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WidePoint Reports Fourth Quarter and Full Year 2018 Financial Results

WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Bill Presentment & Analytics solutions, today reported results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 and Recent Operational Highlights:

  • Secured $1.6 million contract expansion with the U.S. Customs and Border Protection (CBP) agency, increasing the number of devices managed by 50% from 30,000 to 45,000
  • Teamed with Leidos on the NASA Nest contract to provide Managed Mobility Services in support of the agency’s mission
  • Added two new members to the Board of Directors, expanding the total number of directors to seven, including six independent directors and one inside director
  • Relocated company headquarters to Fairfax, VA as part of consolidation strategy

Fourth Quarter 2018 Financial Highlights (results compared to the same year-ago period):

  • Revenues increased 24% to $24.8 million
  • Gross profit increased 25% to $4.5 million
  • Net loss narrowed to $0.4 million
  • Adjusted EBITDA, a non-GAAP financial measure, increased to $1.0 million, marking the company’s sixth consecutive quarter of positive adjusted EBITDA

Twelve Month 2018 Financial Highlights (results compared to the same year-ago period):

  • Revenues increased 10% to a record $83.7 million
  • Gross profit increased 12% to $15.3 million
  • Net loss narrowed to $1.5 million
  • Adjusted EBITDA totaled $1.8 million

Fourth Quarter 2018 Financial Summary

(in millions, except per share amounts)December 31, 2018December 31, 2017(Unaudited)Revenues $24.8 19.9Gross Profit $4.5$3.6Gross Profit Margin18%18%Operating Expenses$3.7 $4.3Loss from Operations $0.7 $(0.7)Net Loss$(0.4) $(0.8)Basic and Diluted Earnings per Share (EPS) $(0.00) $(0.01)Adjusted EBITDA $1.0$0.3

Fiscal Year 2018 Financial Summary

(in millions, except per share amounts)December 31, 2018December 31, 2017(Unaudited)Revenues $83.7 75.9Gross Profit $15.3$13.7Gross Profit Margin18%18%Operating Expenses$15.5 $17.2Loss from Operations $0.2 $(3.5)Net Loss$(1.5) $(3.5)Basic and Diluted Earnings per Share (EPS) $(0.02) $(0.04)Adjusted EBITDA $1.8$(0.9)

The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under the “Safe Harbor Statement” below.

Financial Outlook

For the fiscal year ending December 31, 2019, the company anticipates revenues in the range of $90.0 million to $93.0 million, and adjusted EBITDA of $1.9 million to $2.0 million. The company’s financial outlook statements are based on current expectations.

Management Commentary

“The fourth quarter was a strong finish to what was a pivotal year for WidePoint as we delivered strong financial performance, expanded key customer relationships, as well as secured and implemented several contracts with new customers,” said WidePoint’s CEO, Jin Kang. “All of these initiatives enabled us to achieve our primary goals in 2018 of not only stabilizing the business but beginning the process of driving strong, sustainable, and profitable growth.

“Our financial performance in the fourth quarter was highlighted by a 24% increase in revenues, a 25% increase in gross profit, and positive adjusted EBITDA of $1.0 million; marking our sixth consecutive quarter of positive adjusted EBITDA. From a business development standpoint, we continue to execute on our strategy of maintaining solid relationships with our systems integrator partners and customers to upsell and pursue new business. This is evidenced by our recent contracts with Leidos and CBP. Over the course of the past year, we made significant progress in bolstering our credentials and improving our compliance with various government organizations to increase our competitive advantage.

“Due to the success we’ve had stabilizing the business and the momentum we’ve generated, we’re excited and optimistic about 2019. We look forward to continuing with our strategy to profitably grow the business and return greater value to our shareholders.”

Conference Call

WidePoint management will hold a conference call today (March 21, 2019) at 4:30 p.m. Eastern time (1:30 p.m. local time) to discuss these results

WidePoint President and CEO Jin Kang, Chief Sales and Marketing Officer Jason Holloway, and CFO Kito Mussa will host the conference call, followed by a question and answer period.

