Fairfax, VA – June 30, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), announced today that it has renewed its revolving credit facility of $5 million for working capital. And subsequently increased borrowing capacity of the credit facility by $2 million. The 40% increase expands the total capacity under the facility to $7.0 million subject to maintaining certain financial covenants and collateral.
Jin Kang, WidePoint’s CEO, stated: “While we have not borrowed under our revolving credit facility, we believe that securing additional borrowing capacity places us in a stronger financial position to fund our anticipated growth.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the impact of the COVID-19 pandemic on our business and operations; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 24, 2021. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – June 1, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be attending the LD Micro Invitational XII from June 7-9, 2022.
WidePoint management is scheduled to present on Wednesday, June 8, at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) with one-on-one meetings held throughout the event.
To receive additional information or to schedule a one-on-one meeting with WidePoint management, please contact Gateway Group at [email protected] or 949-574-3860.
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – May 16, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), reported results for the first quarter ended March 31, 2022.
First Quarter 2022 and Recent Operational Highlights:
- Appointed Robert “Bob” George as Chief Financial Officer, who officially started on April 1, 2022. George replaced Kellie Kim, who previously announced her retirement in November 2021
- Expanded the company’s portfolio of secure Technology Management as a Service offerings
- Awarded corporate contract for Software Solutions from the State of Texas Department of Information Resources (DIR), focusing on Mobile and Wireline Software as a Service solutions
- Announced that WidePoint’s Public Key Infrastructure (PKI) Identity Management solutions are Quantum-resistant
- DHS CWMS Seventeen (17) Contract actions totaling $17M in task order renewals and expansions.
- ESG Responsible recycling program continued to operate profitably and finding acceptance by our client base
- Purchased approximately 196,600 shares of common stock for a total of $818,200. In March of 2022, the company’s board of directors suspended the repurchase plan in order to use the company’s excess funds to invest into the business
First Quarter 2022 Financial Highlights:
- Revenues were $22.4 million
- Managed Services revenue increased by 2% to $9.5 million
- Gross margin was 17%
- Net loss totaled $393,000, or a loss of $0.04 per diluted share*
- EBITDA, a non-GAAP financial measure, was $165,000
- Adjusted EBITDA, a non-GAAP financial measure, was $344,400
- As of March 31, 2022, cash and cash equivalents equaled $7.3 million
(*Net loss reflects acquisition related expense of $0.2 million and a benefit of $0.6 million due to fair value adjustment of contingent earn-outs)
Management Commentary
“WidePoint continues to remain nimble, flexible, and resilient in combating uncontrollable macroeconomic headwinds while simultaneously executing our operational goals,” said WidePoint’s CEO, Jin Kang. “With the ITA integration going as planned and the joint sales and marketing initiatives continuing to expand, we see no signs of slowing down and expect to see improving results in the quarters going forward. WidePoint is committed to making strategic investments internally toward sales, marketing, branding and technology, with the ultimate goal of executing our organic and inorganic growth strategy, which is to grow the top line and operate profitably and stably. We remain In line with our budget expectations, are encouragingly trending toward our top line forecast, and are confident that the strategic investments we are making into the company will translate to profitable revenue growth later this year and beyond.”
First Quarter 2022 Financial Summary
| (in millions, except per share amounts) | Mar. 31, 2022 | Mar. 31, 2021 |
| (unaudited) | ||
| Revenue |
$22.4
|
$20.7
|
| Gross Profit |
$3.9
|
$4.7
|
| Gross Profit Margin |
17.4%
|
22.8%
|
| Operating Expenses |
4.6
|
4.0
|
| (Loss) Income from operations |
(0.7)
|
0.7
|
| Net (Loss) Income |
-$0.4
|
$0.6
|
| Basic (Loss) Earnings per Share (EPS) |
(0.04)
|
0.07
|
| Diluted (Loss) Earnings per Share (EPS) | (0.04) |
0.06
|
| EBITDA |
0.2
|
1.0
|
| Adjusted EBITDA |
0.3
|
1.2
|
A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below.
