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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  ProntoForms Corporation    PFM   CA74345T1057

PRONTOFORMS CORPORATION

(PFM)
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ProntoForms : Reports Annual and Q4 2019 Financial Results

03/12/2020 | 06:01am EST

OTTAWA, March 12, 2020 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today its annual and fourth quarter (Q4) financial results for the periods ended December 31, 2019.

“We are pleased to report that our Annual Recurring Revenue (ARR) base grew 27% year-to-year to reach $15.74 million by December 31, 2019. Our accelerating growth continues to be driven by enterprise expansion; accounts with more than $100K of ARR now represent 36% of our base, up from 26% a year ago,” said Alvaro Pombo, Chief Executive Officer and Founder of ProntoForms. “Also in 2019, our balanced sheet was strengthened with a cash infusion from warrants, showing support from our shareholders. We plan to continue re-investing our growth to compound that into new growth in the business.”

Mr. Pombo continued, “Powerful macrotrends are driving interest in our platform. These trends include workforce and talent shortages for field technicians and IT, heightened customer expectations related to service transparency, increased competition, and technology rapidly changing the maintenance and service delivery landscape. We are well positioned in the enterprise market because we help companies overcome these challenges through the quick development of customizable apps that empower field service delivery, improved data workflows and enhanced tech stacks with nimble mobile capabilities.” 

Financial Highlights – 2019 Year

  • Recurring revenue for the year ended December 31, 2019 increased by 27% to $13.74 million compared to $10.85 million for 2018.
  • Total revenue for the year ended December 31, 2019 increased by 24% to $15.10 million compared to $12.13 million for 2018.
  • Gross margin for 2019 was $12,558,762 or 83% of total revenue compared to $9,980,949 (82%) in 2018. Gross margin on recurring revenue was 90% for 2019 compared to 89% for 2018.
  • Loss from operations was $1.86 million, for the year ended December 31, 2019 down from $2.38 million for 2018.
  • Net loss for the year ended December 31, 2019 was $2.27 million, down from a net loss of $2.50 million in 2018.
  • As at December 31, 2019, the Company’s cash and net working capital balances were $5.70 million and $3.37 million respectively.

Financial Highlights – 2019 Fourth Quarter

  • Recurring revenue in Q4 2019 increased by 28% to $3.77 million compared to $2.95 million in Q4 2018, and increased by 8% compared to $3.50 million in Q3 2019.
  • Total revenue for Q4 2019 increased by 23% to $4.07 million compared to $3.30 million in Q4 2018, and increased by 6% compared to $3.84 million, in Q3 2019.
  • Gross margin for Q4 2019 was 84% of total revenue compared to 83% in Q4 2018 and 84% in Q3 2019. Gross margin on recurring revenue was 90% for Q4 2019 compared to 89% for Q4 2018 and 90% in Q3 2019.
  • Loss from operations for Q4 2019 was $0.58 million, up from a loss of $0.47 million in Q4 2018 and up from a loss of $0.46 million in Q3 2019.
  • Net loss for Q4 2019 was $0.78 million, up from a net loss of $0.41 million in Q4 2018 and up from a net loss of $0.42 million in Q3 2019.

2019 Operational Highlights

  • Notable new customers and expansion progress from enterprise customers, including:

° A major utilities company that operates in the United States signed on with ProntoForms with a total contract value of $314,000.
° A Canadian energy resources company with more than $100M in annual revenue signed with ProntoForms to utilize the platform to improve field operations and compliance.
° A Global 500 healthcare enterprise expanded its use of the platform and increased its total subscriber count to more than 6,400.
° One of the largest elevator companies in the world launched a new deployment that grew its subscriber count to 12,000.

  • ProntoForms earned a 4.7 out of 5 overall rating from enterprise customers in a Gartner Peer Insights “Voice of the Customer” report published December 12, 2019. The same report showed a 95% of customers “willingness to recommend.”
  • ProntoForms launched Customer Readiness and Customer Satisfaction forms. The new feature improves the customer experience from pre to post site visit—all without requiring those on the receiving end to have a ProntoForms subscription.

