DHI Group Inc (DHX) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the DHI Group Inc. thirdrd quarter 2025 financial results conference call.

各位下午好，歡迎參加DHI集團2025年第三季財務業績電話會議。

(Operator Instructions)

（操作說明）

At this time, I'd like to turn the floor over to Todd Kehrli with PondelWilkinson. Please go ahead.

此時，我想把發言權交給 PondelWilkinson 公司的 Todd Kehrli。請繼續。

Thank you, operator. Good afternoon and welcome to DHI Group's third quarter earnings conference call for 2025. Joining me today are DHI CEO, Art Zeile and CFO, Greg Schippers.

謝謝接線生。下午好，歡迎參加DHI集團2025年第三季財報電話會議。今天和我一起出席的有 DHI 執行長 Art Zeile 和財務長 Greg Schippers。

Before I hand the call over to Art, I'd like to address a few quick items. This afternoon, DHI issued a press release announcing its financial results for the third quarter of 2025. The release is available on the company's website at dhigroupinc.com.

在把電話交給 Art 之前，我想先簡單說明幾點。今天下午，DHI 發布新聞稿，公佈了 2025 年第三季的財務表現。新聞稿可在公司網站 dhigroupinc.com 上查閱。

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. I want to remind everyone that during today's call, management will make forward-looking statements that involve risk and uncertainties.

本次電話會議將透過網路直播，供所有有興趣的人士觀看，網路直播錄影將存檔於公司網站的投資者關係頁面。我想提醒大家，在今天的電話會議中，管理階層將發表一些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，除歷史資訊外，今天電話會議上的陳述可能構成聯邦證券法意義上的前瞻性陳述。證券法。

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 表和 10-Q 表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, on today's call, management we'll reference specific financial measures including adjusted EBITDA margin, free cash flow, and non-GAAP earnings per share, which are not prepared in accordance with US GAAP.

最後，在今天的電話會議上，管理層將提及一些具體的財務指標，包括調整後的 EBITDA 利潤率、自由現金流和非 GAAP 每股收益，這些指標並非按照美國 GAAP 編制。

Information regarding these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are available in our earnings release, which can be found on our website at DHI Groupinc.com in the investor relations section. With that, I will now turn the call over to Art Zalli, CEO of DHI Group.

有關這些非GAAP指標的資訊以及與最直接可比較的GAAP指標的調節表，請參閱我們的獲利報告，該報告可在我們網站DHI Groupinc.com的投資者關係部分找到。接下來，我將把電話交給 DHI 集團執行長 Art Zalli。

Thank you, Todd. Good afternoon, everyone, and thank you for joining us today. I'm Art Zeile, CEO of DHI Group, and with me is Greg Schippers, our CFO.

謝謝你，托德。各位下午好，感謝各位今天參加我們的節目。我是 DHI 集團的執行長 Art Zeile，和我在一起的是我們的財務長 Greg Schippers。

If you're new to the story, welcome. At DHI, our mission is simple we help employers find and connect with the technology professionals who drive innovation across the US economy. We do this through two brands clearance jobs and Dice, both with strong positions in attractive markets.

如果你是第一次接觸這個故事，歡迎你。在 DHI，我們的使命很簡單：我們幫助雇主找到並聯繫到推動美國經濟創新的技術專業人員。我們透過兩個品牌清倉甩賣和 Dice 來實現這一目標，這兩個品牌都在有吸引力的市場中佔據著強大的地位。

Our model is straightforward. More than 90% of our revenue comes from annual or multi-year subscriptions. Customers who are employers or recruiters use our platforms to search, engage, and recruit tech talent.

我們的模型很簡單。我們90%以上的收入來自年度或多年訂閱。雇主或招募人員等客戶使用我們的平台來搜尋、聯繫和招募技術人才。

Our exclusive focus on tech occupations, brand longevity, scale of our communities, data insights and continued product innovation give us a durable, competitive advantage.

我們專注於科技職業、品牌長遠發展、社群規模、數據洞察和持續的產品創新，這使我們擁有持久的競爭優勢。

Clearance Jobs is the leading marketplace for professionals with active US security clearances serving over 1800 customers including Lockheed, Booz Allen Hamilton, Lidos, Raytheon, and many others.

Clearance Jobs 是針對擁有有效美國安全許可的專業人士的領先市場，為包括洛克希德·馬丁、博思艾倫諮詢公司、麗都斯、雷神公司等在內的 1800 多家客戶提供服務。

With 1.9 million candidates on our platform, we have the largest number of profiles of US cleared professionals, giving CJ a significant competitive advantage as a platform for hiring cleared talent.

我們的平台上擁有 190 萬名候選人，擁有數量最多的美國安全許可專業人士的個人資料，這使得 CJ 在招募安全許可人才方面具有顯著的競爭優勢。

Dice is essentially LinkedIn for tech hiring, Built over 35 years with 7.6 million profiles in our database representing the vast majority of technology professionals in the US. While LinkedIn emphasizes a person's title, we focus on tech skills.

Dice本質上是科技招募領域的LinkedIn，經過35年的發展，我們的資料庫中擁有760萬份個人資料，代表了美國絕大多數的技術專業人員。LinkedIn 更注重個人的職位，而我們則更注重技術技能。

Tech professionals on Dice actively update their profiles with new tech skills, making it the most relevant platform for recruiters who need to source tech talent. Both businesses generate strong recurring revenue and robust EBITDA margins, particularly at clearance jobs where margins run above 40%.

Dice 上的技術專業人士會積極更新個人資料，並添加新的技術技能，使其成為需要尋找技術人才的招募人員最相關的平台。這兩個業務都能產生強勁的經常性收入和穩健的 EBITDA 利潤率，尤其是在清理工作中，利潤率超過 40%。

Investors often mistake us for a staffing and recruiting firm, but we are an essential software tool used by employers and recruiters to find top tech talent for their open positions. Over 6,000 employers and staffing companies subscribe to our two Sas platforms.

投資人經常誤以為我們是一家人力資源公司，但我們是一款重要的軟體工具，雇主和招募人員用它來尋找職缺所需的頂尖技術人才。超過 6,000 家雇主和人力資源公司訂閱了我們的兩個 SAS 平台。

Despite a mixed macro backdrop and recent headlines, tech hiring has stabilized this year, although remaining under historical levels.

儘管宏觀經濟環境喜憂參半，且近期新聞報道紛繁複雜，但今年科技業的招募情況已趨於穩定，儘管仍低於歷史水準。

While we don't have updated BLS tech job posting figures due to the government shutdown, we know from our alternative source, Lightcast that new tech job postings were roughly the same as second quarter.

