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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 |
“In 2022, we transitioned to a more balanced profitable growth strategy, a more efficient sales strategy prioritizing cross selling and a $2.0 million annual cost reduction plan to drive Free Cash Flow1 (“FCF”),” stated Maury Marks, President and CEO. “The result was that our Adjusted EBITDA2 for the 1st half of 2022 was $2.3 million and for the 2nd half of 2022, it was $3.3 million - an increase of $1.0 million or 43%. In addition, our cash conversion on Adjusted EBITDA improved substantially, with Adjusted Cash Income3 (“ACI”) up 150%. FCF was $0.1 million for the 1st half of 2022 and $1.4 million for the 2nd half of 2022. Cash conversion is something we are very focussed on and expect to build on these initial successes throughout 2023.”
“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 during these difficult economic conditions,” continued Mr. Marks. “In 2022 dealerships managed through vehicle inventory shortages that improved during the year and are now managing through higher interest rates and some difficult economic conditions. 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 2022 results; their continued innovation ensures Quorum has a product suite prepared for the future of automotive.”
Consolidated Results for Q4 2022 and Fiscal Year 2022
Q4 2022 | % Change | Q4 2021 | 2022 | % Change | 2021 | ||||||||||||
Total Revenue | $ | 9,850,916 | 7% | $ | 9,220,623 | $ | 38,803,539 | 8% | $ | 36,051,217 | |||||||
SaaS Revenue | $ | 7,023,005 | 6% | $ | 6,600,497 | $ | 27,658,155 | 8% | $ | 25,680,564 | |||||||
BDC Revenue | $ | 2,637,001 | 8% | $ | 2,442,502 | $ | 10,412,232 | 10% | $ | 9,441,602 | |||||||
Recurring Revenue | $ | 9,660,006 | 7% | $ | 9,042,999 | $ | 38,070,387 | 8% | $ | 35,122,166 | |||||||
Gross Margin | $ | 4,681,865 | 8% | $ | 4,315,665 | $ | 18,662,386 | 14% | $ | 16,409,098 | |||||||
Gross Margin % | 48% | 47% | 48% | 46% | |||||||||||||
EPS (Loss) | -$ | 0.002 | -$ | 0.028 | -$ | 0.190 | -$ | 0.037 | |||||||||
Net Loss | -$ | 166,331 | 92% | -$ | 2,015,162 | -$ | 1,412,783 | 48% | -$ | 2,711,265 | |||||||
Adjusted Net Loss4 | -$ | 166,331 | 52% | -$ | 347,068 | -$ | 1,412,783 | -35% | -$ | 1,043,171 | |||||||
Adjusted EBITDA | $ | 1,595,543 | 40% | $ | 1,142,424 | $ | 5,601,284 | 12% | $ | 4,988,389 | |||||||
Adjusted EBITDA Margin | 16% | 12% | 14% | 14% | |||||||||||||
Adjusted Cash Income | $ | 1,049,389 | 80% | $ | 583,027 | $ | 3,050,049 | 30% | $ | 2,348,928 |
Fourth Quarter Results
Fiscal Year 2022 Results
SaaS-based operational KPIs are as follows:
Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
Dealer Rooftop Count - Canada | 920 | 923 | 1,343 | 1,350 | 1,322 |
Dealer Rooftop Count - US | 125 | 116 | 116 | 114 | 118 |
Dealer Rooftop Count - Total | 1,045 | 1,039 | 1,459 | 1,464 | 1,440 |
MRRPU | $2,105 | $2,124 | $1,600 | $1,597 | $1,6265 |
Monthly recurring revenue per unit (“MRRPU”) implies that, as of the end of Q4 2022, each dealership (“Dealer Rooftop”) represents approximately $19.5K of SaaS annual recurring revenue (“ARR”).
2022 Business Highlights
Subsequent event
In April 2023, the Board of Directors of the Corporation approved the grant of 320,000 RSUs to the Board of Directors. 120,000 RSUs will vest in Q2 2023 with the remaining RSUs vesting in Q3 2023.
Quorum 2022 Annual Results Conference Call Details and Investor Presentation
Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Year End 2022 Annual Results at a conference call with concurrent audio webcast, scheduled for:
Date: | Thursday, April 20th, 2023 |
Time: | 11:00 am MT (1:00 pm ET) |
Dial-In #: | Toll-Free North America: 1 (888) 660-6411 |
Webcast Link: | Quorum Year End 2022 Annual 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 2022 audited consolidated financial statements and notes thereto as at and for the year ended December 31, 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.
________________________1 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 EBITDA2 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 Adjusted Cash Income (“ACI”) (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead.4 Adjusted Net Loss – Net income (loss) before impairment.5 In Q4 2022, as part of the Advantage wind down, eight Advantage rooftops moved to new service providers. The additional reduction in rooftops was due to a reduction in Accessible Accessories and Autovance brands’ rooftops which have lower demand in a market where dealerships are struggling with low vehicle inventories. Both DealerMine and Quorum DMS brands increased their rooftop count in Q4 2022.
PDF available: http://ml.globenewswire.com/Resource/Download/ac04030b-b072-4d00-898d-72da23086ddd
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