Revenue increased 26% to $16.3 million and customer locations increased 26% to 115,000, compared to the three-month period ending Mar 31, 2021.
TORONTO, May 16, 2022 /PRNewswire/ - Givex Information Technology Group Limited ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period ending Mar 31, 2022.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"Revenue grew 26% this quarter, to $16.3 million, along with a corresponding increase in our number of customer locations, to 115,000," said Givex CEO Don Gray. "POS Gross Transactional Value also increased by 93% to $237 million, reflecting our gains in the POS market. Compared to the start of 2021, many more of our merchants are now operating at near capacity and their need for our services is greater than ever. Our solutions in customer engagement and data are also critical to how businesses are competing for market share in this post-pandemic landscape."
"This quarter, our strategic acquisitions of Kalex and Loyalty Lane brought in large client bases that are not current Givex users, representing a significant opportunity to upsell them Givex services," Mr. Gray added. "They also brought important IT installation and support services in-house, as well as strengthened our service offerings in the grocery and convenience store verticals."
(All comparisons are relative to the three-month period ending Mar 31, 2021)
- Revenue increased $3.3 million from $13 million to $16.3 million, 26% growth.
- Adjusted EBITDA* was $1.3 million in 2022 compared to $1.3 million in 2021. However, when normalized for the Canadian Government's COVID-19 wage subsidy received in 2021, adjusted EBITDA increased 4% in 2022 compared to 2021.
- Total Gross Transactional Value** increased approximately $0.22 billion or 21%, from $1.04 billion in Q1 2021 to $1.26 billion in Q1 2022.
- POS Gross Transactional Value*** increased approximately $114 million or 93%, from $123 million in Q1 2021 to $237 million in Q1 2022.
- Customer Locations**** increased approximately 24,000 or 26%, from 91,000 in Q1 2021 to 115,000 in Q1 2022
- Launched the iFood Card in Colombia with Brazilian partner iFood. The program is a success in Brazil, where it has over 60 million users.
- Boarded our first GivexPay client
- Completed direct integrations with UberEats, SkipTheDishes, Ritual and DoorDash, eliminating overhead and improving online order service speed for our clients.
- Launched gift card program for Maple Leaf Sports & Entertainment (MLSE), adding to our client roster of Major League teams.
- Acquired Kalex Equipment Services, an IT installation and services business with 15,000 client locations across Canada, including many national restaurant and retail brands.
- Acquired Loyalty Lane, a marketing technology company with 2,000 clients in the grocery and convenience store verticals and 11 million registered consumers.
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on the company's SEDAR at sedar.com.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
Givex (TSX: GIVX; OTCQX: GIVXF) is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all in a single platform. We are integrated with 1000+ technology partners, creating a fully end-to-end solution that delivers powerful customer insights. Our platform is used by some of the world's largest brands, comprising approximately 115,000 locations across more than 100 countries. Learn more at givex.com.
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Risk Factors section in the Annual Information Form (AIF) dated March 30, 2022, available on SEDAR at sedar.com and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
* Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public.
**Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
***POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
****Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
SOURCE Givex
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