Quorum Information Technologies Inc. reports strong Q2 2024 results with increased profitability and reduced debt.

From GlobeNewswire: 2024-08-21 17:00:00

Quorum Information Technologies Inc. reported strong Q2 2024 results with Adjusted EBITDA up by 18% over the previous year at $2 million and Adjusted Cash Income increasing by 39% at $1.5 million. SaaS revenue grew by 2%, maintaining total revenue steady. The company’s growth strategy and cost management have led to improved profitability and reduced debt.

Key performance indicators for Q2 2024 show consistent revenue at $10 million, 2% growth in SaaS revenue to $7.2 million, and a 1% increase in gross margin to $4.9 million. Adjusted EBITDA was $2 million, up 18% from Q2 2023, and Adjusted Cash Income was $1.5 million, up 39% from Q2 2023. Quorum’s focus on cross-selling has contributed to improved MRRPU metrics.

Quorum’s profitable growth strategy emphasizes cross-selling over new acquisitions, resulting in a decline in customer rooftop count but an increase in MRRPU. The company’s integrated suite of software solutions plays a crucial role in driving success for dealerships. The Q2 2024 investor presentation and conference call will provide more insight into Quorum’s performance.

Overall, Quorum Information Technologies Inc. continues to see positive growth with its Q2 2024 results. The company’s focus on profitability, cost management, and cross-selling strategies has led to increased Adjusted EBITDA and Cash Income, showcasing a strong performance for the quarter. Stakeholders can learn more about the results in the upcoming conference call and updated investor presentation.



Read more at GlobeNewswire:: Quorum Announces Q2 2024 Results