Technology - Software - Infrastructure - NASDAQ - US
$ 25.3
0.998 %
$ 488 M
Market Cap
5.55
P/E
Consensus Cloud Solutions, Inc., together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. Its products and solutions include eFax, an online faxing solution, as well as MyFax, MetroFax, Sfax, SRfax, and other brands; eFax Corporate, a digital cloud-fax technology; jsign, which provides electronic and digital signature solutions; Unite, a single platform that allows the user to choose between several protocols to send and receive healthcare information in an environment that can integrate into an existing electronic health record (EHR) system or stand-alone if no EHR is present; Signal, a solution that integrates with a hospital's EHR system and uses rules-based triggering logic to automatically send admit, discharge, and transfer notifications using cloud fax and direct secure messaging technology; and Clarity that transforms unstructured documents into structured actionable data.[ Read More ]
The intrinsic value of one CCSI stock under the base case scenario is HIDDEN Compared to the current market price of 25.3 USD, Consensus Cloud Solutions, Inc. is HIDDEN
2. FUNDAMENTAL
ANALYSIS
Price Chart CCSI
FINANCIALS
363 M
REVENUE
147 M
OPERATING INCOME
77.2 M
NET INCOME
114 M
OPERATING CASH FLOW
-40.5 M
INVESTING CASH FLOW
-81.7 M
FINANCING CASH FLOW
87.8 M
REVENUE
38.4 M
OPERATING INCOME
21.1 M
NET INCOME
41.6 M
OPERATING CASH FLOW
-7.98 M
INVESTING CASH FLOW
-30.7 M
FINANCING CASH FLOW
Balance Sheet Decomposition
Consensus Cloud Solutions, Inc.
| Current Assets | 125 M |
| Cash & Short-Term Investments | 88.7 M |
| Receivables | 26.3 M |
| Other Current Assets | 10.2 M |
| Non-Current Assets | 522 M |
| Long-Term Investments | 4 M |
| PP&E | 88 M |
| Other Non-Current Assets | 430 M |
| Current Liabilities | 71.4 M |
| Accounts Payable | 9.86 M |
| Short-Term Debt | 10.6 M |
| Other Current Liabilities | 50.9 M |
| Non-Current Liabilities | 752 M |
| Long-Term Debt | 739 M |
| Other Non-Current Liabilities | 13.4 M |
EFFICIENCY
Earnings Waterfall
Consensus Cloud Solutions, Inc.
| Revenue | 363 M |
| Cost Of Revenue | 68.3 M |
| Gross Profit | 294 M |
| Operating Expenses | 147 M |
| Operating Income | 147 M |
| Other Expenses | 70 M |
| Net Income | 77.2 M |
RATIOS
81.16%
GROSS MARGIN
40.61%
OPERATING MARGIN
21.30%
NET MARGIN
-43.85%
ROE
11.93%
ROA
19.77%
ROIC
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis
Consensus Cloud Solutions, Inc.
| Net Income | 77.2 M |
| Depreciation & Amortization | 17.4 M |
| Capital Expenditures | -36.5 M |
| Stock-Based Compensation | 18.2 M |
| Change in Working Capital | -6.03 M |
| Others | 4.41 M |
| Free Cash Flow | 77.7 M |
Wall Street Analysts Price Targets
Consensus Cloud Solutions, Inc.
Wall Street analysts predict an average 1-year price target for CCSI of $25 , with forecasts ranging from a low of $20 to a high of $30 .
CCSI Lowest Price Target
Wall Street Target
20 USD
-20.95%
CCSI Average Price Target
Wall Street Target
25 USD
-1.19%
CCSI Highest Price Target
Wall Street Target
30 USD
18.58%
4. DIVIDEND ANALYSIS
0.00%
DIVIDEND YIELD
0 USD
DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership
Consensus Cloud Solutions, Inc.
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
26.7 K USD 1
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
| Date | Value | Insider | Amount | Avg Price |
|---|---|---|---|---|
|
2 months ago
Aug 19, 2024
|
Bought 26.7 K USD
|
Sullivan Jeffrey Alan
Chief Technology Officer |
+ 1350
|
19.75 USD |
|
1 year ago
May 11, 2023
|
Bought 153 K USD
|
MALONE JAMES C
Chief Financial Officer |
+ 4500
|
33.98 USD |
|
2 years ago
Jun 14, 2022
|
Bought 38.5 K USD
|
HEALY ELAINE
director: |
+ 1000
|
38.5202 USD |
7. News
Consensus Cloud: Extremely Undervalued With Personnel-Related Expenses Growth
Consensus Cloud Solutions, Inc. is investing in R&D and personnel, indicating confidence in future growth, supported by a 9% CAGR in the secure communications market. The company's recurring subscription revenue, comprising 72% of total revenue, ensures stable financial forecasting and revenue growth, reducing risks from client cancellations. CCSI's debt and stock repurchase programs, along with positive free cash flow and net income, suggest significant upside potential, with a target price of $45 per share.
seekingalpha.com
- 1 day ago
Consensus Cloud Solutions, Inc. (CCSI) Q3 2024 Earnings Call Transcript
Consensus Cloud Solutions, Inc. (NASDAQ:CCSI ) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Adam Varon - Senior Vice President Finance Scott Turicchi - Chief Executive Officer Johnny Hecker - CRO and Executive Vice President of Operations Jim Malone - Chief Financial Officer Conference Call Participants Jenny Shen - BTIG Operator Good day, ladies and gentlemen, and welcome to Consensus Q3 2024 Earnings Call. My name is Paul, and I will be the operator assisting you today.
seekingalpha.com
- 1 week ago
Consensus Cloud Solutions, Inc. (CCSI) Tops Q3 Earnings and Revenue Estimates
Consensus Cloud Solutions, Inc. (CCSI) came out with quarterly earnings of $1.31 per share, beating the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $1.51 per share a year ago.