雖然由於政府停擺，我們沒有更新的美國勞工統計局 (BLS) 技術職位發布數據，但我們從替代來源 Lightcast 了解到，新的技術職位發布數量與第二季度大致相同。

fourthDice is an essential platform for staffing firms, and according to the staffing industry analysts pulse reports, the median tech staffing firm in their membership is now growing revenue in low single-digits compared to 2024.

fourthDice 是人力資源公司的重要平台，根據人力資源產業分析師的脈搏報告，其會員中的科技人力資源公司目前的收入成長率與 2024 年相比僅為個位數。

The most notable trend driving current and future tech worker demand is AI. At the beginning of 2024, approximately 10% of job postings on Dice required at least one AI skill.

推動當前和未來科技人才需求的最顯著趨勢是人工智慧。2024年初，Dice平台上約有10%的招募資訊要求至少一項人工智慧技能。

As of last month, that number has risen above 50%. As companies expand their use of AI, the need for skilled technologists that implement these projects will only increase.

截至上個月，這一數字已超過 50%。隨著企業擴大人工智慧的應用，對能夠實施這些專案的熟練技術人員的需求只會增加。

Platforms like Clearance Jobs and Dice with their combined databases of over 9 million tech professionals are an essential tool for employers seeking to find, attract, and hire the tech talent they need to fill these projects.

Clearance Jobs 和 Dice 等平台擁有超過 900 萬名技術專業人員的資料庫，對於希望尋找、吸引和僱用所需技術人才來填補這些專案的雇主來說，是必不可少的工具。

Now I would like to provide an overview of our brand performance this quarter and outline the steps we've taken to improve our position moving forward.

現在我想概述我們本季的品牌表現，並介紹我們為改善未來地位所採取的措施。

Clearance Jobs continues to generate strong margins and retain its leadership position despite a bookings decline of $0.8 million or 7% due to the government hiring freeze and eventual shutdown.

儘管由於政府招聘凍結和最終停擺導致預訂量下降了 80 萬美元或 7%，但 Clearance Jobs 仍然保持著強勁的利潤率和領先地位。

But the long-term outlook is very favorable. The proposed $1.1 trillion US defense budget for fiscal year 2026 marks the largest single year increase in peacetime history, representing a 13% increase over the previous year's budget.

但長期前景非常樂觀。美國提出的 2026 財年國防預算為 1.1 兆美元，這是和平時期歷史上單年增幅最大的一次，比前一年的預算增加了 13%。

Historically, the defense budget has grown roughly in line with GDP growth rates of around 3%, so this is a significant year over year increase.

從歷史上看，國防預算的成長與 GDP 成長率大致持平，約為 3%，因此這是一個顯著的同比增幅。

Also, NATO countries are boosting defense spending with a target of 5% of their GDPs, which would represent a spending increase of more than $500 billion with US contractors likely to secure a significant portion of this incremental spend.

此外，北約國家正在增加國防開支，目標是達到國內生產總值的 5%，這將意味著超過 5,000 億美元的支出成長，而美國承包商可能會獲得這筆新增支出中的很大一部分。

Traditionally, over 60% of EU defense procurement spending goes to US military contractors.

傳統上，歐盟國防採購支出的 60% 以上流向了美國軍事承包商。

These dynamics are promising for clearance jobs with over 10,000 employers of cleared tech professionals and more than 100 government agencies also in need of cleared tech professionals.

這些動態對需要安全許可的工作很有前景，目前有超過 10,000 家雇主需要持有安全許可的技術專業人員，還有 100 多個政府機構也需要持有安全許可的技術專業人員。

CJ has a significant growth opportunity as government contractors look to staff new projects. On the product side, we've integrated Agile ATS with our clearance jobs offering and are beta testing our premium candidate subscription ahead of its general release in Q1 of 2026, our first candidate monetization opportunity.

隨著政府承包商尋求為新專案配備人員，CJ 擁有巨大的成長機會。在產品方面，我們已將 Agile ATS 整合到我們的安全授權職位產品中，並且正在對我們的高級候選人訂閱進行 beta 測試，該訂閱將於 2026 年第一季度正式發布，這是我們的第一個候選人貨幣化機會。

As we announced last quarter, Agile ATS is the only applicant tracking system in the market designed specifically for the cleared recruiting environment.

正如我們上個季度宣布的那樣，Agile ATS 是市場上唯一一款專為安全審查招聘環境設計的申請人追蹤系統。

It's the only ATS on the market developed from the ground up to meet the unique regulatory and compliance requirements of government contractors.

它是市場上唯一一款從零開始開發的ATS系統，旨在滿足政府承包商獨特的監管和合規要求。

With Agile ATS now integrated with clearance jobs, we have begun offering a bundled solution to customers who want a seamless, end to end cleared hiring workflow. Based on our analysis, we believe approximately 50% of our CJ customers today meet the target profile for this solution.

由於 Agile ATS 現在與安全許可招聘流程整合在一起，我們已開始為希望獲得無縫、端到端安全許可招聘工作流程的客戶提供捆綁式解決方案。根據我們的分析，我們認為目前我們 CJ 客戶中約有 50% 符合此解決方案的目標客戶群。

With a historical average contract value of around $7000 annually, we see strong incremental recurring revenue potential for Agile ATS both from our existing CJ customer base and from new customers in the broader gov tech market.

根據歷史平均合約價值約為每年 7000 美元的情況來看，Agile ATS 無論是在我們現有的 CJ 客戶群中，還是在更廣泛的政府技術市場的新客戶中，都具有強勁的增量經常性收入潛力。

Additionally, we are excited about the opportunity for CJ to create a new recurring revenue stream from our new premium candidate subscription. We will be looking to roll out a similar offering on Dice in the future.

此外，我們很高興 CJ 能透過我們新的高級候選人訂閱服務創造新的經常性收入來源。未來我們計劃在 Dice 平台上推出類似的服務。

With our Dice brand in the thirdrd quarter, we continue to face macro headwinds from tariffs, budget uncertainty, and higher interest rates.

第三季度，我們的 Dice 品牌繼續面臨關稅、預算不確定性和利率上升等宏觀不利因素。

As a result, the number of new tech job postings remain around 70% of normal, resulting in Dice bookings being down 17% year over year. Having said that, as I mentioned earlier, we are seeing significant interest in AI-related job postings which we believe will drive future tech hiring demand.

因此，新的科技職缺發布數量仍只有正常水準的 70% 左右，導致 Dice 的預訂量較去年同期下降了 17%。話雖如此，正如我之前提到的，我們看到人們對人工智慧相關的招募資訊表現出濃厚的興趣，我們相信這將推動未來科技產業的招募需求。

During the quarter we made meaningful progress with our Dice platform from a product perspective.

本季度，我們在產品方面，Dice 平台取得了實質進展。

More than half of our 4,200 customers, primarily smaller accounts, have now migrated to the new platform, with all customers expected to be migrated by the end of Q1 2026.

我們 4,200 位客戶中超過一半（主要是小客戶）已經遷移到新平台，預計到 2026 年第一季末，所有客戶都將完成遷移。

This new platform allows existing customers to add new products to their existing subscription online. It also allows new customers to sign up for a subscription with a swipe of a credit card.

