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CREATIVE REALITIES, INC.

(CREX)
  Report
Delayed Nasdaq  -  01:41 2022-10-06 pm EDT
0.6717 USD   +8.32%
09/27Creative Realities Inc. Announces Major Enhancements and Global Expansion of Industry-Leading Automotive Software Support Platform
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09/27Creative Realities Inc. Announces Major Enhancements and Global Expansion of Industry-Leading Automotive Software Support Platform
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09/27Creative Realities Inc. Announces Major Enhancements and Global Expansion of Industry-Leading Automotive Software Support Platform
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CREATIVE REALITIES, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements (form 10-Q)

05/16/2022 | 06:05pm EDT
The following discussion contains various forward-looking statements within the
meaning of Section 21E of the Exchange Act. Although we believe that, in making
any such statement, our expectations are based on reasonable assumptions, any
such statement may be influenced by factors that could cause actual outcomes and
results to be materially different from those projected. When used in the
following discussion, the words "anticipates," "believes," "expects," "intends,"
"plans," "estimates," "projects," should," "may," "propose," and similar
expressions (or the negative versions of such words or expressions), as they
relate to us or our management, are intended to identify such forward-looking
statements. These forward-looking statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially from those
anticipated, and many of which are beyond our control. Factors that could cause
actual results to differ materially from those anticipated are set forth under
the caption "Risk Factors" in the Company's Form 10-K for the year ended
December 31, 2021 as filed with the Securities and Exchange Commission on
March 22, 2022.



Our actual results, performance or achievements could differ materially from
those expressed in, or implied by, forward-looking statements. Accordingly, we
cannot be certain that any of the events anticipated by forward-looking
statements will occur or, if any of them do occur, what impact they will have on
us. We caution you to keep in mind the cautions and risks described in this
document and to refrain from attributing undue certainty to any forward-looking
statements, which speak only as of the date of the document in which they
appear. We do not undertake to update any forward-looking statement.



Overview


Creative Realities, Inc. ("Creative Realities," "we," "us," or the "Company") transforms environments through digital solutions by providing innovative digital signage solutions for key market segments and use cases, including:



 ? Retail



? Entertainment and Sports Venues

? Restaurants, including quick-serve restaurants ("QSR")




 ? Convenience Stores




 ? Financial Services




 ? Automotive



? Medical and Healthcare Facilities




 ? Mixed Use Developments



? Corporate Communications, Employee Experience

? Digital out of Home (DOOH) Advertising Networks





We serve market-leading companies, so there is a good chance that if you leave
your home today to shop, work, eat or play, you will encounter one or more of
our digital signage experiences. Our solutions are increasingly visible because
we help our enterprise customers achieve a range of business objectives
including:



 ? Increased brand awareness




 ? Improved customer support




                                       29




? Enhanced employee productivity and satisfaction

? Increased revenue and profitability




 ? Improved guest experience



? Increased customer/guest engagement




 ? Improved patient outcomes




Through a combination of organically grown platforms and a series of strategic
acquisitions, including our recent acquisition of Reflect Systems, Inc. in
February 2022, the Company assist clients to design, deploy, manage, and
monetize their digital signage networks. The Company sources leads and
opportunities for its solutions through its digital and content marketing
initiatives, close relationships with key industry partners, specifically
equipment manufacturers, and the direct efforts of its in-house industry sales
experts. Client engagements focus on consultative conversations that ensure the
Company's solutions are positioned to help clients achieve their business
objectives in the most cost-effective manner possible.



When comparing Creative Realities to other digital signage providers, our customers value the following competitive advantages:

? Breadth of solutions - Creative Realities is one of only a few companies in

the industry capable of providing the full portfolio of products and services

required to implement and run an effective digital signage network. We

leverage a 'single vendor' approach, providing clients with a one-stop-shop

for sourcing digital signage solutions from design through day two services.

? Managed labor pool - Unlike most companies in our industry, we have a curated

labor pool including thousands of qualified and vetted field technicians

available to service clients quickly nationwide. We can meet tight schedules

    even in exceptionally large deployments and still ensure quality and
    consistency.

  ? In-house creative resources - We assist clients in repurposing existing

content for digital signage experiences or creating new content, an activity

for which the Company has won several design awards in recent years. In each

instance, our services can be essential in helping clients develop an

effective content program.

? Network scalability and reliability - Our software as a service ("SaaS")

content management platforms power some of the largest and most complex

digital signage networks in North America evidencing our ability to manage

enterprise scale projects. This also provides us purchasing power to source

products and services for our customers, enabling us to deliver cost

effective, reliable and powerful solutions to small and medium size business

    clients.

  ? Ad management platform - Our customers are increasingly interested in
    monetizing their digital signage networks through advertising content.

However, efficiently scheduling advertising content into digital signage

playlists to meet campaign objectives can be a challenging and labor-intensive

process. AdLogic, our home-grown, content management-agnostic platform,

automates this process, allowing network owners to capture more revenue with

less expense.

