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Absolute Reports Fiscal 2018 Third Quarter Financial Results - Q3 2018 Revenue Rises to $23.3 Million (U.S.)
Tuesday, May 8, 2018Company Profile | Follow Company
Compamny Reports 9% Annual Enterprise ACV Growth
Vancouver, BC, May 8, 2018--(T-Net)--Absolute (TSX: ABT), an endpoint visibility and control company, today announced financial results for the three and nine months ended March 31, 2018. All dollar figures are unaudited and stated in U.S. dollars, unless otherwise indicated.
"Absolute's visibility and control platform goes beyond other solutions in the space by protecting the weakest link within the security landscape," said Steve Munford, interim chief executive officer at Absolute. "Over the past quarter, after discussions with our current and prospective customers as well as our partners, it's clear that Absolute has an opportunity to accelerate its growth rate with laser focus and a sense of urgency on specific market segments where our success rate is highest, including regulated and highly mobile markets. We plan to direct resources into those specific markets and rapidly build a repeatable process for success."
Key Financial Metrics
Products and Organizational Developments
Summary of Key Financial Metrics
Corporate Outlook
The Company is updating its outlook for F2018:
Quarterly Dividend
On April 20, 2018, the Company declared a quarterly dividend of CAD$0.08 per share on its common shares, payable in cash on May 29, 2018, to shareholders of record at the close of business on May 8, 2018.
Quarterly Filings
Management's Discussion and Analysis ("MD&A") and Interim Condensed Consolidated Financial Statements and the notes thereto for the fiscal quarter and year-to-date period ended March 31, 2018 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.
Non-IFRS Measures and Definitions
Throughout this press release, the Company refers to a number of measures that the Company believes are meaningful in the assessment of the Company's performance. All these metrics are nonstandard 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, 2018 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:
Commercial ACV Base measures the amount of recurring annual revenue Absolute will receive from its commercial customers under contract at a point in time, and therefore is an indicator of the Company's future revenue streams. Net ACV Retention measures the percentage increase or decrease in the Commercial ACV Base at the end of a period for the customers that made up the Commercial ACV Base at the beginning of the same period. This metric provides insight into the effectiveness of Absolute's customer retention and expansion functions. ACV from New Customers measures the addition to the Commercial ACV base from sales to new commercial customers during the quarter.
We believe that increases in the amount of ACV from New Customers, and improvement in the Company's Net ACV Retention, will grow our Commercial ACV Base and, in turn, our future revenues.
About Absolute
Absolute provides visibility and resilience for every endpoint with self-healing endpoint security and always-connected IT asset management to protect devices, data, applications and users — on and off the network. Bridging the gap between security and IT operations, only Absolute gives enterprises visibility they can act on to protect every endpoint, remediate vulnerabilities, and ensure compliance in the face of insider and external threats. Absolute's patented Persistence technology is already embedded in the firmware of PC and mobile devices and trusted by over 15,000 customers worldwide. For the latest information, visit www.absolute.com and follow us at @absolutecorp.
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.
©2018 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.
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
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