Quorum Announces Q3 2024 Results
Quorum Announces Q3 2024 Results . (MENAFN - GlobeNewsWire - Nasdaq) Adjusted EBITDA1 increases by 15% over prior year and Adjusted Cash Income2 increases 39% over prior yearCALGARY, Alberta, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Quorum ...
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(MENAFN- GlobeNewsWire - Nasdaq) Adjusted EBITDA1 increases by 15% over prior year and Adjusted Cash Income2 increases 39% over prior year CALGARY, Alberta, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Quorum Information Technologies (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the third quarter of 2024, ended September 30, 2024. references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors. “Q3 2024 was a very exciting quarter for Quorum. Not only did we achieve record Adjusted EBITDA of $2.3 million and record Adjusted Cash Income of $1.8 million, we also paid down $3.0 million on our BDC Capital Facility,” stated Maury Marks, President and CEO.“Our profitable growth strategy and better company-wide cost management has now delivered four consecutive quarters of Adjusted EBITDA margin of 20% or higher. This improved profitability provides Quorum the latitude to accelerate the pay down of our BDC Capital Facility which has been reduced in 2024 from $9 million to the current balance of $4.5 million. Our improved cash flow also better positions us to consider other future capital or strategic investment opportunities.” “I would like to sincerely express my appreciation to our employees, whose commitment to Quorum was crucial to achieving our Q3 2024 plan and strong quarterly results," said Mr. Marks. "Their hard work is enhanced by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.“ Consolidated Results for Q3 2024

Q3 2024 %Change Q3 2023 YTD 2024 %Change YTD 2023 Total Revenue $ 9,931,695 (5 %) $ 10,400,269 $ 29,945,434 (1 %) $ 30,342,596 SaaS Revenue $7,223,897 2% $7,073,830 $21,656,041 2% $21,173,482 BDC Revenue $2,448,634 (11%) $2,762,660 $7,415,497 (11%) $8,292,353 Recurring Revenue $9,672,531 (2%) $9,836,490 $29,071,538 (1%) $29,465,835 Gross Margin $4,948,870 1% $4,917,990 $14,962,113 4% $14,417,865 Gross Margin % 50% 47% 50% 48% Net Income (Loss) per Share $0.011 ($0.004) $0.031 $0.018 Net Income (Loss)3 $788,309 348% ($317,461) $2,301,196 79% $1,283,539 Adjusted Net Income (Loss)4 $788,309 348% ($317,461) $2,301,196 562% $(497,884) Adjusted EBITDA $ 2,254,677 15 % $ 1,964,211 $ 6,348,114 28 % $ 4,952,251 Adjusted EBITDA Margin 23 % 19 % 21 % 16 % Adjusted Cash Income $ 1,768,572 39 % $ 1,276,337 $ 4,889,785 69 % $ 2,898,770 Adjusted Cash Income Margin 18 % 12 % 16 % 10 % 1 Adjusted EBITDA – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, foreign exchange gains and losses, impairment, gain on bargain purchase, one-time acquisition related expenses and restructuring expenses. 2 Adjusted Cash Income (“ACI”) (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead. 3 Net income for YTD 2023 includes a gain on bargain purchase of $1.8M due to the acquisition of VINN. 4 Adjusted Net Income (Loss) (non-GAAP) – Net income (loss) before impairment and gain on bargain purchase.

Third Quarter Results



Total revenue decreased by 5% to $9.9 million in Q3 2024 compared to $10.4 million in Q3 2023.

SaaS revenue increased by 2% to $7.2 million in Q3 2024 compared to $7.1 million in Q3 2023.

BDC revenue decreased by 11% to $2.5 million in Q3 2024 compared to $2.8 million in Q3 2023, however BDC revenue has recovered in October 2024.

Gross margin increased by 1% to $4.9 million in Q3 2024 compared to Q3 2023. Gross margin has been 50% or higher for three consecutive quarters.

Adjusted EBITDA was $2.3 million in Q3 2024 compared to $2.0 million in Q3 2023, an increase of $0.3 million. This represented an Adjusted EBITDA margin expansion of 4% from 19% in Q3 2023 to 23% in Q3 2024. Adjusted Cash Income was $1.8 million in Q3 2024 compared to $1.3 million in Q3 2023, an increase of $0.5 million. This represented an Adjusted Cash Income margin expansion of 6% from 12% in Q3 2023 to 18% in Q3 2024.

SaaS-based operational Key Performance Indicators (“KPIs”) are as follows:

Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Dealer Rooftop Count - Canada 1,303 1,301 1,292 1,300 1,300 Dealer Rooftop Count - US 125 126 125 114 118 Dealer Rooftop Count - Total 1,428 1,427 1,417 1,414 1,418 MRRPU* $1,651 $1,639 $1,693 $1,706 $1,698 *Monthly recurring revenue per unit (“MRRPU”) implies that, as of the end of Q3 2024, each dealership (“Dealer Rooftop”) represents approximately $20.4K of SaaS annual recurring revenue (“ARR”).

Quorum Q3 2024 Results Conference Call Details and Investor Presentation

Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q3 2024 Results at a conference call with concurrent audio webcast, scheduled for:

Date: Thursday, November 21st, 2024 Time: 11:00 am MT (1:00 pm ET) Dial-In #: Toll-Free North America: 1 (888) 660-6411 Conference ID: 2512218 Webcast Link: Quorum Q3 2024 Results Conference Call (Webcast)

An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at .

About Quorum Information Technologies Inc.

is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:



Quorum's Dealership Management System (DMS) , which 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. VINN Automotive , a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.

Contacts:

Maury Marks

President and Chief Executive Officer

403-777-0036

...

Marilyn Bown

Chief Financial Officer

403-777-0036

...

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 Q3 2024 unaudited condensed interim consolidated financial statements and notes thereto as at and for the three months ended September 30, 2024, 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 .

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.
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2024-11-20
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(MENAFN - GlobeNewsWire - Nasdaq) Adjusted EBITDA1 increases by 15% over prior year and Adjusted Cash Income2 increases 39% over prior yearCALGARY, Alberta, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Quorum ...
Quorum Announces Q3 2024 Results