FORM |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION PERIOD PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Zip Code) | ||||||||
(Address of principal executive offices) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page | |||||||||||
PART I. | FINANCIAL INFORMATION | ||||||||||
Item 1. | Unaudited Financial Statements | ||||||||||
Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 | |||||||||||
Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Stockholders' Equity for the three-month periods ended March 31, 2023 and 2022 | |||||||||||
Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2023 and 2022 | |||||||||||
Notes to Condensed Consolidated Financial Statements | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
SIGNATURES | |||||||||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Prepaid and other current assets | |||||||||||
Total current assets | |||||||||||
Fixed assets, net | |||||||||||
Capitalized contract costs | |||||||||||
Operating lease right-of-use assets | |||||||||||
Investments | |||||||||||
Acquired intangible assets | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Deferred revenue | |||||||||||
Income taxes payable | |||||||||||
Operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue | |||||||||||
Operating lease liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Accrual for unrecognized tax benefits | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Stockholders’ equity | |||||||||||
Convertible preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated earnings | |||||||||||
Treasury stock, | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
See accompanying notes to the condensed consolidated financial statements. |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenues | $ | $ | |||||||||
Operating expenses: | |||||||||||
Cost of revenues | |||||||||||
Product development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Depreciation | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Income from equity method investment | |||||||||||
Interest expense and other | ( | ( | |||||||||
Income (loss) before income taxes | ( | ||||||||||
Income tax benefit | ( | ( | |||||||||
Net income | $ | $ | |||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ | |||||||||
Weighted-average basic shares outstanding | |||||||||||
Weighted-average diluted shares outstanding |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | |||||||||||
Total other comprehensive income | |||||||||||
Comprehensive income | $ | $ |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares Issued | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | $ | — | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - translation adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Units eligible to vest | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited or withheld to satisfy tax obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Units forfeited or withheld to satisfy tax obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock under stock repurchase plan | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect of new accounting principle (See Note 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | — | $ | — | $ | $ | $ | ( | $ | $ | ( | $ |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares Issued | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | $ | — | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - translation adjustments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Units eligible to vest | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited or withheld to satisfy tax obligations | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock Units forfeited or withheld to satisfy tax obligations | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock under stock repurchase plan | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | — | $ | — | $ | $ | $ | ( | $ | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from (used in) operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows from (used in) operating activities: | |||||||||||
Depreciation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Amortization of deferred financing costs | |||||||||||
Stock-based compensation | |||||||||||
Income from equity method investment | ( | ( | |||||||||
Change in accrual for unrecognized tax benefits | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Prepaid expenses and other assets | |||||||||||
Capitalized contract costs | ( | ||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Income taxes receivable/payable | |||||||||||
Deferred revenue | |||||||||||
Other, net | ( | ( | |||||||||
Net cash flows from operating activities | |||||||||||
Cash flows used in investing activities: | |||||||||||
Purchases of fixed assets | ( | ( | |||||||||
Net cash flows used in investing activities | ( | ( | |||||||||
Cash flows from (used in) financing activities: | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Proceeds from long-term debt | |||||||||||
Payments under stock repurchase plan | ( | ( | |||||||||
Purchase of treasury stock related to vested restricted and performance stock units | ( | ( | |||||||||
Net cash flows from (used in) financing activities | ( | ||||||||||
Net change in cash for the period | |||||||||||
Cash, beginning of period | |||||||||||
Cash, end of period | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Dice(1) | $ | $ | |||||||||
ClearanceJobs | |||||||||||
Total | $ | $ | |||||||||
(1) Includes Dice and Career Events |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||
Receivables | $ | $ | |||||||||||||||
Short-term contract liabilities (deferred revenue) | |||||||||||||||||
Long-term contract liabilities (deferred revenue) |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Revenue recognized in the period from: | |||||||||||
Amounts included in the contract liability at the beginning of the period | $ | $ |
Remainder of 2023 | 2024 | 2025 | 2026 | Total | |||||||||||||||||||||||||
Tech-focused | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating lease cost(1) | $ | $ | ||||||||||||
Sublease income | ( | ( | ||||||||||||
Total lease cost | $ | $ | ||||||||||||
(1) Includes short-term lease costs and variable lease costs, which are immaterial. |
For the Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash paid for amounts included in measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Operating lease right-of-use-assets | $ | $ | ||||||||||||
Operating lease liabilities - current | ||||||||||||||
Less: tenant improvement allowance | ( | ( | ||||||||||||
Operating lease liabilities - current (as reported) | ||||||||||||||
Operating lease liabilities - non-current (as reported) | ||||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Weighted Average Remaining Lease Term (in years) | ||||||||||||||
Operating leases | ||||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | % | % |
Operating Leases | ||||||||
April 1, 2023 through December 31, 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 and thereafter | ||||||||
Total lease payments | $ | |||||||
Less: imputed interest | ||||||||
Less: tenant improvement allowance | ||||||||
Total | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Long-term debt under revolving credit facility(1) | $ | $ | |||||||||
Available to be borrowed under revolving facility(2) | $ | $ | |||||||||
Interest rates: | |||||||||||
SOFR rate loans: | |||||||||||
Interest margin(3) | % | % | |||||||||
