Thought I knew about hyphens but this has puzzled me...

[knpeppa]

This is the correct use of the hyphen as I understood it:

1. XXX is a high-profile event

2. XXX has a high profile
3. High-profile though XXX is ...

A colleague said they would not use the hyphen in the third example.

Who is right? Are we both right and should agree to differ?

[itwasntme]

I'd use the hypen in the third example. In 1 and 3, high-profile is used as an adjective.

[ChipButty]

Colleague is right. Hyphen used for adjectival form.

[knpeppa]

Can you explain that, chipbutty?