Voxtur announces its financial results for the first quarter 2022 ended in March
First Quarter 2022 Highlights
- Revenue increased by 182% compared to the first quarter of 2021
- Revenue from US operations represented 96% of total revenue for the first quarter of 2022, compared to 87% for the first quarter of 2021
- Gross margin increased by 93% compared to the first quarter of 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 building a more transparent and accessible mortgage lending ecosystem, today announced its financial results for the quarter ended March 31, 2022. The Company’s unaudited condensed interim consolidated financial statements for the first quarter of 2022 and related MD&A are available on sedar. com and on the Company’s website at voxtur.com.
Voxtur’s synergistic and strategic approach serves as the basis for the development of revolutionary SaaS solutions to reduce costs and inefficiencies in real estate transactions. The company leverages its investments in human capital, technology and infrastructure 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 Voxtur’s footprint.
“New partnerships and infrastructure investments demonstrate our strategic focus on growth through increased market share,” said CEO Jim Albertelli. “Our partnerships allow us to simultaneously expand our expertise and product offerings. We will be able to grow efficiently and profitably through this organic growth strategy, which includes scale-based leverage, balanced unit and methodical use of assets.”
First Quarter 2022 Highlights
- Financial Highlights:
- Increased work-in-default, which includes revenue growth from our valuation and securities businesses, due to the full lifting of the moratorium at the end of 2021. However, lenders and managers are taking a slow and gradual increases are expected over the course of 2022 to return to normalized pre-pandemic levels;
- Increase in home equity loans and lines of credit due to increased inflation, coupled with additional revenue within our appraisal business; and
- Benutech added new revenue due to its ownership of Voxtur businesses, which increased our subscription-based revenue.
- Product Development Updates:
- The commitment to reducing the costs and inefficiencies of today’s real estate transactions is supported by the Voxtur AOL platform, which combines our sophisticated analytics with legal expertise to create attorney opinion letters with precision and scale, set to launch in second trimester ;
- Voxtur extends the capabilities of the Real Property Tax Analytics product by generating comparison modeling using a proprietary algorithm based on 40 years of historical data. Product combines Voxtur-verified data attributes, mapping, imagery and census data with local assessment data to analyze property values and verify taxes and expects deployment in Q3; and
- Voxtur has accelerated the development of the Voxtur Wealth Platform, an asset management tool that will enable smarter management of real estate assets and is expected to enter beta testing in the third quarter.
Q1 2022 financial results
- Q1 2022 revenue was $40.8 million, an increase of 182% over Q1 2021.
- Revenue from US operations represented 96% of total revenue for the first quarter of 2022, compared to 87% for the first quarter of 2021.
- Gross profit for the first quarter of 2022 was $13.9 million, representing a 93% increase over the first quarter of 2021.
|Three months ended March 31|
|(In thousands of Canadian dollars)||2022||2021|
|Adjusted EBITDA, unaudited1||(2,905||)||1,163|
A discussion of the above results can be found in the Company’s MD&A.
1 Adjusted EBITDA is an unaudited, non-GAAP measure and does not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures used by other reporting issuers. Management believes that Adjusted EBITDA provides meaningful information about the financial performance and value of the Company because items that could obscure underlying trends in business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property, plant and equipment, intangible assets and rights of use, stock-based compensation expense, gains (losses) of foreign exchange recorded through the income statement, and other costs or revenues that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies revenues or costs as non-recurring if it is not reasonable to expect that revenues or costs of a similar nature will occur within the next two years or if they have occurred in the the previous two years, and whether these costs are significant.
Subsequent events after the first quarter of 2022
- In May 2022, Voxtur announced the closing of a private placement for gross proceeds of approximately $12.5 million. Net proceeds from the offering are for future acquisitions, working capital and general corporate purposes.
Press release published: May 13, 2022
Voxtur remains focused on becoming the largest and most trusted provider of data, SaaS solutions and technology services for the mortgage loan lifecycle. The company will seek efficiencies and a proven performance profile across the organization as it integrates acquisitions into its organic business and sees significant efficiencies and strategic synergies through operating on one platform.
Call for revenue
The company will host a conference call at 9:00 a.m. EST on Tuesday, May 31, 2022 to discuss details of the company’s performance, followed by a Q&A with analysts.
The conference call can be accessed live by dialing (866) 374-5140 five minutes before the scheduled start time. The conference pin is 10717856#.
A digital recording will be available for replay by entering passcode EV00135322 until 11:59 p.m. Eastern Time on June 30, 2022. Alternatively, the recording of the call is also accessible on the website by Voxtur.
Voxtur is a transformational real estate technology company 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 loan lifecycle for investors, lenders, government agencies and services. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently assess assets, originate and service loans, securitize portfolios and assess tax valuations. The Company serves the real estate lending and property tax industries, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Neither the 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.
Tel: (416) 708-9764