What changed in this filing

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Item 1. Business

2023-02-10 compared with 2022-02-11 · 86 added, 92 removed, 222 unchanged (45% of the section changed)

Information Availability

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy and information statements and other material information concerning us are available free of charge on the Investors page of our website at www.dhigroupinc.com.

Our reports filed with the SEC are also available by visiting http://www.sec.gov.

Introduction and Summary

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Revenues $ 149,680 $ 119,903 25 %

Operating loss $ (1,752) $ (32,390) (95) %

Loss before income taxes $ (1,031) $ (35,223) (97) %

Loss from continuing operations (1)

$ (402) $ (32,397) (99) %

Net loss $ (29,742) $ (30,015) (1) %

Diluted loss per share - continuing operations (2)

$ (0.01) $ (0.67) (99) %

Diluted loss per share $ (0.64) $ (0.62) 3 %

Operating income (loss) $ 5,560 $ (1,752) n.m.

Income (loss) before income taxes $ 3,597 $ (1,031) n.m.

Income (loss) from continuing operations (1)

$ 4,176 $ (402) n.m.

Net income (loss) $ 4,176 $ (29,742) n.m.

Diluted earnings (loss) per share - continuing operations (1)

$ 0.09 $ (0.01) n.m.

Diluted earnings (loss) per share $ 0.09 $ (0.64) n.m.

Net cash flows from operating activities $ 36,035 $ 28,581 26 %

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21 % 22 % n.m.

(1) Loss from continuing operations for the year ended December 31, 2021 includes the negative impact of a right-of-use asset impairment, disposition, severance and related costs, and gain on investment, all net of tax, and discrete tax items of $1.2 million.

Loss from continuing operations for the year ended December 31, 2020 includes the negative impact of impairments of investment, intangible assets and goodwill and disposition, severance and related costs, all net of tax, and discrete tax items of $36.5 million.

(2) Diluted loss per share from continuing operations for the year ended December 31, 2021 includes the negative impact of $1.2 million, net of tax, and $0.02 per share related to the items identified in number 1 above.

Diluted loss per share from continuing operations for the year ended December 31, 2020 includes the negative impact of $36.5 million, net of tax, and $0.75 per share related to the items identified in number 1 above.

(3) For a description of these non-GAAP measures and reasons why management believes they provide useful information to investors, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, and Non-GAAP Measures” located elsewhere in this report.

(1) Income from continuing operations and diluted earnings per share from continuing operations for the year ended December 31, 2022 includes the net positive impact of income from investments, proceeds from settlement, impairments and severance and related costs, all net of tax, and discrete tax items of $1.9 million, or $0.04 per share.

Loss from continuing operations and diluted loss per share from continuing operations for the year ended December 31, 2021 includes the net negative impact of a right-of-use asset impairment, disposition, severance and related costs, and gain on investment, all net of tax, and discrete tax items of $1.2 million, or $0.02 per share.

(2) For a description of these non-GAAP measures and reasons why management believes they provide useful information to investors, please see Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations, Non-GAAP Financial Measures” located elsewhere in this report.

2022 Highlights

2021 marked the formal inflection point in the multi-year effort to return DHI to meaningful growth with revenue increasing for the first time since 2012.

Having laid the foundation for the Company’s turnaround through a renewed commitment to innovation and to building a high performing sales and marketing team, DHI's primary goals for 2021 were to further establish its brands as leaders in the marketplace and to deliver innovative services to help employers attract technology professionals in a challenging recruiting market and to help technologists advance their careers.

DHI's investments in sales and marketing, supported by a dramatically improved Dice product, drove growth in bookings and revenue while ClearanceJobs continued delivery of features that enhanced its status as the leading career marketplace for cleared professionals.

The company increased its investments in both product development and sales and marketing, while maintaining its historically strong EBITDA margins.

Additionally, as the pandemic continued, there was no breakdown in workforce productivity and employees became further engaged in the organization.

Key results include:

Establish Dice and ClearanceJobs as the preferred career specialists

Dice Marketplace launched during the first quarter as a comprehensive and flexible platform through which recruiters and candidates can rapidly and confidently search, match and communicate in real-time.

