TORONTO, Nov. 29, 2017 /CNW/ - Symbility Solutions
Inc. ("Symbility" or the "Company") (TSX.V: SY), a global software
company focused on modernizing the insurance industry, today
announced financial results for the third quarter ending
Sept. 30, 2017.
"Symbility has been working hard over the past couple of years
to ensure we have enough adjusters in the supply chain trained to
support our customers in their time of need and Q3 2017 was
definitely a time when all hands were required on deck," said
James Swayze, CEO of Symbility
Solutions. "It was nice to see the leverage of our model emerge in
this busy quarter to show strong profitability with the record
revenue."
Mr. Swayze continued, "the strength of our top and bottom line
this quarter gives us confidence to reiterate our guidance of
$40 million - $42 million in revenue
and $2 million - $3 million in
Adjusted EBITDA1 for 2017."
THIRD QUARTER FINANCIAL RESULTS
- Consolidated revenue for the third quarter of 2017 ended
Sept. 30, 2017 was $11.3 million compared to $8.7 million in the same period in 2016, an
increase of 30 percent. Consolidated revenue for the nine months
ended Sept. 30, 2017 was $30.4 million compared to $25.3 million in the same period in 2016, an
increase of 20 percent.
- The Company reported an Adjusted EBITDA of $1.6 million in Q3 2017 compared to an Adjusted
EBITDA of $0.3 million in Q3 2016, an
increase of 507 percent. Adjusted EBITDA for the nine months ended
Sept. 30, 2017 was $1.6 million compared to Adjusted EBITDA of
($0.3) million in the same period in
2016.
- The Company had a net income per share2 of
$0.00 in the third quarter of 2017
compared to a net loss per share of ($0.00) in the third quarter of 2016. The Company
had a loss per share of ($0.01) for
the nine months ended Sept. 30, 2017
compared to a loss per share of ($0.01) in the same period in 2016.
- The Company had a cash balance of $6.4
million as at Sept. 30, 2017
compared to a cash balance of $8.0
million as at Dec. 31,
2016.
- Net income for the third quarter of 2017 was $0.6 million compared to net loss of ($0.5) million in the same period in 2016. Net
loss for the nine months ended Sept. 30,
2017 was ($1.5) million
compared to net loss of ($2.8)
million in the same period in 2016, an improvement of 48
percent.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
|
|
|
three months ended
Sept. 30,
|
|
nine months ended
Sept. 30,
|
|
|
|
|
2017
|
2016
|
|
2017
|
2016
|
Revenue
|
|
|
|
$11,274
|
$8,693
|
|
$30,405
|
$25,269
|
Cost of
sales
|
|
|
|
$3,365
|
$3,080
|
|
$9,498
|
$7,957
|
Expenses
|
|
|
|
$7,334
|
$6,138
|
|
$22,352
|
$20,060
|
Net income
(loss)
|
|
|
|
$580
|
($530)
|
|
($1,453)
|
($2,769)
|
Adjusted
EBITDA1
|
|
|
|
$1,608
|
$265
|
|
$1,634
|
($3)
|
Income (loss) per
share2
|
|
|
|
$0.00
|
($0.00)
|
|
($0.01)
|
($0.01)
|
As at Sept. 30,
2017, and Dec. 31, 2016, in thousands of dollars
|
|
|
|
|
2017
|
|
2016
|
Cash and cash
equivalents
|
|
|
|
|
$6,447
|
|
$7,976
|
Total
assets
|
|
|
|
|
$37,328
|
|
$38,021
|
Total long-term
liabilities
|
|
|
|
|
$389
|
|
$396
|
|
|
three months ended
Sept. 30,
|
|
nine months ended
Sept. 30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
IFRS net income
(loss)
|
|
$580
|
($530)
|
|
($1,453)
|
($2,769)
|
Finance income,
net
|
|
(3)
|
(6)
|
|
(12)
|
(16)
|
Depreciation and
amortization
|
|
454
|
672
|
|
1,559
|
2,050
|
Stock-based
compensation
|
|
193
|
118
|
|
606
|
695
|
Transaction related
expense
|
|
386
|
0
|
|
914
|
0
|
Income tax expense
(recovery)
|
|
(2)
|
11
|
|
20
|
37
|
Adjusted
EBITDA1
|
|
$1,608
|
$265
|
|
$1,634
|
($3)
|
1
Adjusted EBITDA is a non-IFRS measure and is calculated as
earnings before interest income, taxes, depreciation and
amortization, impairment losses, stock-based compensation, and
other non-recurring gains or losses including transaction costs
related to acquisition and restructuring cost. Management believes
Adjusted EBITDA is a useful measure that facilitates
period-to-period operating comparisons. Adjusted EBITDA does not
have any standardized meaning prescribed by IFRS and is not
necessarily comparable to similar measures presented by other
companies. Adjusted EBITDA should not be considered in isolation or
as a substitute for net earnings (loss) prepared in accordance with
IFRS as issued by IASB. All other financial measures referenced
herein have been prepared in accordance with International
Financial Reporting Standards unless stated
otherwise.
|
2
In Canadian dollars, rounded to the nearest cent.
|
INVESTOR CONFERENCE CALL
Symbility will host a live webcast and conference call
Thursday, November 30th, at
4 p.m. Eastern Time to discuss these
results. All interested parties are welcome to join the live
webcast, which can be accessed at
https://event.on24.com/wcc/r/1491521/55E0B6D86B5C99A4DF483C7B5E5E5E45.
Participants may also join the conference call by dialing toll free
(888) 231-8191 or (647) 427-7450 for international participants. A
replay of the webcast will be available on Symbility's
website.
