Recurring revenue up 16.4% year over year. TORONTO, ON, May 22, 2024 (GLOBE NEWSWIRE) -- Flow Capital Corp. (TSXV:FW) ("Flow Capital" and "Company"), a leading provider of venture debt to high growth companies, announces its unaudited financial and operating results for the three-months ended March 31, 2024 ("Q1 2024"). Financial references are in Canadian dollars unless otherwise specified. Q1 2024 Performance Highlights A record $1.8 million in recurring loan interest income1 up 6.7% from Q4 2023 and 16.4% from Q1 2023. A 16% cash yield on our current loan book of $43.7 $1.23 book value per share up 2.9% over the prior quarter and up 49% over the past two years. $0.4 million in recurring free cash flow2 in Q1 2024; and $1.1 million over the past 4 quarters. $65.4 million in total assets up 2.9% from Q4 2023 and 10.6% over Q1 2023. $28.1 million in new capital deployments over the past 12 months, a new record for the Company. (1) Recurring Loan Interest Income is an internally defined, non-IFRS measure calculated as Loan Interest Income less Loan Amortization Income and one-time payments (e.g. prepayment fees). Reconciliations of non-IFRS measures to the nearest IFRS measure can be found in this press release under "Reconciliation of Non-IFRS Measures".(2) Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as Recurring Loan Interest Income less Salaries, Professional fees, Office and general administrative and Financing expenses. Reconciliations of non-IFRS measures to the nearest IFRS measure can be found in this press release under "Reconciliation of Non-IFRS Measures". "We are pleased with our results this quarter. Book value per share continued to grow and recurring revenues hit $1.8 million this quarter, a record for us. The recurring revenue represents a 16% annual cash return on our current loan book of $43.7 million." said Alex Baluta, CEO of Flow Capital. "As we continue to accelerate the deployment of capital into new loans, we expect to maintain this cash-on-cash return while also achieving a higher long-term IRR based on the contributions of our equity positions, similar to what we have seen over the last 6 years." Flow's business development program continues to surface excellent investment opportunities. In Q1 we closed a $5.25 million financing into UK based CrowdProperty, a digital "platform as a service" marketplace, $2.15 million into a Canadian based fintech SaaS company, and after the end of the quarter, an additional $2.7 million into existing portfolio company Miniluxe, and $5.4 into GetTattle Inc. a global Customer Experience Improvement SaaS platform. We continue to see strong pipeline growth and expect that portfolio growth should only be tempered by our access to supporting capital. In order to build our capital base, we continue to offer our redeemable floating rate debentures to institutional and accredited investors. The debenture pays a floating rate of interest, currently set at 10.5%. In addition to supporting our growth the debenture also serves our investors and shareholders well, allowing us to bifurcate investor returns between capital gains-oriented investors in our common shares and income-oriented investors in our debentures. Said Mr. Baluta, "The goal here at Flow is to serve all our stakeholders well. Borrowers with capital that supports their growth, book value per share growth for our common shareholders, and significant income from an attractive interest rate for our debenture holders." Detailed Financial results are available on our website at www.flowcap.com or on www.sedar.com. RESULTS OF OPERATIONS   Three-months ended March 31, 2024 Three-months ended March 31, 2023 Recurring Loan Interest Income (1) $ 1,757,553 $ 1,509,437 Total Loan Interest Income   2,005,586   1,691,481 Total Revenues per IFRS   1,914,445   1,747,126 Net income/(loss)   720,237   345,450 Adjusted Recurring Free Cash Flow (2)   415,851   298,756 Basic Earnings per share   0.0229   0.0111 Diluted Earnings per share   0.0228   0.0105 Book Value per outstanding share (3)   1.226   1.2335 Weighted basic average number of shares outstanding   31,442,753   31,204,227 Weighted diluted average number of shares outstanding   31,540,741   32,766,042 (1)   Recurring Loan Interest Income is an internally defined, non-IFRS measure calculated as Loan Interest Income less Loan Amortization Income and one-time payments (e.g. prepayment fees). See the section "Use of Non-IFRS Financial Measures".(2)   Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as Recurring Loan Interest Income less Salaries, Professional fees, Office and general administrative and Financing expenses. See the section "Use of Non-IFRS Financial Measures".(3)   Calculated by taking Total Shareholders' Equity as reported on the Statements of Financial Position over the number of outstanding shares. See the section "Use of Non-IFRS Financial Measures". Conference Call Details Flow Capital will host a conference call to discuss these results at 9:00 a.m. Eastern Time, on Thursday, May 23, 2024. Participants should call +1 800-717-1738 or +1 289-514-5100 and ask an operator for the Flow Capital earnings call, Conference ID 70834. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial +1 888-660-6264 or +1 289-819-1325 and enter passcode 70834#. The replay recording will be available until 11:59 p.m. Eastern Time, June 06, 2024. An audio recording of the conference call will be also available on the investors' page of Flow Capital's website at www.flowcap.com/financials. About Flow Capital Flow Capital Corp. is a Canadian based, publicly listed venture debt lender. Since 2018 we have financed high growth companies in the US, the UK, and Canada. We help companies speed their growth without the dilutive effect of an equity issue or the difficulties associated with traditional lenders, such as banks. We specialize in revenue generating VC sponsored and founder owned businesses seeking $3 to $7 million in capital to fund continued growth. To learn more about us, visit ...