Everyday People Financial Reports Strong Financial Results for the Three and Nine Months Ended September 30, 2024
Everyday People Financial reported strong Q3 2024 financial results with significant growth across key metrics. Revenue increased 89% to $17.8 million for Q3 and 71% to $48.3 million for the nine months ended September 30, 2024. The company turned from a loss to profit, with Q3 net income before tax of $1.6 million, up 451% year-over-year. Adjusted EBITDA grew 172% to $3.1 million in Q3 and 231% to $8.6 million for the nine-month period. The company expects a record profitable finish to 2024 and stronger performance in 2025, supported by the CCS Group Holding acquisition.
Everyday People Financial ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con una crescita significativa in tutti i principali indicatori. I ricavi sono aumentati dell'89% raggiungendo 17,8 milioni di dollari per il Q3 e del 71% a 48,3 milioni di dollari per i nove mesi conclusi il 30 settembre 2024. L'azienda ha passato da una perdita a un profitto, con un reddito netto prima delle tasse nel Q3 di 1,6 milioni di dollari, in crescita del 451% rispetto all'anno precedente. L'EBITDA rettificato è cresciuto del 172%, raggiungendo 3,1 milioni di dollari nel Q3 e del 231%, arrivando a 8,6 milioni di dollari per il periodo di nove mesi. L'azienda prevede una chiusura redditizia da record per il 2024 e prestazioni più forti nel 2025, supportata dall'acquisizione del CCS Group Holding.
Everyday People Financial reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento significativo en todos los indicadores clave. Los ingresos aumentaron un 89% alcanzando $17.8 millones para el Q3 y un 71% a $48.3 millones para los nueve meses que terminaron el 30 de septiembre de 2024. La empresa pasó de una pérdida a una ganancia, con un ingreso neto antes de impuestos de $1.6 millones en el Q3, un aumento del 451% interanual. El EBITDA ajustado creció un 172% llegando a $3.1 millones en el Q3 y un 231% a $8.6 millones para el período de nueve meses. La empresa anticipa un cierre récord en rentabilidad para 2024 y un rendimiento más fuerte en 2025, respaldado por la adquisición del CCS Group Holding.
Everyday People Financial은 2024년 3분기 강력한 재무 실적을 보고하며 주요 지표에서 상당한 성장을 보였습니다. 3분기 매출은 89% 증가하여 $17.8 백만에 달하고, 2024년 9월 30일로 종료된 9개월 동안 71% 증가하여 $48.3 백만에 이르렀습니다. 이 회사는 손실에서 이익으로 전환되었으며, 3분기 세금 전 순이익은 $1.6 백만으로 전년 대비 451% 증가했습니다. 조정 EBITDA는 3분기 172% 증가하여 $3.1 백만에 도달하고, 9개월 동안 231% 증가하여 $8.6 백만에 달했습니다. 이 회사는 2024년 기록적인 이익 마무리와 2025년 더 강력한 성과를 기대하고 있으며, CCS Group Holding 인수로 지원받고 있습니다.
Everyday People Financial a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec une croissance significative dans toutes les principales métriques. Les revenus ont augmenté de 89% pour atteindre 17,8 millions de dollars pour le T3 et de 71% pour atteindre 48,3 millions de dollars pour les neuf mois se terminant le 30 septembre 2024. L'entreprise est passée d'une perte à un bénéfice, avec un revenu net avant impôts de 1,6 million de dollars pour le T3, en hausse de 451% par rapport à l'année précédente. L'EBITDA ajusté a augmenté de 172% pour atteindre 3,1 millions de dollars au T3 et de 231% pour atteindre 8,6 millions de dollars pour la période de neuf mois. L'entreprise s'attend à une clôture annuelle record profitable pour 2024 et à de meilleures performances en 2025, soutenue par l'acquisition du CCS Group Holding.
Everyday People Financial berichtete von starken finanziellen Ergebnissen für das dritte Quartal 2024, mit einem signifikanten Wachstum in allen wichtigen Kennzahlen. Der Umsatz stieg um 89% auf 17,8 Millionen Dollar im Q3 und um 71% auf 48,3 Millionen Dollar für die neun Monate bis zum 30. September 2024. Das Unternehmen wechselte von einem Verlust zu einem Gewinn, mit einem Nettoertrag vor Steuern von 1,6 Millionen Dollar im Q3, was eine Steigerung von 451% im Jahresvergleich bedeutet. Das bereinigte EBITDA wuchs um 172% auf 3,1 Millionen Dollar im Q3 und um 231% auf 8,6 Millionen Dollar für den Neunmonatszeitraum. Das Unternehmen erwartet einen rekordverdächtigen profitablen Abschluss für 2024 und eine stärkere Leistung im Jahr 2025, unterstützt durch die Übernahme der CCS Group Holding.
- Revenue growth of 89% YoY to $17.8M in Q3 2024
- Turned profitable with $1.6M net income before tax in Q3 2024
- Adjusted EBITDA increased 172% to $3.1M in Q3 2024
- Nine-month revenue up 71% to $48.3M
- Balance sheet strengthening enables debt reduction
- None.
Revenue increased by
89% from$9.4 million to$17.8 million for the three months ended September 30, 2024.Revenue increased by
71% from$28.2 million to$48.3 million for the nine months ended September 30, 2024.Net income before tax increased by
451% from a loss of ($0.45 0 million) to a profit before tax of$1.6 million for the three months ended September 30, 2024, as compared to the same period in 2023.Net income before tax increased by
259% from a loss of ($2.3 million ) to a profit before tax of$3.7 million for the nine months ended September 30, 2024, as compared to the same period in 2023.Adjusted EBITDA increased by
172% to$3.1 million for the three months ended September 30, 2024, as compared to the same period in 2023.Adjusted EBITDA increased by
231% to$8.6 million for the nine months ended September 30, 2024, as compared to the same period in 2023.