zacks.com
- 1 week ago
Consensus Cloud Solutions, Inc. Reports First Quarter 2023 Results
LOS ANGELES--(BUSINESS WIRE)--Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported preliminary financial results for the first quarter of 2023. FIRST QUARTER UNAUDITED 2023 HIGHLIGHTS Q1 2023 GAAP quarterly revenues increased by $2.2 million or 2.4% to $91.5 million compared with $89.3 million for Q1 2022. Our growth was primarily due to an increase of $2.9 million or 6.2% in our Corporate business; partially offset by a decline of $0.7 million or 1.8% in our SoHo business. On a constant dollar basis, revenues grew by $2.7 million or 3.0% over the prior comparable period. GAAP net income (1) decreased to $15.5 million in Q1 2023 compared to $18.5 million for Q1 2022. The decrease is primarily due to increased employee related expenses of $3.2 million, $2.3 million in professional fees in connection with the year-end audit and a $1.0 million noncash foreign exchange impact related to intercompany balances; partially offset by higher revenues. GAAP net income per diluted share (1) decreased to $0.78 in Q1 2023 compared to $0.92 for Q1 2022. The decrease is related to the items discussed above. Adjusted EBITDA (3)(4) for Q1 2023 of $44.2 million is unfavorable compared to Q1 2022 adjusted EBITDA (3)(4) of $48.6 million. The decrease is related to the items discussed above. Adjusted non-GAAP earnings per diluted share (1)(2)(3) for the quarter decreased to $1.10 or 17.3% compared to Adjusted non-GAAP earnings per diluted share (1)(2)(3) of $1.33 for Q1 2022. The decrease is related to the items discussed above. Consensus ended the quarter with $111.3 million in cash and cash equivalents after cash outlays of $9.2 million in repurchases of common stock and $8.5 million in capital expenditures. Key financial results from operations for Q1 2023 versus Q1 2022 are set forth in the following table. Reconciliations of Adjusted non-GAAP net income, Adjusted non-GAAP earnings per diluted share and Adjusted EBITDA to their nearest comparable GAAP financial measures accompany this press release. (Unaudited, in thousands except per share amounts and percentages) Favorable / (Unfavorable) Q1 2023 Q1 2022 Change GAAP revenues $ 91,454 $ 89,298 2.4 % GAAP net income (1) $ 15,458 $ 18,521 (16.5 )% GAAP net income per diluted share (1) $ 0.78 $ 0.92 (15.2 )% Adjusted non-GAAP net income (1)(2) $ 21,993 $ 26,631 (17.4 )% Adjusted non-GAAP earnings per diluted share (1)(2)(3) $ 1.10 $ 1.33 (17.3 )% Adjusted EBITDA (3)(4) $ 44,236 $ 48,562 (8.9 )% Adjusted EBITDA margin (3) 48.4 % 54.4 % (6.0) pts REAFFIRMS 2023 GUIDANCE (5) The following table presents ranges for the Company’s 2023 full year guidance (in millions, except per share amounts): Low Midpoint High Revenue $ 370 $ 380 $ 390 Adjusted EBITDA $ 192 $ 199 $ 206 Adjusted non-GAAP earnings per diluted share (6)(7) $ 4.93 $ 5.08 $ 5.20 VA CONTRACT UPDATE Subsequent to the quarter, Consensus, Cognosante and the Department of Veterans Affairs (“VA”) successfully implemented Enterprise Cloud Fax (ECFax) at two locations. Notes: (1) The estimated GAAP effective tax rates were approximately 24.9% for Q1 2023 and 27.5% for Q1 2022. The estimated non-GAAP effective tax rates were approximately 20.0% for Q1 2023 and 20.3% for Q1 2022. (2) Adjusted non-GAAP net income and Adjusted non-GAAP earnings per diluted share excludes certain non-GAAP items, as defined in the accompanying reconciliation of GAAP to Adjusted non-GAAP Financial Measures, for the three months ended March 31, 2023 and 2022. Such exclusions totaled $0.32 and $0.41 per diluted share, respectively. Adjusted non-GAAP net income and Adjusted non-GAAP earnings per diluted share are not meant as a substitute for GAAP, but are presented solely for informational purposes. (3) Adjusted EBITDA is defined as earnings before interest; other (income) expense, net; income tax expense; depreciation and amortization; and other items used to reconcile GAAP income per diluted share to Adjusted non-GAAP earnings per diluted share, as presented in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures. Adjusted EBITDA amounts are not meant as a substitute for GAAP, but is presented solely for informational purposes. (4) See Net Income to Adjusted EBITDA Reconciliation for the components of Consensus adjusted EBITDA. (5) Full year guidance is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measures is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, we are unable to provide a reconciliation of these measures without unreasonable effort. (6) Guidance for Adjusted non-GAAP earnings per diluted share excludes share-based compensation, amortization of acquired intangibles and the impact of unanticipated items, in each case net of tax. The non-GAAP effective tax rate for 2023 is expected to be between 19.7% and 21.7%. (7) Guidance for Adjusted non-GAAP earnings per diluted share range reflects an increase in depreciation and amortization year-over-year resulting from increased capitalized software placed into service between $5 million and $7 million over the prior period. About Consensus Cloud Solutions Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is the world’s largest digital fax provider and a trusted global source for the transformation, enhancement and secure exchange of digital information. We leverage our 25-year history of success by providing advanced solutions for regulated industries such as healthcare, finance, insurance and manufacturing, as well as state and the federal government. Our solutions consist of: cloud faxing; digital signature; intelligent data extraction using natural language processing and artificial intelligence; robotic process automation; interoperability; and workflow enhancement that result in improved healthcare outcomes. Our solutions can be combined with best-in-class managed services for optimal implementations. For more information about Consensus, visit consensus.com and follow @ConsensusCS on Twitter to learn more. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow fax revenues, profitability and cash flows; the Company’s ability to identify, close and successfully transition acquisitions; subscriber growth and retention; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; general economic and political conditions, including political tensions and war (such as the ongoing conflict in Ukraine); and the numerous other factors set forth in Consensus’ filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting Consensus, refer to the 2022 Annual Report on Form 10-K filed by Consensus on March 31, 2023, and the other reports filed by Consensus from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release are subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements. About non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following Adjusted non-GAAP financial measures: Adjusted non-GAAP net income, Adjusted non-GAAP earnings per diluted share, Adjusted EBITDA and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these Adjusted non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these Adjusted non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these Adjusted non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These Adjusted non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these Adjusted non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. For more information on these Adjusted non-GAAP financial measures, please see the appropriate GAAP to Adjusted non-GAAP reconciliation tables included within the attached Exhibit to this Release. CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) March 31, 2023 December 31, 2022 ASSETS Cash and cash equivalents $ 111,265 $ 94,164 Accounts receivable, net of allowances of $4,727 and $4,681, respectively 29,644 28,029 Prepaid expenses and other current assets 14,607 14,335 Total current assets 155,516 136,528 Property and equipment, net 61,419 54,958 Operating lease right-of-use assets 7,459 7,875 Intangibles, net 48,096 49,156 Goodwill 347,752 346,585 Deferred income taxes 36,639 35,981 Other assets 6,392 2,816 TOTAL ASSETS $ 663,273 $ 633,899 LIABILITIES AND STOCKHOLDERS’ DEFICIT Accounts payable and accrued expenses $ 54,305 $ 41,246 Income taxes payable, current 2,786 2,548 Deferred revenue, current 25,336 24,579 Operating lease liabilities, current 2,818 2,793 Due to Former Parent 207 156 Total current liabilities 85,452 71,322 Long-term debt 794,341 793,865 Deferred revenue, noncurrent 2,316 2,319 Operating lease liabilities, noncurrent 13,379 13,877 Liability for uncertain tax positions 7,438 6,725 Deferred income taxes 737 728 Other long-term