Q4 Conference Call Date:

Date: Thursday, March 12th, 2020
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 87042374

Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 042374 #
Expiry Date: Thursday, March 19th, 2020 at 11:59pm EST

About ProntoForms Corporation
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company's solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.

The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.

For additional information, please contact:

Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
apombo@prontoforms.com
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the lead flow the Company may receive from its partnering strategy and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, its partnering strategy may not generate increasing lead flow or maintain current lead flow levels and anticipated market trends may not occur or continue.  Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated April 10, 2019 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2018 for a description of how the Company determines and uses ARR. ARR is a key performance indicator used by the Company and is not meant as an indication such amounts will necessarily be included in revenues in any given fiscal year.  

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ProntoForms Corporation      
Consolidated statements of loss and comprehensive loss      
Years ended December 31, 2019 and 2018      
(in United States dollars)    
       
  2019  2018 
  $  $ 
Revenue      
Recurring revenue   13,740,141  10,850,591 
Professional and other services   1,363,778  1,281,915 
    15,103,919  12,132,506 
       
Cost of Revenue      
Recurring revenue   1,415,331  1,244,604 
Professional and other services   1,129,826  906,953 
    2,545,157  2,151,557 
       
Gross Margin   12,558,762  9,980,949 
       
Expenses      
Research and development   4,794,386  4,198,649 
Selling and marketing   6,797,303  5,636,138 
General and administrative   2,824,708  2,528,143 
    14,416,397  12,362,930 
       
Loss from operations   (1,857,635) (2,381,981)
       
Foreign exchange (loss) gain   (80,780) 247,705 
Interest and accretion   (377,521) (354,526)
Change in fair value of derivative liability   50,458  (11,812)
Net loss   (2,265,478) (2,500,614)
       
Other Comprehensive loss      
Foreign currency translation adjustment   -   (87,835)
Total comprehensive loss   (2,265,478) (2,588,449)
       
Net loss per common share      
basic and diluted   (0.02) (0.02)
       
Weighted average number of common shares      
basic and diluted   112,880,284  107,965,926 
       
       
Share-based compensation included in accounts:      
Cost of revenue   59,358  35,991 
Research and development   82,472  71,963 
Selling and marketing   148,086  132,796 
General and administrative   164,473  173,306 
    454,389  414,056 
       


ProntoForms Corporation      
Consolidated statements of financial position      
as at December 31, 2018 and 2019      
(in United States dollars)       
        
   December 31,  December 31, 
   2019  2018 
   $  $ 
        
Assets       
Current assets       
Cash and cash equivalents    5,700,003  3,325,241 
Accounts receivable    2,538,530  2,178,420 
Investment tax credits receivable    185,213  158,966 
Unbilled receivables    197,264  156,865 
Related party loan receivable    82,694  78,761 
Prepaid expenses and other receivables    1,031,390  523,573 
     9,735,094  6,421,826 
        
Property, plant and equipment    481,242  315,629 
Right-of-use assets    912,399  - 
     11,128,735  6,737,455 
        
Liabilities       
Current liabilities       
Accounts payable and accrued liabilities    2,493,913  1,885,351 
Deferred revenue    3,562,816  2,254,400 
Derivative liability - current portion    65,041  59,981 
Lease obligation - current portion    246,517  - 
     6,368,287  4,199,732 
        
Long-term debt    2,717,146  2,424,136 
Lease obligations    745,599  - 
Derivative liability    61,524  176,009 
     9,892,556  6,799,877 
        
Shareholders' equity       
Share capital    25,069,032  20,912,276 
Contributed surplus    864,907  801,888 
Share-based payment reserve    3,345,960  3,431,280 
Warrant reserve    692,960  1,263,336 
Deficit    (28,921,115) (26,655,637)
Accumulated other comprehensive income   184,435  184,435 
     1,236,179  (62,422)
     11,128,735  6,737,455 
        


ProntoForms Corporation      
Consolidated statements of cash flows      
Years ended December 31, 2019 and 2018      
(in United States dollars)      
       
