TORONTO, March 29, 2018 /CNW/ - Symbility Solutions Inc.
("Symbility" or the "Company") (TSX.V: SY), a global software company focused on modernizing the insurance industry, today
announced financial results for the fourth quarter and fiscal year ending December 31, 2017.
"2017 was a very positive year for Symbility as we continued to solidify our position in the P&C Insurance market
globally," said James Swayze, Chief Executive Officer of Symbility Solutions. "We added new
insurance companies to our Property platform in North America, Europe and Asia; launched our Health mobile benefits app with multiple
providers; and saw a 50 percent increase to our app development with our Services team as customers looked to advance their
mobile offerings. Furthermore, we approached the high end of our revenue guidance while exceeding our Adjusted EBITDA1
guidance as our model yielded higher leverage on the heels of a strong second half of the year."
Mr. Swayze continued, "Looking ahead to 2018, we remain committed to driving shareholder value as our markets seek improved
customer experience through mobile tools that provide greater engagement and transparency for policyholders. Our ability to
quickly integrate partner applications and datasets enables us to scale our business and drive customer efficiencies with only
nominal incremental cost. Symbility is perfectly positioned to capitalize on the Insurtech momentum with our suite of
applications which will drive expanded EBITDA margins into the future."
FOURTH QUARTER FINANCIAL RESULTS
- Consolidated revenue for the fourth quarter of 2017 ended December 31, 2017 was $11.3 million compared to $9.0 million in the same period in 2016, an increase
of 26 percent. Consolidated revenue for the twelve months ended December 31, 2017 was
$41.8 million compared to $34.3 million in the same period in 2016,
an increase of 22 percent.
- Net income for the fourth quarter of 2017 was $1.4 million compared to a net loss of
($0.6) million for the same period in 2016. Net loss for the twelve months ended December 31, 2017 was ($96,000) million compared to a net loss of ($3.4) million for the same period in 2016.
- The Company had income per share2 of $0.01 in the fourth quarter of 2017 compared
to a loss per share of ($0.00) in the fourth quarter of 2016. The Company had a loss per share of
($0.00) for the twelve months ended December 31, 2017 compared to a
loss per share of ($0.01) in the same period in 2016.
- The Company reported Adjusted EBITDA of $2.1 million in fourth quarter of 2017 compared to an
Adjusted EBITDA of $66,000 in the fourth quarter of 2016, an increase of 3,092 percent. Adjusted
EBITDA for the twelve months ended December 31, 2017 was $3.7
million compared to Adjusted EBITDA of $62,000 for the same period in 2016.
- The Company had a cash balance of $8.2 million as at December 31,
2017 compared to a cash balance of $8.0 million as at December 31,
2016.
SELECTED FINANCIAL INFORMATION
|
in thousands of dollars
|
three months ended December 31,
|
|
twelve months ended December 31,
|
|
2017
|
2016
|
|
2017
|
2016
|
|
Revenue
|
$11,349
|
$9,026
|
|
$41,754
|
$34,295
|
|
Cost of Sales
|
$2,626
|
$3,245
|
|
$12,124
|
$11,203
|
|
Expenses
|
$7,352
|
$6,386
|
|
$29,704
|
$26,445
|
|
Net Income (Loss)
|
$1,357
|
($597)
|
|
($96)
|
($3,366)
|
|
Adjusted EBITDA1
|
$2,075
|
$65
|
|
$3,709
|
$62
|
|
Income (Loss) per share2
|
$0.01
|
($0.00)
|
|
($0.00)
|
($0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2017, and December 31, 2016, in thousands of
dollars
|
|
|
2017
|
2016
|
|
Cash and cash equivalents
|
|
|
|
$8,238
|
$7,976
|
|
Total Assets
|
|
|
|
$37,971
|
$38,021
|
|
Total long term liabilities
|
|
|
|
$389
|
$396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended December 31,
|
|
twelve months ended December 31,
|
|
2017
|
2016
|
|
2017
|
2016
|
|
IFRS Net Income (Loss)
|
$1,357
|
($597)
|
|
($96)
|
($3,366)
|
|
Finance income, net
|
4
|
(2)
|
|
(8)
|
(18)
|
|
Depreciation and amortization
|
449
|
624
|
|
2,008
|
2,674
|
|
Stock-based compensation
|
197
|
46
|
|
803
|
741
|
|
Transaction Related Expense
|
58
|
0
|
|
972
|
0
|
|
Income tax expense
|
10
|
(6)
|
|
30
|
31
|
|
Adjusted EBITDA1
|
$2,075
|
$65
|
|
$3,709
|
$62
|
|
|
1 Adjusted EBITDA is a non-IFRS measure and is
calculated as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based
compensation, and other non-recurring gains or losses including transaction costs related to acquisition and
restructuring cost. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating
comparisons. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable
to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a
substitute for net earnings (loss) prepared in accordance with IFRS as issued by IASB. All other financial measures
referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated
otherwise.
|
|
2 In Canadian dollars, rounded to the nearest
cent.
|
INVESTOR CONFERENCE CALL
Symbility will host a live webcast and conference call today, Thursday, March 29, 2018, at
11 a.m. Eastern Time to discuss these results. All interested parties are welcome to join the live
webcast, which can be accessed at https://event.on24.com/wcc/r/1640148/3080D95B9A248F9C9ABD7BE2567BD1CF. Participants may also join the
conference call by dialing toll free (888) 231-8191 or (647) 427-7450 for international participants. A replay of the webcast
will be available on Symbility's website. A replay of the webcast will be available on Symbility's website.
