Q3 2024 Cint Group AB (publ) Earnings Call Transcript
Key Points
- Cint Group AB (FRA:8QX) has maintained stable sales and achieved continued improvements in profitability despite challenging market conditions.
- The company's Media Measurement business continues to grow strongly, offsetting slower sales in other areas.
- Cint Group AB (FRA:8QX) has improved its gross margin to 88%, up from 87.4% last year, driven by higher operational efficiency and lower costs.
- The company has successfully migrated 66% of its customers to the new Cint Exchange and aims for 80% by the end of the year, with full migration expected by mid-2025.
- Cint Group AB (FRA:8QX) has introduced innovative products like the AI-powered Fielding Assistant and RPI model, enhancing platform efficiency and customer experience.
- The Cint Exchange has experienced slower sales due to weaker demand, impacting overall growth.
- The company reported a negative cash flow of EUR7 million for the quarter, compared to minus EUR4.3 million in the previous year.
- Cint Group AB (FRA:8QX) faces ongoing challenges in the global research market, with sluggish growth observed across the industry.
- The company's net working capital has increased, partly due to a decrease in accounts payable.
- There is a risk of potential conflicts between the Media Measurement and Cint Exchange businesses, although currently considered minimal.
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Good morning, all. Of course, my name is Patrick Comer. I'm the CEO of Cint, and I'm joined by our CFO, Niels Boon. It's a privilege to speak with you today as the new long-term CEO, having stepped into the role at the beginning of September after 2.5 years of being Chair of the Board. As many of you know, I am uniquely qualified to lead the organization. I was the Founder and CEO of Lucid, which of course, was acquired by Cint in 2021.
Over the past 45 days, I've spent a lot of time in dozens of meetings with our largest and most important customers, many of whom I've known for many years, speaking with them about their opportunities and the challenges that they face.
And what I've learned is that Cint remains a critical part of this industry and that our partners are ready for us to complete our migration and our integration so that we can build our future together. Welcome to our results presentation.
Next slide, please. I'd like to start with our heroic purpose, which serves as our North Star. Our
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