Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Bourse de Toronto
  5. ProntoForms Corporation
  6. News
  7. Summary
    PFM   CA74345T1057

PRONTOFORMS CORPORATION

(PFM)
  Report
Delayed Quote. Delayed Bourse de Toronto - 07/26 02:58:31 pm
1.06 CAD   +0.95%
06/30PRONTOFORMS : Announces Option Plan Amendment
AQ
06/29PRONTOFORMS : Names Michael Kramer as CRO
AQ
06/29ProntoForms Corporation Names Michael Kramer as CRO
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

ProntoForms : Reports Annual and Q4 2020 Financial Results

03/11/2021 | 07:01am EDT

OTTAWA, March 11, 2021 (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 period ended December 31, 2020.

“2020 was a challenging year for everyone, however, we saw resilience in our customers to adapt and continue to provide high-quality, safe service delivery in the field. Our business reflected the resilience of our customers and our employees,” said Alvaro Pombo, Founder and Chief Executive Officer of ProntoForms. “While we saw steady growth in our Annualized Recurring Revenue (“ARR”) base coming into 2020, our first quarter of 2020 showed roughly flat sequential growth due to increased churn—mainly in SMB—in the early stages of the pandemic. We saw improved growth in the second and third quarters as enterprise bookings improved. We then saw continued improvement in bookings in the fourth quarter, but this was offset by a decrease in our base of approximately 6% caused by a mutually agreed upon discontinuation of our AT&T reseller agreement. This isolated churn event meant our ARR base only increased by 1% in the fourth quarter but left us with a much stronger base of direct customers with term contracts that can continue to grow. We thank AT&T for their valued partnership over many years.”

Mr. Pombo continued, “We look forward to 2021 and we do so with clarity on our business strategy. We made great progress on our go-to-market framework by empowering frontline workers with powerful mobile solutions, focusing on key verticals where ProntoForms demonstrates rapid adoption, and tightening execution on new logo acquisition and existing customer expansion—including sales with our strong partners. As we prepare for the next level of growth, we do so with a strengthened balance sheet, a proven resilience, a tighter go to market, and a stronger than ever customer base to grow upon.”

Financial Highlights – 2020 Year

  • Recurring revenue for the year-ended December 31, 2020 increased by 18% to $16.19 million compared to $13.74 million for 2019.
  • Total revenue for the year-ended December 31, 2020 increased by 17% to $17.67 million compared to $15.10 million for 2019.
  • Gross margin for 2020 was $15.03 million or 85% of total revenue compared to $12.56 million (83%) in 2019. Gross margin on recurring revenue was 92% for 2020 compared to 90% for 2019.
  • Loss from operations was $0.96 million, for the year-ended December 31, 2020 down from $1.86 million for 2019.
  • Net loss for the year-ended December 31, 2020 was $1.49 million, down from a net loss of $2.27 million in 2019.
  • As at December 31, 2020, the Company’s cash and net working capital balances were $7.75 million and $5.10 million respectively.

Financial Highlights - 2020 Fourth Quarter

  • Recurring revenue in Q4 2020 increased by 14% to $4.31 million compared to $3.77 million in Q4 2019, and increased by 6% compared to $4.06 million in Q3 2020.
  • Total revenue for Q4 2020 increased by 16% to $4.71 million compared to $4.07 million in Q4 2019, and increased by 4% compared to $4.55 million in Q3 2020.
  • Gross margin for Q4 2020 was 85% of total revenue compared to 84% in Q4 2019 and 82% in Q3 2020. Gross margin on recurring revenue was 91% for Q4 2020 compared to 90% in Q4 2019 and 91% in Q3 2020.
  • Operating loss for Q4 2020 was $0.57 million, down from an operating loss of $0.58 million in Q4 2019 and up from an operating loss of $0.49 million in Q3 2020.
  • Net loss for Q4 2020 was $0.92 million, up from a net loss of $0.78 million in Q4 2019 and up from a net loss of $0.61 million in Q3 2020.

