352 material Form 8-K filings that 310 companies we cover made with the SEC in August 2024, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
WisdomTree announced a private offering of $300 million of convertible senior notes due 2029, subject to market conditions. Proceeds are intended in part to repurchase about $104 million of its 5.75% convertible notes due 2028 and to help fund a roughly $144 million cash repurchase of its Series A Preferred Stock from ETFS Capital Limited. The preferred repurchase depends on the offering closing and the 2028 note repurchases, so the outcome and final terms are not yet set.
Offering of $300 million convertible senior notes due 2029 to qualified institutional buyers, with an option for up to $45 million more; interest rate and conversion terms to be set at pricing
About $104 million of 5.75% convertible senior notes due 2028 targeted for repurchase; amounts depend on negotiations with holders
All 14,750 Series A Preferred shares, convertible into 14.75 million common shares, to be repurchased for approximately $144 million in cash, with the price based on the average stock price over four trading days
Related Investor Rights Agreement with ETFS Capital Limited to terminate at the repurchase closing
DXP Enterprises reported second quarter 2024 results on August 8, 2024. Sales rose 4.1% year over year to $445.6 million, but diluted EPS fell to $1.00 from $1.06 and net income declined to $16.7 million from $19.1 million. Adjusted EBITDA rose to $48.2 million from $45.3 million, and the company said it expects to close at least two more acquisitions in the second half of 2024.
Sales of $445.6 million, up 4.1% from $428.0 million a year earlier and up 8.0% from $412.6 million in the first quarter of 2024
Diluted EPS of $1.00 versus $1.06 a year earlier; adjusted diluted EPS of $1.02 versus $1.06
Adjusted EBITDA of $48.2 million, up from $45.3 million, with a 10.8% margin versus 10.6%
Free cash flow of $30.0 million for the six months ended June 30, 2024; four acquisitions completed through the second quarter
Victory Capital reported second-quarter 2024 revenue of $219.6 million, up 7.5% from a year earlier, and GAAP net income of $74.3 million, up 31.0%. The company also raised its quarterly dividend 11% to $0.41 per share, but total AUM fell to $168.7 billion on net outflows of $1.7 billion during the quarter.
Q2 2024 GAAP diluted EPS was $1.12, compared with $0.83 in Q2 2023; adjusted net income with tax benefit per diluted share was $1.31, compared with $1.11.
Revenue was $219.6 million, up 7.5% from $204.2 million, driven by higher average AUM.
Total AUM was $168.7 billion at June 30, 2024, down from $170.3 billion at March 31, 2024, on net outflows of $1.7 billion.
Quarterly dividend increased to $0.41 per share from $0.37, payable September 25, 2024 to holders of record on September 10, 2024.
BorgWarner agreed on August 7, 2024 to sell $500 million of 4.950% senior notes due 2029 and $500 million of 5.400% senior notes due 2034, for $1 billion in total principal. The company said it will use the proceeds to repurchase any and all of its 3.375% notes due March 15, 2025 and 5.000% notes due October 1, 2025 that are validly tendered in tender offers, with any remainder for general corporate purposes. The filing is a debt refinancing and does not report new financial results.
Two tranches: $500 million of 4.950% notes due August 15, 2029 and $500 million of 5.400% notes due August 15, 2034
Interest payable semi-annually on February 15 and August 15, beginning February 15, 2025
Proceeds to repurchase 3.375% notes due March 15, 2025 and 5.000% notes due October 1, 2025 via tender offers, plus tender fees and expenses
Notes are general unsecured obligations; the indenture is with The Bank of New York Mellon Trust Company, N.A.
Genpact's board named Nicholas Gangestad, chief financial officer at Rockwell Automation and former CFO of 3M, as a director effective August 12, 2024, and added him to the audit committee. The filing describes his compensation as a non-employee director, which includes cash retainers and restricted share units, so the change adds an experienced finance executive to the oversight of the company's financial reporting.
Board appointment effective August 12, 2024; also named to the audit committee.
Gangestad is currently CFO at Rockwell Automation and previously served as CFO at 3M.
Annual base cash retainer of $70,000, plus $22,500 for audit committee service.
Annual restricted share unit grant valued at $210,000, plus a standard director indemnification agreement.
Metallus reported second-quarter 2024 net sales of $294.7 million and net income of $4.6 million, or $0.10 per diluted share, down from $356.6 million and $28.9 million a year earlier. The company expects adjusted EBITDA to decline sequentially in the third quarter of 2024 on weaker market demand, which points to continued pressure on shareholder earnings.
Net sales were $294.7 million, down 17 percent from $356.6 million in the second quarter of 2023 and down 8 percent from $321.6 million in the first quarter of 2024.
Adjusted EBITDA was $19.9 million, compared with $50.5 million in the second quarter of 2023 and $43.4 million in the first quarter of 2024.
Third-quarter 2024 adjusted EBITDA is expected to decline sequentially, and third-quarter shipments are expected to be lower than the second quarter.
Planned 2024 capital expenditures were reduced to approximately $55 million, a $5 million reduction from previous guidance.
