Voxtur Announces Financial Results for Q1 2022 Ended March 31, 2022
May 30th, 2022 17:54 EST
Q1 2022 Highlights
- Revenue increased 182% over Q1 2021
- Revenue from US Operations was 96% of total revenue for Q1 2022 as compared to 87% for Q1 2021
- Gross profit increased 93% over Q1 2021
TORONTO and TAMPA, Fla., May 30, 2022 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three months ended March 31, 2022. The Company's Unaudited Condensed Interim Consolidated Financial Statements for Q1 2022 and the related Management's Discussion and Analysis ("MD&A") are available at sedar.com and on the Company's website at voxtur.com.
Voxtur's synergistic and strategic approach serves as the foundation for developing game-changing SaaS-based solutions to reduce costs and inefficiencies in real estate transactions. The Company is leveraging its human capital, technology, and infrastructure investments to build, scale, and drive growth in its core business units. Voxtur continues to prioritize growth by reinvesting profits back into the business to expand the Voxtur footprint.
"New partnerships and infrastructure investments demonstrate our strategic focus on growth through increased market share," said CEO Jim Albertelli. "Our partnerships enable us to expand our expertise and product offerings simultaneously. We will be able to grow efficiently and profitably with this organic growth strategy, which includes scale-based leverage, balanced unit economics, and methodical asset utilization.”
Q1 2022 Highlights
- Financial Highlights:
- Increased Default work, which includes growth in revenue for our valuation and title business lines, as a result of the moratorium being fully lifted at the end of 2021. However, lenders and servicers are taking a slow approach and gradual increases are expected over the course of 2022 to get back to normalized pre-pandemic levels;
- Increased Home Equity loans and lines of credit as a result of increased inflation, added to additional revenue within our valuation business; and
- Benutech added new revenue as a result of being under the Voxtur enterprises, which increased our subscription based revenue.
- Product development updates:
- The commitment to reducing costs and inefficiencies of the current real estate transactions is supported by the Voxtur AOL platform, which combines our sophisticated analytics with legal expertise to create attorney opinion letters with accuracy and scale, is expected to launch in Q2;
- Voxtur is expanding the capabilities of the Real Property Tax Analytics product by generating comparison modeling using a proprietary algorithm built on 40 years of historical data. The product combines Voxtur verified data attributes, mapping, imagery, and census data with local assessment data to analyze property values and verify taxes and is expecting a Q3 rollout; and
- Voxtur has accelerated the development of the Voxtur Wealth platform, an asset management tool that will allow for more intelligent management of real estate assets and is expected to go into beta testing in Q3.
Financial Results for Q1 2022
- Revenue for Q1 2022 was $40.8 million, representing a 182% increase over Q1 2021.
- Revenue from US Operations was 96% of total revenue for Q1 2022 compared to 87% for Q1 2021.
- Gross profit for Q1 2022 was $13.9 million, representing a 93% increase over Q1 2021.
|Three months ended March 31|
|(In thousands of Canadian dollars)||2022||2021|
|Adjusted EBITDA, Unaudited1||(2,905||)||1,163|
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.
Subsequent Events Following Q1 2022
- In May 2022, Voxtur announced the closing of a private placement for gross proceeds of approximately $12.5 million. The net proceeds from the offering are for future acquisitions, working capital, and general corporate purposes.Release issued: May 13, 2022
Voxtur remains focused on becoming the largest and most trusted provider of data, SaaS-based solutions, and tech-enabled services for the real estate lending lifecycle. The Company will look for efficiency gains and a proven return profile across the organization as it integrates acquisitions into its organic business and sees significant efficiencies and strategic synergies due to operating on a single platform.
The Company will host a conference call at 9 a.m. Eastern time on Tuesday, May 31, 2022, to discuss details of the company’s performance followed by a question-and-answer period with analysts.
The conference call can be accessed live by dialing (866) 374-5140 five minutes prior to the scheduled start time. The conference pin is 10717856#.
A digital recording will be available for replay by entering the passcode EV00135322 through 11:59 p.m. Eastern Time on June 30, 2022. Alternatively, the call recording can also be accessed on Voxtur's website.
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.
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 Ross Chief Investment Officer Tel: (416) 708-9764[email protected]