Technology
Tribe Property Technologies Announces Record Revenue and 47% Improvement in Adjusted EBITDA in Q2-2024
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Tribe achieved record quarterly revenue of $6.16 million in Q2-2024, an increase of 28% from the same period last year, alongside a 47% Year-over-Year improvement in Adjusted EBITDA driven by increasing revenues and the execution of strategic integration and efficiency projects resulting in cost reductions.In Q2-2024, Tribe acquired DMSI Holdings, including its three subsidiaries, bringing its expected proforma revenue run-rate to over $31 million with improved profitability.During the quarter, Tribe completed a private placement equity financing for gross proceeds of $3.66 million and a LIFE financing for gross proceeds of $2.51 million, which allowed the Company to solidify its balance sheet and complete the DMSI acquisition.Management provides a strong growth outlook with the goal of achieving positive Adjusted EBITDA by the end of 2024, and cash flow positive in 2025.
VANCOUVER, BC, Aug. 29, 2024 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”), a leading provider of technology-elevated property management solutions, today announces its financial results for the second quarter ended June 30, 2024. All amounts are stated in Canadian dollars on an as reported basis under IFRS (International Financial Reporting Standards) unless otherwise indicated.
Joseph Nakhla, Chief Executive Officer of Tribe, commented, “We are thrilled to announce Tribe’s achievement of record quarterly revenue and a 47% improvement in Adjusted EBITDA(2) in Q2-2024. The second quarter was transformational for the Company, highlighted by our successfully completed acquisition of Toronto-based DMSI Holdings Ltd. (“DMSI”), propelling Tribe’s proforma annualized revenue run-rate to over $31 million; providing the Company with scale, and significantly improving Tribe’s profitability profile. The acquisition and integration of DMSI expands the Company’s footprint in residential rental and commercial property management, making Tribe the second largest multi-family rental management company in Canada(1), encompassing over 19,000 units in addition to more than 30,000 strata and condo units managed nationally.”
Joseph Nakhla further added, “Looking ahead, we anticipate continued revenue growth in the second half of the year, driven by organic growth and the DMSI acquisition. Improving profitability has been Tribe’s strategic focus over the past year, and we’re delighted to report that our efforts are yielding significant results, as reflected in our current expectation of achieving positive Adjusted EBITDA by the end of the year, followed by positive cash flows in 2025.”
Angelo Bartolini, Tribe’s President and Chief Financial Officer stated, “The outstanding progress we’ve made in the first half of the year underscores our unwavering commitment to delivering value to our shareholders. Our growth outlook for 2024 remains strong, supported by increasing monthly recurring revenue and ongoing efficiency measures, leading to improving gross margins and overall profitability. Tribe’s improved balance sheet, after the recently completed private placement and LIFE equity financings, enabled the Company to complete the DMSI acquisition. We are confident that Tribe is well positioned for a highly successful 2024 and 2025.”
Q2-2024 Financial Highlights:
Revenue: Tribe achieved record revenue of $6.16 million in Q2-2024, an increase of 28% compared to $4.82 million in Q2-2023. Revenue growth was positively impacted by organic growth and the acquisitions of DMSI and Meritus Group Management Inc.Gross profit(3): Gross profit was $2.34 million in Q2-2024, an increase of 50% compared to $1.56 million in Q2-2023. Gross profit was favorably impacted by the increase in revenue and the execution of strategic integration and efficiency projects resulting in cost reductions.Gross margin percentage: Tribe achieved Gross margin percentage of 41.5% in Q2-2024, compared to Gross margin percentage of 38.9% in Q2-2023. Gross margin percentage improvement was primarily accomplished through the integration of our back office, and efficiency efforts.Adjusted EBITDA(2): Tribe had an Adjusted EBITDA loss of $1.18 million in Q2-2024, an improvement of 47% compared to an Adjusted EBITDA loss of $2.21 million in Q2-2023. Revenue Segmentation: Recurring revenue, which is composed of Tribe’s tech-elevated management services fees, was $4.92 million in Q2-2024, an increase of 17%, compared to $4.20 million in Q2-2023. The increase in recurring revenue was due to the onboarding of new customers and the DMSI acquisition. Transactional revenue was $1.11 million as compared to $0.51 million in Q2-2023, representing an increase of 119%. This growth was primarily driven by an increase in financial services revenues and partnerships, underscoring the Company’s ongoing commitment to identifying new avenues for creating value for stakeholders while continuing to manage healthy communities.