liabilities 321 324 TOTAL LIABILITIES 903,984 889,160 Commitments and contingencies Common stock, $0.01 par value. Authorized 120,000,000; total issued is 20,118,967 and 20,105,545 shares and total outstanding is 19,659,661 and 19,916,431 shares at March 31, 2023 and December 31, 2022, respectively 201 201 Treasury stock, at cost (459,306 and 189,114 shares at March 31, 2023 and December 31, 2022, respectively) (16,791 ) (7,596 ) Additional paid-in capital 26,859 21,650 Accumulated deficit (234,950 ) (250,408 ) Accumulated other comprehensive loss (16,030 ) (19,108 ) TOTAL STOCKHOLDERS’ DEFICIT (240,711 ) (255,261 ) TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 663,273 $ 633,899 CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) Three Months Ended March 31, 2023 2022 Revenues $ 91,454 $ 89,298 Cost of revenues (1) 17,508 15,104 Gross profit 73,946 74,194 Operating expenses: Sales and marketing (1) 16,893 15,830 Research, development and engineering (1) 1,904 2,336 General and administrative (1) 21,152 17,369 Total operating expenses 39,949 35,535 Income from operations 33,997 38,659 Interest expense (12,566 ) (13,274 ) Other (expense) income, net (844 ) 174 Income before income taxes 20,587 25,559 Income tax expense 5,129 7,038 Net income $ 15,458 $ 18,521 Net income per common share: Basic $ 0.78 $ 0.93 Diluted $ 0.78 $ 0.92 Weighted average shares outstanding: Basic 19,847,280 19,921,375 Diluted 19,884,657 20,035,827 (1) Includes share-based compensation expense as follows: Cost of revenues $ 296 $ 223 Sales and marketing 372 273 Research, development and engineering 40 356 General and administrative 4,432 4,551 Total $ 5,140 $ 5,403 CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, IN THOUSANDS) Three Months Ended March 31, 2023 2022 Cash flows from operating activities: Net income $ 15,458 $ 18,521 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,347 3,706 Amortization of financing costs and discounts 495 461 Non-cash operating lease costs 416 447 Share-based compensation 5,140 5,403 Provision for doubtful accounts 1,831 608 Deferred income taxes, net (66 ) (1,310 ) Changes in operating assets and liabilities: Decrease (increase) in: Accounts receivable (3,429 ) (3,148 ) Prepaid expenses and other current assets (266 ) (494 ) Other assets 424 (433 ) Increase (decrease) in: Accounts payable and accrued expenses 12,400 14,799 Income taxes payable 206 4,776 Deferred revenue 735 1,886 Operating lease liabilities (423 ) (459 ) Liability for uncertain tax positions 713 — Other liabilities (10 ) 5,145 Net cash provided by operating activities 37,971 49,908 Cash flows from investing activities: Purchases of property and equipment (8,548 ) (6,915 ) Acquisition of businesses, net of cash received — (12,855 ) Purchase of investments (4,000 ) — Purchases of intangible assets — (1,000 ) Net cash used in investing activities (12,548 ) (20,770 ) Cash flows from financing activities: Debt issuance costs — (232 ) Repurchase of common stock (9,195 ) — Shares withheld related to net share settlement (451 ) (1,173 ) Net cash used in financing activities (9,646 ) (1,405 ) Effect of exchange rate changes on cash and cash equivalents 1,324 (647 ) Net change in cash and cash equivalents 17,101 27,086 Cash and cash equivalents at beginning of period 94,164 66,778 Cash and cash equivalents at end of period $ 111,265 $ 93,864 CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) The following tables set forth reconciliations regarding certain non-GAAP measures for the three months ended March 31, 2023 and 2022 to the most closely comparable GAAP measure. Three Months Ended March 31, 2023 Per Diluted Share * 2022 Per Diluted Share * Net income $ 15,458 $ 0.78 $ 18,521 $ 0.92 Plus: Share-based compensation (1) 4,332 0.22 4,911 0.25 Amortization (2) 756 0.04 1,150 0.06 Spin-off related costs (3) — — 270 0.01 Non-income related sales tax (4) 383 0.02 262 0.01 Acquisition related integration costs (5) 52 — 102 0.01 Accounting fees for tax provision (6) — — 43 — Intra-entity transfer (7) 882 0.04 1,372 0.07 Sales force realignment (8) 130 0.01 — — Adjusted non-GAAP net income $ 21,993 $ 1.10 $ 26,631 $ 1.33 * The reconciliation of net income per share from GAAP to Adjusted non-GAAP may not foot since each is calculated independently. Non-GAAP Financial Measures To supplement its unaudited consolidated financial statements, the Company uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted non-GAAP Net Income and Adjusted non-GAAP Diluted EPS (collectively the “non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about core operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. (1) Share-based compensation. The Company excludes stock-based compensation because it is non-cash in nature and because the Company believes that the non-GAAP financial measures excluding this item provides meaningful supplemental information regarding the operational performance of the business. The Company further believes this measure is useful to investors in that it allows for greater transparency to certain line items in its financial statements. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item. (2) Amortization. The Company excludes amortization of patents and acquired intangible assets because it is non-cash in nature and because the Company believes that the non-GAAP financial measures excluding this item provides meaningful supplemental information regarding the operational performance of the business. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item. (3) Spin-off related costs. The Company excludes certain expenses associated with the spin-off from Ziff Davis, Inc. The Company believes that the non-GAAP financial measures excluding this item provides meaningful supplemental information regarding the operational performance of the business. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers. (4) Non-income related sales tax. The Company has excluded certain non-income related sales taxes because this expense is related to our historical sales tax exposure in applicable states that have started to tax Software as a Service (“SaaS”) in recent years. The Company is in the process of remediating the exposure and doesn't believe it will be recurring. As a result, the Company believes that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding the operational performance of the business. (5) Acquisition related integration costs. The Company excludes certain acquisition and related integration costs such as adjustments to contingent consideration, severance, lease terminations, retention bonuses and other acquisition-specific items. The Company believes that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item. (6) Accounting fees for tax provision. The Company excludes certain costs associated with the preparation for the tax provision because these costs are expected to be nonrecurring. The Company believes that the non-GAAP financial measures excluding this item provides meaningful supplemental information regarding the operational performance of the business. (7) Intra-entity transfers. The Company excludes certain effects of intra-entity transfers to the extent the related tax asset or liability in the financial statement is not recovered or settled, respectively during the year. During December 2019, the Company entered into an intra-entity asset transfer that resulted in the recording of a tax benefit and related tax asset representing tax deductible amounts to be realized in future years which is expected to be recovered over a period of up to 20 years. The Company believes that the non-GAAP financial measures excluding the cumulative future unrealized benefit of the assets transferred and including the tax benefit in the year of realization provides meaningful supplemental information regarding operational performance. