TIO Reports Record Q1, FY2017 Financial Results
7th CONSECUTIVE QUARTER OF RECORD ADJUSTED EBITDA
VANCOUVER, Dec. 15, 2016 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced Q1 FY2017 financial results for the period ended October 31, 2016.
~First Quarter financial & business highlights (all figures in CA dollars except where noted):
~Adjusted EBITDA* for Q1 increased 78.9% year over year ("YoY") to$3.6M from $2M and by 16.3% sequentially from Q4, 2016.
~Revenue increased 58.5% to $24.22M from Q1 2016
~Gross profit increased 50.8% to $11.83M from Q1 2016.
~Gross margin improved to 48.8% from 47.4% quarter over quarter ("QoQ").
~Processed 20.7M transactions worth $2.3B USD, representing 45.8% YoY transaction growth.
~Generated $3.7M in positive cash flow from operations, an increase of 60.5% QoQ and an increase of 86.9% YoY.
~Net Income increased by 16.6% YoY to $1.64M. Impact to Net Income included: 1- One-time M&A related and non-operational costs in the amount of $0.61M and 2- Depreciation and Amortization of$0.71M due to M&A related purchase price accounting for all acquisitions
~Invested and expensed $1.8M in R&D initiatives to drive growth
TIO's direct-to-consumer membership grew to 1.3M members.
~The company finished the period with $78.28M in cash and cash equivalents and restricted cash (including cash held to fulfil bill payment obligations).
~Net cash for use in operations increased to $14.3M from $11.8M QoQ.
"We are very pleased to announce that we've recorded our 7th consecutive record quarter of Adjusted EBITDA and 'best ever' performance to date in terms of cash-flow generated from operations," said Hamed Shahbazi, Chairman and CEO of TIO Networks." These financial results demonstrate that TIO's unique business model is not only democratizing consumer bill payment access in the non-bank channel for millions of consumers but also illustrates continued bottom line expansion. TIO management remains focused on driving top and bottom line growth both organically and inorganically."
A conference call to discuss the results will be held today at 11am PST, 2pm EST.
To participate in the call please dial 1-647-794-1827 in Toronto or Toll free, 1-800-347-6311 and request the TIO Conference, conference ID 6149392.
About TIO Networks
TIO Networks is a cloud-based multi-channel bill payment processing and receivables management company, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and collect payments outside of the traditional bank channel, via self-service kiosk, retail walk-in, mobile, and web solutions. TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
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