Voxtur Provides Financial Guidance for Q4 and FY 2021 Ended December 31, 2021, and FY 2022
Highlights:
- Voxtur expects revenue for Q4 2021 in the range of $34M to $39M and for FY 2021 in the range of $92M to $97M.
- This represents 349% year-over-year revenue growth for FY 2021 over FY 2020, 468% year-over-year revenue growth for Q4 2021 over Q4 2020, and 38% sequential revenue growth for Q4 2021 over Q3 2021 (in each case at the low end of the revenue guidance range).
- Voxtur expects revenue for FY 2022 in the range of $170M to $190M, a potential year-over-year increase of 85%.
- Voxtur expects gross margin for Q4 2021 in the range of $12M to $14M and for FY 2021 in the range of $37M to $39M.
- This represents 295% year-over-year gross margin growth for FY 2021 over FY 2020, 353% year-over-year gross margin growth for Q4 2021 over Q4 2020, and 28% sequential gross margin growth for Q4 2021 over Q3 2021 (in each case at the low end of the gross margin guidance range).
- Voxtur expects gross margin for FY 2022 in the range of $87M to $97M, a potential year-over-year increase of 136%.
TORONTO and TAMPA, Fla., March 24, 2022 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce its financial guidance for Q4 and FY 2021 and FY 2022.
Q4 2021 and FY 2021 Financial Guidance
The Company’s fourth quarter growth was driven by the launch of its valuation technology lender platform and organic expansion through new offerings within its existing client base. Additionally, the Company continued its strategic integrations of acquired technologies and data to drive growth. For Q4 2021, revenue is expected to be in the range of $34M-$39M, and for FY 2021, revenue is expected to be in the range of $92M-$97M.
The anticipated FY 2021 revenue represents a year-over-year increase of 349% compared to FY 2020, and anticipated Q4 2021 revenue represents a year-over-year increase of 468% from Q4 2020 revenue, in each case when using the low end of the expected revenue range. Additionally, anticipated revenue for Q4 2021 represents a 38% increase over Q3 2021 revenue when using the low end of the expected revenue range.
For Q4 2021, gross margin is expected to be in the range of $12M-$14M, and for FY 2021, gross margin is expected to be in the range of $37M-$39M. The anticipated FY 2021 gross margin represents a year-over-year increase of 295% compared to FY 2020, and anticipated Q4 2021 gross margin represents a year-over-year increase of 353% from Q4 2020 gross margin, in each case when using the low end of the expected gross margin range. Anticipated gross margin for Q4 2021 represents a 28% increase over Q3 2021 gross margin when using the low end of the expected gross margin range.
FY 2022 Financial Guidance
As a result of an expected increase in revenue and efficiencies gained from investments made in 2021, the Company anticipates revenue for FY 2022 in the range of $170M-$190M. This expected revenue for FY 2022 represents a 85% year-over-year increase from the expected revenue for FY 2021, when using the low end of the expected revenue range.
The Company anticipates gross margin for FY 2022 in the range of $87M-$97M. This expected gross margin for FY 2022 represents a 136% year-over-year increase from the expected gross margin for FY 2021, when using the low end of the expected gross margin range.
Voxtur’s ability to reach the high end of its projected revenue and gross margin ranges for FY 2022 and overall guidance provided above is driven by certain expectations and assumptions including, but not limited to, the successful integration and continued growth of investments made by the Company in FY 2021, the success of the Company’s new product offerings in valuation, title, and property tax, and those additional expectations and assumptions set forth in the “Forward-Looking Information” section below. The Company’s ability to reach the high end of its projected revenue and gross margin ranges for FY 2022 is further contingent on the combined impact of macroeconomic tailwinds and the execution of new revenue-generating initiatives. Voxtur continues to focus on revenue growth through new data-driven digital alternatives to traditional products in valuation, title, and property tax. Additionally, the Company expects to see organic growth from an increase in desktop appraisals as a result of recent announcements by Fannie Mae and Freddie Mac allowing use of such products, the expansion of its property tax analytics platform, and the launch of its real estate asset management platform. Additional benefits are expected to come from the continuing effects of the lifting of foreclosure moratoria in the U.S., which is expected to result in increased revenue from default management, and the federal government’s strong push for more affordable home ownership in the U.S., which should open the door for widespread adoption of Voxtur’s alternative valuation and title products. Finally, Voxtur expects significant revenue growth from new client business as a result of its investment in enterprise sales efforts.
“2021 was a transformational year for Voxtur, and we are delighted to provide guidance to the market on our Q4 and Year End 2021 performance,” said Jim Albertelli, CEO. “We remain focused on becoming the largest and most trusted provider of data-driven, SaaS-based applications, and tech-enabled services in the property technology space. 2022 promises to be another year of high growth for our business as we add key foundational pieces to scale and deliver profitable growth to our shareholders. Our primary business lines of valuation, title, and property tax are operating efficiently under one platform that is continuing to capture market share and positioned to further improve our SaaS-based applications. The opportunity in front of us is significant and we look forward to executing on our vision and achieving our objectives in 2022.”
The above guidance and ranges take into consideration management’s current outlook combined with the results of Q1, Q2, and Q3 for FY 2021 and are based on the assumptions set out herein. The purpose of the financial guidance is to assist investors, shareholders, and others in understanding management’s expectations for the Company’s financial performance for Q4 and FY 2021 and for FY 2022. The information may not be appropriate for other purposes. Information about guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with the “Forward-Looking Information” section below and the related disclosure and information about various assumptions, factors, and risks that may cause actual future financial and operating results to differ from management’s current expectations.
Non-GAAP Measures
Adjusted EBITDA is a non-GAAP financial measure and does not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur‘s management in preparing the financial guidance and targets.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Company Contact:
Jordan Ross | Chief Investment Officer
jordan@voxtur.com
(416) 708-9764
