- Fiscal 2023 revenue of $52.4
million, an increase of 11% over Fiscal 2022
- Adjusted EBITDA1 for Fiscal 2023 of
$13.0 million, representing an
Adjusted EBITDA Margin1 of 25%
- Total Number of Clients2 of 956 as at
December 31, 2023
TORONTO, March 21,
2024 /CNW/ - LifeSpeak Inc. ("LifeSpeak"
or the "Company") (TSX: LSPK), the leading whole-person
wellbeing solution for employers, health plans and other
organizations, announced today its financial and operational
results for the three and 12 months ended December 31, 2023. All references to dollar
values in this press release are in Canadian dollars, unless
otherwise indicated.
"Fiscal 2023 marks the third
consecutive year of revenue growth for LifeSpeak," said
Michael Held, CEO and Founder of
LifeSpeak. "The addition of new customers, and greater revenue
related to acquisitions drove this growth. Looking ahead, our
pipeline of sales opportunities is diverse and growing. In
addition, as demonstrated by the participation of our senior
management team and board members in our recent private placement,
insider confidence in our business remains strong as we sharpen our
focus on LifeSpeak's growth moving forward."
Consolidated Business Highlights for the Three and 12 Months
Ended December 31, 2023
(All capitalized terms not defined herein shall have the
meaning ascribed to them in the Management's Discussion and
Analysis for the three and 12 months ended December 31, 2023, unless otherwise
stated)
- Fourth quarter 2023 revenue reached $12.9 million, a decrease of 6% compared to the
same period in 2022, largely due to one-time revenue recognized in
the fourth quarter of 2022. Fourth quarter 2023 revenue was
moderately higher than third quarter 2023 revenue.
- ARR3 of $51.0
million as at December 31,
2023, representing a decrease of 3% over the same period in
2022. Of the $51.0 million of
ARR3, approximately $43.4
million, or 85%, originated from enterprise clients, a 2%
increase compared to the same period in 2022. Of the $51.0 million of ARR3, approximately
66% originated from clients outside of Canada.
- As at December 31, 2023, no
single client accounted for more than 5% of ARR3.
- ARR3 is reported on a constant currency basis
using a 1.30 USD:CAD exchange rate.
When adjusting for the exchange rate at the end of the fourth
quarter 2023 of 1.3226 USD:CAD,
ARR3 would be approximately $51.6 million.
- Fourth quarter 2023 Adjusted EBITDA1 of $2.7 million, a decrease of $2.1 million compared to the same period in 2022.
The decrease is largely due to one-time revenue and cost
adjustments recognized in the fourth quarter of 2022.
- Fourth quarter 2023 Adjusted EBITDA1 Margin of
21%, a decrease when compared to an Adjusted EBITDA
Margin1 of 35% in the comparable quarter of 2022,
which is largely attributable to one-time revenue and cost
adjustments recognized in the fourth quarter of 2022.
- Adjusted EBITDA1 of $13.0 million for Fiscal 2023, an increase of
$2.3 million when compared to Fiscal
2022.
- Fourth quarter 2023 net loss of $17.7
million, a decrease from a net loss of $24.5 million in the fourth quarter of 2022. The
decrease in net loss for the three months ended December 31, 2023, is primarily due to lower
goodwill impairment.
- Notable client additions for the fourth quarter of 2023
included Canada Goose, Virtusa Corporation and TravelBrands.
Subsequent to quarter end, the Company added Accenture, Knitwell
and Ascena Retail as new clients.
- Uptake in the expansion of multi-product clients continued with
the close of new multi-product launches, including with
Grant Thornton LLP in fourth quarter of 2023, and the
successful closing of a cross-sale expansion with Amazon Canada
subsequent to quarter end, among others.
- The Company anticipates continued uptake in cross-sell as we
further execute on opportunities within the current portfolio, as
well as an increase in multi-product sales with net new
clients.
