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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.
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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