The three major components of the marketplace are recruiter profiles, an enhanced candidate profile that focuses deeply on exposing tech skills, and in-platform instant messaging.

Dice also furthered its value to clients and commitment to an inclusive recruiting experience by launching Unbiased Sourcing mode for TalentSearch, mitigating unconscious bias and anonymizing candidate information associated with bias.

A testament to Dice’s differentiation from competitors, the TalentSearch skills matching algorithms are patent pending.

ClearanceJobs further cemented its position as a leader in the security cleared recruitment market, solving challenges for recruiter workflow by launching CJ Team Recruiting, enabling recruitment teams to combine candidate pipelines and tag candidates to signal action from other recruiters on the team;

and CJ Meetings, which allows recruiters and candidates to synchronize their Google or Outlook calendars to efficiently schedule telephone calls, video calls, or in-platform chats.

Additionally, ClearanceJobs launched CJ Video, giving recruiters and candidates the ability to deliver video messages, integrate videos into profiles and perform group broadcasts, all of which are streamed and hosted in-platform.

Best-in-class sales & marketing engine

The success of our new business sales teams manifested in growing our client base.

Client counts for Dice and ClearanceJobs exceed prior years, growing 17% and 9% year-over-year respectively.

Dice exceeded its targets for delivering marketing qualified leads to its three new business teams, a significant contributor to increased booking results.

Dice marketing launched a brand awareness campaign for the first time in years, delivering over 190 million impressions and driving increased traffic to Dice.com.

In the fourth quarter, DHI’s overall revenue growth was 25% year-over-year.

ClearanceJobs maintained over $1 million in annual recurring revenue from government contracts, a large whitespace opportunity for the brand.

Return to Growth Clients continue to find value in DHI services, with revenue renewal rates at 87% for Dice and 96% for ClearanceJobs in 2021.

Bookings strengthened throughout the year across all sales units, growing to $133.4 million to end 2021, a 35% increase, indicating momentum for revenue growth heading into 2022.

The Company maintained a strong EBITDA margin of 22% while continuing to make strategic investments to maximize growth opportunities.

In 2022, DHI returned to double-digit revenue growth as employers across the United States continued to use its subscription-based offering to find, attract, engage and hire the highest quality technology and security-cleared professionals, bolstered by an increasing supply-demand gap for technologists.

Dice focused its sales efforts on attracting commercial account clients, which we believe represents over a billion dollars in Target Addressable Market (TAM) and its largest opportunity for growth.

As DHI further invested in sales, marketing and product, profitability remains a priority with margin expansion possible when combined with revenue growth.

Dice delivered multiple product releases creating a fly-wheel effect for client/technologist engagement as ClearanceJobs further cemented itself as a product innovation leader poised to capitalize on growing defense budgets.

As employer branding becomes a greater priority for clients to tell their mission, values and culture, DHI won several awards and earned the Great Place to Work® certification, demonstrating the world-class team of talent and leadership within the organization.

Exceptional Financial Performance

The success of new sales processes and the expansion of both New Business and Client Success teams to increase client satisfaction manifested in a growing client base.

Recruitment package customer counts for Dice and ClearanceJobs grew 5% and 10% year-over-year, respectively.

Average annual revenue per recruitment package customer for Dice and ClearanceJobs grew 7% and 12% year-over-year, respectively.

The establishment of a New Accounts Special Handling (NASH) team to create an ideal experience for first year clients resulted in an improved first-year client experience contributing to strong overall revenue renewal rates of 99% and 100% at Dice and ClearanceJobs, respectively.

Bookings strengthened in the year, growing to $160.2 million to end 2022, a 20% increase from 2021.

In 2022, DHI’s overall revenue growth was 25% year-over-year, a strong growth rate.

The Company maintained a solid Adjusted EBITDA margin of 21% while balancing strong financial performance with strategic investments to maximize growth opportunities.

Leading Tech/Cleared Sites for Candidates

Dice’s Technologist Apply Flow redesign created a new, streamlined job application process with fewer steps for technologists, resulting in higher new user registration rates and applies per job posting.

Dice’s TalentSearch Time Zone launched, allowing organizations that have embraced remote work to search for technologists within a designated time zone or personalized set of parameters beyond city or radius, widening the pool of skilled talent available for our clients.

