ShiftPixy, Inc. Reports Fiscal Fourth Quarter and Full Year 2017 Results
December 14 2017 - 3:05PM
ShiftPixy, Inc. (NASDAQ:PIXY), a developing, proprietary next-gen
technology platform for workforce engagement and management, today
announced operating results for the fiscal fourth quarter and year
ended August 31, 2017.
2017 Fiscal Fourth Quarter
Highlights
- Gross billings grew over 20% to $33.1 million for the fourth
quarter 2017, compared to $27.5 million for the third quarter
2017
2017 Fiscal Full Year
Highlights
- Annual fiscal 2017 gross billings more than doubled to $126.4
million from $50.7 million for fiscal year 2016
- Net revenue grew 139% to $20.2 million from $8.5 million in
fiscal year 2016
- Gross profit expanded 143% to $3.7 million in fiscal 2017 from
$1.5 million in fiscal 2016
- Worksite employees increased 47% to 5,074 from 3,463 in fiscal
2016
“We have made great progress in our efforts to
grow the ShiftPixy human capital management platform over the past
year as evidenced by the strong results we produced,” noted Scott
W. Absher, Chief Executive Officer of ShiftPixy. “We are pleased
that we were able to secure our presence in the restaurant and
hospitality markets as we added more clients in both industry
verticals.”
Mr. Absher continued, “We are proud of our
dedicated team of professionals and their accomplishments. They
continued to effectively execute on the business plan as management
successfully raised over $11 million in proceeds from our June 2017
Initial Public Offering. These efforts enabled us to invest
additional capital into the development of our operating platform
and team in order to grow the business. As we look ahead, we
anticipate that the ongoing development of our technology and
mobile platform will further enhance our service offerings and
better enable us to meet the needs of our assigned workforce and
clients as we create value for our shareholders.”
2018 First Quarter Guidance
Based on our preliminary development of
financial statements for the first quarter ending, which statements
have not been reviewed and are not required to be audited, the
Company currently expects gross billings for fiscal first quarter
2018 to increase from fiscal fourth quarter 2017 by approximately
20% from $33.1 million to $40 million. This number may change
as we continue development of our financial statements for the
quarter.
Webcast
ShiftPixy will host a webcast at 5:00 p.m.
Eastern Time on Thursday, December 14, 2017, to discuss financial
results for the fiscal fourth quarter and year ended 2017.
Investors can access the webcast through the ShiftPixy website at
http://www.shiftpixy.com/investor-relations.
About ShiftPixy
ShiftPixy is a disruptive human capital
management (HCM) services provider, revolutionizing employment in
the Gig Economy by delivering a next-gen platform for workforce
management that helps businesses with shift-based employees
navigate regulatory mandates, minimize administrative burdens and
better connect with a ready-for-hire workforce. With expertise
rooted in management’s nearly 25 years of workers’ compensation and
compliance programs experience, ShiftPixy adds a needed layer for
addressing compliance and continued demands for equitable
employment practices in the growing Gig Economy. ShiftPixy’s
complete HCM ecosystem is designed to manage regulatory
requirements and compliance in such required areas as paid time off
(PTO) laws, insurance and workers’ compensation, minimum wage
increases, and the Affordable Care Act (ACA) compliance.
ShiftPixy Cautionary Statement
The information provided in this release
includes forward-looking statements, the achievement or success of
which involves risks, uncertainties, and assumptions. Although such
forward-looking statements are based upon what management of the
Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate. If any of the risks or uncertainties, including those set
forth below, materialize or if any of the assumptions proves
incorrect, the results of ShiftPixy, Inc., could differ materially
from the results expressed or implied by the forward-looking
statements we make. The risks and uncertainties include, but
are not limited to, risks associated with the nature of our
business model; our ability to execute the Company's vision and
growth strategy; our ability to attract and retain clients; our
ability to assess and manage risks; changes in the law that affect
our business and our ability to respond to such changes and
incorporate them into our business model, as necessary; our ability
to insure against and otherwise effectively manage risks that
affect our business; competition; reliance on third-party systems
and software; our ability to protect and maintain our intellectual
property; and general developments in the economy and financial
markets. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The information in this press
release shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, and will not
be deemed an admission as to the materiality of any information
that is required to be disclosed solely by Regulation FD.
