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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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Total Revenue of $9.9 million, up 7%; Recurring Revenue up 7%
Record Adjusted EBITDA1 of $1.7 million
CALGARY, Alberta, Nov. 23, 2022 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (QIS:TSXV) (“Quorum” or the “Company”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the third quarter of 2022, ending September 30, 20222.
“We are happy to report record total revenue, SaaS revenue and adjusted EBITDA for the third quarter of 2022,” stated Maury Marks, President and CEO. “We are delighted that we were able to achieve a record adjusted EBITDA of $1.7 million, which equated to an adjusted EBITDA margin of 17% for the quarter. Our focus on profitable growth has resulted in improved gross and adjusted EBITDA margins. The cornerstones of our 2023 strategy will be to pursue what is now a $55 million SaaS revenue cross-selling opportunity while at the same time reducing our cost base. I would especially like to acknowledge our employees and customers who are the driving force behind our continued growth and drive to innovate to ensure Quorum has a product suite prepared for the future of automotive.”
Consolidated Results for Q3 2022 and Year-to-Date
Q3 2022 | % Change | Q3 2021 | 2022 | % Change | 2021 | ||||||||||||
Total Revenue | $ | 9,854,062 | 7 | % | $ | 9,201,600 | $ | 28,952,623 | 8 | % | $ | 26,830,594 | |||||
SaaS Revenue | $ | 7,013,373 | $ | 6,550,233 | $ | 20,635,150 | $ | 19,080,067 | |||||||||
BDC Revenue | $ | 2,595,945 | $ | 2,426,275 | $ | 7,775,231 | $ | 6,999,100 | |||||||||
Recurring Revenue | $ | 9,609,318 | 7 | % | $ | 8,976,508 | $ | 28,410,381 | 9 | % | $ | 26,079,167 | |||||
Gross Margin | $ | 4,857,845 | 13 | % | $ | 4,307,880 | $ | 13,980,521 | 16 | % | $ | 12,093,433 | |||||
Gross Margin % | 49 | % | 47 | % | 48 | % | 45 | % | |||||||||
EPS (Loss) | -$ | 0.005 | -$ | 0.002 | -$ | 0.017 | -$ | 0.010 | |||||||||
Net Loss | -$ | 393,095 | -173 | % | -$ | 143,930 | -$ | 1,246,452 | -79 | % | -$ | 696,103 | |||||
Adjusted EBITDA | $ | 1,703,420 | 17 | % | $ | 1,451,712 | $ | 4,005,741 | 4 | % | $ | 3,846,083 | |||||
Adjusted EBITDA Margin | 17 | % | 16 | % | 14 | % | 14 | % | |||||||||
Adjusted Cash Income3 | $ | 1,129,768 | 56 | % | $ | 726,303 | $ | 2,000,660 | 13 | % | $ | 1,766,037 |
________________________
1 Adjusted EBITDA (non-GAAP) – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, foreign exchange gains and losses, one-time acquisition-related expenses and restructuring fees.
2 Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.
3 Adjusted Cash Income (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead.
Third Quarter Results
SaaS-based dealership rooftops are as follows:
Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |
Dealer Rooftop Count – Canada | 904 | 920 | 923 | 1,343 | 1,350 |
Dealer Rooftop Count – US | 128 | 125 | 116 | 116 | 114 |
Dealer Rooftop Count – Total | 1,032 | 1,045 | 1,039 | 1,459 | 1,464 |
MRRPU | $2,116 | $2,105 | $2,124 | $1,600 | $1,597 |
Monthly recurring revenue per unit (“MRRPU”) implies that, as of the end of Q3 2022, each dealership (“Dealer Rooftop”) represents approximately $19.2K of SaaS ARR. Q3 2022 MRRPU decreased, as compared to Q3 2021, due to the addition of rooftops as a result of the Accessible Accessories acquisition.
Q3 2022 Business Highlights
Quorum Q3 2022 Results Conference Call Details and Investor Presentation
Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q2 2022 results at a conference call with concurrent audio webcast, scheduled for:
The Q3 2022 Results Investor Presentation, a replay of the conference call and a transcript of the conference call will also be available at www.QuorumInformationSystems.com
About Quorum Information Technologies Inc.
Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:
Quorum Information Technologies Inc. is traded on the TSX Venture Exchange (“TSX-V”) under the symbol QIS. For additional investor information, please visit www.QuorumInformationSystems.com.
Contacts:
Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com
Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfoTech.com
Daniela Trnka
Investor Relations
403-777-0036
Daniela.Trnka@QuorumInfoTech.com
Forward-Looking Information
This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.
Quorum has filed its Q3 2022 unaudited condensed consolidated financial statements and notes thereto as at and for the nine months ended September 30, 2022, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.
Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
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