DHI Group Inc (DHX) 2024 Q3 法說會逐字稿

Good day, and welcome to the DHI Group, Inc. third quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.

美好的一天，歡迎參加 DHI Group, Inc. 2024 年第三季財務業績電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議轉交給 MKR 投資者關係部門的 Todd Kehrli。請繼續。

Thank you, operator. Good afternoon, and welcome to DHI Group's 2024 third quarter earnings conference call. With me on today's call are DHI's CEO, Art Zeile; and CFO, Raime Leeby. Before I turn the call over to Art, I'd like to cover a few quick items. This afternoon, DHI issued a press release announcing its 2024 third quarter financial results. This 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.

謝謝你，接線生。下午好，歡迎參加 DHI 集團 2024 年第三季財報電話會議。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。在將電話轉給 Art 之前，我想先簡單介紹一下一些內容。今天下午，DHI發布新聞稿，公佈了2024年第三季財務業績。此版本可在公司網站 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. 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.

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。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 the filings with the Securities and Exchange Commission. DHI undertakes no obligation to update or revise any forward-looking statements.

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 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 U.S. GAAP. 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.

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 利潤率和非 GAAP 每股收益，這些指標均未按照美國標準編制。公認會計準則。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 conference call over to Art Zeile, [CEO] of DHI Group.

我現在將電話會議轉給 DHI 集團 [執行長] Art Zeile。

Thank you, Todd. Good afternoon, everyone, and welcome to our 2024 third quarter earnings conference call. We appreciate your time today as we discuss our financial performance for the quarter and provide an update on our outlook.

謝謝你，托德。大家下午好，歡迎參加我們的 2024 年第三季財報電話會議。感謝您今天抽出時間來討論我們本季的財務表現並提供我們的最新展望。

To begin, let's address the current state of the tech labor market, which serves as a key growth indicator for our business. We're starting to see encouraging trends that point to a positive trajectory for tech labor demand. One standout signal is the steady increase in new tech job postings.

首先，我們來談談科技勞動市場的現狀，這是我們業務的關鍵成長指標。我們開始看到令人鼓舞的趨勢，顯示科技勞動力需求將呈現正面的軌跡。一個突出的信號是新技術職位發布的穩定增加。

According to CompTIA, over 610,000 new tech job postings were created in third quarter of 2024, marking a 3% increase year-over-year. Our first positive year-over-year growth in this key metric in over one year. In September, there were 225,000 new tech job postings, marking a 22% increase from the previous year. And the recently released October data shows the addition of 223,000 new tech jobs, representing a 34% year-over-year increase. These numbers are encouraging and I believe highlight that a broader recovery is starting to take place across our industry.

根據 CompTIA 的數據，2024 年第三季創造了超過 61 萬個新技術職缺，年增 3%。一年多來，我們在這項關鍵指標上首次實現年比正成長。9月，新增科技職缺22.5萬個，較上年成長22%。最近發布的 10 月數據顯示，新增科技職缺 22.3 萬個，年增 34%。這些數字令人鼓舞，我相信這突顯出整個產業正在開始出現更廣泛的復甦。

Other positive signs are emerging as well, such as the decrease in the tech unemployment rate, which currently stands at 2.6% at the end of October. These positive signals align with the findings from staffing industry analysts, which recently released its fall forecast predicting 5% growth for the tech staffing sector next year. This forecast is based on extensive interviews with staffing and recruiting firms and reflects a collective confidence in improved performance for 2025.

其他正面跡像也正在出現，例如科技失業率下降，目前 10 月底為 2.6%。這些正面訊號與人力資源產業分析師的調查結果一致，該分析師最近發布了秋季預測，預測明年科技人力資源產業將成長 5%。這項預測是基於對人力資源和招聘公司的廣泛採訪，反映了對 2025 年業績改善的集體信心。

Global professional services firm, RGP, also recently released research highlighting that US companies' workforce strategy decisions are being influenced by labor market challenges, rising digital transformation spend, and the Fed's recent interest rate cut.

全球專業服務公司 RGP 最近也發布了研究報告，強調美國公司的勞動力戰略決策正受到勞動力市場挑戰、數位轉型支出增加以及聯準會最近降息的影響。

Over half, 51% of financial decision makers surveyed expect their company to increase investments by the end of 2024, while 81% anticipate investment growth by mid-2025. These findings are based on a survey of over 200 senior executives influencing finance decisions at organizations with $500 million or more in annual revenue.

超過一半的受訪財務決策者（51%）預計他們的公司將在 2024 年底前增加投資，而 81% 的人預計到 2025 年中期投資將會成長。這些發現是基於對年收入 5 億美元或以上組織的 200 多名影響財務決策的高階主管的調查。

Another strong demand signal comes from Lightcast, which tracks new tech recruiter job postings. From early this year to September, postings surged over a 100%, albeit from a small base. Hiring more tech recruiters suggests a future uptick in the demand for tech professionals.

另一個強烈的需求訊號來自 Lightcast，該公司追蹤新技術招募人員的職位發布。從今年年初到 9 月，儘管基數較小，但貼文數量激增了 100% 以上。僱用更多的科技招募人員表明未來對科技​​專業人員的需求將會上升。

As businesses ramp up their investment in technology initiatives such as AI, platforms like ClearanceJobs and Dice will be essential tools for employers seeking top tech talent from our database of 8.8 million technology professionals.