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results. (8) Sales force realignment. The Company excludes certain business sales force realignment costs such as adjustments to severance and retention bonuses. The Company believes that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In addition, excluding this item from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which similarly exclude this item. CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES NET INCOME TO ADJUSTED EBITDA RECONCILIATION (UNAUDITED, IN THOUSANDS) The following table sets forth a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure. Three Months Ended March 31, 2023 2022 Net income $ 15,458 $ 18,521 Plus: Interest expense 12,566 13,274 Other expense (income), net 844 (174 ) Income tax expense 5,129 7,038 Depreciation and amortization 4,347 3,706 EBITDA: Plus: Share-based compensation 5,140 5,403 Sales force realignment 173 — Spin-off related costs — 359 Non-income related sales tax 510 241 Acquisition related costs 69 136 Accounting fees for the tax provision — 58 Adjusted EBITDA $ 44,236 $ 48,562 Adjusted EBITDA as calculated above represents earnings before interest, other expense (income), net, income tax and depreciation and amortization and the items used to reconcile GAAP to Adjusted non-GAAP financial measures, including (1) share-based compensation; (2) sales force realignment; (3) spin-off related costs; (4) non-income related sales tax; (5) acquisition related costs; and (6) Accounting fees for the tax provision. We disclose Adjusted EBITDA as a supplemental non-GAAP financial performance measure as we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies and investors in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. Adjusted EBITDA is not in accordance with, or an alternative to, net income, and may be different from non-GAAP measures used by other companies. In addition, Adjusted EBITDA is not based on any comprehensive set of accounting rules or principles. This Adjusted non-GAAP measure has limitations in that it does not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS) Q1 Q2 (2) Q3 Q4 (2) YTD 2023 Net cash provided by operating activities (1) $ 37,971 $ — $ — $ — $ 37,971 Less: Purchases of property and equipment (8,548 ) — — — (8,548 ) Free cash flows $ 29,423 $ — $ — $ — $ 29,423 Q1 Q2 (2) Q3 Q4 (2) YTD 2022 Net cash provided by operating activities (1) $ 49,908 $ 2,298 $ 37,066 $ (6,123 ) $ 83,149 Less: Purchases of property and equipment (6,915 ) (6,829 ) (7,316 ) (8,985 ) (30,045 ) Free cash flows $ 42,993 $ (4,531 ) $ 29,750 $ (15,108 ) $ 53,104 (1) The decline in net cash provided by operating activities when compared to Q1 2022 is primarily related to delayed payments of $9.7 million ($4.6 million in taxes payable and $5.1 million in other liabilities - representing balances due to Ziff Davis) in the prior period absent a similar build in the current period and current period voluntary disclosure agreements (“VDA”) payments of $3.4 million. (2) Net cash provided by operating activities during the second quarter and fourth quarter was impacted by cash outlays related to interest expense payments of approximately $26 million (occurring in Q2 and Q4) and other significant payments. The Company discloses free cash flows as supplemental non-GAAP financial performance measure, as it believes it is a useful metric by which to compare the performance of its business from period to period. The Company also understands that this non-GAAP measure is broadly used by analysts, rating agencies and investors in assessing the Company’s performance. Accordingly, the Company believes that the presentation of this non-GAAP financial measure provides useful information to investors. Free cash flows is not in accordance with, or an alternative to, Cash Flows from Operating Activities, and may be different from non-GAAP measures with similar or even identical names used by other companies. In addition, the non-GAAP measure is not based on any comprehensive set of accounting rules or principles. This non-GAAP measure has limitations in that it does not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Key Performance Metrics (Unaudited) The following table sets forth certain key operating metrics for Consensus for the three months ended March 31, 2023 and 2022 (in thousands, except for percentages): Three Months Ended March 31, 2023 2022 Corporate revenue $ 49,407 $ 46,519 Corporate customer accounts (1) 53 46 Corporate ARPA (2) $ 315.76 $ 339.95 Corporate paid adds (3) 3 4 Corporate monthly account churn (4) 1.37 % 2.05 % SoHo revenue $ 42,030 $ 42,779 SoHo customer accounts (1) 914 1,027 SoHo ARPA (2) $ 15.10 $ 13.88 SoHo paid adds (3) 78 100 SoHo monthly account churn (4) 3.76 % 3.50 % (1) Consensus customers are defined as paying Corporate and SoHo customer accounts. (2) Represents a monthly ARPA for the quarter or year calculated as follows. Monthly ARPA on a quarterly basis is calculated using our standard convention of dividing revenue for the quarter by the average of the quarter’s beginning and ending customer base and dividing that amount by 3 months. Consensus believes ARPA provides investors an understanding of the average monthly revenues we recognize per account associated within Consensus’ customer base. As ARPA varies based on fixed subscription fee and variable usage components, Consensus believes it can serve as a measure by which investors can evaluate trends in the types of services, levels of services and the usage levels of those services across Consensus’ customers. (3) Paid Adds represents paying new Consensus customer accounts added during the annual period. (4) Monthly churn is defined as a Consensus paying customer accounts that cancelled its services during the period divided by the average number customers over the period. This measure is calculated monthly and expressed as an average over the applicable period.
businesswire.com
- 1 year ago
Latticework Capital Management’s American Clinical Research Services Acquires Clinical Site Services and Patient Advertising Guru
MONTCLAIR, Calif.--(BUSINESS WIRE)--American Clinical Research Services (“ACRS”), founded in 2022 to improve the quality of life for millions of Americans through scientific research, today announced the acquisition of Clinical Site Services (“CSSi”) and Patient Advertising Guru (“PAG”). The acquisition of the two previously merged companies demonstrates ACRS’s focus on inclusive patient centric solutions for clinical development. Both Chris Trizna (CSSi) and Evan Brett (PAG) remain as co-Presidents, joining the ACRS leadership team. ACRS is a portfolio company of Latticework Capital Management, a growth oriented private equity firm focused exclusively on the healthcare industry. “We are excited to add CSSi and PAG’s patient recruitment capabilities to our service offering,” said Dustin Owen, CEO of ACRS. “The combination of these platforms provide us with solutions to help sponsors and sites find high quality patients for difficult clinical trials. Marrying technology and consumer marketing with boots on the ground local enrollment specialists allows for a multifaceted approach to finding diverse patients to participate in clinical research.” Clinical Site Services has been providing customized, full-service site centric patient recruitment solutions since 2005. CSSi’s Local Enrollment Specialists are former study coordinators, located across the globe, that support sites to generate referrals from within the site, their community, advocacy groups, and local medical practitioners. Patient Advertising Guru is a niche provider of high-performance advertising results since 2012, providing creative development, media buying and referral tracking services. PAG is also the creator of Research Study Rockstar, an industry-leading social media resource for patient recruitment. “Clinical Site Services and Patient Advertising Guru have always focused on developing patient centric solutions to assist clinical sites in recruiting and enrolling patients quickly,” says Chris Trizna, President of CSSi. “ACRS shares our vision of expanding our global services and growing a network of high-quality clinical sites, delivering diverse patients into challenging indications.” Both CCSi and PAG have extensive experience servicing a diverse range of therapeutic areas (30+), including oncology, CNS, metabolic, and women’s health, across 50+ countries. ACRS is actively seeking acquisitions in the clinical research site and patient recruitment space. For more information. please reach out to Dustin Owen (dustin.owen@acrsholdings.com). About American Clinical Research Services ACRS was formed in 2022 by Latticework Capital Management with the acquisition of Catalina Research Institute (“CRI). CRI focuses on highly complexity metabolic trials in NASH, NAFLD, and diabetes, along with central nervous system disease. ACRS is focused on inclusive patient centric solutions for clinical development. For more information visit americanclinicalresearchservices.com. About Latticework Capital Management Headquartered in Dallas, LCM is a growth oriented private equity firm focused exclusively on the healthcare industry. Latticework leverages its over 100 combined years of healthcare and investing experience, as well as its network of industry executives, to help companies grow and realize their full long-term value. For more information, please visit www.latticeworkcapital.com.