這個新平台允許現有客戶在線上向其現有訂閱中添加新產品。它還允許新客戶透過刷信用卡註冊訂閱。

The price point is $650 a month for the lowest tier subscription package, which is easier for smaller customers to manage than an annual upfront charge.

最低檔訂閱套餐的價格為每月 650 美元，對於規模較小的客戶來說，這比一次性支付年費更容易負擔。

This move to a more self-service model allowed us to reduce Dice operating expenses significantly moving forward. Looking ahead, even though the past few years have been difficult, we have successfully laid the foundation for future growth.

朝向更自助式的模式轉變，使我們能夠大幅降低 Dice 的營運成本。展望未來，儘管過去幾年充滿挑戰，但我們已經成功為未來的發展奠定了基礎。

DC is increasingly becoming the go to destination for AI talent, and Clearance Jobs operates in a specialized high barrier market at the intersection of defense, security, and technology, with significant upside from defense budget growth and NATO spending.

華盛頓特區正日益成為人工智慧人才的首選目的地，而 Clearance Jobs 則在國防、安全和技術的交叉領域，在一個高度專業化的市場中運營，國防預算增長和北約支出帶來了巨大的增長潛力。

Our subscription model and margin structure give us resilience. We continue to believe the market doesn't fully reflect the value of each distinct brand today, which is why our board authorized a new $5 million buyback program starting this month.

我們的訂閱模式和利潤結構賦予了我們強大的抗風險能力。我們仍然認為，目前市場並未充分反映每個獨特品牌的價值，因此，我們的董事會批准了一項新的 500 萬美元股票回購計劃，該計劃從本月開始實施。

Over time as we execute, modernize our platforms, and grow our customer base, we see a clear path to meaningful continued shareholder value creation.

隨著我們不斷推動專案、更新平台、擴大客戶群，我們看到了一條清晰的道路，可以持續為股東創造有意義的價值。

And as always we remain committed to delivering solid profits and robust free cash flow for our shareholders.

我們將一如既往地致力於為股東帶來穩健的利潤和強勁的自由現金流。

With that, I'll turn the call over to Greg to walk you through the financial results and our guidance in more detail, Greg.

接下來，我將把電話交給格雷格，讓他更詳細地向大家介紹財務表現和我們的指導。

Thank you, Art, and good afternoon everyone. Jumping right in, we reported total revenue of $32.1 million which was down 9% on a year over year basis and roughly flat compared to the second quarter.

謝謝你，Art，大家午安。開門見山地說，我們公佈的總收入為 3,210 萬美元，年減 9%，與第二季相比基本持平。

Total bookings for the quarter were $25.4 million down 12% year over year.

本季總預訂額為 2,540 萬美元，年減 12%。

Our total recurring revenue was down 11% compared to the prior year, and the bookings that drive our recurring revenue were down 13% for the quarter. Cov's revenue was $13.9 million up 1% year over year and up 2% sequentially.

與去年同期相比，我們的經常性收入總額下降了 11%，而推動我們經常性收入的預訂量在本季下降了 13%。Cov 的營收為 1,390 萬美元，較去年同期成長 1%，較上季成長 2%。

Bookings for CJ were $12 million down 7% year over year. We entered the third quarter with 1,822 CJ recruitment package customers, which was down 8% on a year over year basis and down 2% on a sequential basis.

CJ的預訂量為1200萬美元，年減7%。第三季開始，我們的 CJ 招募套餐客戶數為 1,822 家，年減 8%，季減 2%。

This reduction is attributable to churn with smaller customers, whereas the number of CJ accounts spending greater than $15,000 in annual recurring revenue increased versus prior year.

這一減少是由於小客戶的流失造成的，而年度經常性收入超過 15,000 美元的 CJ 帳戶數量與上一年相比有所增加。

Also, as Art mentioned, CJ's new business teams were impacted by uncertainty surrounding the federal budget freeze and eventual shutdown. Our average annual revenue per CJ recruitment package customer was up 7% year over year and up 2% sequentially to $26,600.

此外，正如 Art 所提到的，CJ 的新業務團隊也受到了聯邦預算凍結和最終停擺帶來的不確定性的影響。我們每位 CJ 招募套餐客戶的平均年度收入年增 7%，較上季成長 2%，達到 26,600 美元。

Approximately 90% of CJ revenue is recurring and comes from annual or multi-year contracts.

CJ 約 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 85%, and CJ's retention rate was 106%. This solid 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 85%，客戶留存率為 106%。如此高的留任率證明了 CJ 在招募持有安全許可的專業人員方面持續發揮價值。

D revenue was $18.2 million which was down 15% year over year and down 1% sequentially. Dice bookings were $13.4 million down 17% year over year. We ended the quarter with 4,239 fourthDice recruitment package customers, which is down 3% from last quarter and down 13% year over year.

D 部門的收入為 1820 萬美元，年減 15%，季減 1%。骰子遊戲預訂量為 1340 萬美元，年減 17%。本季末，我們有 4,239 位 fourthDice 招募套餐客戶，較上一季下降 3%，較去年同期下降 13%。

Dice's revenue renewal rate was 69% for the quarter and its retention rate was 92%. The reduction in customer count.

Dice 本季的營收續約率為 69%，顧客留存率為 92%。顧客數量減少。

And Dice's renewal rate from the prior year quarter is mainly attributable to churn with smaller customers spending less than $15,000 per year, representing over 75% of the total churn on count, and who are more likely to be impacted by the difficult macro environment and uncertainty.

Dice 的續約率較上年同期有所下降，主要原因是年消費額低於 15,000 美元的小客戶流失，這些客戶佔總流失客戶的 75% 以上，他們更容易受到嚴峻的宏觀環境和不確定性的影響。

We believe the introduction of our new Dice platform, which offers customers the flexibility of monthly subscriptions, will help reduce future churn among smaller accounts by lowering upfront commitment and improving affordability.

我們相信，推出我們全新的 Dice 平台，為客戶提供靈活的月度訂閱方式，將有助於降低小型客戶未來的流失率，降低前期投入，提高可負擔性。

Our average annual revenue per Dice recruitment package customer was $15,727 down 4% year over year and up 2% sequentially.

我們每位 Dice 招募套餐客戶的平均年度收入為 15,727 美元，年減 4%，較上季成長 2%。

As with CJ, approximately 90% of Dice revenue is recurring and comes from annual or multi-year contracts.

與 CJ 一樣，Dice 約 90% 的收入是經常性收入，來自年度或多年合約。

Despite this churn, both brands onboarded notable clients in the third quarter. For CJ, this includes Blue Origin, Boston Fusion, and CDW, while Dice landed high IQ Robotics, Cloud AI Technologies, and Mango Analytics as customers in Q3.