隨著企業加大對人工智慧等技術措施的投資，ClearanceJobs 和 Dice 等平台將成為雇主從我們的 880 萬技術專業人士資料庫中尋找頂尖技術人才的重要工具。

We continue to hear success stories from our clients, like DISH Network, whose talent acquisition supervisor said she considers Dice a secret gold mine of candidates that are not on other sourcing platforms, or Bank of New York Mellon's Global Head of Sourcing, who has said that Dice continues to be a leading solution for us to get in front of the right talent.

我們不斷聽到客戶的成功故事，例如 DISH Network，其人才招募主管表示，她認為 Dice 是其他採購平台上沒有的候選人的秘密金礦，或者紐約梅隆銀行的全球採購主管，她表示Dice 仍然是我們吸引合適人才的領先解決方案。

As a two sided marketplace, the candidate experience is equally important to our success. In a recent survey, a technical program manager engaged on the Dice platform told us, I have received more calls from recruiters on positions aligned with my skill set than any other online job search site. Reinforcing trust and value for candidates continues to be a strategic priority for both of our brands.

作為一個雙向市場，候選人的體驗對我們的成功同樣重要。在最近的一項調查中，Dice 平台上的一位技術專案經理告訴我們，與其他線上求職網站相比，我收到的招募人員關於與我的技能組合相符的職位的電話更多。加強候選人的信任和價值仍然是我們兩個品牌的策略重點。

Our ability to efficiently match employers with top candidates using our proprietary skills mapping algorithm is a key differentiator. And in July, Forbes Magazine named Dice the top website for IT job seekers. We were also featured last month in Newsweek Magazine, where we were once again named one of the Most Loved Workplaces this year, coming in at number 49 in the overall standings.

我們能夠使用我們專有的技能映射演算法有效地將雇主與頂尖候選人匹配，這是我們的關鍵優勢。7 月，《富比士》雜誌將 Dice 評為 IT 求職者的最佳網站。上個月，我們也受到《新聞週刊》雜誌的專題報道，再次被評為今年最受歡迎的工作場所之一，在總體排名中排名第 49 位。

Now let me dig a bit more into our performance during the third quarter and what we see ahead for the remainder of 2024. In the third quarter, total revenue declined 6% year-over-year. ClearanceJobs saw an increase of 6%, while Dice saw a decrease of 12%. Excluding transactional revenue, our total recurring revenue declined 4% year-over-year.

現在讓我更深入地了解我們第三季的業績以及我們對 2024 年剩餘時間的展望。第三季總營收年減6%。ClearanceJobs 成長了 6%，而 Dice 則下降了 12%。不計交易收入，我們的經常性總收入年減 4%。

Looking at our bookings performance, our total bookings were down 7% year-over-year in the third quarter, matching what we saw in the second quarter. ClearanceJobs bookings for the third quarter increased 4% year-over-year, which is still below its historical trend line. ClearanceJobs continued its year-over-year revenue growth in the third quarter, though at a slightly slower pace than the last quarter due to delays in government contract awards.

從我們的預訂表現來看，第三季的總預訂量年減 7%，與第二季的情況相符。ClearanceJobs 第三季的預訂量年增 4%，仍低於歷史趨勢線。ClearanceJobs 第三季的營收持續維持年增，但由於政府合約授予的延遲，成長速度比上季略有放緩。

There continues to be growing pressure for increased military funding, which we believe will ultimately result in more government projects. This, in turn, will fuel demand for tech professionals with clearances where CJ is the dominant marketplace with over 1.8 million cleared tech professionals.

增加軍事資金的壓力持續增大，我們相信最終將導致更多的政府計畫。反過來，這將刺激對獲得許可的技術專業人士的需求，其中 CJ 是主導市場，擁有超過 180 萬名獲得許可的技術專業人士。

During the quarter, CJ secured several new customers, including Equinix, Annapolis Micro Systems and Accrete.AI. With over 10,000 employers of cleared tech professionals and over 100 government agencies also in need of cleared tech professionals, CJ has a significant growth opportunity ahead of it.

本季度，CJ 獲得了幾家新客戶，包括 Equinix、Annapolis Micro Systems 和 Acccrete.AI。 CJ 擁有超過 10,000 家擁有經過認證的技術專業人員的雇主，以及超過 100 個政府機構也需要經過認證的技術專業人員，因此 CJ 面臨著巨大的成長機會。

Looking at Dice's business performance, its revenue was lower year-over-year due to lower new business bookings and renewals over the past several quarters as well as lower transactional revenue. Dice bookings for the third quarter declined 15% year-over-year due to constrained budget -- continued budget constraints within both employers and staffing firms.

從 Dice 的業務表現來看，由於過去幾季新業務預訂和續訂量下降以及交易收入下降，其收入較去年同期下降。由於預算緊張——雇主和人力資源公司持續的預算限制，第三季的 Dice 預訂量比去年同期下降了 15%。

Nevertheless, Dice secured several notable customers this quarter, including Blue Origin, Perdue Farms and D.R. Horton. On the new business front, we continue to focus on recession-resistant sectors like aerospace, business consulting, healthcare, financial services and education.

