We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quorum Information Technologies Inc | TSXV:QIS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -1.59% | 0.62 | 0.62 | 0.63 | 0.62 | 0.62 | 0.62 | 20,500 | 19:33:40 |
“We continued our disciplined approach to profitable growth in Q1, with Adjusted EBITDA2 up 51% to $1.3 million and Adjusted Cash Income (“ACI”) up 277% to $0.6 million. The ACI results includes $0.3 million of spend associated with the once a year North American Dealers Association (“NADA”) tradeshow, and when factoring this in, our ACI momentum continued sequentially as well,” stated Maury Marks, President and CEO. “This increase in profitability, combined with solid growth in a dynamic macro environment, is due to the successful execution of several initiatives, including a more efficient sales strategy prioritizing cross selling and a $2.0 million annual cost reduction plan to drive Free Cash Flow3 (“FCF”).
“Through a combination of purposeful product investment and four strategic acquisitions in the last five years Quorum now has a uniquely integrated product suite of 12 essential software solutions and services that we can sell to dealers to drive their business,” continued Mr. Marks. “We will remain focussed on executing our profitable growth strategy in 2023, despite the macro-economic environment. I would also like to sincerely thank our employees who are the driving force behind our positive Q1 2023 results; their continued innovation ensures Quorum has a product suite prepared for the future of automotive.”
Consolidated Results for Q1 2023
Q1 2023 | % Change | Q1 2022 | |||||||
Total Revenue | $ | 9,906,478 | 7 | % | $ | 9,286,058 | |||
SaaS Revenue | $ | 7,025,780 | 6 | % | $ | 6,620,704 | |||
BDC Revenue | $ | 2,764,735 | 11 | % | $ | 2,496,257 | |||
Recurring Revenue | $ | 9,790,515 | 7 | % | $ | 9,116,961 | |||
Gross Margin | $ | 4,638,269 | 5 | % | $ | 4,400,199 | |||
Gross Margin % | 47 | % | 47 | % | |||||
EPS (Loss) | -$ | 0.008 | -$ | 0.008 | |||||
Net Loss | -$ | 559,909 | 6 | % | -$ | 597,617 | |||
Adjusted EBITDA | $ | 1,332,077 | 51 | % | $ | 882,000 | |||
Adjusted EBITDA Margin | 13 | % | 9 | % | |||||
Adjusted Cash Income | $ | 577,231 | 277 | % | $ | 153,182 | |||
First Quarter Results
SaaS-based operational Key Performance Indicators (“KPIs”) are as follows:
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | |
Dealer Rooftop Count - Canada | 923 | 1,343 | 1,350 | 1,322 | 1,315 |
Dealer Rooftop Count - US | 116 | 116 | 114 | 118 | 118 |
Dealer Rooftop Count - Total | 1,039 | 1,459 | 1,464 | 1,440 | 1,433 |
MRRPU | $2,124 | $1,600 | $1,597 | $1,626 | $1,634 |
Monthly recurring revenue per unit (“MRRPU”) implies that, as of the end of Q1 2023, each dealership (“Dealer Rooftop”) represents approximately $19.6K of SaaS annual recurring revenue (“ARR”).
Q1 2023 MRRPU decreased as compared to Q1 2022 due to the addition of rooftops as a result of the Accessible Accessories acquisition. The reduction in rooftops, as compared to Q4 2022, was primarily due to a reduction in Accessible Accessories brand’s rooftops. Growth in the number of Accessible Accessories rooftops is anticipated as Accessible Accessories and Autovance integration is introduced.
Q1 2023 Business Highlights
Quorum Q1 2023 Annual Results Conference Call Details and Investor Presentation
Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2023 Results at a conference call with concurrent audio webcast, scheduled for:
Date: | Thursday, May 25th, 2023 | |
Time: | 11:00 am MT (1:00 pm ET) | |
Dial-In #: | Toll-Free North America: 1 (888) 660-6411 | |
Conference ID: | 2512218 | |
Webcast Link: | Quorum Q1 2023 Results Conference Call (Webcast) | |
An updated Investor Presentation, replay of the results conference call, and transcripts 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 MarksPresident and Chief Executive Officer403-777-0036Maury.Marks@QuorumInfoTech.com
Marilyn BownChief Financial Officer403-777-0036Marilyn.Bown@QuorumInfoTech.com
Daniela TrnkaInvestor Relations403-777-0036Daniela.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 Q1 2023 unaudited consolidated financial statements and notes thereto as at and for the three months ended March 31, 2023, 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.
1 Adjusted Cash Income (“ACI”) (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead.2 Adjusted EBITDA – 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 expenses.3 Free Cash Flow – Adjusted Cash Income less interest on long term debt and bank charges and IFRS 16 lease cash expense not included in Adjusted EBITDA.
PDF available: http://ml.globenewswire.com/Resource/Download/1c8eca9b-7cc3-4fa1-8dfe-c08d245f4d60
1 Year Quorum Information Techn... Chart |
1 Month Quorum Information Techn... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions