TORONTO, Feb. 22,
2022 /CNW/ - BlueRush Inc. ("BlueRush" or the
"Company") (TSXV: BTV) (OTCQB: BTVRF), an emerging
personalized video Software as a Service (SaaS) company, is
pleased to announce preliminary financial results for the second
quarter of 2022, ending January 31,
2022, including significant recent growth in subscription
and service bookings.
"We are pleased to report to shareholders that this was an
exciting and fruitful quarter full of milestones. Net growth in
recurring revenue bookings was $314,000, we secured a number of exciting new
customers in the financial services category and sold our first
deals in the Telco and Utilities verticals," said Steve Taylor, CEO.
The Company also previously announced a significant professional
services contract with an alternative lender in the
quarter.
Snapshot of achievements during Q2, Fiscal 2022:
- Net New CARR bookings of
$314,000
-
- Anticipated Gross Margins to exceed 90%
- Total CARR now exceed
$3.1 Million
- Professional Services bookings of $956,000
-
- Gross Margins on services expected to exceed 40%
- New CARR of $219,000 from a number of international
customers
-
- Two new major North American Insurance customers
- One new financial services customer
- Addition of BlueRush's first North American energy
customer
- Addition of BlueRush's first telco customer
- Net Expansion CARR of
$95,000 came from several existing
customers
-
- Major European bank
- South American bank
- North American Insurance provider
- The Company achieved positive Net Dollar Retention (NDR) in the
Quarter
-
- NDR is a significant sign of health in the business and means
the company is growing before the addition of new customers
- Management attributes our continued success in growing our
customers base to the excellent results achieved and investment in
a dedicated Customer Experience Management team
BlueRush is also pleased to report new CARR into two important new verticals that
represent significant opportunity - Telco and Utilities.
"Our IndiVideo platform is very well suited to add value in
these new verticals," continued Steve
Taylor. "Our Utilities customers will use IndiVideo to
explain changes to statements month over month, make personalized
recommendations on how to reduce the energy bill, divert expensive
calls from the call centre, and over time, reduce the costs
associated with sending printed bills in the mail."
This project was secured through BlueRush's partner, Nikia
DX. Nikia has developed a significant footprint creating an
opportunity to replicate this first Utilities project into a large
number of additional Utilities customers.
The Telco vertical opportunity also has significant potential
and was sold through a South American partner, Percus.
Len Smofsky, Chief Customer Success
Officer with BlueRush commented, "with Telcos, the bill or
statement is an excellent opportunity to deliver a superior
customer experience, reduce customer service and print costs and
cross-sell to other products with targeted and personalized
offers."
"Video Sales and Marketing is a fast-growing category, and we
have unique capabilities that help our customers sell more of their
products and services through the digital channels. Our
partners are delivering revenue and new verticals, our direct team
is firing on all cylinders and the market is providing a tailwind
for the business," Steve Taylor went
on to say.
About BlueRush
BlueRush develops and markets IndiVideo™, a disruptive,
award-winning interactive personalized video platform that drives
return on investment throughout the customer lifecycle, from
increased conversions to more engaging statements and customer
care. IndiVideo enables BlueRush clients to
capture knowledge and data from their customers' video interaction,
creating new and compelling data driven customer
insights.
For more information visit: http://www.bluerush.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press release may
constitute "forward-looking information" as such term is defined in
applicable Canadian securities legislation. The words "may",
"would", "could", "should", "potential", "will", "seek", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions as they relate to the Company, including the
anticipated results of customers use of the Company's
IndiVideo platform, and the results of Q2 2022, are
intended to identify forward-looking information. All statements
other than statements of historical fact may be forward-looking
information. Such statements reflect the Company's current views
and intentions with respect to future events, and current
information available to the Company, and are subject to certain
risks, uncertainties and assumptions. Material factors or
assumptions were applied in providing forward-looking information.
Many factors could cause the actual results, performance or
achievements that may be expressed or implied by such
forward-looking information to vary from those described herein
should one or more of these risks or uncertainties materialize.
These factors include, without limitation: changes in law; the
ability to implement business strategies and pursue business
opportunities; state of the capital markets; the availability of
funds and resources to pursue operations; a novel business model;
dependence on key suppliers and local partners; competition; the
outcome and cost of any litigation; the general impact of COVID-19
pandemic, as well as general economic, market and business
conditions, as well as those risk factors discussed or referred to
in disclosure documents filed by the Company with the securities
regulatory authorities in certain provinces of Canada and
available at www.sedar.com . Should any factor affect the
Company in an unexpected manner, or should assumptions underlying
the forward-looking information prove incorrect, the actual results
or events may differ materially from the results or events
predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking information. The
forward-looking information included in this press release is made
as of the date of this press release and the Company undertakes no
obligation to publicly update or revise any forward-looking
information, other than as required by applicable law.
Discussion on Non-IFRS Measures and Key Metrics
The Company prepares its financial statements in accordance
with International Financial Reporting Standards ("IFRS"). However,
the Company may refer to a number of measures and metrics which we
believe are meaningful in the assessment of the Company's
performance including Contracted Annual Recurring Revenue
("CARR"). CARR is the subscription revenue of a given
period calculated as an annual run rate for all contracts including
those that were signed in the same period. Many of these measures
and metrics are non-standard measures under IFRS, do not have any
standardized meaning under IFRS, and are unlikely to be comparable
to similarly titled measures reported by other companies. These
measures, which it believes are widely used by investors, security
analysts and other interested parties to evaluate its performance
and may not be comparable to similarly titled measures presented by
other publicly traded companies, nor should they be construed as an
alternative to financial measures determined in accordance with
IFRS. Readers are cautioned that the disclosure of these items is
meant to add to, and not replace, the discussion of financial
results or cash flows from operations as determined in accordance
with IFRS. The purpose of these non-IFRS measures and key
metrics is to provide supplemental information that may prove
useful to readers who wish to consider the impact of certain
non-cash or uncontrollable items on the Company's operating
performance. Management uses both IFRS and non-IFRS measures when
planning, monitoring and evaluating the Company's
performance.
Preliminary Financial Metrics
This press release contains certain pre-released second
quarter financial metrics. The second quarter financial metrics
contained in this press release are preliminary and represent the
most current information available to the Company's management, as
financial closing procedures for the second quarter ended
January 31, 2022 are not yet
complete. The Company's actual consolidated financial statements
for such period may result in material changes to the financial
metrics summarized in this press release (including by any one
financial metric, or all of the financial metrics, being below or
above the figures indicated) as a result of the completion of
normal quarter and year end accounting procedures and adjustments,
and also what one might expect to be in the final consolidated
financial statements based on the financial metrics summarized in
this press release. Although the Company believes the expectations
reflected in this press release are based upon reasonable
assumptions, the Company can give no assurance that actual results
will not differ materially from these expectations.
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SOURCE BlueRush Inc.