Recent Operational Highlights

  • Notable new and expansion progress from enterprise customers, including:
    • A global business consulting firm expanded its ProntoForms users by 22,000 to help frontline workers collect rich data for 500,000+ energy audit inspections designed to improve energy efficiency and meet government environmental impact targets.
    • A multi-billion global medical device manufacturing company deployed ProntoForms to over 850 frontline workers to improve field processes and quality control.
    • A global medical radiation device manufacturer deployed ProntoForms to 400 field engineers to improve hospital radiation asset uptime and expand services. The deployment integrates directly with their leading field service management and financial systems, allowing technicians to identify opportunities for new services and generate accurate quoting and billing documents for customers.
    • A global heavy manufacturing organization deployed ProntoForms to 410 field technicians. The deployment integrates with their current field service management system.
    • One of ProntoForms’ largest customers, a global HVAC organization, expanded their European deployment of ProntoForms by 80 subscriptions. They use ProntoForms to increase technician productivity and reduce asset downtime.
  • ProntoForms, together with Service Council, hosted a digital transformation Zoom event for field service leaders, featuring field operation executives from medical device and heavy manufacturing organizations.
  • ProntoForms’ CEO Alvaro Pombo and an executive from one of the largest food processing companies in America discussed how to calculate next steps for organizations responding to COVID-19 at WBR Field Service Connect.
  • ProntoForms’ customer PURELL/GOJO’s story was highlighted in a Salesforce blog post “24 Apps that Led to Pandemic Superpowers in 2020” and a Salesforce eBook titled “Inspiring Insights From Our Year Inside.”
  • ProntoForms launched the new Teamwork feature that increases collaboration between field technicians. This feature is highly sought after by organizations with sophisticated asset processes that involve multiple technicians.

Q4 Conference Call Date:

Date: Thursday, March 11th, 2021
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 38563980

Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 563980 #
Expiry Date: Thursday, March 18th, 2021 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 revenues anticipated to be received by the Company from recent contracts referred to above 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, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, 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 March 10, 2021 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, 2020 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, 2020 and 2019
(in United States dollars)
 
 Three months ended December 31, Year ended December 31,
 2020  2019  2020  2019 
 $  $  $  $ 
Revenue           
Recurring revenue              4,305,505  3,774,576          16,194,453  13,740,141 
Professional and other services                405,080  295,890            1,471,627  1,363,778 
               4,710,585  4,070,466          17,666,080  15,103,919 
            
Cost of Revenue (1)           
Recurring revenue                374,145  378,033            1,342,540  1,415,331 
Professional and other services                325,060  280,449            1,289,593  1,129,826 
                 699,205  658,482            2,632,133  2,545,157 
            
Gross Margin              4,011,380  3,411,984          15,033,947  12,558,762 
            
Expenses           
Research and development (1)              1,582,595  1,279,563            5,406,112  4,794,386 
Selling and marketing (1)              2,043,448  1,903,309            7,445,790  6,797,303 
General and administrative (1)                959,488  811,683            3,138,922  2,824,708 
               4,585,531  3,994,555          15,990,824  14,416,397 
            
Loss from operations               (574,151) (582,571)            (956,877) (1,857,635)
            
Foreign exchange (loss) gain                 (51,165) (61,474)               49,916  (80,780)
Finance costs               (289,914) (137,346)            (578,206) (327,063)
Net loss and comprehensive loss               (915,230) (781,391)          (1,485,167) (2,265,478)
            
Net comprehensive loss per common share           
basic and diluted                     (0.01) (0.01)                  (0.01) (0.02)
            
Weighted average number of common shares           
basic and diluted          122,222,924  117,259,797        118,676,861  112,880,284 
            
            
(1) Amounts include share-based compensation expense as follows (in thousands):          
 Three months ended December 31, Year ended December 31,
 2020  2019  2020  2019 
 $  $  $  $ 
Cost of revenue                    2,626  26,468                44,145  59,358 
Research and development                  49,207  34,720              147,581  82,472 
Selling and marketing                  79,417  53,346              187,004  148,086 
General and administrative                101,697  64,781              248,500  164,473 
Total share-based compensation expense                232,947  179,315              627,230  454,389 



ProntoForms Corporation 
Consolidated statements of financial position 
as at December 31, 2020 and 2019 
(in United States dollars) 
       
  December 31,  December 31, 
  2020  2019 
  $  $ 
       
Assets      
Current assets      
Cash and cash equivalents7,747,542  5,700,003 
Accounts receivable 3,333,139  2,538,530 
Investment tax credits receivable117,092  185,213 
Unbilled receivables 235,518  197,264 
Related party loan receivable84,392  82,694 
Prepaid expenses and other receivables738,415  889,053 
Contract acquisition costs214,583  87,486 
  12,470,681  9,680,243 
       
Property, plant and equipment407,522  481,242 
Contract acquisition costs28,950  54,851 
Right-of-use asset 657,771  912,399 
  13,564,924  11,128,735 
       
Liabilities      
Current liabilities      
Accounts payable and accrued liabilities2,434,376  2,493,913 
Deferred revenue 4,657,581  3,562,816 
Derivative liability - current portion-  65,041 
Lease obligation - current portion274,312  246,517 
  7,366,269  6,368,287 
       
Long-term debt 3,219,484  2,717,146 
Lease obligation 486,302  745,599 
Derivative liability -  61,524 
  11,072,055  9,892,556 
       
