternoon, everyone, and welcome to our 2023 second quarter earnings conference call. We appreciate your time today as we discuss our financial performance and future outlook.

謝謝你，托德。大家下午好，歡迎參加我們的 2023 年第二季度財報電話會議。感謝您今天抽出時間來討論我們的財務業績和未來前景。

First, let's discuss the state of the market. According to CompTIA, the tech sector's unemployment rate was 2.3% in June, demonstrating continued demand for technology professionals. This coincided with a decline in actual tech job postings, with second quarter numbers significantly lower than in the previous year. The ongoing uncertainty in the economy continues to suppress most hiring plans. Despite the challenging current environment, the longer-term view suggests companies will continue to invest in technology initiatives.

首先，我們來討論一下市場狀況。根據 CompTIA 的數據，6 月份科技行業的失業率為 2.3%，表明對科技專業人員的持續需求。與此同時，實際科技職位發布數量也出現下降，第二季度的職位數量顯著低於去年同期。經濟持續的不確定性繼續抑制大多數招聘計劃。儘管當前環境充滿挑戰，但從長遠來看，公司將繼續投資於技術舉措。

Our 2 subscription offerings, Dice and ClearanceJobs, provide staffing and recruiting firms, large enterprises and government agencies with the tools necessary to find, attract and hire the best technologist for their job openings from our 7.4 million candidate profiles.

我們的2 種訂閱服務（Dice 和ClearanceJobs）為人力資源和招聘公司、大型企業和政府機構提供必要的工具，幫助他們從我們的740 萬候選人檔案中尋找、吸引和僱用最優秀的技術專家來滿足其職位空缺。

Now let me dig into our performance during the second quarter. In the second quarter, our total revenue grew by 4%, a slower pace compared to the 12% growth we achieved in the first quarter. Dice revenue for the quarter decreased 2% year-over-year, while CJ revenue increased 20%. The decrease in Dice revenue was a result of lower new business bookings over the past 3 quarters and significantly lower transactional revenue, which we believe is a reflection of the uncertain economic environment we have faced during that time. Excluding transactional revenue, recurring Dice revenue increased in the second quarter.

現在讓我深入分析一下我們第二季度的表現。第二季度，我們的總收入增長了 4%，較第一季度 12% 的增長速度有所放緩。本季度 Dice 收入同比下降 2%，而 CJ 收入增長 20%。 Dice 收入下降的原因是過去三個季度新業務預訂量下降以及交易收入大幅下降，我們認為這反映了我們在那段時間面臨的不確定的經濟環境。不計交易收入，第二季度的經常性 Dice 收入有所增長。

Dice new business teams continue to see smaller pipeline volume and more intense deal scrutiny in the sales cycle. We remain laser-focused on those firms that have significant tech hiring needs right now because their technology road maps are less likely to be impacted by the economy. The 4 industries that have elevated technology job postings today are aerospace, business consulting, financial services and health care.

骰子新業務團隊繼續看到銷售週期中管道數量的減少和更嚴格的交易審查。我們仍然重點關注那些目前有大量技術招聘需求的公司，因為他們的技術路線圖不太可能受到經濟的影響。如今，技術職位數量增加的 4 個行業是航空航天、商業諮詢、金融服務和醫療保健。

In the second quarter, we brought on new Dice clients like Federal Emergency Management Agency, or FEMA; Rutgers University, and Global Accounting Network. Additionally, Dice landed one of the oldest and largest automotive manufacturers in the United States, and the automotive giant is now part of our new account special handling program. Our average Dice annual contract value increased 9% year-over-year and was down 1% sequentially. This is a challenging economic environment today but we expect companies across all industries to increase their investment in technology initiatives over the long run.

第二季度，我們引入了新的 Dice 客戶，例如聯邦緊急事務管理局 (FEMA)；羅格斯大學和全球會計網絡。此外，Dice 還收購了美國歷史最悠久、規模最大的汽車製造商之一，該汽車巨頭現已成為我們新客戶特殊處理計劃的一部分。我們的平均 Dice 年度合同價值同比增長 9%，環比下降 1%。當今的經濟環境充滿挑戰，但從長遠來看，我們預計所有行業的公司都會增加對技術舉措的投資。

ClearanceJobs bookings for the quarter were negatively affected by the debt ceiling negotiations and its implied threat of the government delaying payment to military contractors. Nevertheless, during the quarter, CJ added several new clients, including Korn Ferry, Tria Federal and Rocket Communications. We continue to expect the larger fiscal 2023 defense budget to have a positive impact on the volume of government projects and the corresponding demand for cleared tech professionals to fulfill them.

ClearanceJobs 本季度的預訂量受到債務上限談判及其隱含的政府推遲向軍事承包商付款的威脅的負面影響。儘管如此，CJ 在本季度增加了幾家新客戶，包括光輝國際 (Korn Ferry)、Tria Federal 和 Rocket Communications。我們仍然預計 2023 財年國防預算的增加將對政府項目的數量以及對完成這些項目的技術專業人員的相應需求產生積極影響。

Moving on to account management. Our revenue renewal rates in the second quarter slipped from the high 90s we reported last year. For the quarter, our Dice and CJ revenue renewal rates were 84% and 90%, respectively. Retention rates for the quarter for Dice and CJ were 101% and 110%, respectively. Last year, many of our clients ran out of profile use in their subscriptions and had to top-up during the second quarter, which created a tough comparable for these metrics. We are seeing our customers return to a profile consumption pattern consistent with the lower number of tech job postings. The attrition we have seen continues to be concentrated on clients with less than $10,000 in annual spend. These are generally smaller firms.

