OTTAWA, ON, March 31, 2022 /CNW/ - Intouch Insight Ltd, ("Intouch" or "the Company") (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced its operating and financial results for the year ended December 31, 2021.
Revenue for 2021 was $16,016,564, which was 25% higher than revenue of $12,795,277 in 2020 due to ongoing recovery from the COVID-19 pandemic, new business, and the acquisition of SeeLevel HX in Q4, 2021. Earnings from operating activities were $26,290 in 2021 compared to a loss from operating activities of $56,088 in the prior year as revenues grew. The year's net loss was $315,413 compared to $6,898 in 2020, driven by the increased value of the contingent liability related to the SeeLevel acquisition as the 2022 revenue outlook improved. Company-defined adjusted EBITDA was $1,668,401 for 2021, compared to $1,667,894 in 2020. Gross Margin increased to 53.9% in 2021 from 52.7% the prior year due to the shift in sales mix.
"We are pleased with the renewed trajectory of the business both in terms of revenue and technological capabilities and overall financial health. In 2022, we expect 40% growth and to deliver over $22.5 Million in revenue through leveraging the recent acquisition, securing new projects from existing clients, increasing the sales pipeline, and continuing SaaS revenue growth," said Cameron Watt, President & Chief Executive Officer of the Company.
"The business continues to illustrate its health and stability. In October 2021, we completed the SeeLevel acquisition utilizing cash on hand, our operating line of credit, and future contingent payments. In 2022, we expect to again deliver increased EBITDA. We will continue to leverage our strengths and invest where appropriate to accelerate growth including technology and potential accretive acquisitions," said Watt.
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Consolidated Statements of Operations
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2021
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2020
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Revenue
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$
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16,016,564
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$
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12,795,277
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Cost of services
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7,376,133
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6,054,518
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Gross margin
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8,640,431
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6,740,759
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Total operating expenses
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8,614,141
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6,796,847
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Earnings (loss) from operating activities
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26,290
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(56,088)
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Other earnings (expense)
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(302,834)
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44,578
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Income tax recovery (expense)
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(38,869)
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4,612
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Net loss
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$
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(315,413)
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$
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(6,898)
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About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America's most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Intouch Insight Ltd.
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