  2019  2018 
  $  $ 
       
Operating activities      
Net loss   (2,265,478) (2,500,614)
Items not affecting cash      
Share-based compensation   454,389  414,056 
Accretion on long-term debt   167,819  145,632 
Accretion on lease obligations   59,925  - 
Change in fair value of derivative liability   (50,458) 11,812 
Amortization of property, plant and equipment   132,615  118,885 
Amortization of intangible asset   -   7,183 
Amortization of right-of-use assets   269,800  - 
Unrealized foreign exchange losses (gains)   107,904  (272,277)
Lease interest paid   (59,925) - 
Changes in non-cash operating working capital items   880,497  466,071 
    (302,912) (1,609,252)
       
Financing activities      
Payment of lease obligations   (244,943) - 
Settlement of derivative liability   (40,656) (9,500)
Proceeds from the exercise of warrants   2,433,948  - 
Proceeds from the exercise of options   675,741  111,048 
    2,824,090  101,548 
       
Investing activities      
Purchase of property, plant and equipment   (196,320) (146,292)
    (196,320) (146,292)
       
Effect of exchange rate changes on cash   49,909  (95,252)
       
Net cash inflow (outflow)   2,374,767  (1,749,248)
Cash and cash equivalents, beginning of year   3,325,241  5,074,489 
Cash and cash equivalents, end of year   5,700,008  3,325,241 
       
Cash and cash equivalents consist of the following:      
Cash   5,536,900  3,278,891 
Guaranteed investment certificates   163,108  46,350 
    5,700,008  3,325,241 
       
Supplementary information      
Interest paid   254,111  226,723 
Interest received   2,655  18,887 
       


ProntoForms Corporation                       
Consolidated statements of changes in shareholders'equity                       
Years ended December 31, 2019 and 2018                       
(in United States dollars)                       
                Accumulated        
          Share-based   Warrant reserve  Other       
       Contributed  payment     Comprehensive     Shareholders'
 Share capital  Amount   Surplus   reserve     Income  Deficit   equity 
 Number   $  $  $  $  $  $  $ 
                        
Balance at December 31, 2017110,192,630  20,721,783  738,395  3,096,669  1,326,830  272,270  (24,155,023) 2,000,924 
                        
Share-based compensation-  -  -  414,056  -  -  -  414,056 
Net loss-  -  -  -  -  -  (2,500,614) (2,500,614)
Translation adjustment-  -  -  -  -  (87,835) -  (87,835)
Expiry of warrants-  -  63,493  -  (63,493) -  -  - 
Issuance of common shares on exercise of options837,333  190,493  -  (79,445) -  -  -  111,048 
                        
Balance at December 31, 2018111,029,963  20,912,276  801,888  3,431,280  1,263,337  184,435  (26,655,637) (62,421)
                        
Share-based compensation-  -  -  454,389  -  -  -  454,389 
Net loss-  -  -  -  -  -  (2,265,478) (2,265,478)
Issuance of common shares on exercise of warrants6,758,399  2,941,306  -  -  (507,358) -  -  2,433,948 
Expiry of warrants-  -  63,019  -  (63,019) -  -  - 
Issuance of common shares on exercise of options2,286,636  1,215,450  -  (539,709) -  -  -  675,741 
                        
Balance at December 31, 2019  120,074,998  -   25,069,032  -   864,907  -   3,345,960   -  692,960    184,435   -  (28,921,115)  -  1,236,179 
                        


ProntoForms_logo_2018.jpg

Source: ProntoForms Corporation

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Financials
Sales 2020 22,4 M 17,7 M 17,7 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 172 M 136 M 136 M
Capi. / Sales 2020 7,67x
Capi. / Sales 2021 6,42x
Nbr of Employees -
Free-Float 64,7%
Chart PRONTOFORMS CORPORATION
Duration : Period :
ProntoForms Corporation Technical Analysis Chart | PFM | CA74345T1057 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 2,10 CAD
Last Close Price 1,35 CAD
Spread / Highest target 55,6%
Spread / Average Target 55,6%
Spread / Lowest Target 55,6%
EPS Revisions
Managers and Directors
NameTitle
Alvaro Pombo President, Chief Executive Officer & Director
Terry Hedley Matthews Chairman
Aly Mawani Vice President-Operations
David Croucher Chief Financial Officer
Jonathan Shantz Independent Director
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