DXC Technology reported first-quarter fiscal 2025 results for the quarter ended June 30, 2024, with total revenue down 6% year-over-year to $3.24 billion and GAAP diluted EPS down 18% to $0.14. The company raised parts of its full-year fiscal 2025 outlook, including non-GAAP diluted EPS and free cash flow, which may matter to shareholders even as reported revenue and GAAP earnings declined.
Net income was $25 million, down 40% year-over-year; non-GAAP diluted EPS was $0.74, up 17%.
Operating cash flow was $238 million, up 87%; free cash flow was $45 million.
Full-year non-GAAP diluted EPS outlook is now $2.75 to $3.00, up from $2.50 to $3.00 at the low end.
Full-year free cash flow outlook was raised to approximately $450 million from approximately $400 million.
News Corp reported fiscal fourth-quarter revenue of $2.58 billion, up 6% from $2.43 billion a year earlier, and net income of $71 million, compared with a net loss of $32 million in the prior-year quarter. For the full fiscal year, revenue rose 2% to $10.09 billion and net income rose 89% to $354 million. The company also said it is assessing strategic and financial options for the Foxtel Group after third-party interest, with no assurance of a transaction.
Q4 revenue was $2.58 billion, up 6% from $2.43 billion, led by REA Group, Book Publishing and Dow Jones.
Q4 net income was $71 million versus a $32 million net loss a year earlier; EPS was $0.09 versus $(0.01).
Full-year net income was $354 million, up 89%; full-year revenue was $10.09 billion, up 2%.
The company is assessing strategic and financial options for Foxtel Group and declared a semi-annual dividend of $0.10 per share, payable October 9, 2024.
Take-Two reported fiscal first-quarter 2025 results for the period ended June 30, 2024. Net Bookings rose 1% to $1.22 billion and GAAP net revenue rose 4% to $1.34 billion, but the GAAP net loss widened to $262.0 million, or $1.52 per share, from $206.0 million, or $1.22 per share, a year earlier. The company reiterated its fiscal 2025 Net Bookings outlook of $5.55 to $5.65 billion and revised its GAAP outlook, which now projects a net loss of $(757) to $(690) million.
Net Bookings were $1.22 billion, up 1% from $1.20 billion a year earlier; the company said this was in line with guidance
GAAP net revenue rose 4% to $1.34 billion from $1.28 billion
GAAP net loss was $262.0 million, or $1.52 per share, versus $206.0 million, or $1.22 per share; business reorganization costs were $49.5 million
Fiscal 2025 Net Bookings outlook reiterated at $5.55 to $5.65 billion; GAAP net loss outlook is $(757) to $(690) million
AMN Healthcare reported second-quarter 2024 revenue of $741 million, down 25% from a year earlier, with GAAP diluted EPS of $0.42 compared with $1.55 in the second quarter of 2023. Its third-quarter outlook projects revenue of $660 million to $680 million, 20% to 23% below the prior year, which signals that the year-over-year decline is expected to continue.
Q2 2024 revenue was $741 million, down 25% year over year and 10% from the first quarter.
GAAP diluted EPS was $0.42 versus $1.55 a year earlier; adjusted diluted EPS was $0.98 versus $2.38.
Third-quarter 2024 revenue guidance is $660 million to $680 million, 20% to 23% lower than the prior year.
Operating cash flow was $100 million in the quarter, and the company reduced debt by $80 million; total debt was $1.195 billion at June 30, 2024.
QuinStreet reported fiscal fourth-quarter revenue of $198.3 million, up 52% year-over-year, and a GAAP net loss of $2.2 million, or $0.04 per share, compared with a loss of $55.9 million a year earlier. The company also gave initial fiscal 2025 guidance of $800 million to $850 million in revenue and $50 million to $60 million in adjusted EBITDA, which shareholders will watch against future results.
Q4 revenue was $198.3 million, up 52% year-over-year; Auto Insurance revenue grew over 200%.
Q4 GAAP net loss was $2.2 million ($0.04 per diluted share); adjusted net income was $6.5 million ($0.11 per diluted share).
Full fiscal 2024 revenue was $613.5 million, up 6%, with a GAAP net loss of $31.3 million ($0.57 per share).
Guidance: September quarter revenue of $220 million to $230 million and adjusted EBITDA of $14 million to $16 million; fiscal 2025 revenue of $800 million to $850 million and adjusted EBITDA of $50 million to $60 million.
Permian Resources Operating, LLC, a subsidiary of Permian Resources Corporation, issued $1.0 billion of 6.25% senior unsecured notes due February 1, 2033 on August 5, 2024. Concurrently, the company ran a tender offer for its 7.75% senior notes due 2026, and holders tendered $298,703,000 of them, with the remaining outstanding 2026 notes set for redemption on February 15, 2025. The new notes add $1.0 billion of direct debt for shareholders, and the indenture contains covenants that limit dividends, asset sales and additional borrowing.
