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Professional Diversity Network(IPDN) - 2024 Q3 - Quarterly Results
IPDNProfessional Diversity Network(IPDN)2024-11-14 17:09

Revenue Performance - For the three months ended September 30, 2024, total revenues decreased approximately 314,000,or15.6314,000, or 15.6%, to approximately 1,694,000 compared to approximately 2,008,000duringthesameperiodintheprioryear[8].−FortheninemonthsendedSeptember30,2024,totalrevenueswere2,008,000 during the same period in the prior year[8]. - For the nine months ended September 30, 2024, total revenues were 5,111,000, a decrease of 694,000,or12.0694,000, or 12.0%, compared to 5,805,000 in the prior year[17]. - RemoteMore experienced a revenue decline of approximately 31.6% for the nine months ended September 30, 2024, totaling 1,304,000comparedto1,304,000 compared to 1,907,000 in the prior year[3][17]. - The NAPW Network reported a revenue decrease of 15.7% for the nine months ended September 30, 2024, totaling 337,000comparedto337,000 compared to 400,000 in the prior year[4][17]. Expenses and Losses - The consolidated net loss from continuing operations for the three months ended September 30, 2024 decreased by approximately 898,000,or68898,000, or 68%, to approximately 422,000 compared to a net loss of approximately 1,320,000duringthesameperiodintheprioryear[5][14].−CostofrevenuesforthethreemonthsendedSeptember30,2024wasapproximately1,320,000 during the same period in the prior year[5][14]. - Cost of revenues for the three months ended September 30, 2024 was approximately 697,000, a decrease of approximately 226,000,or24.5226,000, or 24.5%, from approximately 923,000 during the same period of the prior year[12][19]. - General and administrative expenses decreased by approximately 622,000,or46.0622,000, or 46.0%, to approximately 731,000 for the three months ended September 30, 2024, compared to approximately 1,353,000intheprioryear[13].−Stock−basedcompensationforthethreemonthsendedSeptember30,2024,was1,353,000 in the prior year[13]. - Stock-based compensation for the three months ended September 30, 2024, was 28 thousand, down from 199thousandinthesameperiodof2023,areductionof86199 thousand in the same period of 2023, a reduction of 86%[24]. - Depreciation and amortization for the three months ended September 30, 2024, was 56 thousand, down from 149thousandinthesameperiodof2023,adeclineof62149 thousand in the same period of 2023, a decline of 62%[24]. Cash Flow and Equity - The company reduced net cash used in operating activities from continuing operations for the nine months ended September 30, 2024, to approximately 1.32 million, a reduction of approximately 1.09millioncomparedtothesameperiodintheprioryear[7].−Thetotalstockholders′equitydecreasedto1.09 million compared to the same period in the prior year[7]. - The total stockholders' equity decreased to 2,105,000 as of September 30, 2024, down from 3,048,000asofDecember31,2023[16].AdjustedMetrics−AdjustedEBITDAfortheninemonthsendedSeptember30,2024,was3,048,000 as of December 31, 2023[16]. Adjusted Metrics - Adjusted EBITDA for the nine months ended September 30, 2024, was (1,443) thousand, compared to (3,104)thousandforthesameperiodin2023,indicatinga53(3,104) thousand for the same period in 2023, indicating a 53% improvement[24]. - Loss attributable to noncontrolling interest for the nine months ended September 30, 2024, was 65 thousand, a decrease from 92thousandinthesameperiodof2023,reflectinga2992 thousand in the same period of 2023, reflecting a 29% improvement[24]. - Income tax benefit for the nine months ended September 30, 2024, was 6 thousand, compared to a tax expense of $(17) thousand in the same period of 2023, indicating a positive shift[24]. Company Strategy and Outlook - The company operates subsidiaries including the National Association of Professional Women (NAPW) and the International Association of Women (IAW), focusing on diverse professional networking and development[25]. - The company aims to be a leader in business diversity recruiting and professional development for underrepresented groups globally[25]. - Forward-looking statements indicate potential risks and uncertainties that may affect future performance, as detailed in the company's Annual Report on Form 10-K[26]. - Investor inquiries can be directed to the company via email or phone for further information[26].