儘管客戶流失嚴重，但這兩個品牌在第三季都成功吸引了重要客戶。對於 CJ 而言，這包括 Blue Origin、Boston Fusion 和 CDW，而 Dice 在第三季度獲得了 high IQ Robotics、Cloud AI Technologies 和 Mango Analytics 等客戶。

Now let's move to operating expenses. For the third quarter. Our operating expenses increased $1.9 million to $36.6 million when compared to $34.7 million in the year ago quarter and includes a $9.6 million impairment of the intangible assets.

現在我們來看看營運費用。第三季。與去年同期相比，我們的營運費用增加了 190 萬美元，達到 3,660 萬美元，而去年同期為 3,470 萬美元，其中包括 960 萬美元的無形資產減損。

Excluding the impairment, our third quarter operating expenses declined $7.6 million or 22%.

剔除減損損失後，我們第三季的營運支出減少了 760 萬美元，降幅達 22%。

Because of the difficult market conditions over the past two and half years, we have reduced costs through restructurings in the second quarter of 2023, in the third quarter of 2024, in January of this year, and most recently in June.

由於過去兩年半以來市場環境艱難，我們分別在 2023 年第二季、2024 年第三季、今年 1 月以及最近的 6 月透過重組降低了成本。

Together these restructurings have reduced our annual operating expenses and capitalized development costs by approximately $35 million. Quarter quarter we had an income tax benefit of $800,000 on a loss before taxes of $5 million.

這些重組措施使我們的年度營運費用和資本化開發成本減少了約 3,500 萬美元。本季度，我們在稅前虧損 500 萬美元的情況下，獲得了 80 萬美元的所得稅優惠。

Our tax rate for the quarter differed differed from our approximate statutory rate of 25% due to deduction limitations on executive compensation.

由於高階主管薪資扣除限制，我們本季的稅率與約 25% 的法定稅率有所不同。

The new tax law signed in early July allows for the immediate deduction of R&D costs, which will reduce our income tax payments in 2025 by over $2 million while also providing an incentive for technology spending in the broader US market, thereby increasing tech hiring.

7月初簽署的新稅法允許立即扣除研發成本，這將使我們在2025年減少超過200萬美元的所得稅支出，同時也能激勵美國更廣泛市場的技術支出，從而增加技術招聘。

Moving on to the bottom line, we recorded a net loss of $4.3 million or $0.10 per diluted share in the third quarter.

最後來看盈虧情況，我們第三季淨虧損 430 萬美元，即每股攤薄虧損 0.10 美元。

For the prior year quarter, we reported net loss of $200,000 or $0.00 per diluted share. Net loss for the quarter was impacted by the previously mentioned $9.6 million dollar impairment.

上年同期，我們報告淨虧損 20 萬美元，即每股攤薄虧損 0.00 美元。本季淨虧損受到先前提到的 960 萬美元減損的影響。

Non-GAAP earnings per share for the quarter was $0.09 per share compared to $0.05 per share for the prior year quarter. Diluted shares outstanding for the quarter were 44.8 million shares, down slightly from the prior year quarter.

本季非GAAP每股收益為0.09美元，而去年同期為0.05美元。本季稀釋後流通股數為 4,480 萬股，較上年同期略有下降。

Adjusted EBITDA for the third quarter was $10.3 million a margin of 32% compared to $8.6 million or a margin of 24% in the third quarter a year ago. Margin for the quarter benefited from certain expense savings that are not expected to recur.

第三季調整後 EBITDA 為 1,030 萬美元，利潤率為 32%，而去年同期為 860 萬美元，利潤率為 24%。本季利潤率受益於某些預計不會再次發生的支出節省。

On a segmented basis, CJ adjusted EBITDA remains strong at $5.9 million in the third quarter, representing a 43% adjusted EBITDA margin as compared to adjusted EBITDA of $6.3 million or a margin of 46% in the prior year period.

從分部來看，CJ 第三季調整後 EBITDA 依然強勁，達到 590 萬美元，調整後 EBITDA 利潤率為 43%，而去年同期調整後 EBITDA 為 630 萬美元，利潤率為 46%。

Dice's adjusted EBITDA increased $2.2 million or 56% to $6.2 million representing a 34% adjusted EBITDA margin, which compares to $4.0 million and a 19% margin last year.

Dice 的調整後 EBITDA 成長了 220 萬美元，增幅達 56%，達到 620 萬美元，調整後 EBITDA 利潤率為 34%，而去年同期為 400 萬美元，利潤率為 19%。

Operating cash flow for the third quarter was $4.8 million compared to $5.5 million in the prior year period. Free cash flow, which is operating cash flows less capital expenditures, was $3.2 million for the third quarter compared to $2.3 million in the third quarter of last year.

第三季經營現金流為 480 萬美元，去年同期為 550 萬美元。第三季自由現金流（營運現金流量減去資本支出）為 320 萬美元，去年同期為 230 萬美元。

Our capital expenditures, which consist primarily of capitalized development costs, were $1.6 million in the third quarter compared to $3.2 million in the third quarter last year, a savings of $1.6 million or 51%.

我們的資本支出（主要包括資本化開發成本）在第三季為 160 萬美元，去年同期為 320 萬美元，節省了 160 萬美元，即 51%。

Capitalized development costs in the third quarter of 2025 were $400,000 for CJ and $1.1 million for fourthDice as compared to $600,000 for CJ and $2.5 million for Dice in the 2024 period.

2025 年第三季資本化開發成本，CJ 為 40 萬美元，fourthDice 為 110 萬美元，而 2024 年同期，CJ 為 60 萬美元，fourthDice 為 250 萬美元。

We are targeting total capital expenditures in 2025 to range between $7 million and $8 million as compared to $13.9 million last year.

我們預計 2025 年的總資本支出將在 700 萬美元至 800 萬美元之間，而去年為 1,390 萬美元。

From a liquidity perspective, at the end of the quarter we had $2.3 million in cash, and our total debt was $30 million under our $100 million revolver, resulting in leverage at 0.86 times our adjusted EBITDA.

從流動性角度來看，截至季末，我們有 230 萬美元現金，在 1 億美元的循環信貸額度下，我們的總債務為 3,000 萬美元，槓桿率為調整後 EBITDA 的 0.86 倍。

We continue to target one time leverage for the business.

我們將繼續尋求為企業帶來一次性槓桿效應。

Deferred revenue at the end of the quarter was $41 million down 13% from the third quarter end of last year. Our total committed contract backlog at the end of the quarter was $94.3 million which was down 9% from the end of the third quarter last year.

本季末遞延營收為 4,100 萬美元，比去年第三季末下降 13%。截至本季末，我們已承諾的合約積壓總額為 9,430 萬美元，比去年第三季末下降了 9%。

Short-term backlog was $72 million at the end of the third quarter, a decrease of $2.2 million or 3% year over year. Long-term backlog that is revenue to be recognized in 13 or more months was $22.3 million at the end of the quarter, a decrease of $500,000 or 2% from the prior year quarter.