Financial Outlook
For the full year 2022, the company expects revenues to range between $92 million – $98 million and Adjusted EBITDA to range between $2.5 million – $3.5 million.
Share Repurchase Program
WidePoint has currently paused the repurchase program to preserve its cash balance, as it looks to invest back into the technology and prepare for potential acquisitions. Longer-term, the company still intends to leverage the buyback program when deemed appropriate.
Conference Call
WidePoint management will hold a conference call today (May 16, 2022) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
WidePoint’s President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and CFO Bob George will host the conference call, followed by a question and answer period.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 384243
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, May 30, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 45316
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the ability to achieve expected benefits from the acquisition of ITA, the ability to achieve the financial outlook included herein, the impact of the COVID-19 pandemic on our business and operations; the impact of any supply chain interruptions; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 28, 2022. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Fairfax, VA – May 12, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), announced today that Soft-ex and IT Authorities, subsidiaries of WidePoint, will be attending Ingram Micro Cloud Summit 22 in Miami on May 17-19, 2022.
Soft-ex has been selected by Ingram Micro as a value add partner for its Microsoft Teams propositions and will be showcasing the company’s Voice Analytics & Digital Billing solution.
Soft-ex CEO Ian Sparling stated: “We are delighted to be named an Ingram Micro partner and also recently a Microsoft Gold partner. Our SaaS solution has been identified as satisfying a growing requirement to optimize the Teams Voice experience. With 2022 being defined as the ‘year of the phone’ for Microsoft, we and Ingram Micro are well positioned to take advantage of the uptake in Teams Voice and meet the need for more centralized visibility and advanced self-serve analytics. We look forward to deepening our relationship with the Ingram sales & channel community at Cloud Summit 22 and are excited to collaborate closely with them to offer compelling solutions and enhanced digital experiences for our joint clients.”
IT Authorities has been an Ingram Micro partner for 15 years and is a Microsoft Gold partner. Jason Caras, CEO of IT Authorities noted: “We are excited to develop opportunities with Soft-ex and Ingram Micro that maximize our unique offerings. Due to our successful partnership with Ingram Micro, we are able to provide comprehensive IT infrastructure solutions that evolve with our clients’ business requirements.”
WidePoint’s CEO Jin Kang added: “The strategic alignment of Soft-ex and IT Authorities is just one example of how our company’s subsidiaries, under the WidePoint umbrella, are working together to forge new business opportunities. Ingram Micro and Microsoft are both partnerships that will expand the impact of WidePoint’s solutions.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – May 2, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will hold a conference call on Monday, May 16, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2022. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Monday, May 16, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Access Code: 384243
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, May 30, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 45316
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – April 19, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be presenting at the Planet MicroCap Showcase at the Bally’s Hotel & Casino in Las Vegas, NV on Wednesday, May 4, 2022 at 9:30 AM PT.
WidePoint management’s presentation will be webcast and available for replay here.
To book a one-on-one investor meeting, and to attend the Planet MicroCap Showcase 2022, please register here. To receive additional information, please contact [email protected].
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 28, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), today reported results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 and Recent Operational Highlights:
- Acquired IT Authorities, Inc. (ITA) an award-winning provider of comprehensive information technology (IT) as a service (ITaaS)
- Appointed Robert “Bob” George as Chief Financial Officer, who will officially take the role on April 1, 2022. George replaces Kellie Kim, who previously announced her retirement in November 2021
- Expanded the company’s portfolio of secure technology management as a service offerings
- Awarded corporate contract for Software Solutions from the State of Texas Department of Information Resources (DIR), focusing on Mobile and Wireline Software as a Service solutions
- Announced that WidePoint’s Public Key Infrastructure (PKI) Identity Management solutions are Quantum-resistant
- Purchased approximately 299,500 shares of common stock during 2021 at an average price of $4.14 as part of the previously announced share repurchase program
- Achieved FedRAMP Ready Status for WidePoint’s proprietary Intelligent Technology Management System (ITMS™) platform
- Awarded new contract to deliver Identity and Access Management credentials to a District of Columbia government branch
Fourth Quarter 2021 Financial Highlights:
- Revenues were $24.5 million
- Managed Services revenue increased by 25% to $11.1 million, excluding the completed 2020 Census Project
- Gross margin was 16.3%
- Net loss totaled $575,000, or a loss of $0.06 per diluted share*
- EBITDA, a non-GAAP financial measure, was $319,000
- Adjusted EBITDA, a non-GAAP financial measure, was $541,000
- As of December 31, 2021, cash and cash equivalents equaled $6.5 million
(*Net loss reflects acquisition related expense of $0.2 million and a benefit of $0.6 million due to fair value adjustment of contingent earn-outs)
Full Year 2021 Financial Highlights:
- Revenues were $87.3 million
- Managed Services revenue was $37.6 million
- Gross margin improved to 18.7%
- Net income totaled $341,000, or $0.04 per diluted share*
- EBITDA, a non-GAAP financial measure, was $2.9 million
- Adjusted EBITDA, a non-GAAP financial measure, was $3.8 million
(*Net income reflects acquisition related expense of $0.2 million, a benefit of $0.6 million due to fair value adjustment of contingent earn-outs, and $1.3 million benefit due to payroll tax credit.)
