Q3 2022 DHI Group Inc Earnings Call
Good day and welcome to the HCI Group, Inc. Third quarter 2022 financial results Conference call.
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I'd now like to turn the conference over to Todd surely.
K R Investor Relations. Please go ahead.
Thank you operator, good afternoon, and welcome to D. H I group's fiscal 2022 third quarter earnings Conference call.
With me on today's call are D. H is C O R Daily and Chief Financial Officer, Kevin Bostick.
Before I turn the call over to art I'd like to cover a few quick items. This afternoon D. H I issued a press release announcing its fiscal 2022 the third quarter financial results.
Lisa is available on the company's website at D. H I Group, Inc. Dot 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.
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 section 21 E of the Securities Exchange Act of 1934.
When used the words anticipate believe expect intend future and other similar expressions identify forward looking statements. These forward looking statements reflect ehi 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.
Factors that could cause these forward looking statements to differ from actual results include delays in development.
Marketing ourselves the adverse impact of uncertainties surrounding the COVID-19, pandemic and other risks and uncertainties discussed in the company's periodic reports on Form 10-K, and 10-Q and other filings with the Securities Exchange Commission.
D H I undertakes no obligation to update or revise any forward looking statements.
Lastly, during today's call management will be referring to specific financial measures, including adjusted EBITDA adjusted EBITDA margin and adjusted earnings per share.
Not prepared in accordance with U S GAAP.
Information about and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release and on our website at D. H I Group, Inc. Dot com in the Investor Relations section.
With that I'll now turn the call over to our daily C E O D check group.
Thank you Todd good afternoon, everyone and welcome to our fiscal 2022 third quarter earnings conference call. Thank you for joining us today.
First ehi is proud to be certified by great place to work a trustworthy authority on workplace culture with a mission to help organizations to come great workplaces for all this prestigious award is based entirely on what our current employees say about their experience working at D. H I.
92% of employees that ehi is a great place to work.
35 percentage points higher than the average U S company.
The passion of our employees shows in our overall success.
We are pleased to report another strong quarter with total bookings growth of 19% year over year and total revenue growth of 25% as more employers are using our subscription based offering.
We did this while maintaining an adjusted EBITDA margin of 21% for the quarter, making us once again, a rule of 40 plus company.
With the significant supply demand gap created by the increasing demand for technologists more employers need access to our growing community of 6 million plus candidates and our sophisticated tool set to find attract engage and higher the highest quality tech professionals.
During the third quarter U S employers posted over 1.1 million tech jobs up 18% year over year. According to information technology trade group comp to you.
Even in this current macro environment, we continue to see strong demand for technologists in fact, the unemployment rate for technologist remains near an all time low of two 1%.
Open Tech job postings are about two times the number of tech workers looking for employment.
Our two subscription based offerings dice and clearance jobs are both tech focused career marketplaces that attract the highest quality tech professionals and enable employers to find and engage these skilled candidates as they look to fill these hundreds of thousands of open tech job postings.
<unk> has over 5 million technologist members, while clearance jobs has $1 4 million and we continue to grow the number of candidates for both brands each quarter.
Both sites use our proprietary tech skills mapping taxonomy that has recently been granted a patent by the U S patent and trademark office.
Our search algorithms allow our subscribers to find and engage the best Tech candidates for their open positions and provides a substantial competitive advantage for both dice N C J.
Our marketplaces are solely focused on serving the technology sector, where candidates are measured by the technology skills. They have acquired over their career and not job titles.
Now, let me dig further into our brand's performance during the quarter.
Starting with dice bookings increased 17% year over year in the third quarter and revenue renewal and retention rates remained strong at 98% and 110%, resulting in dice revenue for the quarter, increasing 23% year over year.
Dice commercial accounts continues to be our largest opportunity for growth with over 80000 companies in the U S meeting our ideal customer criteria.
These companies across every industry vertical and during the quarter, our new business team signed several new commercial accounts customers, including Western Union Dominion Energy, Boston scientific and Scholastic books.
The staffing and recruiting industry also continues to be a large growth opportunity for dice with over 18000 staffing and recruiting firms operating in the United States.
