Reinvention drives sequential operating and financial improvements in Q2; Company revises full-year outlook, reiterates three-year adjusted operating income improvement target.
Jul 25, 2024
Q2 2024
-Revenue of $1.58 billion, down 10 percent, or 9.6 percent in constant currency.
-GAAP net income of $18 million, or $0.11 per share, up $79 million or $0.52 per share, year-over-year, respectively.
-Adjusted net income of $41 million, or $0.29 per share, down $31 million or $0.15 per share, year-over-year, respectively.
-Adjusted operating margin of 5.4 percent, down 70 basis points year-over-year.
-Operating cash flow of $123 million, up $28 million year-over-year.
-Free cash flow of $115 million, up $27 million year-over-year.
-Lowered 2024 revenue guidance to a range of -5% to -6% in constant currency to reflect incremental strategic actions, adjusted operating income guidance to at least 6.5%, and free cash flow guidance to at least $550 million.
-Maintained $300 million adjusted operating income improvement target over 2023 levels by the end of 2026.
