Q2 2024 WM Technology Inc Earnings Call Transcript
Key Points
- WM Technology Inc (MAPS) reported strong financial results with revenues of $45.9 million and adjusted EBITDA of $10.1 million for Q2 2024.
- The company ended the quarter with a solid cash position of $41.3 million and remains debt-free.
- Operational improvements were noted each quarter, with a focus on building a strong balance sheet.
- Cost of revenues and sales and marketing expenses declined significantly, contributing to better-than-expected adjusted EBITDA.
- The company is exploring new initiatives for growth in 2025, indicating a proactive approach to future expansion.
- Net revenues declined by 5% compared to the same period last year, driven by lower client spending and the impact of sunsetting certain products.
- Average monthly paying clients decreased by 10% year-over-year, reflecting industry challenges and client churn.
- General and administrative expenses increased due to elevated legal and audit services, impacting overall profitability.
- Net income for the quarter decreased to $1.2 million from $2 million in the previous year.
- Q3 outlook anticipates a decrease in net revenues to approximately $44 million and adjusted EBITDA to approximately $7 million, indicating potential challenges ahead.
Good afternoon, everyone, and welcome to WM Technology, Inc.'s second-quarter 2024 earnings conference call.
I would now like to turn the call over to your host, [Simon Yao], Director of Investor Relations.
Hi, everyone. Thank you for joining our fiscal 2024 second-quarter results. We have our Executive Chair, Doug Francis; and our Interim CFO, Susan Echard, with us today. By now, everyone should have access to our earnings announcement and supporting slide deck on our Investor Relations website.
During this call, we will make forward-looking statements about our business outlook, strategies and long-term goals. Keep in mind that forward-looking statements are not guarantees of future performance and are subject to a variety of risks and uncertainties, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements. For a discussion of risks and other important factors that could affect our actual results, please
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