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    SharpSpring Reports Second Quarter 2021 Results

    8/12/21 4:05:00 PM ET
    $SHSP
    Computer Software: Prepackaged Software
    Technology
    Get the next $SHSP alert in real time by email

    Strategic Acquisition by Clearlake Capital and Siris-Backed Constant Contact to Maximize Growth and Audience Engagement for Small Businesses

    GAINESVILLE, FL / ACCESSWIRE / August 12, 2021 / SharpSpring, Inc. (NASDAQ:SHSP), a leading cloud-based revenue growth platform, reported financial results for the second quarter ended June 30, 2021.

    Recent Operational Highlights

    • Signed definitive agreement to be acquired by Clearlake Capital and Siris-backed Constant Contact, an established leader in online marketing. Under the terms of the agreement, Constant Contact will acquire all the outstanding common stock of SharpSpring for $17.10 per share in cash. The transaction is expected to close in the third quarter of 2021 subject to customary closing conditions including a SharpSpring stockholder approval.
    • Appointed marketing technology leader Suaad Sait as President. Sait brings an extensive background leading product, engineering, and marketing at high-growth SaaS companies.
    • Appointed senior finance executive and capital markets veteran Jason Costi to Board of Directors, who has also been named a member of the Company's Audit, Nominating and Corporate Governance Committees.

    Second Quarter 2021 Key Performance Indicators (KPIs)

    • Total monthly recurring revenue (MRR) from new customers in the second quarter of 2021 was approximately $100,000 compared to $159,000 in the second quarter of 2020 and $100,000 in the first quarter of 2021.
    • New customer additions are expected to generate approximately $1.2 million in annual recurring revenue (ARR).
    • Finished the quarter with approximately 1,900 agency customers, over 500 direct customers, and more than 10,000 total businesses across all SharpSpring sales and marketing platforms including SharpSpring Ads and legacy products.
    • Average monthly logo attrition in the second quarter of 2021 improved to 2.4% compared to 4.31% in the second quarter of 2020.
    • On a year-over-year basis, Q2 2021 net revenue retention was 92.5%, a decrease from 94.4% in Q1 2021.

    Second Quarter 2021 Financial Results

    • Total revenue increased 11% to a record $8.1 million from $7.3 million in the same year-ago period.
    • Gross profit increased 13% to a record $ 6.1 million (76% of total revenue) from $­­5.4 million (74% of total revenue) in the same year-ago period.
    • Net loss was $354,000, or $0.03 per share, compared to net loss of $970,000, or $0.08 per share, in the same year-ago period.
    • Adjusted EBITDA loss (a non-GAAP metric reconciled below) totaled $2.1 million, compared to an adjusted EBITDA loss of $122,000 in the same year-ago period.
    • Core net loss (a non-GAAP metric reconciled below) totaled $2.6 million or $0.20 per share, compared to core net loss of $381,000, or $0.03 per share, in the same year-ago period.
    • At quarter-end, the Company had $25.2 million in cash, compared to $28.3 million at December 31, 2020.

    Conference Call
    Due to the Company's entry into the agreement and plan of merger previously announced on June 22, 2021, SharpSpring will only be issuing a press release and will not be conducting a conference call.

    About SharpSpring, Inc.
    SharpSpring, Inc. (NASDAQ:SHSP) is a rapidly growing, highly-rated, global and affordable revenue growth platform delivered via a cloud-based Software-as-a-Service (SaaS) solution. More than 10,000 businesses around the world rely on SharpSpring platforms to generate leads, improve conversions to sales, and drive higher returns on marketing investments. Known for its innovation, open architecture and free customer support, SharpSpring offers flexible contracts at a fraction of the price of competitors making it an easy choice for growing businesses and digital marketing agencies. Learn more at sharpspring.com.

    Non-GAAP Financial Measures
    Adjusted EBITDA, core net loss and core net loss per share are "non-GAAP financial measures" presented as supplemental measures of the Company's performance. These metrics are not presented in accordance with United States generally accepted accounting principles, or GAAP. The Company believes these measures provide additional meaningful information in evaluating its performance over time. However, the measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. A reconciliation of net loss to these measures is included for your reference in the financial section of this earnings press release.