$1.0 billion of 6.25% senior notes issued August 5, 2024, maturing February 1, 2033, with the first interest payment due February 1, 2025
$298,703,000 (about 99.57%) of the 7.75% 2026 notes validly tendered at expiration, plus $850,000 more through guaranteed delivery by August 6, 2024
Remaining 2026 notes to be redeemed February 15, 2025; $481,642.50 deposited in trust to satisfy and discharge the 2026 indenture
Notes are guaranteed on a senior unsecured basis by Permian Resources Corporation (NYSE: PR)
ADMA Biologics reported second quarter 2024 total revenue of $107.2 million, up 78% from $60.1 million a year earlier, and GAAP net income of $32.1 million, compared with a net loss of $6.4 million in the second quarter of 2023. The company raised its full-year 2024 revenue guidance to more than $400 million from more than $355 million and its net income guidance to more than $105 million from $85 million. Revenue included a non-recurring $12.6 million increase tied to a change in estimate for U.S. Medicaid rebates.
Q2 2024 revenue of $107.2 million, up $47.1 million (about 78%) year over year, with the increase primarily from higher ASCENIV sales
Q2 2024 GAAP net income of $32.1 million, or $0.13 per diluted share, versus a net loss of $6.4 million in Q2 2023
FY 2024 revenue guidance raised to more than $400 million from more than $355 million; net income guidance raised to more than $105 million from $85 million
Corporate gross margin of 53.6% in Q2 2024, compared with 27.8% in Q2 2023; cash and cash equivalents of $88.2 million at June 30, 2024
Douglas Emmett reported second quarter 2024 results on August 8, 2024. Revenue fell 3.0% to $245.8 million and FFO fell 4.5% to $92.1 million, or $0.46 per fully diluted share, while net income attributable to common stockholders rose to $10.9 million, or $0.06 per diluted share, mainly because the prior-year period included accelerated depreciation tied to removing Barrington Plaza from the rental market. The company narrowed its 2024 guidance to $0.05 to $0.09 per diluted share for net income and $1.65 to $1.69 per fully diluted share for FFO.
Total revenues were $245.8 million, down from $253.4 million in the second quarter of 2023, as vacancy at Barrington Plaza and lower office occupancy offset higher parking and residential revenue.
Net income attributable to common stockholders was $10.9 million, compared with a loss of $7.3 million a year earlier.
FFO was $92.1 million, or $0.46 per fully diluted share, down from $96.4 million, or $0.48, a year earlier, due to higher interest expense and lower revenues.
2024 guidance was narrowed to $0.05 to $0.09 per diluted share for net income and $1.65 to $1.69 per fully diluted share for FFO; the filing does not state the prior range.
PDF Solutions reported second-quarter 2024 results on August 8, 2024. Revenue of $41.7 million was flat year over year, while GAAP net income fell to $1.7 million, or $0.04 per diluted share, from $6.8 million, or $0.17, a year earlier. The company reiterated its expectation for 20% revenue growth in the second half of 2024 and said the results are preliminary until it files its Form 10-Q.
Total revenue of $41.7 million compared with $41.6 million in Q2 2023; analytics revenue rose 3% to $38.1 million.
GAAP net income of $1.7 million, or $0.04 per diluted share, versus $6.8 million, or $0.17, in Q2 2023.
Non-GAAP diluted EPS of $0.18, compared with $0.19 in Q2 2023.
CEO John Kibarian reiterated the expectation that second-half 2024 revenue will grow 20% over the prior-year period.
Life360 reported unaudited Q2 2024 revenue of $84.9 million, up 20% year over year, and a net loss of $(11.0) million, compared with $(4.4) million a year earlier. The loss includes $5.8 million in IPO-related transaction costs. The company raised its full-year 2024 revenue and Adjusted EBITDA guidance, which matters to shareholders because it signals higher expected revenue and profit, though GAAP results were weaker than the prior year.
Q2 2024 total revenue was $84.9 million, up 20% year over year; net loss was $(11.0) million versus $(4.4) million in Q2 2023, including $5.8 million in IPO-related transaction costs.
Adjusted EBITDA was $11.0 million in Q2 2024, compared with $5.7 million in Q2 2023.
2024 consolidated revenue guidance was raised to $370 million-$378 million from $365 million-$370 million; Adjusted EBITDA guidance was raised to $36 million-$41 million from $30 million-$35 million.
Global monthly active users reached approximately 70.6 million, up 31% year over year, and Paying Circles reached 2.0 million.
Arcus Biosciences reported second-quarter 2024 revenue of $39 million, up from $29 million a year earlier, while its net loss widened to $93 million from $75 million as research and development expenses rose to $115 million from $84 million. Cash, cash equivalents and marketable securities totaled $1.0 billion at June 30, 2024, and the company said that balance will fund operations into 2027.
Q2 2024 revenue was $39 million versus $29 million in Q2 2023; six-month revenue was $184 million versus $54 million.
Q2 net loss was $93 million versus $75 million; net loss per share was $1.02 versus $1.04.
R&D expenses were $115 million versus $84 million, driven by higher clinical trial and headcount-related costs for late-stage programs.
Cash and marketable securities were $1.0 billion at June 30, 2024, including $320 million received from Gilead for its January 2024 equity investment.
DigitalOcean reported second-quarter 2024 revenue of $192 million, up 13% year over year, and GAAP net income of $19 million, compared with $665,000 a year earlier. The company also updated its full-year 2024 revenue guidance to $770 million to $775 million and gave third-quarter revenue guidance of $196 million to $197 million.