ClearanceJobs’ Live Video product release enabled users to record video messages and status updates directly from the platform, again pioneering innovative solutions in the talent acquisition space.

In marketing, Dice’s technologist awareness campaigns exceeded 675 million impressions delivering an average of 1.6 million monthly visits and 335k newly visible profiles.

ClearanceJobs had a record number of new candidate registrations, approximately 145,000 in 2022, and total candidate resumes posted increased by 14% year-over-year.

The brand also had record high visible job postings at approximately 75,000, which in tandem with an engaged candidate base, further established ClearanceJobs as an essential destination for the security cleared community.

Best Place to Work Promoting DHI and its brands to attract highly skilled talent, particularly in sales and technology, leads to a more successful organization.

For the first time, DHI became Great Place to Work® certified, was named a 2022 Best Midsized Place to Work by BuiltIn Colorado.

Chief Technology Officer, Paul Farnsworth, earned the Top 100 most influential talent acquisition thought leaders from TATech (Association for Talent Acquisition Solutions), and Chief Executive Officer, Art Zeile, was selected as one of three finalists as CEO of the Year for Colorado Technology Association’s APEX Awards.

Company Profile

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• Aggregating and analyzing workforce intelligence data to deliver specialized insights.

The majority of our revenues today are generated through the sale of recruitment packages, which allow customers to promote jobs on our websites and source candidates through our resume databases.

The majority of our revenues in 2022 were generated through the sale of recruitment packages, which allow customers to promote jobs on our websites and source candidates through our resume databases.

Recruitment packages are typically provided through contractual arrangements with annual, quarterly or monthly payment terms.

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Solutions include display advertising, email, enhanced job postings or company profiles, and social targeting.

• Managed Services.

This premium service delivers sourced and screened candidates to recruiters and employers.

• Content and data.

Each of our brands provides tailored content to help professionals manage their careers and provide employers insight into recruiting strategies and trends.

• Other Services.

In connection with its Dice and ClearanceJobs brands, DHI offers other services such as:

1) virtual and live career events;

2) sourcing services, which is a premium service delivering sourced and screened candidates to recruiters and employers;

and 3) content and data services that provides tailored content to help professionals manage their careers and provide employers insight into recruiting strategies and trends.

Industry and Skill Focused Brands

During 2021 we offered our talent acquisition and career development products and tools through the following key brands:

During 2022 we offered our talent acquisition and career development products and tools through the following brands:

in Operation Specialized Focus Primary Source of Revenues

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ClearanceJobs 20 Security-cleared professionals Recruitment packages 2

eFinancialCareers 3

21 Financial services and technology Recruitment packages¹ and job postings

¹ Recruitment packages are a combination of job postings and/or access to our candidate profiles.

1 Includes Career Events

3 Transferred majority ownership of eFC to eFC's management on June 30, 2021.

2 Recruitment packages are subscription based products that provide access to our candidate profiles and/or the ability to post jobs.

Dice has been a go-to destination for technology and engineering talent in the United States for the past 32 years.

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government contractors, federal agencies, national laboratories and universities utilize The Cleared Network to quickly and easily find candidates with specific, active security clearance requirements to fill open jobs in a range of disciplines.

ClearanceJobs NextGen platform provides opportunities for employers and candidates to engage in real-time through messaging and employers to promote brand differentiators through BrandAmp and Pulse.

ClearanceJobs NextGen platform provides opportunities for employers and candidates to engage in real-time through messaging and live video and employers to promote brand differentiators through BrandAmp, Pulse and employer branding pages.

The majority of candidates with resumes on our site have high-level security clearance.

ClearanceJobs had approximately 67,000 job postings as of December 31, 2022 and during 2022, ClearanceJobs had, on average, 630,000 monthly users.

eFinancialCareers On June 30, 2021, the Company transferred majority ownership and control of eFC to eFC's management.

The eFC business is one of the world’s leading financial services careers websites, operating websites in multiple markets in four languages mainly across the United Kingdom, Continental Europe, Asia, Australia, the Middle East and North America.

Professionals from across many sectors of the financial services industry, including asset management, risk management, investment banking, and information technology, use eFinancialCareers to advance their careers.