- Subsequent to quarter end, on March 14,
2024, the Company closed a private placement for gross
proceeds of approximately $5.0
million. Proceeds of the private placement were used to
repay outstanding senior indebtedness, resulting in total senior
indebtedness of $66.4 million
following repayment. The Company anticipates that amortization of
the senior indebtedness will be approximately $1.8 million per quarter for 2024.
|
_____________________________
|
1
|
See "Non-IFRS Measures,
Non-IFRS Ratios and Key Performance Indicators" for a definition of
"Adjusted EBITDA" and "Adjusted EBITDA Margin"
|
2
|
See "Non-IFRS Measures,
Non-IFRS Ratios and Key Performance Indicators" for a definition of
"Number of Clients"
|
3
|
See "Non-IFRS Measures,
Non-IFRS Ratios and Key Performance Indicators" for a definition of
"ARR"
|
|
|
ARR, Number of Clients, Consolidated Net Dollar Retention
Rate and Logo Retention Rate
ARR3 was approximately $51.0
million as at December 31,
2023, with core enterprise client ARR3 of
approximately $43.6 million.
ARR3 was broken down as follows over
the last five quarters:
|
(In thousands of
Canadian dollars)
|
Q4-
2022
|
Q1-
2023
|
Q2-
2023
|
Q3-
2023
|
Q4-
2023
|
Q4-2023
YoY
Growth
|
Enterprise Client
ARR
|
43,860
|
44,824
|
44,035
|
43,619
|
43,447
|
(1 %)
|
Embedded Solutions
Clients & Other ARR
|
8,978
|
8,488
|
8,155
|
7,913
|
7,585
|
(16 %)
|
Total
ARR
|
52,838
|
53,312
|
52,190
|
51,532
|
51,032
|
(3 %)
|
Total Number of Clients2 was 956 as at December 31, 2023, compared to 1,002 as at
December 31, 2022.
Number of
Clients2 was broken down as follows over the last five
quarters:
|
|
|
|
Q4-
2022
|
Q1-
2023
|
Q2-
2023
|
Q3-
2023
|
Q4-
2023
|
Q4-2023
YoY
Growth
|
Total Enterprise
Clients
|
983
|
972
|
979
|
973
|
942
|
(4 %)
|
Total Embedded
Solutions Clients
|
19
|
18
|
17
|
15
|
14
|
(26 %)
|
Total Number of
Clients
|
1,002
|
990
|
996
|
988
|
956
|
(5 %)
|
Consolidated Net Dollar Retention Rate4 for the
quarter was 87%, a 11% increase from the same period in 2022. Net
Dollar Retention4 for Enterprise Clients was
approximately 87% as at December 31,
2023, as compared to 94% for the comparative period in 2022.
Enterprise Net Dollar Retention4 is lower primarily due
to an increase in overall Enterprise Client churn, counteracted by
cross-sell and multi-product opportunities within the existing
Enterprise Client base.
Logo Retention Rate5 was 79% as at December 31, 2023 compared to 86% for the
comparable period in 2022. The lower Logo Retention
Rate5 is primarily attributable to the loss of smaller
enterprise client logos within the portfolio of customers. Despite
the decrease in Number of Clients4, the relative
contribution to ARR3 of new clients is, on average,
larger than that of lost clients.
4 See "Non-IFRS Measures,
Non-IFRS Ratios and Key Performance Indicators" for a definition,
"Net Dollar Retention Rate".
|
5 See
"Non-IFRS Measures, Non-IFRS Ratios and Key Performance Indicators"
for a definition, "Logo Retention Rate".
