Press release
Consensus Cloud Solutions, Inc. Reports First Quarter 2022 Results
Reaffirms 2022 Guidance LOS ANGELES--(BUSINESS WIRE)-- Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported preliminary financial results for the
About this update from Consensus Cloud Solutions, Inc.
[{"type":"text","content":"\nReaffirms 2022 Guidance\n\n LOS ANGELES--(BUSINESS WIRE)--\nConsensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported preliminary financial results for the first quarter 2022.\n\n“I am pleased with our team’s performance in delivering record revenue of approximately $91 million while achieving better than forecasted Adjusted EBITDA margins. The revenue growth was led by our corporate business which grew 13% in the quarter. In addition, we launched Consensus Clarity in March and have made great progress in the development of the ECFax solution. Finally, we added to our cash balances during the quarter increasing our liquidity and remaining financially well positioned in the current economic environment,” said Scott Turicchi, CEO of Consensus.\n\nFIRST QUARTER 2022 HIGHLIGHTS\n\nQ1 2022 GAAP quarterly revenues increased 5.0% to $90.9 million compared to $86.6 million for Q1 2021. Revenues increased by $4.3 million or 5% over the prior comparable three month period, $5.0 million or 5.8% on a Fx neutral basis. Our growth was primarily due to $5.4 million or 13% in our corporate business (inclusive of $0.8 million due to the Summit acquisition); partially offset by a decline of $1.0 million or 2.1% in our small office home office (“SoHo”) business, $0.5 million or 1.1% on a Fx neutral basis over the prior comparable period.\n\nGAAP net income decreased to $18.7 million in Q1 2022 compared to $47.4 million for Q1 2021. Income from continuing operations decreased to $18.7 million in Q1 2022 compared to $39.2 million for Q1 2021. The decrease in income from continuing operations over the prior period is primarily related to the interest expense associated with the 2026 and 2028 notes, additional costs as a standalone publicly traded company and increased headcount; partially offset by higher revenues.\n\nGAAP earnings per diluted share from continuing operations (1) decreased to $0.93 in Q1 2022 compared to $1.97 for Q1 2021. The decrease in income from continuing operations over the prior period is primarily related to the interest expense associated with the 2026 and 2028 notes, additional costs as a standalone publicly traded company, increased headcount and a higher share count in the current period; partially offset by higher revenues.\n\nAdjusted EBITDA (3) for Q1 2022 decreased to $48.6 million compared to Q1 2021 pro forma...