Sangoma Announces Fourth Quarter Fiscal 2023 Results
- Annual revenue surpasses $250 million, a 13% increase over the prior fiscal year.
- Adjusted EBITDA for the quarter was $10.86 million, representing about 17% of revenue.
- Net loss for the year was $29.03 million, affected by a one-time non-cash goodwill impairment charge of $22.51 million.
Fiscal year revenue surpasses
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Q4 FY2023 |
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Q4 FY2022 |
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FY2023 |
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FY2022 |
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Revenue |
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(4)% |
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Gross profit |
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(5)% |
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Operating expenses1 |
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(4)% |
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Net loss |
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Net loss per share (fully diluted) |
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Adjusted EBITDA2 |
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(2)% |
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Net cash provided by operating activities |
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Revenue for the fourth quarter of fiscal 2023 was
Sangoma continues to maintain a healthy balance sheet, finishing the quarter and the fiscal year with net cash provided by operating activities of
“Our fourth quarter brings to a close both a successful and transitional year for Sangoma and I remain proud of our team for delivering record revenue results for our customers and shareholders during fiscal year 2023,” said Norm Worthington, Sangoma Board Chairman. “We crossed the
Operating expenses1 were
Net loss for the fourth quarter was
Outlook for fiscal year 2024
The Company will be suspending the issuance of forward-looking earnings guidance for fiscal 2024. This decision comes as part of a strategic transformation led by the Company's new CEO, Charles Salameh to position Sangoma for long-term success and sustainable growth.
“While maintaining profitable growth in fiscal 2024, we will embark on a transformative journey, to focus on executing a set of strategic initiatives that deliver value to our customers and shareholders. This will provide a strong foundation for expanding our addressable markets and optimizing our product portfolio and operations, in order to enable the Company to respond to and capitalize on evolving market dynamics,” said Charles Salameh, Sangoma CEO.
Conference call
Sangoma will host a conference call on Wednesday, September 27, 2023, at 5:30 pm ET to discuss these results. The dial-in number for the call is 1-800-319-4610 (International 1-604-638-5340). Participants are requested to dial in 5 minutes before the scheduled start time and ask to join the Sangoma call.
1 Operating Expenses consist of sales and marketing, research and development, general and administration and foreign exchange (gain) loss.
2 Adjusted EBITDA is a non-IFRS financial measure used by the Company to monitor its performance and definitions of these terms along with reconciliation to the closest IFRS measure may be found in the accompanying MD&A on page 18 posted today at www.sedar.com and www.sec.gov.
About Sangoma Technologies Corporation
Sangoma is a trusted leader in delivering value-based Communications as a Service (CaaS) solutions for businesses of all sizes. Sangoma simplifies communications by providing businesses with the industry’s most comprehensive suite of cloud-native communications solutions, which work together seamlessly to streamline business processes. Sangoma provides businesses with a complete solution, including cloud software, endpoints, and connectivity – all delivered and supported by Sangoma’s expert team. One provider and one contact ease vendor management and save time. For more information, visit www.sangoma.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the future success of our business, development strategies and future opportunities.
Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include, but are not limited to, statements relating to management’s guidance on revenue and Adjusted EBITDA, and other statements which are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained herein include, but are not limited to, risks and uncertainties associated with changes in exchange rate between the Canadian dollar and other currencies (in particular the United States’ (“US”) dollar), changes in technology, changes in the business climate, changes to macroeconomic conditions, including (i) inflationary pressures and potential recessionary conditions, as well as actions taken by central banks and regulators across the world in an attempt to reduce, curtail and address such pressures and conditions, including any increases in interest rates, and (ii) the effects of adverse developments at financial institutions, including bank failures, that impact general sentiment regarding the stability and liquidity of banks, and the resulting impact on the stability of the global financial markets at large, risks related to the COVID-19 (coronavirus) pandemic and any resurgence thereof, our ability to identify and remediate material weaknesses and significant deficiencies in our internal controls, changes in the regulatory environment, the imposition of tariffs, the decline in the importance of the PSTN (as hereinafter defined), impairment of goodwill and new competitive pressures, and acts of terrorism and war, hostilities and conflicts, including, but not limited to, Russia’s invasion of
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Sangoma Technologies Corporation
Larry Stock
Chief Financial Officer
investorrelations@sangoma.com
Source: Sangoma Technologies Corporation