|
Financial Results for the Three and 12 Months Ended
December 31, 2023:
Selected
Consolidated Financial Information
|
Three Months
Ended
December 31,
|
Fiscal Years
Ended
December 31,
|
|
2023
|
2022
|
2023
|
2022
|
|
|
|
|
|
Revenue
|
12,949
|
13,755
|
52,407
|
47,370
|
Content development
costs
|
1,285
|
1,158
|
5,086
|
4,771
|
|
11,664
|
12,597
|
47,321
|
42,599
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales and
marketing
|
2,747
|
3,641
|
10,870
|
13,327
|
General and
administrative
|
6,655
|
6,131
|
26,031
|
26,439
|
Share-based
compensation
|
532
|
1,413
|
4,138
|
8,844
|
Foreign exchange loss
(gain)
|
1,657
|
(1,739)
|
1,924
|
(5,330)
|
Amortization and
depreciation
|
3,976
|
3,715
|
16,033
|
14,992
|
|
15,567
|
13,161
|
58,996
|
58,272
|
|
|
|
|
|
Loss from
operations
|
(3,903)
|
(564)
|
(11,675)
|
(15,673)
|
|
|
|
|
|
Acquisition and other
costs (1)
|
-
|
-
|
-
|
7,589
|
Changes in fair value
of on contingent consideration
|
-
|
(3,229)
|
(3,533)
|
(7,179)
|
Finance expense,
net
|
3,188
|
2,089
|
10,398
|
8,764
|
Impairment
|
12,673
|
26,503
|
12,673
|
26,503
|
|
|
|
|
|
Loss before income
taxes
|
(19,764)
|
(25,927)
|
(31,213)
|
(51,350)
|
Income taxes
recovery
|
(2,089)
|
(1,383)
|
(4,952)
|
(3,434)
|
|
|
|
|
|
Net
Loss
|
(17,675)
|
(24,544)
|
(26,261)
|
(47,916)
|
|
|
|
|
|
Loss per share -
basic
|
(0.35)
|
(0.48)
|
(0.52)
|
(0.95)
|
Loss per share-
diluted
|
(0.35)
|
(0.48)
|
(0.52)
|
(0.95)
|
|
|
|
|
|
Non-IFRS Measures
and Non-IFRS Ratios
|
|
|
|
|
EBITDA
(2)
|
(12,599)
|
(20,122)
|
(4,782)
|
(27,592)
|
Adjusted EBITDA
(3)
|
2,717
|
4,816
|
12,985
|
10,690
|
Adjusted Net Income
(Loss) (4)
|
(2,358)
|
395
|
(8,493)
|
(9,634)
|
Adjusted earnings
(loss) per share – basic (5)
|
(0.05)
|
0.01
|
(0.17)
|
(0.19)
|
Adjusted earnings
(loss) per share – diluted (6)
|
(0.05)
|
0.01
|
(0.17)
|
(0.19)
|
|
|
|
|
|
|
Notes:
|
|
(1)
|
Acquisition and other
costs are comprised costs and expenses in connection with the
Company's acquisitions and business integration costs.
|
(2)
|
"EBITDA" has the
meaning ascribed herein under "Cautionary Note Regarding
Non-IFRS Measures, Non-IFRS Ratios and Key Performance
Indicators".
|
(3)
|
"Adjusted
EBITDA" has the meaning ascribed herein under "Cautionary
Note Regarding Non-IFRS Measures, Non-IFRS Ratios and Key
Performance Indicators".
|
(4)
|
"Adjusted Net Income
(Loss)" has the meaning ascribed herein under "Cautionary
Note Regarding Non-IFRS Measures, Non-IFRS Ratios and Key
Performance Indicators".
|
(5)
|
"Adjusted earnings
(loss) per share – basic" has the meaning ascribed herein under
"Cautionary Note Regarding Non-IFRS Measures, Non-IFRS Ratios
and Key Performance Indicators".
|
(6)
|
"Adjusted earnings
(loss) per share – diluted" has the meaning ascribed herein
under "Cautionary Note Regarding Non-IFRS Measures, Non-IFRS
Ratios and Key Performance Indicators".
|
Conference Call Notification
The Company will subsequently hold a conference call to provide
a business update on Thursday, March 21,
2024, at 8:00 a.m. ET hosted
by:
- Nolan Bederman, Executive
Chairman
- Michael Held, CEO
- Michael McKenna, CFO
A question-and-answer session will follow the business
update.
