Business
Everyday People Financial Reports Financial Results for the Three Months Ended March 31, 2023
Revenue of $8.0 million for the three months ended March 31, 2023, up 78% as compared to $4.5 mil...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Reports Financial Results for the Three Months Ended March 31, 2023Revenue of $8.0 million for the three months ended March 31, 2023, up 78% as compared to $4.5 million for the same period in 2022Everyday People shifted its focus in Q1-2023 and is committed to its new strategy and efforts on building and expanding its Revenue Cycle Management business through accretive acquisitions in Canada and beyondEdmonton, Alberta--(Newsfile Corp. - May 23, 2023) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based financial services company, is pleased to announce its consolidated financial and operational results for the three months ended March 31, 2023, which recorded a 78% increase in revenue compared to the same period in 2022, primarily driven by the acquisition of General Credit Services Inc. (\"General Credit\"). All figures are in Canadian dollars unless otherwise stated. \"We continued to deliver solid results in Q1-2023 and made great progress in integrating General Credit to our operations,\" said Barret Reykdal, CEO of Everyday People. \"We are focused on driving profitability for the organization as a whole and remain ready to capture strategic acquisitions to increase the overall footprint of our Revenue Cycle Management business line, given its strong recurring revenue and high profitability model.\" Key Financial Highlights for the Three Months Ended March 31, 2023Revenue of $8.0 million for the three months ended March 31, 2023, up 78% compared to $4.5 million for the same period in 2022, which was primarily driven by a $3.0 million contribution to revenue related to the General Credit acquisition.Pro-forma revenue of $9.5 million for the three months ended March 31, 2023, assuming Groupe Solution Collect Solu Inc. (\"Groupe Solution\") was acquired on January 1, 2023. Refer to the \"Reconciliation of Non-IFRS Financial Measures\" disclosed in the Company's \"Management's Discussion and Analysis\" report.Loss from operations decreased to $0.9 million for the three months ended March 31, 2023, compared to $1.3 million for the same period in 2022.Adjusted EBITDA of $0.5 million for the three months ended March 31, 2023, compared to adjusted EBITDA of $0.1 million for the same period in 2022. Refer to \"Reconciliation of Non-IFRS Financial Measures...