繼續進行帳戶管理。我們第二季度的收入續訂率從去年報告的 90 多歲的高位下滑。本季度，我們的 Dice 和 CJ 收入續訂率分別為 84% 和 90%。 Dice 和 CJ 本季度的保留率分別為 101% 和 110%。去年，我們的許多客戶的訂閱中的個人資料使用量耗盡，不得不在第二季度充值，這為這些指標創建了一個艱難的可比性。我們看到我們的客戶恢復了與科技職位發布數量減少相一致的個人消費模式。我們看到的流失仍然集中在年支出低於 10,000 美元的客戶上。這些通常是較小的公司。

Moving on to EBITDA. During the second quarter, we delivered a 23% adjusted EBITDA margin and announced an organizational restructuring intended to streamline our team structure and improve our operating margins. The net result was a reduction of our workforce by approximately 10%. This restructuring primarily targeted mid-level management, including sales and engineering positions, which tend to have higher compensation. The restructuring is expected to generate annual cost savings of approximately $8 million to $10 million, and those savings will be evident in our third quarter results.

接下來是 EBITDA。第二季度，我們的調整後 EBITDA 利潤率達到 23%，並宣布進行組織重組，旨在精簡我們的團隊結構並提高我們的營業利潤率。最終結果是我們的員工人數減少了約 10%。此次重組主要針對中層管理人員，包括銷售和工程職位，這些職位往往薪酬較高。此次重組預計每年將節省約 800 萬至 1000 萬美元的成本，這些節省將在我們第三季度的業績中得到體現。

We continue to focus on strengthening our industry-leading product offerings to better penetrate our large market opportunities. For Dice, during the quarter, we introduced a new feature called Applied Distribution. This feature allows us to algorithmically change the order in which job postings are displayed to candidates to promote those postings that have a lower number of applications. We believe this new feature will benefit both the clients and candidates alike.

我們繼續專注於加強我們行業領先的產品供應，以更好地滲透我們的巨大市場機會。對於 Dice，本季度我們引入了一項名為“應用分發”的新功能。此功能使我們能夠通過算法更改向候選人顯示職位發布的順序，以推廣那些申請數量較少的職位。我們相信這一新功能將使客戶和候選人都受益。

For ClearanceJobs, we introduced the ability to add comments throughout the platform, allowing for more engagement between recruiters and candidates. This is our first true CJ community feature. We are also excited to announce that our CJ native mobile app will be available in the third quarter after 1.5 years of development. The timing is ideal to launch this app as professionals in the security space are now more receptive to managing their careers on mobile devices than at any time in the past.

對於 ClearanceJobs，我們引入了在整個平台上添加評論的功能，從而使招聘人員和候選人之間有更多的互動。這是我們第一個真正的 CJ 社區功能。我們還很高興地宣布，經過 1.5 年的開發，我們的 CJ 原生移動應用程序將於第三季度推出。推出此應用程序的時機非常理想，因為安全領域的專業人士現在比過去任何時候都更願意在移動設備上管理自己的職業生涯。

During the second quarter, we also continue to focus on expanding our tech professional community through our brand advertising campaigns. These campaigns helped drive roughly 45,000 new Dice candidate registrations each month during the quarter. As a result, we have 6.1 million Dice members, and they made 1.7 million visits each month to our platform. Adding tech professionals to our marketplaces attracts more employers which, in turn, make our platforms more valuable to tech professionals, creating a virtuous circle.

在第二季度，我們還繼續致力於通過品牌廣告活動擴大我們的技術專業社區。這些活動在本季度每月幫助推動了大約 45,000 名新的 Dice 候選人註冊。因此，我們擁有 610 萬 Dice 會員，他們每月對我們平台的訪問量為 170 萬次。將技術專業人士加入我們的市場可以吸引更多雇主，反過來又使我們的平台對技術專業人士更有價值，從而形成良性循環。

During the second quarter, we also announced the arrival of our new Chief Marketing Officer, Amy Heidersbach. Amy brings a wealth of experience as a hands-on, forward-thinking marketer in B2B software companies and two-sided marketplaces. She previously served as the CMO at Persado, Alteryx and CareerBuilder earlier in her career. We look forward to Amy's leadership in taking our product positioning, go-to-market strategy and brand development to the next level of sophistication.

在第二季度，我們還宣布了新任首席營銷官 Amy Heidersbach 的到來。 Amy 作為 B2B 軟件公司和雙邊市場的實踐型、前瞻性營銷人員，擁有豐富的經驗。在她的職業生涯早期，她曾擔任 Persado、Alteryx 和 CareerBuilder 的首席營銷官。我們期待艾米的領導將我們的產品定位、進入市場戰略和品牌發展提升到一個新的水平。

In summary, we acknowledge the challenges posed by the uncertain economic landscape but remain confident in our ability to adapt and grow. With our strong market position, ongoing product enhancements and effective expense management, we are well positioned to navigate the current economy and continue our path to higher growth as the macroeconomic environment improves.

總之，我們承認不確定的經濟形勢帶來的挑戰，但對我們的適應和增長能力仍然充滿信心。憑藉我們強大的市場地位、持續的產品改進和有效的費用管理，我們有能力駕馭當前的經濟，並隨著宏觀經濟環境的改善繼續實現更高的增長。

On that note, let me turn the call over to Kevin, who will take you through our financials and our guidance, and then we'll take any questions you may have. Kevin?

關於這一點，讓我將電話轉給凱文，他將向您介紹我們的財務狀況和指導，然後我們將回答您可能提出的任何問題。凱文？

Thank you, Art, and good afternoon, everyone. Let me take you through our financial results for the quarter.

謝謝你，阿特，大家下午好。讓我向您介紹一下我們本季度的財務業績。

We reported total revenue of $38.5 million, which was flat on a sequential basis and up 4% year-over-year. Total bookings for the quarter were $32.3 million, down 9% year-over-year.

我們報告的總收入為 3850 萬美元，環比持平，同比增長 4%。該季度的總預訂量為 3230 萬美元，同比下降 9%。

Dice revenue was $26.3 million, which was down 2%, both sequentially and year-over-year. Dice bookings were $21.8 million, down 15% year-over-year. We ended the quarter with 6,007 Dice recruitment package customers, which is down 3% from last quarter and down 6% year-over-year. Our average annual revenue per Dice recruitment package customer was down 1% sequentially and up 9% year-over-year to $15,534. Approximately 90% of Dice revenue is recurring and comes from annual or multiyear contracts. For the quarter, our Dice revenue renewal rate was 84% and our retention rate was 101%.

