Reaffirms 2023 Guidance
Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported
preliminary financial results for the first quarter of 2023.
FIRST QUARTER UNAUDITED 2023
HIGHLIGHTS
Q1 2023 GAAP quarterly revenues increased by $2.2 million or
2.4% to $91.5 million compared with $89.3 million for Q1 2022. Our
growth was primarily due to an increase of $2.9 million or 6.2% in
our Corporate business; partially offset by a decline of $0.7
million or 1.8% in our SoHo business. On a constant dollar basis,
revenues grew by $2.7 million or 3.0% over the prior comparable
period.
GAAP net income (1) decreased to $15.5 million in Q1 2023
compared to $18.5 million for Q1 2022. The decrease is primarily
due to increased employee related expenses of $3.2 million, $2.3
million in professional fees in connection with the year-end audit
and a $1.0 million noncash foreign exchange impact related to
intercompany balances; partially offset by higher revenues.
GAAP net income per diluted share (1) decreased to $0.78 in Q1
2023 compared to $0.92 for Q1 2022. The decrease is related to the
items discussed above.
Adjusted EBITDA (3)(4) for Q1 2023 of $44.2 million is
unfavorable compared to Q1 2022 adjusted EBITDA (3)(4) of $48.6
million. The decrease is related to the items discussed above.
Adjusted non-GAAP earnings per diluted share (1)(2)(3) for the
quarter decreased to $1.10 or 17.3% compared to Adjusted non-GAAP
earnings per diluted share (1)(2)(3) of $1.33 for Q1 2022. The
decrease is related to the items discussed above.
Consensus ended the quarter with $111.3 million in cash and cash
equivalents after cash outlays of $9.2 million in repurchases of
common stock and $8.5 million in capital expenditures.
Key financial results from operations for Q1 2023 versus Q1 2022
are set forth in the following table. Reconciliations of Adjusted
non-GAAP net income, Adjusted non-GAAP earnings per diluted share
and Adjusted EBITDA to their nearest comparable GAAP financial
measures accompany this press release.
(Unaudited, in thousands except per
share amounts and percentages)
Favorable /
(Unfavorable)
Q1 2023
Q1 2022
Change
GAAP revenues
$
91,454
$
89,298
2.4
%
GAAP net income (1)
$
15,458
$
18,521
(16.5
)%
GAAP net income per diluted share
(1)
$
0.78
$
0.92
(15.2
)%
Adjusted non-GAAP net income
(1)(2)
$
21,993
$
26,631
(17.4
)%
Adjusted non-GAAP earnings per diluted
share (1)(2)(3)
$
1.10
$
1.33
(17.3
)%
Adjusted EBITDA (3)(4)
$
44,236
$
48,562
(8.9
)%
Adjusted EBITDA margin (3)
48.4
%
54.4
%
(6.0) pts
REAFFIRMS 2023 GUIDANCE
(5)
The following table presents ranges for the Company’s 2023 full
year guidance (in millions, except per share amounts):
Low
Midpoint
High
Revenue
$
370
$
380
$
390
Adjusted EBITDA
$
192
$
199
$
206
Adjusted non-GAAP earnings per diluted
share (6)(7)
$
4.93
$
5.08
$
5.20
VA CONTRACT UPDATE
Subsequent to the quarter, Consensus, Cognosante and the
Department of Veterans Affairs (“VA”) successfully implemented
Enterprise Cloud Fax (ECFax) at two locations.
Notes:
(1)
The estimated GAAP effective tax rates
were approximately 24.9% for Q1 2023 and 27.5% for Q1 2022. The
estimated non-GAAP effective tax rates were approximately 20.0% for
Q1 2023 and 20.3% for Q1 2022.
(2)
Adjusted non-GAAP net income and Adjusted
non-GAAP earnings per diluted share excludes certain non-GAAP
items, as defined in the accompanying reconciliation of GAAP to
Adjusted non-GAAP Financial Measures, for the three months ended
March 31, 2023 and 2022. Such exclusions totaled $0.32 and $0.41
per diluted share, respectively. Adjusted non-GAAP net income and
Adjusted non-GAAP earnings per diluted share are not meant as a
substitute for GAAP, but are presented solely for informational
purposes.
