Business
Information Services Group Announces Second-Quarter 2024 Results
Reports second-quarter GAAP revenues of $64 million Reports second-quarter net income of $2.0 million, GAAP EPS of $0.04 and adjusted EPS of $0.08 Reports
About this update from Information Services Group, Inc.
[{"type":"text","content":"\n\nReports second-quarter GAAP revenues of $64 million\n\n\n\nReports second-quarter net income of $2.0 million, GAAP EPS of $0.04 and adjusted EPS of $0.08\n\n\n\nReports second-quarter adjusted EBITDA of $7 million\n\n\n\nGenerates $2.2 million of cash from operations\n\n\n\nDeclares third-quarter dividend of $0.045 per share, payable October 4, 2024, to shareholders of record as of September 6, 2024\n\n\n\nSets third-quarter guidance: revenues between $64 million and $66 million and adjusted EBITDA between $7.0 and $8.0 million\n\n\n\n STAMFORD, Conn.--(BUSINESS WIRE)--\nInformation Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced its financial results for the second quarter ended June 30, 2024.\n\n\n“ISG delivered sequentially stronger results in the second quarter,” said Michael P. Connors, chairman and CEO. “Adjusted EBITDA was up more than 60 percent, utilization was up more than 800 basis points, and adjusted EBITDA margin was up 400 basis points, driven by an improved product and services mix, all as our revenue base stabilized versus the first quarter.\n\n\n“Though clients continue to delay the start of new initiatives and extend their spending over longer periods, our pipeline is strong, and with inflation easing and the prospect of interest rate cuts on the horizon, we anticipate demand picking up again late this year.”\n\n\nConnors said an increase in contract value flowing through the ISG Tango™ sourcing platform is a sign of accelerating client activity. “Contract value on our AI-powered ISG Tango platform now exceeds $4 billion,” said Connors. “This innovative platform solution accelerates speed to value for our clients and generates expanded margins for ISG.”\n\n\nSecond-Quarter 2024 Results\n\n\nReported revenues for the second quarter were $64.3 million, down 14 percent from $74.6 million in the prior year’s second quarter. Reported revenues were $40.0 million in the Americas, down 5 percent; $18.8 million in Europe, down 23 percent; and $5.5 million in Asia Pacific, down 31 percent, all versus the prior year.\n\n\nISG reported second-quarter operating income of $3.7 million, compared with operating income of $4.9 million in the prior year. The firm’s reported second-quarter net income was $2.0 million, compared with net income of $2.3 million in the ...