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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.62 | 0.61 | 0.63 | 0.62 | 0.62 | 0.62 | 7,500 | 19:17:33 |
“We are happy to report record total and recurring revenue and are pleased with our overall revenue growth for this quarter,” stated Maury Marks, President and CEO. “It was an exciting quarter as we attended the first in person National Automobile Dealers Association (“NADA”) convention in two years. Additionally, we restructured our BDC Capital debt facility to provide more flexibility for future investments or acquisitions. Finally, we completed the acquisition of Accessible Accessories, which adds a significant number of additional rooftops to Quorum’s customer base. Now, with at least one Quorum product in 42% of Canadian franchised dealerships, Quorum has a leading position in the Canadian market with substantial profitable growth runway across North America. I would especially like to acknowledge our employees and customers who continue to help Quorum navigate the challenges in these unprecedented times,” added Marks. “Our employees are the driving force behind our strong Q1 2022 results and their continued innovation ensures Quorum has a product suite prepared for the future of automotive.”
Consolidated Results for Q1 2022
Quorum Information Technologies Inc | ||||||||||
Table for Press Release | ||||||||||
Q1 2022 | ||||||||||
Q1 2022 | % Change | Q1 2021 | ||||||||
Total Revenue | $ | 9,286,058 | 9 | % | $ | 8,555,768 | ||||
Recurring Revenue | $ | 9,116,961 | 10 | % | $ | 8,287,847 | ||||
Gross Margin | $ | 4,400,199 | 17 | % | $ | 3,769,697 | ||||
Gross Margin % | 47 | % | 44 | % | ||||||
EPS (Loss) | -$ | 0.008 | -$ | 0.004 | ||||||
Net Loss | -$ | 597,617 | -94 | % | -$ | 308,714 | ||||
Adjusted EBITDA1 | $ | 882,000 | -32 | % | $ | 1,291,499 | ||||
Adjusted EBITDA Margin | 9 | % | 15 | % | ||||||
Adjusted Cash Income2 | $ | 153,182 | -74 | % | $ | 593,524 | ||||
First Quarter Results
SaaS-based dealership rooftops are as follows:
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Proforma Q1 2022 (including Accessible) | |
Dealer Rooftop Count - Canada | 882 | 898 | 904 | 920 | 923 | 1,346 |
Dealer Rooftop Count - US | 128 | 127 | 128 | 125 | 116 | 116 |
Dealer Rooftop Count - Total | 1,010 | 1,025 | 1,032 | 1,045 | 1,039 | 1,462 |
MRRPU | $2,013 | $2,091 | $2,116 | $2,105 | $2,124 | $1,595 |
Monthly recurring revenue per unit (“MRRPU”) implies that, as of the end of Q1 2022, each dealership (“Dealer Rooftop”) represents approximately $25.5K of SaaS ARR.
Q1 2022 Business Highlights
Subsequent Event
On April 1, 2022, Quorum completed the acquisition of Accessible Accessories Ltd. (“Accessible”) pursuant to a share purchase agreement (the “Agreement”) between Quorum and Accessible. Under the terms of the Agreement, the Corporation acquired all of the issued and outstanding shares of Accessible for consideration comprised of $4,500,000 in cash with a 10% holdback to be released September 30, 2022, pursuant to the terms of an earn-out structure. The Corporation will finance the $4,500,000 with current cash reserves and its BDC Capital facility. Accessible is Quorum’s fourth acquisition since 2017 and marks another step forward in Quorum’s strategy to be a full-service provider to automotive dealerships.
Quorum Q1 2022 Results Conference Call Details and Investor Presentation
Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will discuss these results on a conference call with a concurrent audio webcast. Details are as follows:
Date: | Thursday, May 26th, 2022 |
Time: | 11:00 am MT |
Dial-In #: | Toll-Free North America: 1 (888) 660-6411 |
Webcast Link: | Q1 2022 Quarterly Results Conference Call (Webcast) |
The Q1 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 company focused on developing, marketing, implementing and supporting its portfolio of software and services for automotive dealerships that includes:
Quorum’s Dealership Management System (DMS) automates, integrates and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
DealerMine CRM, a sales and service Customer Relationship Management (CRM) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution.
Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue.
Quorum Information Technologies Inc. is traded on the TSX Venture Exchange (TSXV) under the symbol QIS. For additional information, please go to QuorumInformationSystems.com.
Contacts:
Maury MarksPresident and Chief Executive Officer403-777-0036Maury.Marks@QuorumInfoTech.com
Marilyn BownChief Financial Officer403-777-0036Marilyn.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 Q1 2022 unaudited condensed consolidated financial statements and notes thereto as at and for the three months ended March 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.
PDF available: http://ml.globenewswire.com/Resource/Download/3320a6df-7138-4474-bdcc-9bd3c5fa960b
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