Second quarter 2024 revenue of $12.4 million consistent with first quarter 2024 revenue  Adjusted EBITDA1 for second quarter 2024 of $2.6 million and Adjusted EBITDA Margin1 of 21% Subsequent to quarter end, the Company signed a significant partnership agreement with GreenShield, a leading Canadian integrated health and benefits organization TORONTO, Aug. 14, 2024 /CNW/ - LifeSpeak Inc. ("LifeSpeak" or the "Company") (TSX:LSPK), the leading whole-person wellbeing solution for employers, health plans and other organizations, announced today its financial and operational results for the three and six months ended June 30, 2024. All references to dollar values in this press release are in Canadian dollars, unless otherwise indicated. "LifeSpeak's revenue and Adjusted EBITDA have stabilized over the past three quarters," said Michael Held, CEO and Founder of LifeSpeak. "We believe that this consistent sequential financial performance demonstrates LifeSpeak's ability to weather challenging economic conditions while executing its business plan. Looking ahead, we are confident that we have achieved a level of consistency for the business that we can build on. We believe that our recent agreement with GreenShield, one the most significant partnerships in our history, is evidence of that opportunity."    Consolidated Business Highlights for the Three Months Ended June 30, 2024(All capitalized terms not defined herein shall have the meaning ascribed to them in the Management's Discussion and Analysis for the three months ended June 30, 2024, unless otherwise stated) Second quarter 2024 revenue reached $12.4 million, a decrease of 6% compared to the same period in 2023 but a slight increase over the first quarter of 2024. ARR2 of $48.3 million as at June 30, 2024, representing a decrease of 7% over the same period in 2023. Of the $48.3 million of ARR2, approximately $41.3 million, or 85%, originated from enterprise clients. Of the $48.3 million of ARR2, approximately 65% originated from clients outside of Canada. ARR2 is reported on a constant currency basis using a 1.300 USD:CAD exchange rate. When adjusting for the exchange rate at the end of the second quarter 2024 of 1.369 USD:CAD, ARR2 would be approximately $49.9 million. Second quarter 2024 Adjusted EBITDA1 of $2.6 million, a decrease of $0.7 million compared to the same period in 2023 and consistent with first quarter 2024 Adjusted EBITDA1. Second quarter 2024 Adjusted EBITDA1 Margin of 21%. Second quarter 2024 net loss of $2.2 million, a decrease from a net loss of $6.3 million in the second quarter of 2023. Notable client additions for the second quarter of 2024 included Stepping Stones Group, LIXIL Americas, and Los Almos National Laboratory as new clients. Expansion of the Company's base of multi-product clients continued with the successful closing of a cross-sale expansion with Hoffmaster Group, subsequent to quarter end. Going forward, the Company anticipates continued uptake in cross-sell as it further executes on opportunities within the current portfolio, as well as an increase in multi-product sales with net new clients. Subsequent to quarter end, the Company signed a significant partnership agreement with GreenShield, a leading Canadian integrated health and benefits organization. The multi-product agreement is significant to LifeSpeak in its scale and is validation of the Company's continued strategy of partnering with organizations that value the Company's services and view them as additive to their own product offering.  Subsequent to quarter end, the Company announced the appointment of Lee Dabberdt as its new Chief Financial Officer, effective August 5, 2024. The Company believes that Ms. Dabberdt will strengthen its senior leadership team and augment its ability to scale its business. The Company has breached financial covenants triggering an event of default on its term loan commitment. This also resulted in a cross default on the Company's convertible term loan. The Company is currently in active discussions with its lenders to remedy the covenant breaches. LifeSpeak has historically had strong relationships with its lenders and intends to continue to work productively and constructively with them going forward. ARR, Number of Clients, Consolidated Net Dollar Retention Rate and Logo Retention Rate ARR2 was approximately $48.3 million as at June 30, 2024, with core enterprise client ARR2 of approximately $41.2 million. ARR2 was broken down as follows over the last five quarters: (In thousands of Canadian dollars)   Q2-2023 Q3- 2023 Q4-2023 Q1- 2024 Q2-2024 Q2-2024 YoYGrowth Enterprise Client ARR 44,035 43,619 43,447 41,717 41,281 (6 %) Embedded Solutions Clients & Other ARR 8,155 7,913 7,585 6,717 7,044 (14 %) Total ARR 52,190 51,532 51,032 48,434 48,324 (7 %) Total Number of Clients3 was 893 as at June 30, 2024, compared to 996 as at June 30, 2023. Number of Clients3 as broken down as follows over the last five quarters: Q2-2023 Q3- 2023 Q4- 2023 Q1-2024 Q2- 2024 Q2-2024 YoYGrowth Total Enterprise Clients 979 973 942 902 881 (10 %) Total Embedded Solutions Clients 17 15 14 12 12 (29 %) Total Number of Clients 996 988 956 914 893 (10 %) Consolidated Net Dollar Retention Rate4 for the quarter was 84%, compared to 89% during the same period in 2023. Net Dollar Retention4 for Enterprise Clients was approximately 84% as at June 30, 2024, as compared to 89% for the comparative period in 2023. Consolidated Net Dollar Retention4 is lower primarily due to an increase in overall Enterprise Client churn, offset by cross-sell and multi-product opportunities within the existing Enterprise Client base. Logo Retention Rate5 was 75% as at June 30, 2024 compared to 89% for the comparable period in 2023. The lower Logo Retention Rate5 is primarily attributable to the loss of smaller enterprise client logos within the portfolio of customers. Despite the decrease in Number of Clients3, the relative contribution to ARR2 of new clients is, on average, larger than that of lost clients. ________________________________ 1 See "Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators" for a definition of "Adjusted EBITDA" and "Adjusted EBITDA Margin" 2 See "Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators" for a definition of "ARR" 3 See "Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators" for a definition of "Number of Clients" 4 See "Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators" for a definition of "Net Dollar Retention" 5 See "Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators" for a definition of "Logo Retention Rate" Financial Results for the Three and Six Months Ended June 30, 2024: Selected Consolidated Financial Information Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue 12,422 13,164 24,823 26,560 Content development costs 1,365 1,215 2,648 2,536 11,057 11,949 22,175 24,024 Deduct expenses: Sales and marketing 2,944 2,947 5,584 5,646 General and administrative 6,309 6,700 12,366 13,146 Share-based compensation (298) 1,390 249 2,856 Foreign exchange loss (gain) (733) 1,844 (2,522) 1,893 Amortization and depreciation 3,540