DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the
“Company”), a leading provider of innovative healthcare
services and solutions to federal agencies, today announced
financial results for its fiscal fourth quarter ended
September 30, 2022.
Highlights
- Fourth quarter revenue increased to
$67.2 million in fiscal 2022 from $65.2 million in fiscal 2021,
reflecting growth of 3% year-over-year
- For the full fiscal year, revenue
rose to $395.2 million from $246.1 million, reflecting the
previously announced short term FEMA contracts to support Alaska,
which contributed $125.8 million to revenue in the fiscal year
- Excluding these short-term
contracts, revenue grew to $269.4 million, an increase of 10% over
the prior year, reflecting volume growth on existing contracts
- Earnings were $3.4 million, or
$0.24 per diluted share, for the fiscal 2022 fourth quarter versus
$2.9 million, or $0.21 per diluted share, for the fourth quarter of
fiscal 2021
- Earnings for the full year were
$23.3 million, or $1.64 per diluted share for fiscal 2022 as
compared to earnings for fiscal 2021 of $10.1 million, or $0.75 per
diluted share.
- Excluding the FEMA contracts,
earnings on a non-GAAP basis for the full fiscal year were $14.1
million, or $0.99 per diluted share, versus $10.0 million, or $0.74
per diluted share, for fiscal 2021
- The Company's secured term loan was
reduced from $46.8 million to $22.0 million during the fiscal
year
- Contract backlog was $482.5 million
as of September 30, 2022 versus $651.5 million at the end of
the prior fiscal year, with approximately $85 million of the latter
related to the FEMA contracts
Management Discussion“Fiscal
2022 was a year that, once again, demonstrated the strength of our
people, the ability of our platform to deliver excellent results
and the agility of the Company's advanced technological
capabilities, driving us to record performance and positioning us
well for the quarters to come," said DLH President and Chief
Executive Officer Zach Parker. "We begin fiscal 2023 with a healthy
backlog of $482.5 million representing our diverse programs across
numerous agencies in the markets we serve. In addition, we further
paid down debt, leaving the Company with a solid balance sheet and
the financial flexibility to fund business growth initiatives and
invest in our people. As we look towards the future, I’d like to
thank our employees for a standout year as you continue to support
critical efforts and programs that support our nation. Given the
longstanding demand for our services, broad bipartisan support in
Congress, and our innovative, data-driven solutions, we remain
optimistic about the quarters to come.”
Results for the Three Months Ended
September 30, 2022Revenue for the fourth quarter of
fiscal 2022 was $67.2 million versus $65.2 million in the
prior-year period. The 3% increase year-over-year reflects
continued growth across the Company's existing contracts.
Income from operations was $4.7 million for the
quarter versus $4.0 million in the prior-year period and, as a
percent of revenue, the Company reported an operating margin of
7.0% in fiscal 2022 fourth quarter versus 6.2% in same period in
fiscal 2021. Income from operations increased due to higher revenue
and improved program mix, offset by investments in the human
capital and business development functions and increased compliance
costs.
Interest expense was $0.5 million in the fiscal
fourth quarter of 2022 versus $0.8 million in the prior-year
period, reflecting the decrease of debt outstanding. Income before
provision for income taxes was $4.2 million this year versus $3.2
million in fiscal 2021, representing 6.3% and 5.0% of revenue,
respectively, for each period.
For the three months ended September 30,
2022 and 2021, respectively, DLH recorded a $0.8 million and $0.3
million provision for income taxes. The Company reported net income
of approximately $3.4 million, or $0.24 per diluted share, for the
fourth quarter of fiscal 2022 versus $2.9 million, or $0.21 per
diluted share, for the fourth quarter of fiscal 2021. As a percent
of revenue, net income was 5.1% for the fourth quarter of fiscal
2022 versus 4.4% for the prior year period.
On a non-GAAP basis, EBITDA for the three months
ended September 30, 2022 was approximately $6.6 million versus
$6.0 million in the prior-year period, or 9.8% and 9.3% of revenue,
respectively.