Q2 2024 revenue of $192 million, up 13% year over year; diluted EPS of $0.20 versus $0.01 a year earlier
Full-year 2024 total revenue guidance updated to $770 million to $775 million
Third-quarter 2024 total revenue guidance of $196 million to $197 million
Adjusted free cash flow was $37 million, down from $45 million in Q2 2023
Alarm.com reported second-quarter 2024 results on August 8, 2024, with total revenue up 4.4% to $233.8 million and GAAP net income attributable to common stockholders up 112.1% to $33.5 million, or $0.62 per diluted share. The company raised its full-year 2024 guidance for total revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders, which points to higher expected results for shareholders.
Total revenue rose 4.4% to $233.8 million; SaaS and license revenue rose 11.0% to $155.9 million.
GAAP net income attributable to common stockholders rose to $33.5 million, or $0.62 per diluted share, from $15.8 million, or $0.30, a year earlier.
Full-year 2024 total revenue guidance is $920.8 million to $931.2 million; non-GAAP adjusted EBITDA guidance is $165.0 million to $167.0 million.
Third-quarter 2024 SaaS and license revenue is expected to be $157.3 million to $157.5 million.
e.l.f. Beauty reported results for the three months ended June 30, 2024, with net sales up 50% to $324.5 million, but GAAP net income fell to $47.6 million from $53.0 million and GAAP diluted earnings per share fell to $0.81 from $0.93. The company raised its fiscal 2025 net sales and adjusted EPS outlook, which may matter to shareholders because the higher sales forecast is offset by lower GAAP profit in the quarter.
Net sales rose 50% to $324.5 million; adjusted diluted EPS was $1.10, unchanged from the prior-year quarter.
GAAP diluted EPS was $0.81 versus $0.93; SG&A rose to $180.6 million, or 56% of net sales.
Cash and cash equivalents were $109.0 million at June 30, 2024; long-term debt and finance lease obligations were $159.2 million.
Yelp reported second-quarter 2024 results on August 8, 2024, with net revenue up 6% year over year to a record $357 million and net income up 158% to $38 million, or $0.54 per diluted share. The company also adjusted its full-year 2024 outlook to $1.410 billion to $1.425 billion of net revenue and $325 million to $335 million of adjusted EBITDA, though the filing does not state the prior outlook. Shareholders get stronger profit alongside revenue growth, while the filing notes that restaurant and retail advertisers remain under pressure.
Q2 2024 net revenue was $357 million, up 6% year over year, and $2 million above the high end of the company's outlook range.
Q2 2024 net income was $38 million, or $0.54 per diluted share, versus $15 million, or $0.21 per diluted share, in Q2 2023; adjusted EBITDA was $91 million, up 9%.
Services advertising revenue rose 11% to $223 million, while RR&O advertising revenue fell 3%, and paying advertising locations decreased 6% to 531,000.
Full-year 2024 outlook: net revenue of $1.410 billion to $1.425 billion and adjusted EBITDA of $325 million to $335 million.
Artivion reported second-quarter 2024 revenue of $98.0 million, up 10% from $89.3 million a year earlier, and a net loss of $2.1 million ($0.05 per diluted share), narrower than the $3.4 million loss ($0.08 per share) in the prior-year quarter. The company raised its full-year 2024 revenue and adjusted EBITDA guidance, though the increases at the midpoint are small.
Q2 2024 revenue $98.0 million vs. $89.3 million in Q2 2023, up 10% on both GAAP and constant currency bases
Q2 2024 net loss of $2.1 million ($0.05 per diluted share) vs. net loss of $3.4 million ($0.08 per share) in Q2 2023; non-GAAP net income $2.9 million ($0.07 per share)
Adjusted EBITDA rose 35% to $18.6 million from $13.8 million
FY24 revenue guidance raised to $388 million to $396 million from $386 million to $396 million; adjusted EBITDA guidance raised to $69 million to $72 million from $68 million to $72 million
Century Aluminum reported second quarter 2024 net sales of $560.8 million, up $71.3 million from the first quarter, and adjusted EBITDA attributable to Century stockholders of $34.2 million, up $9.2 million. The company posted a net loss of $2.5 million, compared with net income of $246.8 million in the first quarter, which included a $245.9 million bargain purchase gain from the Jamalco acquisition. The company expects third quarter adjusted EBITDA of $65 million to $75 million.
Q2 2024 net sales $560.8 million vs. $489.5 million in Q1 2024
Net loss attributable to Century stockholders of $2.5 million, or $0.03 per diluted share, vs. net income of $246.8 million in Q1, which included a $245.9 million bargain purchase gain
Adjusted EBITDA attributable to Century stockholders $34.2 million vs. $25.0 million in Q1 2024
Third quarter 2024 adjusted EBITDA outlook of $65 million to $75 million
StepStone Group reported results for the quarter ended June 30, 2024, its first quarter of fiscal 2025. Total revenues rose 5% to $186.4 million, but net income fell 3% to $48.0 million and GAAP diluted earnings per share fell 41% to $0.20, with performance fees down 79%. The company also declared a quarterly dividend of $0.24 per share, payable September 13, 2024.
Total revenues were $186.4 million, up 5% from $178.0 million a year earlier; management and advisory fees, net rose 29% to $178.0 million.