儘管如此，Dice 在本季還是獲得了一些知名客戶，包括 Blue Origin、Perdue Farms 和 D.R.霍頓。在新業務方面，我們繼續關注航空航太、商業諮詢、醫療保健、金融服務和教育等抗衰退行業。

In terms of renewals, CJ and Dice revenue renewal rates were 91% and 74%, respectively. And our retention rates for CJ and Dice were 109% and 96%, respectively. During the quarter, we saw a couple of larger staffing customers renew at lower usage levels given the weak demand environment, which impacted our Dice renewal rate. However, our revenue renewal rate for our commercial accounts actually improved to 85%.

在續約方面，CJ和Dice的營收續約率分別為91%和74%。CJ 和 Dice 的保留率分別為 109% 和 96%。在本季度，由於需求環境疲軟，我們看到一些較大的人員配置客戶以較低的使用水準續訂，這影響了我們的 Dice 續訂率。然而，我們商業帳戶的收入續訂率實際上提高到了 85%。

As we approach the end of the year, we are actively engaging with clients to gather insights on their 2025 hiring budgets with approximately 55% of all subscription contract revenue up for renewal in the fourth and first quarter.

隨著年底的臨近，我們正在積極與客戶合作，收集有關他們 2025 年招聘預算的見解，所有訂閱合約收入的約 55% 將在第四季度和第一季度續約。

On the bottom line, during the third quarter, we delivered a 24% adjusted EBITDA margin, down slightly from 25% a year ago. And our operating cash flow was $5.5 million compared to $5.6 million last year. Year-to-date, we've reduced total operating costs by 8% year-over-year and continue to optimize our technology and marketing spend.

總而言之，第三季我們的調整後 EBITDA 利潤率為 24%，略低於一年前的 25%。我們的營運現金流為 550 萬美元，而去年為 560 萬美元。今年迄今為止，我們的總營運成本比去年同期降低了 8%，並繼續優化我們的技術和行銷支出。

Now, let me quickly touch on what we're doing to drive increased adoption of our two brands. For ClearanceJobs, we are currently working on a product called [Verify] that charges a fee to individual members to ascertain their government security status. For Dice, our all jobs initiative continues to drive job posting growth, candidate engagement and applications.

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。對於 ClearanceJobs，我們目前正在開發一款名為 [Verify] 的產品，該產品向個人會員收取費用，以確定他們的政府安全狀態。對於 Dice 來說，我們的所有職位計劃繼續推動職位發布的成長、候選人的參與度和申請。

In the third quarter, Dice averaged 1.7 million monthly job applications, up 70% year-over-year, further solidifying Dice as the leading tech career marketplace. Providing our clients with more actively engaged candidates is one of our primary value propositions.

第三季度，Dice 平均每月收到 170 萬份工作申請，年增 70%，進一步鞏固了 Dice 作為領先科技職業市場的地位。為客戶提供更積極參與的候選人是我們的主要價值主張之一。

We are also expanding our account-based marketing efforts for Dice with a new tool that we launched this quarter to help analyze visitors to the site and identify high potential leads. This will allow us to both further fine-tune our marketing spend and expand lead production. Our comprehensive subscription packages, which include unlimited job postings, company pages and job boosts, continue to gain traction.

我們還透過本季推出的新工具擴大了 Dice 的基於帳戶的行銷工作，以幫助分析網站的訪客並識別高潛力的潛在客戶。這將使我們能夠進一步調整我們的行銷支出並擴大鉛生產。我們全面的訂閱套餐，包括無限的職位發布、公司頁面和職位提升，繼續受到關注。

In the third quarter, 99% of all new business deals were signed in these packages and 11% of renewed customer accounts converted to the comprehensive subscription package with an average retention rate of 113%.

第三季度，99%的新業務交易都是透過這些套餐簽訂的，11%的續訂客戶帳戶轉換為綜合訂閱套餐，平均保留率為113%。

Looking ahead, while tech job postings are beginning to improve, we continue to expect a slow and steady recovery with bookings likely not to return to growth until next year. For the fourth quarter, we project a year-over-year decline in bookings of 8% to 10% and a decline in revenue of 7% to 8%. We anticipate that lower interest rates and increased AI-related hiring will provide a tailwind for tech hiring demand next year, in line with SIA forecasts.

展望未來，雖然科技職缺發布開始改善，但我們仍預期經濟將緩慢且穩定地復甦，預訂量可能要到明年才能恢復成長。對於第四季度，我們預計預訂量將年減 8% 至 10%，營收將下降 7% 至 8%。我們預計，較低的利率和人工智慧相關招聘的增加將為明年的科技招聘需求提供動力，這與 SIA 的預測一致。

Our focus remains on enhancing our products and our go-to-market strategy to be well positioned for this expected increase in demand. We are also focused on delivering strong profits for our shareholders and continue to target a 24% adjusted EBITDA margin for the full year.