(3)
Adjusted EBITDA is defined as earnings
before interest; other (income) expense, net; income tax expense;
depreciation and amortization; and other items used to reconcile
GAAP income per diluted share to Adjusted non-GAAP earnings per
diluted share, as presented in the Reconciliation of GAAP to
Adjusted non-GAAP Financial Measures. Adjusted EBITDA amounts are
not meant as a substitute for GAAP, but is presented solely for
informational purposes.
(4)
See Net Income to Adjusted EBITDA
Reconciliation for the components of Consensus adjusted EBITDA.
(5)
Full year guidance is provided on a
non-GAAP basis only because certain information necessary to
calculate the most comparable GAAP measures is unavailable due to
the uncertainty and inherent difficulty of predicting the
occurrence and the future financial statement impact of certain
items. Therefore, as a result of the uncertainty and variability of
the nature and amount of future adjustments, which could be
significant, we are unable to provide a reconciliation of these
measures without unreasonable effort.
(6)
Guidance for Adjusted non-GAAP earnings
per diluted share excludes share-based compensation, amortization
of acquired intangibles and the impact of unanticipated items, in
each case net of tax. The non-GAAP effective tax rate for 2023 is
expected to be between 19.7% and 21.7%.
(7)
Guidance for Adjusted non-GAAP earnings
per diluted share range reflects an increase in depreciation and
amortization year-over-year resulting from increased capitalized
software placed into service between $5 million and $7 million over
the prior period.
About Consensus Cloud Solutions
Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is the world’s
largest digital fax provider and a trusted global source for the
transformation, enhancement and secure exchange of digital
information. We leverage our 25-year history of success by
providing advanced solutions for regulated industries such as
healthcare, finance, insurance and manufacturing, as well as state
and the federal government. Our solutions consist of: cloud faxing;
digital signature; intelligent data extraction using natural
language processing and artificial intelligence; robotic process
automation; interoperability; and workflow enhancement that result
in improved healthcare outcomes. Our solutions can be combined with
best-in-class managed services for optimal implementations. For
more information about Consensus, visit consensus.com and follow
@ConsensusCS on Twitter to learn more.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995: Certain statements in this press
release are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations or beliefs and are subject to numerous assumptions,
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These factors and uncertainties include, among other items: the
Company’s ability to grow fax revenues, profitability and cash
flows; the Company’s ability to identify, close and successfully
transition acquisitions; subscriber growth and retention;
variability of the Company’s revenue based on changing conditions
in particular industries and the economy generally; protection of
the Company’s proprietary technology or infringement by the Company
of intellectual property of others; the risk of adverse changes in
the U.S. or international regulatory environments, including but
not limited to the imposition or increase of taxes or
regulatory-related fees; general economic and political conditions,
including political tensions and war (such as the ongoing conflict
in Ukraine); and the numerous other factors set forth in Consensus’
filings with the Securities and Exchange Commission (“SEC”). For a
more detailed description of the risk factors and uncertainties
affecting Consensus, refer to the 2022 Annual Report on Form 10-K
filed by Consensus on March 31, 2023, and the other reports filed
by Consensus from time-to-time with the SEC, each of which is
available at www.sec.gov. The forward-looking statements provided
in this press release are subject to change. Although management’s
expectations may change after the date of this press release, the
Company undertakes no obligation to revise or update these
statements.
About non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following Adjusted non-GAAP financial measures: Adjusted non-GAAP
net income, Adjusted non-GAAP earnings per diluted share, Adjusted
EBITDA and free cash flow. The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
We use these Adjusted non-GAAP financial measures for financial
and operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
Adjusted non-GAAP financial measures provide meaningful
supplemental information regarding our performance and liquidity by
excluding certain expenses and expenditures that may not be
indicative of our recurring core business operating results. We
believe that both management and investors benefit from referring
to these Adjusted non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These Adjusted non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance and
liquidity. We believe these Adjusted non-GAAP financial measures
are useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
our institutional investors and the analyst community to help them
analyze the health of our business.