GAAP net income attributable to StepStone was $13.3 million, versus $21.3 million a year earlier; diluted EPS was $0.20 versus $0.34.
Non-GAAP adjusted net income rose 95% to $57.2 million, and fee-related earnings rose 61% to $71.7 million, with a 40% FRE margin.
Assets under management were $169.3 billion, up 19%; the quarterly dividend is payable September 13, 2024 to holders of record on August 30, 2024.
CarGurus reported second quarter 2024 results with total revenue of $218.7 million, down 9% from a year earlier, and a GAAP net loss of $68.7 million, compared with net income of $13.8 million in the same period of 2023. Marketplace revenue rose 14% to $195.2 million, while the net loss reflects a $127.7 million goodwill and long-lived asset impairment. The company also gave third quarter 2024 guidance for total revenue of $212 million to $232 million.
Q2 2024 total revenue was $218.7 million, down 9% year over year; Marketplace revenue rose 14% to $195.2 million.
GAAP net loss was $68.7 million, or $0.66 per diluted share, versus net income of $13.8 million in Q2 2023; the loss includes $127.7 million in impairment charges.
Non-GAAP Consolidated Adjusted EBITDA was $55.6 million, up 23% year over year, with a 25% margin.
Third quarter 2024 guidance: total revenue of $212 million to $232 million, Non-GAAP EPS of $0.38 to $0.44.
Agree Realty entered a fourth amended and restated revolving credit agreement with PNC Bank as administrative agent, raising borrowing capacity from $1.0 billion to $1.25 billion and extending maturity from January 15, 2026 to August 8, 2028. The borrowing rate also falls to SOFR plus 72.5 basis points from 77.5 basis points, with a 10-basis point credit spread adjustment in both cases, so the company gets more capacity, longer maturity and lower borrowing costs.
Borrowing capacity rises to $1.25 billion from $1.0 billion; accordion feature allows an increase up to $2.0 billion.
Maturity extended to August 8, 2028 from January 15, 2026, subject to company extension options.
Interest spread cut to SOFR plus 72.5 basis points from 77.5 basis points, plus a 10-basis point credit spread adjustment.
A First Amendment to the July 31, 2023 Term Loan Agreement aligns covenants with the new credit agreement; its maturity and pricing are unchanged.
Doximity reported results for the fiscal 2025 first quarter ended June 30, 2024, with revenue of $126.7 million, up 17% year-over-year, and net income of $41.4 million, up from $28.4 million. The company also issued guidance for the fiscal second quarter and full fiscal 2025, but the filing does not compare that guidance with any prior outlook. Operating cash flow fell 28% to $41.2 million, and the company repurchased $51.2 million of common stock during the quarter.
Revenue of $126.7 million, up 17% from $108.5 million a year earlier
Net income of $41.4 million, up from $28.4 million; diluted EPS of $0.21 versus $0.13
Adjusted EBITDA of $65.9 million, up 42%; operating cash flow of $41.2 million, down 28%
Fiscal 2025 revenue guidance of $514 million to $523 million; fiscal second quarter revenue guidance of $126.5 million to $127.5 million
Trupanion reported second quarter 2024 results for the period ended June 30, 2024. Total revenue rose 16% from a year earlier to $314.8 million, and the net loss narrowed to $5.9 million, or $0.14 per share, from $13.7 million, or $0.33 per share, in the second quarter of 2023. Shareholders get improved revenue, profit and cash flow measures, though the filing gives no forward guidance.
Total revenue was $314.8 million, up 16% from $270.6 million in the second quarter of 2023.
Net loss was $5.9 million ($0.14 per share), compared with $13.7 million ($0.33 per share) a year earlier.
Adjusted EBITDA was $7.4 million, compared with a loss of $3.2 million in the second quarter of 2023.
Free cash flow was $4.0 million, compared with negative $8.1 million a year earlier; subscription revenue rose 20% to $208.6 million.
Arlo Technologies reported second-quarter 2024 revenue of $127.4 million, up 10.8% year over year, with service revenue of $60.3 million up 19.7%. GAAP net loss was $11.6 million, or $(0.12) per share, versus $(0.08) a year earlier, while non-GAAP net income per share rose to $0.10 from $0.06. The company guided third-quarter revenue to $132 million to $142 million and GAAP net loss per share to $(0.07) to $(0.01).
Q2 2024 revenue $127.4 million, up 10.8% year over year; service revenue $60.3 million, up 19.7%
GAAP net loss per share $(0.12) in Q2 2024 versus $(0.08) in Q2 2023; non-GAAP net income per share $0.10 versus $0.06
Q3 2024 outlook: revenue $132 million to $142 million; GAAP net loss per share $(0.07) to $(0.01); non-GAAP $0.08 to $0.14
Ended Q2 with $144.0 million in cash and short-term investments and annual recurring revenue of $235.0 million, up 21.4%
Expedia Group reported second quarter 2024 revenue of $3.6 billion, up 6% from a year earlier, and diluted EPS of $2.80 versus $2.54. CEO Ariane Gorin said July brought a more challenging macro environment and softer travel demand, and the company is adjusting its expectations for the rest of the year.
Q2 2024 gross bookings were $28.8 billion, up 6%, and revenue was $3.6 billion, up 6%.
