DHI Group Inc (DHX) 2024 Q2 法說會逐字稿

Good day, and welcome to the DHI Group, Inc. second-quarter 2024 financial results conference call.

大家好，歡迎參加 DHI Group, Inc. 2024 年第二季財務業績電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Todd Kehrli, MKR Investor Relations.

我現在想將會議交給 MKR 投資者關係部門的 Todd Kehrli。

Please go ahead.

請繼續。

Thank you, Operator.

謝謝你，接線生。

Good afternoon, and welcome to DHI Group's 2024 second-quarter earnings conference call.

下午好，歡迎參加 DHI 集團 2024 年第二季財報電話會議。

With me on today's call are DHI's CEO, Art Zeile; and CFO, Raime Leeby.

與我一起參加今天電話會議的有 DHI 執行長 Art Zeile；和財務長雷米·利比。

Before I turn the call over to Art, I'd like to cover a few quick items.

在將電話轉給 Art 之前，我想先簡單介紹一下一些內容。

This afternoon, DHI issued a press release announcing its 2024 second-quarter financial results.

今天下午，DHI發布新聞稿，公佈了2024年第二季財務業績。

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.

新聞稿可在該公司網站 dhigroupinc.com 上取得。此次電話會議將透過網路向所有有興趣的各方進行現場直播，網路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.

我想提醒大家，在今天的電話會議中，管理階層將做出涉及風險和不確定性的前瞻性聲明。

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.

請注意，除了歷史資訊外，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。

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.

這些前瞻性陳述反映了 DHI 管理層目前對未來事件和財務表現的看法，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有重大差異。

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.

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 undertakes no obligation to update or revise any forward-looking statements.

DHI 不承擔更新或修改任何前瞻性聲明的義務。

Lastly, during today's call, management will be referring to specific financial measures, including adjusted EBITDA, adjusted EBITDA margin, and non-GAAP earnings per share that are not prepared in accordance with US GAAP.

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 利潤率以及不按照美國公認會計原則編制的非公認會計原則每股收益。

Information about and reconciliation 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 Relations section.

有關這些非GAAP 衡量標準的資訊以及這些非GAAP 衡量標準與最直接可比較的GAAP 衡量標準的調節，請參閱我們的收益報告，您可以在我們的網站dhigroupinc.com 的投資者關係部分找到該報告的副本。

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

現在我將把電話轉給 DHI 集團執行長 Art Zeile。

Thank you, Todd.

謝謝你，托德。

Good afternoon, everyone, and welcome to our 2024 second-quarter earnings conference call.

大家下午好，歡迎參加我們的 2024 年第二季財報電話會議。

We appreciate your time today as we discuss our financial performance and provide an update on our outlook.

感謝您今天抽出時間來討論我們的財務表現並提供我們的最新展望。

First, let's discuss the current state of the tech labor market, which is one of the main growth drivers for our business.

首先，讓我們討論一下技術勞動力市場的現狀，這是我們業務的主要成長動力之一。

Although our bookings are not where we hoped they would be throughout the quarter, we continue to see a slow rise in new tech job postings with May's total of 209,000 reported by CompTIA, marking the highest number since June of 2023.

儘管我們整個季度的預訂量並未達到我們所希望的水平，但我們仍然看到新技術職位發布緩慢增長，CompTIA 報告稱5 月份的職位總數為209,000 個，這是自2023 年6 月以來的最高數字。

While we haven't yet returned to the pre-pandemic average of 300,000 new job postings per month, there are signs of improvement as more employers are coming off the sidelines.

雖然我們尚未恢復到疫情前平均每月 30 萬個新職位發布的水平，但隨著越來越多的雇主不再觀望，情況有所改善。

AI initiatives are increasingly driving the demand for tech professionals, particularly with consulting firms being the initial focus for corporations.

人工智慧計畫日益推動對技術專業人員的需求，特別是顧問公司是企業最初關注的焦點。

Notably, IBM recently announced that it had already booked $1 billion in AI-related business so far in 2024.

值得注意的是，IBM最近宣布，截至2024年，它已經預訂了10億美元的人工智慧相關業務。

And McKinsey & Company said, it anticipates at least 40% of its projects this year will involve AI.

麥肯錫公司表示，預計今年至少 40% 的項目將涉及人工智慧。

We view this as an early indication of growing AI demand as companies test initiatives with consulting firms before launching broader projects.

我們認為這是人工智慧需求不斷增長的早期跡象，因為公司在啟動更廣泛的專案之前與諮詢公司測試了舉措。

Additionally, Lightcast reports that the percentage of all US tech job postings requiring AI skills jumped from 15% in January to 27% in June of this year.

此外，Lightcast 報告稱，美國所有科技職位招聘中需要人工智慧技能的比例從 1 月的 15% 躍升至今年 6 月的 27%。

Tech is the second-largest long-term occupational growth trend in the United States behind healthcare and is projected to grow twice as fast as the overall US workforce as the US becomes a more digital economy over time.

科技是美國第二大長期職業成長趨勢，僅次於醫療保健，隨著美國逐漸成為數位化經濟體，科技業的成長速度預計將是美國勞動力整體成長速度的兩倍。

As businesses ramp up their investment in technology, ClearanceJobs and Dice will be essential tools for employers looking to find the ideal candidates for their open tech job postings from the 8.5 million technologist profiles we manage.

隨著企業加大對科技的投資，ClearanceJobs 和 Dice 將成為雇主從我們管理的 850 萬技術人員檔案中尋找適合其開放技術職位的理想候選人的重要工具。

Our clients continue to see increased success in attracting and hiring top tech talent using our platforms.

我們的客戶在使用我們的平台吸引和聘用頂尖技術人才方面不斷取得成功。

One recent example is American National Insurance, who stated Dice has paid for itself already as we made one hire that we could not find anywhere else.

最近的一個例子是美國國民保險公司，他們表示 Dice 已經收回了成本，因為我們僱用了一名在其他地方找不到的員工。

Our team also has found great value in leveraging the database to source for talent and has found quality candidates.

我們的團隊也發現利用資料庫尋找人才的巨大價值，並找到了優質的候選人。

Our client, Coca-Cola, mentioned seeing an increase in referral traffic from Dice, which has had a positive impact on their ability to source candidates further validating the value of the platform for companies hiring for their own tech talent.