Actual interest rates(4) | % | % | |||||||||
Commitment fee | % | % | |||||||||
(1) In connection with the new Credit Agreement entered into during the three months ended June 30, 2022, the Company recorded deferred financing costs of $ | |||||||||||
(2) The amount available to be borrowed is subject to certain limitations, such as a consolidated leverage ratio, as defined in the credit agreement. | |||||||||||
(3) Includes additional spread of | |||||||||||
(4) Computed as the weighted average interest rate on all borrowings. |
February 2021 to June 2022(1) | February 2022 to February 2023(2) | February 2023 to February 2024(3) | |||||||||||||||
Approval Date | February 2021 | February 2022 | February 2023 | ||||||||||||||
Authorized Repurchase Amount of Common Stock | $ | $ | $ | ||||||||||||||
(1) During the second quarter of 2021, the Company amended its $ | |||||||||||||||||
(2) During February 2023, the stock repurchase program approved in February 2022 expired with a total of | |||||||||||||||||
(3) On February 9, 2023, the Company announced that its Board approved a new stock repurchase program that permits the purchase of up to $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Shares repurchased | |||||||||||
Average purchase price per share(1) | $ | $ | |||||||||
Dollar value of shares repurchased (in thousands)(1) | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Shares repurchased upon restricted stock/PSU vesting | |||||||||||
Average purchase price per share | $ | $ | |||||||||
Dollar value of shares repurchased upon restricted stock/PSU vesting (in thousands) | $ | $ |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||
Shares | Weighted- Average Fair Value at Grant Date | Shares | Weighted- Average Fair Value at Grant Date | ||||||||||||||||||||
Non-vested at beginning of the period | $ | $ | |||||||||||||||||||||
Granted | $ | $ | |||||||||||||||||||||
Forfeited | ( | $ | ( | $ | |||||||||||||||||||
Vested | ( | $ | ( | $ | |||||||||||||||||||
Non-vested at end of period | $ | $ | |||||||||||||||||||||
Expected to vest | $ | $ |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||
Shares | Weighted- Average Fair Value at Grant Date | Shares | Weighted- Average Fair Value at Grant Date | ||||||||||||||||||||
Non-vested at beginning of the period | $ | $ | |||||||||||||||||||||
Granted(1) | $ | $ | |||||||||||||||||||||
Forfeited | $ | ( | $ | ||||||||||||||||||||
Vested | ( | $ | ( | $ | |||||||||||||||||||
Non-vested at end of period | $ | $ | |||||||||||||||||||||
Expected to vest | $ | $ |
(1) PSUs granted in the first quarter of 2023 includes |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Weighted-average shares outstanding—basic | |||||||||||
Add shares issuable from stock-based awards | |||||||||||
Weighted-average shares outstanding—diluted | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ | |||||||||
Shares excluded from the calculation of diluted earnings per share1 | |||||||||||
(1) Represents outstanding stock-based awards that were anti-dilutive and excluded from the calculation of diluted earnings per share. |
As of March 31, | Increase | Percent Change | |||||||||||||||||||||
Recruitment Package Customers: | 2023 | 2022 | |||||||||||||||||||||
Dice | 6,171 | 6,249 | (78) | (1)% | |||||||||||||||||||
ClearanceJobs | 2,078 | 1,928 | 150 | 8% |
Average Annual Revenue per Recruitment Package Customer(1) | |||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Increase | Percent Change | ||||||||||||||||||||
Dice | $ | 15,672 | $ | 14,112 | $ | 1,560 | 11 | % | |||||||||||||||
ClearanceJobs | $ | 20,520 | $ | 18,408 | $ | 2,112 | 11 | % | |||||||||||||||
(1) Calculated by dividing recruitment package customer revenue by the daily average count of recruitment package customers during each month, adjusted to reflect a 30-day month. The simple average of each month is used to derive the amount for each period and then annualized to reflect 12 months. |
Comparison to Prior Year End | Comparison Year Over Year | ||||||||||||||||||||||||||||||||||||||||
3/31/2023 | 12/31/2022 | Increase (Decrease) | Percent Change | 3/31/2022 | Increase (Decrease) | Percent Change | |||||||||||||||||||||||||||||||||||
Deferred Revenue | $ | 58,844 | $ | 50,864 | $ | 7,980 | 16 | % | $ | 56,786 | $ | 2,058 | 4 | % | |||||||||||||||||||||||||||
Contractual commitments not invoiced | 65,389 | 66,391 | (1,002) | (2) | % | 49,262 | 16,127 | 33 | % | ||||||||||||||||||||||||||||||||
Backlog(1) | $ | 124,233 | $ | 117,255 | $ | 6,978 | 6 | % | $ | 106,048 | $ | 18,185 | 17 | % | |||||||||||||||||||||||||||
(1) Backlog consists of deferred revenue plus customer contractual commitments not invoiced representing the value of future services to be rendered under committed contracts. |
Product Releases | ||||||||
2023 | 2022 | |||||||
Dice Invite To Apply, Dice Matchscore on Jobs | Dice New Job Apply Flow, Dice TalentSearch Time Zone Search, Dice TalentSearch Auto Talent Alerts, Dice iOS App Messaging | |||||||
ClearanceJobs Expressed Interest, ClearanceJobs Enhanced Employer Profile | ClearanceJobs Multi-Factor Authentication, ClearanceJobs Live Video, ClearanceJobs Scheduled Broadcast Messages |
Three Months Ended March 31, | Increase | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Dice(1) | $ | 26,910 | $ | 24,634 | $ | 2,276 | 9 | % | ||||||||||||||||||
ClearanceJobs | 11,710 | 9,700 | 2,010 | 21 | % | |||||||||||||||||||||
Total revenues | $ | 38,620 | $ | 34,334 | $ | 4,286 | 12 | % | ||||||||||||||||||
(1) Includes Dice and Career Events |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenues | $ | 4,912 | $ | 4,099 | $ | 813 | 20 | % | |||||||||||||||
Percentage of revenues | 12.7 | % | 11.9 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Product development | $ | 4,694 | $ | 3,942 | $ | 752 | 19 | % | |||||||||||||||
Percentage of revenues | 12.2 | % | 11.5 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Sales and marketing | $ | 16,060 | $ | 13,941 | $ | 2,119 | 15 | % | |||||||||||||||
Percentage of revenues | 41.6 | % | 40.6 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 8,208 | $ | 7,766 | $ | 442 | 6 | % | |||||||||||||||
Percentage of revenues | 21.3 | % | 22.6 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Depreciation | $ | 4,173 | $ | 3,958 | $ | 215 | 5 | % | |||||||||||||||
Percentage of revenues | 10.8 | % | 11.5 | % |
Three Months Ended March 31, | Decrease | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Revenue | $ | 38,620 | $ | 34,334 | $ | 4,286 | 12 | % | |||||||||||||||
Operating income (loss) | 573 | 628 | (55) | (9) | % | ||||||||||||||||||
Operating margin | 1.5 | % | 1.8 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Income from equity method investment | $ | 171 | $ | 155 | $ | 16 | 10 | % | |||||||||||||||
Percentage of revenues | 0.4 | % | 0.5 | % |
Three Months Ended March 31, | Increase | Percent Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Interest expense and other | $ | 798 | $ | 245 | $ | 553 | 226 | % | |||||||||||||||
Percentage of revenues | 2.1 | % | 0.7 | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands, except percentages) | |||||||||||
Income (loss) before income taxes | $ | (54) | $ | 538 | |||||||
Income tax benefit | (514) | (763) | |||||||||
Effective tax rate | 951.9 | % | (141.8) | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands, except per share amounts) | |||||||||||
Net Income | $ | 460 | $ | 1,301 | |||||||
Weighted-average shares outstanding - basic | 43,886 | 44,702 | |||||||||