Key Financial IndicatorsFor the
2022 fiscal year, DLH produced $1.2 million in operating cash,
reflecting the impact of the $22.3 million deferred revenue on the
previously-completed FEMA contracts, for which there were advance
payments in the fourth quarter of fiscal 2021. The overall increase
in accounts receivable versus the prior-year period reflects normal
fluctuations in the timing of customer payments and growth in the
overall business volume.
As of September 30, 2022, the Company had
cash of $0.2 million and debt outstanding under its credit
facilities of $22.0 million versus cash of $24.1 million and debt
outstanding of $46.8 million as of September 30, 2021.
At September 30, 2022, total backlog was approximately
$482.5 million, including funded backlog of approximately $98.9
million, and unfunded backlog of $383.5 million.
Conference Call and Webcast
DetailsDLH management will discuss fourth quarter results
and provide a general business update, including current
competitive conditions and strategies, during a conference call
beginning at 10:00 AM Eastern Time today, December 5, 2022.
Interested parties may listen to the conference call by dialing
888-347-5290 or 412-317-5256. Presentation materials will also be
posted on the Investor Relations section of the DLH website prior
to the commencement of the conference call.
A digital recording of the conference call will be available for
replay two hours after the completion of the call and can be
accessed on the DLH Investor Relations website or by dialing
877-344-7529 and entering the conference ID 3802471.
About DLH
DLH (NASDAQ:DLHC) delivers improved health and
readiness solutions for federal programs through research,
development, and innovative care processes. The Company’s experts
in public health, performance evaluation, and health operations
solve the complex problems faced by civilian and military customers
alike, leveraging digital transformation, artificial intelligence,
advanced analytics, cloud-based applications, telehealth systems,
and more. With over 2,400 employees dedicated to the idea that
“Your Mission is Our Passion,” DLH brings a unique combination of
government sector experience, proven methodology, and unwavering
commitment to public health to improve the lives of millions. For
more information, visit www.DLHcorp.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:This press
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to future events or DLH`s future financial
performance. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances or
that are not statements of historical fact (including without
limitation statements to the effect that the Company or its
management “believes”, “expects”, “anticipates”, “plans”, “intends”
and similar expressions) should be considered forward looking
statements that involve risks and uncertainties which could cause
actual events or DLH’s actual results to differ materially from
those indicated by the forward-looking statements. Forward-looking
statements in this release include, among others, statements
regarding estimates of future revenues, operating income, earnings
and cash flow. These statements reflect our belief and assumptions
as to future events that may not prove to be accurate. Our actual
results may differ materially from such forward-looking statements
made in this release due to a variety of factors, including: the
impact of the novel coronavirus (“COVID-19”), including the
measures to reduce its spread, and its impact on the economy and
demand for our services, are uncertain, cannot be predicted, and
may precipitate or exacerbate other risks and uncertainties; the
risk that we will not realize the anticipated benefits
of acquisitions; the challenges of managing larger and more
widespread operations; contract awards in connection with
re-competes for present business and/or competition for new
business; compliance with bank financial and other covenants;
changes in client budgetary priorities; government contract
procurement (such as bid and award protests, small business set
asides, loss of work due to organizational conflicts of interest,
etc.) and termination risks; the ability to successfully integrate
the operations of acquisitions; the impact of inflation and higher
interest rates; and other risks described in our SEC filings. For a
discussion of such risks and uncertainties which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the Company’s periodic reports
filed with the SEC, including our Annual Report on Form 10-K for
the fiscal year ended September 30, 2022, as well as subsequent
reports filed thereafter. The forward-looking statements contained
herein are not historical facts, but rather are based on current
expectations, estimates, assumptions and projections about our
industry and business.
Such forward-looking statements are made as of
the date hereof and may become outdated over time. The Company does
not assume any responsibility for updating forward-looking
statements, except as may be required by law.