我們的客戶可口可樂提到，Dice 的推薦流量有所增加，這對他們尋找候選人的能力產生了積極影響，進一步驗證了該平台對於公司招募自己的技術人才的價值。

As evidenced by this feedback, our secret sauce is the ability to efficiently deliver to employers the highest-quality candidates using our proprietary skills mapping technology to match the specific tech skills an employer is looking for to the exact candidates that have them.

正如回饋所證明的那樣，我們的秘訣是能夠使用我們專有的技能映射技術，將雇主正在尋找的特定技術技能與擁有這些技能的確切候選人相匹配，高效地為雇主提供最高品質的候選人。

This is one of the reasons Forbes Magazine announced Dice as the number-one website for tech and IT jobs just days ago.

這就是《富比士雜誌》幾天前宣布 Dice 成為科技和 IT 職位第一網站的原因之一。

Now let me dig into the performance during the second quarter and what we see ahead for the remainder of 2024.

現在讓我深入探討第二季的表現以及我們對 2024 年剩餘時間的展望。

In the second quarter, our total revenue declined 7% year over year.

第二季度，我們的總營收年減7%。

CJ revenue increased 8%, while Dice revenue decreased 14%.

CJ 收入成長 8%，而 Dice 收入下降 14%。

Excluding transactional revenue, our total recurring revenue declined 6% year over year.

不計交易收入，我們的經常性總收入年減 6%。

ClearanceJobs' continued revenue growth was encouraging as government agencies and contractors are driving increased hiring of cleared tech professionals, while the decrease in Dice revenue was due to lower new business bookings and renewals over the past several quarters as well as less transactional revenue.

ClearanceJobs 的持續收入成長令人鼓舞，因為政府機構和承包商正在推動增加對清算技術專業人員的僱用，而Dice 收入的下降是由於過去幾個季度新業務預訂和續訂的減少以及交易收入的減少。

Looking at our bookings performance, our total bookings were down 7% year over year in the second quarter, a 200-basis-point improvement from the 9% decline in the first quarter.

從我們的預訂表現來看，第二季我們的總預訂量年減了 7%，比第一季的 9% 降幅提高了 200 個基點。

ClearanceJobs' bookings for the second quarter increased 9% year over year, which is still below its trend line but improving.

ClearanceJobs 第二季的預訂量年增 9%，仍低於趨勢線，但有所改善。

During the second quarter, CJ secured several new customers, including Texas Research Institute, Iridium Satellite and Nighthawk flight Systems.

第二季度，CJ 獲得了多個新客戶，包括德克薩斯研究所、銥星衛星公司和夜鷹飛行系統公司。

We continue to be optimistic about the short- and long-term growth prospects for CJ, although we know that even military contractors remain cautious this year.

我們繼續對 CJ 的短期和長期成長前景持樂觀態度，儘管我們知道即使是軍事承包商今年也保持謹慎態度。

With over 10,000 employers of clear tech professionals and over 100 government agencies that also need clear tech professionals, ClearanceJobs has a significant growth opportunity ahead of it.

ClearanceJobs 擁有 10,000 多家僱用透明技術專業人員的雇主以及 100 多個也需要透明技術專業人員的政府機構，因此面臨著巨大的成長機會。

Dice bookings for the second quarter declined 15% year over year as many employers continue to be very budget conscious in this uncertain economic environment.

由於許多雇主在當前不確定的經濟環境下仍然非常注重預算，因此第二季的 Dice 預訂量比去年同期下降 15%。

Despite these headwinds, Dice secured several notable customers this quarter, including Prudential Financial, ALIYA Healthcare, and Blue Origin as it continued to focus on those industries and companies hiring tech professionals even in this weakened economic state.

儘管面臨這些不利因素，Dice 在本季度還是獲得了幾家知名客戶，包括保德信金融集團(Prudential Financial)、ALIYA Healthcare 和藍色起源(Blue Origin)，因為即使在經濟疲軟的情況下，它仍繼續專注於聘用技術專業人員的行業和公司。

The data continues to indicate that these industries include aerospace, business consulting, healthcare, financial services, and education.

數據繼續表明，這些行業包括航空航天、商業諮詢、醫療保健、金融服務和教育。

Moving on to account management, our CJ and Dice revenue renewal rates were 96% and 78%, respectively, in the second quarter.

繼續進行客戶管理，第二季我們的 CJ 和 Dice 收入續約率分別為 96% 和 78%。

Retention rates for CJ and Dice were 113% and 99%, respectively.

CJ 和 Dice 的保留率分別為 113% 和 99%。

During the second quarter, we delivered a 25% adjusted EBITDA margin, which was up from 23% a year ago.

第二季度，我們的調整後 EBITDA 利潤率為 25%，高於一年前的 23%。

Our operating cash flow was $9.1 million for the quarter versus $8.1 million in the year-ago quarter.

本季我們的營運現金流為 910 萬美元，去年同期為 810 萬美元。

We continue to focus on operating our business efficiently as evidenced by our 12% year-over-year reduction in total operating expenses this past quarter.

我們繼續專注於高效地經營我們的業務，上一季總營運費用年減 12% 就證明了這一點。

Now let me quickly touch on what we are doing to drive increased adoption of our two brands.

現在讓我快速談談我們正在採取哪些措施來推動我們兩個品牌的採用。

At the end of last year, we released comprehensive subscription packages that combine unlimited job postings, a company page, and selected job boosts for harder-to-fill positions.

去年年底，我們發布了全面的訂閱套餐，其中包括無限的職位發布、公司頁面以及針對難以填補的職位的精選職位提升。

During the first half of 2024, almost all of our new business bookings across both brands were sold in this format, highlighting the value of our prospects sea in this combination of services.

2024 年上半年，我們兩個品牌的幾乎所有新商務預訂都以這種形式出售，凸顯了我們的潛在客戶在這種服務組合中的價值。

Importantly, for the second quarter, the new subscription package pricing has improved our average contract value by approximately 4% versus last year's average ACV, which included legacy pricing.

重要的是，在第二季度，新的訂閱套餐定價使我們的平均合約價值比去年的平均 ACV（包括舊定價）提高了約 4%。

For our existing customers, we also have started to see increased adoption with 12% of our renewals choosing the new comprehensive subscription package in the second quarter.

對於我們現有的客戶，我們也開始看到採用率增加，第二季有 12% 的續訂客戶選擇了新的綜合訂閱方案。

We also continue to deliver product innovation for both ClearanceJobs and Dice.

我們也持續為 ClearanceJobs 和 Dice 提供產品創新。

For CJ, the big development during the quarter was our selection as the official partner of the US Department of Labor's Employment Navigator and Partnership Program.

