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Track Group, Inc. Reports Q1-FY2016 Quarterly Results


News provided by

Track Group, Inc.

09 Feb, 2016, 12:00 GMT

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- Revenue Increases 37%

- Adjusted EBITDA margin improves

- Cash burn from operations decreases 82%

- Reaffirms FY2016-2017 Outlook

SALT LAKE CITY, Feb. 9, 2016 /PRNewswire/ -- Track Group, Inc. (OTCQX: TRCK), an end-to-end, cloud-based, tracking solutions company in the global offender management market that combines proprietary tracking devices, real-time monitoring services and advanced data analytics, sold on a platform-as-a-services (PaaS) basis, today announced results for its fiscal 2016 first quarter ended December 31, 2015 and reaffirms its outlook.

Company Highlights:

  • Virginia Dept. of Corrections – On October 1, 2015, the Company executed an agreement with the Virginia Department of Corrections to provide solutions based on GPS and biometric voice verification technology designed to monitor over 16,000 offenders and defendants. The term of the Agreement is six years, with a two-year minimum and is valued at approximately $11MUSD.
  • Data Analytics for Corrections – During the first quarter of fiscal 2016, the Company expanded deployment of its proprietary data analytics service in Detroit, Indianapolis and Philadelphia.  These service programs are designed to automate the process of examining location data, uncover hidden correlations, and provide a "pattern-of-life," so law enforcement and corrections officers have actionable real-time information to enhance decision-making capabilities.

Financial Highlights:

  • Total revenue increases 37% – Net revenues increased 37% in the first quarter of fiscal 2016 when compared to the same period in 2015.  Increases in revenue for the quarter were the result of growth of monitoring devices in the Americas, and to a lesser extent analytics and other services. "I am pleased with our continued growth and momentum and our current run rate is aligned with our full year revenue outlook," said Guy Dubois, Track Group's Chairman.
  • Gross profit margin increases to 62% – "We anticipate cost of revenues, as a percentage of total revenue, will continue to decline in fiscal 2016," stated John Merrill, Chief Financial Officer. He continued, "Supply chain outsourcing, a lower daily cost per device, automation, and higher margin analytic services will reflect in a lower cost of revenues hence driving higher gross profit."
  • Operating expense increases 26% - The 26% increase in operating expense in the first quarter of fiscal 2016 when compared to the same period in 2015 were largely the result of an increase in non-cash expenses such as stock compensation and depreciation. Other increases were higher payroll costs including benefits and engineering cost.  "As a growth company, we must attract and retain the very best people in order to accelerate the onboarding process and continue to deliver impeccable service to our customers.  We remain committed to investing in technology and infrastructure to deliver the best suite of tracking solutions at the right price," said Mr. Dubois.
  • Net loss improves 4%.  Net loss for Q1-FY2016 was $2.127M or ($0.21) per share, when compared to a net loss of $2.215M or ($0.22) per share for the same period in 2015, a 4% improvement.  
  • Cash burn from operations drops 82% - The Company used $3.5M less cash in the first quarter of 2016 than in the same period 2015. Net decreases in cash was ($2.4M) for first quarter of 2016 when compared to ($5.9M) in the same period in 2015.  Cash used in operations decreased to less than ($0.50M) in the first quarter of 2016 from ($2.5M) in the same quarter 2015, an 82% improvement.  "We are billing more subscription revenues and collecting sooner," said Mr. Merrill.
  • Adjusted EBITDA increases to $0.336M.  The Company's adjusted EBITDA for Q1-FY16 increased to $0.336M or 5.3% of total revenue from a loss of ($0.394M) or (8.5%) for the same period in 2015. "We are a growth stage technology Company that recognizes a significant amount of non-cash expense, including depreciation and amortization on $31M of capital assets.  We believe that adjusted EBITDA is a more complete picture of performance, used in conjunction with GAAP, and its impacts on cash," said Mr. Merrill. 

Fiscal Q1-2016 vs Fiscal Q1-2015 GAAP Results: For the quarter ended December 31, 2015, the Company reported net revenues of $6.3M compared to net revenues of $4.6M for the same period in 2014, an increase of 37%.  During the quarter ended December 31, 2015, gross profit totaled $3.9M, resulting in a 62% gross margin, compared to $2.6M, or a 56% gross margin during the same period in 2014, an increase of $1.3M. Total operating expense for the first quarter of fiscal 2016 was $5.28M compared to $4.20M in the same period in 2015, a 26% increase. Net loss for Q1-FY2016 was $2.13M or ($0.21) per share, when compared to a $2.22M or ($0.22) per share for the same period in 2015, a 4% improvement.    On an adjusted basis, the Company reported EBITDA of $0.336M or 5.3% net margin for the first quarter of 2016 compared to ($0.394M) or (8.5%) for the same period in 2015.

