Q2 2024 illumin Holdings Inc Earnings Call Transcript
Key Points
- Illumin Holdings Inc (ILLMF) reported a 61% increase in illumin self-service revenue compared to Q2 2023, indicating strong growth in this segment.
- The company successfully onboarded 33 net new illumin self-service clients, reflecting effective sales initiatives and a refined go-to-market strategy.
- Total operating expenses decreased by 14% year over year, demonstrating effective cost management and operational discipline.
- Adjusted EBITDA improved by 11% compared to the same period in 2023, highlighting increased operational efficiency.
- The company has made strategic hires, including a new Chief Revenue Officer and Senior Vice President of Marketing, to drive long-term revenue growth and improve profitability.
- Total revenue for the second quarter was $29.2 million, down from $33.2 million in Q2 2023, primarily due to a decline in managed service revenue and programmatic revenue in Latin America.
- Gross profit decreased to $14.0 million from $15.9 million in Q2 2023, reflecting lower sales in the quarter.
- The company reported a net loss of $1 million for the second quarter, although this was an improvement from a $5.6 million loss in the same period last year.
- Cash and cash equivalents decreased to $51.6 million from $55.5 million at the end of 2023, partly due to share repurchases and investments.
- Managed services revenue continued to decline, particularly in Latin America, impacting overall revenue performance.
Good morning, everyone. Before we begin the official remarks, I will read the cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements within the meaning of applicable security laws, including among others, statements concerning the company's objectives, the company's strategy to achieve those objectives as well as statements with respect to management's beliefs, plans, estimates, and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.
Such forward-looking statements reflect management's current beliefs and are based on information currently available to management and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Please refer to the cautionary statement and risk factors identified in our filings with SEDAR for a more detailed explanation of the inherent risks and uncertainties that could
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