OTTAWA, ON, March 31, 2022 /CNW/ - Intouch Insight Ltd,
("Intouch" or "the Company") (TSXV: INX) (OTCQX: INXSF) a leader in
customer experience measurement solutions, today announced its
operating and financial results for the year ended December 31, 2021.
Revenue for 2021 was $16,016,564,
which was 25% higher than revenue of $12,795,277 in 2020 due to ongoing recovery from
the COVID-19 pandemic, new business, and the acquisition of
SeeLevel HX in Q4, 2021. Earnings from operating activities were
$26,290 in 2021 compared to a loss
from operating activities of $56,088
in the prior year as revenues grew. The year's net loss was
$315,413 compared to $6,898 in 2020, driven by the increased value of
the contingent liability related to the SeeLevel acquisition as the
2022 revenue outlook improved. Company-defined adjusted EBITDA was
$1,668,401 for 2021, compared to
$1,667,894 in 2020. Gross Margin
increased to 53.9% in 2021 from 52.7% the prior year due to the
shift in sales mix.
"We are pleased with the renewed trajectory of the business both
in terms of revenue and technological capabilities and overall
financial health. In 2022, we expect 40% growth and to deliver over
$22.5 Million in revenue through
leveraging the recent acquisition, securing new projects from
existing clients, increasing the sales pipeline, and continuing
SaaS revenue growth," said Cameron
Watt, President & Chief Executive Officer of the
Company.
"The business continues to illustrate its health and stability.
In October 2021, we completed the
SeeLevel acquisition utilizing cash on hand, our operating line of
credit, and future contingent payments. In 2022, we expect to again
deliver increased EBITDA. We will continue to leverage our
strengths and invest where appropriate to accelerate growth
including technology and potential accretive acquisitions," said
Watt.
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Consolidated
Statements of Operations
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2021
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2020
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Revenue
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$
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16,016,564
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$
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12,795,277
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Cost of
services
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7,376,133
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6,054,518
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Gross
margin
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8,640,431
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6,740,759
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Total operating
expenses
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8,614,141
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6,796,847
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Earnings (loss) from
operating activities
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26,290
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(56,088)
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Other earnings
(expense)
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(302,834)
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44,578
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Income tax recovery
(expense)
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(38,869)
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4,612
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Net loss
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$
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(315,413)
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$
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(6,898)
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About Intouch Insight
Intouch Insight offers a
complete portfolio of customer experience management (CEM) products
and services that help global brands delight their customers,
strengthen brand reputation and improve financial performance.
Intouch helps clients collect and centralize data from multiple
customer touch points, gives them actionable, real-time insights,
and provides them with the tools to continuously improve customer
experience. Founded in 1992, Intouch is trusted by over 300 of
North America's most-loved brands
for their customer experience management, customer survey, mystery
shopping, mobile forms, operational and compliance audits,
geolocation data capture and event marketing automation solutions.
For more information, visit intouchinsight.com.
Certain statements included in this news release contain
forward looking statements that are made of the date hereof, which
by their nature are necessarily subject to risks and uncertainties
and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such statements reflect the
Company's current views with respect to future events, including
the acquisition, future revenues and references to the Company's
expansion and growth of the business and operations, and are based
on information currently available to the Company and on hypotheses
which it considers to be reasonable; however, management warns the
reader that hypotheses relative to future events which are beyond
the control of management could prove to be false, given that they
are subject to certain risks and uncertainties. Please refer to the
risks set forth in the Company's most recent annual MD&A and
the Company's continuous disclosure documents that can be found on
SEDAR at www.sedar.com. The Company does not intend,
and disclaims any obligation, except as required by law, to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Intouch Insight Ltd.