第三季末短期積壓訂單為 7,200 萬美元，年減 220 萬美元，降幅為 3%。截至本季末，13 個月或更長時間內確認的收入（即長期積壓訂單）為 2,230 萬美元，比上年同期減少了 50 萬美元，降幅為 2%。

During the during the quarter, we repurchased 741,000 shares for $2.1 million under our stock repurchase program. For the year we've repurchased a total of 2.6 million shares or $6.2 million under our stock repurchase program and from the investing a share-based awards.

本季度，我們根據股票回購計劃，以 210 萬美元的價格回購了 741,000 股股票。今年，我們透過股票回購計畫和股票投資獎勵，共回購了 260 萬股股票，價值 620 萬美元。

Following the close of the third quarter, we completed the $5 million plan authorized in January, and last week our board approved a new $5 million stock repurchase program which will begin this month and will run through November of 2026.

第三季結束後，我們完成了 1 月份批准的 500 萬美元計劃，上週，我們的董事會批准了一項新的 500 萬美元股票回購計劃，該計劃將於本月開始，並將持續到 2026 年 11 月。

Moving to guidance, we are reiterating our annual revenue guidance of $126 million to $128 million.

關於業績展望，我們重申年度營收預期為 1.26 億美元至 1.28 億美元。

For the fourth quarter, we expect revenue to be in the range of $25 million to $29.5 million to $31.5 million.

我們預計第四季營收將在 2,500 萬美元至 2,950 萬美元至 3,150 萬美元之間。

We are raising our full year adjusted EBITDA margin guidance to 27%, reflecting our cost management and operational efficiency. To wrap up, although the hiring environment over the past 2+ years has impacted our revenue growth, we remain optimistic about the road ahead.

我們將全年調整後 EBITDA 利潤率預期上調至 27%，以反映我們的成本管理和營運效率。總而言之，儘管過去兩年多的招募環境影響了我們的收入成長，但我們對未來的道路仍然保持樂觀。

We anticipate the record breaking defense budget will be a growth driver for CJ and that companies across all industries will steadily increase their investments in technology initiatives, creating a strong growth opportunity for both clearance jobs and dice.

我們預計，創紀錄的國防預算將成為 CJ 的成長動力，各行各業的公司將穩步增加對技術計劃的投資，從而為安全許可工作和骰子業務創造強勁的成長機會。

We remain focused on strengthening our industry leading solutions, optimizing our go to market strategy, and executing with efficiency, ensuring we are well positioned to capitalize on the opportunities that lie ahead.

我們將繼續專注於加強我們領先業界的解決方案，優化我們的市場推廣策略，並有效執行，以確保我們能夠抓住未來的機會。

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

那麼，就讓我們把話題重新回到藝術上。

Thank you, Greg. I want to thank all of our employees once again for their outstanding work this quarter. It has been a pleasure to be part of such a great team. That said, we are happy to answer your questions.

謝謝你，格雷格。我再次感謝所有員工在本季所做的傑出貢獻。能夠成為如此優秀團隊的一員，我感到非常榮幸。也就是說，我們很樂意回答您的問題。

Ladies and gentlemen, at this time we'll begin the question-and-answer session. (Operator Instructions)

女士們、先生們，現在我們將開始問答環節。（操作說明）

And our first question today comes from Gary Prestopino from Barrington Research Associates. Please go ahead with your question.

今天我們提出的第一個問題來自巴林頓研究協會的加里‧普雷斯托皮諾。請繼續提問。

Hey, All right, Greg, how are you?

嘿，格雷格，你好嗎？

Good good thanks appreciate it.

好的，謝謝，感激不盡。

How are you? Good.

你好嗎？好的。

Just fine, thanks. Several questions, but I won't ask them all at one time. Somebody else can get in the queue, but the Dice margin expansion is just fantastic, and I guess there's no one timers or anything in there, right? It's that is just pure adjusted Ebatam.

沒問題，謝謝。我有幾個問題，但我不會一次問完。其他人可以排隊，但是骰子邊際擴充包真是太棒了，而且我想裡面應該沒有一次性計時器之類的東西吧？這就是純粹的調整後的Ebatam。

Numbers quarter to quarter.

季度環比數據。

So yeah Gary I'll take that there there are a few I would call true ups in there and so so really what's driving that is we had some headcount vacancies, during the third quarter that have, now largely been backfilled, and then we also had a few kind of what I call year-to-date expense true ups.

是的，Gary，我同意。這裡面確實有一些我稱之為「調整」的項目。造成這種情況的原因是，我們在第三季出現了一些人員空缺，現在這些空缺大多已經填補完畢。此外，我們還有一些我稱之為「年初至今費用調整」的項目。

That, we're the result of some of our margin changes, throughout, the year and forecast on the revenue side, and then also as it relates to dice, the tech team.

這是由於我們全年利潤率的變化以及對收入方面的預測，以及與骰子和技術團隊相關的因素造成的。

Had a very efficient quarter. Therefore, there was more.

本季效率非常高。因此，還有更多。

More cost allocated to the capitalized development costs in the quarter as opposed to operating expenses, and really that was a result of the delivery of the Dice platform that we've been talking about that was delivered in in September and, another release in October and so that team really zeroed in and as a result there was a classification.

本季度分配給資本化開發成本的金額比分配給營運費用的金額要多，這實際上是由於我們在 9 月交付了 Dice 平台，並在 10 月發布了另一個版本，因此該團隊真正集中精力，結果就形成了這種分類。

From OpEx down to capitalized development, but from a dollar perspective there was no change. To free cash flow on that. So I would expect that, we're going to return to a little bit more of a normalized, margin on Dice next quarter.

從營運支出到資本化開發，但從美元角度來看，沒有任何變化。釋放由此產生的現金流。所以我預計，下個季度Dice的利潤率會恢復到比較正常的水準。

And what would that be?

那會是什麼呢？

So on dice, we had been running in the, mid-twenties, so I would say we're going to stay in that range.

所以，在擲骰子方面，我們一直保持在二十幾點左右，所以我認為我們會繼續保持在這個範圍內。

Okay. Yeah, okay, thank you. That's helpful. And then, What was the write-off for $9 million? Was that in Dice.

好的。好的，謝謝。那很有幫助。那麼，那900萬美元的註銷是怎麼回事？那是在骰子遊戲裡嗎？

Clearance shop? It was in.

清倉店？它進去了。

Or yes.

是的。

It was the Dice trade name so which is directly related to Dice revenue, trade name valuation uses a technique called a relief of royalty rate and so you apply a third-party royalty rate to a revenue stream and discount that back.

這是 Dice 的商標名稱，它與 Dice 的收入直接相關。商標名稱估值採用了一種稱為版稅率減免的技術，即將第三方版稅率應用於收入流，然後將其折現。

And so that's the nature of that test that has to be done every year and you know it resulted in impairment in this case given the revenue declines that Dice has experienced.

因此，這就是每年都必須進行的測試的性質，而且你知道，鑑於 Dice 的收入下降，這次測試導致了減值。

Okay, and then.

好的，然後。

Last non.

