ShiftPixy, Inc. Reports Fiscal 2019 Second Quarter Results
15 4월 2019 - 9:00PM
ShiftPixy, Inc. (NASDAQ: PIXY), a California-based technology
company that designs, manages, and sells access to a disruptive,
revolutionary platform that facilitates employment in the rapidly
growing Gig Economy, today announced operating results for the
three months ended February 28, 2019 (“2019 Second Quarter”).
2019 Second Quarter
Highlights
- Gross billings grew 70% to $82.5 million, compared to $48.6
million for the fiscal 2018 second quarter; gross billings
increased sequentially 16% from $70.9 million in the prior
quarter.
- Revenues increased 67% to $13.2 million, compared to $7.9
million for the second quarter of fiscal 2018.
- The average number of worksite employees increased by
approximately 3,110 to 9,660, compared to 6,550 for the quarter
ended February 28, 2018.
- Gross profit was $3.2 million versus $0.9 million the prior
year period, and net loss per share was 1 cent versus a net loss
per share of 9 cents the prior year period.
“Our strong growth continued during the quarter
across key financial and operating metrics, and we’re excited about
the rapid acceptance of our proprietary platform for workforce
engagement and management,” stated Chief Executive Officer, Scott
Absher. “Looking ahead, we anticipate that our rapidly developing
technology will further enhance our service offerings and better
enable us to meet the needs of our growing assigned workforce and
client base as we strive to create shareholder value.”
WebcastShiftPixy will host a
webcast at 9:00 a.m. Eastern Time on Monday, April 15, 2019, to
discuss financial results for the fiscal 2019 second quarter.
Investors can access the webcast through the ShiftPixy website at
https://ir.shiftpixy.com.
About ShiftPixyShiftPixy is a
disruptive human capital management (HCM) services provider,
revolutionizing employment in the Gig Economy by delivering a
next-gen platform for workforce management that helps businesses
with shift-based employees navigate regulatory mandates, minimize
administrative burdens and better connect with a ready-for-hire
workforce. With expertise rooted in management’s nearly 25 years of
workers’ compensation and compliance programs experience, ShiftPixy
adds a needed layer for addressing compliance and continued demands
for equitable employment practices in the growing Gig Economy.
ShiftPixy’s complete HCM ecosystem is designed to manage regulatory
requirements and compliance in such required areas as paid time off
(PTO) laws, insurance and workers’ compensation, minimum wage
increases, and the Affordable Care Act (ACA) compliance.
ShiftPixy Cautionary
StatementThe 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 ShiftPixy, Inc., could differ materially
from the results expressed or implied by the forward-looking
statements we make. The risks and uncertainties include, but
are not limited to, risks associated with the nature of our
business model; our ability to execute the Company's vision and
growth strategy; our ability to attract and retain clients; our
ability to assess and manage risks; changes in the law that affect
our business and our ability to respond to such changes and
incorporate them into our business model, as necessary; our ability
to insure against and otherwise effectively manage risks that
affect our business; competition; reliance on third-party systems
and software; our ability to protect and maintain our intellectual
property; and general developments in the economy and financial
markets. Statements made in connection with any guidance may
refer to financial statements that have not been reviewed or
audited. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The information in this press
release shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, and will not
be deemed an admission as to the materiality of any information
that is required to be disclosed solely by Regulation FD.
Further information on these and other factors that could affect
the financial results of ShiftPixy, Inc., is included in the
filings on Forms 1-A and 10-Q and in other filings we make with the
Securities and Exchange Commission from time to time. These
documents are available on the "SEC Filings" subsection of the
"Investor Information" section of our website at
https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on
using social media outlets like Facebook and Twitter to make
corporate disclosures and announce key information in compliance
with Regulation FD, ShiftPixy is alerting investors and other
members of the general public that ShiftPixy will provide updates
on operations and progress required to be disclosed under
Regulation FD through its social media on Facebook, Twitter,
LinkedIn and YouTube. Investors, potential investors, shareholders
and individuals interested in our Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
