‘Resident Evil 4’ comes out on Oculus Quest 2 this year


GlobeNewswire

Quorum Announces 2020 Results

Software as a Service (“SaaS”) revenue of $22.1 million Business Development Centre (“BDC”) revenue of $7.5 millionAdjusted EBITDA1 of $4.9 million CALGARY, Alberta, April 21, 2021 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX Venture: QIS) (“Quorum”), a leading provider of innovative and robust technology solutions and services to traditional and electric vehicle dealerships and Original Equipment Manufacturers (“OEM”) across North America, released its results for 2020 today. “COVID-19 presented a number of challenges in 2020 for the automotive industry. Despite the challenges, Quorum had a strong year posting a record Adjusted EBITDA1,” stated Maury Marks, President and CEO. “One-time, COVID-19 related Q2 customer discounts of $1.5 and $0.2 million for SaaS and BDC respectively resulted in a SaaS revenue decrease of 1% and BDC revenue increase of only 9% in 2020 compared to 2019. In Q4, Quorum reported a record SaaS revenue quarter as both SaaS and BDC revenue increased in Q4 over Q3 by 2% and 5% respectively, which equates to 8% and 20% when annualized.” “With the Q3 addition of MyDeal and PowerLane solutions to our product suite, Quorum continues to be a leader in transforming automotive digital operations,” continued Marks. “These new solutions allow dealership consumers to buy a vehicle online and to have a touchless service experience. We expect these solutions to help increase our ‘share of wallet’ going forward.” “I would especially like to acknowledge our employees and customers who helped Quorum to navigate the challenges in these unprecedented times,” added Marks. “Our employees are the driving force behind our strong 2020 results and their continued innovation ensures Quorum has a product suite prepared for the future of automotive.” _______________1 Adjusted EBITDA (non-GAAP) – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, foreign exchange gains and losses, one-time acquisition-related expenses and restructuring fees. Fourth Quarter Results SaaS revenue was $6.0 million, an increase of 4% compared to Q4 2019 and an increase of 2% compared to Q3 2020.BDC revenue was $1.9 million, an increase of 11% compared to Q4 2019 and an increase of 5% compared to Q3 2020.Services and one-time revenue were $0.3 million, a decrease of 71% compared to Q4 2019.Total revenue was $8.3 million, a decrease of 4% compared to Q4 2019.Gross margin was $3.7 million, a decrease of 2% compared to Q4 2019.Adjusted EBITDA1 was $1.5 million, an increase of 44% compared to Q4 2019.Net loss was $0.5 million, a decrease of 68% compared to Q4 2019. Fiscal Year 2020 Results SaaS revenue was $22.1 million, a decrease of 1% compared to 2019.BDC revenue was $7.5 million, an increase of 9% compared to 2019.Services and one-time revenue were $1.2 million, a decrease of 67% compared to 2019.Total revenue was $30.9 million, a decrease of 6% compared to 2019.Gross margin was $13.7 million, a decrease of 10% compared to 2019.Adjusted EBITDA1 was $4.9 million, an increase of 7% compared to 2019.Net loss was $1.9 million, an increase of 68% compared to 2019.Cash balance was $9.3 million as of December 31, 2020 compared to $8.6 million as of December 31, 2019. Financial Summary ($000’s)Year EndedDecember 31, 2020Year EndedDecember 31, 2019Q4 EndedDecember 31, 2020Q4 EndedDecember 31, 2019SaaS revenue$22,136 $22,303 $6,038 $5,832 BDC revenue 7,487 6,849 1,953 1,752 Services and one-time revenue 1,234 3,690 326 1,119 Total revenue 30,856 32,841 8,317 8,703 Cost of revenue 17,202 17,618 4,637 4,944 Margin after direct costs 13,654 15,223 3,680 3,759 Gross margin percentage 44% 46% 44% 43% Adjusted EBITDA1 4,904 4,568 1,493 1,035 Adjusted cash income2 2,477 1,754 815 294 Net loss$(1,859)$(1,106)$(476)$(1,479) _______________2 Adjusted Cash Income (“ACI”) (non-GAAP) – Adjusted EBITDA less capitalized salaries and overhead. 2020 Business Highlights In February 2020, Autovance released its next generation Finance and Insurance (“F&I”) Menu functionality.In February 2020, XSellerator released its enhanced automotive dealerships service lane technology, PowerLane.In February 2020, Quorum released its new advanced reporting and analysis tool for dealership customers called Q Analytics. Strategically this tool integrates the complete product suite under one enterprise reporting tool for dealerships.In April 2020, Autovance announced its MyDeal Digital Retailing System to allow dealers and customers to interact online for vehicle sales.In September 2020, Mr. Mike Herenberg joined the Corporation as Chief Operating Officer.In September 2020, DealerMine expanded its BDC to a second location utilizing Quorum’s existing leased space in St. John’s, NL to allow for accelerated growth and improved customer satisfaction.In Q3 2020, Quorum launched the process of providing remote installation and training services for most of the Corporation’s products to both new and existing dealership customers.In October 2020, DealerMine expanded its strategic partnerships with AutoCanada to provide expanded electronic messaging handling through a separate BDC team. Quorum 2020 Results Conference Call Details and Investor Presentation Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Year End 2020 Annual Results at a conference call with concurrent audio webcast, scheduled for: Date: Thursday, April 22, 2021 Time: 9:00 am MST Dial-In #: Toll-Free North America: 1 (844) 967-3741 Webcast Link: 2020 Year End Results Webcast The Year End 2020 Results Investor Presentation, a replay of the conference call and transcripts of the conference call will also be available under the Investors section at www.QuorumInformationSystems.com. Forward Looking Information This report contains certain forward-looking information and statements within the meaning of applicable securities laws. All statements in this report, other than statements of historical fact, which address events or developments concerning Quorum Information Technologies Inc. (“Quorum” or the “Corporation”) that Quorum expects to occur are “forward-looking information and statements”. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “potential”, “could”, “scheduled”, “believe”, “plans”, “intends”, “might” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to the following: business plan of Quorum including its plans for targeting new Original Equipment Manufacturer (“OEM”) integration, new dealership rooftop sales, and increasing Automotive Group Partnerships; the timing for completion and cost of OEM integration; estimates of return on assets and Adjusted EBITDA1; potential merger and acquisition (“M&A”) opportunities; the timing of adoption of new accounting standards and the potential impact of new accounting standards on the Corporation’s financial statements; the effect of acquisitions on the Corporation including the effect of the Autovance, DealerMine and Oasis acquisitions; the effect of the BDC Capita
l facility; the effect of the Corporation’s private placement financing; the effect of the COVID-19 pandemic on industry activity and economic activity in North America as a whole; various industry activity forecasts; growth opportunities including those in the United States; anticipated requirements by OEM manufacturers relating to integrations and certifications; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various…



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