businesswire.com
- 1 year ago
Consensus Cloud Solutions to Host Q1 Investor Call on May 9, 2023
LOS ANGELES--(BUSINESS WIRE)--Consensus Cloud Solutions, Inc., (NASDAQ: CCSI), invites the public, members of the press, the financial community, and other interested parties to listen to a live audio Webcast of its Q1 earnings call at 2:00 PM PT/5:00 PM ET on Tuesday May 9, 2023. Consensus Cloud Solutions’ Chief Executive Officer, Scott Turicchi, Chief Operating Officer, John Nebergall and Chief Financial Officer, Jim Malone will host the call to discuss Q1 financial results, provide an update on the business and host a live Q&A. What: Consensus Cloud Solutions Inc. Investor Call When: Tuesday. May 9, 2023 at 5:00 PM ET/ 2:00 PM PT Where: https://www.webcaster4.com/Webcast/Page/2779/47919 or dial in at (833) 492-0037 [U.S.] or +1(973) 528-0159 [International] Questions for the conference call will be taken via email at investor@consensus.com and can be sent any time prior to or during the Webcast. If you are unable to attend the live Webcast, the conference call and presentation materials will be archived at www.consensus.com. About Consensus Cloud Solutions Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is the world’s largest digital fax provider and a trusted global source for the transformation, enhancement and secure exchange of digital information. We leverage our 25-year history of success by providing advanced solutions for regulated industries such as healthcare, finance, insurance and manufacturing, as well as state and federal government. Our solutions consist of: cloud faxing; digital signature; intelligent data extraction using natural language processing and artificial intelligence; robotic process automation; interoperability; and workflow enhancement that result in improved outcomes. Our solutions can be combined with best-in-class managed services for optimal implementations. For more information about Consensus, visit consensus.com and follow @ConsensusCS on Twitter to learn more.
businesswire.com
- 1 year ago
Consensus Cloud Solutions, Inc. Announces Filing of Annual Report on Form 10-K
LOS ANGELES--(BUSINESS WIRE)--On Friday, March 31, 2023, Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) filed its Form 10-K, as well as the previously announced amendment to its Quarterly Report on Form 10-Q for the period ended September 30, 2022. As previously announced and in connection with the Company’s delayed filing of the Form 10-K, the Company received a written notice from The Nasdaq Stock Market LLC ("Nasdaq") regarding its non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). On Monday, April 3, 2023, the Company received written notice from Nasdaq confirming that as a result of the Company’s filing of the Form 10-K, the Company has now regained compliance with Nasdaq’s continued listing requirements. About Consensus Cloud Solutions Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is the world’s largest digital fax provider and a trusted global source for the transformation, enhancement and secure exchange of digital information. We leverage our 25-year history of success by providing advanced solutions for regulated industries such as healthcare, finance, insurance and manufacturing, as well as state and the federal government. Our solutions consist of: cloud faxing; digital signature; intelligent data extraction using natural language processing and artificial intelligence; robotic process automation; interoperability; and workflow enhancement that result in improved healthcare outcomes. Our solutions can be combined with best-in-class managed services for optimal implementations. For more information about Consensus, visit consensus.com and follow @ConsensusCS on Twitter to learn more.
businesswire.com
- 1 year ago
Mednow Achieves Record Q2 2023 Financial Results with Quarterly Revenue of $11.3 Million; 17% Q/Q Revenue Growth and 466% Y/Y Revenue Growth; Adjusted EBITDA Improved 32% Y/Y; and Cash Flow from Operations Improved by 7% Q/Q
TORONTO--(BUSINESS WIRE)--Mednow Inc. (“Mednow'' or the “Company”) (TSXV:MNOW) (OTCQX:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to announce it has released its financial results for the period ending January 31, 2023 (“Q2 2023”). Mednow’s Financial Statements and Management, Discussion & Analysis are available on sedar.com and on the Company’s website, https://investors.mednow.ca. Key Milestones, M&A and Partnerships During and Subsequent to Q2 2023: Significant revenue growth. Q2/23 revenue increased approximately 17% Q/Q to $11.3 million, and approximately 466% year-over-year Patient growth. Mednow patient count increased quarter-over-quarter, growing by approximately 9% to ~38,000 in Q2’23 versus ~35,000 in Q1’23 Mednow has implemented significant cost reductions and operational streamlining initiatives, aimed at achieving a cash flow positive status. The company has recently completed the "build & buy" phase, which has enabled it to establish the core infrastructure required for its national virtual pharmacy ambitions. Mednow has also leveraged the insights gained from its initial time in the market and has refined its strategy to focus on core business lines and adapting to changing macroeconomic conditions. These efforts are aimed at driving operational efficiency and ensuring sustainable growth. Total cost base reduced. Total operating costs (excluding COGS, impairment, share-based compensation and depreciation) decreased by 6% Q/Q People costs reduced. People costs were reduced by 11% Q/Q Integration of acquisitions. Cost synergies have been achieved through the integration of acquisitions. This includes the consolidation of call centers, pharmacy operations and patient outreach programs. The resulting merged entities produce more revenue from cross-selling and have less overall costs for the Company. Core business streamlining. Costs were reduced in respect of personnel, technology, CAPEX, marketing, and SG&A due to efficiencies. Total cost base reduced. Total operating costs (excluding COGS, impairment, share-based compensation and depreciation) decreased by 6% Q/Q People costs reduced. People costs were reduced by 11% Q/Q Integration of acquisitions. Cost synergies have been achieved through the integration of acquisitions. This includes the consolidation of call centers, pharmacy operations and patient outreach programs. The resulting merged entities produce more revenue from cross-selling and have less overall costs for the Company. Core business streamlining. Costs were reduced in respect of personnel, technology, CAPEX, marketing, and SG&A due to efficiencies. Mednow for Business (“MFB”) continues to drive growth with partner signings. MFB has demonstrated strong traction, with access to over 500,000 lives. MFB also offers wellness and digital health programs to their employees, providing a broad spectrum of solutions, including digital pharmacy, nutritional services, personalized vitamins and supplements programs, and a wellness store that includes a broad array of health-related products. To-date, MFB has formed strategic channel partner relationships with DexCom Inc. (NASDAQ: DXCM), PACE Consulting Benefits and Pensions Ltd., PACE Consulting MGA Services Inc. and Sterling Capital Brokers. MFB has launched and onboarded over 500 employers, including, but not limited to Tucows (TSX: TC), Consensus Cloud Solutions (NASDAQ: CCSI), and Arista Networks (NYSE: ANET). Furthermore, MFB has a healthy pipeline of groups which is expected to be launched in the coming months, and is working with multiple net new partners. MFB also offers wellness and digital health programs to their employees, providing a broad spectrum of solutions, including digital pharmacy, nutritional services, personalized vitamins and supplements programs, and a wellness store that includes a broad array of health-related products. To-date, MFB has formed strategic channel partner relationships with DexCom Inc. (NASDAQ: DXCM), PACE Consulting Benefits and Pensions Ltd., PACE Consulting MGA Services Inc. and Sterling Capital Brokers. MFB has launched and onboarded over 500 employers, including, but not limited to Tucows (TSX: