ShiftPixy, Inc. Reports Fiscal 2019 Third Quarter Results
22 7월 2019 - 9:00PM
ShiftPixy, Inc. (NASDAQ: PIXY), a California-based staffing
enterprise 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 May 31, 2019 (“2019 Third Quarter”).
2019 Third Quarter
Highlights
- Gross billings grew 57% to $94.2 million, compared to $60.2
million for the fiscal 2018 third quarter; gross billings increased
sequentially 14% from $82.5 million the prior quarter.
- Revenues increased 53% to $14.3 million, compared to $9.4
million for the third quarter of fiscal 2018.
- The average number of worksite employees increased by
approximately 3,610 to 10,860, compared to 7,250 for the quarter
ended May 31, 2018.
- Gross profit was $2.7 million versus $1.5 million the prior
year period, and diluted net loss per share was 15 cents versus a
diluted net loss per share of 6 cents the prior year period.
- Subsequent to the quarter, on July 12, 2019 the company
announced that its Board of Directors has authorized the repurchase
of up to ten million shares of its outstanding common stock over an
initial period of 18 months, extendable at the Board’s
discretion.
“We’re quickly penetrating our target markets
which is driving rapid growth across key operational and financial
metrics. This is all the more exciting considering ShiftPixy is
just now approaching a major inflection point,” stated Chief
Executive Officer, Scott Absher. “Specifically, now that we’ve
achieved critical mass on both the employer and employee sides of
the equation, we can begin to unleash the robust functionality of
our platform including self-delivery. The enhanced feature set and
mobile technology are designed to help our operator clients
remediate their sky-high turnover and greatly improve
profitability, while further accelerating our own growth and
benefitting our efforts to create shareholder value.”
WebcastShiftPixy will host a
webcast at 8:30 a.m. Eastern Time on Monday, July 22, 2019 to
discuss financial results for its fiscal 2019 third quarter.
Investors can access the webcast through the ShiftPixy website at
https://ir.shiftpixy.com.
About ShiftPixyShiftPixy is a
disruptive human capital services enterprise, 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.
INVESTOR
CONTACT:InvestorRelations@shiftpixy.com800.475.3655
|
PART I — FINANCIAL INFORMATION |
|
Item
1. Condensed Consolidated Financial Statements |
ShiftPixy, Inc. |
Condensed Consolidated Balance Sheets
|
|
May 31,2019 |
|
|
August 31, 2018(As
Restated) |
|
ASSETS |
(Unaudited) |
|
|
|
|
|
Current assets |
|
|
|
|
Cash |
$ |
2,931,274 |
|
|
$ |
1,649,783 |
|
Accounts receivable |
|
338,112 |
|
|
|
110,931 |
|
Unbilled accounts receivable |
|
6,700,054 |
|
|
|
6,192,631 |
|
Deposit – workers’ compensation |
|
2,250,103 |
|
|
|
1,672,097 |
|
Prepaid expenses |
|
762,990 |
|
|
|
563,002 |
|
Other current assets |
|
227,103 |
|
|
|
258,901 |
|
Total current assets |
|
13,209,636 |
|
|
|
10,447,345 |
|
|
|
|
|
|
|
Fixed assets, net |
|
3,013,062 |
|
|
|
3,032,325 |
|
Deposits – workers’ compensation |
|
5,438,125 |
|
|
|
2,201,556 |
|
Deposits and other assets |
|
94,083 |
|
|
|
120,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
21,754,906 |
|
|
$ |
15,801,832 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
2,178,351 |
|
|
$ |
1,246,461 |
|
Payroll related liabilities |
|
14,311,903 |
|
|
|
9,476,641 |
|
Convertible note, net |
|
1,407,340 |
|
|
|
6,171,315 |
|
Derivative liability |
|
1,577,328 |
|
|
|
- |
|
Accrued workers’ compensation costs |
|
1,027,043 |
|
|
|
305,217 |
|
Registration rights penalties accrual (Note 4) |
|
- |
|
|
|
3,500,000 |
|
Other current liabilities |
|
1,670,997 |
|
|
|
1,955,921 |
|
Total current liabilities |
|
22,172,962 |
|
|
|
22,655,555 |
|
Non-current liabilities |