Weighted-average shares outstanding - diluted | 45,240 | 47,170 | |||||||||
Diluted earnings per share | $ | 0.01 | $ | 0.03 |
Three Months Ended March 31, | |||||||||||
Dollars | |||||||||||
2023 | 2022 | ||||||||||
Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||
Net income | $ | 460 | $ | 1,301 | |||||||
Interest expense | 798 | 245 | |||||||||
Income tax benefit | (514) | (763) | |||||||||
Depreciation | 4,173 | 3,958 | |||||||||
Non-cash stock-based compensation | 2,887 | 2,235 | |||||||||
Income from equity method investment | (171) | (155) | |||||||||
Severance and related costs | 421 | 109 | |||||||||
Adjusted EBITDA | $ | 8,054 | $ | 6,930 | |||||||
Reconciliation of cash provided by operating activities to Adjusted EBITDA | |||||||||||
Net cash provided by operating activities | $ | 11 | $ | 9,218 | |||||||
Interest expense | 798 | 245 | |||||||||
Amortization of deferred financing costs | (36) | (37) | |||||||||
Income tax benefit | (514) | (763) | |||||||||
Deferred income taxes | 848 | 1,823 | |||||||||
Change in accrual for unrecognized tax benefits | (60) | (93) | |||||||||
Change in accounts receivable | 4,153 | 3,820 | |||||||||
Change in deferred revenue | (7,981) | (10,640) | |||||||||
Severance and related costs | 421 | 109 | |||||||||
Changes in working capital and other | 10,414 | 3,248 | |||||||||
Adjusted EBITDA | $ | 8,054 | $ | 6,930 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenues | $ | 38,620 | $ | 34,334 | |||||||
Net income | $ | 460 | $ | 1,301 | |||||||
Net income margin(1) | 1 | % | 4 | % | |||||||
Adjusted EBITDA | $ | 8,054 | $ | 6,930 | |||||||
Adjusted EBITDA Margin(1) | 21 | % | 20 | % | |||||||
(1) Net income margin and Adjusted EBITDA Margin are calculated by dividing the respective measure by that period's revenues. |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash from operating activities | $ | 11 | $ | 9,218 | |||||||
Cash used in investing activities | $ | (4,833) | $ | (4,091) | |||||||
Cash from (used in) financing activities | $ | 7,184 | $ | (1,701) |
February 2021 to June 2022(1) | February 2022 to February 2023(2) | February 2023 to February 2024(3) | |||||||||||||||
Approval Date | February 2021 | February 2022 | February 2023 | ||||||||||||||
Authorized Repurchase Amount of Common Stock | $20 million | $15 million | $10 million | ||||||||||||||
(1) During the second quarter of 2021, the Company amended its $8.0 million stock repurchase program approved in February 2021 and allowed for the purchase of an additional $12.0 million of our common stock through June 2022, bringing total authorized purchases under the plan to $20.0 million. During the first quarter of 2022, the Company completed its purchases under the plan, which consisted of approximately 4.4 million shares for $20.0 million, effectively ending the plan prior to its original expiration date. | |||||||||||||||||
(2) During February 2023, the $15.0 million stock repurchase program approved in February 2022 expired with a total of 2.6 million shares purchased for $14.7 million. | |||||||||||||||||
(3) On February 9, 2023, the Company announced that its Board approved a new stock repurchase program that permits the purchase of up to $10.0 million of the Company's common stock through February 2024. |
Period | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share (2) | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
January 1 through January 31, 2023 | 500,280 | $ | 5.74 | 228,589 | $ | 790,079 | ||||||||
February 1 through February 28, 2023 | 360,027 | $ | 5.30 | 245,607 | $ | 9,223,948 | ||||||||
March 1 through March 31, 2023 | 268,340 | $ | 3.86 | 268,340 | $ | 8,189,434 | ||||||||
Total | 1,128,647 | 742,536 |
3.1 | ||||||||
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4.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | |||||||
** | Furnished herewith |
Date: | May 10, 2023 | DHI Group, Inc. | ||||||||||||
Registrant | ||||||||||||||
By: | /S/ Art Zeile | |||||||||||||
Art Zeile President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
/S/ Kevin Bostick | ||||||||||||||
Kevin Bostick Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
May 10, 2023 | /s/ Art Zeile | |||||||||||||
Art Zeile | ||||||||||||||
Chief Executive Officer | ||||||||||||||
DHI Group, Inc. |
May 10, 2023 | /s/ Kevin Bostick | |||||||||||||
Kevin Bostick | ||||||||||||||
Chief Financial Officer | ||||||||||||||
DHI Group, Inc. |
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Current assets | ||
Allowance for doubtful accounts | $ 985 | $ 1,374 |
Stockholders equity | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 78,833,000 | 76,442,000 |
Common stock, shares outstanding | 48,117,000 | 47,367,000 |
Statement of Income (Statement) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Income Statement [Abstract] | ||
Revenues | $ 38,620 | $ 34,334 |
Operating expenses: | ||
Cost of revenues | 4,912 | 4,099 |
Product development | 4,694 | 3,942 |
Sales and marketing | 16,060 | 13,941 |
General and administrative | 8,208 | 7,766 |
Depreciation on continuing operations | 4,173 | 3,958 |
Total operating expenses | 38,047 | 33,706 |
Operating income | 573 | 628 |
Interest expense and other | 798 | 245 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 171 | 155 |
Income (loss) before income taxes | (54) | 538 |
Income tax benefit | (514) | (763) |
Net income | $ 460 | $ 1,301 |
Basic earnings (loss) per share (in dollars per share) | $ 0.01 | $ 0.03 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.01 | $ 0.03 |
Weighted average basic shares outstanding | 43,886 | 44,702 |
Weighted average diluted shares outstanding | 45,240 | 47,170 |
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 460 | $ 1,301 |
Foreign currency translation adjustment | 150 | 8 |
Total other comprehensive income | 150 | 8 |
Comprehensive income | $ 610 | $ 1,309 |
ORGANIZATION AND PRINCIPAL ACTIVITIES (Notes) |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of DHI Group, Inc. (“DHI” or the “Company” or "we" or "us") have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in annual audited consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted and condensed pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments (consisting of only normal and recurring accruals) have been made to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”). Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results to be achieved for the full year. Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Management believes the most complex and sensitive judgments, because of their significance to the condensed consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Actual results could differ materially from management’s estimates reported in the condensed consolidated financial statements and footnotes thereto. There have been no significant changes in the Company’s assumptions regarding critical accounting estimates during the three-month period ended March 31, 2023. The Company allocates resources and assesses financial performance on a consolidated basis, as all services pertain to the Company's Tech-focused strategy. As a result, the Company has a single reportable segment, Tech-focused, which includes the Dice and ClearanceJobs brands, as well as corporate related costs. All operations are in the United States and the Company no longer has revenues and long-lived assets, which includes fixed assets and lease right of use assets, outside of the United States.
