7th CONSECUTIVE QUARTER OF RECORD
ADJUSTED EBITDA
VANCOUVER, Dec. 15, 2016 /CNW/ - TIO Networks Corp. (TSX-V:
TNC) today announced Q1 FY2017 financial results for the period
ended October 31, 2016.
First Quarter financial & business highlights (all figures
in CA dollars except where noted):
- Adjusted EBITDA* for Q1 increased 78.9% year over year ("YoY")
to $3.6M from $2M and by 16.3% sequentially from Q4, 2016.
- Revenue increased 58.5% to $24.22M from Q1 2016
- Gross profit increased 50.8% to $11.83M from Q1 2016.
- Gross margin improved to 48.8% from 47.4% quarter over quarter
("QoQ").
- Processed 20.7M transactions worth $2.3B
USD, representing 45.8% YoY transaction
growth.
- Generated $3.7M in positive cash
flow from operations, an increase of 60.5% QoQ and an increase of
86.9% YoY.
- Net Income increased by 16.6% YoY to $1.64M. Impact to Net Income included: 1-
One-time M&A related and non-operational costs in the amount of
$0.61M and 2- Depreciation and
Amortization of $0.71M due to M&A
related purchase price accounting for all acquisitions
- Invested and expensed $1.8M in
R&D initiatives to drive growth
- TIO's direct-to-consumer membership grew to 1.3M members.
- The company finished the period with $78.28M in cash and cash equivalents and
restricted cash (including cash held to fulfil bill payment
obligations).
- Net cash for use in operations increased to $14.3M from $11.8M
QoQ.
Q1, 2017
comparison to Q1, 2016
|
Three months ended
October 31
|
In thousands,
expressed in CA dollars
|
2016
|
2015
|
Revenue
|
$
24,218
|
$
15,277
|
Gross
Profit
|
$
11,829
|
$
7,844
|
Net Income
|
$
1,637
|
$
1,404
|
Adjusted
EBITDA*
|
$
3,595
|
$
2,010
|
Operating Cash Flow
before non-cash working
capital items
|
$
3,685
|
$
1,972
|
Q1, 2017
comparison to Q4, 2016
|
Quarter
ended
|
In thousands,
expressed in CA dollars
|
October 31,
2016
|
July 31,
2016
|
Revenue
|
$
24,218
|
$
25,020
|
Gross
Profit
|
$
11,829
|
$
11,848
|
Net Income
|
$
1,637
|
$
(478)
|
Adjusted
EBITDA*
|
$
3,595
|
$
3,092
|
Operating Cash Flow
before non-cash
working capital items
|
$
3,685
|
$
2,296
|
"We are very pleased to announce that we've recorded our
7th consecutive record quarter of Adjusted EBITDA and
'best ever' performance to date in terms of cash-flow generated
from operations," said Hamed
Shahbazi, Chairman and CEO of TIO Networks." These financial
results demonstrate that TIO's unique business model is not only
democratizing consumer bill payment access in the non-bank channel
for millions of consumers but also illustrates continued bottom
line expansion. TIO management remains focused on
driving top and bottom line growth both organically and
inorganically."
A conference call to discuss the results will be held today at
11am PST, 2pm
EST.
To participate in the call please dial 1-647-794-1827 in
Toronto or Toll free,
1-800-347-6311 and request the TIO Conference, conference ID
6149392.
About TIO Networks
TIO Networks is a cloud-based multi-channel bill payment
processing and receivables management company, serving the largest
telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back
office of billing systems to accept, validate, and collect payments
outside of the traditional bank channel, via self-service kiosk,
retail walk-in, mobile, and web solutions. TIO symbolizes fast,
convenient, and secure access to expedited bill payment
services.
Visit: www.TIONetworks.com.
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The TSX Venture Exchange has not reviewed this news release and
does not accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to
differ materially from the statements made. Potentially, many
factors could cause our actual results to vary materially from
those described herein as intended, planned, anticipated or
expected. TIO Networks Corp. does not intend and does not
assume any obligation to update these forward-looking
statements.
* EBITDA is a non-IFRS measure - earnings before interest, tax,
depreciation and amortization. Adjusted EBITDA is EBITDA plus
stock-based compensation, non-recurring transaction, restructuring
expenses and non-operational items. EBITDA is not a defined
term under IFRS nor does it have a standard, agreed upon
meaning. Accordingly, the Company's EBITDA may not be
directly comparable to EBITDA reported by other issuers.
Management had determined EBITDA is a useful supplemental measure
in evaluating the Company's performance as it provides investors
with an indication of cash available for debt service, working
capital needs and capital expenditures. This non-IFRS measure
is intended to provide additional information on the Company's
performance and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS.
SOURCE TIO Networks Corp.