    Important Cautions Regarding Forward-Looking Statements
    The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, our ability to successfully utilize our cash to develop current and future products, delays due to issues with outsourced service providers, those events and factors described by us in Item 1. A "Risk Factors" in our most recent Form 10-K, and other risks to which our Company is subject, and various other factors beyond the Company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Company Contact:
    Aaron Jackson
    Chief Financial Officer
    Phone: 352-448-0967
    Email: [email protected]

    Investor Relations:
    Gateway Investor Relations
    Matt Glover or Tom Colton
    Phone: 949-574-3860
    Email: [email protected]

    SharpSpring, Inc.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)



    Three Months Ended Six Months Ended


    June 30, June 30,


    2021 2020 2021 2020
    Revenue
    8,106,243 $7,270,905 $16,095,473 $14,323,634
    Cost of services
    1,984,662 $1,873,029 3,874,675 $4,240,671
    Gross profit
    6,121,581 5,397,876 12,220,798 10,082,963
    Operating expenses:
    Sales and marketing
    3,915,096 2,395,100 7,706,478 5,429,222
    Research and development
    2,111,540 1,484,890 4,227,280 3,063,029
    General and administrative
    3,522,971 2,244,560 6,294,610 4,658,401
    Intangible asset amortization
    171,549 183,746 343,098 336,547
    Total operating expenses
    9,721,156 6,308,296 18,571,466 13,487,199
    -
    Operating loss
    (3,599,575) (910,420) (6,350,668) (3,404,236)
    Other income (expense), net
    (21,354) (2,777) (14,519) (59,556)
    Gain on extinguishment of debt
    3,271,101 - 3,438,077 -
    Loss before income taxes
    (349,828) (913,197) (2,927,110) (3,463,792)
    Provision (benefit) for income taxes
    3,947 57,187 10,520 (1,505,331)
    -
    Net loss
    (353,775) (970,384) (2,937,630) (1,958,461)
    Net loss per share, basic and diluted
    $(0.03) $(0.08) $(0.23) $(0.17)
    Weighted average common shares outstanding, basic and diluted
    12,852,131 11,529,324 12,833,148 11,525,258

    SharpSpring, Inc.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)


    June 30, December 31,

    2021 2020
    Assets


    Cash and cash equivalents
    25,157,240 $28,267,792
    Accounts receivable
    300,149 323,130
    Unbilled receivables
    1,265,527 1,248,060
    Income taxes receivable
    143,498 54,449
    Other current assets
    1,293,952 1,433,543
    Total current assets
    28,160,366 31,326,974

    Property and equipment, net
    1,861,067 2,188,948
    Goodwill
    10,230,917 10,250,088
    Intangibles, net
    3,672,753 4,015,851
    Right-of-use assets
    7,934,913 8,352,028
    Other long-term assets
    584,435 611,857
    Total assets
    52,444,451 $56,745,746

    Liabilities and Shareholders' Equity
    Accounts payable
    964,933 $1,074,594
    Accrued expenses and other current liabilities
    2,242,981 1,259,836
    Line of credit
    1,900,000 1,900,000
    Deferred revenue
    862,767 845,265
    Income taxes payable
    23,755 81,221
    Lease liability, current portion
    748,499 724,627
    Notes payable, current portion
    - 2,630,962
    Total current liabilities
    6,742,935 8,516,505

    Lease liability, net of current portion
    7,358,118 7,771,898
    Notes payable, net of current portion
    - 768,538
    Total liabilities
    14,101,053 17,056,941

    Shareholders' equity:
    Preferred stock, $0.001 par value
    - -
    Common stock, $0.001 par value
    12,902 12,819
    Additional paid in capital
    77,141,573 75,544,966
    Accumulated other comprehensive loss
    (219,736) (215,269)
    Accumulated deficit
    (38,507,341) (35,569,711)
    Treasury stock
    (84,000) (84,000)
    Total shareholders' equity
    38,343,398 39,688,805

    Total liabilities and shareholders' equity
    52,444,451 $56,745,746

    SharpSpring, Inc.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)


    Three Months Ended Six Months Ended

    June 30, June 30,

    2021 2020 2021 2020
    Net loss
    (353,775) $(970,384) $(2,937,630) $(1,958,461)