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SIGNIFCANT ACCOUNTING POLICIES (Notes) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. NEW ACCOUNTING STANDARDS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current "incurred loss" model with an "expected loss" model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of a financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022 for Smaller Reporting Companies. On January 1, 2023, under the modified retrospective method as required by the standard, the Company recorded a cumulative-effect adjustment of $0.3 million to increase accumulated earnings and reduce the allowance for doubtful accounts. Prior period amounts were not adjusted, and will continue to be reported under the accounting standards in effect for the period presented. |
FAIR VALUE MEASUREMENTS |
3 Months Ended |
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Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The FASB ASC topic on Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value and requires certain disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. As a basis for considering assumptions, a three-tier fair value hierarchy is used, which prioritizes the inputs used in measuring fair value as follows: •Level 1 – Quoted prices for identical instruments in active markets. •Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. •Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reported in the condensed consolidated balance sheets for cash, accounts receivable, other assets, accounts payable and accrued expenses and long-term debt approximate their fair values. Investments, non-current that were carried at fair value, prior to the conversion to preferred shares as described in Note 6, used a discounted cash flow technique based on the probability of one or more possible outcomes, based on Level 3 inputs, which inputs and fair value did not change during the 2022 period prior to the conversion. The estimated fair value of long-term debt is based on Level 2 inputs. Certain assets and liabilities are measured at fair value on a non-recurring basis as they are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. Such instruments are not measured at fair value on an ongoing basis. These assets include equity investments, operating lease right-of-use assets, and goodwill and intangible assets which resulted from prior acquisitions. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.
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Revenue Recognition (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION The Company recognizes revenue when control of the promised goods or services is transferred to our customers at an amount that reflects the consideration which we expect to receive in exchange for those goods or services. Revenue is recognized net of customer discounts ratably over the service period. Customer billings delivered in advance of services being rendered are recorded as deferred revenue and recognized over the service period. The Company generates revenue from recruitment packages, advertising, classifieds, and virtual and live career fair and recruitment event booth rentals. Disaggregation of revenue Our brands primarily serve the technology and security cleared professions. The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue (in thousands):
Contract Balances The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands):
We receive payments from customers based upon contractual billing schedules; accounts receivable are recorded when customers are invoiced per the contractual billings schedules. As the Company's standard payment terms are less than one year, the Company elected the practical expedient, where applicable. As a result, the Company does not consider the effects of a significant financing component. Contract liabilities include customer billings delivered in advance of performance under the contract, and associated revenue is realized when services are rendered under the contract. Receivables increase due to customer billings and decrease by cash collected from customers. Contract liabilities increase due to customer billings and are decreased as performance obligations are satisfied under the contracts. The Company recognized the following revenues as a result of changes in the contract liability balances in the respective periods (in thousands):
The following table includes estimated deferred revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands):
Credit Losses The Company is exposed to credit losses through the inability of its customers to make required payments on accounts receivable. The Company segments accounts receivable based on credit risk characteristics and estimates future losses for each segment based on historical trends and current market conditions, as applicable. Expected losses on accounts receivable are recorded as allowance for doubtful accounts in the condensed consolidated balance sheets and as an expense in the condensed consolidated statement of operations. The portion of accounts receivable that is reflected as deferred revenue in the condensed consolidated balance sheets is not considered at risk for credit losses. If the financial condition of DHI’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
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LEASES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company has operating leases for corporate office space and certain equipment. The leases have original terms from one year to eight years, some of which include options to renew the lease, and are included in the lease term when it is reasonably certain that the Company will exercise the option. No leases include options to purchase the leased property. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any lease agreements with related parties. The components of lease cost were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount):
The Company reviews its right-of-use ("ROU") assets for impairment if indicators of impairment exist. The impairment review process compares the fair value of the ROU asset to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. No impairment was recorded during the three months ended March 31, 2023 and 2022. As of March 31, 2023, future operating lease payments were as follows (in thousands):
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INVESTMENTS (Notes) |
3 Months Ended |
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Mar. 31, 2023 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investments, Non-current, at Fair Value During the third quarter of 2021, the Company invested $3.0 million through a subordinated convertible promissory note (the "Note") of $3.0 million with a values-based career destination company that allows the next generation workforce to search for jobs at companies whose people, perks and values align with their unique professional needs. The Note earned interest at 6.00% and matured at the earlier of a Qualified Financing, as described in the Note, or settled in cash on or after August 20, 2022, at the option of the Company. Upon a Qualified Financing, the Company would convert its investment into shares of preferred stock at 80% of the per share value in the Qualified Financing. Prior to the Qualified Financing, the investment was recorded at $3.0 million and as a trading security at fair value with realized and unrealized gains and losses included in earnings. On September 20, 2022, a Qualified Financing occurred and the Note was converted into preferred shares representing 4.9% of the outstanding equity in the underlying business, on a fully-diluted basis. The Company's preferred shares are substantially similar to shares purchased by a third party investor in the Qualified Financing that resulted in such investor becoming the majority owner of the business, holding 50.5% of the outstanding equity in the business, on a fully-diluted basis. Therefore, the Company's shares in the business were recorded at fair value based on the price per share realized in the Qualified Financing. Subsequent to the Qualified Financing, the Company valued the investment at $0.7 million, and it is recorded as an investment in the condensed consolidated balance sheet as of March 31, 2023. The Company recognized an impairment loss during the three months ended September 30, 2022 of $2.3 million. No impairment was recognized during the three months ended March 31, 2023 and 2022. During the first quarter of 2023, the majority investor purchased additional shares of the business as was contemplated in, and at the same price as, in the Qualified Financing. As a result, the Company's ownership, on a fully-diluted basis, on March 31, 2023 was reduced to 4.1%. The Company has elected the measurement alternative in accordance with FASB ASC 321, Investments – Equity Securities. As of March 31, 2023, subsequent to the Qualified Financing, it was not practicable to estimate the fair value of its interest because there were no observable transactions for the investment. Accordingly, the investment was carried at the value realized in the Qualified Financing as of March 31, 2023, as described above. Investments, Non-current Rigzone is a website dedicated to delivering online content, data, and career services in the oil and gas industry in North America, Europe, the Middle East, and Asia Pacific. Oil and gas companies, as well as companies that serve the energy industry, use Rigzone to find talent for roles such as petroleum engineers, sales professionals with energy industry expertise and skilled tradesmen. On August 31, 2018, the Company transferred a majority ownership and control of the Rigzone business to Rigzone