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NowVertical Group Reports Second Quarter 2022 Results, The Canadian Business Journal

  • Q2 2022 pro forma adjusted revenue was $7.9 million1Q2 2022, $15.4 million1In the first half of 2022, there was an 883% increase over the second quarter of 2021, and an increase of 862% in the six months ended 30 June 2021.
  • Current pro forma TTM adjusted revenue was $31.9 million1an increase of 852% from Q2 2021

TORONTO, August 24, 2022 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (“now” or “Company), Big Data, Analytics, Vertical Intelligence (“”) The software and solutions company today announces financial results for the three months ended June 30, 2022 (“Q2 2022”) and for the six months ended June 30, 2022 (“First half of 2022”). All figures are in US dollars unless otherwise stated.

Excerpts from Pro Forma and Financial Highlights

  • Q2 2022 Pro Forma Adjusted Earnings1 – Q2 2022 pro forma adjusted revenue was $7.9 million1 Q2 2022, $15.4 million1 In the first half of 2022, there was an 883% increase over the second quarter of 2021, and an increase of 862% in the six months to 30 June 2021.
  • Current Estimated TTM Adjusted Income1 – Current pro forma TTM adjusted revenue, which includes all acquisitions completed to date, was $31.9 million, an increase of nearly 10x from Q2 2021.
  • adjusted income1 – Adjusted revenues of $7.3 million in Q2 2022 and $10.2 million in H1 2022, up 805% from $8.05 million in Q2 2021, ending June 30, 20216 A 534% increase from $1.6 million in one month.
  • Earnings – Revenue was $7.2 million in Q2 2022 and $9.7 million in H1 2022, up 789% from $0.8 million in Q2 2021 and up 768% from $1.1 million in H1 2021 .
  • Adjusted EBITDA1 – Adjusted EBITDA was $0.6 million in Q2 2022 and ($1.6 million) in H1 2022, down $0.4 million from Q2 2021 ($0.2 million), June 30 Decreased by $1 million to $1.7 million in the six months ended today. 2021 (“First half of 2021”).
  • net loss – Net loss of $1.3 million in Q2 2022 and $3.1 million in H1 2022, down 79% from $6.3 million in Q2 2021 and down 61% from $8 million in H1 2021. did. – Administrative expenses, listing costs and non-cash items recurring during NOW’s first year of operation as a public company.
  • cash and cash equivalents – As of June 30, 2022, cash and cash equivalents were $3.6 million.

Our business continues to grow significantly every quarter. Since its inception, NOW has consistently demonstrated significant revenue and gross margin growth each quarter. We are proud to report another record in the second quarter.Sales nearly tripled from the previous quarterDaren Trousdell, NOW Chairman and CEO, said: “We are pleased to announce that we are implementing the NOW strategy. In the 13 months since going public, we have completed and integrated seven acquisitions, including four in the first half of 2022, adding great talent to our solutions and technology teams across three continents, and achieving pro forma growth. We grew TTM adjusted revenue to a setting of $31.9 million. Continued growth and profitability can be expected. We remain focused on achieving positive adjusted EBITDA in the second half of 2022.

Business highlights for Q2 2022 and beyond

  • NOW has grown its government contracting platform in the government vertical market by acquiring 100% of the issued and outstanding securities of Allegient Defense, Inc.Allegiant”), a U.S.-based government contract services company. Concurrent with the acquisition of Allegient, NOW secured his $5.8 million line of credit with his U.S.-based MVB Bank, consisting of a $3.8 million term loan and a $2 million revolving credit facility. .
  • NOW announces the launch of a comprehensive suite of consumer analytics and collaboration applications for data consumers and providers on the Snowflake Marketplace. Through a partnership with data cloud company Snowflake, NOW Affinio’s applications are now available for customers with an existing Snowflake account to purchase directly from the marketplace.
  • NOW Acquires Resonant Analytics LLC, a US-Based Guided Solutions Analytics Firm Providing CRM Program Strategy, Database Marketing and Business Intelligence Solutions for Fortune 500 Companies Including Adobe, DocuSign and Palo Alto Networks .
  • NOW Affinio achieves 100% customer retention rate with logo update and further expands agency roster to include McCann NYC.
  • NOW’s LATAM business, CoreBI, achieves 100% customer retention in Q2 2022, adds four new regional logos and expands operations in Mexico with new customer Grupo ALEn in Santa Catarina, Mexico was expanded.

investor webinar

NOW invites shareholders, analysts, investors, media representatives and other interested parties to participate in future webinars. CEO Daren Trousdell discusses his Q2 2022 financial results, followed by a Q&A session. Registration details for the webinar, including date and time, can be found directly below.

