Quorum Reports Q3 2021 and YTD Financial Results


  • Record total revenue of $ 9.2 million at a growth rate of 14%
  • $ 6.6 million in recurring SaaS revenue
  • $ 2.4 million in recurring service revenue
  • Adjusted EBITDA1 Margin of 16%

CALGARY, Alberta, Nov. 24, 2021 (GLOBE NEWSWIRE) - Quorum Information Technologies Inc. (QIS: TSXV) (QuorumInformationSystems.com), a SaaS software and services company that provides basic software that vehicle dealers can use for the Operating across North America, released third quarter 2021 today and current financial results for the third quarter ended September 30, 2021. Financial references are in Canadian dollars unless otherwise noted. Please refer to the MD&A and financial reports published on SEDAR for non-IFRS measures and risk factors.

"We are pleased to report record total revenues 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 existing customers," said CEO Maury Marks. “With ongoing supply chain challenges, evolving opportunities for online sales channels, and increasing competition, our dealership customers need our software to protect and grow their business while maximizing their profits. We are encouraged by current market conditions and the total addressable marketplace available to Quorum Information Technologies' solutions. "

Consolidated results for Q3, 2021 and year-to-date

3rd quarter 2021% Change 3rd quarter 2020 YTD 2021% ChangeYTD 2020
Total sales$ 9.201.600 14th%$ 8,085,348 $ 26,830,594 19th%$ 22,539,580
Recurring income$8,976,508 fifteen%$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%
Business expense$4,470,561 21%$3,681,373 $12,966,077 fifteen%$11,277,639
EPS (loss)- $0.002 - $0.005 - $0.010 - $0.019
Annual deficit- $ 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 receipts 2$ 726.303 -24%$ 961.756 $ 1,766,037 6%$ 1,661,315

Q3 2021 financial and business highlights

  • Total revenue increased 14% to $ 9.2 million in the third quarter of 2021, compared to $ 8.1 million in the third quarter of 2020.
  • SaaS revenue increased 11% to $ 6.6 million in the third quarter of 2021, compared to $ 5.9 million in the third quarter of 2020.
  • Recurring service (BDC) revenue increased 30% to $ 2.4 million in the third quarter of 2021 compared to $ 1.9 million in the third quarter of 2020. The strength in this category was enhanced by new solution capabilities and a strategic partnership advanced with AutoCanada.
  • Recurring sales represented 97% of total sales for the quarter, compared to 96% in the third quarter last year.
  • Total annual recurring revenue (ARR) from SaaS of $ 26.2 million as of September 30, 2021.
  • Total annual recurring service (BDC) revenue was $ 9.7 million as of September 30, 2021.
  • Gross margin increased to $ 4.3 million and 47% of total revenue in the third quarter of 2021 compared to $ 3.7 million and 45% of total revenue in the third quarter of 2020. Gross margin increased 18% compared to the third quarter of last year thus rose faster than sales growth, which can be attributed to the scaling of the business.
  • Adjusted EBITDA margin was 16%, down from 18% in the previous Q3.
  • Including cash of $ 7.5 million, net working capital as of September 30, 2021 decreased from $ 9.1 million as of December 31, 2020 to the $ 7.6 million loan facility in April 2021.
  • SaaS-based operational KPIs are as follows:
3rd quarter 2021Q2 20213rd quarter 2020YoY
growth		Sequential
growth
Number of dealers on the roof - Canada9048988822%1%
Number of dealers on the roof - USA128127129--
Number of dealers on the roof terrace - Total21,0321,0251.0112%1%
MRRPU$ 2,116$ 2,091$ 1,9509%1%

The monthly recurring revenue per unit (MRRPU) means that each dealer (dealer rooftop) represents approximately $ 25.4,000 in SaaS ARR at the end of the third quarter of 2021.

Conference call details

Maury Marks, President and Chief Executive Officer, and Marilyn Bown, Chief Financial Officer, will present the quarterly results for the third quarter of 2021 in a conference call and audio webcast for:

Date:Thursday, November 25, 2021
Time:11:00 a.m. CET
Dial in #:North America Toll Free: 1 (844) 967-3741
Webcast Link:Quarterly Results Conference Call for Third Quarter 2021 (Webcast)

The investor presentation of the quarterly results for the third quarter of 2021, a replay of the conference call, and transcripts of the conference call will also be available at www.QuorumInformationSystems.com.

Via quorum information systems

Quorum is a North American company focused on developing, marketing, implementing and supporting its portfolio of software and services for dealerships that includes:

  • XSellerator, a Dealership Management System (DMS) that automates, integrates and streamlines important processes across departments in a car dealership and emphasizes sales generation and customer satisfaction.
  • DealerMine CRM, a sales and service customer relationship management (CRM) system, and a suite of business development center services that bring revenue to the critical sales and service departments of a dealership.
  • Autovance, a modern retail platform that helps merchants attract more business through digital retailing, improve in-store profits and close rates through their desking tool, and maximize their efficiency and CSI through Autovance's R&I menu solution.
  • Advantage, a complete showroom system for independent dealerships and a management system that also includes in-house leasing, inventory management and accounting.

Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS.

More information is available at www.QuorumInformationSystems.com.

Quorum Information Technologies Inc. Contacts:

Maury Marks

President and Chief Executive Officer

403-777-0036

Maury.Marks@QuorumInfotTech.com

Marilyn Bown

CFO

403-777-0036

Marilyn.Bown@QuorumInfotTech.com

Investor Relations contact

Ron Shuttleworth

partner

Oak Hill Finance

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", "can", "will", "project", "should" or similar words indicate future results. Quorum believes that expectations reflected in such forward-looking information are reasonable, but no assurance can be given that such expectations will prove to be correct and no reliance can be placed on such forward-looking information.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties, some of which are described here. Such forward-looking information necessarily involves known and unknown risks and uncertainties that could cause Quorum's actual performance and financial results in future periods to differ materially from the projections of future performance or results expressed or implied in such forward-looking information.

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this press release and accepts no responsibility for the adequacy or accuracy of this press release.

_____________________________

1 Adjusted EBITDA (non-GAAP) - Net income (loss) before interest and borrowing costs, taxes, depreciation, amortization, stock-based payments, foreign exchange gains and losses, one-time acquisition-related charges, and restructuring fees.
2 Adjusted Cash Income (non-GAAP) - Adjusted EBITDA less capitalized salaries and overheads.
2 Number of Dealer Roofs - Total for Q3 2020 has been adjusted to correct the number of Dealer Roofs - Canada for the previous period. Dealer Rooftop Counts - Total and MRRPU were previously reported as follows: 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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Source: Quorum Information Technologies Inc.

2021 GlobeNewswire, Inc., Source Press Releases - Canada


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