對 CJ 來說，本季的重大進展是我們被選為美國勞工部就業導航和合作夥伴計畫的官方合作夥伴。

The ENPP provides one-on-one assistance connecting transitioning service members with career resources, as they explore and plan for post-military life.

ENPP 提供一對一的幫助，幫助轉業軍人與職業資源聯繫起來，幫助他們探索和規劃退休後的生活。

After separating from the military, veterans' security clearances generally stay current for three years.

退伍軍人退伍後，其安全許可通常會保留三年。

As an ENPP partner, ClearanceJobs will help veterans utilize their security clearance following their service with the US military.

作為 ENPP 合作夥伴，ClearanceJobs 將幫助退伍軍人在服役後利用他們的安全許可。

With clear jobs openings and demand for cleared talent at record highs, a security clearance can be a valuable asset for service members in their job search.

由於職缺明確，對人才的需求創歷史新高，安全許可對於服役人員求職來說可能是一筆寶貴的資產。

Adding ClearanceJobs as a resource for transitioning service members will have a big impact on the lives of veterans and will help fill the roles vital to our nation's security and defense.

將 ClearanceJobs 添加為過渡服役人員的資源將對退伍軍人的生活產生重大影響，並將有助於填補對我們國家安全和國防至關重要的角色。

For Dice, the Dice all jobs initiative continues to deliver an increased number of job postings, which in turn is driving increased job applications from candidates.

對於 Dice 來說，Dice all jobs 計劃繼續提供更多的職位發布，這反過來又推動了候選人的職位申請增加。

During the second quarter, the number of jobs posted on Dice increased 30% year over year, and Dice averaged 1.6 million monthly job applications, an increase of over 85% year over year.

第二季度，Dice 上發布的職缺數量年增 30%，平均每月有 160 萬份職缺申請，年增超過 85%。

Increased applications can serve as a barometer for sentiment in the tech community.

應用程式的增加可以作為科技界情緒的晴雨表。

In a recent survey, one tech professional said, the primary reason I rated Dice, a 10 out of 10 is because of its extensive database of job listings, user-friendly interface, and robust search filters that make it easy for job seekers to find relevant opportunities in their field.

在最近的一項調查中，一位技術專業人士表示，我給Dice 打分（滿分10 分）的主要原因是其廣泛的職位列表數據庫、用戶友好的界面以及強大的搜索過濾器，使求職者可以輕鬆找到工作他們領域的相關機會。

Additionally, Dice offers valuable resources and tools for career development, networking, and skill enhancement, making it a comprehensive platform for professionals in the tech industry.

此外，Dice 也為職涯發展、人際網絡和技能提升提供寶貴的資源和工具，使其成為科技業專業人士的綜合平台。

Providing clients with an active and engaged candidate community and candidates with the ideal jobs they're seeking is essential to further establishing Dice as a trusted career marketplace.

為客戶提供活躍且積極參與的候選人社區，並為候選人提供他們正在尋找的理想工作，對於進一步將 Dice 打造成值得信賴的職業市場至關重要。

Before I turn the call over to Raime, let me touch on our expectations for the rest of 2024.

在將電話轉給 Raime 之前，讓我談談我們對 2024 年剩餘時間的期望。

As I stated earlier, we believe there are emerging signs that the demand for tech professionals is improving as evidenced by the increasing number of tech job postings during the second quarter.

正如我之前所說，我們認為有新的跡象表明對技術專業人員的需求正在改善，第二季技術職位發布數量的增加證明了這一點。

However, as I have said before, this recovery does not appear to be V-shaped but rather a slow and steady one.

不過，如我之前所說，這次復甦並不是V型復甦，而是緩慢而穩定的復甦。

As such, while we expect our bookings performance in the second half of the year to continue to improve, we do not expect total bookings to return to growth until next year as many employers continue to be very budget conscious during this uncertain economic environment.

因此，雖然我們預計下半年的預訂業績將繼續改善，但我們預計總預訂量要到明年才會恢復成長，因為在這種不確定的經濟環境下，許多雇主仍然非常注重預算。

We expect our third-quarter bookings to be down between 4% to 6% year over year, and we expect our revenue for the third quarter to be down 4% to 6% year over year with total revenue for the full year declining in the mid-single-digit percentage range.

我們預計第三季的預訂量將年減 4% 至 6%，我們預計第三季的營收將年減 4% 至 6%，全年總收入將下降中間個位數百分比範圍。

We continue to focus on improving our products and our go-to-market execution so that we are ready to capitalize on the anticipated increased demand for our tools while at the same time, delivering strong profits for our shareholders.

我們繼續專注於改善我們的產品和上市執行，以便我們準備好利用對我們工具的預期成長需求，同時為我們的股東帶來豐厚的利潤。

From a profitability perspective, we continue to target an adjusted EBITDA margin of 24% for the full year.

從獲利角度來看，我們繼續將全年調整後 EBITDA 利潤率目標定為 24%。

In conclusion, as businesses ramp up their investment in technology, including the surge in new AI initiatives, we believe our subscription-based offerings, which include 8.5 million technologist profiles and our unique tech skills mapping and search algorithms will be essential tools for employers looking to find the ideal candidates for their open tech job postings.

總而言之，隨著企業增加對科技的投資，包括新人工智慧計畫的激增，我們相信我們的訂閱產品（其中包括850 萬技術專家檔案以及我們獨特的技術技能映射和搜尋演算法）將成為雇主尋找人才的重要工具。

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

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

Raime?

雷梅？

Thank you, Art, and good afternoon, everyone.

謝謝你，阿特，大家下午好。

Jumping right in, let me take you through our financial results for the quarter.

首先，讓我帶您了解我們本季的財務表現。

We reported total revenue of $35.8 million, which was down 7% on a year-over-year basis and down 1% from the prior quarter.

我們公佈的總收入為 3580 萬美元，年減 7%，季減 1%。

Total bookings for the quarter were $30 million, down 7% year over year.

該季度的總預訂量為 3000 萬美元，年減 7%。

As Art mentioned, our total recurring revenue was down 6% in the second quarter.

正如 Art 所提到的，我們第二季的經常性總收入下降了 6%。

ClearanceJobs revenue was $13.3 million, up 8% year over year and up 3% sequentially.

ClearanceJobs 營收為 1,330 萬美元，年增 8%，季增 3%。

Bookings for CJ were $11.4 million, up 9% year over year.

