TORONTO, March 29, 2018 /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 fourth quarter and fiscal year
ending December 31, 2017.
"2017 was a very positive year for Symbility as we continued to
solidify our position in the P&C Insurance market globally,"
said James Swayze, Chief Executive
Officer of Symbility Solutions. "We added new insurance companies
to our Property platform in North
America, Europe and
Asia; launched our Health mobile
benefits app with multiple providers; and saw a 50 percent increase
to our app development with our Services team as customers looked
to advance their mobile offerings. Furthermore, we approached the
high end of our revenue guidance while exceeding our Adjusted
EBITDA1 guidance as our model yielded higher leverage on
the heels of a strong second half of the year."
Mr. Swayze continued, "Looking ahead to 2018, we remain
committed to driving shareholder value as our markets seek improved
customer experience through mobile tools that provide greater
engagement and transparency for policyholders. Our ability to
quickly integrate partner applications and datasets enables us to
scale our business and drive customer efficiencies with only
nominal incremental cost. Symbility is perfectly positioned to
capitalize on the Insurtech momentum with our suite of applications
which will drive expanded EBITDA margins into the future."
FOURTH QUARTER FINANCIAL RESULTS
- Consolidated revenue for the fourth quarter of 2017 ended
December 31, 2017 was $11.3 million compared to $9.0 million in the same period in 2016, an
increase of 26 percent. Consolidated revenue for the twelve months
ended December 31, 2017 was
$41.8 million compared to
$34.3 million in the same period in
2016, an increase of 22 percent.
- Net income for the fourth quarter of 2017 was $1.4 million compared to a net loss of
($0.6) million for the same period in
2016. Net loss for the twelve months ended December 31, 2017 was ($96,000) million compared to a net loss of
($3.4) million for the same period in
2016.
- The Company had income per share2 of $0.01 in the fourth quarter of 2017 compared to a
loss per share of ($0.00) in the
fourth quarter of 2016. The Company had a loss per share of
($0.00) for the twelve months ended
December 31, 2017 compared to a loss
per share of ($0.01) in the same
period in 2016.
- The Company reported Adjusted EBITDA of $2.1 million in fourth quarter of 2017 compared
to an Adjusted EBITDA of $66,000 in
the fourth quarter of 2016, an increase of 3,092 percent. Adjusted
EBITDA for the twelve months ended December
31, 2017 was $3.7 million
compared to Adjusted EBITDA of $62,000 for the same period in 2016.
- The Company had a cash balance of $8.2
million as at December 31,
2017 compared to a cash balance of $8.0 million as at December 31, 2016.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
three months ended
December 31,
|
|
twelve months
ended December 31,
|
|
2017
|
2016
|
|
2017
|
2016
|
Revenue
|
$11,349
|
$9,026
|
|
$41,754
|
$34,295
|
Cost of
Sales
|
$2,626
|
$3,245
|
|
$12,124
|
$11,203
|
Expenses
|
$7,352
|
$6,386
|
|
$29,704
|
$26,445
|
Net Income
(Loss)
|
$1,357
|
($597)
|
|
($96)
|
($3,366)
|
Adjusted
EBITDA1
|
$2,075
|
$65
|
|
$3,709
|
$62
|
Income (Loss) per
share2
|
$0.01
|
($0.00)
|
|
($0.00)
|
($0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December
31, 2017, and December 31, 2016, in thousands of
dollars
|
|
|
2017
|
2016
|
Cash and cash
equivalents
|
|
|
|
$8,238
|
$7,976
|
Total
Assets
|
|
|
|
$37,971
|
$38,021
|
Total long term
liabilities
|
|
|
|
$389
|
$396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended
December 31,
|
|
twelve months
ended December 31,
|
|
2017
|
2016
|
|
2017
|
2016
|
IFRS Net Income
(Loss)
|
$1,357
|
($597)
|
|
($96)
|
($3,366)
|
Finance income,
net
|
4
|
(2)
|
|
(8)
|
(18)
|
Depreciation and
amortization
|
449
|
624
|
|
2,008
|
2,674
|
Stock-based
compensation
|
197
|
46
|
|
803
|
741
|
Transaction Related
Expense
|
58
|
0
|
|
972
|
0
|
Income tax
expense
|
10
|
(6)
|
|
30
|
31
|
Adjusted
EBITDA1
|
$2,075
|
$65
|
|
$3,709
|
$62
|
|
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 today,
Thursday, March 29, 2018, at
11 a.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/1640148/3080D95B9A248F9C9ABD7BE2567BD1CF.