management, while retaining a 40% common share interest, with zero proceeds received from the transfer. During the second quarter of 2022, the Company sold its 40% interest in Rigzone to Rigzone management for $0.3 million. At the time of the sale, the recorded value of the investment was zero. Accordingly, the Company recognized a $0.3 million gain on sale, which was included in gain (loss) on investment on the condensed consolidated statements of operations. On June 30, 2021, the Company transferred majority ownership and control of its eFC business to eFC's management, while retaining a 40% common share interest with zero proceeds received from the transfer. The Company incurred approximately $0.1 million in selling costs and recognized a $30.2 million loss on the transfer in the second quarter of 2021, which included a $28.1 million charge related to accumulated foreign currency loss that was previously a reduction to equity. eFC is a financial services careers website, operating websites in multiple markets in four languages mainly across the United Kingdom, Continental Europe, Asia, 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 eFC to advance their careers. The Company has evaluated the 40% common share interest in the eFC business and has determined the investment meets the definition and criteria of a variable interest entity ("VIE"). The Company evaluated the VIE and determined that the Company does not have a controlling financial interest in the VIE, as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The common share interest is being accounted for under the equity method of accounting as the Company has the ability to exercise significant influence over eFC. The investment was recorded at its fair value on June 30, 2021, the date of transfer, which was $3.6 million. The Company's equity in the net assets of eFC as of June 30, 2021 was $2.2 million. The difference between the Company's recorded value and its equity in net assets of eFC is amortized against the recorded value of the investment in accordance with ASC 323 Investments - Equity Method and Joint Ventures. Accordingly, the Company recorded amortization of less than $0.1 million for the three months ended March 31, 2023. There was no amortization recorded during the three months ended March 31, 2022 because it was not material. The recorded value is further adjusted based on the Company's proportionate share of eFC's net income and is recorded three months in arrears. For each of the three-month periods ended March 31, 2023 and 2022, the Company recorded $0.2 million of income related to its proportionate share of eFC's net income, net of currency translation adjustments and amortization of the basis difference. At January 1, 2018, the Company held preferred stock representing a 10.0% interest in the fully diluted shares of a tech skills assessment company. During 2018, the skills assessment company completed an additional equity offering, lowering DHI's total interest to 7.6%. The investment was carried at its original cost of $2.0 million and was included in the other assets section of the condensed consolidated balance sheets. During the three months ended March 31, 2020, based on the investment's historical cash burn rate, uncertainty of its ability to meet revenue and cash flow projections, current liquidity position, lack of access to additional capital, and impacts from the COVID-19 pandemic, the Company determined the value to be zero. The investment is recorded at zero as of March 31, 2023 and December 31, 2022.
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ACQUIRED INTANGIBLE ASSETS, NET |
3 Months Ended |
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Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | ACQUIRED INTANGIBLE ASSETS, NET Considering the recognition of the Dice brand, its long history, awareness in the talent acquisition and staffing services market, and the intended use, the remaining useful life of the Dice.com trademarks and brand name was determined to be indefinite. We determine whether the carrying value of recorded indefinite-lived acquired intangible assets is impaired on an annual basis or more frequently if indicators of potential impairment exist. The annual impairment test for the Dice.com trademarks and brand name is performed on October 1 of each year. The impairment review process compares the fair value of the indefinite-lived acquired intangible assets to its carrying value. If the carrying value exceeds the fair value, an impairment loss is recorded. As of March 31, 2023 and December 31, 2022, the Company had an indefinite-lived acquired intangible asset of $23.8 million related to the Dice trademarks and brand name. No impairment was recorded during the three month periods ended March 31, 2023 and 2022. The projections utilized in the October 1, 2022 analysis included increasing revenues at rates approximating industry growth projections. The Company’s ability to achieve these revenue projections may be impacted by, among other things, general market conditions, competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market and the Company’s ability to attribute value delivered to customers. The October 1, 2022 analysis included operating margins during the year ending December 31, 2022 that approximate operating margins for the year ended December 31, 2021 and then increasing modestly. If future cash flows that are attributable to the Dice trademarks and brand name are not achieved, the Company could realize an impairment in a future period. The Company's operating results attributable to the Dice trademarks and brand name through March 31, 2023 and projections of future results approximate those included in the projections utilized in the October 1, 2022 analysis. In the October 1, 2022 analysis, the Company utilized a relief from royalty rate method to value the Dice trademarks and brand name using a royalty rate of 4.0% based on comparable industry licensing agreements and the profitability attributable to the Dice trademarks and brand name and a discount rate of 12.0%. The determination of whether or not indefinite-lived acquired intangible assets have become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the indefinite-lived acquired intangible assets. Fair values are determined using a profit allocation methodology which estimates the value of the trademarks and brand name by capitalizing the profits saved because the company owns the asset. We consider factors such as historical performance, anticipated market conditions, operating expense trends and capital expenditure requirements. Changes in our strategy and/or changes in market conditions could significantly impact these judgments and require adjustments to recorded amounts of intangible assets. If projections are not achieved, the Company could realize an impairment in the foreseeable future.
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GOODWILL (Notes) |
3 Months Ended |
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Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | . GOODWILL Goodwill as of March 31, 2023 and December 31, 2022, which was allocated to the Tech-focused reporting unit, was $128.1 million. The annual impairment test for the Tech-focused reporting unit is performed on October 1 of each year. The results of the impairment test indicated that the fair value of the Tech-focused reporting unit was substantially in excess of the carrying value as of October 1, 2022. Results for the Tech-focused reporting unit for the first quarter of 2023 and estimated future results as of March 31, 2023 approximate the projections used in the October 1, 2022 analysis. As a result, the Company believes it is not more likely than not that the fair value of the reporting unit is less than the carrying value as of March 31, 2023. Therefore, no quantitative impairment test was performed as of March 31, 2023. There were no changes to goodwill and no impairments were recorded during the three months ended March 31, 2023 and 2022. The projections utilized in the October 1, 2022 analysis included increasing revenues at rates approximating industry growth projections. The Company’s ability to achieve these revenue projections may be impacted by, among other things, general market conditions, competition in the technology recruiting market, challenges in developing and introducing new products and product enhancements to the market and the Company’s ability to attribute value delivered to customers. The October 1, 2022 analysis included operating margins during the year ending December 31, 2022 that approximate operating margins for the year ended December 31, 2021 and then increasing modestly. If future cash flows that are attributable to the Tech-focused reporting unit are not achieved, the Company could realize an impairment in a future period. The discount rate applied for the Tech-focused reporting unit in the October 1, 2022 analysis was 11.0%. An increase to the discount rate applied or reductions to future projected operating results could result in future impairment of the Tech-focused reporting unit’s goodwill. It is reasonably possible that changes in judgments, assumptions and estimates the Company made in assessing the fair value of goodwill could cause the Company to consider some portion or all of the goodwill of the Tech-focused reporting unit to become impaired. In addition, a future decline in the overall market conditions and/or changes in the Company’s market share could negatively impact the estimated future cash flows and discount rates used to determine the fair value of the reporting unit and could result in an impairment charge in the foreseeable future.