Q2-2024 Business Highlights:
On June 3, 2024, Tribe completed a private placement equity financing in which the Company raised gross proceeds of $3,665,439 from the sale of units of the Company at a price of $0.52 per Unit. Each Unit consists of one common share and a half common share purchase warrant of the Company. Each warrant entitles the holder to acquire one common share at a price of $0.82 per common share, until June 3, 2029, subject to adjustment in certain events. The financing was led by PROPELR Growth, a Toronto based late-stage growth, equity investment fund, and also included participation from the operators of DMSI, the company’s latest acquisition.On June 4, 2024, Tribe completed the acquisition of DMSI including three operating subsidiaries of DMSI; DMS Property Management Ltd., Del Management Solutions Inc., and Delcom Management Services Inc. The acquisition propels Tribe’s proforma annualized revenue run-rate to over $31 million and significantly improves the Company’s profitability profile. In addition, the acquisition expands the Company’s footprint in residential rental and commercial property management.On June 21, 2024, Tribe completed a private placement equity financing under the Listed Issue Financing Exemption (“LIFE”), in which the Company raised gross proceeds of $2,510,400 from the sale of units of the Company (each, a “Unit”) at a price of $0.52 per Unit. Each Unit consists of one common share and a half common share purchase warrant of the Company. Each warrant entitles the holder to acquire one common share at a price of $0.82 per common share, until June 21, 2029, subject to adjustment in certain events. The financing included strong participation from the Company’s management team and other insiders.
Operational Highlights post June 30, 2024:
On July 17, 2024, Tribe launched its Tribe Home app for Android devices and introduced enhancements to its iOS version, increasing its market reach and making it easier than ever to manage and live in multi-family residential homes, such as condos and townhouses. On August 22, 2024, Tribe announced the rebranding and unification of all of DMSI’s service divisions under the name DMS. Tribe also announced it had begun the expansion of DMS’s service offerings to Tribe’s current customer base of Strata and Condo Corporations, Investor-Owners and Property Developers, expanding its comprehensive service offerings across Canada.
Outlook:
Tribe continues to outperform the general real estate conditions due to the Company’s aggressive M&A strategy, strong business development pipeline, healthy base of recurring revenue and its diversified revenue streams. In addition, Tribe has augmented its organic growth by selling more services to existing customers, leading to a marked increase in the Company’s revenue per home metric.
Management remains optimistic that 2024 will be a strong year for the Company, with improved revenue growth, profitability and expanding margins. The Company is pleased to reiterate its key goals for 2024:
Increase monthly recurring revenue. Organic growth will be fueled by landing new property management agreements, onboarding more communities onto the Tribe platform, winning new software licensing agreements and increasing digital services revenue. Make additional acquisitions. The company expects to continue executing on its aggressive M&A strategy. Tribe closed the recent acquisition of DMSI in June 2024 and continues to have several additional acquisition targets in its M&A pipeline.Improve profitability. The Company expects to continue to drive efficiencies in the business resulting in improved gross margins and enhancing Tribe’s EBITDA profile. The acquisition of DMSI also further accelerates the Company’s goal of achieving profitability.Continue to innovate. Tribe is committed to investing in its proprietary software platform and adding functionality to its suite of products in order to maintain its industry leadership position.
Tribe has a robust pipeline of new opportunities bolstered by the onboarding of existing buildings that are looking for new management, as well as brand new buildings nearing completion.
The persistent housing shortage across North America is a significant long-term trend that is expected to drive increased construction activity and further enhance demand for Tribe’s services for the foreseeable future. The cornerstone of Tribe’s sustained success is the exceptional quality of its property management technology solutions and superior services, coupled with the Company’s expansive national footprint.
Second Quarter 2024 Financial Webcast
The Company will hold a conference call and simultaneous webcast to discuss its results on August 29, 2024 at 1:00 pm ET (10:00 am PT). The call will be hosted by Joseph Nakhla, Chief Executive Officer, and Angelo Bartolini, Chief Financial Officer. Please dial-in 10 minutes prior to start of the call.