ABOUT SYMBILITY
Symbility (TSX.V: SY) believes in creating world-class
experiences that simplify business and improve lives. With a
history in modernizing insurance claims solutions for the property
and health industries, Symbility has established itself as a
partner that puts security, efficiency and customer experience
first. Symbility PROPERTY™ brings smarter thinking to property
insurance. Symbility HEALTH™ helps benefits professionals build
their brands and businesses. Our strategic services team, Symbility
INTERSECT™ empowers a variety of businesses with smarter mobile and
IoT product development strategy, design thinking and engineering
excellence. With our three segments pushing industries forward,
Symbility proves that change for the better is entirely possible.
symbilitysolutions.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements
with respect to the Company, its products and
operations. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or
similar variations. The actual results and performance of the
Company discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include,
among other things, general economic and market factors,
competition, changes in government regulations, and the factors
described under "Risk Factors" in the Management's Discussion and
Analysis and Annual Information Form of the Company which are
available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements.
This press release should be read in conjunction with
Company's consolidated financial statements and related notes, and
management's discussion and analysis for the quarter ending
September 30, 2017, copies of which
can be found at www.sedar.com.
Neither 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.
###
All trade names are the property of their respective owners.
Symbility Solutions
Inc.
|
|
|
|
|
Interim Consolidated
Statements of Financial Position
|
|
|
|
|
(Unaudited - In
thousands of Canadian dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Sept.
30,
2017
|
|
Dec.
31,
2016
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
6,447
|
|
7,976
|
|
Accounts
receivable
|
|
8,586
|
|
6,488
|
|
Prepaid
expenses
|
|
1,552
|
|
1,217
|
|
Tax credits
receivables
|
|
522
|
|
745
|
|
|
17,107
|
|
16,426
|
Long-term
assets
|
|
|
|
|
|
Prepaid
expenses
|
|
58
|
|
33
|
|
Security
deposits
|
|
89
|
|
114
|
|
Property and
equipment
|
|
560
|
|
626
|
|
Intangible
assets
|
|
8,751
|
|
10,059
|
|
Goodwill
|
|
10,763
|
|
10,763
|
|
|
37,328
|
|
38,021
|
Liabilities
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
1,924
|
|
2,288
|
|
Accrued
liabilities
|
|
4,009
|
|
4,025
|
|
Provisions
|
|
701
|
|
845
|
|
Deferred
revenue
|
|
2,483
|
|
1,836
|
Long-term
liabilities
|
|
9,117
|
|
8,994
|
|
Accrued liabilities
and others
|
|
7
|
|
14
|
|
Customer
deposits
|
|
382
|
|
382
|
|
|
9,506
|
|
9,390
|
|
|
|
|
|
Shareholders'
equity
|
|
27,822
|
|
28,631
|
|
|
37,328
|
|
38,021
|
Symbility Solutions
Inc.
|
Interim Consolidated
Statements of Income (Loss) and Comprehensive Income
(Loss)
|
(Unaudited -
In thousands of Canadian dollars, except per share
data)
|
|
|
|
|
|
|
|
three-month period
ended Sept.
30,
|
|
nine-month period
ended Sept.
30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
Software and
other
|
|
8,439
|
6,924
|
|
23,669
|
21,002
|
|
Professional
services
|
|
2,835
|
1,769
|
|
6,736
|
4,267
|
|
Total
Revenue
|
|
11,274
|
8,693
|
|
30,405
|
25,269
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
|
Software and
other
|
|
2,004
|
2,009
|
|
5,317
|
5,268
|
|
Professional
services
|
|
1,361
|
1,071
|
|
4,181
|
2,689
|
|
Total cost of
sales
|
|
3,365
|
3,080
|
|
9,498
|
7,957
|
Gross
Profit
|
|
7,909
|
5,613
|
|
20,907
|
17,312
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Sales and
Marketing
|
|
3,330
|
3,132
|
|
10,656
|
10,277
|
|
General and
administration
|
|
2,455
|
2,361
|
|
7,056
|
6,385
|
|
Research and
development
|
|
1,022
|
884
|
|
3,341
|
2,676
|
|
Depreciation,
amortization, and foreign exchange
|
|
141
|
(239)
|
|
385
|
722
|
|
Transaction
|
|
386
|
-
|
|
914
|
-
|
|
|
7,334
|
6,138
|
|
22,352
|
20,060
|
Income (loss)
before finance income, net and
|
|
|
|
|
|
|
income tax
expense
|
|
575
|
(525)
|
|
(1,445)
|
(2,748)
|
|
Finance income,
net
|
|
(3)
|
(6)
|
|
(12)
|
(16)
|
|
Income tax
expense
|
|
(2)
|
11
|
|
20
|
37
|
|
|
|
|
|
|
|
Net income (loss)
and comprehensive income
|
|
|
|
|
|
|
(loss) for the
period
|
|
580
|
(530)
|
|
(1,453)
|
(2,769)
|
|
|
|
|
|
|
|
Basic income
(loss) and comprehensive
|
|
|
|
|
|
|
income (loss)
per common
share
|
|
0.00
|
(0.00)
|
|
(0.01)
|
(0.01)
|
|
|
|
|
|
|
|
Diluted income
(loss) and comprehensive
|
|
|
|
|
|
|
income (loss)
per common
share
|
|
0.00
|
(0.00)
|
|
(0.01)
|
(0.01)
|
|
|
|
|
|
|
|
Weighted average
number of common
|
|
|
|
|
|
|
shares
outstanding
|
|
|
|
|
|
|
|
Basic
|
|
239,473,840
|
238,674,675
|
|
239,130,208
|
237,950,831
|
|
Diluted
|
|
247,870,944
|
238,674,675
|
|
239,130,208
|
237,950,831
|
SOURCE Symbility Solutions Inc.