LiveToBeHappy Reports First Quarter 2022 Results; Revenues Grow 106% YoY to $2.7 Million
Press Release | 05/20/2022
CHARLOTTE, N.C., May 20, 2022 (GLOBE NEWSWIRE) -- LiveToBeHappy, Inc. (OTC: CAVR) (“LTBH” or the “Company”), a vertically integrated lifestyle and real estate services company, today announced financial results for the three months ended March 31, 2022.
Recent Company Highlights
Revenues increased 106% year-over-year to $2.7 million in the first quarter of 2022
Gross profit increased 84% year-over-year to $473,000 in the first quarter of 2022
Completed five acquisitions in the fourth quarter of 2021, which in aggregate are accretive to revenues and gross profit
Management Commentary
“Our revenue and gross profit growth in the first quarter is a direct result of our execution against our growth strategy,” said Kevin Vincent Cox, Chief Executive Officer of LiveToBeHappy, Inc. “The five acquisitions we completed in late 2021 have already contributed to our financial performance, accounting for over 30% of our first quarter consolidated revenues. As we look forward to the remainder of 2022, we remain focused on evaluating and closing on other opportunities in our robust M&A pipeline while generating efficiencies in our current operating portfolio. We have built a strong foundation for our platform, from which we expect to build into a business that will ultimately generate sustainable, long-term value for our shareholders.”
“By investing in growth catalysts and operating efficiencies across our platform, we are demonstrating our ability to prudently deploy capital as we prepare for the next phase of our Company,” said Grant Edwards, Chief Financial Officer of LiveToBeHappy, Inc. “In addition to our investments in growth, we are focused on improving of our balance sheet and capital structure by paying off our convertible notes and returning capital to our shareholders in the form of share buybacks. We expect our acquisitions to incrementally contribute to our financial progress in the coming quarters, and in tandem with our anticipated uplisting to the OTCQB, we are strongly positioned to continue our transformation as an enterprise.”
Outlook
On a preliminary unaudited basis, the Company expects second quarter revenues of at least $11 million, reflecting a 307% increase from the prior year quarter. The Company also reaffirms its 2022 outlook of at least doubling its 2021 revenue to $30 million.
About LiveToBeHappy, Inc.
LTBH is a “Lifestyles” platform company that acquires undervalued assets and professionally manages them. LiveToBeHappy Inc. has multiple investments that are outlined in its respective filings. LTBH has two remaining pending acquisitions under Letters of Intent which are expected to transform the Company into a vertically integrated lifestyle and real estate services company with a broader footprint and more diversified revenue stream. The Company’s mission is to build lives, not just places to live. For more information, please visit our website at www.livetobehappy.com.
Forward-Looking Statements