CJ 的預訂量為 1,140 萬美元，年增 9%。

We ended the second quarter with 2009 CJ recruitment package customers, which was down 3% on a year-over-year basis and 1% sequentially.

截至第二季末，2009 年 CJ 招募套餐客戶數量年減 3%，季減 1%。

This slight reduction is attributable to churn with smaller customers.

這一小幅下降歸因於小客戶的流失。

Our average annual revenue for CJ recruitment package customer was up 16% year over year and up 5% sequentially to $24,275.

我們為 CJ 招募套餐客戶提供的平均年收入年增 16%，環比成長 5%，達到 24,275 美元。

During the quarter, over 90% of CJ revenue is recurring and comes from annual or multi-year contracts.

本季度，CJ 超過 90% 的收入是經常性收入，來自年度或多年合約。

For the quarter, CJ's revenue renewal rate was 96%, and CJ's retention rate was strong at 113%.

本季度，CJ 的營收續約率為 96%，CJ 的保留率高達 113%。

The outstanding retention rate demonstrates the continued value CJ delivers in the recruitment of cleared professionals.

出色的保留率證明了 CJ 在招募合格專業人士方面所提供的持續價值。

Dice revenue was $22.6 million, which was down 14% year over year and 3% sequentially.

Dice 營收為 2,260 萬美元，年減 14%，季減 3%。

Site bookings were $18.6 million, down 15% year over year.

網站預訂量為 1,860 萬美元，年減 15%。

We ended the quarter with 5,031 Dice recruitment package customers, which is down 4% from last quarter and down 16% year over year.

本季末，我們有 5,031 名 Dice 招募套餐客戶，比上季下降 4%，年減 16%。

This reduction is attributable to churn with smaller customers spending less than $10,000 per year.

這一減少是由於每年支出低於 10,000 美元的小客戶流失所致。

Our average annual revenue per Dice recruitment package customer was up 2% sequentially and up 5% year over year to $16,294.

我們每位 Dice 招募套餐客戶的平均年收入較去年同期成長 2%，較去年同期成長 5%，達到 16,294 美元。

During the quarter, over 90% of Dice revenue was recurring and came from annual or multi-year contracts.

本季度，超過 90% 的 Dice 收入是經常性收入，來自年度或多年合約。

For the quarter, our Dice revenue renewal rate was 78%, down from 82% in the first quarter and our Dice retention rate was 99%, down slightly from 100% in the first quarter.

本季度，我們的 Dice 營收續約率為 78%，低於第一季的 82%，我們的 Dice 保留率為 99%，略低於第一季的 100%。

Turning to operating expenses, second-quarter operating expenses were down 12% to $33.8 million when compared to $38.6 million in the year-ago quarter, reflecting cost savings associated with the restructuring initiatives in 2023.

說到營運費用，第二季營運費用下降 12%，至 3,380 萬美元，而去年同期為 3,860 萬美元，反映出與 2023 年重組措施相關的成本節省。

We implemented a restructuring in the third quarter of 2024, which is expected to yield $4 million to $6 million of annual savings that we expect to be partially offset by annual merit increases and investments in the business.

我們在 2024 年第三季實施了重組，預計每年可節省 400 萬至 600 萬美元，我們預計這些成本將被年度績效成長和業務投資部分抵消。

We continue to focus on operational excellence.

我們持續專注於卓越營運。

For the quarter, we had income tax expense of $383,000 on income before taxes of $1.3 million.

本季度，我們的所得稅費用為 383,000 美元，稅前收入為 130 萬美元。

Our tax rate for the quarter approximates the statutory rate.

我們本季的稅率接近法定稅率。

We recorded net income of $943,000 or $0.02 per diluted share for the second quarter.

我們第二季的淨利潤為 943,000 美元，即稀釋後每股收益 0.02 美元。

For the prior year quarter, we recorded a net loss of $127,000 or zero cents per diluted share.

去年同期，我們錄得淨虧損 127,000 美元，即稀釋後每股淨虧損 0 美分。

Our non-GAAP earnings per share was -- excuse me -- $0.06 per diluted share for the current and prior-year quarters.

對不起，本季和上季的非公認會計準則每股攤薄收益為 0.06 美元。

Diluted shares outstanding for the quarter were $45 million compared to $43.5 million in the prior-year quarter.

本季稀釋後的流通股數為 4,500 萬美元，而上年同期為 4,350 萬美元。

Adjusted EBITDA for the second quarter increased 3% to $9 million, a margin of 25% compared to $8.7 million or a margin of 23%, an increase of over 200 basis points from the second quarter a year ago.

第二季調整後 EBITDA 成長 3%，達到 900 萬美元，利潤率為 25%，而去年同期為 870 萬美元，利潤率為 23%，比去年第二季成長了 200 多個基點。

Operating cash flow for the second quarter was $9.1 million compared to $8.1 million in the prior-year period.

第二季營運現金流為 910 萬美元，去年同期為 810 萬美元。

Our capitalized development costs in the second quarter were $3.2 million compared to $4.3 million second quarter of last year, a decline of $1.1 million.

我們第二季的資本化開發成本為 320 萬美元，與去年第二季的 430 萬美元相比，減少了 110 萬美元。

Capitalized development costs for the company are primarily related to costs incurred from building new products and features on our platform, which will continue to decrease in the second half of the year.

公司的資本化開發成本主要與在我們的平台上建立新產品和功能所產生的成本有關，該成本將在下半年繼續下降。

We expect our CapEx for the year to be between $14 million and $16 million versus $20.3 million in the prior year.

我們預計今年的資本支出將在 1,400 萬美元至 1,600 萬美元之間，而前一年為 2,030 萬美元。

From a liquidity perspective, at the end of the quarter, we had $3 million in cash and total debt of $35 million under our $100 million revolver.

從流動性角度來看，截至本季末，我們 1 億美元的左輪手槍擁有 300 萬美元的現金和 3,500 萬美元的總債務。

Total debt decreased $6 million during the quarter and $8 million year over year.

本季總債務減少 600 萬美元，年減 800 萬美元。

I'm pleased to report that we finished the quarter under 1 times leverage, which resulted in a 25-basis-point decrease on our revolver interest rate.

我很高興地報告，本季槓桿率低於 1 倍，這導致我們的循環利率下降了 25 個基點。

Deferred revenue at the end of the quarter was $52.3 million, down 2% from the second quarter of last year.

本季末遞延營收為 5,230 萬美元，比去年第二季下降 2%。

Our total committed contract backlog at the end of the quarter was $110.3 million, which was down 6% from the end of the second quarter last year.

