Tribe Reports Second Quarter 2022 Financial Results

Aug 29, 2022

Vancouver, BC – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”) a leading provider of technology-enabled property management solutions, today announced its financial results for the second quarter that ended June 30, 2022.

“Tribe again achieved strong revenue in the second quarter on a per-home basis, as we continue to digitize our acquired customers and roll out our Tribe Home platform to more communities,” stated Joseph Nakhla, Chief Executive Officer of Tribe. “I am proud that Tribe has experienced 9% year-over-year quarterly revenue growth while making progress across our M&A activities, digital partnerships and organic growth.”

Consolidated Financial Highlights:

  • Quarterly revenue increased 9% over the same quarter last year to $4,332,820.
  • Year-to-date revenue increased by 10% compared to the first half of
  • Tribe continues to be active on M&A Strategy:
    • On June 30, 2022, Tribe completed the acquisition of Southview Property Management, a privately held property management firm based in Richmond, British Columbia;
    • On July 31, 2022, Tribe completed the acquisition of a strata/condo management portfolio from a privately held property management firm based in Vancouver, British Columbia.
    • Two new partners were added to Tribe’s digital partnership program:
      • Wyse Meter Solutions; a Canadian leader in smart submetering, ESG (environmental, social, governance) reporting, electric vehicle-charging and utility expense management solutions; and
      • WeDoLaundry; a revolutionary, eco-friendly valet laundry service in British Columbia and Ontario

      “Our digital approach to the traditional property management industry continues to be embraced by strata/condo and rental communities alike with a very healthy organic lead pipeline,” highlighted Mr. Nakhla. “We have built a healthy funnel of potential acquisition targets and we are pleased with our integration process and speed. Our recent acquisition of Southview Property Management Inc. and the acquisition of additional strata contracts after quarter-end further increases our presence across Greater Vancouver.”

      “We are also very pleased with the quality and speed of the rollout of our Digital Partnership program within our communities to further improve residents’ living experiences while saving them money through group-buying power and producing additional revenue for the Company.”

      Financial Statements and Management’s Discussion and Analysis

      Please see the Company’s consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) for more details. The consolidated financial statements for the three and six months ended June 30, 2022, and related MD&A have been reviewed and approved by Tribe’s Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR and is also available on the Company’s website.

      Financial information is reported in Canadian dollars and in accordance with International Financial Reporting Standards (“IFRS”). Tribe achieved revenue growth of 9% in the second quarter of 2022 over the same period in the prior year, driven primarily by organic growth and smaller tuck-in acquisitions made late in 2021.

      Delays in the occupancy of new buildings due to supply chain issues, municipal government bureaucracy, and labour issues brought on by the pandemic, led to lower-than-expected revenue growth.

      Gross Profit Margin Reconciliation

      Three months ended

      June 30, 2022




      Three months ended

      June 30, 2021




      Six months ended

      June 30, 2022




      Six months ended

      June 30, 2021




      Revenue $ 4,332,820 100% $ 3,970,816 100% $ 8,535,035 100% $ 7,756,945 100%
      Cost of Software and Services                 2,632,757 61%            1,989,402 50% 4,999,926 59% 4,007,042 52%
      Gross Profit $ 1,700,063 39% 1,981,414 50% $ 3,535,109 41% $ 3,749,903 48%

      Revenue for the three months ended June 30, 2022, increased 9% compared to the second quarter of 2021. Revenue for the six months ended June 30, 2022, increased 10% compared to the first half of 2021.

      Gross profit percentages were negatively impacted by headcount growth in advance of acquisitions, salary increases given market pressures, alignment of compensation policies from acquired business units, high labour turnover, and growth in the lower-margin property maintenance division of the Company.

      Reconciliation of Net Loss to EBITDA

      Three months ended

      June 30, 2022

      Three months ended

      June 30, 2021

      Six months ended

      June 30, 2022

      Six months ended

      June 30, 2021

      Net loss $ (2,970,344) $ (1,644,529) $ (5,027,169) $ (4,803,961)
      Depreciation and amortization                   320,283                   300,581 625,805 619,174
      Interest expense 110,990 174,488 279,442 452,940
      Stock-based compensation                     96,741                   164,090 197,782 503,707
      Fair value loss (gain) on investment









      Listing expenses                                  –                                  – 1,634,456
      Income tax expense                                  –                     22,065 (282) 79,168
      Foreign exchange loss (gain) 1,003 2,465 1,068 1,916
      Adjusted EBITDA1                                                                                                         $ (2,429,673) $ (981,282) $ (3,911,043) $ (1,520,484)


      The Company continues to invest in building out its technology platforms and people to prepare for anticipated organic and acquired growth. Please refer to the Company’s Discussion of Operations in its MD&A filed on SEDAR.

      Non-IFRS Measures 

      The following and preceding discussion of financial results includes reference to gross profit, gross profit percentage and adjusted EBITDA, which are all non-IFRS financial measures. The measure of gross profit2 and gross profit percentage2 is provided as management believes this is a good indicator in evaluating the operating performance of the Company. Adjusted EBITDA1 is provided as a proxy for the cash earnings from the operations of the business as operating income (loss) for the Company includes non-cash amortization and depreciation expense and stock-based compensation.

      Quarterly Webcast

      The Company will hold a webcast to discuss its performance with the investment community at 2:00 pm PDT (5:00 pm EDT) on Monday, August 29, 2022.

      Webcast URL:
      Participant Toll-Free Dial-In Number: 1 (888) 886 7786
      Participant International Dial-In Number: +1 416 764 8658
      Conference ID: 61322697

      About Tribe Property Technologies

      Tribe is a property technology company that is digitizing the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.

      Tribe’s three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.

      Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit for more information.


       “Joseph Nakhla”
      Chief Executive Officer
      Tribe Property Technologies Inc.

      Joseph Nakhla
      Chief Executive Officer
      1606-1166 Alberni Street, Vancouver, BC V6E 3Z3
      (604) 343-2601

      For further information, contact

      Jim Defer
      Chief Financial Officer
      Shobana Williams
      VP, Investor Relations


      1. – Adjusted EBITDA is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA is also not a measure recognized in accordance with IFRS and does not have a prescribed or standardized meaning by The Company defines Adjusted EBITDA as net income or loss excluding depreciation and amortization, stock-based compensation, interest expense, income tax expense, and other expenses. It should be noted that Adjusted EBITDA is not defined under IFRS and may not be comparable to similar measures used by other entities. The Company believes Adjusted EBITDA is a useful measure as it provides important and relevant information to management about the operating and financial performance of the Company. Adjusted EBITDA also enables management to assess its ability to generate operating cash flow to fund future working capital needs, and to support future growth.

      Excluding these items does not imply that they are non-recurring or not useful to investors. Investors should be cautioned that Adjusted EBITDA attributable to shareholders should not be construed as an alternative to net income (loss) or cash flows as determined under IFRS.

      2. – Gross profit and gross profit percentage are non-IFRS measures that do not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross profit and gross profit percentage do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by others The Company defines gross profit as revenue less cost of software and services and software licensing fees, and gross profit percentage as gross profit calculated as a percentage of revenue. Gross profit and gross profit percentage should not be construed as an alternative for revenue or net loss in accordance with IFRS. The Company believes that gross profit and gross profit percentage are meaningful metrics in assessing the Company’s financial performance and operational efficiency.

      Cautionary Statement on Forward-Looking Information

      This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the Company’s goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital market conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.

      Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.


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