TC), Consensus Cloud Solutions (NASDAQ: CCSI), and Arista Networks (NYSE: ANET). Furthermore, MFB has a healthy pipeline of groups which is expected to be launched in the coming months, and is working with multiple net new partners. Increased demand for Mednow for Doctors. An important area of demand for Mednow’s virtual pharmacy services is from physicians and medical clinics who are looking for administrative, data, clinical, and adherence support. Such collaborations result in revenues from clinical services such as medication reviews and dispensing of adherence medication solutions. Mednow drives growth by leaning into this demand and continues its mission to push forward innovation in collaborative care. Established product-market fit. Mednow has earned and maintains a perfect 5-star rating on Google. The reviews show that Mednow is solving real problems and changing what Canadians expect from their pharmacy. Customer service is our obsession and in a market as price-regulated as pharmacy, the patient experience makes the difference. Furthermore Mednow’s growing list of enterprise clients validates that the company is providing a differentiated pharmacy experience for users, payors and prescribers. Key Financials Revenue increased by 17% quarter-over-quarter, to $11,346,829 during the three month period ended January 31, 2023, driven primarily by sales from the Company's Pharmacy operating segment. Pharmacies based in British Columbia, Manitoba, Ontario and Nova Scotia collectively generated revenue of $10,839,642, as compared to $1,405,559 in the prior year’s comparative period. Revenue generated by doctor services was $472,146 as compared to $536,266 in the prior year’s comparative period. Pharmacies based in British Columbia, Manitoba, Ontario and Nova Scotia collectively generated revenue of $10,839,642, as compared to $1,405,559 in the prior year’s comparative period. Revenue generated by doctor services was $472,146 as compared to $536,266 in the prior year’s comparative period. Gross margin for the quarter increased approximately 253% year-over-year to $1,249,746, as compared to $354,297 in the prior year’s comparative period. EBITDA for the period was a loss of $3,404,704, as compared to a loss of $5,438,633 in the prior year’s comparative period, representing an increase in EBITDA of $2,033,929 compared to the prior comparative period. The change is primarily due to the increase in gross profit, resulting from higher revenues during the period, and a decrease in share-based compensation expenses, partially offset against general and administrative expenses, which are corporate costs, such as increased headcount, technology and marketing expenses. EBITDA is a non-IFRS financial measure and has been adjusted for certain items. Refer to the disclosure under the heading “Definitions of Certain Non-IFRS Financial Measures” for more information on this non-IFRS financial measure. The change is primarily due to the increase in gross profit, resulting from higher revenues during the period, and a decrease in share-based compensation expenses, partially offset against general and administrative expenses, which are corporate costs, such as increased headcount, technology and marketing expenses. EBITDA is a non-IFRS financial measure and has been adjusted for certain items. Refer to the disclosure under the heading “Definitions of Certain Non-IFRS Financial Measures” for more information on this non-IFRS financial measure. Adjusted EBITDA for the quarter was a loss of $2,811,808, as compared to a loss of $4,162,058 in the prior year comparative period, representing a increase in adjusted EBITDA of $1,350,250. Adjusted EBITDA is a non-IFRS financial measure and has been adjusted for certain items. Refer to the disclosure under the heading “Definitions of Certain Non-IFRS Financial Measures” for more information on this non-IFRS financial measure. The composition of Adjusted EBITDA has changed from the comparative period to the current period discussed herein, as explained further under the heading “Definitions of Certain Non-IFRS Financial Measures - Reconciliation of Non-IFRS Financial Measures.” Adjusted EBITDA is a non-IFRS financial measure and has been adjusted for certain items. Refer to the disclosure under the heading “Definitions of Certain Non-IFRS Financial Measures” for more information on this non-IFRS financial measure. The composition of Adjusted EBITDA has changed from the comparative period to the current period discussed herein, as explained further under the heading “Definitions of Certain Non-IFRS Financial Measures - Reconciliation of Non-IFRS Financial Measures.” Summary of Financial Results Below is a summary of each operating segment's performance for the three-month period ended January 31, 2023 and 2022. For the three months ended January 31, 2023 Pharmacies Doctor Services Mednow Inc. Total Revenue $ 10,839,642 $ 472,146 $ 35,041 $ 11,346,829 Cost of sales 9,747,421 349,662 — 10,097,083 General and administrative 1,894,716 330,485 1,803,949 4,029,150 Share based compensation — — 324,097 324,097 Marketing and sales 6,497 6,616 122,159 135,272 Depreciation 363,896 6,496 314,443 684,835 Income tax expense 26,685 — — 26,685 Other amounts in loss 276,343 810 16,352 293,505 Net loss $ (1,475,916 ) $ (221,923 ) $ (2,545,959 ) $ (4,243,798 ) For the three months ended January 31, 2022 Pharmacies Doctor Services Mednow Inc. Total Revenue $ 1,405,559 $ 536,266 $ 62,100 $ 2,003,925 Cost of sales 1,250,018 399,610 — 1,649,628 General and administrative 464,140 242,001 3,478,296 4,184,437 Share based compensation — — 1,086,293 1,086,293 Marketing and sales — 907 490,955 491,862 Depreciation 88,263 7,293 167,770 263,326 Income tax expense — — — — Other amounts in loss 10,767 268 30,707 41,742 Net loss $ (407,629 ) $ (113,813 ) $ (5,191,921 ) $ (5,713,363 ) Source: Mednow’s MD&A as of March 31, 2023 RECONCILIATIONS OF NON-IFRS MEASURES Three months ended January 31, Six months ended January 31, 2023 2022 2023 2022 Net loss and comprehensive loss for the period $ (4,243,798 ) $ (5,713,363 ) $ (8,834,769 ) $ (10,514,372 ) Interest expense 127,574 11,404 226,886 14,683 Depreciation and amortization 684,835 263,326 1,386,513 398,383 Current income tax expense 26,685 — 87,385 — EBITDA¹ $ (3,404,704 ) $ (5,438,633 ) $ (7,133,985 ) $ (10,101,306 ) Loss on investment in equity securities — 60,442 — 89,166 Share-based compensation 324,097 1,086,293 679,117 2,565,822 Acquisition costs 11,400 129,840 11,400 217,492 Severance expenses 74,000 — 224,000 — Loss on disposal of assets and leases 183,399 — 183,399 — Adjusted EBITDA¹ $ (2,811,808 ) $ (4,162,058 ) $ (6,036,069 ) $ (7,228,826 ) ¹ EBITDA and Adjusted EBITDA are non-IFRS financial measures and have been discussed in the section Definitions of Non-IFRS Financial Measures. DEFINITIONS OF CERTAIN NON-IFRS FINANCIAL MEASURES This press release discloses certain non-IFRS financial measures which are defined below (including non-IFRS financial measures for prior year comparative periods). Non-IFRS financial measures are not standardized financial measures under IFRS. As such, these measures may not be comparable to similar financial measures that are disclosed by other companies. These measures include “EBITDA” and “Adjusted EBITDA”. These measures are provided as additional information that is disclosed to provide further insight into the Company's results of operations from management's perspective. These measures should not be reviewed and assessed as a substitute for financial information reported under IFRS. A reconciliation of the non-IFRS measures to the IFRS measure is in the section "Selected Financial Information". EBITDA and Adjusted EBITDA EBITDA represents net loss and comprehensive loss for the period before interest expense, income taxes, and depreciation and amortization expenses. Adjusted EBITDA represents net loss and comprehensive loss for the period before interest expense, income taxes, depreciation and amortization expenses, loss on investment in equity securities, share-based compensation expense, acquisition costs incurred, asset impairment charges, the fair value remeasurement of the note receivable