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New Work (NWO) investor relations material
New Work Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary6 Aug, 2024
Executive summary
Q2 2024 marked the last analyst call before delisting, following Oda's offer and majority stake acquisition exceeding 77%.
Revenue declined 12% year-over-year to €133.7 million in H1 2024, mainly due to lower B2C and HR Solutions revenues and a weak labor market.
Restructuring and cost management improved margins and led to a 400-person workforce reduction, with focus on XING and kununu brands.
CFO Ingo Chu announced he will not extend his contract, leaving after mid-2025.
XING's repositioning as a jobs network and kununu's market leadership contributed to strategic progress.
Financial highlights
Q2 2024 revenues were €65.5M, down 14% year over year, with declines across all segments.
Pro forma EBITDA was €17M (27% margin) in Q2; H1 2024 pro forma EBITDA was €26.5M, down from €40.8M year over year.
Net loss for H1 2024 was €-7.8M; pro forma net profit was €10.5M.
Operating cash flow was slightly negative at -€1.1M in Q2, mainly due to severance payments; H1 cash flow from operations was €6.4M.
Regular dividend payout of €5.6M; total free cash flow including dividends was -€11.1M.
Outlook and guidance
Full-year pro forma EBITDA guidance of €55M–€65M confirmed.
Sales target of €270M–€280M remains valid.
Revenue and earnings targets for H1 2024 are in line with full-year guidance, except for B2B Marketing Solutions.
Management remains cautious for 2025 due to ongoing macroeconomic uncertainty but expects growth in select segments like Kununu.
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Frequently asked questions
New Work SE is a German company specializing in digital platforms and services that support professional networking, recruitment, and career development. The company operates platforms such as XING, a popular professional networking site in German-speaking countries, which connects professionals and offers tools for job searching, employer branding, and talent acquisition. New Work SE also provides services for freelancers, businesses, and recruitment agencies, aimed at enhancing workplace efficiency and professional networking opportunities. The company is headquartered in Hamburg, Germany, and its shares are listed on the XETRA.
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