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 ($0.450 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.
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.