Dice 收入為 2630 萬美元，環比和同比下降 2%。骰子預訂量為 2180 萬美元，同比下降 15%。本季度末，我們有 6,007 名 Dice 招聘套餐客戶，比上季度下降 3%，同比下降 6%。我們每個 Dice 招聘套餐客戶的平均年收入環比下降 1%，同比增長 9%，達到 15,534 美元。 Dice 大約 90% 的收入是經常性收入，來自年度或多年合同。本季度，我們的 Dice 收入續訂率為 84%，保留率為 101%。

ClearanceJobs revenue was $12.3 million, up 5% sequentially and 20% year-over-year. Bookings for CJ was $10.5 million, up 8% year-over-year. We ended the second quarter with 2,069 CJ recruitment package customers, which is flat on a sequential basis and up 5% year-over-year. Our average annual revenue per CJ recruitment package customer was up 2% over last quarter and up 11% year-over-year to $20,842. Approximately 90% of CJ revenue is recurring and comes from annual contracts. For the quarter, our CJ revenue renewal rate was 90% and CJ's retention rate was strong at 110%. The outstanding retention rate demonstrates the continued value CJ delivers in the recruitment of cleared professionals.

ClearanceJobs 收入為 1,230 萬美元，環比增長 5%，同比增長 20%。 CJ 的預訂額為 1,050 萬美元，同比增長 8%。截至第二季度末，我們的 CJ 招聘套餐客戶數量為 2,069 名，環比持平，同比增長 5%。我們每個 CJ 招聘套餐客戶的平均年收入比上季度增長 2%，同比增長 11%，達到 20,842 美元。 CJ 大約 90% 的收入是經常性收入，來自年度合同。本季度，我們的 CJ 收入續訂率為 90%，CJ 的保留率高達 110%。出色的保留率證明了 CJ 在招聘合格專業人士方面所提供的持續價值。

Turning to operating expenses. Second quarter operating expenses were $38.6 million compared to $36.2 million in the year-ago quarter. This quarter includes $2.1 million in restructuring charges. The restructuring included a reduction of our workforce by approximately 10% and is expected to generate annual cost savings of approximately $8 million to $10 million. Excluding the restructuring charges, operating expenses were approximately flat year-over-year.

轉向運營費用。第二季度運營費用為 3860 萬美元，去年同期為 3620 萬美元。本季度包括 210 萬美元的重組費用。此次重組包括將我們的員工人數減少約 10%，預計每年可節省約 800 萬至 1000 萬美元的成本。不包括重組費用，運營費用與去年同期基本持平。

We estimate that total restructuring charges will be approximately $2.4 million, with $2 million related to employee severance and benefits and $400,000 in noncash charges related to the acceleration of share-based awards. Approximately $600,000 of the $2 million in severance and benefits was paid in the second quarter, with the remaining $1.4 million to be paid through the remainder of 2023. We anticipate the full effect of the restructuring will be visible when we announce our third quarter results.

我們估計重組費用總額約為 240 萬美元，其中 200 萬美元與員工遣散費和福利相關，40 萬美元與加速股票獎勵相關的非現金費用。 200 萬美元的遣散費和福利中約60 萬美元已在第二季度支付，其餘140 萬美元將在2023 年剩餘時間內支付。我們預計，當我們公佈第三季度業績時，重組的全部效果將可見。

For the quarter, we had an income tax benefit of $677,000 on a loss before taxes of $804,000. Our tax rate for the quarter differed from our normal expected rate of 25% due primarily to a tax benefit from research tax credits of approximately $400,000.

本季度，我們的稅前虧損為 804,000 美元，但所得稅優惠為 677,000 美元。我們本季度的稅率與 25% 的正常預期稅率不同，主要是因為研究稅收抵免帶來了約 400,000 美元的稅收優惠。

We reported a net loss of $127,000 or $0.00 per diluted share. For the prior year quarter, we reported net income of $1.5 million or $0.03 per diluted share. Adjusted diluted earnings per share for the quarter was $0.02 compared to $0.01 for the prior year quarter. Diluted shares outstanding for the quarter were 43.5 million compared to 47 million in the prior year quarter.

我們報告的淨虧損為 127,000 美元，即稀釋後每股虧損 0.00 美元。去年同期，我們公佈的淨利潤為 150 萬美元，即稀釋後每股收益 0.03 美元。本季度調整後稀釋每股收益為 0.02 美元，去年同期為 0.01 美元。本季度稀釋後流通股數量為 4,350 萬股，去年同期為 4,700 萬股。

Adjusted EBITDA for the second quarter increased 12% to $8.7 million, a margin of 23%, compared to $7.8 million and a margin of 21% in the second quarter a year ago.

第二季度調整後 EBITDA 增長 12%，達到 870 萬美元，利潤率為 23%，而去年同期第二季度調整後 EBITDA 為 780 萬美元，利潤率為 21%。

Operating cash flow for the second quarter was $8.1 million, which was $2.2 million lower than the prior year period.

第二季度運營現金流為 810 萬美元，比去年同期減少 220 萬美元。

From a liquidity perspective, at the end of the quarter, we had $2.7 million in cash and total debt of $43 million outstanding under our $100 million revolver. Total debt outstanding decreased $3 million from the $46 million at the end of the first quarter. We continue to target approximately 1x leverage for the business.

從流動性角度來看，截至本季度末，我們的 1 億美元左輪手槍中有 270 萬美元的現金和 4,300 萬美元的未償還債務。未償債務總額比第一季度末的 4600 萬美元減少了 300 萬美元。我們繼續將業務槓桿率設定為約 1 倍。

Deferred revenue at the end of the quarter was $53.4 million, down 1% from the second quarter of last year.

本季度末遞延收入為 5340 萬美元，比去年第二季度下降 1%。

Our total committed contract backlog at the end of the quarter was $118 million, which was up 13% from the end of the second quarter last year. Short-term backlog was $93.2 million at the end of the second quarter, an increase of $7 million or 8% year-over-year. Long-term backlog, that is revenue to be recognized in 13 or more months, was $24.6 million at the end of the quarter, an increase of $6.7 million or 37% from the prior year.