Diluted EPS was $2.80 versus $2.54; adjusted EPS was $3.51 versus $2.89, up 21%.
Net income attributable to Expedia Group was $386 million, roughly flat with $385 million a year earlier.
Management said it has seen a softening in travel demand in July and is adjusting expectations for the rest of 2024.
Tennant Company reported second-quarter 2024 net sales of $331.0 million, up 2.9% from a year earlier, while net income fell 10.9% to $27.9 million and diluted EPS fell to $1.45 from $1.68. The company raised its full-year 2024 guidance, with net sales now expected at $1,280 million to $1,305 million and Adjusted EBITDA at $205 million to $215 million.
Q2 2024 net sales were $331.0 million, up 2.9%, or 2.7% organic; Asia Pacific sales fell 13.5%.
Net income was $27.9 million versus $31.3 million, and diluted EPS was $1.45 versus $1.68; the company cited ERP modernization and transaction and integration costs.
Adjusted diluted EPS was $1.83 versus $1.86 a year earlier, and Adjusted EBITDA was $58.6 million, up 1.7%.
Updated 2024 guidance: net sales $1,280 million to $1,305 million (previously $1,270 million to $1,295 million); Adjusted EBITDA $205 million to $215 million (previously $198 million to $213 million).
Medical Properties Trust reported a second-quarter 2024 net loss of $321 million, or $0.54 per share, compared with a net loss of $42 million, or $0.07 per share, a year earlier. Normalized FFO fell to $139 million, or $0.23 per share, from $285 million, or $0.48 per share. The company also amended its credit agreement, which cuts the revolver to $1.28 billion and limits cash dividends to $0.08 per share per quarter through September 30, 2025.
Q2 net loss of $321 million ($0.54 per share) versus $42 million ($0.07 per share) a year earlier, including about $400 million in real estate gains and about $700 million in impairments and negative fair value adjustments
Normalized FFO of $139 million ($0.23 per share) versus $285 million ($0.48 per share) in the year-earlier quarter
Credit amendment dated August 6, 2024 cuts revolving commitments from $1.4 billion to $1.28 billion and limits cash dividends to $0.08 per share per quarter through September 30, 2025
Maximum total leverage ratio raised from 60% to 65%; minimum unsecured interest coverage ratio lowered from 1.75:1.00 to 1.45:1.00; borrowing spreads rise to 300 basis points during the covenant period
XPEL reported second-quarter 2024 results on August 8, 2024, with revenue up 7.5% to $109.9 million, which the company called a record. Net income fell 4.5% to $15.0 million, or $0.54 per share, from $15.7 million, or $0.57 per share, a year earlier, and the company kept its 2024 annual revenue growth projection at 8-10%. Revenue growth was offset by higher operating expenses, and the results are preliminary and unaudited until the Form 10-Q, expected on or before August 9, 2024.
Q2 2024 revenue of $109.9 million, up 7.5% from $102.2 million in Q2 2023
Net income of $15.0 million, or $0.54 per diluted share, versus $15.7 million, or $0.57, a year earlier
EBITDA of $21.8 million, or 19.9% of revenue, versus $22.4 million, or 21.9%, in Q2 2023
China revenue fell 45.7% to $4.4 million; 2024 annual revenue growth projection remains 8-10%
Parker Hannifin reported fiscal fourth-quarter 2024 sales of $5.2 billion, up 2%, and diluted earnings per share of $6.01, up 10% from a year earlier. It also issued fiscal 2025 guidance calling for total sales growth of 1.5% to 4.5% and EPS of $22.65 to $23.35. Shareholders get a higher quarterly profit and a forecast for the coming year, though the Diversified Industrial segment's sales declined.
Q4 sales rose 2% to $5.2 billion; Aerospace Systems sales rose 19.2% to $1.5 billion, while Diversified Industrial sales fell 4%
Q4 diluted EPS was $6.01, up 10%; adjusted EPS was $6.77, up 11%
Full-year fiscal 2024 diluted EPS was $21.84, up 36%; free cash flow was $2.98 billion
Fiscal 2025 guidance: EPS of $22.65 to $23.35 ($26.30 to $27.00 adjusted) and total sales growth of 1.5% to 4.5%
Curtiss-Wright reported second quarter 2024 sales of $785 million, up 11% from the prior year, and reported diluted EPS of $2.58. The company raised its full-year 2024 adjusted guidance for sales, operating income, diluted EPS and free cash flow, citing strong first-half results and its outlook for the rest of the year.
Q2 2024 adjusted diluted EPS was $2.67, up 24%; reported diluted EPS was $2.58.
Full-year 2024 adjusted diluted EPS guidance was raised to $10.40 to $10.65, from $10.10 to $10.40.
Full-year 2024 adjusted sales growth guidance was raised to 6% to 8%, from 5% to 7%.
Restructuring actions are expected to cost about $15 million in 2024.
Roivant reported results for the fiscal quarter ended June 30, 2024, with revenue of $55.1 million, up from $21.6 million a year earlier, and net income of $57.5 million compared with a net loss of $327.8 million. The profit includes a $110.4 million gain on the sale of Telavant net assets, and the company's non-GAAP net loss was $131.2 million, narrower than $211.5 million a year earlier.
