Sharecare(US:SHCR)2024-08-09 11:02Revenue and Financial Performance - Revenue for Q2 2024 was $94.3 million, a decrease of $16.1 million (14.6%) compared to $110.4 million in Q2 2023[2] - Revenue for Q2 2024 decreased to $94.265 million from $110.353 million in Q2 2023, a decline of 14.6%[25] - Net loss attributable to Sharecare increased to $42.0 million in Q2 2024 from $35.1 million in Q2 2023, with an adjusted net loss of $14.1 million after excluding non-cash and non-operational expenses[2] - Net loss for Q2 2024 widened to $42.037 million compared to $35.143 million in Q2 2023[25] - Net loss for Q2 2024 was $42.0 million, compared to $35.6 million in Q2 2023, representing an 18% increase in losses[27] - Adjusted net loss for Q2 2024 was $14.1 million, compared to $10.2 million in Q2 2023[28] - Adjusted net loss per share increased to $0.04 in Q2 2024 from $0.03 in Q2 2023, excluding non-cash and non-operational amounts[2] - Adjusted loss per share was $0.04 in Q2 2024, compared to $0.03 in Q2 2023[28] - Net loss per share attributable to common stockholders was $0.12 in Q2 2024, compared to $0.10 in Q2 2023[25] Adjusted EBITDA and Operational Metrics - Adjusted EBITDA was near break-even in Q2 2024, compared to $3.3 million in Q2 2023, reflecting a decrease of $3.3 million[2] - Adjusted EBITDA for Q2 2024 was $7.0 million, a significant decrease from $3.3 million in Q2 2023[27] Costs and Expenses - Total costs and operating expenses for Q2 2024 were $135.418 million, down from $144.497 million in Q2 2023[25] - Non-operating, non-recurring costs in Q2 2024 included $1.8 million related to legal matters and contractual obligations with a financially distressed vendor[8] - Non-operating, non-recurring costs for Q2 2024 were $1.8 million, primarily related to legal matters and vendor obligations[28] - Reorganizational and severance costs in Q2 2024 amounted to $2.6 million, part of the company's globalization and cost-saving initiatives[13] - Reorganizational and severance costs decreased to $2.6 million in Q2 2024, down 69% from $8.2 million in Q2 2023[27] - Global workforce restructuring costs decreased to $1.8 million in Q2 2024, down 75% from $7.3 million in Q2 2023[28] - Acquisition-related costs in Q2 2024 were $4.7 million, reflecting expenses tied to the pending acquisition by Altaris[2] - Acquisition-related costs surged to $4.7 million in Q2 2024, compared to $0.3 million in Q2 2023, primarily due to pending Merger expenses[27] - Share-based compensation increased to $15.8 million in Q2 2024, up 30% from $12.1 million in Q2 2023[27] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to $85.151 million as of June 30, 2024, from $128.187 million at the end of 2023[26] - Accounts receivable increased slightly to $130.519 million as of June 30, 2024, from $128.173 million at the end of 2023[26] - Total assets decreased to $560.202 million as of June 30, 2024, from $613.634 million at the end of 2023[26] - Total liabilities decreased to $122.395 million as of June 30, 2024, from $125.565 million at the end of 2023[26] - Accumulated deficit increased to $802.497 million as of June 30, 2024, from $725.373 million at the end of 2023[26] Shareholder and Stock Information - Weighted-average common shares outstanding increased to 360,401,283 in Q2 2024 from 354,049,808 in Q2 2023[25] - Weighted-average common shares outstanding increased to 360.4 million in Q2 2024, up 1.8% from 354.0 million in Q2 2023[28] Strategic Initiatives and Acquisitions - Sharecare successfully launched a new platform for Medicaid, reaching 750,000 members on July 1, 2024, as part of its Enterprise channel strategy[1] - The company entered into a definitive agreement to be acquired by Altaris, LLC, with Sharecare stockholders to receive $1.43 per common share upon closing, expected by the end of 2024[3][4] - Sharecare will not host an earnings conference call or provide financial guidance for Q2 2024 due to the pending acquisition by Altaris[5]