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Home > Insurance Companies > Insurance News > Duck Creek Technologies Announces Third Quarter Fiscal 2021 Financial Results

Duck Creek Technologies Announces Third Quarter Fiscal 2021 Financial Results

Posted on: July 8, 2021 By: Insurance Updates

  • Third Quarter Fiscal 2021 Subscription revenue grew 56% year-over-year
  • SaaS Annual Recurring Revenue grew 64% year-over-year

BOSTON, July 08, 2021 (GLOBE NEWSWIRE) — Duck Creek Technologies (NASDAQ: DCT), a provider of SaaS-delivered enterprise software to the property & casualty (“P&C”) insurance industry, today announced its financial results for the three and nine months ended May 31, 2021.

“Duck Creek continued to perform at a high level in the third quarter, highlighted by 56% subscription revenue growth,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “We signed several important wins with new and existing customers, including a substantial expansion with a Tier 1 carrier that is deploying Duck Creek OnDemand to additional lines of business.”
                                                                                                                                    
Mr. Jackowski added, “Our growing roster of successful Duck Creek OnDemand deployments is a clear demonstration that the P&C insurance industry is recognizing that our SaaS core systems platform can provide greater flexibility, faster innovation and a better customer experience than legacy systems. We remain at the early stages of this transformation and believe Duck Creek is well positioned to benefit for years to come.”

Third Quarter 2021 Financial Highlights

Revenue

  • Total revenue for the third quarter of fiscal year 2021 was $67.9 million, an increase of 26% from the comparable period in fiscal year 2020. Subscription revenue was $33.6 million, an increase of 56%; services revenue was $25.6 million, an increase of 6%; license revenue was $2.5 million, an increase of 15%; and maintenance revenue was $6.3 million, an increase of 4%.
  • SaaS annual recurring revenue, or SaaS ARR, was $124.1 million as of May 31, 2021, an increase of 64% from the comparable period in fiscal year 2020.

Profitability

  • GAAP loss from operations was $0.5 million for the third quarter of fiscal year 2021, compared with a GAAP loss from operations of $1.4 million for the comparable period in fiscal year 2020.
  • Non-GAAP income from operations was $4.8 million for the third quarter of fiscal year 2021, compared with non-GAAP income from operations of $2.9 million for the comparable period in fiscal year 2020.
  • GAAP net loss was $0.4 million for the third quarter of fiscal year 2021, compared with GAAP net loss of $2.0 million for the comparable period in fiscal year 2020.
  • Non-GAAP net income was $4.0 million for the third quarter of fiscal year 2021, compared with non-GAAP net income of $1.9 million for the comparable period in fiscal year 2020.
  • GAAP net loss per share was $0.00, based on basic weighted average shares outstanding of approximately 131.6 million shares as of May 31, 2021. Non-GAAP net income per share was $0.03 based on fully diluted weighted average shares outstanding of approximately 135.2 million shares as of May 31, 2021.
  • Adjusted EBITDA was $5.5 million for the third quarter of fiscal 2021, compared with adjusted EBITDA of $3.8 million for the comparable period in fiscal year 2020.

Liquidity

  • As of May 31, 2021, Duck Creek had $115.6 million in cash and cash equivalents, $256.0 million in short term investments and no debt. The Company had $6.9 million in cash provided by operating activities and had free cash flow of $6.6 million during the third quarter of fiscal year 2021, compared with $18.2 million in cash provided by operating activities and free cash flow of $16.8 million in the comparable period in fiscal year 2020.

The information presented above includes non-GAAP financial measures such as “non-GAAP income from operations,” “adjusted EBITDA,” “non-GAAP net income,” “non-GAAP net income per share,” and “free cash flow.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Business Outlook

Duck Creek is issuing the following outlook for the fourth quarter of fiscal 2021 and full year of fiscal 2021 based on current expectations as of July 8, 2021:

       
  Fourth Quarter Fiscal 2021   Full Year Fiscal 2021
Revenue $68.5 million to $69.5 million   $258.0 million to $259.0 million
Subscription Revenue $32.0 million to $32.5 million   $124.0 million to $124.5 million
Adjusted EBITDA $3.5 million to $4.5 million   $15.6 million to $16.6 million

Conference Call Information

Duck Creek Technologies will host a conference call today, July 8, 2021, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at https://ir.duckcreek.com/. To access the call by phone, dial 1-833-570-1119 (domestic) or 1-914-987-7066 (international). A replay of this conference call will be available for a limited time at 1-855-859-2056 (domestic) or 1-404-537-3406 (international) using conference ID 5077088. A replay of the webcast will also be available for a limited time at https://ir.duckcreek.com/.

