Press release
Consensus Cloud Solutions, Inc. Reports Second Quarter 2023 Results Reaffirms 2023 Guidance
LOS ANGELES--(BUSINESS WIRE)-- Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported financial results for the second quarter of 2023. “Our
About this update from Consensus Cloud Solutions, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nConsensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported financial results for the second quarter of 2023.\n\n\n“Our Go-to-Market alignment initiated in Q1 has been designed to mirror the buying practices of prospective customers. This approach, which has gained significant traction with our customer facing teams, has the potential of shortening the elongated sales cycle which is a head wind to signing deals. This quarter has delivered our first contracted Clarity client, a major provider of prior authorization services to the healthcare industry. I am also pleased that the Veterans Administration completed the implementation of ECFax at 10 sites across 40 of its facilities. Our SOHO price increase initiative was completed in Q2 with results in line with our expectations. This quarter we ended with cash on hand of $112 million, which is a record balance,” said Scott Turicchi, CEO of Consensus.\n\n\nSECOND QUARTER UNAUDITED 2023 HIGHLIGHTS\n\n\nQ2 2023 GAAP quarterly revenues increased by $1.7 million or 1.8% to $92.8 million compared with $91.1 million for Q2 2022. Our growth was primarily due to an increase of $1.5 million or 3.1% in our Corporate business and an increase of $0.2 million or 0.5% in our SoHo business.\n\n\nGAAP net income (1) decreased to $21.1 million in Q2 2023 compared to $21.9 million for Q2 2022. The decrease is primarily due to increased employee related expenses of $2.7 million; partially offset by higher revenues.\n\n\nGAAP net income per diluted share (1) decreased to $1.07 in Q2 2023 compared to $1.10 for Q2 2022. The decrease is related to the items discussed above; partially offset by a reduction in shares outstanding in connection with our share repurchase program.\n\n\nAdjusted EBITDA (3)(4) for Q2 2023 of $47.7 million is unfavorable compared to Q2 2022 of $50.0 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 $1.36 or 5.6% compared to $1.44 for Q2 2022. The decrease is related to the items discussed above.\n\n\nConsensus ended the quarter with $112.0 million in cash and cash equivalents after cash outlays related to interest expense payments of $25.3 million (occurring in Q2 and Q4), $10.1 million in capital expenditures and $2.0 million in repurchases of common ...