Today, we serve is just a fraction of them, leaving us with a significant opportunity for growth as we continue to expand into this market as well.
In the third quarter, our dice customer base grew sequentially for the seventh consecutive quarter, adding 23 net new clients while.
While the number of net new customers is lower than last quarter. We added approximately the same number of net new customers with annual recruitment packages of $10000 or more as we did last quarter.
We saw a lower number of net new customers with annual contracts below 10000, consistent with our focus of moving upmarket to increase our average annual contract value.
We continue to see strong demand for dice, among new business prospects in both the commercial accounts and Src market segments and with the combined total addressable market value of over $1 billion annually. We are just scratching the surface and the demand for technologist continues to.
Or grow.
Similar to dice, we also have to submit substantial growth opportunities for C. J.
The first is the government contractor market, where we currently have over 2000 contractor clients.
But know that there are approximately 10000 cleared employers that can use our services.
D J as second opportunity for growth is selling its subscription offering directly to the multitude of U S. Government agencies that are in need of highly qualified technologist and are competing against the private sector for these candidates.
We continue to advance our relationships with both government contractors and U S government agencies, adding several new clients during the quarter, including Teledyne technologies and semantic AI.
During the third quarter, our bookings for C. J increased 23% year over year, and our revenue renewal and retention rates remained strong coming in at 97% and 110%.
All of this resulted in our C J revenue for the quarter, increasing 32% year over year.
P. J continues to reach record new candidate registrations record candidate profiles record posted jobs and record messages sent on the platform and it sales and marketing teams continue to further penetrate these two market opportunities, adding 54 net new clients during the quarter.
Congress has proposed a historic increase to the National defense budget for fiscal year, 2023, which we believe will have a beneficial impact on C. J as government contractors and agencies look to hire more technologists to staff newly funded federal programs.
During our recent analyst day presentation already Konoski, our chief revenue officer highlighted our five key levers for driving continued double digit sales growth and operational efficiency in both our brands. Our analyst day webcast is available for replay on our IR website.
Since profitable revenue growth is our core strategy I wanted to quickly review these five levers.
The first lever is to continue executing on our baseline growth strategy, which includes include selling multi year contracts that include year over year price increases as well as contracts with auto renewal clauses.
Since the launch of this initiative approximately 19% of our customers have signed contracts for two or more years and 94% of all customers have accepted a contract with an auto renewal clause with an annual price increase built into it.
These automatic price increases are a predictable predictable driver of continued sustainable revenue growth.
Yeah.
Our second lever for growth is our increased focus on year, one client renewals.
Last year, we launched a white glove customer experience team, we call our new account special handling team.
This team has a singular focus on ensuring our first year customers have an amazing experience with us.
This first year client experience is critical as we have found that if a customer stays with D. H I longer than one year, our renewal rates are significantly higher.
With this special handling team, we now have a deeper understanding of our customers' challenges and success criteria, helping us to deliver clear ROI for each and every one of them.
As a result of establishing this new team we have experienced a significant uptick in our customer renewal and retention rates, which lay the foundation for continued revenue growth.
Our last strategic lever for continued growth really ties everything together by providing continuous training and coaching for our sales team.
Over the past couple of years, we built a best in class learning and development organization that has a specific focus of making our reps better each and every day.
These five levers not only helped us deliver the continued strong results. We report today, but more importantly are the foundation for our continued growth in the quarters and years to come.
In addition to successfully driving new bookings through our execution of these five levers. We also continue to expand our technologists community through our dice brand advertising campaigns.
With these brand awareness campaigns, we continue to see strong reach and engagement metrics on dice, adding more than 50000, new dice members each month to our community.
Adding tech professionals to our marketplaces attracts more and more clients, which in turn makes our platforms more valuable to tech professionals.
So in summary, as we have said despite current macroeconomic concerns the demand for technologists continues to be strong.
As such we continue to execute on our proven sales and marketing engine to capitalize on this trend.
We have large target addressable markets for both dice and CJ and as I just spelled out we have several levers to drive sustained double digit bookings and revenue growth well into the future.
On that note, let me turn the call over to Kevin who will take you through our financials and then we'll take any questions you may have Kevin.
Thank you art and good afternoon, everyone.