from Doko and severance expenses. These adjustments to calculate the non-IFRS measures of EBITDA and Adjusted EBITDA are for items that are not necessarily reflective of the Company’s underlying operating performance. As there is no generally accepted or standard method of calculating EBITDA, these measures are not necessarily comparable to similarly titled measures reported by other issuers. EBITDA and Adjusted EBITDA are presented as management believes it is a useful indicator of the Company’s relative financial performance. These measures should not be considered by an investor as an alternative to net income or other IFRS financial measures as determined in accordance with IFRS. The Company presents EBITDA and Adjusted EBITDA to indicate ongoing financial performance from period to period, including comparative prior year periods. Reconciliation of Non-IFRS Financial Measures The most directly comparable financial measure to EBITDA and Adjusted EBITDA that is disclosed in the Company’s financial statements is net loss and comprehensive loss. The following are reconciliations of net loss and comprehensive loss to EBITDA. The adjustments include: The following are reconciliations of EBITDA to Adjusted EBITDA. The adjustments include: The composition of Adjusted EBITDA has changed from prior comparative periods disclosed herein. Information on the reason for the change is incorporated by reference to the Company’s Management Discussion and Analysis (“MD&A”) for the three month period ended October 31, 2022. The information can be found in the MD&A under the heading “Definition of Certain Non-IFRS Financial Measures - Reconciliation of Non-IFRS Financial Measures.” The Company’s MD&A is available on SEDAR at www.sedar.com under the Company’s profile. The exclusion of certain items in calculating the non-IFRS measures does not imply that they are non-recurring, infrequent, unusual or not useful to investors. About Mednow Inc. Mednow (TSXV: MNOW) (OTCQX:MDNWF) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy-to-use daily dose packs, each labeled with the date and time of the next dose. To learn more, follow Mednow on Facebook, Twitter, LinkedIn, and Instagram, or visit our website at www.mednow.ca/. 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. Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, that Mednow expects operate in regions in Canada other than BC and ON by way of Preferred Pharmacy Partners and franchisees; that Mednow expects to collect technology fees from participating pharmacies in its preferred pharmacy network, MFB has a pipeline of groups which are expected to be launched in the coming months and that Mednow Pharmacists are expected to perform an in-home medication review and medication cabinet cleanup for eligible housebound patients under the Ontario Drug benefits program are forward-looking statement and contains forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that Mednow will operate in regions in Canada other than BC and ON by way of Preferred Pharmacy Partners and franchisees; Mednow will collect technology fees from participating pharmacies in its preferred pharmacy network, MFB has a pipeline of groups which will be launched in the coming months and Mednow Pharmacists will perform an in-home medication review and medication cabinet cleanup for eligible housebound patients under the Ontario Drug Benefits Program. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation that Mednow will not operate in regions in Canada other than BC and ON by ways of Preferred Pharmacy Partners and franchise or at all; Mednow will not be successful in collecting technology fees from participating pharmacies in its preferred pharmacy network, MFB’s pipeline of groups will not be successfully launched in the coming months or at all, Mednow Pharmacists will not perform an in-home medication review and medication cabinet cleanup under the Ontario Drug Benefits Program and the risk factors discussed or referred to in the Company’s disclosure documents under the Company’s profile at www.sedar.com Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
businesswire.com
- 1 year ago
Consensus Cloud Solutions, Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K
LOS ANGELES--(BUSINESS WIRE)--Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) announced today that in connection with its previously announced delay in filing its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), it received a written notice from The Nasdaq Stock Market LLC ("Nasdaq") on March 21, 2023, stating that because the Company has not yet filed the Form 10-K, it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). This notification has no immediate effect on the listing of the Company's shares on Nasdaq. The Notice states that, under Nasdaq rules, the Company has 60 calendar days to submit to Nasdaq a plan (the “Plan”) to regain compliance with Nasdaq’s continued listing requirements (the “Plan Deadline”). If the Plan is accepted, Nasdaq may grant an extension of up to 180 calendar days to regain compliance. The Company can also regain compliance with Nasdaq’s continued listing requirements at any time prior to the Plan Deadline by filing the Form 10-K, along with any subsequent periodic reports that may become due, and by continuing to comply with Nasdaq’s other continued listing requirements. The Company intends to file the Form 10-K with the SEC on or before March 31, 2023 and in any event, substantially in advance of the Plan Deadline. The Company has not as of the date hereof identified any material changes to the unaudited, preliminary financial data furnished in the Earnings 8-K as of or for the year ended December 31, 2022. The Company is still finalizing its financial closing process for the year ended December 31, 2022 and the Company’s audited financial results as of and for the year ended December 31, 2022 are not yet available. The unaudited, preliminary financial data for the year ended December 31, 2022 included in Earnings 8-K were prepared by, and is the responsibility of, the Company’s management. The Company’s auditor has not audited, reviewed, compiled or applied agreed-upon procedures with respect to such preliminary financial data. Accordingly, the Company’s auditor does not express an opinion or any other form of assurance with respect thereto. Upon completion of its financial closing procedures, the Company’s audited financial results may differ materially from its preliminary estimates. About Consensus Cloud Solutions Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is the world’s largest digital fax provider and a trusted global source for the transformation, enhancement and secure exchange of digital information. We leverage our 25-year history of success by providing advanced solutions for regulated industries such as healthcare, finance, insurance and manufacturing, as well as state and the federal government. Our solutions consist of: cloud faxing; digital signature; intelligent data extraction using natural language processing and artificial intelligence; robotic process automation; interoperability; and workflow enhancement that result in improved healthcare outcomes. Our solutions can be combined with best-in-class managed services for optimal implementations. For more information about Consensus, visit consensus.com and follow @ConsensusCS on Twitter to learn more. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: the Company’s timing of filing of the Annual Report and the restatement of its Quarterly Report on Form 10-Q for the period ended September 30, 2022; the identification of no material changes from the unaudited preliminary results for the year ended December 31, 2022 reported on February 22, 2023, expectations concerning the Company’s performance and financial outlook; and any statements or assumptions underlying any of the foregoing. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting Consensus, refer to the 2021 Annual Report on Form 10-K filed by Consensus on April 15, 2022, and, when filed, the Form 10-K and the other reports filed by Consensus from time to time with the SEC, each of which is available at www.sec.gov.