U.S. dial-in number: 877-407-9210

International number: 201-689-8049

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 Liolios 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 April 21, 2019.

Toll-free replay number: 877-481-4010

International replay number: 919-882-2331

Replay ID: 45084

About WidePoint

WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and bill presentment and 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 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 loss to Adjusted EBITDA is included on the schedules attached hereto.

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WidePoint Awarded $1.6 Million Contract Expansion from U.S. Customs and Border Protection to Deliver Managed Services

WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Bill Presentment & Analytics solutions, has secured a new Task Order award from U.S. Customs and Border Protection (CBP) valued at more than $1.6 million.

The new award is an expansion of a previously announced contract with CBP that falls under the Department of Homeland Security’s (DHS) Cellular Wireless Managed Services (CWMS) Blanket Purchase Agreement (BPA). Under the new Task Order, the number of devices that WidePoint manages for CBP will increase 50% from 30,000 to 45,000 devices. The expansion program term is from March 20, 2019 to March 29, 2020, with an option to be extended for one additional year. The $1.6 million expansion increases the total value of the Task Orders issued by CBP under the CWMS BPA for Core Managed Services from $4,950,000 to $6,600,000.

“We are honored to be expanding our contract with U.S. Customs and Border Protection, which has a reputation for maintaining high standards for its wireless managed services,” said Todd Dzyak, President and CEO of WidePoint Integrated Solutions Corporation. “This expansion will not only have immediate, positive effects on our business, but it also signals to the broader market the efficacy of our solutions. We look forward to both the positive impact our additional managed services will have on this vital law enforcement agency and for our company as a whole.”

Jin Kang, Chief Executive Officer and President of WidePoint Corporation, added: “This contract expansion with CBP is clear validation of the value our TM2 solutions can deliver to enterprises seeking to more effectively manage their mobile resources and services. We are excited to begin implementing the expanded solutions with CBP as we are confident of the benefits it will provide to our customer, our business, and our shareholders.”

About WidePoint

WidePoint Corporation (NYSE American: WYY) is a leading provider of technology-based management solutions, including telecom management, mobile management, access management and identity management. For more information, visit widepoint.com.

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WidePoint Corporation Teams with Leidos on NASA NEST Contract Award

WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Bill Presentment & Analytics solutions, has partnered with Leidos (NYSE: LDOS), a FORTUNE® 500 science and technology leader, to support its recently awarded contract with NASA to provide information technology end-user services to support the agency's mission.

NASA’s End-user Services & Technologies (NEST) contract is a single award, firm-fixed-price, indefinite delivery/indefinite quantity (IDIQ) contract. The contract has a two-year, three-month base period followed by a two-year option, a one-year option, and five one-year award term options. Work will be performed at 10 NASA centers nationwide.

The NEST contract establishes a long-term outsourcing arrangement with the commercial sector to provide and manage the majority of NASA's personal computing hardware, supporting infrastructure, agency standard software, mobile IT services, help-desk support, and other associated end-user services. Widepoint will manage the entirety of NASA’s mobile services and provide the associated telecom expense management services, including 24/7 help desk, for more than 20,000 devices over 10 separate accounts.

“Leidos’s vision for this contract and the company’s track record of excellence made joining this team an exciting opportunity for WidePoint,” said Jin Kang, Chief Executive Officer and President of WidePoint Corporation. “Strategic partnerships have and continue to be an important growth driver for WidePoint as they enable us to penetrate new markets, diversify and increase our customer base, and improve our already strong reputation. We are honored to be on the Leidos team, and we look forward to supporting NASA’s critical mission with WidePoint’s TM2 solutions and realizing the many benefits this partnership will have for all parties involved.”

About Leidos

Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company's 32,000 employees support vital missions for government and commercial customers. For more information, visit www.Leidos.com.

About WidePoint

WidePoint Corporation (NYSE American: WYY) is a leading provider of technology-based management solutions, including telecom management, mobile management, access management and identity management. For more information, visit widepoint.com.