截至本季度末，我們的承諾合同積壓總額為 1.18 億美元，比去年第二季度末增長 13%。截至第二季度末，短期積壓訂單為 9320 萬美元，同比增加 700 萬美元，即 8%。長期積壓訂單（即需要 13 個月或以上才能確認的收入）截至本季度末為 2,460 萬美元，比上年增加 670 萬美元，即 37%。

During the quarter, under our share buyback program, we purchased approximately 920,000 shares for $3.4 million, an average price of $3.69 per share. As a reminder, our current $10 million program began in the first quarter and runs through February 2024. Of the $10 million authorized, $4.8 million remained available under the program at the end of the quarter.

本季度，根據我們的股票回購計劃，我們以 340 萬美元的價格購買了約 920,000 股股票，平均價格為每股 3.69 美元。提醒一下，我們當前的 1000 萬美元計劃從第一季度開始，一直持續到 2024 年 2 月。在授權的 1000 萬美元中，截至本季度末該計劃仍有 480 萬美元可用。

As Art mentioned, the current economic uncertainty continues to impact our new business teams. As such, we now expect our full year 2023 total revenue to grow in the range of 3% to 4%, with third quarter revenue expected to be flat year-over-year. Given the current environment, we will continue to manage our expenses closely as we focus on EBITDA and cash flow for the balance of the year. For the third quarter, we expect adjusted EBITDA margins of approximately 24% with margins expected to expand to 25% as we exit the year.

正如阿特提到的，當前的經濟不確定性繼續影響我們的新業務團隊。因此，我們現在預計 2023 年全年總收入將增長 3% 至 4%，第三季度收入預計將同比持平。鑑於當前的環境，我們將繼續密切管理我們的支出，因為我們將重點關註今年餘下的 EBITDA 和現金流。對於第三季度，我們預計調整後的 EBITDA 利潤率約為 24%，隨著今年的結束，利潤率預計將擴大至 25%。

To wrap up, while the current hiring environment is impacting our growth, we expect companies across all industries to continue their investment in technology initiatives, which will drive increased demand for our products and services as the economy improves. In the meantime, we are focused on improving our industry-leading offerings and our go-to-market execution while doing so in a more efficient and profitable manner.

總而言之，雖然當前的招聘環境正在影響我們的增長，但我們預計各行業的公司將繼續投資於技術舉措，這將隨著經濟的改善而推動對我們產品和服務的需求增加。與此同時，我們專注於改進行業領先的產品和上市執行力，同時以更高效、更有利可圖的方式實現這一目標。

And with that, let me turn the call back to Art.

接下來，讓我把電話轉回藝術。

Thank you, Kevin. I'd like to thank all of our employees again for their hard work this past quarter. It is a pleasure to be part of such a great team.

謝謝你，凱文。我要再次感謝我們所有員工在上個季度的辛勤工作。很高興成為這樣一個偉大團隊的一員。

With that, we're happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Zach Cummins with B. Riley.

（操作員說明）我們的第一個問題來自 Zach Cummins 和 B. Riley。

Can you guys hear me?

你們能聽到我說話嗎？

We sure can.

我們當然可以。

I was wondering if you could provide additional disclosure about the bookings and the renewal assumptions for the third quarter going forward.

我想知道您是否可以提供有關未來第三季度的預訂和續訂假設的更多信息。

We don't provide the specific bookings or renewal assumptions. We do provide revenue guidance, which is that roughly flat year-over-year revenue growth.

我們不提供具體的預訂或續訂假設。我們確實提供了收入指導，即收入同比增長大致持平。

Okay. And do you mind also discuss a little bit about the feedback that you've been hearing from customers regarding the tech hiring needs and how, going forward, the sentiment is going to change?

好的。您是否介意也討論一下您從客戶那裡聽到的有關技術招聘需求的反饋以及未來這種情緒將如何改變？

Absolutely. So I'll take that one. And the answer is if you looked at the CompTIA job posting statistics for the first half of 2023 and compared them to the exact same period last year, you would see that the number of tech postings is down 49%. It's actually larger in terms of that dip for the second quarter, it's 52%. I do believe that a lot of companies are scrutinizing their hiring plans in general but especially for technology professionals because they're relatively expensive. If you looked at our salary report in January of this year, you'd note that the average tech professional salary compensation is about $111,000. So I think that people are being cautious.

絕對地。所以我會接受那個。答案是，如果您查看 CompTIA 2023 年上半年的職位發布統計數據並將其與去年同期進行比較，您會發現科技職位的數量下降了 49%。實際上第二季度的下降幅度更大，為 52%。我確實相信，很多公司都在仔細審查他們的招聘計劃，尤其是技術專業人士的招聘計劃，因為它們相對昂貴。如果您查看我們今年 1 月份的薪資報告，您會發現技術專業人員的平均薪資約為 111,000 美元。所以我認為人們正在謹慎行事。

I do believe that the comps become easier over the course of the rest of this year in terms of that swing of tech job postings. But our job really is to make sure that we're focused on those industries that are still hiring aggressively. And as I mentioned in my portion of the discussion, we believe those continue to be aerospace, business consulting, banking and also the health care industry. And we have seen hiring patterns continue aggressively in those industries. It's just that it's not all of the 16 industries that we normally track. And I'd say that our overall pipeline volume is down compared to last year. So again, that's how I would describe the overall environment.

我確實相信，在今年剩下的時間裡，隨著科技職位發布的變化，競爭會變得更加容易。但我們的工作實際上是確保我們專注於那些仍在積極招聘的行業。正如我在討論部分提到的，我們相信這些仍然是航空航天、商業諮詢、銀行業以及醫療保健行業。我們已經看到這些行業的招聘模式繼續積極。只是這並不是我們平時跟踪的16個行業的全部。我想說的是，與去年相比，我們的整體管道數量有所下降。再說一次，這就是我描述整體環境的方式。

I do believe that as we get closer to the end of the year, companies start to solidify their plans for their budgets, and therefore, they start to hire again according to those plans. So we have to wait and see how people view 2024, but it seems to be getting better from the economic statistics that are rolling in each day. Sorry for my long-winded answer.