CONTACTS:
INVESTOR RELATIONS |
Contact: Chris Witty |
Phone: 646-438-9385 |
Email: cwitty@darrowir.com |
TABLES TO FOLLOW
DLH HOLDINGS
CORP.CONSOLIDATED STATEMENTS OF
INCOME(Amounts in thousands except per share amounts)
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Revenue |
|
$ |
67,233 |
|
$ |
65,182 |
|
$ |
395,173 |
|
$ |
246,094 |
Cost
of Operations: |
|
|
|
|
|
|
|
|
Contract costs |
|
|
51,701 |
|
|
51,522 |
|
|
322,886 |
|
|
194,614 |
General and administrative costs |
|
|
8,551 |
|
|
6,532 |
|
|
30,730 |
|
|
25,054 |
Corporate development costs |
|
|
364 |
|
|
1,088 |
|
|
614 |
|
|
1,088 |
Depreciation and amortization |
|
|
1,926 |
|
|
2,010 |
|
|
7,665 |
|
|
8,115 |
Total operating costs |
|
|
62,542 |
|
|
61,152 |
|
|
361,895 |
|
|
228,871 |
Income from operations |
|
|
4,691 |
|
|
4,030 |
|
|
33,278 |
|
|
17,223 |
Interest expense |
|
|
477 |
|
|
808 |
|
|
2,215 |
|
|
3,784 |
Income before provision for income taxes |
|
|
4,214 |
|
|
3,222 |
|
|
31,063 |
|
|
13,439 |
Provision for income taxes |
|
|
772 |
|
|
339 |
|
|
7,775 |
|
|
3,294 |
Net income |
|
$ |
3,442 |
|
$ |
2,883 |
|
$ |
23,288 |
|
$ |
10,145 |
|
|
|
|
|
|
|
|
|
Net
income per share - basic |
|
$ |
0.27 |
|
$ |
0.23 |
|
$ |
1.82 |
|
$ |
0.81 |
Net
income per share - diluted |
|
$ |
0.24 |
|
$ |
0.21 |
|
$ |
1.64 |
|
$ |
0.75 |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
12,980 |
|
|
12,607 |
|
|
12,830 |
|
|
12,549 |
Diluted |
|
|
14,307 |
|
|
13,654 |
|
|
14,179 |
|
|
13,597 |
DLH HOLDINGS
CORP.CONSOLIDATED BALANCE SHEETS(Amounts
in thousands except par value of shares)
|
|
September 30,2022 |
|
September 30,2021 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
228 |
|
$ |
24,051 |
|
Accounts receivable |
|
|
40,496 |
|
|
33,447 |
|
Other current assets |
|
|
2,878 |
|
|
4,265 |
|
Total current assets |
|
|
43,602 |
|
|
61,763 |
|
Equipment and improvements,
net |
|
|
1,704 |
|
|
1,912 |
|
Operating lease right-of-use
assets |
|
|
16,851 |
|
|
19,919 |
|
Goodwill |
|
|
65,643 |
|
|
65,643 |
|
Intangible assets, net |
|
|
40,884 |
|
|
47,469 |
|
Other long-term assets |
|
|
328 |
|
|
464 |
|
Total
assets |
|
$ |
169,012 |
|
$ |
197,170 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Operating lease liabilities - current |
|
$ |
2,235 |
|
$ |
2,261 |
|
Accrued payroll |
|
|
9,444 |
|
|
9,125 |
|
Deferred revenue |
|
|
— |
|
|
22,273 |
|
Accounts payable and accrued liabilities |
|
|
26,862 |
|
|
32,717 |
|
Total current liabilities |
|
|
38,541 |
|
|
66,376 |
|
Long-term liabilities: |
|
|
|
|
Deferred taxes, net |
|
|
1,534 |
|
|
1,176 |
|
Operating lease liabilities - long-term |
|
|
16,461 |
|
|
19,374 |
|
Debt obligations - long-term, net of deferred financing costs |
|
|
20,416 |
|
|
44,636 |
|
Total long-term
liabilities |
|
|
38,411 |
|
|
65,186 |
|
Total liabilities |
|
|
76,952 |
|
|
131,562 |
|
Shareholders' equity: |
|
|
|
|
Common stock, $0.001 par
value; authorized 40,000 shares; issued and outstanding 13,047 and
12,714 at September 30, 2022 and September 30, 2021,
respectively |
|
|
13 |
|
|
13 |
|
Additional paid-in capital |
|
|
91,057 |
|
|
87,893 |
|
Retained earnings (accumulated deficit) |
|
|
990 |
|
|
(22,298 |
) |
