Q3 2024 AudioEye Inc Earnings Call Transcript
Key Points
- AudioEye Inc (AEYE) achieved the high end of its revenue guidance and exceeded Adjusted EBITDA guidance for the third quarter.
- The company reported a 21% annualized growth rate in sequential revenues, with third-quarter revenue growing 14% year over year.
- AudioEye Inc (AEYE) generated a record $1.6 million in adjusted free cash flow, a significant improvement from the previous year.
- The company expanded partnerships with Finalsite and CivicPlus, aiming to penetrate their entire customer bases over the next three years.
- AudioEye Inc (AEYE) completed the acquisition of ADA Site Compliance, which is expected to be immediately accretive and offers a strong financial profile with 70% recurring revenue.
- Despite improvements, AudioEye Inc (AEYE) reported a net loss of $1.2 million for the third quarter.
- Operating expenses increased by approximately 9% due to higher nonrecurring and business combination expenses.
- The company faces challenges in converting leads into deals, particularly with upcoming accessibility mandates in Europe.
- There are concerns about the scalability of operations if customer adoption from partnerships accelerates rapidly.
- AudioEye Inc (AEYE) is still integrating ADA Site Compliance, which may present short-term operational challenges.
Good afternoon and welcome to Audio Eye third quarter, 2024 earnings conference call to joining us for today's call are audio CEO, Mr. David Moradi and CFO, Ms. Kelly Georgevich.
(Operator Instructions)
Before I turn the call over to Audio Eye's Chief Executive Officer, the company would like to remind all participants that statements made by audio I management during the course of this conference call that are not historical facts are considered to be forward-looking statements. The private Securities Litigation Reform Act of 1,995 provides a safe harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, confident and will and other similar statements of expectation, identify forward-looking statements. These statements are predictions, projections or other statements about future events and are based on current expectations and assumptions that are subject to risk and uncertainties. Actual results could materially differ because of factors discussed in today's press release in the comments made during this conference call and in the risk factor
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