For more information on these Adjusted non-GAAP financial
measures, please see the appropriate GAAP to Adjusted non-GAAP
reconciliation tables included within the attached Exhibit to this
Release.
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED, IN THOUSANDS
EXCEPT SHARE AND PER SHARE DATA)
March 31, 2023
December 31,
2022
ASSETS
Cash and cash equivalents
$
111,265
$
94,164
Accounts receivable, net of allowances of
$4,727 and $4,681, respectively
29,644
28,029
Prepaid expenses and other current
assets
14,607
14,335
Total current assets
155,516
136,528
Property and equipment, net
61,419
54,958
Operating lease right-of-use assets
7,459
7,875
Intangibles, net
48,096
49,156
Goodwill
347,752
346,585
Deferred income taxes
36,639
35,981
Other assets
6,392
2,816
TOTAL ASSETS
$
663,273
$
633,899
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Accounts payable and accrued expenses
$
54,305
$
41,246
Income taxes payable, current
2,786
2,548
Deferred revenue, current
25,336
24,579
Operating lease liabilities, current
2,818
2,793
Due to Former Parent
207
156
Total current liabilities
85,452
71,322
Long-term debt
794,341
793,865
Deferred revenue, noncurrent
2,316
2,319
Operating lease liabilities,
noncurrent
13,379
13,877
Liability for uncertain tax positions
7,438
6,725
Deferred income taxes
737
728
Other long-term liabilities
321
324
TOTAL LIABILITIES
903,984
889,160
Commitments and contingencies
Common stock, $0.01 par value. Authorized
120,000,000; total issued is 20,118,967 and 20,105,545 shares and
total outstanding is 19,659,661 and 19,916,431 shares at March 31,
2023 and December 31, 2022, respectively
201
201
Treasury stock, at cost (459,306 and
189,114 shares at March 31, 2023 and December 31, 2022,
respectively)
(16,791
)
(7,596
)
Additional paid-in capital
26,859
21,650
Accumulated deficit
(234,950
)
(250,408
)
Accumulated other comprehensive loss
(16,030
)
(19,108
)
TOTAL STOCKHOLDERS’ DEFICIT
(240,711
)
(255,261
)
TOTAL LIABILITIES AND STOCKHOLDERS’
DEFICIT
$
663,273
$
633,899
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED, IN THOUSANDS
EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended March
31,
2023
2022
Revenues
$
91,454
$
89,298
Cost of revenues (1)
17,508
15,104
Gross profit
73,946
74,194
Operating expenses:
Sales and marketing (1)
16,893
15,830
Research, development and engineering
(1)
1,904
2,336
General and administrative (1)
21,152
17,369
Total operating expenses
39,949
35,535
Income from operations
33,997
38,659
Interest expense
(12,566
)
(13,274
)
Other (expense) income, net
(844
)
174
Income before income taxes
20,587
25,559
Income tax expense
5,129
7,038
Net income
$
15,458
$
18,521
Net income per common share:
Basic
$
0.78
$
0.93
Diluted
$
0.78
$
0.92
Weighted average shares outstanding:
Basic
19,847,280
19,921,375
Diluted
19,884,657
20,035,827
(1) Includes share-based compensation
expense as follows:
Cost of revenues
$
296
$
223
Sales and marketing
372
273
Research, development and engineering
40
356
General and administrative
4,432
4,551
Total
$
5,140
$
5,403
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED, IN
THOUSANDS)
Three Months Ended March
31,
2023
2022
Cash flows from operating activities:
Net income
$
15,458
$
18,521
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
4,347
3,706
Amortization of financing costs and
discounts
495
461
Non-cash operating lease costs
416
447
Share-based compensation
5,140
5,403
Provision for doubtful accounts
1,831
608
Deferred income taxes, net
(66
)
(1,310
)
Changes in operating assets and
liabilities:
Decrease (increase) in:
Accounts receivable
(3,429
)
(3,148
)
Prepaid expenses and other current
assets
(266
)
(494
)
Other assets
424
(433
)
Increase (decrease) in:
Accounts payable and accrued expenses
12,400
14,799
Income taxes payable
206
4,776
Deferred revenue
735
1,886
Operating lease liabilities
(423
)
(459
)
Liability for uncertain tax positions
713
—
Other liabilities
(10
)
5,145
Net cash provided by operating
activities
37,971
49,908
Cash flows from investing activities:
Purchases of property and equipment
(8,548
)
(6,915
)
Acquisition of businesses, net of cash
received
—
(12,855
)
Purchase of investments
(4,000
)
—
Purchases of intangible assets
—
(1,000
)
Net cash used in investing activities
(12,548
)
(20,770
)
Cash flows from financing activities:
Debt issuance costs
—
(232
)
Repurchase of common stock
(9,195
)
—
Shares withheld related to net share
settlement
(451
)
(1,173
)
Net cash used in financing activities
(9,646
)
(1,405
)
Effect of exchange rate changes on cash
and cash equivalents
1,324
(647
)
Net change in cash and cash
equivalents
17,101
27,086
Cash and cash equivalents at beginning of
period
94,164
66,778
Cash and cash equivalents at end of
period
$
111,265
$
93,864
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO
ADJUSTED NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS,
EXCEPT SHARE AND PER SHARE AMOUNTS)
The following tables set forth
reconciliations regarding certain non-GAAP measures for the three
months ended March 31, 2023 and 2022 to the most closely comparable
GAAP measure.
Three Months Ended March
31,
2023
Per Diluted Share *
2022
Per Diluted Share *
Net income
$
15,458
$
0.78
$
18,521
$
0.92
Plus:
Share-based compensation (1)
4,332
0.22
4,911
0.25
Amortization (2)
756
0.04
1,150
0.06
Spin-off related costs (3)
—
—
270
0.01
Non-income related sales tax (4)
383
0.02
262
0.01
Acquisition related integration costs
(5)
52
—
102
0.01
Accounting fees for tax provision (6)
—
—
43
—
Intra-entity transfer (7)
882
0.04
1,372
0.07
Sales force realignment (8)
130
0.01
—
—
Adjusted non-GAAP net income
$
21,993
$
1.10
$
26,631
$
1.33
* The reconciliation of net income per
share from GAAP to Adjusted non-GAAP may not foot since each is
calculated independently.
Non-GAAP Financial Measures
To supplement its unaudited consolidated financial statements,
the Company uses the following non-GAAP financial measures:
Adjusted EBITDA, Adjusted non-GAAP Net Income and Adjusted non-GAAP
Diluted EPS (collectively the “non-GAAP financial measures”). The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
U.S. GAAP. The Company uses these non-GAAP financial measures for
financial and operational decision making and as a means to
evaluate period-to-period comparisons. The Company believes that
they provide useful information about core operating results,
enhance the overall understanding of past financial performance and
future prospects, and allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision making.
(1) Share-based compensation. The Company excludes stock-based
compensation because it is non-cash in nature and because the
Company believes that the non-GAAP financial measures excluding
this item provides meaningful supplemental information regarding
the operational performance of the business. The Company further
believes this measure is useful to investors in that it allows for
greater transparency to certain line items in its financial
statements. In addition, excluding this item from the non-GAAP
measures facilitates comparisons to historical operating results
and comparisons to peers, many of which similarly exclude this
item.
(2) Amortization. The Company excludes amortization of patents
and acquired intangible assets because it is non-cash in nature and
because the Company believes that the non-GAAP financial measures
excluding this item provides meaningful supplemental information
regarding the operational performance of the business. In addition,
excluding this item from the non-GAAP measures facilitates
comparisons to historical operating results and comparisons to
peers, many of which similarly exclude this item.
(3) Spin-off related costs. The Company excludes certain
expenses associated with the spin-off from Ziff Davis, Inc. The
Company believes that the non-GAAP financial measures excluding
this item provides meaningful supplemental information regarding
the operational performance of the business. In addition, excluding
this item from the non-GAAP measures facilitates comparisons to
historical operating results and comparisons to peers.