Let me go into a bit more detail on our third quarter financial results.
We reported total revenue of $38 5 million, which was up 4% sequentially and 25% year over year.
Total bookings for the quarter were $36 5 million up 19% year over year.
Dice revenue was $27 3 million, which was up 2% on a sequential basis and up 23% year over year.
<unk> bookings were $25 million up 17% year over year.
We ended the quarter with 6409 dice recruitment package customers, which is up slightly from last quarter and up 11% year over year.
Our average annual revenue per dice recruitment package customer was up 4% sequentially and 9% year over year to $14868 approximately 85% of dice revenue is recurring and comes from annual or multi year contracts.
Our dice revenue renewal and retention rates remained strong during the quarter with a revenue renewal rate at 98% and the retention rate at 110%.
These metrics continue to demonstrate the value of the dice products and recruiting technology professionals.
Clearance jobs revenue was $11 2 million up 9% sequentially and 32% year over year.
Bookings for CJ were 11, 5 million up 23% year over year.
We ended the third quarter with 2030, CJ recruitment package package customers, which is up 3% from the second quarter and 12% year over year.
Our average annual revenue per CJ recruitment package customer was up 3% over last quarter and up 13% year over year to $19308 approximately 90% of CJ revenue is recurring and comes from annual contracts.
For the quarter, our CJ revenue renewal rate was 97% and CJS retention rate was 110%.
These strong renewal rates demonstrate the continued value C. J delivers in the recruitment of cleared professionals.
Now, let's turn to operating expenses.
Third quarter operating expenses were $37 3 million compared to $33 million in the year ago quarter.
We are continuing to grow our sales team and are increasing our third party marketing spend to drive increases in marketing qualified leads to support the additional salespeople.
In addition, we continued to invest in our broader brand awareness campaigns to drive technologist growth on our platform.
During the third quarter the company recorded an impairment of $2 $3 million related to its investment in the Muse.
For the quarter, we had an income tax benefit of $12000 on a loss before taxes of $938000 our tax rate for the quarter differed from our normal expected rate of 25% primarily due to evaluation allowance related to the impairment I just mentioned.
We recorded a net loss of 900000.
Or <unk> <unk> per diluted share compared to net income of $1 8 million or <unk> <unk> per diluted share a year ago.
Adjusted diluted earnings per share for the quarter was <unk> <unk> compared to a loss of <unk> <unk> for the prior year quarter diluted.
Diluted shares outstanding for the quarter were $44 2 million compared to 45 8 million shares in the prior year quarter.
Adjusted EBITDA for the third quarter was $8 1 million a margin of 21% compared to $6 4 million, which was also a margin of 21% in the third quarter a year ago.
We generated $9 2 million of operating cash flow in the third quarter compared to $6 3 million in the prior year quarter, our free cash flow in the third quarter, which represents operating cash flows less capital expenditures was $4 4 million compared to $2 4 million in the year.
Year ago quarter.
From a liquidity perspective at the end of the quarter, we had $3 $8 million in cash and total debt of $30 million under our $100 million revolver.
Deferred revenue at the end of the quarter was $52 $3 million.
Up 20% from the third quarter of last year.
Our total committed contract backlog at the end of the quarter was $102 9 million, which was up 29% from the end of the third quarter last year.
Short term backlog was $84 2 million at the end of the third quarter, an increase of $16 4 million or 24% year over year.
Long term backlog that is revenue to be recognized in 13 or more months was $18 $7 million at the end of the quarter, an increase of $6 5 million or 54% from the prior year.
During the quarter under our share repurchase program, we repurchased approximately 700000 shares for $3 8 million, an average price of $5 25 per share.
As a reminder, our current share buyback program includes a $15 million authorization through February of 2023.
Of the $15 million authorized $5 7 million remains available under the program at the end of the quarter.
Looking forward based on our strong bookings performance, we expect fourth quarter revenue to be in the range of 38, five to $39 5 million a growth rate.
Rate of 14% to 17% year over year.
For the full year 2022, we are raising our range to $148 five to $149 5 million in total revenue a growth rate of between 24 and 25% for the full year over 2021.
As we look ahead to 2023, we continue to anticipate revenue growth for the full year approaching 20%.