我們的重點仍然是增強我們的產品和進入市場策略，以便為預期的需求成長做好準備。我們也致力於為股東創造豐厚的利潤，並繼續將全年調整後的 EBITDA 利潤率目標定為 24%。

Finally, I'd like to comment on our announcement this afternoon that Raime Leeby, our Chief Financial Officer, will be moving on to an exciting new opportunity with a company that she has previously worked with. Raime will be leaving at the end of this week. And while it's sad for us to see her go, we are happy for her and the well-deserved role she's stepping into.

最後，我想對今天下午我們宣布的財務長 Raime Leeby 將在她之前工作過的公司尋求一個令人興奮的新機會發表評論。雷米將於本週末離開。雖然看到她的離開讓我們感到悲傷，但我們為她和她所扮演的當之無愧的角色感到高興。

Raime has been the most exceptional CFO I've had the pleasure of working with, and she leaves behind a finance and accounting team that she has significantly enhanced in terms of process, accountability and culture over the past year.

Raime 是我有幸與之共事過的最傑出的財務長，她留下了一支財務和會計團隊，在過去的一年裡，她在流程、責任和文化方面顯著增強了該團隊。

Following her departure, our current Vice President of Finance and Controller, Greg Schippers, will step in as Interim CFO. Greg brings over 10 years of experience with DHI Group and has a demonstrated strong finance expertise in areas essential for a CFO, including strategic financial planning, rigorous financial oversight and sound decision-making.

在她離職後，我們現任財務副總裁兼財務總監 Greg Schippers 將接任臨時財務長。Greg 在 DHI Group 擁有 10 多年的經驗，並在財務長必備的領域擁有強大的財務專業知識，包括策略財務規劃、嚴格的財務監督和健全的決策。

He has shown exceptional leadership in managing budgets, optimizing operational efficiencies and upholding the highest standards of financial integrity. Greg's analytical acumen, attention to detail and commitment to transparency will make him an excellent fit for this role. I am confident in his skills and expertise as he takes on this new role. Raime, we will certainly miss you but are thrilled for this next chapter in your career.

他在管理預算、優化營運效率和維護財務誠信的最高標準方面展現了卓越的領導能力。Greg 的分析敏銳性、對細節的關注以及對透明度的承諾將使他非常適合這個職位。當他擔任這個新角色時，我對他的技能和專業知識充滿信心。Raime，我們肯定會想念你，但也為你職業生涯的新篇章感到興奮。

With that, I'll hand the call over to Raime to walk you through our financials, and then we'll open up the floor for questions. Raime?

接下來，我會將電話轉交給 Raime，向您介紹我們的財務狀況，然後我們將開放提問。雷梅？

Thank you, Art, and good afternoon, everyone. Jumping right in, let me take you through our financial results for the quarter. We reported total revenue of $35.3 million, which was down 6% on a year-over-year basis and down 2% from the prior quarter. Total bookings for the quarter were $28.9 million, down 7% year-over-year. As Art mentioned, our total recurring revenue was down 4% in the third quarter.

謝謝你，阿特，大家下午好。首先，讓我帶您了解我們本季的財務表現。我們公佈的總收入為 3530 萬美元，年減 6%，季減 2%。該季度的總預訂量為 2,890 萬美元，年減 7%。正如 Art 所提到的，第三季我們的經常性總收入下降了 4%。

ClearanceJobs' revenue was $13.4 million, up 6% year-over-year and up 1% sequentially. Bookings for CJ were $12.6 million, up 4% year-over-year. We ended the third quarter with 1,982 CJ recruitment package customers, which was down 4% on a year-over-year basis and 1% sequentially. This slight reduction is attributable to churn with smaller customers, whereas the number of CJ accounts spending greater than $15,000 annual recurring revenue has increased and is up 40% versus prior year.

ClearanceJobs 的營收為 1,340 萬美元，較去年同期成長 6%，較上季成長 1%。CJ 的預訂量為 1,260 萬美元，年增 4%。截至第三季末，我們擁有 1,982 名 CJ 招募套餐客戶，年減 4%，季減 1%。這一小幅下降歸因於小型客戶的流失，而年度經常性收入超過 15,000 美元的 CJ 帳戶數量卻有所增加，與前一年相比增加了 40%。

Our average annual revenue per CJ recruitment package customer was up 16% year-over-year and up 2% sequentially to $24,762. During the quarter, over 90% of CJ revenue is recurring and comes from annual or multiyear contracts.

我們每位 CJ 招募套餐客戶的平均年收入年增 16%，較上季成長 2%，達到 24,762 美元。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 91% and CJ's retention rate was strong at 109%. The outstanding retention rate demonstrates the continued value CJ delivers in the recruitment of cleared professionals.

本季度，CJ 的營收續約率為 91%，CJ 的保留率高達 109%。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 $21.9 million, which was down 12% year-over-year and 3% sequentially. Dice bookings were $16.3 million, down 15% year-over-year. We ended the quarter with 4,868 Dice recruitment package customers, which is down 3% from last quarter and down 15% year-over-year. This reduction is attributable to churn with smaller customers spending less than $10,000 per year.