Matt Glover and Charlie Schumacher

Liolios | Investor Relations

(949) 574-3860

WYY@liolios.com

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Soft-ex to attend Mobile World Congress 2019 in Barcelona

Soft-ex will be attending MWC February 26-28 2019 in Barcelona. Ian Sparling, chief executive officer at Soft-ex, commented, “Soft-ex has a significant global footprint in the CSP enterprise market with clients such as Telefonica, Three, eir, Virgin Media, Flexity and Liberty Global. At this year’s MWC, we will be showcasing our new Interactive Bill Presentment & Analytics solutions for Enterprises & Consumers. Our innovative, design-led solutions effectively enables CSPs to leverage and consolidate data from their existing systems to electronically present personalised bills to the customer, enhancing the overall customer experience.”

If you are attending MWC 2019 in Barcelona and would like to see our solutions and learn how your organisation can benefit, simply email us sales@soft-ex.net regarding preferred meeting times and we will confirm.

Looking forward to seeing you at MWC 2019!

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Soft-ex sponsor Global CEM Telecom Summit 2019 in London

CX strategies are continually evolving to adapt to the needs of not only today’s customer, but also the customer of tomorrow. The requirement to deliver an interactive, engaging and integrated customer experience is forcing operators to move towards a blended, data led, customer focused business strategy. Moreover, CX is predicted to become the single greatest purchasing indicator for most consumers by 2020, providing telecoms with an incredible opportunity to differentiate themselves from competitors and catch up to the rest of the market.

Join Soft-ex at the Global CEM Summit 29 - 31 January, 2019 at the Novotel London West, London, United Kingdom, to gain the skills and knowledge needed to prepare for the new era of customer experience. Benefit from the insights of 100+ of the Global CEM elite, with 50+ operators and MVNOs combined experience in innovating and driving customer-centric change. Learn how Soft-ex with our Interactive Billing Communications platform, delivers a key element in the CEM ecosystem for CSPs.

To arrange a demo, simply email: sales@soft-ex.net

We look forward to seeing you there!

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CSG & Soft-ex sign Global Strategic Contract for CCM

CSG & Soft-ex have recently signed a strategic global contract to deliver a joint Customer Communications Management (CCM) market proposition platform to existing and new CSG clients.

Together CSG & Soft-ex are delivering an omni-channel digital billing communications and analytics solution which will enhance the customer experience and significantly reduce customer care costs. Commenting on the partnership agreement, Ian Sparling, ceo at Soft-ex said, "As Service Providers evolve into Digital Service Providers (DSPs), the need to deliver digital interactive bills and increase online adoption is growing and this integrated solution from CSG and Soft-ex will leverage this powerful touch-point for the DSP to its B2B & B2C customers". Sparling added, "CSG’s CCM offering combined with Soft-ex’s solution will positively impact how DSPs communicate with their customers and improve customer loyalty and retention. This compelling joint proposition will also allow customers to use the one thing that customers read -the bill, as a targeted advertising and lead generation tool. We are very excited to be partnering with CSG and adapting to the markets' rapidly changing demands".

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Digital Billing Communications

Soft-ex are an innovative and a global leader in Digital Billing Communications platforms and we are delighted to integrate their solutions into our CCM portfolio to the benefit of our joint DSP clients

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Soft-ex to sponsor and speak at CEM in Telecoms Americas Summit

CX strategies are continually evolving to adapt to the needs of not only today’s customer, but also the customer of tomorrow

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WidePoint Secures More Than $18.7 Million in Contract Awards

WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications

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WidePoint wins $12M task order by the U.S. Coast Guard

WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunications.

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Soft-ex to attend upcoming MWC Americas

Soft-ex will be attending MWC Americas, in partnership with CTIA, on Sept 12-14, 2018 in Los Angeles. Ian Sparling, chief executive officer at Soft-ex

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WidePoint Awarded New BPA Task Order by the U.S. Department of Homeland Security Headquarters

WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunications

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WidePoint Corporation Reports Second Quarter 2018 Results

WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunication

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WidePoint Corporation Reports Second Quarter 2018 Results

WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunication

READ MORE

WidePoint Corporation Reports Second Quarter 2018 Results

WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunication

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