From a profitability perspective, we will continue to operate the business to adjusted EBITDA margins at or near 20% in the fourth quarter as we balance our strong financial performance with increased sales and marketing investment to drive continued long term revenue growth.
We are excited by the continued positive momentum we're seeing in bookings and believe our investments in sales and marketing will drive strong sustainable double digit bookings and revenue growth rates going forward.
With that let me turn the call back to art.
Thank you Kevin I'd like to close by once again thanking all our employees for their hard work. This quarter. Your hard work every day is paying off it is a pleasure to be part of such a great team with that we're happy to take your questions.
Thank you.
We will now begin the question and answer session.
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At this time, we will pause momentarily to assemble our roster.
Our first question comes from Zach Cummins with B Riley Securities. Please go ahead.
Yes, hi, good afternoon, Kevin Congrats again on another solid quarter and thanks for taking my questions.
Just starting off.
Pretty noticeable shifts in average revenue per recruitment package and dice. It sounds like you've been proactively shifting upmarket to two customers that are generating at least 10000 annual contract value.
Is that something that we should expect to continue going forward or how should we think about the balance between continued customer growth and an expansion of that average recruitment package to drive growth in dice moving forward.
I think it's a combination of both I mean, we would love to have additional customers clearly, but we want to make sure that as we move forward and kind of an uncertain time that we're getting strong customers right from the get go what we've found is that our attrition is associated with our smaller customers. So we certainly don't want to invite.
Future attrition and so we've really kind of reinforced this idea that we should make sure that those customers that we're prospecting are very strong and just the size of the contract itself is at least one indicator of that we do have an ideal customer profile that indicates the size of the customer in terms of the number of employees.
The number of positions that they're hiring four currently but as a proxy that $10000 Mark seems to be a safety zone for us.
Understood and nice to hear.
Strong momentum that Youre seeing in your corporate branding product can you give us a sense of the penetration rate that you've had with that product, thus far and kind of what is the sense of the available run rate for growth there within just the existing base.
I'd say, it's small in terms of the penetration rate today I don't have the exact figures, but I would surmise that it's less than 10%, we haven't been overly selling it because we're waiting for clearance jobs to essentially deliver their new company page literally within weeks and then Doug.
Doing the same thing in the first half of next year. So what we're seeing is that there's this really strong interest as shown by that increase in year over year demand, but I would say the real campaigns to cell C. J and dice branding products are to come see Jay by the end of this year dice first.
Half of next year.
Understood and final question for me is just really around the implied <unk> guidance I think you beat the midpoint of the Q3 guidance by about $1 million, but raise the full year by about 500000, just curious some of the dynamics that you're factoring in when setting our Q4 expectations.
Sure and this is Kevin Zac.
As you know as we enter any quarter, we are close to high <unk> percent of our revenue is already known the way. These contracts are booked and then the the value of the contract is amortized.
For the balance of the revenue, we actually spend a fair bit of time looking at the type of contracts that we have the amortization of the expected contracts to sign close rates all of that so all of that factors into two the guidance that we provide.
The kpis that we're seeing in the business are relatively consistent what we've seen previously so all of those things go into setting the guidance for for any quarter and then also.
This case for 2022, we have provided full year guidance as well.
Understood and that's helpful. Well, Thanks again for taking my questions and congrats again on the strong results.
Thanks, very much Jack I appreciate it.
Our next question comes from Eric Martin Lake Street. Please go ahead.
Yes.
Congratulations on the quarter as well and also on the great place to work recognition that is.
Definitely differentiated versus the average.
Curious to know.
Had a question regarding your average annual revenue per recruitment package customer just the increase in the.
Yes.
I'm wondering how much is due to see to increase versus price increase on the growth on the dice side.
Yes. It is mostly it is larger customer contracts and I would say, it's weighted more towards seat increases Eric.
And as art mentioned, we are focused on larger size deals.
So that's effectively what we're seeing is that we're selling more seats relative to the smaller size deals.
Okay.
Alright, and then as we look out to the.
The pipeline that you've got torque and I'm, specifically, referring to the commercial side on days what are the what does the leaves look like what do the leaves look like now versus say 90 days ago.