About Duck Creek Technologies

Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.

Forward Looking Statements

This press release includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “expect,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “forecast,” “outlook” and variations of these terms or the negative of these terms and similar expressions. Forward-looking statements, including statements regarding Duck Creek’s expected outlook for fourth quarter fiscal 2021 and full year fiscal 2021, are based on Duck Creek’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements will be set forth in Duck Creek’s most recent Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on November 3, 2020 and any subsequent public filings. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the impact of pandemics, including the on-going COVID-19 pandemic, on U.S. and global economies, Duck Creek’s business and results and financial condition, its employees, demand for its products, sales and implementation cycles, and the health of its customers’ and partners’ businesses; Duck Creek’s history of losses; changes in Duck Creek’s product revenue mix as it continues to focus on sales of its SaaS solutions, which will cause fluctuations in its results of operations and cash flows between periods; Duck Creek’s reliance on orders and renewals from a relatively small number of customers for a substantial portion of its revenue, and the substantial negotiating leverage customers have in renewing and expanding their contracts for Duck Creek’s solutions; the success of Duck Creek’s growth strategy focused on SaaS solutions and its ability to develop or sell its solutions into new markets or further penetrate existing markets; Duck Creek’s ability to manage its expanding operations; intense competition in Duck Creek’s market; third parties may assert Duck Creek is infringing or violating their intellectual property rights; U.S. and global market and economic conditions, particularly adverse in the insurance industry; additional complexity, burdens and volatility in connection with Duck Creek’s international sales and operations; the length and variability of Duck Creek’s sales and implementation cycles; data breaches, unauthorized access to customer data or other disruptions of Duck Creek’s solutions; the significant influence of Duck Creek’s largest shareholders on its management, business plans, and policies and any conflicts of interests therewith; and Duck Creek’s continued reliance on “controlled company” exemptions under the corporate governance standards of Nasdaq during the applicable phase-in periods.

Any forward-looking statement in this release speaks only as of the date of this release. Duck Creek undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only be viewed as historical data.

Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP income from operations, adjusted EBITDA, non-GAAP net income, non-GAAP net income per share, and free cash flow. Adjusted EBITDA excludes provision for income taxes, other (income) expense, interest expense, net, depreciation of property and equipment, amortization of intangible assets, share-based compensation expense, and change in fair value of contingent earnout liability. Non-GAAP income from operations excludes share-based compensation expense, amortization of intangible assets and change in fair value of contingent earnout liability. Non-GAAP gross margin excludes share-based compensation expense, amortization of intangible assets, and amortization of capitalized internal-use software. Non-GAAP net income excludes share-based compensation expense, amortization of intangible assets and change in fair value of contingent earnout liability and the tax effect of such adjustments. Free cash flow consists of net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include SaaS ARR and SaaS Net Dollar Retention, which are calculated for all SaaS continuing software services, excluding the subscription revenue related to one legacy contract for a service no longer offered separately by the Company. SaaS ARR is calculated by annualizing recurring revenue recorded in the last month of the measurement period. SaaS Net Dollar Retention is a rate calculated by annualizing recurring revenue recorded in the last month of the measurement period for those customers in place throughout the entire measurement period. We divide the result by annualized recurring revenue from the month that is one year prior to the end of the measurement period, for all customers in place at the beginning of the measurement period.

The Company believes that these non-GAAP financial measures and other metrics provide useful information to management and investors regarding certain financial and business trends relating to Duck Creek’s financial condition and results of operations. The Company’s management uses these non-GAAP financial measures and other metrics to manage its business, make planning decisions, evaluate its performance and allocate resources. The Company believes that the use of these non-GAAP financial measures and other metrics help investors and analysts in comparing its results across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, including net income and cash flows from operating activities.

These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently than the Company does or may not calculate them at all. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of its consolidated historical operating results, readers should examine the Company’s non-GAAP financial measures in conjunction with its historical GAAP financial information.