CONFERENCE CALL
DETAILS
|
DATE:
|
Thursday, March 21,
2024
|
TIME:
|
8:00 a.m. ET
|
DIAL-IN
NUMBERS:
|
1.833.950.0062
or 1.833.470.1428
|
REFERENCE
NUMBER:
|
058906
|
This live call is also being webcast and can be accessed by
going to:
https://events.q4inc.com/attendee/475714595
An archived telephone replay of the call will be available for
two weeks by dialing 1.226.828.7578 or 1.866.813.9403 and entering
access code 178125.
Non-IFRS Measures, Non-IFRS Ratios and Key Performance
Indicators
LifeSpeak supplements its results of operations determined in
accordance with IFRS with certain non-IFRS financial measures,
non-IFRS ratios and key performance indicators that the Company
believes are useful to investors, lenders and others in assessing
its performance and which highlight trends its core business that
may not otherwise be apparent when relying solely on IFRS measures.
LifeSpeak management also uses non-IFRS measures, non-IFRS ratios
and key performance indicators for purposes of comparison to prior
periods, to prepare annual operating budgets, for the development
of future projections and earnings growth prospects, to measure the
profitability of ongoing operations and in analyzing our financial
condition, business performance and trends. As such, these measures
and indicators are provided as additional information to complement
those IFRS measures by providing further understanding of the
Company's results of operations from management's perspective,
including how it evaluates its financial performance and how it
manages its capital structure. LifeSpeak also believes that
securities analysts, investors and other interested parties
frequently use these non-IFRS measures, non-IFRS ratios and key
performance indicators in the evaluation of issuers. These non-IFRS
measures, non-IFRS ratios and key performance indicators are not
recognized measures under IFRS and do not have a standardized
meaning prescribed by IFRS and may include or exclude certain items
as compared to similar IFRS measures, and such measures may not be
comparable to similarly-titled measures reported by other
companies. Accordingly, these measures and indicators should not be
considered in isolation nor as a substitute for analysis of our
financial information reported under IFRS.
Non-IFRS Measures, Non-IFRS Ratios and Reconciliation of
Non-IFRS Measures
The Company uses non-IFRS measures, including "EBITDA",
"Adjusted EBITDA", "Adjusted Net Income (Loss)", and the non-IFRS
ratios, including "Adjusted earnings (loss) per share – basic",
"Adjusted earnings (loss) per share – diluted" and "Adjusted EBITDA
Margin". This press release also makes reference to "Annual
Recurring Revenue" or "ARR", "Net Dollar Retention Rate", "Number
of Clients" and "Logo Retention Rate", which are key performance
indicators used in our industry.
EBITDA and Adjusted EBITDA
"EBITDA" is defined as net income (loss) before income tax
recovery, finance expenses, net and amortization and
depreciation.
"Adjusted EBITDA" is defined as EBITDA before acquisition and
other costs, share based compensation, foreign exchange loss
(gain), impairment, changes in fair value of contingent
consideration, synergies realized and additional one time items.
These non-cash and/or non-recurring costs are independent events
and incurred over several financial periods.
"Adjusted EBITDA Margin" is calculated as Adjusted EBITDA
divided by revenue for the relevant period.