We're seeing a consistent pipeline, that's a very astute and very appropriate question.
Obviously pipeline being a leading indicator of future bookings success, but we've seen a pattern that is very consistent with what we saw 90 days ago. So we still see very encouraging pipeline and bookings trends.
Okay, and then just if I could go a layer deeper on the customer size and the verticals that you're working where there any just on the Q3 backward looking any cracks appearing.
Particular verticals because obviously the headlines we say is.
Big Tech is.
Either phrasing or contracting and their technologists head count and I'm, just wondering if youre seeing maybe on a vertical basis, some signs of weakness in the pipeline.
So I will tell you that.
As we indicated at our Investor day presentation, we track a number of verticals on the order of like 15 different verticals and surprisingly enough. The software verticals actually the fourth largest vertical at least it was in that timeframe and remains so I would say that we are not seeing this.
Same kind of headline news associated with these larger tech companies you can still go to meadows career site as well as Facebook Amazon, they're all hiring technologists in large numbers like thousands or tens of thousands very Fortunately we have.
They're not focused on the smaller seed stage venture stage companies that are in tech and in fact, there was a recent article by the New York Times that stated that there was a 53% drop in venture funding for Q3 this year versus last year.
A space that we have not really played in mostly because it doesn't meet our ideal customer profile, which demands a certain size of company a certain size of number of hires in the next year and because those firms are generally more frugal in the way that they go to market to try to attract talent.
Again, even across this big.
Segment, we're not seeing the trends that are playing out in the new cycle and we have never really focused on the smaller companies that are in tech.
So I guess, that's a long way of saying, we haven't seen any any major crops I mean I would imagine.
If we were selling to a mortgage based business.
At the beginning of this year, we're not selling to mortgage based businesses right. Now is one example, but we haven't attracted at that level, it's not a very large vertical for us real estate in general.
I understand.
Thanks for taking my questions.
Absolutely Eric I appreciate it.
Our next question comes from Gary.
<unk> with Barrington Research. Please go ahead.
Hi, good afternoon.
No we haven't.
Most questions have been answered really good quarter here, but in your in your initial dialogue you said tek hosting job postings were $1 1 million in Q3, and you gave some kind of a.
Increase year over year, I Didnt get that increase down do you have that handy.
Yes that was an 18% increase and it was tied to these press releases that are issued by comp tier which is a tech industry Association.
They are issued every third or fourth day of the following month and that tracks almost exactly to the increase that we saw year over year at dice, we saw a 19% increase comp tsi, an 18% increase and we just use the comp figures because their universal they're based on.
On.
BLS statistics that are published so we feel like those are a little bit more of an independent view than our own platform, but our own platform is showing the exact same trend.
Okay, and then referring to the other question with the headlines here about job cuts at some of these major firms like Twitter, Facebook or met or whatever they call. It now.
Are you you're not seeing the demand for technology is slow there. So are we to assume that a lot of these cutbacks would be non technology related personnel.
I personally think that there are situations specific in fact, we've been answering questions about this literally since the beginning of the first quarter of this year. So we've answered hey, do you have robinhood as a customer do you have rocket mortgage as a customer do you have met as a customer we do have noted as a customer, but we arent seeing the slowdown.
As indicated in the news headlines I do believe that many of those individual companies have their own situation specific reasons for either having a layoff or a pause or a slowdown in hiring all of which those scenarios affect us differently if their customers.
Okay. So then another scenario I don't want to know is your sales force going out and selling or maintaining existing accounts are they finding that it's getting through the industry that dice and clearance jobs are really a must have.
And one of the reasons why as resources become less and less if.
If they do become less and less for attracting candidates in terms of manpower.
Because we're going into a recession or whatever that these entities are really looking to you too.
More so phil that need for.
Attracting clients or members to there.
For their job postings.
So it's interesting you used the words must have because that's for 2023, our strategic initiative, which is to establish ourselves as the must have tool for our customers and so I would say that our job isn't done.
At the job differs based on whether it's clearance jobs four days I think.
Spending more time, making that pitch on dice that where the unique spot for finding technology talent across all verticals in the United States just to let you know clearance jobs has established a track record over the last 20 years of being completely de linked from the economy.