To the extent that the Company provides guidance on a non-GAAP basis, it does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for the charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Investor Contact:
Brian Denyeau
ICR
646-277-1251
Brian.denyeau@icrinc.com

Media Contact:
Paul Rechichi
Racepoint Global
617 624 3295
prechichi@racepointglobal.com

Sam A. Shay
Duck Creek Technologies
857 201 5784
sam.shay@duckcreek.com

Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands except share and per share amounts)

    May 31,     August 31,  
    2021     2020  
Assets                
Current assets:                
Cash and cash equivalents   $ 115,637     $ 389,878  
Short-term investments     256,028       —  
Accounts receivable, net     37,177       29,149  
Unbilled revenue     22,491       18,121  
Prepaid expenses and other current assets     11,838       12,186  
Total current assets     443,171       449,334  
Property and equipment, net     16,008       18,113  
Operating lease assets     15,498       18,171  
Goodwill     272,455       272,455  
Intangible assets, net     69,425       81,687  
Deferred tax assets     2,226       1,550  
Unbilled revenue, net of current portion     2,576       3,487  
Other assets     16,679       16,303  
Total assets   $ 838,038     $ 861,100  
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 1,693     $ 1,802  
Accrued liabilities     42,485       58,202  
Contingent earnout liability     4,878       3,701  
Lease liability     3,007       3,611  
Deferred revenue     28,743       30,397  
Total current liabilities     80,806       97,713  
Contingent earnout liability, net of current portion     —       3,391  
Lease liability, net of current portion     18,342       21,739  
Deferred revenue, net of current portion     4       379  
Other long-term liabilities     4,285       4,121  
Total liabilities     103,437       127,343  
Commitments and contingencies (Note 13)                
Stockholders’ equity                
Common stock, 134,217,410 shares issued and 131,660,379 shares outstanding at
  May 31, 2021, 133,269,301 shares issued and 130,713,745 shares
  outstanding at August 31, 2020, 300,000,000 shares authorized at May 31, 2021
  and August 31, 2020, par value $0.01 per share
    1,342       1,333  
Preferred stock, 0 shares outstanding, 50,000,000 shares authorized at May 31, 2021
  and August 31, 2020, par value $0.01 per share
    —       —  
Treasury stock, common shares at cost; 2,557,031 shares at May 31, 2021 and
  2,555,556 shares at August 31, 2020
    (64,745 )     (64,688 )
Accumulated deficit     (35,706 )     (24,334 )
Accumulated other comprehensive income     79       —  
Additional paid in capital     833,631       821,446  
Total stockholders’ equity     734,601       733,757  
Total liabilities and stockholders’ equity   $ 838,038     $ 861,100  


Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited, in thousands except share and per share amounts)

    For the Three Months Ended
May 31,
    For the Nine Months Ended
May 31,
 
    2021     2020     2021     2020  
Revenue:                                
Subscription   $ 33,552     $ 21,555     $ 92,069     $ 59,368  
License     2,474       2,160       7,412       5,431  
Maintenance and support     6,329       6,064       18,404       17,791  
Professional services     25,583       24,174       71,611       70,760  
Total revenue     67,938       53,953       189,496       153,350  
Cost of revenue1:                                
Subscription     12,045       8,721       33,540       24,871  
License     535       506       1,369       1,347  
Maintenance and support     855       710       2,556       2,475  
Professional services     14,315       13,459       42,857       38,839  
Total cost of revenue     27,750       23,396       80,322       67,532  
Gross margin     40,188       30,557       109,174       85,818  
Operating expenses1:                                
Research and development     12,255       10,197       36,040       29,424  
Sales and marketing     13,628       11,723       40,390       33,539  
General and administrative     15,238       10,184       44,273       29,916  
Change in fair value of contingent consideration     (389 )     (190 )     (291 )     21  
Total operating expenses     40,732       31,914       120,412       92,900  
Loss from operations     (544 )     (1,357 )     (11,238 )     (7,082 )
Other income (expense), net     546       (316 )     1,009       (96 )
Interest expense, net     (6 )     (60 )     (87 )     (386 )
Loss before income taxes     (4 )     (1,732 )     (10,316 )     (7,564 )
Provision for income taxes     353       267       1,056       889  
Net loss   $ (357 )   $ (1,999 )   $ (11,372 )   $ (8,453 )
Net loss per share information2                                
Net loss per share of common stock, basic and diluted   $ 0.00     $ —     $ (0.08 )   $ —  
Weighted average shares of common stock, basic and diluted     131,613,003       —       130,992,672       —  

