GlobeNewswire — Voxtur Analytics Corp. today announced its financial results for the three and six months ended June 30, 2022. The Company’s Unaudited Condensed Interim Consolidated Financial Statements for Q2 2022 and the related Management’s Discussion and Analysis (“MD&A”) are available at sedar.com and on the Company’s website.
Voxtur’s innovative data-driven technologies continue to drive efficiencies within the industry. Recent macroeconomic changes have led to enterprise realignment efforts and a focus on critical growth opportunities, EBITDA margins, and positive cash flow.
The Company has launched several organic growth initiatives, including Voxtur AOL, an alternative to title insurance approved by Fannie Mae and Freddie Mac, Voxtur Direct, a direct-to-appraiser valuation solution, and a unique platform to streamline mortgage default and foreclosure workflows. These initiatives are in varying stages of implementation with Voxtur’s clients, including national banks and alternative lenders, and the Company anticipates continuing the rollout of these products during the third and fourth quarters.
The Company also announced, on August 15, 2022, the acquisition of Blue Water Financial Technologies (“Blue Water”), a strategic acquisition that expands Voxtur’s influence in the U.S. capital markets and accelerates the Company’s transformation into a pure-play technology provider for the North American mortgage market. This acquisition combines the digital asset capabilities of Blue Water with Voxtur’s proprietary data stores to create a powerful new platform to deliver core solutions to enhance trading, pricing, and due diligence of mortgage-backed securities.
“As we bring Wall Street to Main Street with the acquisition of Blue Water, our strategic focus remains on growth, profitability, and innovation,” said Voxtur CEO Jim Albertelli. “We will continue to align our cost structure with market conditions, and our platform for growth and operational excellence has never been stronger. Our strategy, goals, and purpose reinforce one another, resulting in cost savings for consumers and investors and increasing equity for shareholders.”
Financial Results for Q1 2022
- Revenue for Q2 2022 was $38 million, representing a 111% increase over Q2 2021.
- Revenue for YTD 2022 was $78.9M representing a 143% increase over YTD 2021.
- Gross profit for Q2 2022 was $12.7M, representing a 53% increase over Q2 2021.
- Gross profit for YTD 2022 was $26.6M representing a 72% increase over YTD 2021.
| Unaudited | Unaudited | ||||||||||||
| Three months ended June 30 |
Six months ended June 30 |
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| (In thousands of Canadian dollars) | 2022 | 2021 | 2022 | 2021 | |||||||||
| Revenue | $ | 38,069 | $ | 18,037 | $ | 78,901 | $ | 32,506 | |||||
| Adjusted EBITDA, Unaudited1 | (3,988) | 56 | (6,892) | 1,219 | |||||||||
Discussion with respect to the above-noted results can be found in the Company’s MD&A.
1 Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
Subsequent Events Following Q2 2022:
- Voxtur announced the closing of the acquisition of Municipal Tax Equity Consultants Inc. and its associated entity MTE Paralegal Professional Corp. This acquisition will bolster the property tax business and expand the reach of Voxtur’s targeted data and industry expertise.
Release issued: July 5, 2022 - The Company announced the launch of its new desktop appraisal review product, RACR. This technology solution validates valuation reports while leveraging the Voxtur Verified property database to provide lower-cost valuation options to the underserved secondary mortgage market.
Release issued: July 26, 2022 - Voxtur announced that it executed a purchase agreement for Blue Water, an accretive acquisition that will bring Voxtur’s technology suite to the secondary mortgage market and provide synergistic opportunities to both client bases.
Release issued: August 15, 2022
Voxtur strives to be the largest and most trusted provider of data, SaaS-based solutions, and technology-enabled services for the real estate lending lifecycle.
Earnings Call
The Company will host a conference call at 8:30 a.m. Eastern Time on Tuesday, August 30, 2022, to discuss details of the Company’s performance in the second quarter followed by a question-and-answer period with analysts.
The conference call can be accessed live by dialing (866) 374-5140 five minutes prior to the scheduled start time. The conference pin is 50275212#.
A digital recording will be available for replay by entering the passcode EV00136869 through 11:59 p.m. Eastern Time on November 30, 2022. Alternatively, the call recording can also be accessed on Voxtur’s website.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of Voxtur or any other person that the anticipated results will be achieved, and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. Voxtur does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.