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. 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 PROPERTYâ„¢ brings smarter thinking to property
insurance. Symbility HEALTHâ„¢ helps benefits professionals build
their brands and businesses. Our strategic services team, Symbility
INTERSECTâ„¢ 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 and the
contemplated financing. 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 year ending
December 31, 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. Consolidated
Statements of Financial Position
(Unaudited - In thousands of
Canadian dollars)
|
|
|
December
31, 2017
|
December
31, 2016
|
Assets
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
8,238
|
7,976
|
|
Accounts
receivable
|
7,651
|
6,488
|
|
Prepaid
expenses
|
1,614
|
1,217
|
|
Tax credits
receivables
|
665
|
745
|
|
18,168
|
16,426
|
Long-term
assets
|
|
|
|
Prepaid
expenses
|
54
|
33
|
|
Security
deposits
|
115
|
114
|
|
Property and
equipment
|
502
|
626
|
|
Intangible
assets
|
8,369
|
10,059
|
|
Goodwill
|
10,763
|
10,763
|
|
37,971
|
38,021
|
Liabilities
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
1,786
|
2,288
|
|
Accrued
liabilities
|
4,079
|
4,025
|
|
Provisions
|
220
|
845
|
|
Deferred
revenue
|
2,121
|
1,836
|
|
8,206
|
8,994
|
Long-term
liabilities
|
|
|
|
Accrued liabilities
and others
|
7
|
14
|
|
Customer
deposits
|
382
|
382
|
|
8,595
|
9,390
|
|
|
|
Shareholders'
equity
|
29,376
|
28,631
|
|
37,971
|
38,021
|
Symbility Solutions
Inc.
Consolidated
Statements of Income (Loss) and Comprehensive Income
(Loss)
(Unaudited -
In thousands of Canadian dollars, except per share
data)
|
|
|
three-month period
ended December
31,
|
|
twelve-month
period ended December 31,
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Software and
other
|
8,360
|
7,149
|
|
32,029
|
28,153
|
|
Professional
services
|
2,989
|
1,877
|
|
9,725
|
6,142
|
|
Total
Revenue
|
11,349
|
9,026
|
|
41,754
|
34,295
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
Software and
other
|
1,224
|
2,145
|
|
6,541
|
7,413
|
|
Professional
services
|
1,402
|
1,100
|
|
5,583
|
3,790
|
|
Total cost of
sales
|
2,626
|
3,245
|
|
12,124
|
11,203
|
Gross
Profit
|
8,723
|
5,781
|
|
29,630
|
23,092
|
Expenses
|
|
|
|
|
|
|
Sales and
Marketing
|
3,821
|
3,243
|
|
14,477
|
13,520
|
|
General and
administration
|
2,434
|
1,737
|
|
9,490
|
8,122
|
|
Research and
development
|
1,013
|
1,267
|
|
4,354
|
3,943
|
|
Depreciation,
amortization, and foreign exchange
|
26
|
139
|
|
411
|
860
|
|
Transaction
|
58
|
-
|
|
972
|
-
|
|
7,352
|
6,386
|
|
29,704
|
26,445
|
Income (loss)
before finance income, net and
income tax expense
|
1,371
|
(605)
|
|
(74)
|
(3,353)
|
|
Finance income,
net
|
4
|
(2)
|
|
(8)
|
(18)
|
|
Income tax
expense
|
10
|
(6)
|
|
30
|
31
|
Net income (loss)
and comprehensive income
(loss) for the period
|
1,357
|
(597)
|
|
(96)
|
(3,366)
|
Basic net income
(loss) and comprehensive
income (loss) per common share
|
0.01
|
(0.00)
|
|
(0.00)
|
(0.01)
|
Diluted net income
(loss) and comprehensive
income (loss) per common share
|
0.01
|
(0.00)
|
|
(0.00)
|
(0.01)
|
Weighted average
number of common shares
outstanding
|
|
|
|
|
|
|
Basic
|
239,473,840
|
238,718,715
|
|
239,216,822
|
238,143,851
|
Diluted
|
247,768,144
|
238,718,715
|
|
239,216,822
|
238,143,851
|
SOURCE Symbility Solutions Inc.