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Research Solutions Reports Fiscal Fourth Quarter and Full Year 2017 Financial Results
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PR Newswire
ENCINO, Calif., Sept. 18, 2017
ENCINO, Calif., Sept. 18, 2017 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a pioneer in providing cloud-based solutions for scientific research, reported financial results for its fiscal fourth quarter and full year ended June 30, 2017.
The preliminary results below are from continuing operations and exclude the results of the Reprints and ePrints business whose assets were sold on June 30, 2017. In addition, prior period results for the Reprints and ePrints business are classified as discontinued operations.
Fiscal Fourth Quarter 2017 Summary vs. Year-Ago Quarter
- Total revenue increased 11% to $6.8 million.
- Platform revenue up 145% to $318,000, with a 137% increase in total Platform deployments to 140. Annual recurring revenue was up 137% to $1.4 million.
- Transaction revenue up 8% to $6.5 million, with customer count up 11% to 1,001. Transaction count up 11% to 212,386.
- Total gross margin up 180 basis points to 25.0%.
- Net loss from continuing operations was $0.8 million, or $(0.03) per share, compared to a net loss of $0.2 million, or $(0.01) per share.
Management Commentary
"As our preliminary results indicated, the market momentum for our SaaS Platform business continues to grow," said Peter Derycz, president and CEO of Research Solutions. "Fourth quarter deployments more than doubled to 140, with annual recurring revenue up 137% to $1.4 million. In our Transactions business, the proactive measures we put into place last quarter to grow revenue and improve margins are having their intended effect. We look forward to our operational and financial momentum continuing into fiscal 2018."
Fiscal Fourth Quarter 2017 Financial Results
Total revenue increased 11% to $6.8 million compared to $6.2 million in the same year-ago quarter.
Platform subscription revenue increased 145% to $318,000 compared to $130,000 in the year-ago quarter. The increase was due to a 137% increase in the total number of paid Platform deployments to 140. The quarter ended with annual recurring revenue up 137% to $1.4 million (see the company's definition of annual recurring revenue below).
Transaction revenue increased 8% to $6.5 million compared to $6.0 million in the same year-ago quarter. Total active customers increased 11% from 909 to 1,011, and transaction count also increased 11% from 191,000 to 212,000 (see the company's definition of active customer accounts and transactions below).
Total gross margin increased 180 basis points to 25.0% from 23.2% in the same year-ago quarter. The increase was driven by a revenue mix shift to the higher-margin Platforms business.
Total operating expenses increased to $2.5 million compared to $1.6 million in the year-ago quarter, driven primarily by the company's investment in sales, marketing and technology personnel to support increased Platform sales and deployments.
Net loss from continuing operations in the fiscal fourth quarter was $0.8 million, or $(0.03) per share, compared to a net loss of $0.2 million, or $(0.01) per share, in the year-ago quarter. Adjusted EBITDA totaled $(0.6) million compared to $0.0 million in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below). Both the net loss and Adjusted EBITDA reflect the company's investment in its Platform business.
Cash and cash equivalents at June 30, 2017 were $5.8 million compared to $6.1 million at June 30, 2016. There were no outstanding borrowings under the company's revolving line of credit, which provides the lesser of $4 million or 80% of eligible accounts receivable. Apart from a $0.3 million office lease liability due to new accounting guidance for leases, the company had no long-term liabilities or other debt.
Full Year 2017 Financial Results
Total revenue increased 7% to $25.7 million compared to $24.1 million in 2016.
Platform subscription revenue increased 144% to $980,000 compared to $402,000 in 2016. The increase was due to the previously mentioned increase in total paid Platform deployments to 140 and strong annual recurring revenue growth to $1.4 million.
Transaction revenue increased 4% to $24.8 million compared to $23.7 million in 2016. Total active customers increased 11% from 873 to 967, and transaction count increased 9% from 741,849 to 810,083.
Total gross margin increased 30 basis points to 23.7% from 23.4% in 2016. The increase was driven by the revenue mix shift to the higher-margin Platforms business.
Total operating expenses increased to $9.2 million compared to $6.9 million in 2016, driven primarily by the company's investment throughout the year in sales, marketing and technology personnel to support increased Platform sales and deployments.
Net loss from continuing operations in fiscal 2017 was $3.1 million, or $(0.14) per share, compared to a net loss of $1.4 million, or $(0.08) per share, in 2016. Adjusted EBITDA totaled $(2.3) million compared to $(0.5) million in 2016. Both the net loss and Adjusted EBITDA reflect the company's investment in its Platform business.
Further details about these results are available in the company's annual report on Form 10-K, which is available in the investor relations section of the company's website at www.researchsolutions.com.
Conference Call
Research Solutions President and CEO Peter Derycz and CFO Alan Urban will host an investor conference call to discuss these results and the company's outlook, followed by a question and answer period.
Date: Monday, September 18, 2017
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-855-327-6837
International dial-in number: 1-631-891-4304
Conference ID: 10003523
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website at www.researchsolutions.com.
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through October 2, 2017.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10003523
| Fiscal Fourth Quarter and Full Year 2017 Financial and Operational Summary Tables | |||||
| | | | |||
| | | Quarter Ended June 30, | |||
| | | 2017 | 2016 | Change | % |
| Revenue: | | | | | |
| | Platforms | $ 318,194 | $ 129,963 | $ 188,231 | 144.8% |
| | Transactions | 6,521,313 | 6,025,972 | 495,341 | 8.2% |
| Total Revenue | 6,839,507 | 6,155,935 | 683,572 | 11.1% | |
| | | | | | |
| Gross Profit: | | | | | |
| | Platforms | 247,097 | 106,537 | 140,560 | 131.9% |
| | Transactions | 1,460,813 | 1,323,080 | 137,733 | 10.4% |
| Total Gross Profit | 1,707,910 | 1,429,617 | 278,293 | 19.5% | |
| | | | | | |
| Gross profit as a % of revenue: | | | | | |
| | Platforms | 77.7% | 82.0% | -4.3% | |
| | Transactions | 22.4% | 22.0% | 0.4% | |
| Total Gross Profit | 25.0% | 23.2% | 1.7% | | |
| | | | | | |
| Operating Expenses: | | | | | |
| | Sales and marketing | 988,962 | 520,402 | 468,560 | 90.0% |
| | General and administrative | 1,326,798 | 902,667 | 424,131 | 47.0% |
| | Depreciation and amortization | 36,893 | 29,702 | 7,191 | 24.2% |
| | Stock-based compensation | 112,151 | 162,192 | (50,041) | -30.9% |
| | Foreign currency translation loss Werbung Mehr Nachrichten zur Research Solutions Aktie kostenlos abonnieren
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