Total shareholders’
equity |
|
|
92,060 |
|
|
65,608 |
|
Total liabilities and
shareholders' equity |
|
$ |
169,012 |
|
$ |
197,170 |
|
DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in
thousands)
|
|
Twelve Months Ended |
|
|
September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
Operating
activities |
|
|
|
|
Net income |
|
$ |
23,288 |
|
|
$ |
10,145 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
7,665 |
|
|
|
8,115 |
|
Amortization of deferred financing costs charged to interest
expense |
|
|
664 |
|
|
|
792 |
|
Stock-based compensation expense |
|
|
2,608 |
|
|
|
1,660 |
|
Deferred taxes, net |
|
|
358 |
|
|
|
1,213 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
(7,049 |
) |
|
|
(906 |
) |
Other current assets |
|
|
1,387 |
|
|
|
(766 |
) |
Accrued payroll |
|
|
319 |
|
|
|
(1,486 |
) |
Deferred revenue |
|
|
(22,273 |
) |
|
|
22,273 |
|
Accounts payable and accrued liabilities |
|
|
(5,855 |
) |
|
|
4,139 |
|
Other long-term assets and liabilities |
|
|
131 |
|
|
|
486 |
|
Net cash provided by operating activities |
|
|
1,243 |
|
|
|
45,665 |
|
Investing
activities |
|
|
|
|
Business acquisition adjustment |
|
|
— |
|
|
|
59 |
|
Purchase of equipment and improvements |
|
|
(872 |
) |
|
|
(103 |
) |
Net cash used in investing activities |
|
|
(872 |
) |
|
|
(44 |
) |
Financing
activities |
|
|
|
|
Proceeds from debt obligations |
|
|
17,000 |
|
|
|
30,950 |
|
Repayments of debt obligations |
|
|
(41,750 |
) |
|
|
(54,200 |
) |
Payments of deferred financing costs |
|
|
— |
|
|
|
(43 |
) |
Proceeds from issuance of common stock upon exercise of options and
warrants |
|
|
837 |
|
|
|
366 |
|
Payment of tax obligations resulting from net exercise of stock
options |
|
|
(281 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(24,194 |
) |
|
|
(22,927 |
) |
|
|
|
|
|
Net change in cash |
|
|
(23,823 |
) |
|
|
22,694 |
|
Cash - beginning of
period |
|
|
24,051 |
|
|
|
1,357 |
|
Cash - end of
period |
|
$ |
228 |
|
|
$ |
24,051 |
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
Cash paid during the period for interest |
|
$ |
1,528 |
|
|
$ |
2,941 |
|
Cash paid during the period for income taxes |
|
$ |
9,282 |
|
|
$ |
936 |
|
|
|
|
|
|
Supplemental
disclosure of non-cash activity |
|
|
|
|
Common stock surrendered for the exercise of stock options |
|
$ |
256 |
|
|
$ |
— |
|
Cancellation of common stock |
|
$ |
— |
|
|
$ |
68 |
|
Revenue Metrics
|
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
Market
Mix: |
|
|
|
|
Human Services and
Solutions |
|
42 |
% |
|
15 |
% |
Defense and Veteran Health
Solutions |
|
40 |
% |
|
57 |
% |
Public Health/Life
Sciences |
|
18 |
% |
|
28 |
% |
|
|
|
|
|
Contract
Mix: |
|
|
|
|
Time and Materials |
|
78 |
% |
|
75 |
% |
Cost Reimbursable |
|
12 |
% |
|
20 |
% |
Firm Fixed Price |
|
10 |
% |
|
5 |
% |
|
|
|
|
|
Prime vs
Sub: |
|
|
|
|
Prime |
|
93 |
% |
|
87 |
% |
Subcontractor |
|
7 |
% |
|
13 |
% |
Non-GAAP Financial MeasuresThe
Company uses EBITDA and EBITDA as a percent of revenue as
supplemental non-GAAP measures of performance. We define EBITDA as
net income excluding (i) interest expense, (ii) provision for or
benefit from income taxes and (iii) depreciation and amortization.