Time: August 25, 2022, 9:30 AM EST
Register here: https://bit.ly/NOW-Q2-Registration

Webinar recordings and supporting materials will be available in the “Investors” section of the company’s website at https://ir.nowvertical.com/news-and-media.

Related Links:
https://www.nowvertical.com

Additional Information

The Company’s unaudited Condensed Condensed Consolidated Interim Financial Statements, Notes to the Financial Statements, and Management’s Discussion and Analysis for the three and six months ended June 30, 2022 are available on www.sedar.com. Available in SEDAR profile.

Investor presentations containing supplemental financial information and reconciliations of certain non-IFRS measures are available on NOW’s investor website.
https://ir.nowvertical.com/events-and-presentations/presentations

About Now Vertical Group Inc.

NOW is Big Data, Analytics and Vertical Intelligence.TMs (“VI”) is a software and solutions company that continues to grow organically through acquisitions. NOW’s VI solutions are industry-aligned and built on a set of foundational data technologies that blend, protect and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the company, please visit www.nowvertical.com.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

For more information, please contact:

Darren Trussell, Chief Executive Officer
e: [email protected]
Phone: (212) 302-0868

Also

Glenn Nelson, Investor Relations
e: [email protected]
Phone: (403) 763-9797

Non-IFRS standards

Non-IFRS financial measures referred to in this news release are defined below. Management discussion and analysis for the three and six months ended June 30, 2022 (SeeMD&A in Q2 2022), available at www.nowvertical.com and in the company’s SEDAR profile, which also includes supporting calculations for Adjusted Revenue, EBITDA, Adjusted EBITDA and Pro Forma TTM Adjusted Revenue.

adjusted income‘ adjusts earnings to eliminate the impact of acquisition accounting on our earnings.

Q2 2022 Pro Forma Adjusted Earnings” includes earnings from all acquisitions completed as of August 23, 2022, adjusted to eliminate the impact of acquisition accounting on our earnings.

EBITDA” represents net income (loss) before deduction of depreciation, net interest expense and income tax provision.

Adjusted EBITDA‘ adjusts EBITDA for earnings adjustments in ‘Adjusted earnings’ and items such as acquisition accounting adjustments, transaction costs related to acquisitions, transaction gains and losses on assets, asset impairment charges, non-recurring expense items and non-cash stock-based compensation expense. To do. Full-year impact of cost synergies associated with workforce reductions.

Pro forma TTM Adjusted Earnings” represents the most recent 12 months of adjusted revenue for all completed acquisitions at the end of each period indicated.

Current Estimated TTM Adjusted Incomewill adjust pro forma TTM adjusted revenue to include pro forma TTM adjusted revenue for all acquisitions completed through the Q2 2022 MD&A date. Prior year comparable amounts reflect acquisitions completed to his MD&A date in the prior year.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) that reflect our current expectations regarding future events. Forward-looking statements “believe,” “expect,” “predict,” “anticipate,” “intend,” “plan,” “may,” “may,” and “estimate.” Identified by words such as and other similar expressions. These statements are based on our expectations, estimates, projections and projections and include, but are not limited to, statements regarding the future success of our business.

Forward-looking statements in this news release are based on certain assumptions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements are made only as of the date of this news release and, except as expressly required by applicable law, the Company makes no representations as a result of new information. We undertake no obligation whatsoever to publicly update or revise any forward-looking statements. , future events or otherwise.

Notes on compliance with non-IFRS

This news release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS and are unlikely to be comparable to similar measures provided by other companies. Rather, these measures are provided as additional information that complements these IFRS measures by providing a further understanding of our operating results from management’s perspective. Company definitions of non-IFRS measures used in this news release may not be the same as definitions of such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS financial measures including ‘Adjusted Revenue’, ‘EBITDA’, ‘Adjusted EBITDA’, ‘Pro forma TTM Adjusted Revenue’ and ‘Current Pro Forma TTM Adjusted Revenue’ . These non-IFRS measures are used to provide investors with a supplemental measure of our performance and eliminate items that are not materially relevant to our performance or operating conditions. IFRS measures. We believe that securities analysts, investors and other stakeholders frequently use non-IFRS financial measures in evaluating issuers. Our management also uses non-IFRS financial measures to facilitate period-to-period comparisons and to prepare annual budgets and forecasts.


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NowVertical Group Reports Second Quarter 2022 Results, The Canadian Business Journal

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