(4) Non-income related sales tax. The Company has excluded
certain non-income related sales taxes because this expense is
related to our historical sales tax exposure in applicable states
that have started to tax Software as a Service (“SaaS”) in recent
years. The Company is in the process of remediating the exposure
and doesn't believe it will be recurring. As a result, the Company
believes that the non-GAAP financial measures excluding this item
provide meaningful supplemental information regarding the
operational performance of the business.
(5) Acquisition related integration costs. The Company excludes
certain acquisition and related integration costs such as
adjustments to contingent consideration, severance, lease
terminations, retention bonuses and other acquisition-specific
items. The Company believes that the non-GAAP financial measures
excluding this item provide meaningful supplemental information
regarding operational performance. In addition, excluding this item
from the non-GAAP measures facilitates comparisons to historical
operating results and comparisons to peers, many of which similarly
exclude this item.
(6) Accounting fees for tax provision. The Company excludes
certain costs associated with the preparation for the tax provision
because these costs are expected to be nonrecurring. The Company
believes that the non-GAAP financial measures excluding this item
provides meaningful supplemental information regarding the
operational performance of the business.
(7) Intra-entity transfers. The Company excludes certain effects
of intra-entity transfers to the extent the related tax asset or
liability in the financial statement is not recovered or settled,
respectively during the year. During December 2019, the Company
entered into an intra-entity asset transfer that resulted in the
recording of a tax benefit and related tax asset representing tax
deductible amounts to be realized in future years which is expected
to be recovered over a period of up to 20 years. The Company
believes that the non-GAAP financial measures excluding the
cumulative future unrealized benefit of the assets transferred and
including the tax benefit in the year of realization provides
meaningful supplemental information regarding operational
performance. In addition, excluding this item from the non-GAAP
measures facilitates comparisons to historical operating
results.
(8) Sales force realignment. The Company excludes certain
business sales force realignment costs such as adjustments to
severance and retention bonuses. The Company believes that the
non-GAAP financial measures excluding this item provide meaningful
supplemental information regarding operational performance. In
addition, excluding this item from the non-GAAP measures
facilitates comparisons to historical operating results and
comparisons to peers, many of which similarly exclude this
item.
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
NET INCOME TO ADJUSTED EBITDA
RECONCILIATION
(UNAUDITED, IN
THOUSANDS)
The following table sets forth a
reconciliation of Adjusted EBITDA to net income, the most directly
comparable GAAP financial measure.
Three Months Ended March
31,
2023
2022
Net income
$
15,458
$
18,521
Plus:
Interest expense
12,566
13,274
Other expense (income), net
844
(174
)
Income tax expense
5,129
7,038
Depreciation and amortization
4,347
3,706
EBITDA:
Plus:
Share-based compensation
5,140
5,403
Sales force realignment
173
—
Spin-off related costs
—
359
Non-income related sales tax
510
241
Acquisition related costs
69
136
Accounting fees for the tax provision
—
58
Adjusted EBITDA
$
44,236
$
48,562
Adjusted EBITDA as calculated above represents earnings before
interest, other expense (income), net, income tax and depreciation
and amortization and the items used to reconcile GAAP to Adjusted
non-GAAP financial measures, including (1) share-based
compensation; (2) sales force realignment; (3) spin-off related
costs; (4) non-income related sales tax; (5) acquisition related
costs; and (6) Accounting fees for the tax provision. We disclose
Adjusted EBITDA as a supplemental non-GAAP financial performance
measure as we believe it is a useful metric by which to compare the
performance of our business from period to period. We understand
that measures similar to Adjusted EBITDA are broadly used by
analysts, rating agencies and investors in assessing our
performance. Accordingly, we believe that the presentation of
Adjusted EBITDA provides useful information to investors.
Adjusted EBITDA is not in accordance with, or an alternative to,
net income, and may be different from non-GAAP measures used by
other companies. In addition, Adjusted EBITDA is not based on any
comprehensive set of accounting rules or principles. This Adjusted
non-GAAP measure has limitations in that it does not reflect all of
the amounts associated with the Company’s results of operations
determined in accordance with GAAP.