Employers can engage with financial services professionals through real-time messaging and promote their employment brand through Recruiter Profiles.

We primarily operate in the talent discovery and acquisition segment of the broader market for human capital management services through career sites for technology professionals.

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According to analysis from the U.S.

Bureau of Labor Statistics and CBRE Research, high tech jobs and creative industries are significant drivers to economic expansion.

Bureau of Labor Statistics, many computer occupations are expected to have elevated long-term demand, due to increased business demand for telework computing infrastructure and information security arising from economic changes spurred by the COVID-19 pandemic.

• Continued professional interest in career brands specific to industry and skills.

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• Talent attraction and retention becoming more of a strategic priority for companies.

The PWC 24th Annual Global CEO Survey found that 28% of CEOs in North America are 'extremely concerned' about the availability of key skills as a threat to their organizations’ growth prospects and 49% of CEOs plan increases of 10% or more in their long term investment in digital transformation.

McKinsey & Company reports a fundamental mismatch between companies' demand for talent and the number of workers willing to supply it, driven by more workers reevaluating what they want from a job and opting for nontraditional employment such as gig, temporary or part-time.

Hiring skilled technologists is a key driver to moving digital innovation forward.

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Our Strategic Goals

Since arriving in April of 2018, CEO Art Zeile has led an aggressive effort to focus and build on our legacy of market leadership in technology talent acquisition and reinvigorate the business in multiple respects, including delivering best-in-class candidate quality and match capabilities;

transforming Dice from its job board legacy into an indispensable career marketplace modeled on our market-leading and high growth brand, ClearanceJobs;

investing in functional excellence to drive growth and product innovation;

and transforming/expanding our sales team to drive renewed growth.

The Company continues to focus on building upon its legacy as a market leader in technology talent acquisition by delivering best-in-class candidate quality and match capabilities through its career marketplaces.

As more employers use the subscription-based offerings to find, attract, engage and hire the highest quality tech professionals, the Company continues to invest in product and marketing to expand the technologist community and create an ideal onboarding experience for tech talent.

The Company continues to evolve to a solution selling business, coupled with its goal of maintaining strong Adjusted EBITDA margins to maximize profitability.

Delivering best-in-class candidate quality and match capabilities for technology roles.

We believe candidate quality is the essential foundation of success in our industry and we intend to differentiate our business by leading in this respect.

In 2021, we dramatically improved the quality of our Dice candidates to a level we believe is best-in-class and plan continued vigilance and innovation to drive continued improvements.

In 2022, we dramatically improved the quality of our Dice candidates to a level we believe is best-in-class and plan continued vigilance and

innovation to drive continued improvements.

We are also building on our unique legacy and intellectual property in the technology jobs space to create match capabilities for both candidates and clients that are reducing the time and effort required in job searching and talent acquisition.

Our proprietary and patent-pending machine-learning technology including IntelliSearch, powers many Dice and ClearanceJobs products and is foundational to providing relevant job opportunities for candidates and efficient search and match solutions for clients.

Our proprietary and patented machine-learning technology including IntelliSearch, powers many Dice and ClearanceJobs products and is foundational to providing relevant job opportunities for candidates and efficient search and match solutions for clients.

Building indispensable tech-focused career marketplaces .

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Built on a unique cohort of candidates and specialized employer and recruiter tools together, ClearanceJobs is a highly interactive two-sided marketplace environment.

These attributes provide clear and measurable ROI for clients and has contributed to ClearanceJobs more than doubling its revenue over the past five years.

With nearly 20 years in the market, we believe ClearanceJobs is a highly defensible and valuable business.

These attributes provide clear and measurable return on investment for clients and has contributed to ClearanceJobs more than doubling its revenue over the past five years.

With nearly 20 years in the market, we believe ClearanceJobs is an indispensable and valuable business.

We are in the process of transforming our Dice brand into a similar career marketplace customized for the needs of its unique candidate and client communities.

We officially launched all elements of the career marketplace features for Dice in 2021, focusing on landing launches and driving adoption with customers.

We officially launched all elements of the career marketplace features for Dice in 2021 and focused 2022 on landing launches and driving adoption with customers while launching new products to create efficiency in the recruiting process.