Company Reaffirms Outlook:


Actual

Outlook


Q1-FY2016

Q1-FY2015

FY2016

FY2017






Net Revenue (USD$)

$ 6.318M

$ 4.621M

$ 28 - 31 M

$ 42 - 47 M






Adjusted EBITDA Margin (%)

5.3%

(8.5%)

15-20%

25-30%






Non-GAAP Financial Measures

This press release includes financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.

Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, dividends, gains and losses, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based compensation or other stated cash and non-cash charges (the "Adjustments").

The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments.  Specific disclosure regarding the Company's financial results, including management's analysis of results from operations and financial condition, are contained in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2015, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company's Form 10-Q and other reports, including the risk factors contained in the Company's annual report on Form 10-K for the year ended September 30, 2015.      

About Track Group, Inc.

Track Group develops, manufactures, and provides tracking solutions that combine real-time GPS tracking devices and 24/7/365 monitoring services with advanced data analytics for the global offender management market which includes corrections, military and law enforcement. For more information, visit www.trackgrp.com.

Forward-Looking Statement

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to Track Group, Inc. & subsidiaries ("Track Group") are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group's current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Track Group's annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.  New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS















December 31,


September 30,


Assets


2015


2015


Current assets:


(Unaudited)




Cash


$    2,473,025


$    4,903,045


Accounts receivable, net of allowance for doubtful accounts of $4,356,817 and $4,150,000, respectively


6,700,733


6,044,931


Note receivable, current portion


315,533


306,434


Prepaid expenses and other 


1,397,023


1,266,277


Inventory, net of reserves of $173,145 and $225,900, respectively


610,190


741,514


                 Total current assets


11,496,504


13,262,201


Property and equipment, net of accumulated depreciation of $2,966,034 and $2,822,166, respectively


1,538,395


1,697,630


Monitoring equipment, net of accumulated amortization of $2,553,113 and $2,225,480, respectively


3,358,424


2,784,595


Intangible assets, net of accumulated amortization of $6,253,294 and $5,628,308, respectively


25,663,766


25,884,087


Other assets


2,545,571


2,619,035


Goodwill


7,753,269


7,782,903


                 Total assets


$  52,355,929


$  54,030,451








Liabilities and Stockholders' Equity






Current liabilities:






Accounts payable 


2,511,156


2,363,441


Accrued liabilities 


3,245,008


2,705,403


Current portion of long-term debt, net of discount of $222,973 and $222,973, respectively


224,506


796,225


         Total current liabilities


5,980,670


5,865,069


Stock payable - related party


3,501,410


3,501,410


Long-term debt, net of current portion and discount of $353,041 and $408,784, respectively


30,221,765


30,189,188


Other long-term liabilities


-


106,671


            Total liabilities


39,703,845


39,662,338








Stockholders' equity:






Common stock,  $0.0001 par value: 15,000,000 shares authorized; 10,261,288 outstanding


1,026


1,026


Additional paid-in capital


297,787,148


297,591,034


Accumulated deficit


(282,973,120)


(280,845,882)


Accumulated other comprehensive loss


(2,162,970)


(2,378,065)


         Total equity


12,652,084


14,368,113


               Total liabilities and stockholders' equity


$  52,355,929


$  54,030,451














TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 AND COMPREHENSIVE LOSS
(Unaudited)






Three Months Ended



December 31,



2015


2014

Revenues:




   Products


$        90,918


$        91,589

   Monitoring services


5,957,426


4,501,680

    Other


269,260


27,350

               Total revenues


6,317,604


4,620,619






Cost of revenues:





   Products


95,261


21,357

   Monitoring and other related services


1,784,951


1,628,180

    Depreciation & amortization included in cost of revenues


488,967


340,550

    Impairment of monitoring equipment and parts


60,000


55,080

               Total cost of revenues


2,429,179


2,045,167






Gross profit

3,888,425


2,575,452






Operating expenses: 





General & administrative


3,411,643


2,674,992

Selling & marketing


620,029


422,789

Research & development


547,159


464,178

Depreciation & amortization


700,035


641,900

Loss from operations

(1,390,441)


(1,628,407)






Other income (expense):





Loss on disposal of equipment


(33,805)


-

Interest expense, net


(694,508)


(672,491)

Currency exchange rate gain (loss)


(18,149)