Shareholders' equity      
Share capital 28,342,861  25,069,032 
Contributed surplus 864,907  864,907 
Share-based payment reserve3,506,948  3,345,960 
Warrant reserve -  692,960 
Deficit (30,406,282) (28,921,115)
Accumulated other comprehensive income184,435  184,435 
  2,492,869  1,236,179 
  13,564,924  11,128,735 



ProntoForms Corporation      
Consolidated statements of cash flows
Years ended December 31, 2020 and 2019
(in United States dollars)  
            
 Three months ended Year ended
 December 31, December 31,
 2020  2019  2020  2019 
 $  $  $  $ 
            
Operating activities           
Net loss(915,232) (781,391) (1,485,167) (2,265,478)
Items not affecting cash           
Share-based compensation232,947  179,315  627,230  454,389 
Accretion on long-term debt17,303  44,940  158,830  167,819 
Loss on early extinguishment of debt192,347  -  192,347   
Amortization of transaction costs4,697  -  4,697   
Accretion on lease obligations10,553  13,528  45,704  59,925 
Change in fair value of derivative liability476  40,838  3,270  (50,458)
Amortization of property, plant and equipment40,005  38,084  159,385  132,615 
Amortization of right-of-use asset63,657  67,597  254,628  269,800 
Unrealized foreign exchange (gains) losses102,524  56,210  (42,217)  107,899 
Loss from disposal of property, plant and equipment615  -  615  - 
Other finance costs75,091  51,568  219,062  209,702 
Interest paid(77,834)  (52,102)  (229,608)  (212,357)
Interest received2,743  534  10,546  2,655 
Lease interest paid(10,553)  (13,528)  (45,704)  (59,925)
Changes in non-cash operating working capital items478,158  462,987  319,928  880,497 
 217,497  108,580  193,546  (302,917)
            
Financing activities           
Payment of lease obligations(61,746)  (63,259)  (238,672)  (244,943)
Settlement of derivative liability(75,861)  8,886  (125,936)  (40,656)
Proceeds from the issuance of long-term debt3,127,458  -  3,127,458  - 
Repayment of long term debt(3,003,600)  -  (3,003,600)  - 
Transaction costs(56,362)  -  (56,362)  - 
Proceeds from the exercise of warrants1,480,575  -  1,480,575  2,433,948 
Proceeds from the exercise of options384,812  44,542  634,052  675,741 
 1,795,276  (9,831)  1,817,515  2,824,090 
            
Investing activities           
Purchase of property, plant and equipment(27,097)  (37,409)  (86,280)  (196,320)
            
Effect of exchange rate changes on cash77,045  (61,075)  122,758  49,909 
            
Net cash inflow2,062,721  265  2,047,539  2,374,762 
Cash and cash equivalents, beginning of year5,684,821  5,699,738  5,700,003  3,325,241 
Cash and cash equivalents, end of year7,747,542  5,700,003  7,747,542  5,700,003 


Primary Logo

Source: ProntoForms Corporation

2021 GlobeNewswire, Inc., source Press Releases - Canada

All news about PRONTOFORMS CORPORATION
06/30PRONTOFORMS : Announces Option Plan Amendment
AQ
06/29PRONTOFORMS : Names Michael Kramer as CRO
AQ
06/29ProntoForms Corporation Names Michael Kramer as CRO
CI
06/24HVAC and Refrigeration Manufacturer Deploys Prontoforms to over 1,000 Technic..
CI
06/24PRONTOFORMS : A global HVAC and refrigeration manufacturer deploys ProntoForms t..
AQ
05/14PRONTOFORMS : Announces Option Grant
AQ
05/12PRONTOFORMS : Global medical device manufacturer empowers over 800 field technic..
AQ
05/06PRONTOFORMS : Reports Q1 2021 Financial Results
AQ
05/06Prontoforms Corporation Reports Earnings Results for the First Quarter Ended ..
CI
04/29PRONTOFORMS : Announces Q1 2021 Financial Results Conference Call
AQ
More news
Financials
Sales 2021 24,3 M 19,3 M 19,3 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 135 M 107 M 107 M
Capi. / Sales 2021 5,54x
Capi. / Sales 2022 4,61x
Nbr of Employees -
Free-Float 66,2%
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
Last Close Price 1,06 CAD
Average target price 1,75 CAD
Spread / Average Target 65,1%
Managers and Directors
Alvaro Pombo President, Chief Executive Officer & Director
David Croucher Chief Financial Officer
Terry Hedley Matthews Chairman
Aly Mawani Vice President-Operations
Jonathan Shantz Independent Director
Sector and Competitors
1st jan.Capi. (M$)
PRONTOFORMS CORPORATION6.06%107
ORACLE CORPORATION35.82%219 060
SAP SE9.68%165 786
INTUIT INC.39.12%132 829
SERVICENOW, INC.6.14%107 607
DOCUSIGN, INC.37.55%54 398