CONTACT: Media:Amy
Wangamy.wang@shiftpixy.com888.798.9100
Investors:InvestorRelations@shiftpixy.com800.475.3655
|
PART I — FINANCIAL
INFORMATION |
Item 1. Condensed Consolidated Financial
Statements |
ShiftPixy, Inc. |
Condensed Consolidated Balance
Sheets |
|
|
February 28,2019 |
|
August 31,
2018 |
ASSETS |
(Unaudited) |
|
|
Current assets |
|
|
|
|
Cash |
|
$ |
1,798,867 |
|
|
$ |
1,649,783 |
Accounts receivable |
|
|
743,580 |
|
|
|
110,931 |
Unbilled accounts receivable |
|
|
5,170,887 |
|
|
|
6,192,631 |
Deposit – workers’ compensation |
|
|
2,164,847 |
|
|
|
1,672,097 |
Prepaid expenses |
|
|
314,187 |
|
|
|
563,002 |
Other current assets |
|
|
219,590 |
|
|
|
258,901 |
Total current assets |
|
|
10,411,958 |
|
|
|
10,447,345 |
|
|
|
|
|
|
Fixed assets, net |
|
|
3,150,767 |
|
|
|
3,032,325 |
Deposits – workers’ compensation |
|
|
3,968,435 |
|
|
|
2,201,556 |
Deposits and other assets |
|
|
94,375 |
|
|
|
120,606 |
|
|
|
|
|
|
Total assets |
|
$ |
17,625,535 |
|
|
$ |
15,801,832 |
LIABILITIES AND STOCKHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable |
|
$ |
1,690,384 |
|
|
$ |
1,246,461 |
|
Payroll related liabilities |
|
|
11,476,809 |
|
|
|
9,476,641 |
|
Convertible note, net |
|
|
4,854,933 |
|
|
|
7,156,515 |
|
Accrued workers’ compensation costs |
|
|
1,012,676 |
|
|
|
305,217 |
|
Registration rights penalties accrual (Note
4) |
|
|
- |
|
|
|
3,500,000 |
|
Other current liabilities |
|
|
1,837,493 |
|
|
|
1,955,921 |
|
Total current liabilities |
|
|
20,872,295 |
|
|
|
23,640,755 |
|
Non-current
liabilities |
|
|
|
|
|
Accrued workers’ compensation costs |
|
|
2,009,869 |
|
|
|
900,978 |
|
Total liabilities |
|
|
22,882,164 |
|
|
|
24,541,733 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit |
|
|
|
|
|
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; 32,117,326 and 28,851,787 shares issued and
outstanding, respectively |
|
|
3,212 |
|
|
|
2,886 |
|
Additional paid-in capital |
|
|
23,055,582 |
|
|
|
17,233,919 |
|
Accumulated deficit |
|
|
(28,315,423 |
) |
|
|
(25,976,706 |
) |
Total stockholders' deficit |
|
|
(5,256,629 |
) |
|
|
(8,739,901 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
17,625,535 |
|
|
$ |
15,801,832 |
|
ShiftPixy Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
|
For the Three Months
EndedFebruary 28, |
|
For the Six Months
EndedFebruary 28, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenues (gross billings
of $82.5m and $48.6m less worksite employee payroll cost of $69.4m
and $40.8m, respectively for the three months ended; gross billings
of $153.4m and $88.8m less worksite employee payroll cost of
$129.7m and $74.4m, respectively for six months ended) |
|
$ |
13,188,263 |
|
|
|
$ |
7,886,459 |
|
|
|
$ |
23,708,253 |
|
|
|
$ |
14,398,378 |
|
Cost of revenue |
|
|
9,967,236 |
|
|
|
|
7,007,315 |
|
|
|
|
17,101,404 |
|
|
|
|
12,273,718 |
|
Gross profit |
|
|
3,221,027 |
|
|
|
|
879,144 |
|
|
|
|
6,606,849 |
|
|
|
|
2,124,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and payroll taxes |
|
|
1,986,744 |
|
|
|
|
1,345,606 |
|
|
|
|
3,781,709 |
|
|
|
|
2,526,094 |
|
Stock-based compensation – general and administrative |
|
|
81,092 |
|
|
|
|
26,797 |
|
|
|
|
158,314 |
|
|
|
|
97,094 |
|
Commissions |
|
|
588,975 |
|
|
|
|
338,434 |
|
|
|
|
1,142,191 |
|
|
|
|
610,065 |
|
Professional fees |
|
|
895,083 |
|
|
|
|
508,787 |
|
|
|
|
1,519,128 |
|
|
|
|
1,001,242 |
|
Software
development |
|
|
717,566 |
|
|
|
|
486,354 |
|
|
|
|
1,027,566 |
|
|
|
|
2,386,354 |
|
Depreciation and amortization |
|
|
191,114 |
|
|
|
|
57,949 |
|
|
|
|
378,837 |
|
|
|
|
75,643 |
|
General
and administrative |
|
|
987,622 |
|
|
|
|
834,100 |
|
|
|
|
2,115,537 |
|
|
|
|
1,488,268 |
|
Total
operating expenses |
|
|
5,448,196 |
|
|
|
|
3,598,027 |
|
|
|
|
10,123,282 |
|
|
|
|
8,184,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss |
|
|
(2,227,169 |
) |
|
|
|
(2,718,883 |
) |
|
|
|
(3,516,433 |
) |
|
|
|
(6,060,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(722,474 |
) |
|
|
|
- |
|
|
|
|
(1,433,396 |
) |
|
|
|
- |
|
Settlement of registration rights penalties accrual |
|
|
2,611,112 |
|
|
|
|
- |
|
|
|
|
2,611,112 |
|
|
|
|
- |
|
Total
other income |
|
|
1,888,638 |
|
|
|
|
- |
|
|
|
|
1,177,716 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(338,531 |
) |
|
|
$ |
(2,718,883 |
) |
|
|
$ |
(2,338,717 |
) |
|
|
$ |
(6,060,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share,Basic and diluted |
|
$ |
(0.01 |
) |
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.08 |
) |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares Basic and diluted |
|
|
31,185,358 |
|
|
|
|
28,800,630 |
|
|
|
|
30,152,305 |
|
|
|
|
28,792,333 |
|
ShiftPixy (NASDAQ:PIXY)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
ShiftPixy (NASDAQ:PIXY)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024