Dice 營收為 2,190 萬美元，年減 12%，季減 3%。骰子預訂量為 1,630 萬美元，年減 15%。本季末，我們有 4,868 名 Dice 招募套餐客戶，比上季下降 3%，年減 15%。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 flat sequentially and up 5% year-over-year to $16,330. During the quarter, over 90% of Dice revenue was recurring and came from annual or multiyear contracts. For the quarter, our Dice revenue renewal rate was 74%, down from 78% a year ago, and our Dice retention rate was 96%, down from 99% in the year ago quarter.

我們每位 Dice 招募套餐客戶的平均年收入與上一季持平，年增 5% 至 16,330 美元。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。本季度，我們的 Dice 營收續約率為 74%，低於去年同期的 78%，我們的 Dice 保留率為 96%，低於去年同期的 99%。

Turning to operating expenses. Third quarter operating expenses were down 2% to $34.7 million when compared to $35.2 million in the year ago quarter, reflecting cost savings associated with the restructuring initiatives in 2023 and 2024, partially offset by the restructuring charge in the current quarter. We continue to focus on our operational efficiency.

轉向營運費用。第三季營運費用下降 2%，至 3,470 萬美元，而去年同期為 3,520 萬美元，反映出與 2023 年和 2024 年重組措施相關的成本節省，部分被本季的重組費用所抵銷。我們繼續關注我們的營運效率。

For the quarter, we had income tax expense of $95,000 and a loss before taxes of $105,000. Our tax rate for the quarter differed from the statutory rate due to tax expense on the vesting of share-based compensation awards.

本季度，我們的所得稅費用為 95,000 美元，稅前虧損為 105,000 美元。由於股權激勵獎勵的歸屬稅費，我們本季的稅率與法定稅率不同。

We reported a net loss of $200,000 or $0.00 per diluted share for the third quarter. For the prior year quarter, we reported net income of $1 million or $0.02 per diluted share. Our non-GAAP earnings per share was $0.05 per diluted share for the current quarter compared to $0.06 per diluted share a year ago.

我們報告第三季淨虧損為 200,000 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 100 萬美元，即稀釋後每股收益 0.02 美元。本季我們的非 GAAP 每股攤薄收益為 0.05 美元，去年同期攤薄每股收益為 0.06 美元。

Diluted shares outstanding for the quarter were $44.9 million compared to $44.3 million in the prior year quarter. Adjusted EBITDA for the third quarter decreased 8% to $8.6 million, a margin of 24% compared to $9.4 million or a margin of 25% in the same quarter last year.

本季稀釋後流通股數為 4,490 萬美元，去年同期為 4,430 萬美元。第三季調整後 EBITDA 下降 8%，至 860 萬美元，利潤率為 24%，去年同期為 940 萬美元，利潤率為 25%。

Operating cash flow for the third quarter was $5.5 million compared to $5.6 million in the prior year period. Our capitalized development costs in the third quarter were $3.1 million compared to $4 million in the third quarter of last year, a decline of $900,000.

第三季營運現金流為 550 萬美元，去年同期為 560 萬美元。第三季我們的資本化開發成本為 310 萬美元，比去年第三季的 400 萬美元減少了 90 萬美元。

Capitalized development costs for the company are primarily related to costs incurred from building new products and features on our platforms. We expect our CapEx for the year to be between $14 million and $15 million versus $20.3 million in the prior 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相關。我們預計今年的資本支出將在 1,400 萬美元至 1,500 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 $2.1 million in cash and total debt of $32 million under our $100 million revolver. Total debt decreased $3 million during the quarter and $8 million year-over-year. We finished the quarter under 1 time leverage.

從流動性角度來看，截至本季末，我們的 1 億美元左輪手槍擁有 210 萬美元現金和 3,200 萬美元總債務。本季總債務減少 300 萬美元，年減 800 萬美元。我們本季的槓桿率低於一倍。

Deferred revenue at the end of the quarter was $46.9 million, down 4% from the third quarter of last year. Our total committed contract backlog at the end of the quarter was $103.5 million, which was down 5% from the end of the third quarter last year.

本季末遞延營收為 4,690 萬美元，比去年第三季下降 4%。截至本季末，我們的承諾合約積壓總額為 1.035 億美元，比去年第三季末下降了 5%。

Roughly 80% of the backlog is considered short-term and will be recognized as revenue in the next 12 months. During the quarter, we did not purchase shares under our share buyback program and shares purchased related to the vesting of share-based awards were minimal.

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。在本季度，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購買股票也很少。

Moving on to guidance. Many employers continue to be very budget conscious during this uncertain economic environment. As a result, we do not expect our total bookings to return to growth until next year. We expect our fourth quarter bookings to be down 8% to 10% year-over-year, and we expect our revenue for the fourth quarter to be down 7% to 8% year-over-year.

繼續指導。在這種不確定的經濟環境下，許多雇主仍然非常注重預算。因此，我們預計總預訂量要到明年才會恢復成長。我們預計第四季的預訂量將年減 8% 至 10%，我們預計第四季的營收將年減 7% 至 8%。

From a profitability perspective, we continue to target an adjusted EBITDA margin of 24% for the full year. We remain focused on driving long-term sustainable revenue growth and are well positioned from a customer acquisition perspective once tech hiring returns to more normal levels.

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%。我們仍然專注於推動長期可持續的收入成長，一旦技術招聘恢復到更正常的水平，從客戶獲取的角度來看，我們就處於有利地位。

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. 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.