    Adjustments to reconcile loss from operations:
    Depreciation and amortization
    597,230 417,560 1,041,311 774,140
    Gain on extinguishment of debt
    (3,271,101) - (3,438,077) -
    Amortization of costs to acquire contracts
    203,009 202,329 407,282 404,767
    Non-cash stock compensation
    582,820 370,418 1,138,405 741,051
    Loss on disposal of property and equipment
    1,773 - 3,299 -
    Unrealized foreign currency (gain) loss
    1,704 29,201 (45,204) 109,928
    Changes in assets and liabilities:
    -
    Accounts receivable
    67,482 (20,988) 20,362 (106,260)
    Unbilled receivables
    4,081 (40,819) (27,704) (133,315)
    Right-of-use assets
    210,137 (3,069,671) 417,115 (3,475,390)
    Other assets
    (46,303) 63,772 (239,733) (279,099)
    Income taxes, net
    (151,437) 1,596,583 (144,864) 33,639
    Accounts payable
    86,004 (1,010,945) (108,933) (120,934)
    Lease liabilities
    (196,534) 3,090,202 (389,909) 3,511,291
    Accrued expenses and other current liabilities
    588,966 106,198 975,631 (288,041)
    Deferred revenue
    (91,145) (107,604) 20,294 (201,893)
    Net cash provided by (used in) operating activities
    (1,767,089) 650,348 (3,308,355) (994,081)

    Cash flows from investing activities
    Purchases of property and equipment
    (139,457) (211,970) (169,328) (352,900)
    Capitalization of software development costs
    (136,728) (151,842) (204,302) (424,124)
    Net cash used in investing activities
    (276,185) (363,812) (373,630) (777,024)

    Cash flows used in financing activities:
    Proceeds from line of credit
    - - 1,900,000
    Proceeds from note payable
    - 3,399,500 - 3,399,500
    Proceeds from exercise of stock options, net
    321,950 12,288 502,037 23,462
    Payments for taxes related to net share settlement of equity awards
    (11,234) (1,869) (36,252) (28,402)
    Net cash provided by financing activities
    310,716 3,409,919 465,785 5,294,560

    Effect of exchange rate on cash
    29,863 (34,609) 105,648 (118,509)

    Change in cash and cash equivalents
    (1,702,695) 3,661,846 (3,110,552) 3,404,946

    Cash and cash equivalents, beginning of period
    26,859,935 11,625,049 28,267,792 11,881,949

    Cash and cash equivalents, end of period
    25,157,240 15,286,895 25,157,240 15,286,895

    SharpSpring, Inc.
    RECONCILIATION TO ADJUSTED EBITDA
    (Unaudited, in Thousands)


    Three Months Ended Six Months Ended

    June 30, June 30,

    2021 2020 2021 2020
    Net loss
    (354) $(970) $(2,938) $(1,958)
    Provision (benefit) for income taxes
    4 57 11 (1,505)
    Other (income) expense, net
    21 3 15 60
    Gain on extinguishment of debt
    (3,271) - (3,438) -
    Depreciation & amortization
    597 418 1,041 774
    Non-cash stock compensation
    583 370 1,138 741
    Restructuring
    273 - 273 -
    Adjusted EBITDA
    (2,147) (122) (3,898) (1,888)

    SharpSpring, Inc.
    RECONCILIATION TO CORE NET LOSS AND CORE NET LOSS PER SHARE
    (Unaudited, in Thousands)


    Three Months Ended Six Months Ended

    June 30, June 30,

    2021 2020 2021 2020
    Net loss
    (354) $ (970) $ (2,938) $ (1,958)
    Amortization of intangible assets
    172 184 343 337
    Non-cash stock compensation
    583 370 1,138 741
    Gain on extinguishment of debt
    (3,271) - (3,438) -
    Restructuring
    273 - 273 -
    Tax adjustment
    (4) 35 (6) (112)
    Core net income
    (2,601) (381) $ (4,628) $ (992)

    Core net loss per share
    $ (0.20) $ (0.03) $ (0.36) $ (0.09)
    Weighted average common shares outstanding
    12,852 11,529 12,833 11,525

    SOURCE: SharpSpring, Inc.



    View source version on accesswire.com:
    https://www.accesswire.com/659242/SharpSpring-Reports-Second-Quarter-2021-Results

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