Business
Route1 Announces Q3 and Year to Date 2022 Financial Results
TORONTO, ON / ACCESSWIRE / November 18, 2022 / Route1 Inc . (TSXV:ROI) (the "Company" or "R...
About this update from Route1 Inc.
[{"type":"text","content":"Route1 Announces Q3 and Year to Date 2022 Financial ResultsTORONTO, ON / ACCESSWIRE / November 18, 2022 / Route1 Inc. (TSXV:ROI) (the \"Company\" or \"Route1\"), an advanced North American provider of turn-key engineering and professional services, today reported its financial results for the three and nine-month period ended September 30, 2022.The Company's operating results for Q3 2022 with comparatives are as follows: Statement of operationsIn 000s of CAD dollarsQ32022 Q22022 Q12022 Q42021 Q32021 Q22021Revenue Subscription and services1,326 1,854 1,911 1,977 2,297 2,671Devices and appliances5,519 5,251 2,781 5,022 4,960 3,663Other2 9 3 36 31 4Total revenue6,847 7,114 4,695 7,035 7,288 6,338Cost of revenue4,842 5,015 2,572 4,660 4,696 3,443Gross profit2,005 2,099 2,123 2,375 2,592 2,895Operating expenses1,802 1,972 2,012 2,382 2,437 2,451Operating profit 1150 127 111 (7) 155 444Total other expenses 286 183 110 308 216 (17)Net income (loss)64 (56) 1 (315) (61) 4611 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. Subscription and services revenuein 000s of CAD dollarsQ32022 Q22022 Q12022 Q42021 Q32021 Q22021Application software804 1,402 1,483 1,504 1,628 1,724Technology as a service (TaaS)- - - 50 150 435Other services521 452 428 423 519 512Total1,325 1,854 1,911 1,977 2,297 2,671 Other services revenuein 000s of CAD dollarsQ32022 Q22022 Q12022 Q42021 Q32021 Q22021Technology life-cycle maintenance and support275 214 209 175 177 200Professional services246 238 219 248 342 312Total521 452 428 423 519 512 Adjusted EBITDAin 000s of CAD dollarsQ32022 Q22022 Q12022 Q42021 Q32021 Q22021Adjusted EBITDA 3543 459 446 341 465 760Amortization340 332 335 348 310 316Operating profit203 127 111 (7) 155 4443 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. Balance she...