Revenue, net was $55.1 million versus $21.6 million a year earlier; product revenue, net was $18.4 million
Net income was $57.5 million, or $0.13 basic and $0.12 diluted per share, versus a net loss of $0.38 per share a year earlier
Gain on sale of Telavant net assets of $110.4 million; non-GAAP net loss was $131.2 million versus $211.5 million
Cash, cash equivalents and restricted cash were approximately $5.7 billion at June 30, 2024, after a $648 million share repurchase announced in April 2024
Datadog reported second quarter 2024 revenue of $645 million, up 27% from a year earlier, and GAAP net income of $0.12 per diluted share versus a loss of $0.01 a year earlier. The company also gave third quarter revenue guidance of $660 million to $664 million and full-year 2024 revenue guidance of $2.62 billion to $2.63 billion.
Q2 2024 revenue was $645 million, up 27% year-over-year; GAAP operating income was $13 million.
Non-GAAP net income per diluted share was $0.43, versus $0.29 in Q2 2023.
Customers with ARR of $100,000 or more rose about 13% to about 3,390 as of June 30, 2024.
Q3 2024 revenue outlook is $660 million to $664 million; full-year 2024 revenue outlook is $2.62 billion to $2.63 billion.
Lamar Advertising reported second-quarter 2024 results, with net revenue up 4.5% to $565.3 million and net income up to $137.6 million from $130.9 million a year earlier. Management said it continues to pace at the top end of its full-year diluted AFFO per share guidance of $7.75 to $7.90, and the company also disclosed a new at-the-market equity offering agreement of up to $400.0 million.
Q2 2024 net revenue was $565.3 million, up 4.5% from $541.1 million; diluted EPS was $1.34 versus $1.28
Diluted AFFO per share rose 9.5% to $2.08; management said it is pacing at the top end of the $7.75 to $7.90 full-year guidance
As of June 30, 2024, total liquidity was $744.3 million, including $77.9 million in cash
On July 24, 2024, Lamar entered an at-the-market offering agreement for up to $400.0 million of Class A common stock
Liquidity Services reported fiscal third-quarter 2024 results for the quarter ended June 30, 2024, with GMV of $380.4 million (up 14%) and revenue of $93.6 million (up 16%). GAAP net income fell to $6.0 million, or $0.19 per diluted share, from $6.5 million, or $0.21, a year earlier, as sales, marketing, technology and operations spending rose and $1.1 million of acquisition-related and litigation settlement costs were incurred. The company also issued fourth-quarter fiscal 2024 guidance for GMV of $330 million to $365 million and GAAP net income of $5.0 million to $7.0 million.
Q3 FY24 GMV was $380.4 million, up 14%, and revenue was $93.6 million, up 16%, versus the prior-year quarter.
GAAP net income was $6.0 million ($0.19 per diluted share), down from $6.5 million ($0.21) a year earlier; non-GAAP adjusted EBITDA rose to $14.7 million from $13.3 million.
Q4 FY24 guidance: GMV of $330 million to $365 million, GAAP net income of $5.0 million to $7.0 million, and GAAP diluted EPS of $0.16 to $0.22.
As of June 30, 2024, the company reported cash balances of $136.8 million and no financial debt, with $7.6 million remaining under its share repurchase authorization.
Advanced Drainage Systems reported fiscal first-quarter 2025 results for the period ended June 30, 2024, with net sales up 4.8% to $815.3 million but net income down 6.7% to $162.3 million. The company confirmed its fiscal 2025 targets and declared a quarterly dividend of $0.16 per share, a 14% increase over the prior year amount. Higher sales alongside lower profit leave the quarter's direction mixed for shareholders.
Net sales rose 4.8% to $815.3 million; net income fell 6.7% to $162.3 million
Diluted EPS was $2.06 versus $2.18 a year earlier, down 5.5%; adjusted EPS was flat at $2.06
Adjusted EBITDA was $275.5 million, with a margin of 33.8% versus 36.2% a year earlier
Fiscal 2025 targets confirmed: net sales $2.925 billion to $3.025 billion; Adjusted EBITDA $940 million to $980 million; quarterly dividend $0.16 per share payable September 13, 2024
Sally Beauty Holdings reported third-quarter fiscal 2024 net sales of $942.3 million, up 1.2%, with comparable sales up 1.5%. GAAP diluted earnings per share fell 21.7% to $0.36 from $0.46 a year earlier, as operating earnings declined to $71.8 million from $90.1 million. The company maintained its full-year fiscal 2024 guidance.
Q3 net sales were $942.3 million, up 1.2%; comparable sales rose 1.5%.
GAAP diluted EPS was $0.36 versus $0.46 a year earlier; adjusted diluted EPS was $0.45 versus $0.49.
GAAP operating earnings were $71.8 million, with a 7.6% operating margin, versus $90.1 million and 9.7% a year earlier.
Full-year fiscal 2024 guidance was maintained, including net sales and comparable sales approximately flat and operating cash flow of approximately $240 million.