Management Commentary
“We continue to execute our growth strategy for organic and inorganic growth by investing back into our business and by operating our business in a profitable manner,” said WidePoint’s CEO, Jin Kang. “Even with the persisting macroeconomic headwinds, our business is stable and profitable thanks to the proactive measures our team has put in place to minimize costs and maximize synergies internally. It has been encouraging to witness the previous investments made into our business bearing fruit as a result of an expanding sales pipeline and a greater percentage of those sales opportunities getting close to execution.
“Additionally, with the integration of ITA nearing completion and the progress we are experiencing on leveraging upsell and cross-sell opportunities, we intend to find other organizations akin to ITA to fulfill our inorganic growth plan. With this dynamic transformation of our company, more specifically, bringing Information Technology as a Service or ITaaS under the WidePoint umbrella, and further focusing on our cybersecurity capabilities and broadening our customer base, we are maximizing our opportunities for future growth. This upcoming year, as we ramp up multiple go-to-market strategies and invest in high ROI initiatives, we are primed to maximize WidePoint’s potential.”
Fourth Quarter 2021 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2021 | Dec. 31, 2020 |
| (unaudited) | ||
| Revenue |
$24.5
|
$28.4
|
| Gross Profit |
$4.0
|
$4.8
|
| Gross Profit Margin |
16.3%
|
17.0%
|
| Operating Expenses |
$4.8
|
$4.1
|
| Income from operations |
$(0.8)
|
$0.7
|
| Net (Loss) Income |
$(0.6)
|
$8.3
|
| Basic Earnings per Share (EPS) |
$(0.06)
|
$0.96
|
| Diluted Earnings per Share (EPS) |
$(0.06)
|
$0.94
|
| EBITDA |
$0.3
|
$1.1
|
| Adjusted EBITDA |
$0.5
|
$1.3
|
Full Year 2021 Financial Summary
| (in millions, except per share amounts) | Dec. 31, 2021 | Dec. 31, 2020 |
| (unaudited) | ||
| Revenue |
$87.3
|
$180.3
|
| Gross Profit |
$16.4
|
$20.5
|
| Gross Profit Margin |
18.7%
|
11.3%
|
| Operating Expenses |
$15.8
|
$17.2
|
| Income from operations |
$0.6
|
$3.2
|
| Net (Loss) Income |
$0.3
|
$10.3
|
| Basic Earnings per Share (EPS) |
$0.04
|
$1.22
|
| Diluted Earnings per Share (EPS) |
$0.04
|
$1.20
|
| EBITDA |
$2.9
|
$4.9
|
| Adjusted EBITDA |
$3.8
|
$5.7
|
A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below.
Financial Outlook
The company expects to grow its managed services revenues 5-10% and will provide full guidance for 2022 during its Q1 2022 earnings call.