我確實相信，隨著年底的臨近，公司開始鞏固其預算計劃，因此，他們開始根據這些計劃再次招聘。因此，我們必須拭目以待，看看人們如何看待 2024 年，但從每天滾滾而來的經濟統計數據來看，2024 年似乎正在變得更好。抱歉我的冗長回答。

Got it. And my last question would be, you mentioned a little bit about those structural changes to your sales team. And I was wondering if you could talk a little bit about how that is going to change the growth in the company or the model moving forward?

知道了。我的最後一個問題是，您提到了一些關於銷售團隊的結構性變化。我想知道您是否可以談談這將如何改變公司的增長或前進的模式？

I appreciate that question. As part of our restructure, we did terminate, eliminate, certain sales positions. They were, for the most part, all in Dice commercial accounts new business teams. And that's because we were seeing a significant softening of demand in that team specifically. We have 3 different new business teams. Those are the ClearanceJobs new business team, Dice commercial accounts new business team and the Dice staffing, recruiting, consulting new business team. I think there might have been a couple of terminations that were to those other teams, but it was almost entirely focused on the commercial accounts team, again, because of the softness in pipelines, softness in demand that we're seeing in the environment currently.

我很欣賞這個問題。作為重組的一部分，我們確實終止、消除了某些銷售職位。他們大部分都是 Dice 商業帳戶的新業務團隊。那是因為我們特別看到該團隊的需求顯著疲軟。我們有 3 個不同的新業務團隊。它們是 ClearanceJobs 新業務團隊、Dice 商業賬戶新業務團隊和 Dice 人員配置、招聘、諮詢新業務團隊。我認為可能有一些其他團隊的終止，但它幾乎完全集中在商業客戶團隊上，再次，因為管道的疲軟，我們在當前環境中看到的需求疲軟。

The next question is from Gary Prestopino with Barrington Research.

下一個問題來自 Barrington Research 的 Gary Prestopino。

Interesting statistics that postings were down 49%, I believe, or 52% in Q2 for tech jobs.

有趣的統計數據顯示，我認為第二季度科技職位的招聘數量下降了 49%，即 52%。

We've had a peak last year.

去年我們經歷了一個高峰。

I'm sorry?

對不起？

We've had a real peak last year. There was a real, I'd say, aggressive push to hire technology professionals coming out of COVID. I mean it's kind of hard to even think about it being over a year back. But we were just literally coming out of all the COVID effects of the economy and a big push in second quarter where even in the month of May, which was the peak, we almost got to 700,000 tech job postings, and that compares to roughly bumping around in 200,000 to 250,000 tech job postings this year, each month.

去年我們經歷了真正的頂峰。我想說，在新冠疫情期間，確實出現了積極的招聘技術專業人員的舉措。我的意思是，很難想像一年多前的事情。但我們剛剛擺脫了經濟的所有新冠疫情影響，並且在第二季度取得了巨大的推動，即使在高峰期的5 月份，我們也幾乎發布了70 萬個科技職位招聘信息，而這與粗略的增長相比今年每個月大約有 200,000 至 250,000 個科技職位發布。

So I guess the question I would have is, all the metrics that you gave, I mean, I'm looking at them, Dice is down 15% in bookings; postings were down 52%. I mean, does that infer that despite what's going on here, you are still gaining market share in a market that, for the time being, is dramatically declining? And then the other question I would have, how much of this is really the accounts that are $10,000 or less? You did mention that the Dice recurring revenue was up and more of the program revenue was the one that hit you. So I know there's a lot there to unpack, but could you maybe comment on that?

所以我想我要問的問題是，您提供的所有指標，我的意思是，我正在查看它們，Dice 的預訂量下降了 15%；發帖量下降了 52%。我的意思是，這是否意味著儘管這裡發生了這些事情，您仍然在一個目前急劇下降的市場中獲得市場份額？然後我想問的另一個問題是，其中有多少是 10,000 美元或以下的賬戶？您確實提到了 Dice 的經常性收入增加了，並且更多的計劃收入對您產生了影響。所以我知道還有很多東西需要解開，但你能對此發表評論嗎？

No, those are great questions. I'll tell you that the way I look at it is that we have gained some market share during this period of time, like you said, comparing our bookings statistics through the number of tech postings that have declined year-over-year. I'd say the bigger kind of drivers for our business model have been our recurring account management team's ability to renew customers. So it's a lot easier. And you see those show up in the statistics to renew a customer when they've already experienced Dice or ClearanceJobs. Our revenue renewal rates are fairly, I'd say, very reasonable and our retention rates are very reasonable.

不，這些都是很好的問題。我會告訴你，我的看法是，正如你所說，通過逐年下降的技術帖子數量來比較我們的預訂統計數據，我們在這段時間獲得了一些市場份額。我想說，我們業務模式的更大驅動力是我們的經常性客戶管理團隊續訂客戶的能力。所以這要容易得多。當客戶已經體驗過 Dice 或 ClearanceJobs 時，您會看到這些信息會顯示在統計數據中以續訂客戶。我想說，我們的收入續訂率相當合理，我們的保留率也非常合理。

Really, the part of the business that's being repressed, depressed, is the new business activity and specific to commercial accounts. I think it's a lot more difficult to sell a CFO -- and the CFOs are getting involved with these discussions this year -- when the item hasn't been budgeted in 2023. And you have to show your value proposition without them having experienced it yet. So that's really the phenomena that we're seeing today. We're seeing account management successfully renewing customers that have enjoyed Dice service for years. It's a lot tougher to convince a new customer that's not experienced Dice that you should be on the platform and it solves an immediate urgent need.

