Cortex Business Solutions Announces Q3 Fiscal 2018 Financial Results

- June 13th, 2018

Cortex Business Solutions (TSXV:CBX), a North American network-as-a-service invoicing solution provider announced its three and nine months ended April 30, 2018. The company’s adjusted EBITDA increased 264 percent and cash flow from operations increased 249 percent to $0.8 million. As quoted in the press release: “I believe these results are just the beginning of the … Continued

Cortex Business Solutions (TSXV:CBX), a North American network-as-a-service invoicing solution provider announced its three and nine months ended April 30, 2018.

The company’s adjusted EBITDA increased 264 percent and cash flow from operations increased 249 percent to $0.8 million.

As quoted in the press release:

“I believe these results are just the beginning of the momentum that we are building at Cortex. Our team has remained focused on helping our customers to deliver their own results and savings with our ever-expanding service. We have never helped as many suppliers get paid as quickly as we have in this past quarter and our recently released payments business is now one of the fastest growing income lines at Cortex. I could not be more excited with the trajectory that Cortex is on,” said Joel Leetzow, President and CEO of Cortex Business Solutions.

“Cortex was successful in growing its recurring access revenue YTD by 26% and overall YTD revenue by 15% compared to prior year. Along with another quarter of record adjusted EBITDA, these results and the large cash balance will allow Cortex to explore further growth through M&A and developing new products internally,” said Jason Baird, VP, Finance & CFO of Cortex Business Solutions. “I believe Fiscal 2018 results has confirmed that Cortex is on the right path to achieving its long-term growth strategy.”

Q3 F2018 Financial Highlights

Three months ended April 30, 2018 compared to April 30, 2017

  • Adjusted EBITDA(1) increased 264% or by $0.4 million to $0.6 million from $0.2 million
  • Positive cash flow from operating activities increased 249% to $0.8 million from positive cash flows from operating activities of $0.2 million
  • Overall revenue increased 6% or by $0.2 million to $3.1 million from $2.9 million
  • Access and usage fees increased 12% or by $0.3 million to $2.9 million from $2.6 million
  • Gross profit improved 11% or by $0.2 million to $2.3 million from $2.1 million
  • Net income improved 3,147% or by $0.6 million to $0.6 million from $0.02 million

Nine months ended April 30, 2018 compared to April 30, 2017

  • Adjusted EBITDA(1) increased 358% or by $1.3 million to $1.7 million from $0.4 million

  • Positive cash flow from operating activities increased materially to $1.3 million from positive cash flows from operating activities of $0.006 million

  • Overall revenue increased 15% or by $1.3 million to $9.4 million from $8.1 million

  • Access and usage fees increased 17% or by $1.2 million to $8.6 million from $7.3 million

  • Access fees increased 26% to $5.6 million from $4.4 million

  • Gross profit improved 24% or by $1.2 million to $6.9 million from $5.7 million

  • Net income improved 565% or by $1.6 million to $1.3 million from $(0.3) million

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