Quisitive Technology Solutions Inc. Reports Fiscal 2020 Second Quarter Results – Digitalmunition




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Published on August 26th, 2020 📆 | 7584 Views ⚑

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Quisitive Technology Solutions Inc. Reports Fiscal 2020 Second Quarter Results

Quisitive Technology Solutions Inc. (“Quisitive” or the “Corporation”) (TSXV: QUIS), a premier Microsoft solutions provider, has achieved quarterly revenue of $13.1 million or 222% year-over-year growth while driving adjusted EBITDA of $2.8 million or 21% of revenue for the second quarter ended June 30, 2020.” data-reactid=”12″>TORONTO, Aug. 26, 2020 /PRNewswire/ — Quisitive Technology Solutions Inc. (“Quisitive” or the “Corporation”) (TSXV: QUIS), a premier Microsoft solutions provider, has achieved quarterly revenue of $13.1 million or 222% year-over-year growth while driving adjusted EBITDA of $2.8 million or 21% of revenue for the second quarter ended June 30, 2020.


Mike Reinhart, Chief Executive Officer of Quisitive. “In Q2, we also achieved advanced specialization with Microsoft for the modernization of web applications in Azure. This recognition has led to increased visibility within Microsoft’s ecosystem and grown our enterprise customer engagements, helping them further leverage the cloud and compete with innovative digital solutions in these unprecedented times.”” data-reactid=”25″>”We experienced tremendous growth in Q2, which was fueled by the momentum behind our Q1 acquisition of Menlo Technologies, organic growth in our cloud solutions business, and the launch of our payments intelligence solution, LedgerPay,” said Mike Reinhart, Chief Executive Officer of Quisitive. “In Q2, we also achieved advanced specialization with Microsoft for the modernization of web applications in Azure. This recognition has led to increased visibility within Microsoft’s ecosystem and grown our enterprise customer engagements, helping them further leverage the cloud and compete with innovative digital solutions in these unprecedented times.”

www.sedar.com. All figures are expressed in United States dollars unless otherwise stated.” data-reactid=”31″>The Corporation’s unaudited financial statements for the quarter ended June 30, 2020 and related management’s discussion and analysis can be found on the Corporation’s website and on the Corporation’s issuer profile on SEDAR at www.sedar.com. All figures are expressed in United States dollars unless otherwise stated.

  • Revenue for the quarter ended June 30, 2020 was $13.1 million versus $4.1 million for the quarter ended June 30, 2019.
  • Gross profit for the quarter ended June 30, 2020 was $5.6 million as compared to $1.7 million for the quarter ended June 30, 2019.
  • Adjusted EBITDA for the quarter ended June 30, 2020 was $2.8 million or 21% of revenue as compared to an Adjusted EBITDA of $0.3 million or 6% of revenue for the three months ended June 30, 2019.
  • Net loss for the quarter ended June 30, 2020 was $5.8 million or a loss of $0.05 per share. Included in the net loss was:

“I deeply appreciate the dedication shown to our customers by the Quisitive leadership team and employees,” added Reinhart. “They have continued to remain focused on helping our clients successfully navigate this challenging time. The commitment across the entire organization has enabled us to make a tremendous impact for our customers in Q2 and produce exceptional financial results as we all manage the impact of the pandemic. With a strong cash position, a robust pipeline, and a solid start to Q3, we are well positioned to continue executing against our multi-pronged growth strategy that involves supplementing our core cloud-based business with strategic M&A and partnership opportunities.”

  • Completed a bought deal financing raising gross proceeds of C$16 million to enable growth through future acquisitions, investments in sales initiatives, marketing of intellectual property offerings, and other general corporate purposes.
  • The Company continues the market advancement of the LedgerPay solution platform and excited to recognize LedgerPay’s revenue contribution in the quarter.
  • Recognized by Microsoft for achieving the Advanced Specialization certification in Modernizing Web Applications. Only 19 Microsoft partners worldwide have achieved this certification by passing a rigorous audit process.
  • Won and delivered a project with Inform Diagnostics, a subspecialty anatomic pathology provider, to build a mobile application to track case status for COVID-19 testing and anatomical pathology specimens.
  • Won and delivered an Azure Data and Analytics project for Massanutten Resorts, resulting in a published case study highlighting the success of the project.
  • The Corporation won their first large Microsoft Azure migration in the State and Local Government sector.
  • As a result of a proof-of-concept executed in 2019, won the follow-on project of the development of a consumer application that analyzes a golfer’s putting stroke for a major golf equipment manufacturer.
  • Chosen to implement an integrated Dynamics CE and Dynamics Business Central Platform for a large Crown corporation.

To access the conference call by phone, please dial the following numbers:

https://quisitive.com/investor-relations/.” data-reactid=”52″>Please call the conference dial-in approximately 10 minutes beforehand and ask to join the Quisitive Technology Solutions earnings call. A replay of the conference call will be available following the call at https://quisitive.com/investor-relations/.

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$5 million in debt using this combination of common shares and cash minimizes dilution while improving our balance sheet and overall liquidity position,” said Michael Murphy, Chief Financial Officer of Quisitive.” data-reactid=”59″>”We believe that forfeiture of 7.4 million in potential warrant dilution along with retirement of over $5 million in debt using this combination of common shares and cash minimizes dilution while improving our balance sheet and overall liquidity position,” said Michael Murphy, Chief Financial Officer of Quisitive.

“We are excited to exercise our warrants as we continue to have strong belief in the Quisitive strategy and compelling future growth opportunity,” said Vijay Jog, President of Quisitive’s Business Applications team, former owner of CRG.

The TSX Venture Exchange and the Corporation’s board of directors have approved an increase to the number of awards available for issuance or grant under the Corporation’s Stock and Incentive Plan that exercisable into common shares from 8,483,101 to 18,063,338, representing, at the date hereof, 10% of current issued and the outstanding common shares of the Corporation.

Austin, TX; Dallas, TX; Denver, CO; Minneapolis, MN; Los Altos, CA; Washington, DC; Ottawa, ON; Toronto, ON and Hyderabad, India. For more information, visit www.Quisitive.com. TSXV: QUIS.” data-reactid=”63″>Quisitive is a premier Microsoft solutions provider that helps enterprise organizations move, operate, and innovate in the Microsoft cloud: Microsoft Azure, Microsoft Dynamics and Microsoft 365. Quisitive also provides proprietary Software as a Service (“SaaS”) solutions such as CRG emPerform™ and Quisitive LedgerPay that complement the Microsoft platform. Quisitive serves clients globally with offices in Austin, TX; Dallas, TX; Denver, CO; Minneapolis, MN; Los Altos, CA; Washington, DC; Ottawa, ON; Toronto, ON and Hyderabad, India. For more information, visit www.Quisitive.com. TSXV: QUIS.

There are measures included in this news release that do not have a standardized meaning under generally accepted accounting principles (GAAP) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA (earnings before interest, taxes, depreciation and amortization is calculated as net earnings before finance costs (net of finance income), income tax expense, and depreciation and amortization of intangibles) is a non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with IFRS. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with IFRS. We believe that current shareholders and potential investors in our Corporation use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our Corporation and measuring our operational results.

The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes), changes in fair value of derivatives, acquisition-related expenses and listing expense. Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

Management considers these non-operating expenses to be outside the scope of Quisitive’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period.

Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with IFRS or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. As these acquisition-related expenses charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

SOURCE Quisitive Technology Solutions Inc.

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