We expect these changes to transform the way our stakeholders use Dice and to drive results as adoption increases.

Investing in functional excellence and product innovation.

Since joining DHI, CEO Art Zeile has built a leadership team capable of driving growth and supporting a culture of high performance.

Since joining DHI in 2018, CEO Art Zeile has built a leadership team capable of driving growth and supporting a culture of high performance.

The leadership team continually advances their functional areas to drive results in the business, working towards the common goal of launching and landing innovative products in the market.

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These include, at Dice:

the Marketplace, Unbiased Sourcing Mode, TalentSearch Personalization, Brand.io and TalentSearch Social Data Refresh;

a New Job Page, TalentSearch Auto Talent Alerts, and iOS Messaging;

at ClearanceJobs:

Shared Talent Pipelines, Team Recruiting, Meetings and Video.

Company Pages, Scheduled Broadcast Messages, and Live Video.

We are investing to further increase the pace of innovation by adding engineers to our technology team, centered around a development model to increase the quality and speed of product delivery.

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Our customer success team executed new strategies to drive proactive external engagement and report real-time feedback to better include the customer voice to influence our product roadmap.

We will continue to grow our sales team as opportunities arise.

We plan to continue growing our sales team as opportunities arise.

Marketing and Sales

We focus our long-term consumer marketing efforts on growing the number of professionals who visit and engage with our websites, which we believe increases the attractiveness of our websites to our customers.

We use a combination of direct marketing, branding and communications initiatives, including content, to increase our brand awareness, traffic, new and updated profiles and applications to job postings.

We primarily engage in digital media including search engine marketing, online advertising, social media, email and content marketing.

Many of our brands use strategic alliances with relevant publishers, trade associations and industry groups to increase reach and traffic.

Some of our brands have also invested in broader awareness campaigns through digital media and partnerships.

Our customer marketing efforts are primarily focused on lead generation activities, such as digital media, email campaigns and participation in industry events.

We use marketing communications, such as media relations, social media, and thought leadership content, to enhance brand awareness and client relationships.

Many of our ongoing customer marketing efforts focus on driving increased customer understanding of our product innovation and tools to drive increased product usage.

We sell our products primarily through our direct sales force.

We have a number of direct sales teams organized by brand, market segment, and geography.

Our field sales groups target Fortune 1000 companies, large staffing and recruiting firms and other large and mid-size businesses.

Our strategy in 2021 focused on refining recently implemented sales processes, methodologies, and forecasting to drive improvements to better address market opportunities and our clients' needs.

We increased our focus on customer success to drive renewal rates with existing customers and implemented an auto-renewal policy which resulted in uninterrupted access to our services for clients.

Our in-house sales teams focus on generating new business from recruiters as well as small and mid-size companies, renewing customer contracts, increasing the service levels customers’ purchase and servicing the needs of our largest clients.

As of December 31, 2021, we employed approximately 119 sales personnel in the United States.

In addition to our internal sales organization, we also use ad networks to help generate ad sales.

DHI Group’s brands are built on providing value to both sides of a thriving career marketplace.

Technologists join and engage to find jobs and develop their careers, and customers (staffing firms, recruiting firms and companies hiring professionals in our areas of expertise) use our platforms and support to find the right talent for their open roles.

Our consumer marketing focuses on growing the number of professionals who engage with our content, visit our websites and become members, as the more active and interested consumers we have within our platforms, the more attractive our products and services are to our customers.

These efforts include digital advertising, search engine marketing, content marketing, email marketing, social media and influencer marketing.

We measure success through goals related to brand awareness, consideration and product usage, traffic, new and updated consumer profiles, and applications to job postings.

For customers, our marketing and sales teams work in lockstep to develop new customer relationships and maintain high customer satisfaction.

Customer marketing efforts range from creating and capturing demand to retention-focused activities.

Marketing supports the entire customer journey, from problem and brand/product awareness to affinity and consideration, intent and purchase, and onboarding.

Marketing initiatives include advertising, thought leadership, content marketing, media relations, social media, email campaigns and participation in industry events.

We measure success through lead volume and quality, lead-to-revenue metrics, brand awareness, consideration and product usage, traffic and content engagement.