截至本季末，我們的承諾合約積壓總額為 1.103 億美元，比去年第二季末下降了 6%。

Roughly 80% of the backlog is considered short term and will be recognized as revenue in the next 12 months.

大約 80% 的積壓訂單被視為短期訂單，將在未來 12 個月內確認為收入。

During the quarter, we did not purchase shares under our share buyback program and shares purchase related to the vesting of share-based awards were minimal.

本季度，我們沒有根據股票回購計畫購買股票，與股票獎勵歸屬相關的股票購買也很少。

Moving on to guidance, while we expect bookings performance in the second half of the year to continue to improve, many employers continue to be very budget conscious during this uncertain economic environment.

轉向指導，雖然我們預計下半年的預訂業績將繼續改善，但在這種不確定的經濟環境下，許多雇主仍然非常注重預算。

As a result, we do not expect our total bookings to return to growth until next year.

因此，我們預計總預訂量要到明年才會恢復成長。

We expect our third-quarter bookings to be down 4% to 6% year over year.

我們預計第三季的預訂量將年減 4% 至 6%。

And we expect our revenue for the third quarter to be down 4% to 6% year over year with total revenue for the full year declining in the mid-single-digit percentage range.

我們預計第三季的營收將年減 4% 至 6%，全年總收入將在中個位數百分比範圍內下降。

From a profitability perspective, we continue to target an adjusted EBITDA margin of 24% for the full year.

從獲利角度來看，我們繼續將全年調整後 EBITDA 利潤率目標定為 24%。

We remain focused on driving long-term sustainable revenue growth and are well positioned from a customer acquisition perspective as tech hiring returns to more normal levels.

我們仍然專注於推動長期可持續的收入成長，並且隨著技術招聘恢復到更正常的水平，從客戶獲取的角度來看，我們處於有利地位。

To wrap up, while the current economic environment is still impacting our growth, we expect companies across all industries will increase their investment in technology initiatives, as companies look to implement generative AI into their business models, which we believe will drive increased demand for our products and services as demand for technologists will follow.

總而言之，雖然當前的經濟環境仍在影響我們的成長，但我們預計各行業的公司將增加對技術計劃的投資，因為公司希望將生成式人工智慧應用到其商業模式中，我們相信這將推動對我們的需求的增加產品和服務對技術人員的需求也會隨之而來。

In the meantime, we are focused on improving our industry-leading offerings and our go-to-market execution, so we are ready to capitalize on the acceleration of tech hiring.

同時，我們專注於改善業界領先的產品和上市執行力，因此我們已準備好利用技術招募的加速。

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, Raime.

謝謝你，雷梅。

I'd like to thank all of our employees again for their hard work this past quarter.

我要再次感謝我們所有員工在上個季度的辛勤工作。

It is a pleasure to be part of such a great team.

很高興能成為這樣一個偉大團隊的一員。

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

至此，我們很高興回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Good afternoon, Art and Raime.

下午好，阿特和雷梅。

Thanks for taking my questions.

感謝您回答我的問題。

Art, just curious about what you're hearing from your customers, especially on the Dice side of the business, just given the current macroenvironment.

Art，只是好奇您從客戶那裡聽到了什麼，特別是考慮到當前的宏觀環境，特別是在業務的 Dice 方面。

It seems like job postings were making some incremental progress in recent months, but I think the latest jobs report has really almost sounded the alarms that it set.

近幾個月來，招聘資訊似乎取得了一些漸進的進展，但我認為最新的就業報告幾乎敲響了它所設定的警報。

So just curious of dialogue you're hearing with your customers and kind of how that's impacting your updated outlook in the second half of this year.

因此，我只是想知道您與客戶的對話以及這對您今年下半年的最新展望有何影響。

Well, that's a great question.

嗯，這是一個很好的問題。

That's the question we ask just about every week here at DHI Group.

這是我們 DHI 集團每週都會問的問題。

And I would say it is still a very sluggish economy.

我想說，目前的經濟仍然非常低迷。

There is still a belief that the demand for tech hiring isn't nearly what it has been in years past or what you would consider to be a normal year.

人們仍然認為，對技術招聘的需求遠不如過去幾年或你認為的正常年份。

The way that we look at the tech jobs report that comes out from CompTIA every single month is that we're still down about 30% from what would constitute a normal environment in terms of the total number of tech job postings.

從 CompTIA 每個月發布的技術職缺報告來看，我們的技術職缺發布總數仍比正常環境下下降了約 30%。

In fact, we did an analysis of Q2's tech job postings this year versus Q2 of 2019, and the exact answer was that we were down 31% from that quarter in terms of tech job postings.

事實上，我們對今年第二季的科技職缺與 2019 年第二季相比進行了分析，確切的答案是，我們的科技職缺發布數量比該季度下降了 31%。

So again, it's a difficult environment.

再說一遍，這是一個困難的環境。

I'd say the real substantial news for this quarter is that we saw not only the continuing pattern of attrition of smaller companies, which we have seen in many quarters in the past -- I would say, over the last six quarters -- but we did have two notable customers that were in the six-figure range for us that did not renew at all.

我想說，本季真正重要的消息是，我們不僅看到了小公司持續的流失模式，我們在過去的許多季度中都看到過這種情況——我想說，在過去的六個季度中——而且我們確實有兩個著名的客戶，他們的收入在六位數範圍內，但根本沒有續約。

And they were for different reasons.

他們是出於不同的原因。

In one particular case, it was a large manufacturing, automobile manufacturing company that had UAW-strike-related budget constraints.

在一個特殊案例中，這是一家大型製造、汽車製造公司，其預算受到與 UAW 罷工相關的限制。

And then the second one was a staffing recruiting firm that divested their IT practice, so they no longer had IT recruiters.

第二家是一家人力資源招聘公司，該公司剝離了 IT 業務，因此不再擁有 IT 招聘人員。

And that's what really caused a dip in the Dice revenue renewal rate from what we saw in the first quarter.

這才是導致 Dice 收入續訂率較第一季下降的真正原因。

But that's how I would describe the environment today.

但這就是我對今天的環境的描述。

It's still about the same as it was in the first quarter, and that is to say that people are very budget conscious.

仍然與第一季大致相同，這意味著人們非常注重預算。

They're worried about the state of the economy, probably even more so since the job report that came out on Friday of last week.

他們對經濟狀況感到擔憂，自上週五就業報告發布以來可能更是如此。

So that's what we're hearing.

