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FAIRFAX, VA / ACCESSWIRE / May 16, 2022 / WidePoint Corporation (NYSE American:WYY), the state-of-the-art controlled response provider (MSP) specializing in identity and access control (IAM), telecommunications and controlled mobility (MMS), virtual billing
First quarter of 2022 and operational highlights:
Financial highlights for the first quarter of 2022:
(*Net loss reflects a profit of $0. 3 million due to fair adjustment for contingency value top-ups)
Management Comment
“WidePoint continues to be agile, flexible and resilient in combating uncontrollable macroeconomic headwinds while achieving our operational purposes,” said WidePoint CEO Jin Kang. , we see no signs of slowing down and expect the effects to improve in the coming quarters. WidePoint is committed to making strategic internal investments in sales, marketing, branding and technology, with the ultimate goal of executing our biological and biological expansion strategy of developing and operating profitably and consistently. We remain in line with our budget expectations, are moving encouragingly towards our earnings direction and are confident that the strategic investments we are making in the business will translate into successful earnings expansion later this year and beyond. .
Financial summary for the first quarter of 2022
A reconciliation of GAAP net revenue source to EBITDA and adjusted EBITDA is provided below.
Financial perspective
For the full year 2022, the Company expects to be between $92 million and $98 million and adjusted EBITDA between $2. 5 million and $3. 5 million.
Share Repurchase Program
WidePoint recently suspended the purchase program to maintain its cash balance as it looks to reinvest in generation and prepare for potential acquisitions. In the longer term, the company still intends to take advantage of the buyback program when it deems it appropriate.
Conference
The WidePoint control will make a convention call (May 16, 2022) at 4:30 p. m. m. , Eastern Time (1:30 p. m. , Pacific Time) to discuss those results.
WidePoint President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and Chief Financial Officer Bob George will host the convention call, followed by a response period.
U. S. Dialing Number: 888-506-0062International Number: 973-528-0011Access Code: 384243
Call the convention phone number 5-10 minutes prior to start time. An operator will record your call and your organization. If you are having trouble connecting to the convention call, please contact Gateway Investor Relations at 949-574-3860.
The convention call will be broadcast live and can be reproduced here and through the investor relations segment of the Company’s website.
There will be a repeat of the convention call after 7:30 p. m. m. , Eastern Time, same day through Monday, May 30, 2022.
Toll Free: 877-481-4010International Reproduction Number: 919-882-2331ReadING ID: 45316
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of controlled responses (MSP) committed to securing and protecting the cellular workforce and business landscape. WidePoint is identified by its pioneering generation responses that come with identity and access control (IAM), controlled mobility (MMS), telecommunications control, data-as-a-service (ITaaS) generation, cloud security, and virtual billing and analytics. For more information, visit widepoint. com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and monetary measures, adding non-GAAP monetary measures, such as EBITDA and adjusted EBITDA, to allow you to analyze their functionality and monetary condition. The presentation of non-GAAP monetary data should not be considered isolated or as a replacement or impressive for monetary data ready and presented in accordance with GAAP. The following is a reconciliation of GAAP net revenue stream with EBITDA and Adjusted EBITDA:
WidePoint uses Adjusted EBITDA as a non-GAAP supplemental functionality measure. WidePoint defines EBITDA as the net source of income that excludes (i) interest expense, (ii) the source of income tax provision or benefit, and (iii) depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint does not provide a quantitative reconciliation of Adjusted EBITDA based on the “unreasonable efforts” exception for non-GAAP forward-looking measures set forth in SEC rules because certain monetary information, the significance of which is unlikely to be determined, cannot be obtained. and cannot be estimated without inordinate effort and expense. In this regard, WidePoint does not provide a reconciliation between prospective (non-GAAP) Adjusted EBITDA and GAAP net income source, due to the inherent difficulty of expecting and quantifying safe amounts required for such a reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income could vary particularly based on actual events, WidePoint cannot expect on a GAAP basis with moderate guarantee all required deductions to provide a GAAP estimate of net income. projected. source of income at this time. The amounts of those deductions may be draped and, therefore, may also result in the projected GAAP net income source being slightly less than that indicated through estimated Adjusted EBITDA (non-GAAP).
Safe Harbor Declaration
This press release includes forward-looking statements regarding our business, operations, and monetary condition, as well as our plans, objectives, and expectations regarding our business, functionality, and monetary condition, which are subject to threats and uncertainties. All emails other than past events included in this document are prospective. You can identify those goals through words like “aim”, “anticipate”, “assume”, “believe”, “could”, “should”, “estimate”, “expect”, “target”, “intend”, “possibly”. “, “target”, “plan”, “potential”, “positioned”, “are expecting”, “should”, “target”, “will”, “would” and other similar expressions that expect or imply much running occasions and long-term trends. These forecasts are based on existing expectations, estimates, forecasts and projections about our business and the industry in which we operate, as well as the ideals and assumptions of our management. These emails are not promises of long-term functionality or progression and involve known and unknown threats, uncertainties, and other issues that in some cases are beyond our control. All prospective emails are subject to threats and uncertainties that would possibly ensure that the effects Actual situations differ materially from those we expected, adding the ability to realize the expected benefits of the ITA acquisition, the ability to realize the monetary outlook included in this document, the effect of COVID-19 on our business and operations; have an effect on any supply chain disruption; our ability to effectively execute our strategy; our ability to maintain earnings and positive cash flow; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expand existing contract facilities; our ability to compete with corporations that have more resources than we do; our ability to enter the advertising industry to expand our business; our ability to retain key personnel; and threat points set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 28, 2022. The forward-looking statements included herein are made only to the date of the present. We assume no legal responsibility to publicly update or revise any forecast as a result of new information, long-term events or otherwise, except as required by law.
Investor Relations:
Gateway Group, Inc. Matt Glover or John Yi949-574-3860[email protected]
SOURCE: WidePoint Corporation
See the accesswire. com edition: https://www. accesswire. com/701557/WidePoint-Reports-First-Quarter-2022-Financial-Results
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