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Convergeone Holdings, Inc. (CVON) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Convergeone Holdings, Inc.

CIK: 1697152 Ticker: CVON

Exhibit 99.1

 

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ConvergeOne Announces Third Quarter 2018 Financial Results

Third quarter 2018 revenue of $404.8 million

Adjusted EBITDA per credit agreement of $47.6 million

Adjusted earnings per diluted share of $0.31

Raises Full Year 2018 Guidance Range

EAGAN, Minn., October 30, 2018 — ConvergeOne Holdings, Inc. (NASDAQ: CVON) (“ConvergeOne” or the “Company”), a leading global IT services provider of collaboration and technology solutions, today announced financial results for the third quarter ended September 30, 2018.

Third Quarter 2018 Highlights:

 

   

Total revenue of $404.8 million, an increase of 64.9% year-over-year.

 

   

Services revenue of $211.2 million, accounting for 52.2% of total revenue.

 

   

Collaboration revenue of $264.6 million, accounting for 65.4% of total revenue.

 

   

GAAP net income, before the presentation effect of earnout consideration, of $14.5 million. GAAP net loss to common shareholders of $48.5 million, including the presentation effect of $(63.0) million of earnout consideration. (1)

 

   

Adjusted EBITDA per credit agreement of $47.6 million, an increase of 52.6% year-over-year.

 

   

Adjusted net income of $27.9 million, Adjusted earnings per diluted share (“Adjusted EPS”) of $0.31.

“We are pleased with our third quarter results, which outperformed our expectations and reflect strong execution across the board including robust growth of our Services and Collaboration revenues and ongoing realization of synergies from recent acquisitions,” said John A. McKenna Jr., Chairman and CEO, ConvergeOne. “We are increasing our 2018 guidance range reflecting strong results, good growth in our pipeline and backlog, the impact of our acquisition of Advantel Networks, and increased visibility into the rest of the year.”

Third Quarter 2018 Financial Results:

 

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Total revenue for the quarter ended September 30, 2018 was $404.8 million compared to $245.4 million in the third quarter of 2017.

 

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Services revenue for the third quarter of 2018 was $211.2 million, an increase of 69.8% compared to $124.4 million in the third quarter of 2017. Services revenue accounted for 52.2% of total revenue compared to 50.7% in the third quarter of 2017.

 

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Technology Offerings revenue for the third quarter of 2018 was $193.5 million, an increase of 59.9% compared to $121.0 million in the third quarter of 2017.


The following information was filed by Convergeone Holdings, Inc. (CVON) on Tuesday, October 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity (Deficit)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Additional Information (Detail)
Business Combination/ Merger - Additional Information (Detail)
Business Combination/Merger
Business Combination/Merger (Tables)
Debt
Debt (Tables)
Debt - April 2018 Credit Facilities - Additional Information (Detail)
Debt - Component Of Long-Term Debt (Detail)
Debt - Floor Planning Facilities - Additional Information (Detail)
Debt - Future Principal Payments On Long Term Debt (Detail)
Debt - June 2017 Credit Facilities - Additional Information (Detail)
Debt - Schedule Of Debt Issuance Costs (Detail)
Employee Benefit Plan - Additional Information (Detail)
Employee Benefit Plans
Fair Value Measurement - Additional Information (Detail)
Fair Value Measurements
Fair Value Of Assets Acquired And Liabilities Assumed (Detail)
Finite Life Intangible Assets (Detail)
Goodwill And Finite-Life Intangible Assets
Goodwill And Finite-Life Intangible Assets (Tables)
Goodwill And Finite-Life Intangible Assets - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Major Vendor And Economic Dependence - Additional Information (Detail)
Major Vendors And Economic Dependence
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies - Additional Information (Detail)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Additional Information (Detail)
Net Income (Loss) Per Share - Schedule Of Earning Per Share Diluted Net Loss (Detail)
Net Income (Loss) Per Share - Schedule Of Weighted Average Shares Outstanding (Detail)
Operating Lease - Future Minimum Annual Rental Commitment (Detail)
Operating Leases
Operating Leases (Tables)
Operating Leases - Additional Information (Detail)
Related Party Transaction - Additional Information (Detail)
Related-Party Transactions
Schedule Of Aggregate Amortization Expense (Detail)
Schedule Of Changes In The Carrying Amount Of Goodwill (Detail)
Segment Information - Additional Information (Detail)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Schedule Of Revenue By Type Of Internal Classification (Detail)
Stock Based Compensation - Additional Information (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Fair Value Of Option Grants Calculated Using Black-Scholes Option-Pricing Model With Weighted-Average Assumptions (Detail)
Stock-Based Compensation - Fair Value Of Option Grants Calculated Using Black-Scholes Option-Pricing Model With Weighted-Average Assumptions (Parenthetical) (Detail)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Detail)
Summary Of Information Used To Compute Basic And Diluted Net Loss Per Common Share (Detail)
Summary Of Reverse Recapitalization, As Recorded In Condensed Consolidated Statement Of Equity (Deficit): (Detail)
Trade Accounts Receivable
Trade Accounts Receivable (Detail)
Trade Accounts Receivable (Tables)
Unaudited Pro-Forma Information (Detail)

Material Contracts, Statements, Certifications & more

Convergeone Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CVON
CIK: 1697152
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-317238
Submitted to the SEC: Fri Nov 02 2018 4:38:25 PM EST
Accepted by the SEC: Fri Nov 02 2018
Period: Sunday, September 30, 2018
Industry: Prepackaged Software

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