事實上，業務中受到壓抑、壓抑的部分是新的業務活動，並且是針對商業賬戶的。我認為，在2023 年該項目尚未編入預算的情況下，出售首席財務官要困難得多，而且今年首席財務官們正在參與這些討論。而且您必須在他們沒有經歷過的情況下展示您的價值主張然而。這就是我們今天看到的現象。我們看到客戶管理成功地續訂了多年來一直享受 Dice 服務的客戶。要說服沒有 Dice 經驗的新客戶相信您應該使用該平台並且它可以解決迫在眉睫的緊急需求，要困難得多。

I'd also say one of the things that is very apparent from this quarter's bookings is that we lost about half of our traditional transactional revenue that we would book in a quarter. I view transactional revenue, and that is those dollars associated with pilots and sourcing services, our career events, to be problem-solving revenue and transactional revenue that is associated with urgency. And there's just less urgency in terms of hiring right now. So again, we also saw a dip in transactional revenue that affected our performance and results that we're releasing today.

我還想說，從本季度的預訂中非常明顯的一件事是，我們損失了一個季度預訂的傳統交易收入的大約一半。我認為交易收入，即與飛行員和採購服務、我們的職業活動相關的美元，是解決問題的收入和與緊迫性相關的交易收入。現在招聘的緊迫性已經不那麼緊迫了。同樣，我們還看到交易收入下降，這影響了我們今天發布的業績和結果。

And then in terms of the expense recapture, how is that going to run, Kevin? I mean if you do $8 million, should we look at it as $2 million next quarter, $2 million in Q4 and then $2 million in the first 2 quarters of this year? Is that a good way to think about it?

然後就費用收回而言，將如何進行，凱文？我的意思是，如果你做 800 萬美元，我們是否應該將其視為下個季度 200 萬美元，第四季度 200 萬美元，然後今年前兩個季度 200 萬美元？這是一個好的思考方式嗎？

Yes, it is, because the vast majority of that restructuring was related to reducing head count. And so that's exactly it. $8 million to $10 million a year would be $2 million to $2.5 million a quarter. So that's exactly right.

是的，確實如此，因為絕大多數重組都與減少員工人數有關。就是這樣。每年 800 萬至 1000 萬美元相當於每季度 200 萬至 250 萬美元。所以這是完全正確的。

Okay. And then lastly for me, it's always hard when companies go through these kind of thing, and believe me, I've been through a lot of them myself. As far as the sales force outside of the new business teams, or new business team, are you still allowing the salespeople to go out, travel, meet with the clients? Has anything changed there except maybe staying at less expensive hotels, for instance, things of that nature?

好的。最後對我來說，當公司經歷這類事情時總是很難受，相信我，我自己也經歷過很多這樣的事情。至於新業務團隊之外的銷售人員，或者新業務團隊之外的銷售人員，你們還允許銷售人員外出、出差、會見客戶嗎？除了住在較便宜的酒店之外，那裡有什麼變化嗎？例如，這種性質的事情嗎？

No, we are absolutely allowing our sales team to visit customers, visit prospects, and we encourage it. And there really has been a shift in mentality, I'd say, with a lot of customers and prospects where they would say, "Hey, this has worked in the last couple of years just doing this virtually. So you don't have to make the extra effort." But we strongly encourage our sales team to make that extra effort. We believe that these in-person meetings allow for a much richer discussion and better relationships ultimately.

不，我們絕對允許我們的銷售團隊拜訪客戶、拜訪潛在客戶，並且我們鼓勵這樣做。我想說的是，心態確實發生了轉變，很多客戶和潛在客戶會說，“嘿，這在過去幾年里通過虛擬方式進行是有效的。所以你不需要付出額外的努力。”但我們強烈鼓勵我們的銷售團隊做出額外的努力。我們相信，這些面對面的會議最終可以帶來更豐富的討論和更好的關係。

The next question is from Kevin Manthie with Lake Street Capital.

下一個問題來自 Lake Street Capital 的 Kevin Manthie。

Maybe going back to the first one on the renewal rates, and I know you don't give guidance around that, but was there a cadence you saw in the quarter on the 85% and 90%? Did those get better as the quarter progressed? Or did they kind of maintain those rates throughout the quarter?

也許回到關於續訂率的第一個問題，我知道您沒有就此提供指導，但是您在本季度看到 85% 和 90% 的節奏嗎？隨著本季度的進展，這些情況是否有所改善？或者他們整個季度都維持這些利率嗎？

They were pretty much consistent with each month throughout the quarter. We had talked about it last quarter that we started to see a little bit of a dip towards the end of the quarter. So kind of that March to April to May to June, it was pretty consistent across the months.

它們與整個季度的每個月幾乎一致。上個季度我們曾討論過，到本季度末我們開始看到略有下降。從三月到四月到五月到六月，這幾個月的情況相當一致。

Okay. And then I guess, secondarily, on ClearanceJobs, in the opening remarks, you guys had talked about potential benefits from the increased defense spending and the like. Have you started to see that? Or is that still months or quarters away? Or is that something you've seen in the past where the spending goes up and then the green shoots follow? Or Help me understand that a little more.

好的。其次，我想，在 ClearanceJobs 的開場白中，你們談到了增加國防開支等帶來的潛在好處。你開始看到這一點了嗎？或者還需要幾個月或幾個季度嗎？或者你過去見過這樣的情況：支出增加，然後出現新芽？或者幫助我更多地理解這一點。

So yes, that's a great question. And let me break it down by saying, the big picture is that ClearanceJobs has traditionally not been correlated with GDP growth. It's just been correlated with the status of the defense budget. So if the defense budget traditionally grew at about 3% to 4%, we knew that ClearanceJobs still has strong growth prospects built into that next sales year. In this particular case, we had a situation where the defense budget was actually signed by President Biden in December. So it took a little while for it to actually get signed. When it did, Congress overrode the President's request for budget and basically doubled it, saying, "No, we'd like you to spend 10% more this next year."