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產品的需求增加對技術人員的需求和服務也會隨之而來。同時，我們專注於改善業界領先的產品和上市執行力，以便我們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. 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. With that, we're happy to answer your questions.

謝謝你，雷梅。我要再次感謝我們所有員工在上個季度的辛勤工作。很高興能成為這樣一個偉大團隊的一員。至此，我們很高興回答您的問題。

(Operator Instructions)

（操作員說明）

Zach Cummins, B. Riley.

扎克康明斯、B萊利。

Hi, good afternoon, Art and Raime. Thanks for taking my question. And Raime, best of luck in your next opportunity. It was a pleasure working with you. Just starting off, in terms of just renewals with some of your major staffing clients, can you talk about the dynamic with kind of the -- say, downtick in the rate that you got in the renewed contract? And do you view that as any sort of risk as you go through this key renewal season over the next couple of quarters?

嗨，下午好，阿特和雷梅。感謝您提出我的問題。Raime，祝你下次有機會好運。很高興與您合作。剛開始，就與一些主要人力資源客戶的續約而言，您能談談續約合約中的費率下降的動態嗎？您認為在接下來的幾季經歷這個關鍵的續約季節時，這會帶來任何風險嗎？

Well, I think there's always a risk, Zach, and that is an excellent question. I am comforted by the fact that the majority of our churn is still in that category of small business staffing firms. But, however, if a couple, even larger staffing firms decide to diminish their usage of our platform, it does materially change the revenue renewal rate figure.

嗯，我認為風險總是存在的，扎克，這是一個很好的問題。令我感到欣慰的是，我們大部分的流失人員仍然屬於小型企業人力資源公司。但是，如果一些甚至更大的人力資源公司決定減少對我們平台的使用，它確實會極大地改變收入更新率數字。

I do think that over the last year, you've seen the revenue renewal on count improve sequentially, kind of consistent with that idea that we've been shaking the tree for so long of these smaller staffing firms that at some point we've shaken them all off. But I still think that it's valid to say we're concerned about the renewals, especially as we go into Q4 and Q1.

我確實認為，在過去的一年裡，你已經看到了收入的更新連續改善，這與我們長期以來一直在搖晃這些小型人力資源公司的想法是一致的，以至於在某些時候我們已經把他們都搖走了。但我仍然認為我們對續約感到擔憂是有道理的，特別是當我們進入第四季和第一季時。

The large majority of our renewal base or book, you can call it, actually takes place in December and January because most of these larger customers have always asked for their contract to line up with the calendar year.

我們的大部分續約基地或書籍（您可以稱之為）實際上是在 12 月和 1 月進行的，因為大多數這些較大的客戶總是要求他們的合約與日曆年保持一致。

So again, we're concerned about it, but it feels like we're kind of just bumping along the bottom until there's a strong, steady increase in technology demand that everybody can kind of fundamentally take advantage of. We do believe the SIA forecast is a positive signal for us, but we're not necessarily counting on it in terms of any kind of guidance or forecast. But Raime, I'll also ask if you have any additional thoughts on that.

所以，我們再次對此感到擔憂，但感覺就像是觸底反彈，直到技術需求強勁、穩定成長，每個人都可以從根本上利用這一點。我們確實相信 SIA 的預測對我們來說是一個積極的信號，但我們不一定依賴它來提供任何類型的指導或預測。但是 Raime，我也會問你對此是否有其他想法。

I think Raime is on mute, but we'll let her reset.

我認為雷米處於靜音狀態，但我們會讓她重置。

Thanks, Art. I don't have anything to add, but Zach, wanted to say likewise, it's been a pleasure working together.

謝謝，藝術。我沒有什麼要補充的，但札克也想說，一起工作很愉快。

Thanks, Raime. And just my follow-up question, Art, is, really geared towards your confidence in returning to bookings growth at some point next year. Obviously, some incrementally positive signals with the overall environment and the staffing industry potentially returning to growth. So just curious of what's driving the confidence that we're getting back to kind of towards the bottom here and returning to growth on the bookings side next year?

謝謝，雷梅。我的後續問題「藝術」確實是為了提高您對明年某個時候恢復預訂增長的信心。顯然，整體環境和人力資源產業可能恢復成長，出現了一些逐漸正面的訊號。那麼，只是好奇是什麼推動了我們對明年的預訂量回到谷底並恢復增長的信心？

It's kind of interesting. We pointed out some data points that we feel fundamentally show that the trend is going in the right direction. I would also take a step back and say the bigger picture is that the tech industry fundamentally has grown at 3% to 4% per year, meaning the tech workforce itself pretty much for the last 25 years, with the exception of 2001, which was the dot-com implosion, 2008 which is the Great Recession and also 2020, which is COVID.

這有點有趣。我們指出了一些數據點，我們認為這些數據點從根本上表明趨勢正在朝著正確的方向發展。我還要退一步說，更大的前景是，科技業基本上每年增長 3% 到 4%，這意味著科技勞動力本身在過去 25 年裡幾乎一直在增長，除了 2001 年，那一年是互聯網泡沫破裂，2008 年是經濟大衰退，2020 年是新冠疫情。

So for us to see this kind of a condition of kind of underperformance in the tech workforce is unusual. I think that we do need to see two things fundamentally change so that they drive our demand. The first is growth initiatives. And I think that there are going to be more growth initiatives. There's a lot of talk about growth initiatives. Growth initiatives definitely require people.

