SPY386.56-3.04 -0.78%
DIA314.19-1.40 -0.44%
IXIC13,358.79-230.04 -1.69%

Press Release: DHI Group Reports Fourth Quarter -3-

· 02/04/2021 16:15
DHI GROUP, INC. NON-GAAP SUPPLEMENTAL DATA (Unaudited) (in thousands) Revenue $ Fx Q4 2020 Q4 2019 Change Impact(1) Dice $19,393 $23,251 (17)% $ -- ClearanceJobs 7,644 6,629 15% -- eFinancialCareers 6,174 7,835 (21)% 128 Total Revenues $33,211 $37,715 (12)% $ 128 Net Income(2) $1,995 $3,521 Diluted earnings (loss) per share $0.04 $0.07 Adjusted diluted earnings per share $0.03 $0.06 Adjusted EBITDA $7,038 $8,554 Adjusted EBITDA Margin 21% 23% Revenue $ Fx FY 2020 FY 2019 Change Impact(1) Dice $82,190 $92,527 (11)% $ -- ClearanceJobs 28,977 24,745 17% -- eFinancialCareers 25,711 32,098 (20)% $ (55) Total Revenues $136,878 $149,370 (8)% $ (55) Net Income (loss)(3) $(30,015) $12,551 Diluted earnings (loss) per share $(0.62) $0.24 Adjusted diluted earnings per share $0.16 $0.28 Adjusted EBITDA $29,924 $34,859 Adjusted EBITDA Margin 22% 23% (1) Foreign exchange impact is calculated by determining the increase (decrease) in current period revenues where current period revenues are translated using prior period exchange rates. (2) For the three months ended December 31, 2020, the Company recorded severance and related costs, net of tax, and discrete tax items that positively impacted net income $0.4 million. For the three months ended December 31, 2019, the Company recorded discrete tax items that positively impacted net income $0.4 million. (3) For the year ended December 31, 2020, the Company recorded impairments of goodwill, intangible assets and equity investments, a gain from sale of equity investment, and severance and related costs, net of tax, and discrete tax items that negatively impacted net income by $37.9 million. For the year ended December 31, 2019, the Company recorded disposition related and other costs and loss on sale of businesses, net of tax, and discrete tax items that negatively impacted net income $1.6 million. DHI GROUP, INC. NON-GAAP SUPPLEMENTAL DATA (CONTINUED) (Unaudited) (dollars in thousands, except earnings per share data) Reconciliation of Diluted Earnings (Loss) per Share to Adjusted Diluted Earnings per Three Months Ended For the Year Ended Share: December 31, December 31, 2020 2019 2020 2019 Diluted earnings (loss) per share(1) 0.04 0.07 (0.62) 0.24 Impairment of goodwill and intangible assets, net of tax -- -- 0.75 -- Disposition, severance, and related costs, net of tax 0.01 -- 0.03 0.04 Gain on sale, net of tax -- -- -- 0.01 Discrete tax items (0.02) (0.01) (0.01) (0.01) Other(2) -- -- 0.01 -- Adjusted diluted earnings per share(3) $ 0.03 $ 0.06 $ 0.16 $ 0.28 (1) For the three month periods ended December 31, 2020 and 2019, diluted earnings per share utilized weighted average shares of 49.0 million and 51.9 million, respectively. For the years ended December 31, 2020 and 2019, diluted earnings per share utilized weighted average shares of 48.3 million and 51.6 million, respectively. (2) Adjusts, as applicable, for the share impact of common stock equivalents, where dilutive. (3) For the three month periods ended December 31, 2020 and 2019, adjusted diluted earnings per share utilized weighted average shares of 49.0 million and 51.9 million, respectively. For the years ended December 31, 2020 and 2019, adjusted diluted earnings per share utilized weighted average shares of 49.6 million and 51.6 million, respectively. Reconciliation of Debt to Net Debt: December 31, 2020 December 31, 2019 Long term debt, net $ 19,583 $ 9,435 Add: Deferred financing costs, net 417 565 Principal debt outstanding 20,000 10,000 Less: Cash and cash equivalents 7,640 5,381 Net Debt $ 12,360 $ 4,619 Summary of Deferred Revenue and Backlog: December 31, 2020 December 31, 2019 Deferred