EBITDA as a percent of revenue is EBITDA for the measurement period
divided by revenue for the same period.
The Company is presenting additional non-GAAP
measures to describe the impact from two short-term FEMA task
orders on its financial performance for the three and twelve months
periods ended September 30, 2022. The measures presented are
revenue, operating income, net income, diluted earnings per share,
and EBITDA for our enterprise contract portfolio less the
respective performance on the FEMA task orders. These resulting
measures present the remaining contract portfolio's quarterly
financial performance compared to results delivered in the prior
year period. Definitions of these additional non-GAAP measures are
set forth in the footnotes to the reconciliation table below.
These non-GAAP measures of performance are used
by management to conduct and evaluate its business during its
review of operating results for the periods presented. Management
and the Company's Board utilize these non-GAAP measures to make
decisions about the use of the Company's resources, analyze
performance between periods, develop internal projections and
measure management performance. We believe that these non-GAAP
measures are useful to investors in evaluating the Company's
ongoing operating and financial results and understanding how such
results compare with the Company's historical performance.
GAAP net income to EBITDA, a non-GAAP measure (in
thousands):
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
2022 |
|
|
|
2021 |
|
|
Change |
Net income |
|
$ |
3,442 |
|
|
$ |
2,883 |
|
|
$ |
559 |
|
|
$ |
23,288 |
|
|
$ |
10,145 |
|
|
$ |
13,143 |
|
(i) Interest expense |
|
|
477 |
|
|
|
808 |
|
|
|
(331 |
) |
|
|
2,215 |
|
|
|
3,784 |
|
|
|
(1,569 |
) |
(ii) Provision for income
taxes |
|
|
772 |
|
|
|
339 |
|
|
|
433 |
|
|
|
7,775 |
|
|
|
3,294 |
|
|
|
4,481 |
|
(iii) Depreciation and
amortization |
|
|
1,926 |
|
|
|
2,010 |
|
|
|
(84 |
) |
|
|
7,665 |
|
|
|
8,115 |
|
|
|
(450 |
) |
EBITDA |
|
$ |
6,617 |
|
|
$ |
6,040 |
|
|
$ |
577 |
|
|
$ |
40,943 |
|
|
$ |
25,338 |
|
|
$ |
15,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as a % of
revenue |
|
|
5.1 |
% |
|
|
4.4 |
% |
|
|
0.7 |
% |
|
|
5.9 |
% |
|
|
4.1 |
% |
|
|
1.8 |
% |
EBITDA as a % of revenue |
|
|
9.8 |
% |
|
|
9.3 |
% |
|
|
0.5 |
% |
|
|
10.4 |
% |
|
|
10.3 |
% |
|
|
0.1 |
% |
Revenue |
|
$ |
67,233 |
|
|
$ |
65,182 |
|
|
$ |
2,051 |
|
|
$ |
395,173 |
|
|
$ |
246,094 |
|
|
$ |
149,079 |
|
GAAP revenue, operating income, net income, diluted
earnings per share, and non-GAAP EBITDA reported for the year ended
September 30, 2022 to the same metrics for our contract portfolio
less the FEMA task orders (in thousands):
|
|
Twelve Months Ended |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
Change |
Revenue
(a) |
|
|
|
|
|
|
Total enterprise |
|
$ |
395,173 |
|
$ |
246,094 |
|
$ |
149,079 |
Less: FEMA task orders to
support Alaska |
|
|
125,773 |
|
|
1,727 |
|
|
124,046 |
Remaining contract
portfolio |
|
$ |
269,400 |
|
$ |
244,367 |
|
$ |
25,033 |
|
|
|
|
|
|
|
Operating
income (b) |
|
|
|
|
|
|
Total enterprise |
|
$ |
33,278 |
|
$ |
