Press release
Consensus Cloud Solutions, Inc. Reports First Quarter 2023 Results
Reaffirms 2023 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 2023 Guidance\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nConsensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported preliminary financial results for the first quarter of 2023.\n\n\nFIRST QUARTER UNAUDITED 2023 HIGHLIGHTS\n\n\nQ1 2023 GAAP quarterly revenues increased by $2.2 million or 2.4% to $91.5 million compared with $89.3 million for Q1 2022. Our growth was primarily due to an increase of $2.9 million or 6.2% in our Corporate business; partially offset by a decline of $0.7 million or 1.8% in our SoHo business. On a constant dollar basis, revenues grew by $2.7 million or 3.0% over the prior comparable period.\n\n\nGAAP net income (1) decreased to $15.5 million in Q1 2023 compared to $18.5 million for Q1 2022. The decrease is primarily due to increased employee related expenses of $3.2 million, $2.3 million in professional fees in connection with the year-end audit and a $1.0 million noncash foreign exchange impact related to intercompany balances; partially offset by higher revenues.\n\n\nGAAP net income per diluted share (1) decreased to $0.78 in Q1 2023 compared to $0.92 for Q1 2022. The decrease is related to the items discussed above.\n\n\nAdjusted EBITDA (3)(4) for Q1 2023 of $44.2 million is unfavorable compared to Q1 2022 adjusted EBITDA (3)(4) of $48.6 million. The decrease is related to the items discussed above. Adjusted non-GAAP earnings per diluted share (1)(2)(3) for the quarter decreased to $1.10 or 17.3% compared to Adjusted non-GAAP earnings per diluted share (1)(2)(3) of $1.33 for Q1 2022. The decrease is related to the items discussed above.\n\n\nConsensus ended the quarter with $111.3 million in cash and cash equivalents after cash outlays of $9.2 million in repurchases of common stock and $8.5 million in capital expenditures.\n\n\nKey financial results from operations for Q1 2023 versus Q1 2022 are set forth in the following table. Reconciliations of Adjusted non-GAAP net income, Adjusted non-GAAP earnings per diluted share and Adjusted EBITDA to their nearest comparable GAAP financial measures accompany this press release.\n\n\n\n\n(Unaudited, in thousands except per share amounts and percentages)\n\n\n\n\n\n\n \n\n\n\n\n\n\nFavorable / (Unfavorable)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\nQ1 2022\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nGAAP revenues\n\n\n\n\n\n\n$\n\n\n\n\n\n\n91,45...