Voxtur Analytics Announces Results for Q2 2021 Ended June 30, 2021
08/30/2021 - 05:40 PM
Voxtur achieves 301% year-over-year revenue growth for the three months ended June 30, 2021 compared to the same period of the prior year.
Q2 2021 Highlights
Revenue increased 25% over Q1 2021 and 301% over Q2 2020 YTD Revenue is $32M , a 238% increase Year-over-Year 89% of Revenue for Q2 2021 and YTD 2021 was derived from U.S. Operations — up from approximately 59% for the same time periods in 2020The Company ended Q2 2021 with cash and cash equivalents of $38M TORONTO and TAMPA, Fla., Aug. 30, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF ( "Voxtur" or the "Company" www.sedar.com and on the Company’s website at https://www.voxtur.com/investors .
“We are thrilled to report another strong quarter and anticipate continuing this positive momentum into remainder of the fiscal year,” stated Voxtur CEO, Jim Albertelli. “Our mission has always been to become the largest and most trusted provider of data, SaaS-based applications, and tech-enabled services in the property technology space. In a very short timeframe, our team has built the key foundational pieces and established a strategic path for Voxtur’s transition to a SaaS-based revenue model. It is an exciting time for the Company, and I am confident in our team's ability to execute.”
“What makes Voxtur unique within the property technology landscape is having the only fully digitized, AI-enabled valuation platform in North America, as a result of acquiring Anow in April," said Albertelli. "The platform is rapidly becoming the industry standard with its end-to-end encryption and customizable workflow that delivers valuation data elegantly and in a secure environment. This will allow our clients to move from an outdated PDF-enabled industry standard to a fully digitized platform with three times the speed and efficiency at a fraction of the cost.”
Financial Results for Q2 2021
Q2 2021 and YTD 2021 Revenue and Gross Margin increased Quarter-over-Quarter and Year-over-Year Q2 2021 Revenue was $18M , which represents a 25% increase over Q1 2021 and a 301% increase over Q2 2020 YTD Revenue is $32M - a 238% increase Year-over-Year 89% of Revenue for Q2 2021 and YTD 2021 was derived from U.S. operations, up from approximately 59% for the same time periods in 2020The Company ended Q2 2021 with cash and cash equivalents of $38M Unaudited Unaudited Three months ended June 30 Six months ended June 30 (In thousands of Canadian dollars) 2021 2020 2021 2020 Revenue $ 18,037 $ 4,498 $ 32,506 $ 9,608 Adjusted EBITDA, Unaudited1 56 (683 ) 1,219 (1,348 ) Discussion with respect to the above-noted results can be found in the Company’s MD&A. ¹ Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
Highlights:
The Company continued to execute on its strategic growth initiatives, announcing the completion of the Anow acquisition on April 8, 2021. Anow, an automated appraisal workflow management platform for the global appraisal market, serves lenders, servicers, appraisers, and appraisal management companies. This strategic acquisition bolstered Voxtur’s recurring revenue stream and accelerated the development of its proprietary data-ingestion engine.(View April 8 2021 News Release) Subsequent Events to Q2 2021
On June 9, 2021, the Company announced it had signed a non-binding letter of intent (“LOI”) to acquire Benutech, Inc. (“Benutech”), a preeminent source of innovative data solutions and technology applications for real estate professionals. With one of the largest repositories of real-time property data in the United States, Benutech enables title professionals and real estate agents to access real property data from multiple public and private data sources. The acquisition is strategically aligned with the Voxtur model of providing user-friendly SaaS tools designed to give real estate finance companies better control of their data.(View June 9, 2021 News Release) On August 23, 2021, the Company announced that its wholly owned U.S. subsidiary, Voxtur Analytics US Corp., had executed a purchase agreement for the acquisition of the issued and outstanding membership interests of Xome Services LLC and Xome Valuation Services LLC (collectively, “Xome Valuations”). Xome Valuations is a leading provider of valuation management products and services to clients in the residential real estate sector. Together, Voxtur’s technology platform and Xome Valuations’ brand and operational expertise in the industry will help financial institutions more efficiently and effectively engage with their clients and build the rails that will guide the future of real estate finance.(View Aug 23, 2021 News Release) Earnings Call
At 8:30 a.m. Eastern Time on Tuesday, August 31, 2021, the Company will host a conference call related to Q2 2021 earnings featuring management's remarks and a follow-up question and answer period with analysts. The conference call can be accessed live by dialing (888) 743-7963 Conference ID is 8292905
A digital recording of the call will be available for one month (until 11:59 p.m. Eastern Time, October 1, 2021) by dialing (855) 859-2056 or (404) 537-3406 and using the Conference ID 8292905. Alternatively, the call recording can be accessed on the Investors page of the Voxtur website.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com .
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward- looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives, including integrating Apex Software, Bright Line Title, and Voxtur Technologies; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; uncertainty related to existing foreclosure moratoriums in the United States; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Jordan Rossjordan@voxtur.com
