DHI Group, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in revenue and net income compared to the previous fiscal period. For Q3 2024, the company generated revenue of $35.3 million, a decrease of 6% from $37.4 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $107.1 million, down 7% from $114.6 million in the same period last year. The decline was primarily attributed to a 12% decrease in revenue from its Dice brand, which fell to $21.9 million, while ClearanceJobs saw a 6% increase to $13.4 million.
Operating income for Q3 2024 was $0.6 million, down from $2.2 million in Q3 2023, reflecting a margin decrease from 6.0% to 1.8%. The company recorded a net loss of $0.2 million for Q3 2024, compared to a net income of $1.0 million in the prior year. For the nine-month period, DHI reported a net loss of $0.8 million, contrasting with a net income of $1.3 million in 2023.
Total operating expenses for Q3 2024 were $34.7 million, slightly lower than $35.2 million in Q3 2023. The company incurred restructuring charges of $1.1 million in Q3 2024 due to a workforce reduction of approximately 7%, compared to a $0.3 million charge for a 10% workforce reduction in Q3 2023.
DHI's total current assets decreased to $26.0 million as of September 30, 2024, from $30.9 million at the end of 2023. Total liabilities also decreased from $117.7 million to $108.1 million, while stockholders' equity increased from $107.5 million to $111.3 million during the same period. The company’s long-term debt decreased from $38.0 million to $32.0 million.
Cash flows from operating activities improved to $16.7 million for the nine months ended September 30, 2024, compared to $13.7 million in the prior year. However, the cash balance at the end of the period was $2.1 million, down from $3.7 million at the end of 2023.
DHI Group continues to focus on its core brands, Dice and ClearanceJobs, which cater to the technology and government security clearance sectors. The company has also been managing its operational costs and restructuring its workforce to adapt to changing market conditions.
About DHI GROUP, INC.
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