是的，這是一個很好的問題。讓我分解一下，大局是，ClearanceJobs 傳統上與 GDP 增長無關。它只是與國防預算的狀況相關。因此，如果國防預算傳統上增長約 3% 至 4%，我們就知道 ClearanceJobs 下一個銷售年度仍具有強勁的增長前景。在這個特殊情況下，我們遇到了這樣一種情況：國防預算實際上是由拜登總統在 12 月簽署的。所以花了一段時間才真正簽署。當它發生時，國會推翻了總統的預算要求，基本上將其增加了一倍，並說：“不，我們希望你明年多花 10%。”

Now that all sounds great. We came into 2023 feeling pretty good. The procurement process had to kind of start up at that point. And nevertheless, what we saw was, even though projects were now being let to contractors, they are being put out for bid, the contractors were very cautious about their hiring plans in advance of getting these projects signed with the government. And the reason being is that they all believe that if the debt negotiations stalled out, the government would take the action of slow paying the contractors because that's one way that they could have preserved their funds. And we believe that that's turning right now. Are we seeing stark evidence of it? No. I still think it's a little bit slow compared to where it should be.

現在一切聽起來都很棒。進入 2023 年，我們感覺很好。採購流程必須在那時啟動。儘管如此，我們看到的是，儘管項目現在出租給承包商，並進行招標，但承包商在與政府簽署這些項目之前對其招聘計劃非常謹慎。原因是他們都相信，如果債務談判陷入僵局，政府將採取緩慢向承包商付款的行動，因為這是他們可以保留資金的一種方式。我們相信這種情況現在正在發生變化。我們看到了明顯的證據嗎？不，我仍然認為與應有的速度相比有點慢。

But we do believe that, ultimately, contractors are going to win awards. They're going to need clear professionals to fulfill the work, and that's the basis of our value proposition. So again, it really comes down to the question of when are these contracts awarded? If we see a spurt in the award of the contracts, that really means that ClearanceJobs becomes an invaluable tool to bring the people on and then paradoxically, they're going to want people immediately. It's almost a binary function. Contractors, when they win a new award, they generally want tens to hundreds of individuals as quickly as they can because they're under the clock now to essentially deliver on whatever service or product that they want as part of the procurement cycle.

但我們確實相信，最終承包商將贏得獎項。他們將需要明確的專業人員來完成工作，這是我們價值主張的基礎。那麼，這實際上歸結為這些合同何時授予的問題？如果我們看到合同授予量激增，這確實意味著 ClearanceJobs 成為吸引人才的寶貴工具，但矛盾的是，他們會立即需要人才。這幾乎是一個二元函數。承包商，當他們贏得新的合同時，他們通常希望盡快獲得數十到數百人，因為他們現在正在加班加點地提供他們想要的任何服務或產品，作為採購週期的一部分。

The next question is from Kevin Liu with K. Liu & Company.

下一個問題來自 K. Liu & Company 的 Kevin Liu。

I actually wanted to follow up on that ClearanceJobs topic. Art, you also mentioned that debt negotiations did have an impact in the quarter. Was that related more to what you were just speaking about now in terms of the contractors not moving aggressively with hiring? Or did you guys see any sort of impact to kind of your renewals on CJ or other new business opportunities?

我實際上想跟進 ClearanceJobs 主題。 Art，您還提到債務談判確實對本季度產生了影響。這是否與您剛才所說的承包商不積極招聘的情況更相關？或者你們是否看到了對 CJ 續訂或其他新商業機會的任何影響？

Yes, I would say that CJ did have a pipeline that grew over the quarter that people were not willing to sign the contracts. And they were waiting for the debt negotiations to be done and/or for the projects that they were bidding on to be awarded. And so we do believe that the pipeline itself is very healthy. And now it's a matter of getting these projects won so that we can effectively go to the winning bidder and say we've got a solution for how to staff up that particular project and move forward with the program.

是的，我想說，CJ 確實有一個在本季度不斷增長的管道，但人們不願意簽署合同。他們正在等待債務談判完成和/或等待他們競標的項目獲得批准。因此，我們確實相信管道本身非常健康。現在的問題是贏得這些項目，這樣我們就可以有效地找到中標者，並說我們已經找到瞭如何為該特定項目配備人員並推進該計劃的解決方案。

Understood. Were there any renewal opportunities in there that were impacted? Or does this all relate to kind of new business for CJ?

明白了。是否有任何續約機會受到影響？或者這一切都與 CJ 的新業務有關嗎？

No, I'd say that the renewal rate really held up very well. And I would say retention rate, which is the contract value post the renewal activity, actually was 110%. We consider that to be very, very strong in terms of performance. So I would say existing customers stayed with us and they took larger contracts as they have done traditionally over the past several quarters. So renewal activity is really associated with ongoing projects and new business is associated with new awarded projects. And that's where we were seeing a little bit of a deficit.

不，我想說的是續訂率確實保持得很好。我想說的是，保留率，即續約活動後的合同價值，實際上是 110%。我們認為這在性能方面非常非常強大。因此，我想說現有客戶仍留在我們身邊，並且像過去幾個季度的傳統做法一樣，他們簽訂了更大的合同。因此，更新活動確實與正在進行的項目相關，而新業務則與新獲獎項目相關。這就是我們看到的一點赤字的地方。

Makes sense. And then switching over to the Dice side, obviously, it's a challenging environment out there. I was wondering if the softness is more pronounced with kind of your IT staffing base versus your commercial account or if you're seeing more pronounced weakness in either of those groups?

說得通。然後切換到骰子方面，顯然，這是一個充滿挑戰的環境。我想知道您的 IT 人員基礎與商業帳戶相比，這種疲軟是否更為明顯，或者您是否在這兩個群體中看到了更明顯的弱點？

That's a great question. I would say it is definitely affecting the commercial accounts new business team much more so than staff and recruiting, consulting new business team. And in fact, we didn't perform to our intended levels for staffing and recruiting new business team. But I describe it as one of the better-performing new business teams when I talk about it internally. And I think it logically makes sense that if you're a commercial accounts customer, and you want to take less risk in terms of your hiring plans, you can go to a staff and recruiting agency. And that person would show up in 1 to 2 weeks, and you can either retain that person through the staffing and recruiting agency or decide to dismiss them if you get into any kind of trouble.

