Q4 2022 and FY 2022 Highlights
- Revenue was $36M for Q4 and $151M for F22 representing a 6% quarter over quarter decrease and a 57% year over year increase
- Gross Profit was $15M for Q4 and $55M for F22 representing a 25% quarter over quarter increase and a 49% year over year increase
TORONTO, July 18, 2023 (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, is pleased to announce its financial results for Q4 and FY 2022. The Company's Audited Consolidated Financial Statements for the year ended December 31, 2022, and the related Management's Discussion and Analysis ("MD&A") are available at sedar.com.
“When factoring in the current market conditions and our performance compared to our competitors, we are thrilled to announce our impressive financial results for the fourth quarter and full year 2022. It was a year of transformation for Voxtur, driven by a strategic acquisition, the launch of innovative data driven products, and expansion of our market presence," said Gary Yeoman, CEO of Voxtur. "2022 was a year of unprecedented rate increases that forced the Company to re-evaluate its strategy from a financial and product perspective. This ultimately led to a transformational acquisition, which significantly diversified our product offerings within the mortgage market from the origination market to the capital markets. This was a strategic move that not only expanded our reach, but also allowed us to tap into new revenue streams and enhance our competitiveness in the industry.”
In addition to the above, the Company had many other milestones within 2022 such as month over month growth in the Anow valuation platform for either lenders or appraisal management companies to manage their valuations, the Attorney Opinion Letter started generating revenue with regulated banks and alternative lenders, and the rolling out of data products with mortgage servicers and large title agencies.
Also, the Company shifted its financial focus from pure revenue growth to getting to operational profitability, which included materially reducing headcount, streamlining processes, and executing on cost efficiencies. As a result of these changes, the Company has a diversified product portfolio and a clear strategic direction that has an exciting future.
Financial Results for Q4 and FY 2022
- Q4 2022 Revenue decreased 6% over Q4 2021 Revenue
- FY 2022 Revenue increased 57% over FY 2021 Revenue
- Q4 2022 Gross Profit increased 25% over Q4 2021
- FY 2022 Gross Profit increased 49% over FY 2021
| Unaudited | Audited | |||||||||||
| Three months ended December 31 | Year ended December 31 | |||||||||||
| (In thousands of Canadian dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||
| Revenue | $ | 36,432 | $ | 38,775 | $ | 150,878 | $ | 95,992 | ||||
| Adjusted EBITDA, Unaudited1 | (354 | ) | 28 | (8,672 | ) | 610 | ||||||
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, impairment losses 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.
Shareholder Call
The Company will host a conference call at 9 a.m. Eastern time on Wednesday, July 26th, 2023, following the release of ist Q1 2023 financial results to discuss details of the Company’s performance, including a general company update, followed by a question-and-answer period with analysts. Details to the above referenced conference call will be provided later this week.
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 certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. 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 the anticipated financial performance of the Company 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, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur‘s management in preparing the financial guidance and targets.
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.
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.
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.
Contact:
Jordan Ross
Chief Investment Officer
Tel: (416) 708-9764
jordan@voxtur.com