最後一個。

Yeah, okay, and I'll let somebody jump in. Capitalized development, you're looking at $78 million for this year. Given what's going on in the market, particularly with Dice, do you see that that changes in any way to the upside in, next year?

好的，那我讓別人插話吧。今年資本開發支出預計為 7,800 萬美元。鑑於目前的市場狀況，特別是 Dice 的情況，您認為明年這種情況會有任何好轉的跡象嗎？

Our spending on cap de, will it get better next year as in decrease?

我們在資本支出方面的支出明年會好轉並減少嗎？

Okay.

好的。

Is that your question about it?

這就是你問的問題嗎？

Yeah, I'm just trying to get an idea if you're kind of a steady state with all that's going on in the market and then all you've done, yes.

是的，我只是想了解一下，在當前市場狀況以及你所做的事情的影響下，你是否保持著穩定的狀態，是的。

Yes, I don't, I don't anticipate, we're going to have a significant decrease next year because our teams are pretty well.

是的，我不認為，我預計明年我們的成績會大幅下降，因為我們的團隊表現相當不錯。

I think put together now I think we have the right staffing levels and so you know we'll continue largely at a level similar to what you would see this year, maybe slightly less given that the first part of the year we had more employees before the restructure that happened in June.

我認為，綜合來看，我們現在的人員配置水平合適，所以你知道，我們將繼續保持與今年大致相似的水平，考慮到今年上半年我們在6月份重組之前員工人數更多，可能會略少一些。

Okay, thank you.

好的，謝謝。

And our next question comes from Zach Cummins from B. Riley. Please go ahead with your question.

下一個問題來自 B. Riley 公司的 Zach Cummins。請繼續提問。

Hi, this is Ethan Weddell calling in for Zach Cummins. Thanks for taking my questions. I guess to start with With the, I think you said 70% bookings declined from government volatility.

大家好，我是伊森‧韋德爾，替札克‧卡明斯打電話過來。謝謝您回答我的問題。我想首先，你之前說過，由於政府政策波動，預訂量下降了70%。

Maybe can you speak to how much of that impact you're seeing from government shutdown versus maybe government efficiency initiative is just broader volatility and how do you view that dynamic being offset going forward in light of the robust defense budget?

您能否談談您認為政府停擺的影響有多大，政府效率提升計畫的影響有多大，以及更廣泛的波動性會如何影響政府效率提升計畫的影響？鑑於國防預算充足，您認為這種動態變化將如何在未來抵消？

So ultimately I think that we have seen a lot of the smaller and mid-size defense contractors become more conservative over the last, let's say three to six months. We're entering a period of time right now, specifically in December and January.

所以最終我認為，在過去的三到六個月裡，我們看到許多中小型國防承包商變得更加保守。我們現在正進入一個特別的時期，具體來說是十二月和一月。

Where we have seasonal high amount of our larger enterprise bookings take place, and these are with firms like Lockheed and Raytheon and Booz Allen Hamilton. They are actually feeling much more bullish because they can obviously withstand the government shutdown.

我們的大型企業訂單量在季節性高峰期會達到高峰，這些企業包括洛克希德·馬丁公司、雷神公司和博思艾倫諮詢公司等。實際上，他們感覺更加樂觀，因為他們顯然能夠承受政府停擺的影響。

They can withstand kind of the turbulence of the market in general. They have larger balance sheets. So I personally think that we are getting now to the point where people acknowledge that the $1.1 trillion dollar budget is going to be A big benefit to the defense establishment in the United States in total.

它們能夠承受市場整體上的各種波動。它們的資產負債表規模較大。所以我個人認為，現在人們逐漸意識到，1.1兆美元的預算將對美國國防機構整體帶來巨大的好處。

We mentioned also the impact of NATO spending is positive for the US military establishment. I would say that we have to get to the actual.

我們也提到，北約的開支對美國軍方來說是正面的影響。我認為我們必須說到正題。

Bills being passed and signed into law by President Trump, so there's still a process of reconciliation between the House bill, the Senate bill, and they've got to be debating this. They have to essentially make sure that the reconciliation. Process happens.

川普總統通過並簽署法案使其成為法律，因此眾議院法案和參議院法案之間仍然存在協調過程，他們必須就此進行辯論。他們必須確保和解。事情就這樣發生了。

This year, it took until February, March for the reconciliation to take place, so we do not really have an estimate as to when this is going to happen for fiscal year 2026, but there seems to be more urgency, I have to say also with the administration.

今年，對帳工作直到二月、三月才完成，因此我們無法估計 2026 財年何時才能完成，但政府方面似乎更重視此事。

The articles you read just about every day indicate that Secretary Hegith wants speed to be part of the equation for getting more military gear and weaponry and preparedness into the hands of our our warfighters.

你幾乎每天都能讀到的文章都表明，赫吉斯部長希望速度成為將更多軍事裝備、武器和戰備物資送到我們作戰人員手中的考量因素之一。

Got it, that's some helpful color there.

明白了，這個顏色很有幫助。

Thank you. And then in terms of the new platform migration, it's nice to see that you're seeing traction there. I guess, are there any particular actions that need to be taken to onboard the remaining customers that you have, by first quarter, and do you expect any uptick in turn with your final customers on the legacy platform?

謝謝。至於新平台遷移方面，很高興看到你們在這方面取得了進展。我想問，在第一季之前，是否需要採取任何具體措施來幫助剩餘的客戶完成新平台的上線？您是否預期傳統平台上的最終客戶數量會有所成長？

So I would say that much like any major technology implementation and any feature that is delivered on either one of the platforms, we always make the migration to our smaller of our smaller customers first because it is just a risk off kind of way of you know kind of moving through waves of customer migrations and so we have had a very good experience with those customers moving over.

所以我想說，就像任何重大技術實施以及在任一平台上交付的任何功能一樣，我們總是先遷移到我們較小的客戶群體，因為這是一種規避風險的方式，你知道，可以逐步完成客戶遷移，所以我們在這些客戶遷移方面取得了非常好的經驗。

We we have moved over half of them. I personally do not perceive that there is churn risk with the remainder of the customers that we move now they become the mid and large size customers, so the stakes are higher, but I think that we've also H1d the process by virtue of these small customer migrations.

我們已經轉移了其中一半以上。我個人認為，我們遷移的剩餘客戶現在都變成了中大型客戶，因此不存在流失風險，風險更高，但我認為，透過這些小客戶的遷移，我們也已經完成了 H1 流程。

Thank you. That's all really helpful. Appreciate it.

謝謝。這些都很有幫助。謝謝。

You haven't.

你還沒有。

You.

你。

Our next question comes from Martinuzzi from Lake Street Capital Markets. Please go ahead with your question.

下一個問題來自 Lake Street Capital Markets 的 Martinuzzi。請繼續提問。

Hey guys, thanks for taking my questions. Fe from me. First, I kinda want to start with just the macro in general. I know you said Dice seems to be stabilizing, played devil's advocate just a little bit here. The bookings seem to, bookings decline seemed to increase from last quarter, so down 17% versus down 16%.