Revenue $ 43,494 $ 51,626 Contractual commitments not invoiced 32,830 37,093 Backlog(4) $ 76,324 $ 88,719 (4) Backlog consists of deferred revenue plus customer contractual commitments not invoiced representing the value of future services to be rendered under committed contracts. DHI GROUP, INC. NON-GAAP SUPPLEMENTAL DATA (CONTINUED) (Unaudited) (dollars in thousands, except per customer data) For the three months For the year ended ended December 31, December 31, 2020 2019 2020 2019 Reconciliation of Net Income (loss) to Adjustedassets and liabilities: Accounts receivable (3,438) (5,550) 859 1,694 Prepaid expenses and other assets (1,154) (970) (1,405) (904) Capitalized contract costs (1,129) (1,149) (175) 453 Accounts payable and accrued expenses 3,034 2,523 139 (5,621) Income taxes receivable/payable 606 (1,261) 480 (338) Deferred revenue 1,306 191 (8,193) (4,583) Other, net (143) 774 1,236 940 Net cash flows from operating activities 4,239 3,935 18,683 22,923 Cash flows from (used in) investing activities: Net cash received from sale of businesses -- -- -- 2,683 Purchases of fixed assets (3,568) (3,843) (16,104) (14,188) Net cash received from sale of equity investment -- -- 200 -- Net cash flows used in investing activities (3,568) (3,843) (15,904) (11,505) Cash flows from (used in) financing activities: Payments on long-term debt (17,000) (3,000) (26,444) (28,000) Proceeds from long-term debt -- 5,000 36,444 20,000 Payments under stock repurchase plan (2,364) (757) (8,294) (2,519) Purchase of treasury stock related to vested restricted stock and performance stock units (506) (538) (2,248) (1,904) Net cash flows from (used in) financing activities (19,870) 705 (542) (12,423) Effect of exchange rate changes 34 130 22 (86) Net change in cash and cash equivalents for the period (19,165) 927 2,259 (1,091) Cash and cash equivalents, beginning of period 26,805 4,454 5,381 6,472 Cash and cash equivalents, end of period $ 7,640 $ 5,381 $7,640 $ 5,381 DHI GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) ASSETS December 31, 2020 December 31, 2019 Current assets Cash and cash equivalents $ 7,640 $ 5,381 Accounts receivable, net 20,298 21,158 Income taxes receivable 1,044 2,353 Prepaid and other current assets 4,503 4,180 Total current assets 33,485 33,072 Fixed assets, net 24,544 20,352 Acquired intangible assets 23,800 39,000 Capitalized contract costs 7,734 7,515 Goodwill 133,353 156,059 Deferred income taxes 19 7 Operating lease right-of-use assets 16,405 19,712 Other assets 1,647 2,604 Total assets $ 240,987 $ 278,321 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 19,426 $ 18,908 Operating lease liabilities 3,410 3,643 Deferred revenue 42,426 50,568 Income taxes payable 123 984 Total current liabilities 65,385 74,103 Long-term debt, net 19,583 9,435 Deferred income taxes 9,936 12,823 Deferred revenue 1,068 1,058 Accrual for unrecognized tax benefits 1,347 1,787 Operating lease liabilities 13,704 16,664 Other long-term liabilities 2,394 1,256 Total liabilities 113,417 117,126 Total stockholders' equity 127,570 161,195 Total liabilities and stockholders' equity $ 240,987 $ 278,321

Supplemental Information and Non-GAAP Reconciliations

On the pages that follow, the Company has provided certain supplemental information that we believe will assist the reader in assessing our business operations and performance, including certain non-GAAP financial information and required reconciliations to the most comparable GAAP measure. A statement of operations and statement of cash flows for the three and twelve month periods ended December 31, 2020 and 2019 and balance sheets as of December 31, 2020 and 2019 are provided elsewhere in this press release.

(MORE TO FOLLOW) Dow Jones Newswires

February 04, 2021 16:15 ET (21:15 GMT)