這是一個很好的問題。我想說，這對商業客戶新業務團隊的影響肯定比對員工和招聘、諮詢新業務團隊的影響更大。事實上，我們在人員配備和招聘新業務團隊方面沒有達到預期水平。但當我在內部談論它時，我將其描述為表現更好的新業務團隊之一。我認為從邏輯上講，如果您是商業賬戶客戶，並且您想在招聘計劃方面承擔較小的風險，那麼您可以去員工和招聘機構。該人會在 1 到 2 週內出現，您可以通過人事和招聘機構保留該人，或者在您遇到任何麻煩時決定解僱他們。

So it's a way of de-risking your hiring in general in an uncertain time. And so again, we've seen relatively stronger performance for the staff and recruiting new business team, even in second quarter.

因此，這是在不確定時期降低招聘風險的一種方法。同樣，即使在第二季度，我們也看到員工和招聘新業務團隊的表現相對強勁。

Understood. And then just in terms of the new corporate brand offering that you guys have announced over this year, I was wondering how the pipeline has built up for that and kind of customers' appetite to move forward with opportunities as this year progresses.

明白了。然後，就你們今年宣布的新企業品牌產品而言，我想知道如何為此建立管道，以及隨著今年的進展，客戶對抓住機遇的興趣如何。

So I'd say that the customers' appetite still remains strong and, nevertheless, because of the caution that's in the environment and the hiring cycle, what we've done is we've started to bundle these branding products in with the basic subscription. And we're not seeing, I would say, the subscription price that we wanted for branding itself and company profiles, but we think that that's the right thing to do at this point to make sure that people see the value of it. And then as the economic cycle and expansion happens in the future, we could essentially adjust those prices upward to where they should be.

因此，我想說，客戶的需求仍然強勁，儘管如此，由於環境和招聘週期的謹慎，我們所做的就是開始將這些品牌產品與基本訂閱捆綁在一起。我想說，我們沒有看到我們想要的品牌和公司簡介的訂閱價格，但我們認為這是目前要做的正確的事情，以確保人們看到它的價值。然後，隨著未來經濟周期和擴張的發生，我們基本上可以將這些價格上調至應有的水平。

Great. And then just lastly for me, it looks like cash deployment was pretty evenly split between buybacks and debt paydown this quarter. Can you just talk about kind of how you plan to allocate between those 2 as we move through the remainder of the year?

偉大的。最後對我來說，本季度現金部署在回購和債務償還之間的分配相當均勻。您能談談在今年剩下的時間裡您打算如何在這兩者之間進行分配嗎？

Sure. Our buyback program is grid-based, and it's also based on average daily trading volume. So it's really dictated by the market and how the stock performs. So we will continue to evaluate the volatility of our stock. We're also very aware that the cost of debt has gone up 2.5, threefold, versus 18 months ago. And so we look at that, I would say, on a very frequent basis as far as what the best use of capital is in this environment, paying back debt or buying back shares. And we don't have any specific plan other than we do evaluate it frequently, and we will allocate to what we think has the highest ROI.

當然。我們的回購計劃是基於網格的，也是基於日均交易量的。因此，這實際上是由市場和股票的表現決定的。因此，我們將繼續評估我們股票的波動性。我們還非常清楚，與 18 個月前相比，債務成本上升了 2.5 倍，即三倍。因此，我想說，我們經常考慮在這種環境下資本的最佳用途是什麼，償還債務或回購股票。我們沒有任何具體的計劃，除了經常評估之外，我們會分配給我們認為投資回報率最高的項目。

The next question is a follow-up from Gary Prestopino with Barrington Research.

下一個問題是 Barrington Research 的 Gary Prestopino 的後續問題。

I just kind of looked at your guidance for revenues and what you're saying your margins are going to be. And back of the envelope, it doesn't really look like at least I have to lower my EBITDA numbers for the year. I guess the question I have, and again, these are my numbers, but just in terms of how you're going to run the company on a go-forward basis, I mean, it always seems you had the ability to flex the margins with your expenditures. I mean are you taking another tack, Art, here that, when things turn around, that possibly you could do more with less and maybe look at the expense structure a little more stringently to try and drive more margin expansion?

我只是看了你們的收入指引以及你們所說的利潤率。從表面上看，至少我看起來並不需要降低今年的 EBITDA 數字。我想我有這個問題，再說一次，這些是我的數字，但就你將如何在未來的基礎上運營公司而言，我的意思是，你似乎總是有能力調整利潤率與你的支出。我的意思是，Art，你是否採取了另一種策略，當情況好轉時，你可能可以用更少的錢做更多的事情，也許更嚴格地審視費用結構，以嘗試推動更多的利潤擴張？

Yes. Absolutely. I think that's a perfect interpretation. We believe that the restructuring that we did in the month of May actually makes us more efficient as a technology organization. And technology was really 75%, 3/4, of the restructuring that we did in terms of the people count. And so we have actually experienced a better team dynamic. We've experienced a more efficient release process. And so we do believe that, that is very, very possible, to move forward with that expense structure as we grow the company again.

是的。絕對地。我認為這是一個完美的解釋。我們相信，我們在五月份進行的重組實際上使我們作為一個技術組織變得更加高效。就人員數量而言，技術確實占我們重組的 75%，即 3/4。因此，我們實際上體驗到了更好的團隊活力。我們經歷了更高效的發布流程。因此，我們確實相信，隨著公司再次發展，很有可能推進這種費用結構。

This concludes our question-and-answer session. I would like to turn the conference back over to Art Zeile for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Art Zeile 發表閉幕詞。

Yes. Thank you, and thanks to everyone for joining us today. As always, if you have any questions about our company or would like to speak with management, please reach out to Todd Kehrli, and he will help arrange a meeting. Thanks for your interest in DHI Group, and have yourself a great day.

是的。謝謝你們，也感謝大家今天加入我們。與往常一樣，如果您對我們公司有任何疑問或想與管理層交談，請聯繫 Todd Kehrli，他將幫助安排會議。感謝您對 DHI 集團的關注，祝您度過愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。