(In thousands
of Canadian dollars)
|
Three Months
Ended
December
31,
|
Fiscal Years
Ended
December
31,
|
|
2023
|
2022
|
2023
|
2022
|
Net loss
|
(17,674)
|
(24,543)
|
(26,261)
|
(47,914)
|
Add:
|
|
|
|
|
Amortization and
depreciation expense
|
3,976
|
3,715
|
16,033
|
14,992
|
Finance
expense
|
3,188
|
2,089
|
10,398
|
8,764
|
Income tax
recovery
|
(2,089)
|
(1,383)
|
(4,952)
|
(3,434)
|
EBITDA(1)
|
(12,599)
|
(20,122)
|
(4,782)
|
(27,592)
|
Add:
|
|
|
|
|
Acquisition and other
costs (2)
|
-
|
-
|
-
|
7,589
|
Share-based
compensation
|
532
|
1,413
|
4,138
|
8,844
|
Foreign exchange loss
(gain)
|
1,657
|
(1,739)
|
1,924
|
(5,330)
|
Changes in fair value
of contingent consideration
|
-
|
(3,229)
|
(3,533)
|
(7,179)
|
Impairment
|
12,673
|
26,503
|
12,673
|
26,503
|
Synergies realized
(3)
|
33
|
501
|
631
|
2,912
|
Additional one-time
costs (4)
|
421
|
1,489
|
1,934
|
4,943
|
Adjusted EBITDA
(5)
|
2,717
|
4,816
|
12,985
|
10,690
|
Adjusted EBITDA Margin
(6)
|
21 %
|
35 %
|
25 %
|
23 %
|
Notes:
|
|
(1)
|
"EBITDA" has the
meaning ascribed herein under "Cautionary Note Regarding
Non-IFRS Measures, Non-IFRS Ratios and Key Performance
Indicators".
|
(2)
|
Acquisition and other
costs are comprised costs and expenses in connection with the
Company's acquisitions and business integration costs.
|
(3)
|
Synergies realized
relates to the impact of the full period of cost synergies related
to the reduction of employees and professional services in relation
to acquisitions.
|
(4)
|
One-time costs related
to IPO specific adjustments, acquisitions specific adjustments and
transition costs related to the Wellbeats acquisition.
|
(5)
|
"Adjusted
EBITDA" has the meaning ascribed herein under "Cautionary
Note Regarding Non-IFRS Measures, Non-IFRS Ratios and Key
Performance Indicators".
|
(6)
|
"Adjusted EBITDA
Margin" has the meaning ascribed herein under "Cautionary
Note Regarding Non-IFRS Measures, Non-IFRS Ratios and Key
Performance Indicators".
|
Adjusted Net Income (Loss) / Adjusted Earnings (Loss)
"Adjusted Net Income (Loss)" is defined as net income (loss)
before acquisition and other costs, share based compensation,
foreign exchange loss (gain), impairment, changes in fair value of
contingent consideration, synergies realized and additional
one-time items. These non-cash and/or non-recurring costs are
independent events and incurred over several financial periods.
"Adjusted earnings (loss) per share – basic" is defined as
Adjusted Net Income (Loss) divided by the weighted average number
of shares outstanding – basic for the relevant period.
"Adjusted earnings (loss) per share – diluted" is defined as
Adjusted Net Income (Loss) divided by the weighted average number
of shares outstanding – diluted for the relevant period.
(In thousands
of Canadian dollars)
|
Three Months
Ended
December
31,
|
Fiscal Years
Ended
December
31,
|
|
2023
|
2022
|
2023
|
2022
|
Net loss
|
(17,674)
|
(24,543)
|
(26,261)
|
(47,914)
|
Add:
|
|
|
|
|
Acquisition and other
costs (1)
|
-
|
-
|
-
|
7,589
|
Share-based
compensation
|
532
|
1,413
|
4,138
|
8,844
|
Foreign exchange loss
(gain)
|
1,657
|
(1,739)
|
1,924
|
(5,330)
|
Changes in fair value
of contingent consideration
|
-
|
(3,229)
|
(3,533)
|
(7,179)
|
Impairment
|
12,673
|
26,503
|
12,673
|
26,503
|
Synergies realized
(2)
|
33
|
501
|
631
|
2,912
|
Additional one-time
costs (3)
|
421
|
1,489
|
1,934
|
4,943
|
Adjusted Net Income
(Loss) (4)
|
(2,358)
|
395
|
(8,494)
|
(9,632)
|
Adjusted earnings per
share – basic (5)
|
(0.05)
|
0.01
|
(0.17)
|
(0.19)
|
Adjusted earnings per
share – diluted (6)
|
(0.05)
|
0.01
|
(0.17)
|
(0.19)
|
Notes:
|
|
(1)
|
Acquisition and other
costs are comprised costs and expenses in connection with the
Company's acquisitions and business integration costs
|
(2)
|
Synergies realized
relates to the impact of the full period of cost synergies related
to the reduction of employees and professional services in relation
to acquisitions
|
(3)
|
One-time costs related
to IPO specific adjustments, acquisitions specific adjustments and
transition costs related to the Wellbeats acquisition
|
(4)
|
"Adjusted Net Income
(Loss)" has the meaning ascribed herein under "Cautionary
Note Regarding Non-IFRS Measures and Key Performance
Indicators."
