Fairfax, VA – November 10, 2022 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, announced today that the company’s Public Key Infrastructure (PKI) Identity & Access Management solution delivers on new guidance issued by CISA, the Cybersecurity & Infrastructure Security Agency of the U.S. Department of Homeland Security.
CISA released two fact sheets to highlight threats against accounts and systems using certain forms of Multi-Factor Authentication (MFA). CISA urges all organizations to implement phishing-resistant MFA to protect against phishing and other known cyber threats. Public Key Infrastructure (PKI) is at the top of the phishing-resistant MFA technologies.
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “WidePoint is a pioneering provider of Identity & Access Management Solutions. WidePoint credentials are authorized to provide trusted individual or business identity information for use by the DoD, FirstGov and participating government agencies. We support CISA’s commitment to securing organizations against phishing attacks and are excited to see how these recommendations align with increased interest in our PKI solutions.”
As part of the WidePoint Identity & Access Management solution, PKI is currently deployed throughout government agencies and commercial enterprises that require the capability to easily deploy and revoke access. WidePoint’s PKI solutions and associated services eliminate the lead-time needed to become operational while waiting for in-house development efforts.
Jin Kang, WidePoint’s CEO, stated: “WidePoint PKI technology is known to be the strongest form of phishing-resistant MFA solutions. WidePoint is one of just two companies recognized by the U.S. Department of Defense (DoD) as an External Certificate Authority (ECA) provider. This allows WidePoint to issue PKI based digital credentials to securely facilitate access to the IT services offered by the federal government.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – November 7, 2022 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, will hold a conference call on Monday, November 14, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 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, November 14, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 877-545-0523
International number: 973-528-0016
Access Code: 469816
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, November 28, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 46936
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – October 25, 2022 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, announced today that it was awarded more than $6.9 million in Managed Mobility Services (MMS) contracts during the third quarter of 2022.
Jin Kang, WidePoint’s CEO, stated: “WidePoint saw 44 contractual actions for our MMS solutions in the third quarter of 2023, including new awards, renewals, contract extensions and exercised option periods. These MMS contract wins are in addition to contracts for our Identity and Access Management (IAM) and Information Technology as a Service (ITaaS) solutions, announced earlier in Q3 2022.”
Highlights include:
- 44 total contractual actions resulting in over $6.9 million in funding for the next 12 months
- $2.46 million in Commercial contracts including $544,000 in new contracts and $1.92 million in renewals
- $4.45 million in Government contracts including $1.95 million in new contracts and $1.82 million in renewals
- Under the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 IDIQ contract, the Cybersecurity and Infrastructure Security Agency (CISA) issued a new Task Order with expanded scope of services that extends until March 2026
- A cross-sell MMS contract to a major long-term client of WidePoint subsidiary, IT Authorities
- Multiple renewals with commercial contracts
Jason Holloway, WidePoint’s Chief Revenue Officer, noted: “The quarter saw an increase in cross-selling business development and synergies being realized. Our pipeline continues to expand across all of our solutions as new and current clients turn to WidePoint to help manage their mobility programs.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – September 28, 2022 – WidePoint Corporation (NYSE American: WYY), the Trusted Mobility Solutions company, announced that WidePoint IAM Solutions is now being piloted within IT groups at several K-12 schools. The Phase 1 Pilot project includes the elimination of user name and password for Tier 1 IT staff for system and network access, for securing email communication with the schools, and for controlling physical access using existing door readers. Phase 2 will include all school staff members, and scheduling the other phases.
Jason Holloway, WidePoint’s Chief Revenue Officer, stated: “Ransomware attacks on our nation’s school districts and systems are creating a strain on students, staff and resources, draining technology funding, devastating budgets and impacting technology investments that can benefit students and secure schools. Frankly, many of the security offerings in place are not working.”
The WidePoint-ORC cybersecurity team pioneered Public Key Infrastructure (PKI) with the U.S. Department of Defense (DoD). PKI is an unmatched solution centering around strong authentication for controlling both logical and physical access. WidePoint’s next generation federally-certified IAM solutions deliver quantum-resistant PKI solutions for multifactor authentication. WidePoint has evolved our IAM solution for the State, Local and Education (SLED) and commercial markets.
Caroline Godfrey, Chief Security Officer of WidePoint Cybersecurity Solutions Corporation, stated: “User IDs and passwords in combination with one-time passcodes (2-factor authentication) to personal phones are recognized as antiquated solutions and the genesis for malware or ransomware attacks. WidePoint’s multi-phased deployment approach allows for the smoothest, non-intrusive deployment by starting with Tier 1 IT staff, then moving to critical users, teachers, servers, students and devices. Securing schools with PKI, the strongest authentication solution used by the U.S. Department of Defense and civilian federal government agencies, is a significant step forward and game changer for the school community.”
Holloway added: “Schools, government agencies and commercial enterprises need stronger cybersecurity. We are rolling out WidePoint’s IAM solution to schools and look forward to expanding this work. Additionally, we are now developing a national cooperative contracting vehicle to help schools more easily procure this essential solution.”