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(UNAUDITED, IN
THOUSANDS)
Q1
Q2 (2)
Q3
Q4 (2)
YTD
2023
Net cash provided by operating activities
(1)
$
37,971
$
—
$
—
$
—
$
37,971
Less: Purchases of property and
equipment
(8,548
)
—
—
—
(8,548
)
Free cash flows
$
29,423
$
—
$
—
$
—
$
29,423
Q1
Q2 (2)
Q3
Q4 (2)
YTD
2022
Net cash provided by operating activities
(1)
$
49,908
$
2,298
$
37,066
$
(6,123
)
$
83,149
Less: Purchases of property and
equipment
(6,915
)
(6,829
)
(7,316
)
(8,985
)
(30,045
)
Free cash flows
$
42,993
$
(4,531
)
$
29,750
$
(15,108
)
$
53,104
(1)
The decline in net cash provided by
operating activities when compared to Q1 2022 is primarily related
to delayed payments of $9.7 million ($4.6 million in taxes payable
and $5.1 million in other liabilities - representing balances due
to Ziff Davis) in the prior period absent a similar build in the
current period and current period voluntary disclosure agreements
(“VDA”) payments of $3.4 million.
(2)
Net cash provided by operating activities
during the second quarter and fourth quarter was impacted by cash
outlays related to interest expense payments of approximately $26
million (occurring in Q2 and Q4) and other significant
payments.
The Company discloses free cash flows as supplemental non-GAAP
financial performance measure, as it believes it is a useful metric
by which to compare the performance of its business from period to
period. The Company also understands that this non-GAAP measure is
broadly used by analysts, rating agencies and investors in
assessing the Company’s performance. Accordingly, the Company
believes that the presentation of this non-GAAP financial measure
provides useful information to investors.
Free cash flows is not in accordance with, or an alternative to,
Cash Flows from Operating Activities, and may be different from
non-GAAP measures with similar or even identical names used by
other companies. In addition, the non-GAAP measure is not based on
any comprehensive set of accounting rules or principles. This
non-GAAP measure has limitations in that it does not reflect all of
the amounts associated with the Company’s results of operations
determined in accordance with GAAP.
Key Performance Metrics (Unaudited)
The following table sets forth certain key operating metrics for
Consensus for the three months ended March 31, 2023 and 2022 (in
thousands, except for percentages):
Three Months Ended March
31,
2023
2022
Corporate revenue
$
49,407
$
46,519
Corporate customer accounts (1)
53
46
Corporate ARPA (2)
$
315.76
$
339.95
Corporate paid adds (3)
3
4
Corporate monthly account churn (4)
1.37
%
2.05
%
SoHo revenue
$
42,030
$
42,779
SoHo customer accounts (1)
914
1,027
SoHo ARPA (2)
$
15.10
$
13.88
SoHo paid adds (3)
78
100
SoHo monthly account churn (4)
3.76
%
3.50
%
(1)
Consensus customers are defined as paying
Corporate and SoHo customer accounts.
(2)
Represents a monthly ARPA for the quarter
or year calculated as follows. Monthly ARPA on a quarterly basis is
calculated using our standard convention of dividing revenue for
the quarter by the average of the quarter’s beginning and ending
customer base and dividing that amount by 3 months. Consensus
believes ARPA provides investors an understanding of the average
monthly revenues we recognize per account associated within
Consensus’ customer base. As ARPA varies based on fixed
subscription fee and variable usage components, Consensus believes
it can serve as a measure by which investors can evaluate trends in
the types of services, levels of services and the usage levels of
those services across Consensus’ customers.
(3)
Paid Adds represents paying new Consensus
customer accounts added during the annual period.
(4)
Monthly churn is defined as a Consensus
paying customer accounts that cancelled its services during the
period divided by the average number customers over the period.
This measure is calculated monthly and expressed as an average over
the applicable period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006132/en/
Laura Hinson Consensus Cloud Solutions, Inc 844-211-1711
investor@consensus.com
Concensus Cloud Solutions (NASDAQ:CCSI)
Historical Stock Chart
From Apr 2024 to May 2024
Concensus Cloud Solutions (NASDAQ:CCSI)
Historical Stock Chart
From May 2023 to May 2024