這就是我們所聽到的。

Got it.

知道了。

And in terms of -- one question for Raime, maybe nice to see you dip below one-times leverage this quarter.

就雷米而言，有一個問題，也許很高興看到您本季的槓桿率降至一倍以下。

But how are you thinking about capital allocation?

但您如何考慮資本配置？

Just given the current backdrop, how are you going to continue to balance continuing to chip away at the debt versus maybe potentially resuming share repurchases?

鑑於當前的背景，您將如何繼續在繼續削減債務與可能恢復股票回購之間取得平衡？

Hi, Zach.

嗨，扎克。

Yeah, great question.

是的，很好的問題。

We were really pleased with our leverage ratio tracking below that 1 times because we do pick up the benefit of interest rate reduction of about 25 basis points.

我們對槓桿率低於 1 倍感到非常高興，因為我們確實受益於降息約 25 個基點。

And so we're pleased with that.

所以我們對此感到滿意。

I think that's an ongoing conversation with our Board regarding what our best highest use of capital is.

我認為我們正在與董事會就我們資本的最佳最高用途進行對話。

I envision that in this coming quarter, we will have discussions around whether we continue to pay down debt and/or we reintroduced the buyback program just given that we hit that lower than 1 times leverage.

我預計，在下個季度，我們將討論是否繼續償還債務和/或在槓桿率低於 1 倍的情況下重新推出回購計畫。

So I think it remains to be seen how that conversation evolves.

所以我認為這種對話如何演變還有待觀察。

And as you would imagine, some of that depends on the Fed and rates as well in the broader macroenvironment.

正如你所想像的那樣，其中一些取決於聯準會和利率以及更廣泛的宏觀環境。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Good afternoon, Art and Raime.

下午好，阿特和雷梅。

Let me -- well, first of all, have you gotten any data from CompTIA on what the postings were like -- tech job postings were like in July?

讓我——好吧，首先，您是否從 CompTIA 獲得了關於 7 月份技術職位發布情況的數據？

Because just according to my records, they were at 142,000 in December and March, they increased to 191 and now we're at 209,000.

因為根據我的記錄，12 月和 3 月有 142,000 人，後來增加到 191 人，現在是 209,000 人。

So you are starting to see a pickup.

所以你開始看到皮卡了。

But because of what's going on in the economy, do they track down in July versus June or you don't have that data?

但由於經濟情勢的變化，他們是否會追蹤 7 月與 6 月的情況，還是沒有這些數據？

Yes, they did post that data just Friday of last week.

是的，他們確實在上週五發布了該數據。

And the answer is that July's new tech job postings were 176,324.

答案是 7 月的新技術職缺發布數量為 176,324 個。

So it's below what we saw at the peak in May.

所以它低於我們在五月看到的峰值。

Now I have to say that because of seasonality, we always see a dip in June and July.

現在我必須說，由於季節性原因，我們總是會在六月和七月看到下降。

And so when I think about that figure, I actually compare it to the last seasonal dip, which was December of last year, and that was 142,000 (technical difficulty) new tech job postings.

因此，當我思考這個數字時，我實際上將其與上一次季節性下降（去年 12 月）進行了比較，當時有 142,000 個（技術難度）新技術職位發布。

The other kind of notable outcomes from the CompTIA report is that the unemployment rate for the tech sector did edge down, which is obviously a positive.

CompTIA 報告的另一個值得注意的結果是科技業的失業率確實小幅下降，這顯然是一個正面的結果。

And then the number of total tech jobs in the economy decreased by 14,000, but this is the lowest decrease we have seen in over a year, quite frankly.

然後，經濟中的科技工作總數減少了 14,000 個，但坦白說，這是我們一年多來看到的最低降幅。

So it feels like there's a little bit of stabilization.

所以感覺有一點穩定。

But as we know, it's been a difficult year or year-and-a-half as we've been waiting for a recession.

但正如我們所知，這是艱難的一年或一年半，因為我們一直在等待經濟衰退。

And so I think that more than anything else weighs on the decision-making process for a lot of CFOs out there.

因此，我認為對於許多財務長來說，對決策過程的影響比其他任何事情都重要。

Okay.

好的。

And then in terms of your target for adjusted EBITDA margin, you said is 24%, I believe?

然後就調整後 EBITDA 利潤率的目標而言，我相信您說的是 24%？

Yeah, that's correct.

是的，這是正確的。

But you actually came up with 25%.

但你實際上得出了25%。

So is that sequential dip in the AE margin a function of that you had to lower your sales growth guidance a little bit, or is there some kind of incremental investments that you're making with the company over the last six months of this year?

那麼，AE 利潤率的連續下降是否是因為您必須稍微降低銷售成長指導，或者您在今年最後六個月對該公司進行了某種增量投資？

Yeah.

是的。

Hi Gary, this is Raime.

嗨，加里，我是雷梅。

I think that as we look towards the second half of the year, as we noted, we did have a restructuring event at the beginning of the quarter that will yield us annualized savings, and we're expecting that to be offset by merit increases for our employees, which actually go into effect in the half -- at the midpoint of the year.

我認為，正如我們所指出的，當我們展望今年下半年時，我們確實在本季度初進行了重組活動，這將為我們帶來年化儲蓄，我們預計這將被績效增長所抵消我們的員工，這實際上是在今年的一半——年中生效。

So that will impact our Q3 and Q4 on a comparable basis.

因此，這將在可比較的基礎上影響我們的第三季和第四季。

And we do have investments as well baked into the second half related to several initiatives that we expect to yield longer-term growth for us.

我們確實在下半年進行了與幾項舉措相關的投資，我們預計這些舉措將為我們帶來長期成長。

Okay.

好的。

So your -- right now, your sales force is still, especially with Dice, because CJ is growing -- Dice is still a very, very challenging environment for the salespeople out there.

所以，現在，你的銷售團隊仍然存在，特別是 Dice，因為 CJ 正在成長，Dice 對銷售人員來說仍然是一個非常非常具有挑戰性的環境。

But are they starting to at least see a pickup in -- for lack of a better word -- for interest or activity, listening, whatever, from the potential new account base out there?

但他們是否至少開始看到潛在的新客戶群的興趣或活動、傾聽等方面有所增加——因為找不到更好的詞了？

Yeah.

是的。

I was going to say that we have two new business teams for Dice: one is focused on commercial accounts and one is focused on staff and recruiting consulting companies, what we call SRC category.

