E2open Parent Holdings, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial condition and results of operations. The company offers a cloud-based end-to-end supply chain management and orchestration SaaS platform, catering to various industries such as consumer goods, food and beverage, manufacturing, retail, industrial and automotive, aerospace and defense, technology, and transportation.
In the 10-Q report, E2open Parent Holdings, Inc. discusses its business operations, including a general overview, results of operations, liquidity, and capital resources. The company emphasizes its position as a world-class end-to-end supply chain software platform, highlighting its broad cloud-native global SaaS platform designed for modern supply chains. E2open Parent also outlines the upsell opportunity within its existing client base, driven by the need for a modern cloud-based solution in the evolving manufacturing landscape.
The report delves into the company's financial performance, presenting the Unaudited Condensed Consolidated Statements of Operations for the three months ended May 31, 2024, compared to the same period in 2023. The table reveals a decrease in total revenue, with subscriptions revenue declining by 3% and professional services and other revenue decreasing by 22% year-over-year. The company attributes the decline in revenue to factors such as lower new bookings, higher churn, and delayed conversion of existing backlog.
Additionally, the report provides a breakdown of costs and expenses, including research and development, sales and marketing, and general and administrative expenses. It also discusses other operating expenses, such as acquisition-related expenses and amortization of acquired intangible assets. E2open Parent Holdings, Inc. acknowledges the impact of impairment charges, including a goodwill impairment of $410.0 million and an intangible asset impairment of $4.0 million in the first quarter of fiscal 2024.
Furthermore, the report details interest and other expenses, net, as well as gains and losses from changes in tax receivable agreement liability, fair value of warrant liability, and contingent consideration.
Following these announcements, the company's shares moved -4.5%, and are now trading at a price of $4.45. For the full picture, make sure to review E2open Parent's 10-Q report.