各位好，感謝你們回答我的問題。來自我。首先，我想先從宏這個基本概念著手。我知道你說過Dice似乎正在趨於穩定，我只是想稍微唱唱反調而已。預訂量似乎有所下降，與上一季相比，下降幅度似乎更大，從下降 16% 降至下降 17%。

Can you kind of characterize the stabilization you are seeing in the market just to kind of give me a better sense?

您能否大致描述一下您目前看到的市場穩定趨勢，以便我更了解情況？

That's a good point to say that it ticked up by 1% point versus the last quarter. I would say the two things that are giving me confidence personally, and then I'll turn it over to Greg, are that, we are seeing this slow and steady increase in the number of new tech job postings, and they are very much AI related.

這一點說得沒錯，與上一季相比，它小幅上升了1個百分點。我個人認為，有兩件事讓我充滿信心，接下來我會把這個問題交給格雷格來回答。這兩件事分別是：我們看到新的科技工作發布數量正在緩慢而穩定地增長，而且這些職位都與人工智慧密切相關。

So, I believe that that is indicative that the United States economy is moving towards one that is going to accept AI at ever larger scale.

因此，我認為這顯示美國經濟正在朝著更大規模地接受人工智慧的方向發展。

And then I'd say the third quarter is traditionally our smallest renewal book for the the business and it consists of our smaller customers so I I don't think that it's necessarily a matter of the percentage point decrease that really should be focused on but Greg, do you have additional?

然後我想說，第三季度歷來是我們公司續約業務量最小的季度，而且主要由我們的小客戶組成，所以我認為真正應該關注的不一定是百分比的下降，但是格雷格，你還有其他補充嗎？

Yeah, the one other thing I'd mentioned is the the amount of inbound opportunities has started to pick up a bit, that doesn't necessarily translate quite yet to to bookings, but there is a little more activity in that area too.

是的，我之前提到的另一點是，入境旅遊機會的數量已經開始增加，但這並不一定意味著預訂量會立即增加，不過這方面的活動也確實有所增加。

Okay, there have been for a while.

好的，這種情況已經持續了一段時間。

Makes sense. And I do, and you brought up AI. What percentage of your job postings on your platform, and maybe I know a lot of postings probably mention AI, but how many are actually related to an AI, related job, I guess. I don't know how to characterize that, but I'll let you take it.

有道理。我確實有這個興趣，而且你還提到了人工智慧。在你們平台上發布的招募資訊中，有多少百分比是真正與人工智慧相關的？我知道很多招聘資訊可能都提到了人工智慧，但有多少是真正與人工智慧相關的工作呢？我不知道該如何形容它，不過就交給你來理解吧。

So over 50% as of October are related to an AI project, so the person is being hired specifically to tackle an AI project for the firm that's hiring them, and that's grown from 25% at the beginning of the year and 10% at the beginning of 2024. So it is a very significant trend from our perspective.

截至 10 月，超過 50% 的職位與人工智慧專案相關，也就是說，這些人是專門為招聘他們的公司招聘來處理人工智慧專案的，而這一比例從年初的 25% 和 2024 年初的 10% 增長到了現在的水平。所以從我們的角度來看，這是一個非常重要的趨勢。

Wow, that's a lot. And then the last one for me, it's a little, if we look out kind of into the future, I know you guys acquired Agile ATS a few months ago, but I mean, is there any other opportunities out in the gov tech space that you guys can go after, and that's it for me.

哇，好多。最後一個問題，如果我們展望一下未來，我知道你們幾個月前收購了 Agile ATS，但我的意思是，在政府科技領域還有其他機會可以追求嗎？這就是我的問題。

Yeah, that's a great question. I would say that we are evaluating a number of them. We think that CJ is a great platform. It has a great reputation with its customer community, has high credibility, has always always been the platform of choice for anybody that is hiring.

是的，這是一個很好的問題。我想說，我們正在評估其中的一些方案。我們認為CJ是一個很棒的平台。它在客戶群中享有極佳的聲譽，擁有很高的信譽度，一直是招募人員的首選平台。

Cleared technology professionals, so I do think that there are adjacencies. In fact, we always show a diagram to our board that says that, talent sourcing is just one part of the whole end to end process for hiring an individual, onboarding them, and then managing them in the clear context or any context. So I think that there will be more opportunities for us in the future.

已獲得安全許可的技術專業人員，所以我認為兩者之間存在關聯。事實上，我們總是向董事會展示一張圖表，說明人才搜尋只是招募、入職和在明確或任何情況下管理員工的整個端到端流程的一部分。所以我認為未來我們會有更多機會。

Yes.

是的。

All right, thanks guys.

好的，謝謝各位。

Yeah thank you I appreciate it.

謝謝你，我很感激。

(Operator Instructions)

（操作說明）

Our next question comes from Kevin Liu from K. Liu & Company. Please go ahead with your question.

我們的下一個問題來自 K. Liu & Company 的 Kevin Liu。請繼續提問。

Hi, good afternoon, guys. .

大家好，下午好。。

Maybe.

或許。

Just starting with CJ, and I apologize if you addressed this in your prepared remarks.

我先從CJ開始，如果您在準備好的發言稿中已經提到過這一點，我深表歉意。

I joined a little bit late, but, can you put a finer point in terms of how kind of renewal activity versus new business activity has kind of trended, since the shutdown, and then your sense as to any sort of pent-up demand, that could come through, assuming the shutdown ends, shortly.

我加入得有點晚了，但是，您能否更詳細地說明一下，自停業以來，續約活動與新業務活動之間的趨勢如何？然後，您認為如果停業很快結束，是否會有任何被壓抑的需求出現？

I think those are the exact right questions to ask. I would say we have seen a solidification of renewal rates in third quarter and even moving into fourth quarter. Our bigger customers definitely feel bullish about the future.

我認為這些問題問得非常到位。我認為，第三季乃至第四季，續約率都已趨於穩定。我們的大客戶對未來充滿信心。

And as I kind of indicated in in one of the answers they have the balance sheets to you know withstand whatever kind of a government shutdown we actually endure it's been the smaller and medium sized customers that have been more challenged even with new business activity, but I'd say new business activity.

正如我在其中一個回答中提到的，他們的資產負債表足以承受我們實際經歷的任何形式的政府停擺，但中小客戶面臨的挑戰更大，即使有新的業務活動，但我認為新的業務活動也是如此。

Has picked up and we have seen bigger pipeline than we have in a long time. Speaking to the second part of your question which is I think that if once we get back to the business of running the government.

情況有所好轉，我們看到了比以往任何時候都更大的管道建設規模。關於你問題的第二部分，我認為一旦我們回到政府的日常運作。

I do think we have to have a defense bill passed or actually it's a multitude of different bills that constitute the defense budget, then there will be more activity, more projects that will allow these smaller defense contractors to feel really good about where they stand with regard to their future success and therefore their willingness to purchase a platform like clearance jobs.