Edmonton, Alberta--(Newsfile Corp. - November 14, 2024) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) ("Everyday People" or the "Company"), a financial service provider, is pleased to announce its consolidated record financial results for the three and nine months ended September 30, 2024. All figures are in Canadian dollars unless otherwise stated.
"We are very pleased to announce that Everyday People has achieved strong financial results, marking a significant milestone for our Company," said Gordon Reykdal, Executive Chairman of Everyday People. "With the strong results it has strengthened our balance sheet, and we are well-positioned to capitalize on growth opportunities, further reduce debt, and continue delivering long-term success for our Company and our stakeholders."
Management Commentary and Financial Results per Business Pillar
The Company is pleased to report another solid quarter and remains on track for a record profitable finish to 2024, with expectations for an even stronger 2025. This outlook is supported by the closing of the CCS Group Holding Limited acquisition in the fourth quarter.
1Adjusted EBITDA
| Three months ended September 30, 2024 ($) | Three months ended September 30, 2023 ($) | Nine months ended September 30, 2024 ($) | Nine months ended September 30, 2023 ($) | |
| Adjusted EBITDA reconciliation | ||||
| Net income (loss) before tax | 1,577,671 | (449,136) | 3,632,377 | (2,283,567) |
| Adjustments | ||||
| Interest included in direct cost | 117 | 38,612 | 7,446 | 90,896 |
| Depreciation and amortization | 820,729 | 663,942 | 2,424,020 | 1,878,649 |
| Acquisition costs | - | 120,635 | 72,477 | 377,617 |
| Share-based compensation | 102,275 | 264,863 | 448,081 | 740,343 |
| Finance costs | 737,479 | 493,288 | 2,424,967 | 1,782,157 |
| Gain on debt settlement | (153,600) | - | (440,286) | - |
| Total adjustments to net income (loss) before tax | 1,507,000 | 1,581,340 | 4,936,705 | 4,869,662 |
| Adjusted EBITDA | 3,084,671 | 1,132,204 | 8,569,082 | 2,586,095 |
| Less: Finance costs | (737,479) | (493,288) | (2,424,967) | (1,782,157) |
| Adjusted EBTDA | 2,347,192 | 638,916 | 6,144,115 | 803,938 |
Looking Forward
Everyday People delivered an exceptional performance in the first three quarters and is confident in building on the Company's two core pillars through the remainder of the year. Our passionate and experienced team of operators remain dedicated to fulfilling the Company's vision.
About Everyday People Financial Corp.
Everyday People is founded on the belief that everyone deserves a second chance to financially reestablish themselves with access to affordable credit products. We are changing the way people manage money by enhancing our client services with our own affordable and specialized financial products and literacy programs. We're helping everyday people rebuild their financial health for generational wealth. Everyday People has a workforce of about 450 people, with operations first established in 2006 in the United Kingdom, Canada, and the United States of America. The company includes two main pillars of business: Revenue Cycle Management which operates under our Co-CEO RCM, Graham Rankin, and Everyday People Financial Services which operates under our Co-CEO Financial Services, Barret Reykdal. We stand for creativity and entrepreneurship. Our combination of companies, products and services has been established to ensure we can fulfill consumers' financial needs and service them in a low-cost effective manner.
Financial Statements & Management's Discussion and Analysis
This news release should be read in conjunction with Everyday People's consolidated financial statements and "Management's Discussion and Analysis" report for the three and nine months ended September 30, 2024, which have been posted under the Company's profile on SEDAR+ at www.sedarplus.ca.
Non-IFRS Financial Measures
This news release makes reference to certain non-IFRS financial measures, including adjusted EBITDA, and adjusted EBTDA.
"Adjusted EBITDA" is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. "EBITDA" means earnings before finance and interest costs, provision for income tax and amortization and depreciation expenses. "Adjusted EBITDA" is calculated as adding back the share-based compensation, depreciation and amortization expenses, other expenses (income) and other non-operating expenses (income) management considers not directly related to operational performance of the period presented.
"Adjusted EBTDA" is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. "EBTDA" means earnings before finance excluding interest costs, provision for income tax and amortization and depreciation expenses. "Adjusted EBTDA" is calculated as adding back the share-based compensation, depreciation and amortization expenses, other expenses (income) and other non-operating expenses (income), and excludes interest costs in the calculation, management considers not directly related to operational performance of the period presented.
Adjusted EBITDA and EBTDA, are used as non-IFRS financial measures to provide investors with a supplemental measure of the Company's operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company believes that securities analysts, investors, and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the Company's ability to meet its capital expenditure and working capital requirements.
Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of the Company's results under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus their nearest IFRS equivalents. Investors are encouraged to review the consolidated financial statements as at and for the three and nine months ended September 30, 2024 and September 30, 2023, and disclosures in their entirety and are cautioned not to put undue reliance on any non-IFRS financial measure and view it in conjunction with the most comparable IFRS financial measures. In evaluating these non-IFRS financial measures, please be aware that in the future the Company will continue to have the adjustment similar to those adjusted in the presented period.
For more information visit: www.everydaypeoplefinancial.com.
Contact
Gordon Reykdal
Executive Chairman of Everyday People Financial Corp.
letsconnect@epfinancial.ca
1 888 825 9808
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to financial performance, results of operations, integration of the acquired businesses, and the business, plans, strategy, and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, expectations and assumptions concerning the Company and the acquired businesses as well as other risks and uncertainties, including those described in the documents filed by the Company on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230042
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