Intouch Insight Announces Q2 2023 Financial Results
By: Sarah Beckett August 17, 2023
OTTAWA – Intouch Insight Ltd (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF), a leader in customer experience measurement solutions, today announced its operating and financial results for the quarter ended June 30, 2023.
Key highlights for Q2 2023
- Gross margin increased to 54.8% from 48.5% in Q2 2022; and to 51.7% year to date from 50.1% year to date in 2022 due to a one-time lower margin project in 2022
- SaaS revenues grew 16% organically for Q2, compared to the prior year, and 18% year to date over the prior year
- Revenue was $5,682,209 compared to $7,283,308 in Q2 2022 due to a one-time project in the prior year; year to date revenues were $10,779,150 compared to $12,527,624 in to the prior year
- Recurring revenue was $5,588,618 in Q2 compared to $5,655,157 in Q2 2022
- Q2 net income was $304,484 compared to $591,265 in Q2 2022; year to date net income was $119,970 compared to $324,826 in the prior year
- Adjusted EBITDA was $633,599 for Q2 compared to $805,926 in Q2 2022, year to date EBITDA was $655,688 compared to $997,614 in 2022
“We are pleased to have surpassed our pre-pandemic revenues, grown our SaaS business, and improved our margins. As we continue to grow our revenues, we will closely monitor our costs to ensure we are spending wisely and are ready to react to both positive and negative pressures,” said Cameron Watt, President & Chief Executive Officer of the Company.
“We are excited to onboard the strong and committed workforce and fantastic client programs that the previously announced acquisition will bring. The acquisition is currently planned to close on October 1. Ultimately this will provide another group of clients to whom we will be able to cross-sell our software offering, which has been steadily growing every year even throughout the pandemic,” said Watt.
Consolidated Statements of Operations
| Q2 2023 | Q2 2022 | |
| Revenue | $ 5,682,209 | $ 7,283,308 |
| Cost of services | 2,570,114 | 3,748,984 |
| Gross margin | 3,112,095 | 3,534,324 |
| Total operating expenses | 2,737,251 | 3,035,286 |
| Earnings (loss) from operating activities | 374,844 | 499,038 |
| Other earnings (expense) | (70,360) | 89,945 |
| Income tax expense (recovery) | - | (2,282) |
| Net earnings (loss) | $ 304,484 | $ 591,265 |
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, including the acquisition, future revenues and references to the Company’s expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Cathy Smith
Chief Financial Officer
csmith@intouchinsight.com
613-270-7916