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KLDiscovery Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary8 Aug, 2024
Executive summary
Q2 2024 revenue was $79.0 million, down 12.2% year-over-year, with Nebula platform revenue growing 51% year-over-year and accounting for 18% of total revenues.
Net loss for Q2 2024 was $25.3 million, compared to $4.7 million in Q2 2023, primarily due to increased professional services costs related to debt restructuring.
Adjusted EBITDA for Q2 2024 was $13.3 million, down from $20.1 million in Q2 2023; EBITDA was -$0.5 million.
A transaction support agreement was signed in July 2024 to reduce long-term debt, with Debenture holders agreeing to exchange debt for 96% of new common stock.
Substantial doubt exists regarding the ability to continue as a going concern due to upcoming debt maturities and insufficient liquidity.
Financial highlights
Q2 2024 gross profit was $38.7 million (49.0% margin), down from $45.0 million (50.0% margin) in Q2 2023.
Q2 2024 operating expenses were $45.7 million, up 36% year-over-year due to $11.8 million in professional services for restructuring.
Cash and cash equivalents stood at $33.8 million as of June 30, 2024.
$38 million was drawn on the revolving credit facility as of the call date, with $1.4 million remaining available.
Total debt was $594.4 million as of June 30, 2024.
Outlook and guidance
The company expects to close a milestone capital restructuring transaction in Q3 2024, significantly reducing long-term debt and interest payments.
Nebula revenue is expected to accelerate and become a larger share of total revenue over time, with further customization for regulatory and medical records planned for late 2024.
General and administrative expenses as a percentage of revenue are expected to decline over time, excluding transaction costs.
The company anticipates a strengthened balance sheet and focus on growth following the debt reduction transaction.
Continued focus on growing subscription-based solutions and franchise offerings.
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KLDiscovery Inc. is a technology company that provides eDiscovery, data recovery, and information governance solutions to law firms, corporations, and government agencies. The company specializes in helping organizations manage and analyze large volumes of data for legal and regulatory matters, including litigation, compliance, and investigations. KLDiscovery offers a range of services, including data collection, processing, and hosting, as well as proprietary software tools for review and analysis. The company is headquartered in McLean, Virginia, and its shares are listed on the OTC market.
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