因此，對我們來說，在科技人員中看到這種表現不佳的情況是不尋常的。我認為我們確實需要看到兩件事發生根本性的變化，以便它們推動我們的需求。首先是成長舉措。我認為將會有更多的成長舉措。關於成長計劃有很多討論。成長計劃肯定需要人才。

The other thing that propels our business is voluntary attrition. And over the last 1.5 years, most technology workers have been reluctant to move because they view the economy with suspicion. And so nevertheless, what we're picking up from a lot of tech recruiters, including some of our own inside of DHI Group, is that there is this almost [damn] ready to break kind of concept that is ready to play out. So I feel like there is a lot of reasons for optimism for 2025.

推動我們業務的另一件事是自願減員。在過去 1.5 年裡，大多數技術工人一直不願意搬家，因為他們對經濟持懷疑態度。儘管如此，我們從許多技術招聘人員（包括 DHI 集團內部的一些招聘人員）那裡得到的信息是，這種幾乎[該死的]已經準備好打破的概念已經準備好發揮作用。所以我覺得有很多理由對 2025 年感到樂觀。

Understood. Well, thanks for taking my question, and best of luck with the rest of the quarter.

明白了。好吧，感謝您提出我的問題，並祝本季剩下的時間一切順利。

Thanks so much, Zach. I really appreciate it.

非常感謝，扎克。我真的很感激。

Kevin Liu, K. Liu & Company.

劉凱文，K. Liu & Company。

Hi, good afternoon, guys. Just a quick question on kind of Q4 here and kind of the bookings expectations. Maybe if you could give us some commentary on the early trends you've seen in terms of renewal activity this quarter outside of staffing, how are renewals going with your typical enterprise customer base? And how do you expect that to kind of flow into the new year since Q1 is also a pretty big renewal quarter?

嗨，大家下午好。只是一個關於第四季度的情況和預訂預期的簡單問題。也許您可以就本季度在人員配置之外的續訂活動方面看到的早期趨勢向我們提供一些評論，您的典型企業客戶群的續訂情況如何？由於第一季也是一個相當大的更新季度，您預計這種情況會如何流入新的一年？

Hi, Kevin. This is Raime. Yes, looking forward to Q4, we expect Q4 to look very similar to what we saw in Q3 for both Dice and CJ. We are seeing, as Art mentioned, some green shoots, but we were conservative, I would say, with our Q4 outlook. I think now that the Fed is signaling and has made two rate reductions, and we're also seeing the election in the rear view mirror, it remains to be seen when we're going to start seeing the bookings activity uptick and what we'll see. But the way that we've projected Q4 is fairly in line with Q3.

嗨，凱文。這是雷梅。是的，展望第四季度，我們預計 Dice 和 CJ 的第四季看起來與第三季非常相似。正如阿特所提到的，我們看到了一些萌芽，但我想說，我們對第四季的前景持保守態度。我認為現在聯準會正在發出信號並已經進行了兩次降息，而且我們也在後視鏡中看到了選舉，但我們何時開始看到預訂活動上升以及我們會做什麼還有待觀察。 。但我們預測第四季的方式與第三季相當一致。

Got it. I appreciate the color there. And as we think to the new year and kind of the prospects for renewed bookings growth here, how does that impact, how you want to manage margins as we go into '25? Any sense for your willingness to invest ahead of the curve to drive that renewed growth? Or do you need to see some kind of changed trend on the booking side before we start to up the marketing expense again?

知道了。我很欣賞那裡的顏色。當我們思考新的一年以及這裡預訂量重新增長的前景時，這會產生什麼影響，在我們進入 25 世紀時您希望如何管理利潤？您是否願意提前投資以推動新的成長？或者，在我們再次開始增加行銷費用之前，您是否需要看到預訂方面的某種變化趨勢？

Yes. I would say, from my perspective, we're -- we intend to be cautious. And we would need to see that actual bookings demand take place before we made significant incremental investments in, for example, sales resources. So I think right now, we're poised to take advantage of that upswing with the capacity that we have and the sales team itself.

是的。我想說，從我的角度來看，我們打算保持謹慎。在我們對銷售資源等進行重大增量投資之前，我們需要看到實際的預訂需求發生。因此，我認為現在，我們已經準備好利用我們擁有的能力和銷售團隊本身來利用這種上升趨勢。

There is the opportunity also to essentially spend more on marketing qualified leads. Again, we would want to see evidence that, that trend is, in fact, in place that we can really count on so that we can maintain our margins.

還有機會在行銷合格的潛在客戶上投入更多資金。同樣，我們希望看到證據表明，這種趨勢實際上是我們可以真正依賴的，以便我們可以維持我們的利潤。

Great. Really appreciate taking the questions, and then really good luck in the (inuadible)

偉大的。非常感謝您提出問題，祝您好運（不行）

Thanks so much, Kevin.

非常感謝，凱文。

Max Michaelis, Lake Street.

