Q2 2024 Pivotree Inc Earnings Call Transcript
Key Points
- Pivotree Inc (TSXV:PVT) delivered its seventh consecutive quarter of positive adjusted EBITDA.
- Revenue from Managed & IP Solutions (MIPS) increased by 56% year-over-year, with bookings up 19% on a rolling four-quarter basis.
- The company achieved a record $10.1 million in total managed service bookings, driven by large multiyear renewals.
- The migration of customers to the cloud from data centers is expected to improve profitability and operational efficiency.
- The average deal size has increased by nearly 50% year-over-year, indicating larger customer commitments.
- Total revenue for Q2 was $20.3 million, representing an 11% decline year-over-year.
- Legacy managed services revenue declined by 32% year-over-year, reflecting a continuing downward trend.
- Professional Services (PS) revenue decreased by 8% year-over-year, with bookings also down sequentially.
- The company faces challenges with deal closures being pushed into future quarters, affecting revenue realization.
- Pivotree Inc (TSXV:PVT) has paused its M&A activities due to current stock price levels and market conditions.
Good morning, and welcome to Pivotree Inc.'s second-quarter 2024 earnings call. (Operator Instructions) Before we begin, Pivotree would like to remind listeners that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the company's current views with respect to future events.
Any such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on the risks, uncertainties, and assumptions related to forward-looking statements, please refer to Pivotree's public filings, which are available on SEDAR.
During the call, we will reference certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they're not recognized measures who do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS financial
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