Warby Parker reported second-quarter 2024 net revenue of $188.2 million, up 13.3% from the prior year, and a GAAP net loss of $6.8 million, down from $15.9 million a year earlier. The company raised its full-year 2024 net revenue guidance to $757 million to $762 million, which matters to shareholders because it signals faster expected growth while the company still reports a GAAP net loss.
Q2 net revenue of $188.2 million, up 13.3% from $166.1 million in the prior year period
GAAP net loss of $6.8 million, compared with $15.9 million in the prior year period
Full-year 2024 net revenue guidance raised to $757 million to $762 million, growth of about 13% to 14%
Adjusted EBITDA of $19.6 million, with Adjusted EBITDA Margin of 10.4%
First Advantage reported second-quarter 2024 revenue of $184.5 million, down 0.4% from a year earlier, and net income of $1.9 million, down 81%, which includes $9.2 million of expenses tied to the pending Sterling Check Corp. acquisition. The company reaffirmed its full-year 2024 guidance, while CFO David Gamsey announced his retirement and Chief Accounting Officer Steven Marks was named his successor effective November 8, 2024.
Q2 2024 revenue was $184.5 million, versus $185.3 million in Q2 2023; adjusted EBITDA was $55.8 million, flat year over year.
Net income was $1.9 million, or $0.01 per diluted share, versus $9.8 million, or $0.07 per share, a year earlier.
Adjusted diluted EPS was $0.21, versus $0.24 in the prior-year quarter.
Full-year 2024 guidance was reaffirmed: revenue of $750 million to $800 million and adjusted EBITDA of $228 million to $248 million.
YETI reported second-quarter 2024 net sales up 15% to $463.5 million, or 9% on an adjusted basis that excludes a 2023 recall reserve adjustment, and GAAP diluted EPS of $0.59, up from $0.44. The company raised its fiscal 2024 adjusted sales growth outlook to 8% to 10% and its adjusted EPS outlook to $2.61 to $2.65, which matters to shareholders because it signals higher expected profit for the year.
Net sales rose 15% to $463.5 million; adjusted net sales rose 9% after excluding the $24.5 million unfavorable recall reserve impact in the prior-year quarter.
GAAP diluted EPS was $0.59 versus $0.44; adjusted EPS was $0.70 versus $0.57.
Fiscal 2024 adjusted EPS outlook raised to $2.61 to $2.65, from $2.49 to $2.62 previously.
Cash was $212.9 million at June 29, 2024, and $200 million remained under the share repurchase program.
Privia Health reported second-quarter 2024 results on August 8, 2024, with total revenue of $422.3 million, up 2.2% from a year earlier, while net income attributable to the company fell to $3.5 million from $7.3 million and diluted EPS fell to $0.03 from $0.06. The company also raised its full-year 2024 guidance to the mid-to-high end of its ranges for all metrics, including GAAP revenue of $1,600 million to $1,675 million, so shareholders get higher revenue expectations alongside lower GAAP earnings this quarter.
Q2 2024 total revenue $422.3 million, up 2.2% from $413.4 million; operating income $5.1 million, down 27.0%
Net income attributable to Privia Health $3.5 million, or $0.03 per share, versus $7.3 million, or $0.06, a year earlier
Adjusted EBITDA $22.0 million, up 14.0%; cash and cash equivalents $387.4 million and no debt as of the quarter
FY 2024 guidance raised to mid-to-high end; GAAP revenue guidance $1,600 million to $1,675 million, Adjusted EBITDA $85 million to $90 million
Haemonetics reported first quarter fiscal 2025 results for the period ended June 29, 2024, with revenue up 8.0% to $336.2 million, while GAAP earnings per diluted share fell to $0.74 from $0.80 and adjusted earnings per diluted share fell 2.9% to $1.02. The company reaffirmed its fiscal 2025 revenue, adjusted operating margin, adjusted earnings per share and free cash flow guidance, so shareholders see stronger sales but lower profit in the quarter with no change to the full-year outlook.
Revenue was $336.2 million, up 8.0% from the prior year; organic revenue grew 2.8%, with Hospital up 30.7% and Plasma down 2.7%.
GAAP operating income was $39.8 million, an 11.8% margin, versus $53.7 million and a 17.2% margin a year earlier.
Operating cash outflow was $27.4 million and free cash outflow was $16.9 million, compared with operating cash inflow of $19.1 million a year earlier.
Fiscal 2025 adjusted earnings per diluted share guidance of $4.45 to $4.75 was reaffirmed.
Prestige Consumer Healthcare reported fiscal first quarter 2025 results for the quarter ended June 30, 2024. Revenue fell 4.4% to $267.1 million and diluted EPS was $0.98, versus $1.06 a year earlier, while the company said results were ahead of its own expectations. The company reaffirmed its full-year fiscal 2025 outlook, so shareholders face lower year-over-year earnings with guidance unchanged.
Revenue of $267.1 million, down 4.4% from $279.3 million; organic revenue down 4.3%
Diluted EPS of $0.98 vs. $1.06 a year earlier; adjusted diluted EPS of $0.90
Operating cash flow of $54.8 million vs. $48.1 million; about 0.4 million shares repurchased for $26.0 million
Fiscal 2025 outlook reaffirmed: revenue of $1,125 million to $1,140 million; adjusted diluted EPS of $4.40 to $4.46
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