We sell our products and services primarily through our direct sales force and Agency Partner Channel.

Our sales team is organized by brand, market segment, and geography and targets Fortune 1000 companies, large staffing and recruiting firms

and other large and mid-size commercial businesses.

Our strategy in 2022 focused on executing against our solution-oriented sales approach that allows our teams to better address growing market opportunities and our existing clients' needs.

In addition, we significantly increased our focus on customer engagement to drive best-in-class renewal rates and customer satisfaction scores most notably with our first year clients.

As of December 31, 2022, we employed approximately 170 sales and support personnel in the United States.

We also invest in fraud detection initiatives and maintain teams of account managers and customer support specialists who work to ensure customers get the most from our products and services by providing training and assistance.

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Our customers include small, mid-sized and large direct employers, staffing companies, recruiting agencies, consulting firms and marketing departments of companies.

As of December 31, 2021 notable customers of the Dice and ClearanceJobs businesses included AT&T, Adecco, Amazon, Cisco, Oracle, Kforce, ManTech, Microsoft, NCI, 7-Eleven , Samsung, Bank of America and DISH Network.

As of December 31, 2022 notable customers of the Dice and ClearanceJobs businesses included AT&T, Adecco, CACI, Cisco, Disney, General Dynamics, Kforce, ManTech, Microsoft, NCI, Northrop Grumman, Samsung, Bank of America and DISH Network.

We use a variety of open source and proprietary technologies to support our website services.

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• general business sites and print publications, as well as technology news and information community sites, such as Google News, Digg.com and Reddit.com.

The principal elements of competition in our markets include brand awareness and reputation, product functionality, design, price, customer service, market share and marketing.

We believe that our unique product offerings position us well in the marketplace.

However, a number of companies in the industry have greater financial resources, more comprehensive product lines, broader market presence, longer standing relationships with customers, longer operating histories, stronger brand recognition, and greater marketing resources than we have.

Intellectual Property

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Our privacy policies also explain the circumstances under which we share this information and with whom.

Professionals who register for our websites have the option of indicating specific areas of interest in which they are willing to receive offers via email or postal mail.

Professionals who register for our websites have the option of indicating specific areas of interest in which they are willing to receive offers via email.

These offers contain content created either by us or our third-party partners.

To protect confidential information and to comply with our obligations to our users, we impose constraints on our customers to whom we provide user data, which are consistent with our commitments to our users.

To protect confidential information and to comply with our obligations to our users, we impose constraints on our customers to whom we provide user data, which are consistent with our commitments to

Additionally, when we provide lists to third parties, including to our advertiser customers, it is under contractual terms that are consistent with our obligations to our users and with applicable laws and regulations.

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More recently, on November 3, 2020, California enacted the California Privacy Rights Act ("CPRA").

The CPRA, which goes into effect on January 1, 2023, expands upon the protections provided by the CCPA, including new limitations on the sale or sharing of consumers’ personal information, and the creation of a new state agency to enforce the CPRA’s protections.

The CPRA, which went into effect on January 1, 2023, expands upon the protections provided by the CCPA, including new limitations on the sale or sharing of consumers’ personal information, and the creation of a new state agency to enforce the CPRA’s protections.

Complying with these varying requirements could cause us to incur additional costs and change our business practices.

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Human Capital Disclosures

As of December 31, 2021, we had 470 employees.

As of December 31, 2022, we had approximately 530 employees.

Our employees are not represented by any union and are not the subject of a collective bargaining agreement.

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We offer flexible work schedules, abbreviated hours on Fridays, flexible paid time off and remote working opportunities for all team members to promote work/life balance.

In 2021, we introduced a free mental health app for all employees and closed offices for two working days to allow employees to focus on their mental health.

In 2022, we introduced free teletherapy through Talkspace and closed offices for multiple workdays to allow employees to focus on their mental health.

We have made it a priority to support our employees as they work from home, including increased flexibility surrounding personal and family commitments and a quarterly work from home stipend.

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In 2021, the Company introduced inclusive fertility benefits which support all paths to parenthood.

Information Availability

Our reports filed with the SEC are also available free of charge by visiting http://www.sec.gov.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business