(1) Amounts include share-based compensation expense as disclosed in the following table:

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
    2021     2020     2021     2020  
Cost of subscription revenue   $ 90     $ —     $ 302     $ 10  
Cost of maintenance and support revenue     7       1       22       3  
Cost of services revenue     253       36       2,003       103  
Research and development     285       97       1,505       285  
Sales and marketing     199       93       2,493       257  
General and administrative     863       253       2,980       747  
Total share-based compensation expense   $ 1,697     $ 480     $ 9,305     $ 1,404  

(2) Prior to Duck Creek’s initial public offering in August 2020, there were no shares of common stock outstanding, and the membership structure of Duck Creek Technologies consisted of limited partnership units. Accordingly, comparable period net loss per share has not been presented because it would not be meaningful to the users of the Company’s consolidated financial statements.

Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited, in thousands)

    For the Three Months Ended
May 31,
    For the Nine Months Ended
May 31,
 
    2021     2020     2021     2020  
Operating activities:                                
Net loss   $ (357 )   $ (1,999 )   $ (11,372 )   $ (8,453 )
Adjustments to reconcile net loss to cash provided by (used in) operating activities:                                
Depreciation of property and equipment     790       828       2,377       2,350  
Amortization of capitalized software     510       154       1,506       205  
Amortization of intangible assets     4,087       4,268       12,262       12,803  
Amortization of deferred financing fees     28       67       85       106  
Share-based compensation expense     1,697       480       9,305       1,404  
Loss on change in fair value of contingent earnout liability     (389 )     (190 )     (291 )     21  
Bad debt expense     654       137       664       65  
Deferred taxes     (161 )     (169 )     (676 )     (146 )
Other non-cash items     (37 )     —       (37 )     —  
Changes in operating assets and liabilities                                
Accounts receivable     (3,093 )     1,823       (8,693 )     (4,301 )
Unbilled revenue     (100 )     2,756       (3,459 )     (1,182 )
Prepaid expenses and other current assets     3,373       1,697       262       96  
Other assets     303       (465 )     (376 )     (4,101 )
Accounts payable     387       (472 )     895       (304 )
Accrued liabilities     4,269       7,983       (6,402 )     9,323  
Deferred revenue     (1,706 )     (50 )     (2,029 )     214  
Operating leases     565       1,514       (1,328 )     199  
Cash settlement of vested phantom stock     (2,171 )     —       (9,075 )     —  
Other long-term liabilities     (1,774 )     (166 )     164       (52 )
Net cash provided by (used in) operating activities     6,875       18,196       (16,218 )     8,247  
Investing activities:                                
Purchase of short-term investments     —       —       (287,912 )     —  
Maturities of short-term investments     32,000       —       32,000       —  
Capitalized internal-use software     (114 )     (885 )     (864 )     (2,440 )
Purchase of property and equipment     (162 )     (470 )     (834 )     (3,164 )
Net cash used in investing activities     31,724       (1,355 )     (257,610 )     (5,604 )
Financing activities:                                
Proceeds from follow-on offering, net of issuance costs     —       —       3,452       —  
Payment of deferred IPO costs     —       —       (3,650 )     —  
Payment of deferred Class E offering costs     —       —       (192 )     (2,552 )
Proceeds from issuance of Class E Units, net of issuance costs     —       (2,780 )     —       212,888  
Payment on redemption of Class A and Class B Units     —       —       —       (198,000 )
Purchase of treasury stock     —       —       (57 )     —  
Proceeds from stock option exercises     964       —       1,957       —  
Payments of contingent earnout liability     —       (374 )     (1,923 )     (3,555 )
Proceeds from revolving credit facility     —       —       —       5,000  
Payments on revolving credit facility     —       —       —       (9,000 )
Payment of deferred financing costs     —       (480 )     —       (228 )
Net cash provided by (used in) financing activities     964       (3,634 )     (413 )     4,553  
Net increase (decrease) in cash and cash equivalents     39,563       13,207       (274,241 )     7,196  
Cash and cash equivalents – beginning of period     76,074       5,988       389,878       11,999  
Cash and cash equivalents – end of period   $ 115,637     $ 19,195     $ 115,637     $ 19,195  