我想說的是，我們為 Dice 建立了兩個新的業務團隊：一個專注於商業客戶，另一個專注於員工和招募顧問公司，我們稱之為 SRC 類別。

And I would say that the SRC pipeline in activity improved sequentially from Q1 to Q2.

我想說的是，SRC 管道的活動從第一季到第二季依次有所改善。

I wouldn't say it was significant or something that obviously drove an enormous amount of bookings, but it feels like it's stabilizing.

我不會說這很重要，也不會說它明顯推動了大量預訂，但感覺它正在穩定下來。

And there is kind of a belief that maybe that is an indicator of sorts that the market is also more stable when staffing recruiting agencies are more actively involved with staffing technology professionals.

人們相信，這也許是一種指標，顯示當招聘機構更積極地為技術專業人員招募人才時，市場也會更加穩定。

So that felt better.

所以感覺好多了。

I'd still say, commercial accounts is a very challenged environment.

我仍然想說，商業帳戶是一個非常具有挑戰性的環境。

We are focused on those five industries that are hiring, but I look at that and say, well, back in 2002 -- I'm sorry -- 2022 or maybe even a better representative year would be 2019, we had all 16 verticals that we track aggressively hiring technology talent.

我們專注於正在招聘的五個行業，但我看了之後說，好吧，早在2002 年——對不起——2022 年，或者甚至更好的代表性年份是2019 年，我們擁有所有16 個垂直產業我們追蹤積極招募技術人才的情況。

Now we have (technical difficulty) a lot more difficult.

現在我們的（技術難度）要困難得多。

There are still customers that are very interested in hiring tech professionals, but it's an environment where the demand is a lot weaker.

仍有客戶對僱用技術專業人員非常感興趣，但目前的環境需求要弱得多。

(Operator Instructions)

（操作員說明）

Kevin Liu, K. Liu & Company LLC.

劉凱文 (Kevin Liu)，K. Liu & Company LLC。

Hey.

嘿。

Good afternoon, guys.

下午好，夥計們。

Art, you mentioned that you guys have seen kind of an 85% increase in average monthly applications from candidates.

Art，您提到你們發現候選人的平均每月申請量增加了 85%。

I'm wondering if you could put that into context for us.

我想知道您是否可以為我們解釋一下這一點。

Do you think that's indicative of potentially quit rates starting to rise again and maybe employers need get back to hiring to fill roles?

您認為這是否表明潛在的離職率開始再次上升，也許雇主需要重新招募來填補職缺？

Is it more a function of kind of higher unemployment amongst technology professionals?

這更多的是技術專業人士失業率較高的結果嗎？

Just any help there in terms of how much of a leading indicator this could be for things improving from here on out?

就從現在開始這對事情的改善有多大的領先指標而言，有什麼幫助嗎？

I think it is both, quite frankly.

坦白說，我認為兩者都是。

I think that we've built a better experience for the candidates, made it easier for them to apply.

我認為我們為候選人打造了更好的體驗，讓他們更容易申請。

We have an easy apply kind of functionality on the Dice platform.

我們在 Dice 平台上有一個易於應用的功能。

And nevertheless, I do think that the environment is such that most people are a little bit worried about their present employment situation.

儘管如此，我確實認為目前的環境使得大多數人對他們目前的就業狀況感到有點擔心。

So they are more interested in going through Dice and looking at their Plan B or Plan C.

因此，他們更有興趣瀏覽 Dice 並查看他們的 B 計劃或 C 計劃。

I do think that there's also almost now a pent-up kind of demand to think about career steps in general.

我確實認為現在幾乎還有一種被壓抑的需求來考慮一般的職業步驟。

If you think about it, there were a lot of people that were eager to move to a new career position in 2021, 2022, then there was kind of -- last year was -- and we're still in the great stage.

如果你想一想，有很多人渴望在 2021 年、2022 年調到新的職業職位，然後去年就是這樣，我們仍然處於偉大的階段。

Well, in general, most tech professionals want to be involved with a new technology, a new skill set, a new project, I would say, once every two or three years.

嗯，總的來說，大多數技術專業人士希望每兩三年參與一次新技術、新技能、新專案。

So I think that there is this pent-up demand to look at alternatives.

因此，我認為存在著尋找替代方案的被壓抑的需求。

It's great to hear.

很高興聽到。

And maybe just switching gears to CJ.

也許只是切換到 CJ。

It was nice to see kind of the acceleration in bookings quarter over quarter.

很高興看到預訂量逐季加速。

As you look towards the back half of the year, do you expect you can continue to build on that and accelerate that further?

展望今年下半年，您是否期望能夠在此基礎上繼續發展並進一步加速？

And perhaps you could kind of talk about how the election cycle could potentially impact that positive or negatively as we make our way through the rest of this year?

也許你可以談談，在我們度過今年剩餘時間的過程中，選舉週期可能會如何產生正面或負面的影響？

So we're not planning on seeing anything remarkably pick up for CJ.

所以我們不打算看到 CJ 出現任何顯著的好轉。

I'd say that we are proud of the fact that we got to 9% improvement.

我想說的是，我們為我們實現了 9% 的改進而感到自豪。

And if we could hold out for the remainder of the year, that's a net positive in an environment where there's still, as you mentioned, political uncertainty, there's still a lot of economic uncertainty.

如果我們能夠堅持到今年剩餘時間，那麼在仍然存在政治不確定性和經濟不確定性的環境中，這將是一個淨積極的結果。

Obviously, we always talk about CJ being correlated to the defense budget, and that's behind us.

顯然，我們總是談論 CJ 與國防預算的相關性，但那已經是過去的事了。

But quite frankly, we have to get -- we're going to probably go into a continuing resolution once again when we get to the end of this fiscal year, which, again, does provide a little bit of uncertainty going into the back half.

但坦白說，當我們到本財年結束時，我們可能會再次進行持續的解決方案，這確實再次為下半年帶來了一些不確定性。

But Raime, do you have any additional thoughts?

但是 Raime，你還有什麼其他想法嗎？

I don't.

我不知道。

Art, I think you summed it up beautifully.

藝術，我認為你總結得很漂亮。

All right.

好的。

Great.

偉大的。

And then just lastly for me.

最後對我來說。

I know you guys have taken out some costs already through the restructuring last month.

我知道你們已經透過上個月的重組削減了一些成本。

Maybe as you look at kind of more of your variable cost structure and marketing in particular, how are you thinking about the spender as we go into the back half of the year?

