Total Revenue up 17%, Record Operating Income Improves 70.8%, Adjusted EBITDA Increases 25.7%, Net Loss Turnaround
NAPERVILLE, ILLINOIS – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal year ended September 30, 2021 (“FY21”). In FY21, the Company posted (i) record total revenue of $39.7M, an increase of approximately 17% over total revenue of $33.9M for the year ended September 30, 2020 (“FY20”); (ii) FY21 operating income of $4.7M, representing an increase of 70.8% compared to FY20 operating income of $2.8M; (iii) adjusted EBITDA of $10.3M in FY21, up approximately 26% compared to $8.2M for FY20; and (iv) net income attributable to common shareholders of $3.4M in FY21 compared to a net loss of $0.1M in FY20.
“Our employees worked closely with both our customers and service partners to meet increased demand during extremely difficult circumstances in FY21. Our ability to adapt resulted in record financial results including revenue, operating income and net income for common shareholders.” said Derek Cassell, Track Group’s CEO.
- Total FY21 record revenue of $39.7M was up 17% compared to FY20 revenue of $33.9M.
- Gross profit of $21.1M in FY21 was up over 13% compared to FY20 gross profit of $18.6M due to the growth in revenue offset primarily by the increase in amortization expense associated with implementation of the new software platform.
- Operating income in FY21 of $4.7M compared to operating income of $2.8M for FY20, representing an improvement of over 70% despite the global pandemic.
- Adjusted EBITDA for FY21 of $10.3M, up nearly 26%, compared to $8.2M for FY20. Adjusted EBITDA in FY21 as a percentage of revenue also increased to 25.9%, compared to 24.2% for FY20.
- Cash balance of $8.4M for FY21, up nearly 25% compared to $6.8M for FY20.
- Net income attributable to shareholders in FY21 was $3.4M compared to a net loss of $0.1M in FY20, a change principally attributable to the Company’s strong operating performance.