Business
Route1 Announces Q2 2023 Financial Results
TORONTO, ON / ACCESSWIRE / August 25, 2023 / Route1 Inc . (OTCQB:ROIUF)(TSXV:ROI) (the "Company...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Q2 2023 Financial ResultsTORONTO, ON / ACCESSWIRE / August 25, 2023 / Route1 Inc. (OTCQB:ROIUF)(TSXV:ROI) (the \"Company\" or \"Route1\"), an advanced North American provider of data-centric business empowerment solutions, today reported its financial results for the three and six month period ended June 30, 2023.Statement of operationsIn 000s of CAD dollars Q22023 Q12023 Q42022 Q32022 Q22022 Q12022Revenue Subscription and services 1,159 1,086 1,103 1,326 1,854 1,911Devices and appliances 3,026 3,486 2,279 5,519 5,251 2,781Other (1) 3 6 2 9 3Total revenue 4,184 4,575 3,388 6,847 7,114 4,695Cost of revenue 3,011 2,897 2,032 4,842 5,015 2,572Gross profit 1,173 1,678 1,356 2,005 2,099 2,123Operating expenses 1,533 1,805 1,859 1,802 1,972 2,012Operating profit 1 (360) (128) (503) 203 127 111Total other expenses 2, 3 280 177 1,223 139 183 112Net income (loss) (640) (305) (1,726) 64 (56) (1)1 Before stock-based compensation2 Includes gain on litigation, gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expense.3 For Q4 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).Subscription and services revenuein 000s of CAD dollars Q22023 Q12023 Q42022 Q32022 Q22022 Q12022Application software 343 456 475 804 1,402 1,483Other services 816 630 628 522 452 428Total 1,159 1,086 1,103 1,326 1,854 1,911Other services revenuein 000s of CAD dollars Q22023 Q12023 Q42022 Q32022 Q22022 Q12022Technology life-cycle maintenance and support 310 285 300 275 214 209Professional services 506 345 328 246 238 219Total 816 630 628 521 452 428Adjusted EBITDAin 000s of CAD dollars Q22023 Q12023 Q42022 Q32022 Q22022 Q12022Adjusted EBITDA 3 (27) 219 (142) 543 459 446Amortization 332 346 361 340 332 335Operating profit (360) (128) (503) 203 127 1113 Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, stock-based compensation, patent litigation, restructuring and other costs. Adjusted EBITDA does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA allows Route1 to compare its operating performance over time on a consistent basis.Bal...