80,562

Other income, net


9,665


5,121

Net loss attributable to common shareholders


(2,127,238)


(2,215,215)

Foreign currency translation adjustments


215,095


(626,878)

Comprehensive loss

$(1,912,143)


$(2,842,093)

Net loss per common share, basic and diluted


$          (0.21)


$          (0.22)

Weighted average common shares outstanding, basic and diluted


10,261,288


10,108,000

TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the periods ended, December 31, 2015 and 2014
(Unaudited)












2015


2014

Cash flows from operating activities:




   Net Loss

$ (2,127,238)


$ (2,215,215)


   Adjustments to reconcile net income to net cash used in operating activities:





Depreciation and amortization

1,189,003


982,450



Impairment of monitoring equipment and parts

60,000


55,080



Bad debt expense

199,854


-



Amortization of debt discount 

55,743


89,821



Stock based compensation

159,469


-



Vesting and re-pricing of stock options

196,114


75,082



Loss on disposal of property and equipment

33,805


-



Loss on disposal of monitoring equipment included on cost of sales

-


12,575


Change in assets and liabilities:






  Accounts receivable, net

(836,330)


(2,041,899)



  Notes receivable

(9,099)


(7,667)



  Inventories

131,348


(403,794)



  Prepaid expenses and other assets

(76,313)


(182,680)



  Accounts payable

146,921


694,958



  Accrued expenses

418,593


450,615



  Deferred revenue

-


(10,792)




Net cash used in operating activities

(458,130)


(2,501,466)








Cash flow from investing activities:






Purchase of property and equipment

(46,970)


(2,317)



Capitalized software 

(442,578)


-



Purchase of monitoring equipment and parts

(898,500)


(837,014)



Payment related to acquisition

-


(1,937,902)




Net cash used in investing activities

(1,388,048)


(2,777,233)








Cash flow from financing activities:






Principal payments on notes payable

(587,608)


(598,251)




Net cash used by financing activities

(587,608)


(598,251)








Effect of exchange rate changes on cash

3,766


(36,290)








Net increase (decrease) in cash

(2,430,020)


(5,913,240)

Cash, beginning of period

4,903,045


11,101,822

Cash, end of period

$   2,473,025


$   5,188,582








TRACK GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
For the periods ended, December 31, 2015 and 2014






Dec 31


Dec 31

Non-GAAP Adjusted EBITDA (In $000's USD)

2015


2014

Net loss attributable to common shareholders

$               (2,127)


$                 (2,215)

  Interest expense, net

695


673

  Income taxes (5)

5


-

  Depreciation, amortization, and impairment

1,249


1,141

  Stock based compensation

356


75

  M&A costs (1)

-


-

  Other non-cash charges (2)

159


(68)

  Non-recurring one-time charges(3)

-


-

  Non-recurring one-time (benefits) (4)

-


-

Non GAAP Adjusted EBITDA

$                    336


$                     (394)

Non GAAP Adjusted EBITDA, percent of revenue

5.3%


-8.5%






Dec 31


Dec 31

Non-GAAP EPS (In $000's, except per share)

2015


2014

Net loss attributable to common shareholders

$               (2,127)


$                 (2,215)

  Interest expense, net

695


673

  Income taxes (5)

5


-

  Depreciation, amortization, and impairment

1,249


1,141

  Stock based compensation

356


75

  M&A costs (1)

-


-

  Other non-cash charges (2)

159


(68)

  Non-recurring one-time charges(3)

-


-

  Non-recurring one-time (benefits) (4)

-


-

Non-GAAP net income to common shareholders

$                    336


$                     (394)

Weighted average common shares outstanding

10,261


10,108

Non-GAAP earnings (loss) per share

$                   0.03


$                    (0.04)

(1)

The Company completed two acquisitions in 2014 and one in 2015.  M&A costs in prior periods include severance, settlement costs, travel, advisory and legal fees that were not included in the purchase price allocation.  Those costs were expensed in accordance with U.S. GAAP. 

(2)

Other non-cash charges may include reserves for inventory obsolescence, gains or losses, and non-cash currency impacts.

(3)

Non-recurring one-time charges include but are not limited to: the pro-forma effect of EBITDA of acquired company G2 Analytics, outsourcing of supply chain / fulfillment, and impairment of certain acquisition assets.

(4)

Non-recurring one-time benefits include disgorgement funds received by a shareholder net of related costs.

(5)

Currently, the Company has significant U.S. tax loss carryforwards that may be used to offset future taxable income, subject to IRS limitations.  However, the Company is still subject to state, commonwealth, and other foreign based taxes.

Related Links

http://www.trackgrp.com

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