17,223 |
|
$ |
16,055 |
Less: FEMA task orders to
support Alaska |
|
|
12,479 |
|
|
117 |
|
|
12,362 |
Remaining contract
portfolio |
|
$ |
20,799 |
|
$ |
17,106 |
|
$ |
3,693 |
|
|
|
|
|
|
|
Net income
(c) |
|
|
|
|
|
|
Total enterprise |
|
$ |
23,288 |
|
$ |
10,145 |
|
$ |
13,143 |
Less: FEMA task orders to
support Alaska |
|
|
9,235 |
|
|
117 |
|
|
9,118 |
Remaining contract
portfolio |
|
$ |
14,053 |
|
$ |
10,028 |
|
$ |
4,025 |
|
|
|
|
|
|
|
Diluted earnings per
share (d) |
|
|
|
|
|
|
Total enterprise |
|
$ |
1.64 |
|
$ |
0.75 |
|
$ |
0.89 |
Less: FEMA task orders to
support Alaska |
|
|
0.65 |
|
|
0.01 |
|
|
0.64 |
Remaining contract
portfolio |
|
$ |
0.99 |
|
$ |
0.74 |
|
$ |
0.25 |
|
|
|
|
|
|
|
EBITDA
(e) |
|
|
|
|
|
|
Total enterprise |
|
$ |
40,943 |
|
$ |
25,338 |
|
$ |
15,605 |
Less: FEMA task orders to
support Alaska |
|
|
12,479 |
|
|
117 |
|
|
12,362 |
Remaining contract
portfolio |
|
$ |
28,464 |
|
$ |
25,221 |
|
$ |
3,243 |
(a): Revenue for the
Company’s remaining contract portfolio less the FEMA task orders
represents our consolidated revenues less the revenues generated
from the FEMA task orders.
(b): Operating income
attributable to the remaining contract portfolio less the FEMA task
orders represents the Company’s consolidated operating income,
determined in accordance with GAAP, less the operating income
derived from the FEMA task orders. Similarly, for the year ended
September 30, 2022 operating income for the FEMA task orders is
derived by subtracting from the revenue attributable to the tasks
orders of $125.8 million the following amounts associated with such
task orders: contract costs $112.1 million and general &
administrative costs of $1.2 million.
(c): Net income
attributable to the remaining contract portfolio less the FEMA task
orders represents the Company’s consolidated net income, determined
in accordance with GAAP, less the net income derived from the FEMA
task orders. For the year ended September 30, 2022 net income for
the FEMA task orders is derived by subtracting from the revenue
attributable to the tasks orders of $125.8 million the following
amounts associated with such task orders: contract costs of $112.1
million, general & administrative costs of $1.2 million, and
provision for income taxes of $3.2 million.
(d): Diluted earnings
per share (diluted EPS) for the FEMA task orders is calculated
using the net income attributable to such task orders as opposed to
GAAP net income. Diluted EPS for the remaining contract portfolio
(total contract portfolio excluding the FEMA task orders) is
calculated by subtracting the diluted EPS for the FEMA task orders
from the Company's total diluted EPS.
(e): EBITDA
attributable to the FEMA task orders of $12.5 million for the year
ended September 30, 2022, is arrived at through the same
calculation as operating income as there are not any depreciation
and amortization costs attributable to the FEMA task orders. EBITDA
for the remaining contract portfolio is calculated by subtracting
the EBITDA attributable to the FEMA task orders from the Company’s
total EBITDA.
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