|
|
|
|
|
Accrued workers’ compensation costs |
|
3,000,732 |
|
|
|
900,978 |
|
Total liabilities |
|
25,173,694 |
|
|
|
23,556,533 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' deficit |
|
|
|
|
|
Preferred stock, 50,000,000 authorized shares; $0.0001 par value;
no shares issuedand outstanding |
|
- |
|
|
|
- |
|
Common stock, 750,000,000 authorized shares; $0.0001 par value;
36,038,219 and 28,851,787 shares issued and outstanding,
respectively |
|
3,604 |
|
|
|
2,886 |
|
Additional paid-in capital |
|
32,183,503 |
|
|
|
18,465,419 |
|
Accumulated deficit |
|
(35,605,895 |
) |
|
|
(26,223,006 |
) |
Total stockholders' deficit |
|
(3,418,788 |
) |
|
|
(7,754,701 |
|
Total liabilities and stockholders’ deficit |
$ |
21,754,906 |
|
|
$ |
15,801,832 |
|
ShiftPixy Inc. |
Condensed Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months EndedMay
31, |
|
For the Nine Months EndedMay
31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
Revenues (gross billings of $94.2m and $60.2m less worksite
employee payroll cost of $79.9m and $50.8m, respectively for the
three months ended; gross billings of $247.6m and $149.0m less
worksite employee payroll cost of $209.6m and $125.2m, respectively
for nine months ended) |
|
$ |
14,303,816 |
|
|
|
$ |
9,375,492 |
|
|
$ |
38,012,069 |
|
|
|
$ |
23,773,871 |
|
Cost of revenue |
|
|
11,591,990 |
|
|
|
|
7,825,500 |
|
|
|
28,693,394 |
|
|
|
|
20,099,218 |
|
Gross profit |
|
|
2,711,826 |
|
|
|
|
1,549,992 |
|
|
|
9,318,675 |
|
|
|
|
3,674,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and payroll taxes |
|
|
1,813,619 |
|
|
|
|
1,309,871 |
|
|
|
5,595,328 |
|
|
|
|
3,835,964 |
|
Stock-based compensation – general and administrative |
|
|
(4,743 |
) |
|
|
|
72,312 |
|
|
|
153,571 |
|
|
|
|
169,407 |
|
Commissions |
|
|
764,590 |
|
|
|
|
463,327 |
|
|
|
1,906,781 |
|
|
|
|
1,073,392 |
|
Professional fees |
|
|
1,279,855 |
|
|
|
|
416,311 |
|
|
|
2,798,983 |
|
|
|
|
1,417,554 |
|
Software development |
|
|
- |
|
|
|
|
- |
|
|
|
1,027,566 |
|
|
|
|
2,386,354 |
|
Depreciation and amortization |
|
|
221,523 |
|
|
|
|
59,343 |
|
|
|
600,360 |
|
|
|
|
134,986 |
|
General and administrative |
|
|
1,763,342 |
|
|
|
|
1,046,147 |
|
|
|
3,878,879 |
|
|
|
|
2,534,415 |
|
Total operating expenses |
|
|
5,838,186 |
|
|
|
|
3,367,311 |
|
|
|
15,961,468 |
|
|
|
|
11,552,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(3,126,360 |
) |
|
|
|
(1,817,319 |
) |
|
|
(6,642,793 |
) |
|
|
|
(7,877,419 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(4,345,004 |
) |
|
|
|
- |
|
|
|
(6,271,000 |
) |
|
|
|
- |
|
Inducement loss from debt conversion |
|
|
(2,273,000 |
) |
|
|
|
- |
|
|
|
(3,828,550 |
) |
|
|
|
- |
|
Change in fair value derivative and warrant liability |
|
|
4,748,342 |
|
|
|
|
- |
|
|
|
4,748,342 |
|
|
|
|
- |
|
Settlement of registration rights penalties accrual |
|
|
- |
|
|
|
|
- |
|
|
|
2,611,112 |
|
|
|
|
- |
|
Total other expense |
|
|
(1,869,662 |
) |
|
|
|
- |
|
|
|
(2,740,096 |
) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(4,996,022 |
) |
|
|
$ |
(1,817,319 |
) |
|
$ |
(9,382,889 |
) |
|
|
$ |
(7,877,419 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share,Basic |
|
$ |
(0.14 |
) |
|
|
$ |
(0.06 |
) |
|
$ |
(0.30 |
) |
|
|
$ |
(0.27 |
) |
Diluted |
|
$ |
(0.15 |
) |
|
|
$ |
(0.06 |
) |
|
$ |
(0.30 |
) |
|
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares Basic |
|
|
34,516,621 |
|
|
|
|
28,800,675 |
|
|
|
31,623,064 |
|
|
|
|
28,795,145 |
|
Diluted |
|
|
44,516,621 |
|
|
|
|
28,800,675 |
|
|
|
31,623,064 |
|
|
|
|
28,795,145 |
|
ShiftPixy (NASDAQ:PIXY)
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부터 6월(6) 2024 으로 7월(7) 2024
ShiftPixy (NASDAQ:PIXY)
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부터 7월(7) 2023 으로 7월(7) 2024