ShiftPixy, Inc. Reports Fiscal 2018 Fourth Quarter and Full Year Results
“Our business continues to grow rapidly, with the number of worksite employees and our client roster each expanding significantly, and with our financial performance reflecting strong sequential and year-over-year growth,” stated Chief Executive Officer,
“With the recent opening of our fifth regional office and continued strong progress on our proprietary and sophisticated technology platform, we’re increasingly excited and proud to be playing such a critical and nationwide role in the rapidly expanding Gig Economy workplace.”
2018 Fourth Quarter Highlights
- Gross billings grew 121.8% to
$73.4 million, compared to $33.1 millionfor the 2017 fourth quarter; gross billings increased 21.9% sequentially from $60.2 millionin the prior quarter.
- Revenues increased 147.1% to
$11.2 million, compared to $4.5 millionfor the fourth quarter of 2017.
- Worksite employees increased by 3,464 to 8,538, compared to 5,074 as of
August 31, 2017; the number of employees at the end of the quarter also represented a sequential increase of 890 over the number of employees at the end of the third fiscal quarter.
- Gross profit was
$1.8 millionversus a loss of $1.0 millionin the prior year period, and net loss per share was 30 centsduring the quarter, a significant decrease over the net loss of 19 centsin the prior year period.
2018 Full Year Highlights
- Gross billings grew 75.9% to
$222.4 million, compared to $126.4 millionfor the 2017 full year.
- Revenue increased 72.7% to
$35.0 million, compared to $20.2 millionfor the 2017 full year.
- Worksite employees increased by 3,464 to 8,538 compared to 5,074 as of
August 31, 2017
- Gross profit was
$5.5 millionversus $3.7 millionin the prior year, and net loss per share was 58 centsduring the year 2018 versus a net loss of 28 centsin the prior year period.
ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of
Consistent with the SEC’s
|Condensed Consolidated Balance Sheets|
|Restricted cash – workers’ compensation||305,218||-|
|Unbilled accounts receivables||6,192,631||-|
|Deposit workers’ compensation||1,366,879||2,355,000|
|Other current assets||258,901||15,916|
|Total Current Assets||10,447,345||9,028,599|
|Fixed assets, net||3,032,325||288,065|
|Deposits – workers’ compensation||2,201,556||-|
|Deposits and Other assets||120,606||126,480|
|LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY|
|Payroll related liabilities||9,476,641||2,388,454|
|Convertible Note, net||7,156,515||-|
|Accrued workers’ compensation costs||305,217||-|
|Other current liabilities||5,455,921||278,982|
|Total Current Liabilities||23,640,755||3,827,910|
|Accrued workers’ compensation costs||900,978||-|
|Commitments and Contingencies|
|Stockholders' (deficit) equity|
|Preferred stock, 50,000,000 authorized shares; $0.0001 par value; no shares issued and outstanding||-||-|
|Common stock, 750,000,000 authorized shares; $0.0001 par value; 28,851,787and 28,762,424 shares issued and outstanding, respectively||2,886||2,877|
|Additional paid-in capital||17,233,919||15,012,584|
|Total Stockholders' (deficit) equity||(8,739,901||)||5,615,234|
|TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY||$||15,801,832||$||9,443,144|
|Consolidated Statements of Operations|
|For the Years Ended|
|Revenues (gross billings of $222.4 million and $126.4 million less worksite employee payroll cost of $187.5 million and $106.1 million, respectively)||$||34,958,748||$||20,244,419|
|Cost of revenue||29,458,395||16,552,197|
|Salaries, wages and payroll taxes||5,382,720||4,268,851|
|Depreciation and amortization||274,321||65,369|
|Registration rights penalties||3,500,000||-|
|General and administrative||3,552,622||1,908,081|
|Total operating expenses||20,571,995||11,184,212|
|Net loss per common share|
|Basic and diluted||$||(0.58||)||$||(0.28||)|
|Weighted average number of common shares|
|Basic and diluted||28,810,103||26,778,658|
Source: ShiftPixy, Inc.