也許當您更專注於變動成本結構和行銷時，特別是當我們進入下半年時，您如何看待消費者？

Are you interested in continuing to kind of build the funnel is hopes of better times ahead?

您是否有興趣繼續建造漏斗以期實現未來更好的時代？

Or would you look to pair that back and kind of match it to when you start to see more of a pickup on the bookings side?

或者，當您開始在預訂方面看到更多取貨時，您會希望將其配對並進行配對嗎？

Yeah, I anticipate that our marketing spend, particularly our variable marketing spend, will be very similar in the second half to what we saw in the second quarter.

是的，我預計下半年我們的行銷支出，特別是可變行銷支出，將與第二季的情況非常相似。

We've made a lot of improvements and continue to make improvements on the efficiency of our marketing spend and believe that the current level of marketing spend that we're seeing in Q2 is appropriate based on what we envision in the second half for bookings and revenue.

我們已經做出了很多改進，並將繼續提高行銷支出的效率，並相信，根據我們對下半年預訂和預訂的預期，我們在第二季度看到的當前行銷支出水平是合適的。

Of course, that continues to be an area that we can flex as needed up or down, depending on how the market evolves.

當然，這仍然是我們可以根據需要上下調整的領域，這取決於市場的發展方式。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Yes.

是的。

I just -- I was trying to write down as either you were talking, either Art or Raime, you mentioned something about the number of job postings on Dice and increased applicants were up.

我只是——我試圖寫下你正在談論的事情，無論是 Art 還是 Raime，你提到了 Dice 上的職位發布數量以及申請人數的增加。

Did I -- I just didn't get it all down when you were talking about that.

當你談論這個的時候，我只是沒有把它全部記下來。

Do you have that handy?

你有那個方便嗎？

Yeah.

是的。

So quarter over quarter, if you think about Q2 of this year versus Q2 of last year, the total number of tech job postings on Dice is actually up 30% despite the weakened environment.

因此，如果你考慮今年第二季度與去年第二季度相比，每個季度，Dice 上的科技職位發布總數實際上增長了 30%，儘管環境疲軟。

And the total number of applications that have been generated on the platform is up 85%.

平台上已產生的應用程式總數增加了85%。

And so we're proud of the product team's delivery of a number of different features that create more engagement on the platform.

因此，我們為產品團隊提供了許多不同的功能而感到自豪，這些功能在平台上創造了更多的參與。

And we also related this back to what we call our all jobs initiative.

我們也將這一點與我們所謂的「所有就業計劃」聯繫起來。

We're essentially focused on bringing all the tech jobs in the United States economy to Dice.

我們主要致力於將美國經濟中的所有科技工作轉移到 Dice 上。

That is the goal.

這就是目標。

It's not something that we could achieve this year, but we think we can achieve it by the end of 2025.

這不是我們今年就能實現的目標，但我們認為可以在 2025 年底實現。

So I guess the question I would have and maybe just explain this to me, if the job postings were up 30%, right, that must mean you're obviously from your -- the customer base that you're still retaining, you're getting more postings, but that's not translating into a similar -- some revenue growth there or similar level -- it wouldn't be a similar level of revenue growth but at least revenue growth.

所以我想我會問這個問題，也許只是向我解釋一下，如果職位發布增加了 30%，對，這一定意味著你顯然來自你仍然保留的客戶群，你'正在獲得更多的帖子，但這並沒有轉化為類似的收入成長或類似的水平，這不會是類似的收入成長水平，但至少是收入成長。

So could you kind of walk me through that?

那你能引導我完成這個過程嗎？

Yeah, I can understand the logic that is inherent in that question.

是的，我可以理解這個問題的內在邏輯。

You're saying if we only had jobs on our site that were associated with subscriptions, then we should have seen a lift in the dollar value of those subscriptions.

您是說，如果我們的網站上只有與訂閱相關的工作，那麼我們應該會看到這些訂閱的美元價值上升。

Our all jobs initiative actually has two different additional layers of jobs that we put on to the Dice site in addition to those that are paid subscriptions.

除了付費訂閱的工作之外，我們的所有工作計劃實際上還有兩個不同的附加工作層，我們將其放在 Dice 網站上。

The first is what's called programmatic.

第一個是所謂的程序化。

We take feeds from different job marketing agencies, and we will place them directly on the Dice platform.

我們從不同的招募行銷機構獲取訊息，並將其直接放置在 Dice 平台上。

We're paid by the click-through rate associated with those jobs or by the applications that are sent to the underlying customers.

我們根據與這些工作相關的點擊率或發送給潛在客戶的申請獲得報酬。

There are certain customers like, for example, Capital One or Amazon that prefer to go through a marketing agency for all their jobs.

有些客戶，例如第一資本或亞馬遜，喜歡透過行銷機構來完成所有工作。

So they also include technology jobs in that.

所以他們也把技術工作也包括在內。

It's a little bit of a different way of getting revenue, but it's tuned to the way that they like to post jobs.

這是一種有點不同的獲取收入的方式，但它適應了他們喜歡發布工作的方式。

The second lever or way of getting additional jobs on our site is that we actually scrape them off of sites that do not pay us for a subscription, and we use the benefits that we drive to those particular customers as a way of enticing them to buy a full-time subscription with us.

在我們的網站上獲得額外工作的第二個槓桿或方法是，我們實際上將它們從不向我們支付訂閱費用的網站上刮掉，並且我們利用我們為這些特定客戶帶來的好處來吸引他們購買我們的全職訂閱。

So we are -- we do have jobs now on the Dice site that are not paid for by the customer -- the underlying customers themselves.

所以我們——我們現在在 Dice 網站上確實有一些工作，這些工作不是由客戶支付的——潛在客戶本身。

At this time, there are no further questions.

目前，沒有其他問題了。

So this concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Art Zeile for any closing remarks.

我想將會議轉回 Art Zeile 發表閉幕詞。

Well, thank you very much, operator, and thank you to everyone for joining us today.

嗯，非常感謝您，接線員，也感謝大家今天加入我們。

As always, if you have any questions about our company or would like to speak with the management team myself, Raime, please reach out to Todd Kehrli, and he will help to arrange a meeting.

像往常一樣，如果您對我們公司有任何疑問或想與 Raime 本人的管理團隊交談，請聯絡 Todd Kehrli，他將協助安排會議。

Thanks, everyone, for your interest in DHI Group, and have a great day.

感謝大家對 DHI 集團的關注，祝您有個愉快的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。