我認為我們必須通過一項國防法案，或者更確切地說，是一系列不同的法案構成國防預算，這樣才能有更多的活動、更多的項目，讓這些規模較小的國防承包商對自身的未來發展前景感到滿意，從而更願意購買像安全許可工作這樣的平台。

Got it. And maybe switching gears to the new Dice platform, can you talk? I know it's still early days, but maybe talk a little bit about what you're seeing in terms of new customer signs and in particular how that kind of impacts your cost per acquired customer, and then anything notable in terms of, customers that have migrated over and kind of their renewal rates or upsell potential.

知道了。或許我們可以聊聊新的 Dice 平台？您能談談嗎？我知道現在還為時過早，但或許可以談談您在新客戶簽約方面看到的情況，特別是這會對您的獲客成本產生怎樣的影響，以及在已遷移的客戶及其續訂率或追加銷售潛力方面有什麼值得注意的地方。

Yeah, I think that obviously this is pretty new for us and I have to say that with regard to the idea of swiping a credit card, what we found is that the customers are less willing to do that for an annual subscription, even the lowest tier of package because it involves roughly about $60,000 to $7000.

是的，我認為這顯然對我們來說是全新的，而且我必須說，關於刷信用卡的想法，我們發現客戶不太願意為年度訂閱這樣做，即使是最低級別的套餐，因為這涉及到大約 6 萬到 7000 美元。

And so that is a that is a large charge at one point in time. Once we roll. Out the monthly option which I mean as you are well aware is part of a lot of different B2B and B2C experiences that is when we saw the number of people signing up start to escalate so you know $650 for a month.

所以，這是一筆在某個時間點發生的巨額費用。一旦我們開始行動。推出月付選項後（如您所知，這是許多不同的 B2B 和 B2C 體驗的一部分），我們看到註冊人數開始激增，所以您知道，每月 650 美元。

Worth of Dice seems like it's a lot more tolerable, a lot more kind of like from a psychology perspective, more acceptable. So that's what we've seen so far. I know that Greg is working on how to essentially report that for the future because most of our reporting metrics in the past have been associated with subscription activity.

從心理學角度來看，《Worth of Dice》似乎更容易讓人接受，也更容易被大眾接受。這就是我們目前所看到的。我知道 Greg 正在研究如何在未來有效地報告這方面的數據，因為我們過去的大多數報告指標都與訂閱活動有關。

We do have what we call transactional or non-subscription activity, but I think that is going to be a part of how we essentially report progress in the future is a lot of people will be taking, especially new customers, this monthly option, but Greg, do you have any additional thoughts?

我們確實有一些所謂的交易性或非訂閱性活動，但我認為，未來很多人，尤其是新客戶，都會選擇按月付費，這將成為我們報告進度的一部分。格雷格，你還有其他想法嗎？

Yeah, and I would just point out that at this stage we haven't advertised anything new around the platform and that it's going to get kicked off this week.

是的，我還要指出，目前我們還沒有在平台上宣傳任何新內容，平台將於本周正式上線。

So we're very interested to see how that takes off with an advertising campaign that's coming up, but we're getting new customer relationships on there, literally every day, with no advertising, kind of no focus on it yet, so it's only been out there a few weeks and, I think early results are pretty good. That respect.

所以我們很想看看即將到來的廣告宣傳活動會帶來怎樣的效果，但我們每天都在獲得新的客戶關係，而且目前還沒有投放廣告，也沒有特別關注它，所以它才推出幾週，我認為初步結果相當不錯。這份尊重。

Interesting. And just so I can clarify, it sounds like your current reporting metrics around customer recruitment packages, since that's on an annual basis, you're not including any of these customers.

有趣的。為了澄清一下，聽起來你們目前關於客戶招募方案的報告指標是按年進行的，所以你們沒有包括這些客戶。

Yeah, we're working out still the kind of fine tuning the best way to report that information, if you think about a self-service versus.

是的，我們仍在努力改善報告這些資訊的最佳方式，例如考慮自助服務與人工服務之間的差異。

The managed customer relationship for instance it's going to it's going to change a little bit on how how we think about the business and you know how we report it through you know our calls and and through investors and analysts so we'll be forthcoming with that probably, in, our Q1 call.

例如，客戶關係管理方式將會發生一些變化，影響我們對業務的思考方式，以及我們透過電話會議、投資人和分析師報告業務的方式。我們可能會在第一季電話會議上詳細說明這一點。

Well, we call it February.

我們稱之為二月。

Right. And just lastly for me, it's good to see the buyback authorization the other day. Can you talk a little bit about kind of your appetite for being aggressive on that given where the stock price is currently and trying to balance that with some of the ongoing uncertainty both with the shutdown as well as the macro conditions.

正確的。最後，對我來說，很高興看到前幾天的回購授權。鑑於目前的股價水平，您能否談談您為何如此積極地進行投資，以及在當前經濟停擺和宏觀經濟形勢等不確定因素的影響下，您是如何權衡利弊的？

Yeah, there's always a balance with capital allocation, of course, and you know our board is comfortable with this one time leverage.

當然，資本配置總是要講究平衡，而且你也知道，我們的董事會對這種一次性槓桿操作是可以接受的。

And so we're going to continue to target in that neighborhood we're, a bit under it, right now, we're a bit over it last quarter, I think, and so, we're comfortable with this $5 million plan and, it definitely, we'll keep continue to evaluate it as we.

因此，我們將繼續瞄準這個區域，目前我們略低於目標，上個季度略高於目標，所以，我們對這個 500 萬美元的計劃感到滿意，而且，我們肯定會繼續評估它。

Move through the next couple of quarters and as we evaluate our 2026 plan.

接下來幾個季度，我們將評估我們的 2026 年計畫。

And kind of see where it takes us, but right now I think we're we're pretty comfortable with that mix.

看看它會把我們帶到何處，但目前我認為我們對這種組合相當滿意。

Thanks for taking the questions. Nice job on the EPA performance this quarter.

謝謝您回答問題。美國環保署本季表現不錯。

Thank you, thanks, Kevin.

謝謝你，凱文。

Thank you, appreciate it.

謝謝，感激不盡。

And with that, ladies and gentlemen, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Art Daly for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我想把發言權交還給阿特·戴利，讓他做最後的總結發言。

Thank you operator and thank you all for joining us today and as always, if you have any questions about our company or would like to speak with management, please reach out to Todd Curley and he will assist in arranging a meeting and thank you everyone for your interest in DHI Group. Hope you have a great day and week to come.

感謝接線員，也感謝各位今天蒞臨。一如既往，如果您對我們公司有任何疑問，或想與管理層溝通，請聯絡 Todd Curley，他會協助安排會面。感謝大家對 DHI 集團的關注。祝您今天和接下來的一周都過得愉快。

And the conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

會議到此結束。非常感謝您出席今天的報告會。現在您可以斷開線路了。