TORONTO, May 18, 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 first quarter ending
March 31, 2017.
"We are very pleased with our growth in 2017 thus far, as we
have now achieved a new high in revenue for the fourth consecutive
quarter," said James Swayze, Chief
Executive Officer of Symbility Solutions. "With 18 percent
year-over-year growth, we are on plan for the year and can
confidently reiterate our management guidance of $40 - $42 million in revenue expected in fiscal
year 2017. This revenue growth is outpacing our expenses revealing
our planned operating leverage which gives us equal confidence in
our $2 - $3 million expected Adjusted
EBITDA1 as per guidance."
Mr. Swayze continued, "The greatest amount of growth we have
experienced thus far is to our sales pipeline. After years of
watching and waiting, it appears that the insurance industry is
finally embracing Fintech and Insuretech solutions to streamline
their business operations. Having built a reputation through
testimonials from multinational insurance companies, Symbility is
considered an established player with leading-edge development
capabilities and a secure platform, which few other firms can
boast. With the addition of Artificial Intelligence to our product
stack and the ability to leverage a billion data points in our
cloud, we have enhanced our profile in multiple markets which is
growing our pipeline of opportunities."
FIRST QUARTER FINANCIAL RESULTS
- Consolidated revenue for the first quarter of 2017 was
$9.3 million compared to $7.9 million in the same period in 2016, an
increase of 18 percent.
- The Company reported an Adjusted EBITDA of ($363,000) in Q1 2017 compared to an Adjusted
EBITDA of ($553,000) in Q1 2016.
- The Company had a loss per share2 of ($0.00) in the first quarter of 2017 compared to
a loss per share of ($0.01) in the
first quarter of 2016.
- The Company had a cash balance of $7.9
million at March 31, 2017
compared to a cash balance of $8.0
million at December 31,
2016.
- Net loss for the first quarter of 2017 was ($1.1) million compared to ($1.52) million in the same period in 2016, a
decrease in loss of 25 percent.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
|
three months ended
March 31,
|
|
|
2017
|
2016
|
Revenue
|
|
$9,335
|
$7,911
|
Cost of
Sales
|
|
$2,982
|
$2,276
|
Expenses
|
|
$7,476
|
$7,155
|
Net Loss
|
|
($1,134)
|
($1,521)
|
Adjusted
EBITDA1
|
|
($363)
|
($553)
|
Loss per
share2
|
|
($0.00)
|
($0.01)
|
As at
March 31, 2017, and December 31, 2016, in thousands of
dollars
|
2017
|
2016
|
Cash and cash
equivalents
|
$7,942
|
$7,976
|
Total
Assets
|
$38,794
|
$38,021
|
Total long term
liabilities
|
$395
|
$396
|
in thousands of
dollars
|
three months ended
March 31,
|
|
2017
|
2016
|
IFRS Net
Loss
|
($1,134)
|
($1,521)
|
Finance income,
net
|
(4)
|
(6)
|
Depreciation and
amortization
|
608
|
694
|
Stock-based
compensation
|
152
|
273
|
Transaction Related
Expense
|
-
|
-
|
Income tax
expense
|
15
|
7
|
Adjusted
EBITDA
|
($363)
|
($553)
|
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, May 18, 2017, at
11 a.m. EDT to review highlights of
its quarterly results. All interested parties are welcome to join
the live webcast, which can be accessed at
http://event.on24.com/r.htm?e=1407832&s=1&k=0A521A7CED5217F3B1DCDC7F5D52A5BA.
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 Corporation, 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 Corporation 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 Corporation which are available
at www.sedar.com. The cautionary statements
qualify all forward-looking statements attributable to the
Corporation 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 Corporation has no obligation to update
such statements.
This press release should be read in conjunction with
Corporation's consolidated financial statements and related notes,
and management's discussion and analysis for the quarter ending
March 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)
|
As
At
|
|
March
31,
|
December
31,
|
|
2017
|
2016
|
Assets
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
7,942
|
7,976
|
|
Accounts
receivable
|
8,067
|
6,488
|
|
Prepaid
expenses
|
1,211
|
1,217
|
|
Tax credits
receivables
|
482
|
745
|
|
17,702
|
16,426
|
Long-term
assets
|
|
|
|
Prepaid
expenses
|
78
|
33
|
|
Security
deposits
|
114
|
114
|
|
Property and
equipment
|
605
|
626
|
|
Intangible
assets
|
9,532
|
10,059
|
|
Goodwill
|
10,763
|
10,763
|
|
38,794
|
38,021
|
Liabilities
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
1,478
|
2,288
|
|
Accrued
liabilities
|
5,090
|
4,025
|
|
Provisions
|
870
|
845
|
|
Deferred
revenue
|
3,290
|
1,836
|
|
10,728
|
8,994
|
Long-term
liabilities
|
|
|
|
Accrued liabilities
and others
|
13
|
14
|
|
Customer
deposits
|
382
|
382
|
|
11,123
|
9,390
|
|
|
|
Shareholders'
equity
|
27,671
|
28,631
|
|
38,794
|
38,021
|
Symbility Solutions
Inc.
Consolidated Statements of Loss and Comprehensive
Loss
(Unaudited - In thousands of Canadian dollars, except per
share data)
|
Three-month period
ended March, 31
|
|
2017
|
2016
|
Revenue
|
|
|
|
Software and
other
|
7,249
|
6,859
|
|
Professional
services
|
2,086
|
1,052
|
|
Total
revenue
|
9,335
|
7,911
|
Cost of
sales
|
|
|
|
Software and
other
|
1,616
|
1,515
|
|
Professional
services
|
1,366
|
761
|
|
Total cost of
sales
|
2,982
|
2,276
|
|
|
|
Gross
profit
|
6,353
|
5,635
|
|
|
|
Expenses
|
|
|
|
Sales and
marketing
|
3,775
|
3,578
|
|
General and
administration
|
2,448
|
2,006
|
|
Research and
development
|
1,133
|
905
|
|
Depreciation,
amortization, and foreign exchange
|
120
|
666
|
|
7,476
|
7,155
|
|
|
|
Loss before
finance income, net and income tax
expense
|
(1,123)
|
(1,520)
|
|
Finance income,
net
|
(4)
|
(6)
|
|
Income tax
expense
|
15
|
7
|
|
|
|
|
Net loss and
comprehensive loss for the period
|
(1,134)
|
(1,521)
|
|
|
|
Basic and diluted
loss and comprehensive loss per common share
|
(0.00)
|
(0.01)
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
Basic &
Diluted
|
238,921,896
|
237,541,342
|
SOURCE Symbility Solutions Inc.