Quorum Information Technologies Reports Strong Year-End Results
Adjusted EBITDA up 18% to $8.3 Million for 2024
Cash EBITDA up 89% to $5.5 Million for 2024
CALGARY, Alberta — Quorum Information Technologies Inc. (TSX-V: QIS), a key player in the North American SaaS sector, proudly announces its results for the fourth quarter and the entire fiscal year ended December 31, 2024. This period showcases the company's commitment to growth and profitability, reflecting a sustainable business strategy focused on customer needs in the automotive sector.
Financial Highlights
In 2024, Quorum has successfully achieved a remarkable Adjusted EBITDA of $8.3 million, indicating an 18% increase compared to the previous year. This growth is a clear reflection of Quorum's strategic focus on enhancing cash flow and profitability. The revenue remained steady during this period, which underscores the stability of the company’s operational basis as it continues to cater to automotive dealerships and Original Equipment Manufacturers (OEMs).
Growth Strategies and Operations
The company’s President and CEO, Maury Marks, expressed his optimism, stating, "Our profitable growth strategy launched in 2023 has enabled us to achieve consistent results in 2024, with a Cash EBITDA margin of 14%. This improved profitability has allowed us to prepay $4.8 million on our BDC Capital Facility, decreasing our balance significantly, which enhances our capability to consider strategic investments in the future." This proactive measure strengthens the company's financial position while providing a robust platform for upcoming growth opportunities.
Employee Contributions and Integrated Solutions
In expressing gratitude to the employees, Marks noted that their dedication played a crucial role in accomplishing the 2024 objectives. Quorum's integrated suite of 13 software solutions facilitates effective cross-selling, which is pivotal for success in automotive dealerships. By prioritizing revenue generation and customer satisfaction, Quorum is positioned to add increasing value to both its clients and stakeholders.
Consolidated Results Overview
Reflecting on the fourth quarter and overall results for 2024, several key figures stand out:
- Total Revenue: Increased by 1% to $10 million in Q4 2024.
- SaaS Revenue: Grew by 2% to approximately $7.2 million in Q4 2024.
- BDC Revenue: Experienced a slight decline of 1% to around $2.6 million in Q4 2024.
- Gross Margin: Held steady at about $4.8 million in Q4 2024.
- Adjusted EBITDA: Recorded at approximately $2 million in Q4 2024.
- Cash EBITDA: Increased by 10% in Q4 2024 compared to previous fiscal year results.
Long-Term Outlook
Overall, for the fiscal year of 2024, Quorum reported a total revenue of about $40 million, reflecting a modest decrease of 1% from the previous year. Nevertheless, the SaaS revenue segment saw healthy growth, marking a 2% increase to approximately $28.8 million. The financial resilience illustrated by the 3% uptick in gross margin signifies a sustainable operational model.
Strategic Conference Call
Quorum will host a conference call along with an audio webcast presentation to discuss these results in detail. This event will provide stakeholders with insights into the company’s performance and future strategies. Interested parties are encouraged to participate:
Date: Thursday, April 17
Time: 11:00 am MT (1:00 pm ET)
About Quorum Information Technologies Inc.
Quorum Information Technologies Inc. is dedicated to delivering crucial SaaS solutions to the automotive industry, focused on enhancing operational efficacy for dealerships and OEMs. Their offerings include a comprehensive Dealership Management System (DMS) that integrates and streamlines key processes while emphasizing revenue generation. Additionally, the company provides strategic platforms such as DealerMine CRM and Autovance to support sales and customer relationship management.
Company Contacts
Maury Marks
President and Chief Executive Officer
Phone: 403-777-0036
Email: Maury.Marks@QuorumInfoTech.com
Marilyn Bown
Chief Financial Officer
Phone: 403-777-0036
Email: Marilyn.Bown@QuorumInfoTech.com
Frequently Asked Questions
What was the total revenue for Quorum in 2024?
The total revenue reported for Quorum in 2024 was approximately $40 million.
How much did the adjusted EBITDA increase in 2024?
Adjusted EBITDA increased by 18%, totaling $8.3 million in 2024.
What were the primary growth strategies in 2024?
Quorum implemented a profitable growth strategy that focused on enhancing cash flow and reducing debt.
What impact did employee dedication have on Quorum’s success?
The commitment of employees was emphasized as a crucial factor for achieving the company's 2024 goals.
What services does Quorum offer to automotive dealerships?
Quorum offers essential SaaS solutions including a Dealership Management System, Customer Relationship Management tools, and digital retailing platforms.
