ACCESS Newswire
05 Aug 2022, 01:31 GMT+10
Quarterly Results Were Led by Growth in Our Communications Business, Which Increased 5% to $3.7 million from Q2 2021, and now Represents 64% of Total Revenue
RALEIGH, NC / ACCESSWIRE / August 4, 2022 / Issuer Direct Corporation (NYSE American:ISDR) (the 'Company'), an industry-leading communications and compliance company, today reported its operating results for the three and six months ended June 30, 2022.
Brian Balbirnie, CEO of Issuer Direct, commented, 'Despite many uncertainties in the market, we delivered strong cashflows from operations, gross margin improvement and sustained customer count levels during the second quarter. Additionally, we repurchased approximately $3.9 million dollars of our outstanding common stock during the quarter for a total of approximately 163,000 shares, which, as we have said, is part of our capital allocation strategy and we believe benefits our shareholders both in the short and long term.'
Mr. Balbirnie continued, 'During the quarter, our ACCESSWIRE business performed similar to the first quarter of this year and was up 16% year-over-year. ACCESSWIRE is a product we continue to invest in both from a technological perspective as well as entry into new markets that will further build both our brand and customers counts globally.'
Second Quarter 2022 Highlights:
First Half 2022 Highlights:
Key Performance Indicators:
Non-GAAP Information
Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
($ in ‘000's, except per share amounts)
CALCULATION OF EBITDA
CALCULATION OF NON-GAAP NET INCOME
1) The adjustments represent the amortization of intangible assets related to acquired assets and companies.
2) The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.
3) For the six months ended June 30, 2022, this adjustment gives effect to a one-time executive recruiting fee of $90,000 and merger and acquisition expenses of $16,000.
4) This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%.
5) This adjustment eliminates discrete items impacting income tax expense. For the three and six months ended June 30, 2021, the discrete items relate to an excess stock-based compensation benefit recognized in income tax during the periods.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date: August 4, 2022
Time: 4:30 p.m. eastern time
Toll & Toll Free: 833-492-0063 | 973-528-0002
Access Code: 585909
Live Webcast: https://www.webcaster4.com/Webcast/Page/1/46183
Conference Call Replay Information
The replay will be available beginning approximately 1 hour after the completion of the live event.
Toll & Toll Free: 877.481.4010 | 919-882-2331
Passcode: 46183
Webcast Replay & Transcript: http://www.issuerdirect.com/earnings-calls-and-scripts/
About Issuer Direct Corporation
Issuer Direct ® is a leading communications and compliance company, providing solutions for both Public Relations and Investor Relations Professionals. Our comprehensive solutions are used by thousands of customers from emerging startups to multi-billion-dollar global brands, ensuring their most important moments are reaching the right audiences, via our industry leading newswire, IR website solutions, events technology, and compliance solutions. For more information, please visit www.issuerdirect.com.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act') (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words 'believe,' 'anticipate,' 'estimate,' 'expect,' 'intend,' 'plan,' 'project,' 'prospects,' 'outlook,' and similar words or expressions, or future or conditional verbs, such as 'will,' 'should,' 'would,' 'may,' and 'could,' are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons including the impact of the coronavirus pandemic. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2021, including but not limited to the discussion under 'Risk Factors' therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.
For Further Information:
Issuer Direct Corporation
Brian R. Balbirnie
(919)-481-4000
[email protected]
Hayden IR
Brett Maas
(646)-536-7331
[email protected]
Hayden IR
James Carbonara
(646)-755-7412
[email protected]
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except share and per share amounts)
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
SOURCE: Issuer Direct Corporation
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