Reliance Global Group, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Q2 2024 revenues were $3.2 million, a 1% increase year-over-year. For the six-month period ended June 30, 2024, revenues totaled $7.3 million, up 3% from the same period in 2023.
  • Cost Efficiency: Operating expenses decreased by 13% in Q2 2024 to $4.4 million, down from $5.0 million in Q2 2023. Key reductions included:
    • General & administrative costs down 12%
    • Marketing costs down 30%
  • Profitability Metrics:
    • Loss from continuing operations declined 62% year-over-year from $3.9 million in Q2 2023 to $1.5 million in Q2 2024.
    • EBITDA loss for Q2 2024 was nearly flat at $178,000 (~6% of revenue).
    • Six-month EBITDA loss was $252,000 (~3% of revenue).
  • Operational Highlights:
    • Continued traction with “OneFirm” integration strategy across nine agencies, enabling higher commission tiers, cross-collaboration, and vendor consolidation.
    • The company anticipates continued revenue and profitability improvements aligned with the OneFirm strategy.
  • Spetner Acquisition Update:
    • The BenManage unit has grown from 45,000 covered employees at announcement to over 85,000.

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Operator: Good day. And welcome to the Reliance Global Group’s Second Quarter Business Update Conference Call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions-and-comments following the presentation. It is now my pleasure to turn the floor over to your host, Ted Ayvas, Investor Relations at Reliance Global. Sir, the floor is yours. Ted Ayvas: Thanks, Paul. Good afternoon. And thank you for joining Reliance Global Group’s 2024 second quarter financial results and business update conference call. On the call with us today are Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group; and Joel Markovits, Chief Financial Officer of Reliance. Earlier today, the company announced its operating results for the year ended June 30, 2024. The press release is posted on the company’s website, www.relianceglobalgroup.com. In addition, the company filed its quarterly report on form 10-Q with the U.S. Securities and Exchange Commission today, which can also be accessed on the company’s website, as well as the SEC’s website at www.sec.gov. If you have any questions after the call or would like additional information about the company, please contact Crescendo Communications at 212-671-1020. Before Mr. Beyman reviews the company’s operating results for the year ended June 30, 2024, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements

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