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INDEBTEDNESS |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | INDEBTEDNESS Credit Agreement—In June 2022, the Company, together with Dice Inc. (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiary, Dice Career Solutions, Inc. (collectively, the “Borrowers”), entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), which matures in June 2027 and replaces the Company's Old Credit Agreement (defined below). The Credit Agreement provides for a revolving loan facility of $100 million ($90 million under the Old Credit Agreement), with an expansion option of $50 million, bringing the total facility to $150 million, as permitted under the terms of the Credit Agreement. At the closing of the Credit Agreement, the Company borrowed $30 million to repay, in full, all outstanding indebtedness, including accrued interest, under the Old Credit Agreement. Unamortized debt issuance costs from the previous credit agreement of $0.2 million and debt issuance costs of $0.5 million related to the new agreement were recorded as other assets on the condensed consolidated balance sheets and are recorded to interest expense over the term of the Credit Agreement. Borrowings under the Credit Agreement denominated in U.S. dollars bear interest, payable at least quarterly, at the Company’s option, at the Secured Overnight Financing Rate ("SOFR") or a base rate plus a margin. Borrowings under the Credit Agreement denominated in pounds sterling, if any, bear interest at the Sterling Overnight Index Average ("SONIA") rate plus a margin. The margin ranges from 2.00% to 2.75% on SOFR and SONIA loans and 1.00% to 1.75% on base rate loans, determined by the Company’s most recent consolidated leverage ratio, plus an additional spread of 0.10%. The Company incurs a commitment fee ranging from 0.35% to 0.50% on any unused capacity under the revolving loan facility, determined by the Company’s most recent consolidated leverage ratio. There were no borrowings in pounds sterling as of March 31, 2023 and December 31, 2022. The facility may be prepaid at any time without penalty. The Credit Agreement contains various customary affirmative and negative covenants and also contains certain financial covenants, including a consolidated leverage ratio and a consolidated interest coverage ratio. Borrowings are allowed under the Credit Agreement to the extent the consolidated leverage ratio is equal to or less than 2.50 to 1.00, subject to the terms of the Credit Agreement. Negative covenants include restrictions on incurring certain liens; making certain payments, such as stock repurchases and dividend payments; making certain investments; making certain acquisitions; making certain dispositions; and incurring additional indebtedness. Restricted payments are allowed under the Credit Agreement to the extent the consolidated leverage ratio, calculated on a pro forma basis, is equal to or less than 2.00 to 1.00, plus an additional $7.5 million of restricted payments each fiscal year, as described in the Credit Agreement. The Credit Agreement also provides that the payment of obligations may be accelerated upon the occurrence of customary events of default, including, but not limited to, non-payment, change of control, or insolvency. As of March 31, 2023, the Company was in compliance with all of the financial covenants under the Credit Agreement. The obligations under the Credit Agreement are guaranteed by one of the Company’s wholly-owned subsidiaries and secured by substantially all of the assets of the Borrowers and the guarantors. Previous Credit Agreement - The Borrowers previously maintained a Second Amended and Restated Credit Agreement (the "Old Credit Agreement"), which was scheduled to mature in November 2023. The Old Credit Agreement, when entered into during November 2018, provided for a revolving loan facility of $90 million, with an expansion option of $50 million, bringing the total facility to $140 million, as permitted by the terms of the Old Credit Agreement. Borrowings under the Old Credit Agreement accrued interest, at the Company's option, at the London Inter-bank Offered Rate ("LIBOR") or a base rate plus a margin. The margin ranged from 1.75% to 2.50% on LIBOR loans and 0.75% to 1.50% on base rate loans, determined by the Company's most recent consolidated leverage ratio. The Company incurred a commitment fee ranging from 0.30% to 0.45% on any unused capacity under the revolving loan facility, determined by the Company’s most recent consolidated leverage ratio. The was no penalty for prepayment of the Old Credit Agreement. The amounts borrowed as of March 31, 2023 and December 31, 2022 are as follows (dollars in thousands):
There are no scheduled principal payments until maturity of the Credit Agreement in June 2027.
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . COMMITMENTS AND CONTINGENCIES Litigation The Company is subject to various claims from taxing authorities, lawsuits and other complaints arising in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are reasonably estimable. Although the outcome of these legal matters, except as described below and recorded in the condensed consolidated financial statements, cannot be determined, it is the opinion of management that the final resolution of these matters will not have a material effect on the Company’s financial condition, operations or liquidity. Tax Contingencies The Company operates in a number of tax jurisdictions and is routinely subject to examinations by various tax authorities with respect to income taxes and indirect taxes. The determination of the Company’s liability for taxes requires judgment and estimation. The Company has reserved for potential examination adjustments to our provision for income taxes and accrual of indirect taxes in amounts which the Company believes are reasonable.
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EQUITY TRANSACTIONS (Notes) |
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Stockholders' Equity Note Disclosure [Text Block] | EQUITY TRANSACTIONS Stock Repurchase Plans—The Company's Board of Directors ("Board") approved a stock repurchase program that permits the Company to repurchase its common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The number, price, structure, and timing of the repurchases, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under the agreements governing our indebtedness, and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not oblige us to acquire any particular amount of our common stock. The Board may suspend, modify, or terminate the repurchase program at any time without prior notice. The following table summarizes the stock repurchase plans approved by the Board:
As of March 31, 2023 the value of shares that may yet be purchased under the current plan was $8.2 million. Purchases of the Company's common stock pursuant to the stock repurchase plans were as follows:
(1) Average price paid per share and dollar value of shares repurchased include costs associated with the repurchases. There were 10,084 and 20,665 unsettled share repurchases as of March 31, 2023 and 2022, respectively. Stock Repurchases Pursuant to the 2022 Omnibus Equity Award Plan—Under the 2022 Omnibus Equity Award Plan, as further described in note 12 to the condensed consolidated financial statements, the Company repurchases its common stock withheld for income tax from the vesting of employee restricted stock or Performance-Based Restricted Stock Units (“PSUs”). The Company remits the value, which is based on the closing share price on the vesting date, of the common stock withheld to the appropriate tax authority on behalf of the employee and the related shares become treasury stock. Purchases of the Company’s common stock pursuant to the 2022 Omnibus Equity Award Plan were as follows:
No shares of the Company's common stock were purchased other than through the stock repurchase plans and the 2022 Omnibus Equity Award Plan, as described above.
