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Quorum Reports Q3 2021 and YTD Financial Results Record Total Revenue of $ 9.2 million on 14 % growth rate • $ 6.6 million of Recurring SaaS Revenue • $ 2.4 million of Recurring Services Revenue Adjusted EBITDA¹ Margin of 16 % Calgary , AB , November 24th , 2021 Quorum Information Technologies Inc. ( QIS : TSXV ) ( QuorumInformationSystems.com ) , a SaaS software and services company that provides essential software that vehicle dealerships rely on for operations throughout North America , today reported Q3 2021 and year - to - date financial results for the third quarter ending on September 30 , 2021. Financial references are expressed in Canadian dollars unless otherwise indicated . Please refer to the MD & A and Financial Statements posted onto SEDAR related to non - IFRS measures and risk factors . " We are happy to report record total revenue and are pleased with our overall revenue growth for this quarter , which was well balanced between adding new rooftops and cross - selling new software and services to current clients , " stated CEO Maury Marks . " With ongoing supply chain challenges , emerging online sales channel opportunities , and expanding competition , our vehicle dealership clients need our software to protect and grow their business while maximizing profits . We are encouraged by current market conditions and total addressable market available to Quorum Information Technologies solutions . " Consolidated Results for Q3 , 2021 & Year - to - Date Q3 2021 % Change Total Revenue Recurring Revenue Gross Margin Gross Margin % Total Operating Expenses EPS ( loss ) Net loss Adjusted EBITDA Adjusted Cash Income ● 2 ● $ 9,201,600 $ $ 8,976,508 4,307,880 47 % 4,470,561 0.002 143,930 1,451,712 726,303 $ - $ - $ $ $ QUORUM Q3 2020 14 % $ 8,085,348 15 % $ 7,778,853 18 % $ 3,659,992 45 % 21 % $ 3,681,373 - $ 0.005 60 % - $ 358,296 -1 % $ 1,464,650 -24 % $ 961,756 YTD 2021 $ 26,830,594 $ 26,079,167 $ 12,093,433 45 % $ 12,966,077 - $ 0.010 - $ 696,103 $ 3,846,083 $ 1,766,037 % Change 19 % $ 21 % $ 21 % $ 15 % $ - $ 50 % - $ 13 % $ 6 % $ YTD 2020 22,539,580 21,631,691 9,973,961 44 % Q3 2021 Financial and Business Highlights Total revenue increased by 14 % to $ 9.2 million in Q3 2021 compared to $ 8.1 million in Q3 2020 . SaaS revenue increased by 11 % to $ 6.6 million in Q3 2021 compared to $ 5.9 million in Q3 2020 . Recurring services revenue ( BDC ) revenue increased by 30 % to $ 2.4 million in Q3 2021 compared to $ 1.9 million in Q3 2020. Strength in this category was driven by new solution features and by a strategic partnership with AutoCanada . 11,277,639 0.019 1,383,568 3,410,823 1,661,315 1 Adjusted EBITDA ( non - GAAP ) – Net income ( loss ) before interest and financing costs , taxes , depreciation , amortization , stock - based compensation , foreign exchange gains and losses , one - time acquisition - related expenses and restructuring fees . 2 Adjusted Cash Income ( non - GAAP ) – Adjusted EBITDA less capitalized salaries and overhead .