The global use of PKI will enable increased information sharing and technological collaboration. PKI is so important in today’s digital age because millions of applications and connected devices require verification. And the rise of the Internet of Things (IoT) has led to millions of new connected devices needing to be secured, and authenticated.
Jin Kang, WidePoint’s CEO, stated, “We have been investing in our Identity & Access Management as a Service (IAMaaS) for PKI and we are happy to see that our efforts are gaining traction in this critical space of strong authentication. With the continued cyberattacks on our critical infrastructure on the rise, we see enormous growth opportunities in this space. I look forward to providing additional updates on this pilot project and our commercial IAM wins in the near future.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – September 13, 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded two new professional services contracts for Turnkey IT Infrastructure and Modernization by a leading Sports Marketing, Media & Technology company. These two new contracts, valued at more than $140,000, are associated with the media company’s nationwide expansion.
Jason Caras, CEO of IT Authorities, stated: “IT Authorities is excited to expand our work with this industry-transforming company. ITA will provide a procurement of materials, professional services and project management to accomplish this expansion initiative. ITA is also providing design and architecture expertise to support the company’s growth across the professional, collegiate and high school sports sectors.”
Jin Kang, WidePoint’s CEO, stated, “IT Authorities is deepening its contracts with visionary technology companies, providing new opportunities for cross-selling and upselling of WidePoint ITaaS solutions. We look forward to growing with this industry-leading company.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
About IT Authorities, Inc
IT Authorities, Inc. (ITA) is a Managed Services Provider (MSP), a Managed Security Services Provider (MSSP), and a Cloud Services Provider (CSP). ITA offers a complete portfolio of 24x7x365 end user helpdesk services, advanced security services, professional services and management services for Azure, AWS and Microsoft 365 as well as private cloud and on-premises solutions. Based in Tampa, Florida, ITA serves clients across the United States and in North America. ITA is a subsidiary of WidePoint Corporation. To learn more about IT Authorities, please visit www.itauthorities.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – September 6, 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will be presenting and holding one-on-one meetings at the H.C. Wainwright 24th Annual Global Investment Conference on September 12-14, 2022 at the Lotte New York Palace Hotel in New York City.
WidePoint management is scheduled to present on Wednesday, September 14 at 10:30 a.m. Eastern time, with hybrid and in-person one-on-one meetings to be held throughout the conference.
To receive additional information or to schedule a one-on-one meeting, please email [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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
Fairfax, VA – August 31, 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced the launch of the new ITMS™, Intelligent Technology Management Solution.
Todd Dzyak, WidePoint’s Chief Operating Officer, led the ITMS™ development team. Dzyak stated,
“ITMS™ evolved from our Intelligent Telecommunications Management System to be a secure technology asset management solution. Our extensive work with federal government agencies guided the development of this next generation secure management technology platform.”
ITMS™ provides a customizable solution for managing, tracking, analyzing and securing technology assets. Users can login, see real time delivery status, complete secure device acceptance, digitally sign IT asset confirmation receipts, and then initiate secure device return and data sanitization at the end of use. Leadership can account for every device every step of the way, from deployment to retirement, cradle to grave. Sample success cases include:
- ITMS™ is the secure asset management solution for an armed forces service, facilitating the validation of more than 18,000 mobility IT assets every month.
- ITMS™ is the secure container of all property documents and custody receipts for a transportation agency. Every device is tracked for increased accountability.
- ITMS™ was the secure asset management solution of record for the largest U.S. Government MMS project, facilitating the secure chain of custody for over 700,000 devices. ITMS™ replaced more than 3.5 million paper receipts for device custody acceptance.
Jin Kang, WidePoint’s CEO, added, “WidePoint is continuing to establish a leadership position in the Trusted Managed Mobility Solutions market with our ITaaS management solution to commercial organizations faced with managing and securing diverse technology assets including enterprise portfolios, mobile workforce equipment, and Internet of Things (IoT). Clients are very interested in utilizing a secure technology management solution that has been vetted by the U.S. Government. Our subsidiary, IT Authorities, is also expanding its sales initiatives by introducing ITMS™ to its growing pipeline of commercial clients.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
About IT Authorities, Inc
IT Authorities, Inc. (ITA) is a Managed Services Provider (MSP), a Managed Security Services Provider (MSSP), and a Cloud Services Provider (CSP). ITA offers a complete portfolio of end user helpdesk services, security services, professional services and management services for Azure, AWS and Microsoft 365 as well as private cloud and on-premise solutions. Based in Tampa, Florida, ITA serves clients across the United States and in countries on five continents. ITA is a subsidiary of WidePoint Corporation. To learn more about IT Authorities, please visit itauthorities.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – August 22, 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded a new Managed Service Provider contract from a leading Sports Marketing & Media company valued at more than $616,700 annually.