ABOUT SYMBILITY
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in
modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that
puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our
strategic services team, Symbility INTERSECT™
empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering
excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible.
symbilitysolutions.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements with respect to the Company, its products and operations and the
contemplated financing. These statements generally can be identified by use of forward looking words such as
"may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of the Company discussed herein could differ materially from those
expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause actual results to differ materially from expectations
include, among other things, general economic and market factors, competition, changes in government regulations, and the factors
described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Company which are
available at www.sedar.com . The
cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf.
Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no
obligation to update such statements.
This press release should be read in conjunction with Company's consolidated financial statements and related notes, and
management's discussion and analysis for the year ending December 31, 2017, copies of which can be
found at www.sedar.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All trade names are the property of their respective owners.
|
S y mbility Solutions Inc.
Consolidated Statements of Financial Position
( Unaudited - In thousands of Canadian dollars)
|
|
|
December 31,
2017
|
December 31,
2016
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash and cash equivalents
|
8,238
|
7,976
|
|
Accounts receivable
|
7,651
|
6,488
|
|
Prepaid expenses
|
1,614
|
1,217
|
|
Tax credits receivables
|
665
|
745
|
|
18,168
|
16,426
|
|
Long-term assets
|
|
|
|
Prepaid expenses
|
54
|
33
|
|
Security deposits
|
115
|
114
|
|
Property and equipment
|
502
|
626
|
|
Intangible assets
|
8,369
|
10,059
|
|
Goodwill
|
10,763
|
10,763
|
|
37,971
|
38,021
|
|
Liabilities
|
|
|
|
Current Liabilities
|
|
|
|
Accounts payable
|
1,786
|
2,288
|
|
Accrued liabilities
|
4,079
|
4,025
|
|
Provisions
|
220
|
845
|
|
Deferred revenue
|
2,121
|
1,836
|
|
8,206
|
8,994
|
|
Long-term liabilities
|
|
|
|
Accrued liabilities and others
|
7
|
14
|
|
Customer deposits
|
382
|
382
|
|
8,595
|
9,390
|
|
|
|
|
Shareholders' equity
|
29,376
|
28,631
|
|
37,971
|
38,021
|
|
S y m bility Solutions Inc.
Consolidated Statements of Income (Loss) and Comprehensive Income
(Loss)
(Unaudited - In thousands of Canadian dollars, except per share
data)
|
|
|
three-month period ended
December 31 ,
|
|
twelve-month period ended
December 31 ,
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Software and other
|
8,360
|
7,149
|
|
32,029
|
28,153
|
|
Professional services
|
2,989
|
1,877
|
|
9,725
|
6,142
|
|
Total Revenue
|
11,349
|
9,026
|
|
41,754
|
34,295
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
Software and other
|
1,224
|
2,145
|
|
6,541
|
7,413
|
|
Professional services
|
1,402
|
1,100
|
|
5,583
|
3,790
|
|
Total cost of sales
|
2,626
|
3,245
|
|
12,124
|
11,203
|
|
Gross Profit
|
8,723
|
5,781
|
|
29,630
|
23,092
|
|
Expenses
|
|
|
|
|
|
|
Sales and Marketing
|
3,821
|
3,243
|
|
14,477
|
13,520
|
|
General and administration
|
2,434
|
1,737
|
|
9,490
|
8,122
|
|
Research and development
|
1,013
|
1,267
|
|
4,354
|
3,943
|
|
Depreciation, amortization, and foreign exchange
|
26
|
139
|
|
411
|
860
|
|
Transaction
|
58
|
-
|
|
972
|
-
|
|
7,352
|
6,386
|
|
29,704
|
26,445
|
|
Income (loss) before finance income, net and
income tax expense
|
1,371
|
(605)
|
|
(74)
|
(3,353)
|
|
Finance income, net
|
4
|
(2)
|
|
(8)
|
(18)
|
|
Income tax expense
|
10
|
(6)
|
|
30
|
31
|
|
Net income (loss) and comprehensive income
(loss) for the period
|
1,357
|
(597)
|
|
(96)
|
(3,366)
|
|
Basic net income (loss) and comprehensive
income (loss) per common share
|
0.01
|
(0.00)
|
|
(0.00)
|
(0.01)
|
|
Diluted net income (loss) and comprehensive
income (loss) per common share
|
0.01
|
(0.00)
|
|
(0.00)
|
(0.01)
|
|
Weighted average number of common shares
outstanding
|
|
|
|
|
|
|
Basic
|
239,473,840
|
238,718,715
|
|
239,216,822
|
238,143,851
|
|
Diluted
|
247,768,144
|
238,718,715
|
|
239,216,822
|
238,143,851
|
SOURCE Symbility Solutions Inc.
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