DHI Group (DHX) Noble Capital Markets’ Emerging Growth Virtual Equity Conference summary

Business overview and strategy

• Operates two leading tech recruiting platforms, Dice and ClearanceJobs, serving both employers and tech candidates in the U.S.

• Differentiates through proprietary search algorithms focused on tech skills and a large, high-quality candidate pool.

• Over 9 million tech professionals profiled, covering more than two-thirds of U.S. skilled technologists.

• Introduced a self-service subscription for Dice and a premium candidate experience for ClearanceJobs in 2025.

• Acquired and integrated Agile ATS, an applicant tracking system optimized for government hiring.

Financial performance and capital allocation

• 2025 revenue reached $128 million, with $126 million in bookings; five-year revenue CAGR is 2%, bookings declined 1%.

• Adjusted EBITDA was $35 million (27% margin); operating cash flow $21 million, free cash flow $14 million.

• Share buyback program reinstated in 2025, repurchasing $11.4 million in shares; new $10 million buyback for 2026.

• Net debt at year-end was $27 million, with leverage below 1x.

• Operating costs reduced by $35 million through restructurings since 2023; targeting 25% Adjusted EBITDA margin for 2026.

Market trends and growth drivers

• Tech workforce in the U.S. has grown ~3% annually over 30 years; tech professionals earn on average $111,000.

• Tech hiring demand suppressed by high interest rates since 2022, but tech staffing sector is rebounding.

• AI skills are increasingly in demand; 55% of Dice jobs required at least one AI skill at end of 2025, up from 28% in 2024.

• U.S. and EU defense spending is rising, benefiting government tech hiring and ClearanceJobs.

• Tech workforce projected to grow 15% over the next decade, double the overall employment growth rate.