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Absolute Reports Fiscal 2017 Third Quarter Financial Results
Thursday, May 11, 2017Company Profile | Follow Company
Commercial Recurring Revenue Increases 9% Year-Over-Year
Vancouver, BC, May 11, 2017--(T-Net)--Absolute® (TSX: ABT), a self-healing endpoint security company, today announced financial results for the three and nine months ended March 31, 2017. All dollar figures are unaudited and stated in U.S. dollars, unless otherwise indicated.
“Our Q3 results were underscored by strong expansion and upsell activity within customer accounts, demonstrating the inherent opportunities among our customer base and the response to our accelerated product innovation,” said Geoff Haydon, Chief Executive Officer, Absolute.
“Over the first nine months of fiscal 2017, we demonstrated our ability to execute on multiple growth vectors with both new customer acquisition and existing customer expansion driving year-to-date revenue performance.”
Q3-F2017 Highlights
Financial
Technology and Product
Operations and Corporate
Summary of Key Financial Metrics
Corporate Outlook
Revenue
The Company is narrowing its revenue guidance to the lower end of the previous guidance range reflecting lower than expected professional services and Consumer sales. F2017 total revenue is expected to be between $91.4 million and $92.4 million, representing 6% to 8% annual DDS segment revenue growth.
Adjusted EBITDA
The Company is raising its Adjusted EBITDA guidance to 8% to 9% of revenue.
Cash from Operations
The Company expects cash from operating activities, prior to payments for income taxes and reorganization charges, as a percentage of revenue, to be 7% to 9%.
Capital Expenditures
Capital expenditures are expected to be between $3.8 million and $4.2 million.
Quarterly Dividend
On April 19, 2017, Absolute declared a quarterly dividend of CAD$0.08 per share on the Company's common shares. The dividend is payable in cash on May 29, 2017 to shareholders of record at the close of business on May 9, 2017.
Quarterly Filings
Management's discussion and analysis (“MD&A”) and consolidated financial statements and the notes thereto for the fiscal quarter ended March 31, 2017 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available atwww.sedar.com.
Non-IFRS Measures and Definitions
Throughout this press release, the Company refers to a number of measures which the Company believes are meaningful in the assessment of the Company's performance. All these metrics are non-standard measures under International Financial Reporting Standards (“IFRS”), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS. For a discussion of the purpose of these non-IFRS measures, please refer to the Company's March 31, 2017 MD&A on SEDAR at www.SEDAR.com.
These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:
About Absolute
Absolute takes a new approach to cybersecurity with the first self-healing endpoint security solution that delivers uncompromised visibility and offers near real-time remediation of breaches at the source. Absolute's cloud-based platform puts IT and security professionals in total command of devices, data and applications — whether on or off the network — to enhance IT asset management, protect sensitive data, reduce insider threats, and ensure compliance. Absolute's patented Persistence technology is embedded in the firmware of more than one billion PC and mobile devices from global manufacturers including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung, and Toshiba. Absolute is headquartered in Vancouver, Canada, and has offices around the world. For more information, visitwww.absolute.com.
Forward-Looking Statements
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations.
They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements or financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2017 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
For more information, please contact:
Media and Analyst Relations
Darah Patton, InkHouse
absolute@inkhouse.com or 1 317 695 5630
Investor Relations
Joo-Hun Kim, MKR Group
joohunkim@mkrir.com or 1 212 868 6760
ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated Statements of Financial Position
(Expressed in United States dollars) (Unaudited)
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Operations and Comprehensive Income
Three and nine months ended March 31, 2017 and 2016
(Expressed in United States dollars) (Unaudited)
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency
(Expressed in United States dollars) (Unaudited)
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Cash Flows
Three and nine months ended March 31, 2017 and 2016
(Expressed in United States dollars) (Unaudited)
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