Suspension of Share Repurchase Program
The company had reinstated its prior share repurchase program which was suspended on March 9, 2020 as a precaution due to the COVID-19 pandemic. Following such reinstatement, the Board of Directors increased the size of the repurchase program to $5.0 million, increasing the amount available for repurchases to $4.6 million. Under the share repurchase program, repurchases of the issued and outstanding shares would be made from time-to-time in open market and privately negotiated transactions. In the quarter ended December 31, 2021, WidePoint repurchased 299,494 shares at an average price of $4.14. Subsequent to December 31, 2021, the company repurchased an additional 196,586 shares at an average price of $4.11. In March of 2022, the board suspended the repurchase plan in order to use the company’s excess funds to invest into the business.
Conference Call
WidePoint management will hold a conference call today (March 28, 2022) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
WidePoint’s President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and CFO Kellie Kim will host the conference call, followed by a question and answer period.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Passcode: 554975
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, April 11, 2022.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 44743
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as EBITDA and Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA is provided below:
WidePoint uses adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as “aim,” “anticipate,” “assume,” “believe,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “positioned,” “predict,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the ability to achieve expected benefits from the acquisition of ITA, the ability to achieve the financial outlook included herein, the impact of the COVID-19 pandemic on our business and operations; the impact of any supply chain interruptions; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 28, 2022. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WIDEPOINT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Fairfax, VA – March 17, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be virtually presenting at the Maxim 2022 Virtual Growth Conference, which is being held on March 28-30, 2022.
WidePoint management’s presentation will be webcast and available for replay here. To receive additional information, or to schedule a one-on-one meeting, please contact [email protected].
About Maxim Virtual Growth Conference
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About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 14, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), has appointed Robert “Bob” George as Chief Financial Officer (“CFO”) who will officially take role on April 1, 2022. George replaces Kellie Kim, who previously announced her retirement in November 2021.
George brings more than 30 years of diverse business experiences ranging from entrepreneurial companies to publicly traded multinational corporations. He has extensive tenure in strategic planning, financial forecasting and analysis, all aspects of the merger and acquisition process, financial systems design and implementation, and building and managing successful finance teams and organizations. He most recently served as CFO of Exovera, a SOS International subsidiary. George’s prior experience also includes executive roles at Exelis Incorporated, Computer Sciences Corporation, OAO Technology Solutions Inc., and AppNet Systems Inc. He also has led and successfully completed 32 acquisitions of both public and private companies.
George graduated from the University of Maryland at College Park with a Bachelor of Science in Accounting.
“On behalf of WidePoint, I am delighted to welcome Bob to the executive leadership team,” said Jin Kang, WidePoint’s CEO. “We are confident that Bob’s impressive track record as a finance executive in the technology, software and systems development, government services, aerospace and defense, and global business markets will contribute tremendous value to WidePoint as we execute our long-term growth strategy, deliver strong program performance, and expand through organic and M&A initiatives. Bob’s extensive M&A and capital market experience is exactly what we need to execute our strategy for growing through acquisitions.”
George stated, “This is a great time to be joining WidePoint especially as interest in our solutions, particularly our cybersecurity and ITaaS offerings, are expanding. I appreciate the confidence of Jin, the executive leadership team and Board of Directors and look forward to working together to chart the brightest future.”
Kang added, “While we are very excited for Bob to join our team, I also want to add a note of gratitude to Kellie Kim, our departing CFO. Kellie delayed her retirement to ensure that WidePoint would have the time needed to find a great successor, and in Bob, we have done that. Thanks to Kellie for her stamina and strategic guidance these past years; we wish her all the best.”
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – March 9, 2022 – WidePoint Corporation (NYSE American: WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will hold a conference call on Monday, March 28, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2021. Financial results will be issued in a press release prior to the call.
WidePoint’s management will host the conference call, followed by a question and answer period.
Date: Monday, March 28, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: (888) 506-0062
International number: (973) 528-0011
Access Code: 554975
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, April 11, 2022.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 44743
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Digital Billing & Analytics. For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Connect with
WidePoint
WidePoint’s Solutions are customized to each organization to deliver maximum value, enhanced security and data protection. No matter your industry or enterprise budget, WidePoint has the expertise needed to improve operational efficiency and reduce costs.
Contact WidePoint today to learn more!