|
(5)
|
"Adjusted earnings
(loss) per share – basic" has the meaning ascribed herein under
"Cautionary Note Regarding Non-IFRS Measures, Non-IFRS Ratios
and Key Performance Indicators"
|
(6)
|
"Adjusted earnings
(loss) per share – diluted" has the meaning ascribed herein
under "Cautionary Note Regarding Non-IFRS Measures, Non-IFRS
Ratios and Key Performance Indicators"
|
Key Performance Indicators
Annual Recurring Revenue
"Annual Recurring Revenue" or "ARR" is equal to the annualized
value of contracted recurring revenue from all clients of our
platform at the date being measured. Contracted recurring revenue
is revenue generated from clients who are, as of the date being
measured, party to contracts with LifeSpeak. Such revenue is
annualized by: (i) in the case where a contract was in existence
for the entire month, multiplying recognized revenue in the
calendar month of the date measured by 12; and (ii) in the case
where a contract was entered into mid-month, extrapolating
recognized revenue at the date measured for the entire calendar
month, and then multiplying by 12. Contract lengths typically range
from one to three years and, based on our past experience, the vast
majority of clients renew their contracts upon expiry. ARR is
mainly comprised of revenue from enterprise and embedded solutions
and includes revenue from small business and ancillary services
(comprised of portals, kits and events purchased by our existing
clients or distributed through our channel partners). ARR provides
a consolidated measure by which we can monitor the longer-term
trends in our business.
"Enterprise client ARR" is ARR at a particular date attributable
to enterprise clients.
Net Dollar Retention Rate
"Net Dollar Retention Rate" for a period is defined by
considering a cohort of clients at the beginning of the period, and
dividing the ARR from enterprise and embedded solutions
attributable to that cohort at the end of the period, by the ARR
from enterprise and embedded solutions attributable to that cohort
at the beginning of the period. Net Dollar Retention Rate provides
a consolidated measure by which we can monitor the percentage of
recurring ARR retained from existing clients.
Number of Clients
"Number of Clients" is defined as the number of clients at the
end of any particular period as the number of enterprise clients
and clients of our embedded solutions for which the term of
services has not ended, or with which the Company is negotiating
contract renewal and which meet a minimum revenue threshold.
Logo Retention Rate
"Logo Retention Rate" for a period is defined by considering a
cohort of clients at the beginning of the period, and dividing the
Number of Clients from that cohort at the end of the period, by the
Number of Clients from that cohort at the beginning of the period.
Logo Retention Rate provides a consolidated measure by which the
Company can monitor the percentage of contracted clients retained
every year.
About LifeSpeak Inc.
Celebrating 20 years of supporting employee wellbeing, LifeSpeak
Inc. is the leading provider of mental, physical, and family
wellbeing solutions for employers, health plans, and other
organizations across the globe. With a suite of digital solutions,
LifeSpeak enables organizations to deliver best-in-class content
and human expertise at scale, catering to individuals throughout
their wellbeing journeys. The LifeSpeak Inc. portfolio of solutions
spans every pillar of wellbeing, including LifeSpeak Mental Health
& Resilience, Wellbeats Wellness, Torchlight Parenting &
Caregiving, ALAViDA Substance Use, and LIFT session Fitness.
Insights from LifeSpeak Inc.'s digital and data-driven solutions
empower organizations and individuals to take impactful action to
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Forward-Looking Information
This press release may contain "forward-looking information"
within the meaning of applicable Canadian securities laws.