So it's really cool.
Related its success is correlated to the defense budget in the United States. That's why I mentioned that we're on the precipice of hopefully.
Having a defense budget approved by Congress that has a very large increase from a historical perspective, obviously because of the war in Ukraine, but also the idea that we have a lot of challenges in the in the future fighting against other adversaries in Asia.
Sure.
Okay. Thank you very much.
Thank you very much really appreciate it thank you.
Yes.
Yeah.
Our next question comes from Kevin Liu with K <unk> Company LLC. Please go ahead.
Hi, good afternoon guys.
I know Kevin this is kind of talked about a number of different ways in terms of potential slowdowns in the economy or what sort of impact that has on so long as trade a different angle maybe just.
Get you a sense on sales cycles, and whether there is still pretty consistent with what you guys saw earlier in the year.
Isn't it sort of change in decision, making and then also just kind of the appetite for things like multiyear contracts or some of the price increases you guys have within your contracts.
Those are excellent questions and I would say that.
First and foremost we've seen a little bit of a sales cycle increase over the course of the year and when I say, a little bit it's a matter of like days.
So we're not really worried about that signal at this point in time, I mean, if we had a doubling or a 50% increase in our.
Sales cycle, we would be worried but right now we're seeing almost a minor minor increase but we're still tracking it religiously every single week every single month.
It pertains to multiyear contracts, we have not seen any change in the pattern, we're still able to more or less convinced our customers. The ones that are willing to engage in the discussion that multiyear can be to their benefit as well in terms of locking in price increases right now as opposed to experiencing larger.
Than expected price increases in future years.
Okay, and then maybe as a suite.
With respect to some of the kind of less recurring sources.
In your script about being able to attach some good strength in things like sourcing and virtual fairs and the like.
One of the charts you guys have on the subscription basis today and what do you think that can go, especially once you start to solve in corporate banking offering more aggressively.
Sure I'll take that Kevin right now we are seeing what I would say as a sub.
Small attachment rate for both virtual <unk>.
Virtual career events and sourcing services.
Ultimately, it's not so much the attach rate.
On the front end, but it's after people see how the product is used notably for sourcing. We then try to sell them our products. So that they can use it on their own I would say virtual career events have a higher attach rate to products because it is another way for them to attract candidates. So it goes hand in hand.
With the with the platform.
Branding right now is.
Is also to Arts point earlier, it does not have a very high attach rate, but that is something that we're focusing on next year and actually do want to sell that.
With the platform products with the annual recruitment package. So that those are actually purchased together and we expect a much higher attachment rate as art mentioned right now it's being launched for C. J and kind of the Q2 Q1 Q2 of next year for dice.
Got it.
Lastly, it seems like there's still a kind of a willingness to invest in the business here.
In terms of kind of the increases in expenses going forward should we expect that similar pacing to what we've seen over the past few quarters or is there any reason that would either accelerate or decelerate.
Moving to next year.
I would say for everything except sales and marketing it will be a normal course increase year over year.
<unk>.
So in kind of in that three or four 5% range. We are fully staffed across the company with the exception of sales and it's not that we're not fully staffed and sales to the point art makes we continue to add sales head count and so I would expect those costs will continue to go up on a dollar basis.
Over the course of 2023, the marketing spend then will be correlated to the number of salespeople. We have because that is really driven by the number of new business salespeople and the support we provide them through the form of <unk>. So I would say four.
For product and in.
And G&A, it's just going to be ordinary course increases sales and marketing will increase.
Somewhat in line with bookings and then our cost of revenue.
It's probably somewhere in between because there is a component there that our cost of revenue does increase although not linearly.
With the increase in bookings for our business.
Great. That's very helpful and I appreciate you taking the questions and congrats on some good quarter.
Really appreciate it Kevin Thank you.
This concludes our question and answer session I would now like to turn the call back over to management for any closing remarks.
Thank you so much before we wrap up I want to let you all know that <unk> management will be attending the benchmark conference on December <unk> in New York City, We hope to see some of you at that conference and thank you very much for your interest in DHA group today Hope you have a wonderful day and week to come.
Yeah.
The conference is now concluded. Thank you for attending today's presentation you may now disconnect.