Revenue Performance - For the three months ended September 30, 2024, total revenues decreased approximately $314,000, or 15.6%, to approximately $1,694,000 compared to approximately $2,008,000 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, 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 $1,304,000 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 $337,000 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, or 68%, to approximately $422,000 compared to a net loss of approximately $1,320,000 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, 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, or 46.0%, to approximately $731,000 for the three months ended September 30, 2024, compared to approximately $1,353,000 in the prior year[13]. - Stock-based compensation for the three months ended September 30, 2024, was $28 thousand, down from $199 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 $149 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 $1.09 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 $3,048,000 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) 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 $92 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].
Professional Diversity Network(IPDN) - 2024 Q3 - Quarterly Results