Forward-looking information may relate to the Company's future
business, financial outlook and anticipated events or results and
may include information regarding the Company's financial position,
business strategy, growth strategies, addressable markets, budgets,
operations, financial results, taxes, and the Company's plans and
objectives. In some cases, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "budget", "scheduled", "estimates",
"outlook", "forecasts", "projection", "prospects", "strategy",
"intends", "anticipates", "does not anticipate", "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might",
"will", "will be taken", "occur" or "be achieved". In addition, any
statements that refer to expectations, intentions, projections or
other characterizations of future events or circumstances contain
forward-looking information. Particularly, information regarding
the Company's expectations of future results, revenue growth, ARR,
EBITDA, adjusted EBITDA margin, adjusted EBITDA, adjusted Net
Income (Loss), adjusted Earnings (Loss), Number of Clients, Net
Dollar Retention Rate, Logo Retention Rate, performance, synergies,
achievements, prospects, industry trends, advancement of its
strategy and acceleration of its growth, amortization, contribution
of new clients to ARR, the amortization schedule and loan
repayments, the among of senior indebtedness remaining, or
opportunities, including for cross-selling, or the markets in which
the Company operates is forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding possible future events or circumstances.
This forward-looking information and other forward-looking
information are based on opinions, estimates and assumptions in
light of the Company's experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors that the Company currently believes are
appropriate and reasonable in the circumstances. Despite a careful
process to prepare and review the forward-looking information,
there can be no assurance that the underlying opinions, estimates
and assumptions will prove to be correct. These opinions, estimates
and assumptions include, but are not limited to, the following: the
Company's ability to build its market share and enter new
geographies; the total available market for its products; the
Company's ability to retain key personnel; the Company's ability to
maintain and expand geographic scope; the Company's ability to
execute on its expansion plans; the Company's ability to continue
investing in infrastructure to support its growth and brand
recognition; the Company's ability to maintain its existing client
base; the Company's ability to continue maintaining and enhancing
its technological infrastructure and functionality of its platform;
to the Company's ability to obtain financing on acceptable terms;
the Company's ability to meet its amortization schedule in the
future; decisions made by the Company's lenders; the Company's
ability to effectively integrate its recent acquisitions; the
Company's ability to generate sufficient cash to deleverage, the
impact of competition; the changes and trends in the Company's
industry or the global economy; and changes in laws, rules,
regulations, and global standards.
The risks and uncertainties that may affect forward-looking
statements include, among others: performance of the market sectors
that the Company serves; general market performance including
capital market conditions and availability and cost of credit;
foreign currency and exchange risk; impact of factors such as
increased pricing pressure and possible margin compression; the
regulatory and tax environment; that expected cost and revenue
synergies are not realized within the expected timeframe or at all;
that revenue, ARR, EBITDA margin and cash flow expectations are not
met for any number of reasons; political, labour or supplier
disruptions; that our clients face recessionary pressures, and
other risks detailed from time to time in the Company's filings
with Canadian provincial securities regulators, including the risk
factors which are described in greater detail under "Risk Factors"
in the Company's annual information form for the fiscal year ended
2022 and the Company's annual information form which is to be filed
on or before March 30, 2024. Although
the Company has attempted to identify important risk factors that
could cause actual results to differ materially from those
contained in forward-looking information, there may be other risk
factors not currently known to the Company or that the Company
currently believes are not material that could also cause actual
results or future events to differ materially from those expressed
in such forward-looking information. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information.
Accordingly, prospective investors should not place undue
reliance on forward-looking information. The forward-looking
information contained in this press release represents the
Company's expectations as of the date of this press release (or as
the date it is otherwise stated to be made) and is subject to
change after such date. However, the Company disclaims any
intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
Canadian securities laws.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements. Prospective investors should read this entire press
release and consult their own professional advisors to ascertain
and assess the income tax, legal, risk factors and other aspects of
an investment in the Company.
SOURCE LifeSpeak Inc.