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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% | 0.88 | 0.88 | 0.90 | 0.89 | 0.88 | 0.89 | 9,400 | 14:45:49 |
“We are happy to report record total revenue and are pleased with our overall revenue growth for this quarter, which was well balanced between adding new rooftops and cross-selling new software and services to current clients,” stated CEO Maury Marks. “With ongoing supply chain challenges, emerging online sales channel opportunities, and expanding competition, our vehicle dealership clients need our software to protect and grow their business while maximizing profits. We are encouraged by current market conditions and total addressable market available to Quorum Information Technologies solutions.”
Consolidated Results for Q3, 2021 & Year-to-Date
Q3 2021 | % Change | Q3 2020 | YTD 2021 | % Change | YTD 2020 | ||||||||||
Total Revenue | $ | 9,201,600 | 14% | $ | 8,085,348 | $ | 26,830,594 | 19% | $ | 22,539,580 | |||||
Recurring Revenue | $ | 8,976,508 | 15% | $ | 7,778,853 | $ | 26,079,167 | 21% | $ | 21,631,691 | |||||
Gross Margin | $ | 4,307,880 | 18% | $ | 3,659,992 | $ | 12,093,433 | 21% | $ | 9,973,961 | |||||
Gross Margin % | 47 | % | 45 | % | 45 | % | 44 | % | |||||||
Total Operating Expenses | $ | 4,470,561 | 21% | $ | 3,681,373 | $ | 12,966,077 | 15% | $ | 11,277,639 | |||||
EPS (Loss) | -$ | 0.002 | -$ | 0.005 | -$ | 0.010 | -$ | 0.019 | |||||||
Net Loss | -$ | 143,930 | 60% | -$ | 358,296 | -$ | 696,103 | 50% | -$ | 1,383,568 | |||||
Adjusted EBTIDA | $ | 1,451,712 | -1% | $ | 1,464,650 | $ | 3,846,083 | 13% | $ | 3,410,823 | |||||
Adjusted Cash Income 2 | $ | 726,303 | -24% | $ | 961,756 | $ | 1,766,037 | 6% | $ | 1,661,315 |
Q3 2021 Financial and Business Highlights
Q3 2021 | Q2 2021 | Q3 2020 | YoY Growth | Sequential Growth | |
Dealer Rooftop Count - Canada | 904 | 898 | 882 | 2% | 1% |
Dealer Rooftop Count - US | 128 | 127 | 129 | - | - |
Dealer Rooftop Count - Total2 | 1,032 | 1,025 | 1,011 | 2% | 1% |
MRRPU | $2,116 | $2,091 | $1,950 | 9% | 1% |
Monthly recurring revenue per unit (MRRPU) implies that, as of the end of Q3, 2021, each dealership (Dealer Rooftop) represents approximately $25.4K of SaaS ARR.
Conference Call Details
Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q3 2021 Quarterly Results at a conference call with concurrent audio webcast, scheduled for:
Date: | Thursday, November 25, 2021 |
Time: | 11:00 am MT |
Dial-In #: | Toll-Free North America: 1 (844) 967-3741 |
Webcast Link: | Q3 2021 Quarterly Results Conference Call (Webcast) |
The Q3 2021 Quarterly Results Investor Presentation, a replay of the conference call, and transcripts of the conference call will also be available at www.QuorumInformationSystems.com.
About Quorum Information Systems
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 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.
Quorum Information Technologies Inc. Contacts:
Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfotTech.com
Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfotTech.com
Investor Relations Contact
Ron Shuttleworth
Partner
Oak Hill Financial
647-500-7371
rshuttleworth@oakhillfinancial.ca
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.
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 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 Adjusted Cash Income (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead.2 Dealer Rooftop Count – Total for Q3 2020 has been adjusted to correct prior period Dealer Rooftop Count – Canada. Dealer Rooftop Count – Total and MRRPU were previously reported as: Q3 2020 total rooftop count of 1,045 and MRRPU of $1,886.
PDF available: http://ml.globenewswire.com/Resource/Download/648c4003-a257-44de-a2ad-69b88e7c3ebf
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