Webinar Details:
Date:
August 29, 2024
Time:
1:00 pm ET (10:00 am PT).
Webinar Registration:
https://bit.ly/TRBE-Q224-webinar
Dial-in:
+1 778 907 2071 (Vancouver local)
+1 647 374 4685 (Toronto local)
Meeting ID #:
872 4588 7422
Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.
Footnotes
(1)
Source: Canadian Apartment https://archives.reminetwork.com/canadian-apartment-may-june-2024/68749136
(2)
Adjusted EBITDA is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. The Company defines Adjusted EBITDA as net income or loss excluding depreciation and amortization, stock-based compensation, interest expense, income tax expense, impairment charges and other expenses. The Company believes Adjusted EBITDA is a useful measure as it provides important and relevant information to management about the operating and financial performance of the Company. Adjusted EBITDA is provided as a proxy for the cash earnings (loss) from the operations of the business as operating income (loss) for the Company includes non-cash amortization and depreciation expense and stock-based compensation. Adjusted EBITDA also enables management to assess its ability to generate operating cash flow to fund future working capital needs, and to support future growth. Excluding these items does not imply that they are non-recurring or not useful to investors. Investors should be cautioned that Adjusted EBITDA attributable to shareholders should not be construed as an alternative to net income (loss) or cash flows as determined under IFRS.
(3)
Gross Profit and Gross Profit Percentage are non-IFRS measures that do not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. The Company defines Gross Profit as revenue less cost of software and services and software licensing fees, and Gross Profit Percentage as Pross Profit calculated as a percentage of revenue. Gross Profit and Gross Profit Percentage should not be construed as an alternative for revenue or net loss in accordance with IFRS. The Company believes that gross profit and gross profit percentage are meaningful metrics in assessing the Company’s financial performance and operational efficiency.
Non-IFRS Measures
The following and preceding discussion of financial results includes reference to Gross Profit, Gross Profit Percentage and Adjusted EBITDA, which are all non-IFRS financial measures.
Adjusted EBITDA2
Three months ended June 30
Six months ended June 30, 2024
$000s
2024
2023
2024
2023
Net loss
$ (2,697)
$ (2,716)
$ (4,900)
$ (5,128)
Depreciation
205
221
418
438
Amortization
262
147
524
294
Stock-based compensation
16
13
70
89
Interest expense
319
143
546
291
Interest income
–
–
–
(52)
Severance costs
12
–
40
–
Acquisition costs
570
–
624
–
Other
134
(16)
136
(3)
Adjusted EBITDA 2
$ (1,179)
$ (2,208)
$ (2,542)
$ (4,071)
Gross Profit3
Three Months Ended June
30
Six Months Ended
June 30
$000s
2024
2023
2024
2023
Revenue, excluding ancillary revenues
$ 5,639
$ 4,005
$ 10,323
$7,838
Cost of software & services and software license fees
(excluding costs related to ancillary revenues)
3,300
2,445
6,147
4,842
Gross Profit3
$ 2,339
$ 1,560
$ 4,176
$ 2,996
Gross Profit3 Percentage
41.5 %
38.9 %
40.5 %
38.2 %
Financial Statements and Management’s Discussion & Analysis
Please see the consolidated financial statements and related Management’s Discussion & Analysis (“MD&A”) for more details. The unaudited consolidated financial statements for the second quarter ended June 30, 2024 and related MD&A have been reviewed and approved by Tribe’s Audit Committee and Board of Directors. Tribe recognizes that most of its investors are now accessing corporate and financial information either through pushed news services, directly from www.tribetech.com or SEDAR. Thus, Tribe has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and posted at www.tribetech.com.
“Joseph Nakhla”
Chief Executive Officer
1606-1166 Alberni Street
Vancouver, British Columbia V6E 3Z3
Phone: (604) 343-2601
Email: joseph.nakhla@tribetech.com
About Tribe Property Technologies
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
Cautionary Statement on Forward-Looking Information
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Forward-looking statements or information in this news release may relate to statements with respect to the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; beliefs of the Company with respect to the property management industry and real estate market; prospective benefits of the Company’s platform; and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
Neither the 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.
SOURCE Tribe Property Technologies Inc.
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© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.
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