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STOCK BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK BASED COMPENSATION | STOCK-BASED COMPENSATION On July 13, 2022, the stockholders of the Company approved the DHI Group, Inc. 2022 Omnibus Equity Award Plan, which had been previously approved by the Company's Board of Directors on May 13, 2022 (the "2022 Omnibus Equity Award Plan"). The 2022 Omnibus Equity Award Plan generally mirrors the terms of the Company's prior omnibus equity award plan, which expired in accordance with its terms on April 20, 2022 (the "2012 Omnibus Equity Award Plan"). On April 26, 2023, the stockholders of the Company approved the DHI Group, Inc. 2022 Omnibus Equity Award Plan, as Amended and Restated, which had been previously approved by the Company’s Board of Directors on March 16, 2023. The 2022 Omnibus Equity Award Plan was amended and restated to, among other things, increase the number of shares of common stock authorized for issuance as equity awards under the plan by 2.9 million shares. The Company has previously granted restricted stock and PSUs to certain employees and directors pursuant to the 2012 Omnibus Equity Award Plan and the 2022 Omnibus Equity Award Plan and will continue to grant restricted stock and PSUs to certain employees and directors pursuant to the 2022 Omnibus Equity Award Plan, as Amended and Restated. The Company also offers an Employee Stock Purchase Plan. The Company recorded total stock-based compensation expense of $2.9 million and $2.2 million during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, there was $20.8 million of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a weighted-average period of approximately 1.6 years. Restricted Stock—Restricted stock is granted to employees of the Company and its subsidiaries, and to non-employee members of the Company’s Board. These shares are part of the compensation plan for services provided by the employees or Board members. The closing price of the Company’s stock on the date of grant is used to determine the fair value of the grants. The expense related to restricted stock grants is recorded over the vesting period as described below. There was no cash flow impact resulting from the grants. Restricted stock vests in various increments on the anniversaries of each grant, subject to the recipient’s continued employment or service through each applicable vesting date. Vesting occurs over one year for Board members and over two to four years for employees. A summary of the status of restricted stock awards as of March 31, 2023 and 2022 and the changes during the periods then ended is presented below:
PSUs—PSUs are granted to employees of the Company and its subsidiaries. These shares are granted under compensation agreements that are for services provided by the employees. The fair value of the PSUs is measured at the grant date fair value of the award, which was determined based on an analysis of the probable performance outcomes. The performance period is over one year and is based on the achievement of bookings targets during the year of grant, as defined in the applicable award agreement. The earned shares will then vest over a three year period, one-third on each of the first, second, and third anniversaries of the grant date, or if later, the date the Compensation Committee certifies the performance results with respect to the performance period. There was no cash flow impact resulting from the grants. A summary of the status of PSUs as of March 31, 2023 and 2022 and the changes during the periods then ended is presented below:
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EARNINGS PER SHARE |
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Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed based on the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted-average number of shares of common stock outstanding plus common stock equivalents, where dilutive. The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts):
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INCOME TAXES (Notes) |
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Mar. 31, 2023 | |
Income Tax Contingency [Line Items] | |
Income Tax Disclosure [Text Block] | INCOME TAXESThe Company’s effective tax rate was 952% and (142)% for the three months ended March 31, 2023 and 2022, respectively. The effective tax rate differed from the U.S. statutory rate due to tax benefits of $0.5 million and $0.8 million from the vesting of share-based compensation awards during the three months ended March 31, 2023 and 2022, respectively. |
Revenue Recognition (Tables) |
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Schedule of Disaggregation of Revenue | The following table provides information about disaggregated revenue by brand and includes a reconciliation of the disaggregated revenue (in thousands):
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Schedule of Contract Balances | The following table provides information about opening and closing balances of receivables and contract liabilities from contracts with customers as required under Topic 606 (in thousands):
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Schedule of Expected Timing of Satisfaction for Performance Obligations | The following table includes estimated deferred revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands):
Credit Losses The Company is exposed to credit losses through the inability of its customers to make required payments on accounts receivable. The Company segments accounts receivable based on credit risk characteristics and estimates future losses for each segment based on historical trends and current market conditions, as applicable. Expected losses on accounts receivable are recorded as allowance for doubtful accounts in the condensed consolidated balance sheets and as an expense in the condensed consolidated statement of operations. The portion of accounts receivable that is reflected as deferred revenue in the condensed consolidated balance sheets is not considered at risk for credit losses. If the financial condition of DHI’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
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LEASES (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease cost were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
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Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount):
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Schedule of Maturities of Lease Liabilities | were as follows (in thousands):
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INDEBTEDNESS (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The amounts borrowed as of March 31, 2023 and December 31, 2022 are as follows (dollars in thousands):
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EQUITY TRANSACTIONS (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock [Table Text Block] | Stock Repurchase Plans—The Company's Board of Directors ("Board") approved a stock repurchase program that permits the Company to repurchase its common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The number, price, structure, and timing of the repurchases, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under the agreements governing our indebtedness, and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not oblige us to acquire any particular amount of our common stock. The Board may suspend, modify, or terminate the repurchase program at any time without prior notice. The following table summarizes the stock repurchase plans approved by the Board:
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Schedule of Repurchase Agreements [Table Text Block] | Purchases of the Company's common stock pursuant to the stock repurchase plans were as follows:
(1) Average price paid per share and dollar value of shares repurchased include costs associated with the repurchases.
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Cash Proceeds Received and Tax Benefit from Share-based Payment Awards | Purchases of the Company’s common stock pursuant to the 2022 Omnibus Equity Award Plan were as follows:
No shares of the Company's common stock were purchased other than through the stock repurchase plans and the 2022 Omnibus Equity Award Plan, as described above.
