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Share Name | Share Symbol | Market | Type |
---|---|---|---|
VersaPay Corp | TSXV:VPY | 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% | 2.69 | 2.69 | 2.69 | 0 | 01:00:00 |
- Record Sales of $1.25 million in quarter -
TORONTO, Nov. 26, 2019 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated collections and cash application, today announced its financial results for the three and nine-month periods ended September 30, 2019.
"I'm very pleased to announce that VersaPay achieved a record $1.25 million ARR in new sales in Q3," said Craig O'Neill, CEO of VersaPay. "This raises our subscription backlog to $1.57 million, and our annual recurring revenue, including subscription backlog to over $9.38 million. Total ARC-related revenues grew 161% year-over-year to $1.80 million, while overall revenue increased 90% year-over-year to $2.23 million. As ARCTM contributes a growing share of our overall revenue, our gross margins continue to climb, growing to 83% this quarter, up from 76% in Q3 2018."
Mr. O'Neill continued, "In addition to the record ARCTM sales in the quarter, we achieved professional services sales of $0.47 million, resulting in an increase to the professional services backlog of $0.26 million to $1.09 million."
Operational Highlights for Q3:
Financial Highlights:
1 See further details on the new IFRS 16 – Leases accounting standard implementation in the "Financial highlights" section.
The following is a reconciliation of Adjusted EBITDA to total comprehensive (loss) income:
Three months ended September 30 | Nine months ended September 30 | |||
2019 | 2018 | 2019 | 2018 | |
Recast | Recast | |||
$ | $ | $ | $ | |
Adjusted EBITDA | (1,789,638) | (2,773,100) | (6,430,710) | (7,844,326) |
Share based compensation | (231,543) | (80,683) | (917,673) | (1,093,414) |
Net finance expense (IFRS 16) | (150,446) | - | (429,702) | - |
Other finance income (costs) | 20,570 | 19,067 | 72,100 | 57,386 |
Amortization - RoU assets (IFRS 16) | (275,419) | - | (771,597) | - |
Amortization - other assets | (98,075) | (46,835) | (315,629) | (108,892) |
Other non-operating expenses | (40,000) | - | (40,000) | (155,000) |
Foreign currency translation differences | 33,910 | (13,557) | (40,815) | (13,200) |
Total comprehensive (loss) income | (2,530,641) | (2,895,108) | (8,874,026) | (9,157,446) |
The term Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is a non-IFRS financial measure which does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. Adjusted EBITDA provides useful information to users as it reflects the net earnings before interest, taxes, depreciation and amortization and adjusted for the effect of non-operating expenses (including M&A and non-recurring restructuring activities), share-based compensation (which includes share-based payments, restricted share units, performance share units, and deferred share units), and unusual items such as discontinued operations and sales tax accrual. Management uses Adjusted EBITDA in measuring the financial performance of the Company as this measure reflects results that are controllable by management in day-to-day operations. Management monitors Adjusted EBITDA against budget and past results on a regular basis.
The term Monthly Recurring Revenue ("MRR") is a non-IFRS measure and includes revenues earned in a given month relating to monthly fixed subscription fee, monthly transaction fees, ARC Lite™ revenue, and PayPort™ revenue. MRR is a common metric used in Software as a Service ("SaaS") companies and its definition is not guided by IFRS standards. Accordingly, MRR is unlikely to be comparable to similar measures presented by other issuers.
The term ARCTM Annualized Recurring Revenue ("ARCTM ARR") is a non-IFRS measure and refers to the MRR value as defined above of fixed subscription fees, monthly transaction fees, and ARC LiteTM revenue multiplied by 12 to represent management's best estimate of forward looking 12 months of recurring revenues that the Company would earn based on the current ARCTM MRR.
The term PayPortTM Annualized Recurring Revenue ("PayPortTM ARR") is a non-IFRS measure and refers to the sum of the trailing twelve months of PayPortTM MRR revenues, as defined above, to represent management's best estimate of forward looking 12 months of PayPortTM recurring revenues that the Company would earn.
The term Operating Expense is the aggregation of general and administrative expenses, research and development expenses, and sales and marketing expenses.
The term Backlog for ARCTM Subscriptions represents the annual recurring amount that customers have contractually committed to but have not yet been billed. The term Backlog for ARCTM Professional Services represents revenue expected to be recognized in the future related to contracted non-recurring implementation services that are yet to be performed.
Conference Call Details:
Date: Wednesday, November 27th, 2019
Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:
Local – Toronto (+1) 416 764 8609
Toll Free – North America (+1) 888 390 0605
Conference ID: 82608648
Recording Playback Numbers:
Toronto (+1) 416 764 8677
Toll Free – North America (+1) 888 390 0541
Passcode: 608648 #
Expiry Date: Wednesday, December 4th, 2019
A live audio webcast and archive of the conference call will be available by visiting the Company's website at http://www.versapay.com/company/investor-relations/. Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
About VersaPay
VersaPay is a leading cloud-based invoice presentment and payment provider for businesses of all sizes. VersaPay's ARCTM software-as-a-service offering allows businesses to easily deliver customized electronic invoices to their customers, to accept credit card and EFT payments and automatically reconcile payments to their ERP and accounting software. VersaPay is headquartered in Toronto, Canada and has operations in Montreal.
More information about VersaPay can be found on the Company's website at www.versapay.com or under the Company's profile on SEDAR at www.sedar.com.
Forward Looking and Other Cautionary Statements
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on 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) accepts responsibility for the adequacy or accuracy of this release.
SOURCE VersaPay Corporation
Copyright 2019 Canada NewsWire
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