Duck Creek Technologies, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
($ in thousands)   2021     2020     2021     2020  
GAAP Gross Margin   $ 40,188     $ 30,557     $ 109,174     $ 85,818  
Share-based compensation expense     350       39       2,327       116  
Amortization of intangible assets     1,186       1,187       3,559       3,559  
Amortization of capitalized internal-use software     510       154       1,506       205  
Non-GAAP Gross Margin   $ 42,234     $ 31,937     $ 116,566     $ 89,698  

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
($ in thousands)   2021     2020     2021     2020  
GAAP Loss from Operations   $ (544 )   $ (1,357 )   $ (11,238 )   $ (7,082 )
Share-based compensation expense     1,697       480       9,305       1,404  
Amortization of intangible assets     3,994       3,994       11,982       11,982  
Change in fair value of contingent earnout liability     (389 )     (190 )     (291 )     21  
Non-GAAP Income from Operations   $ 4,758     $ 2,927     $ 9,758     $ 6,325  

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
($ in thousands)   2021     2020     2021     2020  
GAAP Net Loss   $ (357 )   $ (1,999 )   $ (11,372 )   $ (8,453 )
Provision for income taxes     353       267       1,056       889  
Other (income) expense     (546 )     316       (1,009 )     96  
Interest expense, net     6       60       87       386  
Depreciation of property and equipment     790       828       2,377       2,350  
Amortization of intangible assets     3,994       3,994       11,982       11,982  
Share-based compensation expense     1,697       480       9,305       1,404  
Change in fair value of contingent earnout liability     (389 )     (190 )     (291 )     21  
Adjusted EBITDA   $ 5,548     $ 3,756     $ 12,135     $ 8,675  
Adjusted EBITDA as a percent of total revenue     8 %     7 %     6 %     6 %

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
($ in thousands)   2021     Per Share     2020     2021     Per Share     2020  
GAAP Net Loss (1)   $ (357 )   $ —     $ (1,999 )   $ (11,372 )   $ (0.08 )   $ (8,453 )
Add: GAAP tax provision     353               267       1,056               889  
GAAP pre-tax loss     (4 )             (1,732 )     (10,316 )             (7,564 )
Share-based compensation expense     1,697               480       9,305               1,404  
Amortization of intangible assets     3,994               3,994       11,982               11,982  
Change in fair value of contingent earnout liability     (389 )             (190 )     (291 )             21  
Non-GAAP pre-tax income     5,298               2,552       10,680               5,843  
Non-GAAP tax provision applied at a 24% tax rate (2)     1,272               612       2,563               1,402  
Non-GAAP Net Income (1)   $ 4,026     $ 0.03     $ 1,940     $ 8,117     $ 0.06     $ 4,441  
                                                 
Shares used in computing Non-GAAP income per share
amounts:(1)
                                               
GAAP weighted-average shares – basic and diluted     131,613,003                       130,992,672                  
Non-GAAP dilutive shares excluded from GAAP
  loss per share calculation
    3,575,928                       3,575,928                  
Non-GAAP weighted-average shares – diluted     135,188,931                       134,568,600                  

(1)   Prior to Duck Creek’s initial public offering in August 2020, there were no shares of common stock outstanding, and the membership structure of Duck Creek Technologies consisted of limited partnership units. Accordingly, comparable period net loss per share has not been presented because it would not be meaningful to the users of the Company’s consolidated financial statements.

(2)   Our GAAP tax provision is primarily related to state taxes and income taxes in profitable foreign jurisdictions.  We maintain a full valuation allowance against our deferred tax assets in the U.S.  For purposes of determining our Non-GAAP Net Income, we have applied a tax rate of 24% which represents our estimated effective tax rate once we are profitable on a GAAP basis.

    Three Months Ended
May 31,
    Nine Months Ended
May 31,
 
($ in thousands)   2021     2020     2021     2020  
Net cash provided by (used in) operating activities   $ 6,875     $ 18,196     $ (16,218 )   $ 8,247  
Purchases of property and equipment     (162 )     (470 )     (834 )     (3,164 )
Capitalized internal-use software     (114 )     (885 )     (864 )     (2,440 )
Free Cash Flow   $ 6,599     $ 16,841     $ (17,916 )   $ 2,643  

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