businesswire.com
- 1 year ago
2 Day Signal Detection and Regulatory Expectations Training Course: Understand the EudraVigilance Quantitative Signal Tool Utilising the EVDAS Functionalities and Outputs (April 17-18, 2023) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Signal Detection and Regulatory Expectations Training Course" conference has been added to ResearchAndMarkets.com's offering. This course will provide a detailed overview of all aspects of safety reviews and signal detection within a company and will cover signal evaluation for both innovator and generic products under the updated Module IX (and addendum) signal management and the links to RMP/REMs; Benefit-Risk determinations and quantitative signal assessments. Increasingly, the most common critical findings in regulatory inspections are being given for signal detection and signal management - so the need to identify potential signals and risks in patients has never been greater. The protection of patients through robust and clear methodologies for signal detection amidst the ever-increasing regulations requires companies to have trained and competent staff to perform such activities. Practical examples and exercises are performed throughout the course. Benefits of attending: Clarify the EU/FDA regulatory requirements for signal detection Data sources to be used in signal detection Learn to understand the EudraVigilance quantitative signal tool utilising the EVDAS functionalities and outputs Understand the safety review cycle and the safety review meeting and process Discuss safety communication - the CCSI/SCSI and labelling Processes for urgent safety restrictions Gain a better understanding of risk-benefit analysis - benefit-risk assessments and benefit-risk outcomes Understand the influence of signals on RMPs/REMs and PASS Practical examples and scenarios for delegates to consider and work on Who Should Attend: This course will be of interest to all those working in drug safety/pharmacovigilance as well as regulatory personnel responsible for amending the labelling for products and for the production of the CCSI/DCSI. Key Topics Covered: The Signal Detection and Regulatory Expectations course will cover: An introduction to safety signals History of safety signals The nature of safety signals The definition of safety signals Safety sources for signal detection Causality and signal detection Causality assessments for signal review Data quality in safety assessments Causality versus incidence (DMEs and IMEs) Generic and innovator products The safety review meeting and process Setting up a safety review Risk determinations for safety review signal trackers Information and templates Logistical safety and product safety Information from safety reviews Safety assessments life cycle Pre-clinical safety Clinical safety Class-related safety issues Post-marketing safety Product suspensions/withdrawals The regulatory requirements for signal detection - Module IX The frequency of safety reviews (risk assessment) The EU and US signal detection requirements Signal detection and benefit-risk assessments The regulators and signals The signal review cycle Safety profiling Signal detection, validation, confirmation Analysis and prioritisation, assessment Recommendation for action Quantitative and qualitative signal detections Standard MedDRA queries (SMQs) and signal detection ICSRs and case quality Follow-up methodology and regulatory requirements Events of special interest Signals and their discussion Signals and DSURs Signals and PSURs/PBRERs Signals and risk management plans/REMs and minimisation Signals and labelling Safety communication The CCSI/DCSI and labelling Triaging for safety amendments Emerging safety issues Urgent safety restrictions Product suspension and withdrawal Quantitative signal analysis Signal detection methodologies Background - why quantitative signal detection? Measures of disproportionality (PRR,ROR,MGPS,BCPNN) Regulatory and industry activity (including EudraVigilance) EVDAS and the EU The PRAC and signals The EVDA Ssystem Signals arising from EVDAS Risk-benefit analysis Calculating the extent of benefit by indication Identifying significant product risks Benefit-risk assessments Benefit-risk outcomes Speakers: Graeme Ladds Director PharSafer Associates Ltd. Graeme Ladds, Director of PharSafer, has over 22 years' experience working in the pharmaceutical industry. Having started his career at Ashbourne Pharmaceuticals in 1989 as Head of Drug Safety & Medical Information, Graeme went on to become Head of Global Pharmacovigilance at Shire Pharmaceuticals. The last 11 years have been spent in his consultancy company, PharSafer Associates Ltd. During this time, Graeme has been involved in establishing pharmacovigilance in companies, performing audits across Europe and the USA, SOP writing, acting as QP for companies, and helping with regulatory inspections. For more information about this conference visit https://www.researchandmarkets.com/r/900tt2 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
businesswire.com
- 1 year ago
INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against Consensus Cloud Solutions, Inc. and Encourages Investors with Losses to Contact the Firm
LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Consensus Cloud Solutions, Inc. (“Consensus Cloud Solutions” or “the Company”) (NASDAQ: CCSI) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Consensus Cloud Solutions disclosed on February 22, 2023, that “as a result of the unintentional errors noted [below], the audit committee (the ‘Audit Committee’) of the board of directors of the Company reached a determination to restate its unaudited financial statements for the three and nine month periods ended September 30, 2022.” The Company claims the “unintentional errors” were “primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense (‘SoHo Error’) and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue (‘Deferred Revenue Error’).” Based on this news, shares of Consensus Cloud Solutions fell by 21% on the next day. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com. The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
businesswire.com
- 1 year ago
CCSI ALERT: Bragar Eagel & Squire, P.C. is Investigating Consensus Cloud Solutions, Inc. on Behalf of CCSI Stockholders and Encourages Investors to Contact the Firm
NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Consensus Cloud Solutions, Inc. (“CCSI” or the “Company”) (NASDAQ: CCSI) on behalf of CCSI stockholders. Our investigation concerns whether CCSI has violated the federal securities laws and/or engaged in other unlawful business practices. Click here to participate in the action. On February 22, 2023, CCSI disclosed in a filing with the U.S. Securities and Exchange Commission that “[d]uring the preparation of its annual report on Form 10-K for the fiscal year ended December 31, 2022, the Company identified unintentional errors primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue.” Accordingly, the Company’s Audit Committee “determined that the unaudited financial statements for the three and nine month periods ended September 30, 2022 (the ‘Prior Financial Statements’) should no longer be relied upon and that a restatement of the Prior Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the ‘Q3 2022 10-Q’) is required.” On this news, CCSI’s stock price fell $12.58 per share, or 21.14%, to close at $46.92 per share on February 23, 2023. If you purchased or otherwise acquired CCSI shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
businesswire.com
- 1 year ago
8. Profile Summary
Consensus Cloud Solutions, Inc. CCSI
COUNTRY
US
INDUSTRY
Software - Infrastructure
MARKET CAP
$ 488 M
Dividend Yield
0.00%
Description
Consensus Cloud Solutions, Inc., together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. Its products and solutions include eFax, an online faxing solution, as well as MyFax, MetroFax, Sfax, SRfax, and other brands; eFax Corporate, a digital cloud-fax technology; jsign, which provides electronic and digital signature solutions; Unite, a single platform that allows the user to choose between several protocols to send and receive healthcare information in an environment that can integrate into an existing electronic health record (EHR) system or stand-alone if no EHR is present; Signal, a solution that integrates with a hospital's EHR system and uses rules-based triggering logic to automatically send admit, discharge, and transfer notifications using cloud fax and direct secure messaging technology; and Clarity that transforms unstructured documents into structured actionable data. It serves healthcare, education, law, and financial services industries. Consensus Cloud Solutions, Inc. was incorporated in 2021 and is headquartered in Los Angeles, California.
Contact
700 South Flower Street, Los Angeles, CA, 90017
https://www.consensus.com
IPO Date
Sept. 30, 2021
Employees
559
Officers
Mr. Johnny Hecker
Chief Revenue Officer & Executive Vice President of Operations
Ms. Lynn M. Johnson
Chief People Officer
Mr. Adam Varon
Senior Vice President of Finance
Mr. R. Scott Turicchi
Chief Executive Officer & Director
Mr. James C. Malone
Chief Financial Officer & Principal Accounting Officer
Mr. Jeffrey Alan Sullivan
Chief Technology Officer