馬克斯‧米凱利斯，湖街。

Hey, guys, thanks for taking my question. And I just want to go back to the Q4 bookings guide here. If we look at that, and I think you mentioned it's going to be similar to Q3. But in terms of segment breakdown, I mean, does this -- the way I'm interpreting it, is this like expecting a further degradation in the Dice segment when we look at this 8% to 10% contraction year-over-year for bookings? Or am I thinking about that wrong?

嘿，夥計們，謝謝你提出我的問題。我只想回到第四季的預訂指南。如果我們看一下，我想你提到它將與第三季類似。但就細分市場區隔而言，我的意思是，這是否就像我解釋它的方式一樣，當我們看到Dice 細分市場同比收縮8% 至10% 時，我們預計Dice 細分市場將進一步惡化？還是我想錯了？

Yes. I would say, again, it's very similar. So we break our business into thinking about renewal rates and then thinking about new business. And our expectations for Q4 are similar to what we saw in Q3. For Dice specifically, we do have a handful of large multiyear customers who initiated their contracts in the 2021-2022 time frame, and they're renewing at slightly lower levels as they've evaluated their need with this tech hiring environment.

是的。我想說，這非常相似。因此，我們將業務分解為考慮續訂率，然後考慮新業務。我們對第四季的預期與第三季類似。具體來說，對於Dice 來說，我們確實有一些大型的多年期客戶，他們在2021-2022 年的時間範圍內啟動了合同，並且他們的續約水平略低，因為他們已經評估了自己對這種技術招募環境的需求。

So it's not churn necessarily. It is slight contraction. And this is a healthy reset, and we expect positive growth as the tech hiring continues to grow in the next year, and top-ups. As you recall, we've historically talked about top-ups in previous strong environments, and we anticipate that happening with those accounts over time.

所以不一定是流失。是輕微的收縮。這是一次健康的重置，我們預計隨著明年技術招聘的繼續增長和充值，將出現積極的增長。正如您所記得的，我們歷來討論過在以前的強勁環境中充值，並且我們預計隨著時間的推移，這些帳戶會發生這種情況。

Okay. And we look out into 2025 in this -- and your comments on how we expect bookings growth. I mean, is that like a second half '25? Like ClearanceJobs continues to stay positive, but then Dice starts to creep up towards that positive, maybe breakeven, 1% growth in the second half of 2025? Is that how we should think about it? Or can you kind of break that down a little bit for me?

好的。我們在此展望 2025 年，以及您對我們預計預訂量成長方式的評論。我的意思是，這就像 25 年下半年嗎？就像 ClearanceJobs 繼續保持積極增長一樣，但隨後 Dice 開始在 2025 年下半年實現 1% 的積極增長（也許是盈虧平衡）？我們該這樣思考嗎？或者你能幫我分解一下嗎？

Yes. We will, in upcoming quarters, provide more clear guidance on 2025. But I think that the way you're thinking about it is a reasonable perspective in that we expect continued growth in CJ, and we expect incremental improvements with Dice.

是的。我們將在接下來的幾個季度中針對 2025 年提供更明確的指導。但我認為你的思考方式是一個合理的視角，因為我們期望 CJ 持續成長，我們期望 Dice 不斷改進。

Okay. And then I guess just kind of more of a 30,000-foot question here. I mean, just kind of given the bookings trend and where we're going into 2025, I mean, is there anything out in the market that we can go after maybe in terms of buying, maybe on the M&A side and maybe vertical specific or maybe platform? Is there anything out in the market that you guys have been looking at as a potential M&A target? Or kind of what are your thoughts there?

好的。然後我想這更像是一個 30,000 英尺的問題。我的意思是，考慮到預訂趨勢以及我們即將進入2025 年的情況，我的意思是，市場上有什麼東西是我們可以追求的，也許是在購買方面，也許是在併購方面，也許是垂直特定領域或也許是平台？市場上有什麼是你們一直在尋找的潛在併購目標嗎？或者你有什麼想法？

Sure. I mean I'd have to say that we really haven't thought about acquisitions for quite some time, thinking that we would fundamentally make sure that we are getting the maximum performance out of our current platforms, both CJ and Dice. I don't foresee any particular acquisition opportunity on the horizon that would take us away from that strategy, quite frankly. I do think that, ironically, a lot of the opportunities in the private markets are actually higher multiples and wouldn't necessarily make sense for us right now.

當然。我的意思是，我必須說，我們確實已經有一段時間沒有考慮收購了，我們認為我們將從根本上確保我們能夠從我們目前的平台（CJ 和 Dice）中獲得最大的性能。坦白說，我預計不會有任何特定的收購機會讓我們放棄這項策略。諷刺的是，我確實認為，私募市場上的許多機會實際上是更高的倍數，現在對我們來說不一定有意義。

Alright. Thanks for taking my question.

好吧。感謝您提出我的問題。

Thank you so much, Max. I appreciate it.

非常感謝你，麥克斯。我很感激。

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。

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

謝謝接線生，也謝謝大家今天加入我們。像往常一樣，如果您對我們公司有任何疑問或想與管理團隊交談，請聯絡 MKR 的 Todd Kehrli，他將協助我們安排會面。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. 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。您現在可以斷開連線。