Further information on these and other factors that could affect
the financial results of ShiftPixy, Inc., is included in the
filings on Forms 1-A and 10-Q and in other filings we make with the
Securities and Exchange Commission from time to time. These
documents are available on the "SEC Filings" subsection of the
"Investor Information" section of our website at
https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on
using social media outlets like Facebook and Twitter to make
corporate disclosures and announce key information in compliance
with Regulation FD, ShiftPixy is alerting investors and other
members of the general public that ShiftPixy will provide updates
on operations and progress required to be disclosed under
Regulation FD through its social media on Facebook, Twitter,
LinkedIn and YouTube. Investors, potential investors, shareholders
and individuals interested in our Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
CONTACT:Media:Clark Wilson
(888) 798-9100clark.wilson@shiftpixy.com
Investors:InvestorRelations@shiftpixy.com800.475.3655
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ShiftPixy Inc. |
|
Consolidated Balance Sheets |
|
|
|
|
|
August 31, 2017 |
|
|
August 31, 2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and equivalents |
|
$ |
5,896,705 |
|
|
$ |
868,532 |
|
Accounts receivable |
|
|
428,790 |
|
|
|
56,438 |
|
Prepaid expenses |
|
|
2,687,188 |
|
|
|
342,996 |
|
Other current assets |
|
|
15,916 |
|
|
|
73,482 |
|
Total current assets |
|
|
9,028,599 |
|
|
|
1,341,448 |
|
|
|
|
|
|
|
|
|
|
Fixed assets, net |
|
|
288,065 |
|
|
|
348,773 |
|
Deposits and other assets |
|
|
126,480 |
|
|
|
104,613 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
9,443,144 |
|
|
$ |
1,794,834 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,160,474 |
|
|
$ |
826,447 |
|
Payroll related liabilities |
|
|
2,388,454 |
|
|
|
722,715 |
|
Other current liabilities |
|
|
278,982 |
|
|
|
121,269 |
|
Total current liabilities |
|
|
3,827,910 |
|
|
|
1,670,431 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, 50,000,000 authorized shares; $0.0001 par
value; no shares issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, 750,000,000 authorized shares; $0.0001 par
value; 28,762,424 and 26,213,800
shares |
|
|
|
|
|
|
|
|
issued and outstanding as of August 31, 2017 and
2016, respectively |
|
|
2,877 |
|
|
|
2,622 |
|
Additional paid-in capital |
|
|
15,012,584 |
|
|
|
2,030,018 |
|
Accumulated deficit |
|
|
(9,400,227 |
) |
|
|
(1,908,237 |
) |
Total stockholders’ equity |
|
|
5,615,234 |
|
|
|
124,403 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
9,443,144 |
|
|
$ |
1,794,834 |
|
|
|
|
|
|
|
|
|
|
|
|
ShiftPixy Inc. |
|
Consolidated Statements of
Operations |
|
|
|
|
|
For the Years Ended |
|
|
|
August 31, 2017 |
|
|
August 31, 2016 |
|
|
|
|
|
|
|
|
Gross billings |
|
$ |
126,391,207 |
|
|
$ |
50,672,129 |
|
Adjustments to gross billings |
|
|
106,146,788 |
|
|
|
42,211,476 |
|
Net revenue |
|
|
20,244,419 |
|
|
|
8,460,653 |
|
Cost of revenue |
|
|
16,552,197 |
|
|
|
6,944,224 |
|
Gross profit |
|
|
3,692,222 |
|
|
|
1,516,429 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
2,710,287 |
|
|
|
1,019,683 |
|
Product development |
|
|
2,694,734 |
|
|
|
316,668 |
|
Customer support |
|
|
1,455,293 |
|
|
|
556,765 |
|
General and administrative |
|
|
4,323,898 |
|
|
|
1,477,869 |
|
Total operating expenses |
|
|
11,184,212 |
|
|
|
3,370,985 |
|
Net loss |
|
$ |
(7,491,990 |
) |
|
$ |
(1,854,556 |
) |
|
|
|
|
|
|
|
|
|
Net loss available to common shareholders per common
share: |
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used in per share
computations: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
26,778,658 |
|
|
|
25,630,874 |
|
|
|
|
|
|
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