Canada NewsWire
VANCOUVER, May 14, 2018
Achieves a 32% increase in Revenue, a 29% increase in Annual Recurring Revenue, and a 6% reduction in Operating Expenses
VANCOUVER, May 14, 2018 /CNW/ - MediaValet Inc. (TSX-V:MVP) (the Company), a leading provider of cloud‐based digital asset management ("DAM") software, is pleased to report its results for the three months ended March 31, 2018.
Summary of Quarterly Results
3 months ended |
3 months ended | ||
Revenue |
$ 615,043 |
$ 465,958 | |
% Increase from prior year period |
32% |
84% | |
Gross Margin |
$ 491, 473 |
$ 383,098 | |
Gross Margin % |
80% |
82% | |
Cost of Revenue + Operating Expenses(2) |
$ 1,491,377 |
$ 1,587,293 | |
% Increase from prior year period |
( 6%) |
4% | |
EBITDA Loss(3) |
$ (876,334) |
(1,121,335) | |
% Decrease from prior year period |
(22%) |
(12%) | |
Net loss |
$ (1,114,546 ) |
$ (1,377,199) | |
Loss per share |
$ ( 0.01) |
$ ( 0.02) | |
As at March 31, 2018 |
As at December | ||
Annual Recurring Revenue ("ARR")(4) |
$ 2,631,817 |
$ 2,488,494 | |
% Increase from prior year period |
29% |
38% | |
Working Capital (Net of debt and deferred revenue) |
$ 2,088,653 |
$ ( 1,703,442) | |
Deferred Revenue |
$ 1,509,376 |
$ 1,478,285 | |
Total assets |
$ 3,591,905 |
$ 591,990 | |
Total Debt |
$ 3,000,000 |
$ 6,180,250 | |
Shareholder (Deficiency) |
$ ( 2,053,299) |
$ ( 9,321,028) |
"Fiscal 2018 is off to a great start for MediaValet," said David MacLaren, CEO of MediaValet. "We significantly strengthened our balance sheet with a successful financing round, grew our revenue base, resumed our go-to-market spend on sales and marketing, and delivered on some major product milestones. We believe this has given us a fantastic opportunity to capitalize on the positive developments and growth trends in the DAM market."
"Subsequent to quarter end, we announced a number of key new features and solutions that have set us apart from the competition and reinforced our reputation as an innovator. We have already seen increasing interest from both new and existing customers as a result. The speed at which MediaValet V4 can now deliver cloud DAM is not only unparalleled by other cloud vendors, but rivals that of expensive and complex on premise solutions. Add to this the exciting new search capabilities leveraging artificial intelligence, the solving of long-standing creative workflow challenges with Creative Spaces, and an ability to innovate faster than ever before; and I believe we are poised to significantly increase our rate of new customer acquisition."
"At the same time, to have also solved for our funding requirements and to have resumed investing in our go-to-market strategy, will enable us to monetize these exciting product launches and to accelerate our revenue growth. Our team is truly expert in the DAM space. I am looking forward to what we can accomplish with proper funding and a differentiated offering."
Results of Operations
Key Financial Metrics:
Technology and Product:
Operations and Corporate:
1 March 31, 2017 figures have not been restated for adoption of IFRS 9 and IFRS 15 as the changes were applied in Q1 2018 on a cumulative effect basis. The percent change for March 31, 2018 compared to restated 2017 amounts, is a 2% decline for Cost of Revenue and Operating Expenses, and a 17% decline for EBITDA Loss. See the "Adoption of New Account Standards" section below. |
2 Operating Expenses include Sales & Marketing, Research & Development and General & Administrative expenses. |
3 EBITDA is a non-IFRS measure that is used as a measure of profit and loss. Management believes EBITDA provides a meaningful measure for assessment of Company performance as it removes non-cash and non-operating expenses such as financing costs. Refer to the Operating Results section for further information on the calculation and definition of EBITDA. |
4 Annual Recurring Revenue (ARR) is a non-IFRS measure that provides an indication of future revenue and billings from customers as of the reporting date. ARR represents the sum of the annual recurring revenue from existing customer contracts or commitments as of the reporting period end date, and as such management believes ARR to be a meaningful measure for assessment of Company performance. ARR is recorded as deferred revenue when it is invoiced and is recognized in revenue evenly on a monthly basis over the contract term. |
MediaValet's full financial statements and related MD&A are now available on SEDAR.
About MediaValet, Inc.
MediaValet stands at the forefront of the enterprise cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available on 50 Microsoft data centers around the world, MediaValet delivers unparalleled enterprise class security, reliability, redundancy and scalability while offering the largest global footprint of any DAM solution. In addition to providing all core DAM capabilities, MediaValet offers industry leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Oracle Marketing Cloud (Eloqua), Drupal 8, WordPress, Hootsuite and many other best-in- class 3rd party applications.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE MediaValet Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2018/14/c1421.html
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