Jason Caras, CEO of IT Authorities, stated: “IT Authorities is honored to support this innovative company. The managed services to be provided are a full range of ITaaS solutions including: IT infrastructure support, monitoring, Windows server support, managed and SaaS business application support, user business productivity support, end user desktop support, security, disaster recovering, operating system support, and software licensing. IT Authorities will provide this support 24/7. We are also providing consulting expertise and solutions insight as the company grows its business and technology footprint.”
Jin Kang, WidePoint’s CEO, stated, “The synergies that our teams can create are starting to be realized. This new contract is another example of how IT Authorities is forging new opportunities for cross-selling and upselling of WidePoint ITaaS 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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
About IT Authorities, Inc
IT Authorities, Inc. (ITA) is a Managed Services Provider (MSP), a Managed Security Services Provider (MSSP), and a Cloud Services Provider (CSP). ITA offers a complete portfolio of end user helpdesk services, security services, professional services and management services for Azure, AWS and Microsoft 365 as well as private cloud and on-premise solutions. Based in Tampa, Florida, ITA serves clients across the United States and in countries on five continents. ITA is a subsidiary of WidePoint Corporation. To learn more about IT Authorities, please visit itauthorities.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – August 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities (ITA) has been awarded five new commercial contracts for a total of more than $360,000.
Jason Caras, CEO of IT Authorities, stated: “From healthcare to financial to higher education, these diverse new contract wins illustrate that IT Authorities is being recognized across industries for delivering valuable IT Modernization and Managed Service Provider solutions.”
Jin Kang, WidePoint’s CEO, stated, “IT Authorities is helping to create a growing pipeline for cross-selling and upselling of WidePoint ITaaS solutions. We are excited to introduce our Identity and Access Management and mobility management to these clients and to support IT Authorities in these engagements.”
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 Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
About IT Authorities, Inc
IT Authorities, Inc. (ITA) is a Managed Services Provider (MSP), a Managed Security Services Provider (MSSP), and a Cloud Services Provider (CSP). ITA offers a complete portfolio of end user helpdesk services, security services, professional services and management services for Azure, AWS and Microsoft 365 as well as private cloud and on-premise solutions. Based in Tampa, Florida, ITA serves clients across the United States and in countries on five continents. ITA is a subsidiary of WidePoint Corporation. To learn more about IT Authorities, please visit itauthorities.com.
WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
[email protected]
Fairfax, VA – August 15, 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), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), reported results for the second quarter ended June 30, 2022.
Second Quarter 2022 and Recent Operational Highlights:
- Revenue double digit growth compared to same periods last year
- IT Authorities awarded new MSP contract by a leading U.S. beverage bottler for three years with a total contract value of $2.6 million
- Soft-ex Communication launched its Three Analyst platform with Three UK, a connectivity company that covers 99% of the UK mobile users with its combined 3G and 4G networks
- Executed more than $53.2 million in contract actions during the second quarter of 2022
- Awarded a $73.4 million task order award from the U.S. Coast Guard under the U.S. Department of Homeland Security (DHS) Cellular Wireless Management Services 2.0 BPA
Second Quarter 2022 Financial Highlights:
- Revenues grew 16% to $23.1 million
- Managed Services revenue increased to $6.7 million
- Gross margin was 14%
- Net loss totaled $(13.8) million, or a loss of $(1.58) per diluted share which reflects a $16.3 million goodwill impairment charge recorded during the second quarter
- Adjusted EBITDA, a non-GAAP financial measure, was $6,000
Six Month 2022 Financial Highlights:
- Revenues grew 12% to $45.5 million
- Managed Services revenue decreased by $0.9 million to $14.0 million
- Gross margin was 16%
- Adjusted EBITDA, a non-GAAP financial measure, was $350,000
- Net loss totaled $(14.2) million, or a loss of $(1.62) per diluted share which reflects a $16.3 million goodwill impairment charge recorded during the second quarter
- As of June 2022, cash and cash equivalents equaled $7.2 million
Management Commentary
“It has been encouraging times here at WidePoint, as we see macroeconomic headwinds subside and are recognizing customer opportunities that have been pushed to the right from the past several quarters,” said WidePoint CEO, Jin Kang. “Our business development pipeline has significantly increased, and we expect to recognize these deals over the coming months. Additionally, in order to ensure we’re operating in the most efficient manner, we’ve recently made strategic organizational shifts within our corporate infrastructure to further streamline and consolidate roles and responsibilities with the goal of enhancing internal communications, improving synergies, minimizing costs, and increasing our profits. We remain steadfast and diligent in executing our plan for profitable growth through organic and inorganic means and are confident in our corporate trajectory and our ability to capture the momentum we’re generating.”
Second Quarter 2022 Financial Summary
Six Month 2022 Financial Summary
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. However, it is guiding toward the lower end of its adjusted EBITDA range.
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 (Monday, August 15, 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: 228203
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, August 29, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 46176
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 Analytics & Billing as a Service (ABaaS). 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:
(1)Net loss includes a non=cash reduction of expenses or the change in the fair value of contingent considneration of $301,000 and $666,0000 in three and six-month periods ended June 30, 2022, respectively.
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
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