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STOCK BASED COMPENSATION (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | A summary of the status of restricted stock awards as of March 31, 2023 and 2022 and the changes during the periods then ended is presented below:
A summary of the status of PSUs as of March 31, 2023 and 2022 and the changes during the periods then ended is presented below:
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Weighted Average Remaining Contractual Life | Employee Stock Purchase Plan—On March 11, 2020 the Company's Board of Directors adopted an Employee Stock Purchase Plan ("ESPP"). The ESPP was approved by the Company's stockholders on April 21, 2020. The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock through payroll deductions during six-month offering periods. The purchase price per share of common stock is 85% of the lower of the closing stock price on the first or last trading day of each offering period. The offering periods are January 1 to June 30 and July 1 to December 31. The maximum number of shares of common stock available for purchase under the ESPP is 500,000, subject to adjustment as provided under the ESPP. Individual employee purchases are limited to $25,000 per calendar year, based on the fair market value of the shares on the purchase date. No shares were issued during the three months ended March 31, 2023 and 2022. |
EARNINGS PER SHARE (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a calculation of basic and diluted earnings per share and weighted-average shares outstanding (in thousands, except per share amounts):
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SIGNIFCANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2022 |
Dec. 31, 2019 |
Jan. 01, 2018 |
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Accounting Policies [Abstract] | ||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 300 | |||
Interest in Diluted Shares of Cost Method Investment | 4.10% | 4.90% | 7.60% | 10.00% |
Revenue Recognition - Disaggregated Revenue (Details) - Tech-Focused [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 38,620 | $ 34,334 |
Dice [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | 26,910 | 24,634 |
ClearanceJobs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregated revenue | $ 11,710 | $ 9,700 |
REVENUE RECOGNITION Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
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Revenue from Contract with Customer [Abstract] | |||
Accounts receivable, net of allowance for doubtful accounts of $758 and $647 | $ 24,980 | $ 20,494 | |
Deferred revenue | 58,079 | 50,121 | |
Deferred Revenue, Noncurrent | 765 | $ 743 | |
Amounts included in the contract liability at the beginning of the period | $ 22,987 | $ 20,940 |
LEASES (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use-assets | $ 6,088 | $ 6,581 |
Operating lease liability | $ 8,007 | $ 8,533 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term of contract (in years) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term of contract (in years) | 8 years |
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
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Leases [Abstract] | ||
Operating lease cost(1) | $ 603 | $ 509 |
Sublease income | (130) | (123) |
Total lease cost | 473 | 386 |
Cash paid for amounts included in measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 686 | $ 674 |
LEASES (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Leases [Abstract] | ||
Operating lease right-of-use-assets | $ 6,088 | $ 6,581 |
Operating Lease, Liability, Current, Before Allowance for Tenant Improvement | 2,079 | 2,231 |
Operating lease liabilities - current | 0 | 105 |
Operating lease liabilities - non-current (as reported) | 8,007 | 8,428 |
Total operating lease liabilities | $ 8,007 | $ 8,533 |
Weighted Average Remaining Lease Term (in years) | ||
Operating leases | 6 years | 5 years 9 months 18 days |
Weighted Average Discount Rate | ||
Operating leases | 4.40% | 4.40% |
Lessee, Operating Lease, Liability, Tenant Improvement Allowance | $ (2,079) | $ (2,126) |
LEASES (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Lease, After Adoption of 842 | ||
April 1, 2023 through December 31, 2023 | $ 1,765 | |
2024 | 2,316 | |
2025 | 2,421 | |
2026 | 1,476 | |
2027 | 578 | |
2028 and thereafter | 3,316 | |
Lessee, Operating Lease, Liability, Payments, Due | 11,872 | |
Less: imputed interest | 1,786 | |
Total | 8,007 | $ 8,533 |
Lessee, Operating Lease, Liability, Tenant Improvement Allowance | $ 2,079 | $ 2,126 |
ACQUIRED INTANGIBLE ASSETS, NET (Summary of Acquired Intangible Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, net | $ 23.8 | $ 23.8 |
Intangible Asset, discount rate | 12.00% | |
Intangible Asset, royalty rate | 4.00% | |
Intangible Asset, royalty rate | 4.00% | |
Intangible Asset, discount rate | 12.00% |
GOODWILL (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, discount rate | 11.00% | |
Goodwill [Line Items] | ||
Goodwill | $ 128,100 | $ 128,100 |
INDEBTEDNESS (Schedule of Credit Agreement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
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Debt Instrument [Line Items] | ||
Revolving credit facility | $ 46,000 | |
Accumulated amortization of deferred financing costs | 100 | |
Total borrowed | 46,000 | $ 30,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 54,000 | $ 70,000 |
Interest margin | 2.10% | 2.35% |
Actual interest rates | 6.90% | 6.67% |
Line of Credit Facility, Commitment Fee Percentage | 0.35% | 0.40% |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Gross | $ 700 | |
Debt instrument, additional spread | 0.10% |
EQUITY TRANSACTIONS - Cash Proceeds Received and Tax Benefit from Share-based Payment Awards (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average purchase price per share (in dollars per share) | $ 4.76 | $ 5.78 |
Restricted Stock And Performance-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares repurchased upon RSU/PSU vesting (in shares) | 898,890 | 773,048 |
Average purchase price per share (in dollars per share) | $ 5.89 | $ 5.44 |
Dollar value of shares repurchased upon restricted stock/PSU vesting (in thousands) | $ 5,295 | $ 4,202 |
STOCK BASED COMPENSATION Status of PSUs (Details) - Performance Stock Units - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Shares | ||
Non-vested at beginning of period (in shares) | 2,086,932 | 1,593,775 |
Granted (in shares) | 1,357,587 | 1,553,332 |
Forfeited (in shares) | 0 | (93,341) |
Vested (in shares) | (1,236,074) | (928,717) |
Non-vested at end of period (in shares) | 2,208,445 | 2,125,049 |
Weighted- Average Fair Value at Grant Date | ||
Non-vested at beginning of the period (in usd per share) | $ 3.48 | $ 2.62 |
Forfeited (in usd per share) | 0 | 2.40 |
Granted (in usd per share) | 5.62 | 3.77 |
Vested (in usd per share) | 3.51 | 2.61 |
Non-vested at end of period (in usd per share) | $ 4.77 | $ 3.48 |
2021 | ||
Shares | ||
Granted (in shares) | 853,332 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Income from continuing operations- basic and diluted | $ 460 | $ 1,301 |
Weighted average shares outstanding-basic | 43,886 | 44,702 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,354 | 2,468 |
Options to purchase shares | 2,638 | 1,307 |
Weighted average diluted shares outstanding | 45,240 | 47,170 |
Basic earnings (loss) per share (in dollars per share) | $ 0.01 | $ 0.03 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.01 | $ 0.03 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
INCOME TAXES [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 952.00% | (142.00%) |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 500 | $ 800 |
Deferred income taxes | $ (848) | $ (1,823) |
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