? Media sales - Few, if any other digital signage solution providers, can offer

their clients media sales as a service. We have in-house media sales expertise

to elevate conversations with clients interested in better understanding

network monetization. We believe this meaningful differentiation in the sales

process provides an additional revenue stream to Creative Realities compared

    to our competitors.


? Market sector expertise - Creative Realities has in-house experts in key

market segments such as automotive, retail, quick-serve restaurants (QSR),

convenience stores, and Digital Out of Home (DOOH) advertising. Our expertise

in these business segments enables our teams to provide meaningful business

conversations and offer tailored solutions with prospects and customers to

their unique business objectives. These experts build industry relationships

    and create thought leadership that drives lead flow and new opportunities for
    our business.




                                       30




? Logistics - Implementing a large digital signage project can be a logistics

nightmare that can stall an initiative even before deployment. Our expertise

in logistics improves deployment efficiency, reduces delays and problems, and

saves customers time and money.

? Technical support - Digital signage networks present unique challenges for

corporate IT departments. Creative Realities helps simplify and improve end

user support by leveraging our own Network Operations Center ("NOC") in

Louisville, Kentucky. The NOC resolves many issues remotely and when field

support is required, it can be dispatched from the NOC, leveraging our managed

labor pool to resolve customer issues quickly and effectively.

? Integrations and Application Development - The future of digital signage is

not still images and videos on a screen. Interactive applications and

integrations with other data sources will dominate the future. From social

media feeds to corporate data stores to Point of Sale ("POS") systems, our

    proven ability to build scalable applications and integrations is a key
    advantage clients can leverage to deliver more compelling and engaging
    experiences for their customers.

? Hardware support - A number of digital signage providers sell a proprietary

media player or align themselves with just one operating system. We utilize a

range of media players including Windows, Android and BrightSign to provide

clients the flexibility they need to select the appropriate hardware for any

application knowing the entire network can still be served by a single digital

signage platform, reducing complexity and improving the productivity of their

    teams.



The three primary sources of revenue for the Company are:

? Hardware sales from reselling digital signage hardware from original equipment

manufacturers such as Samsung and BrightSign.

? Services revenue from helping customers design, deploy and manage their digital

signage network, including:

? Hardware system design/engineering




  ? Hardware installation




  ? Content development




  ? Content scheduling



? Post-deployment network and field support

? Media sales, as a result of our acquisition of Reflect

? Recurring subscription licensing and support revenue from our digital signage

software platforms, which are generally sold via a SaaS model. These include:

? ReflectView, the Company's core digital signage platform for most applications,

   scalable and cost effective from 10 to 100,000+ devices



? Reflect Xperience, a web-based interface that allows customers to give content

scheduling access to local users via the web or mobile devices, while still

    maintaining centralized programming control



? Reflect AdLogic, the Company's ad management platform for digital signage

    networks, which presently delivers approximately 50 million ads daily



? Reflect Clarity, the Company's menu board solution, which has become a market

    leader for a range of restaurant and convenience store applications




                                       31





  ? Reflect Zero Touch, which allows customers to turn any screen into an

interactive experience by allowing guests to engage using their mobile device

? iShowroomProX, an omni-channel digital sales support platform targeted at

original equipment manufacturers in the transportation sector, which

integrates with dozens of key data services including dealer inventory at the

    VIN
    level




  ? OSx+, a digital VIN-level checklist used to assist in the tracking and

delivery of new vehicles in the transportation sector, providing measurable

lift in customer satisfaction scores and connected vehicle enrollments and

    subscription activations.




While hardware sales and support services revenues can fluctuate more
significantly year over year based on new, large-scale network deployments, the
Company expects to see continuous growth in recurring SaaS revenue for the
foreseeable future as digital signage adoption/utilization continues to expand
across the vertical markets we serve.



Recent Developments


Please see Note 1 Nature of Organization and Operations to the Company's Condensed Consolidated Financial Statements contained in this report for a description of recent developments of the Company that occurred during the three months ended March 31, 2022.



Our Sources of Revenue


We generate revenue through digital signage solution sales, which include system hardware, professional and implementation services, software design and development, software licensing, deployment, and maintenance and support services.

We currently market and sell our technology and solutions primarily through our
sales and business development personnel, but we also utilize agents, strategic
partners, and lead generators who provide us with access to additional sales,
business development and licensing opportunities.



Our Expenses



Our expenses are primarily comprised of three categories: sales and marketing,
research and development, and general and administrative. Sales and marketing
expenses include salaries and benefits for our sales, business development
solution management and marketing personnel, and commissions paid on sales. This
category also includes amounts spent on marketing networking events, promotional
materials, hardware and software to prospective new customers, including those
expenses incurred in trade shows and product demonstrations, and other related
expenses. Our research and development expenses represent the salaries and
benefits of those individuals who develop and maintain our proprietary software
platforms and other software applications we design and sell to our customers.
Our general and administrative expenses consist of corporate overhead, including
administrative salaries, real property lease payments, salaries and benefits for
our corporate officers and other expenses such as legal and accounting fees.



                                       32




Critical Accounting Policies and Estimates




The Company's significant accounting policies are described in Note 2 Summary of
Significant Accounting Policies of the Company's Condensed Consolidated
Financial Statements included elsewhere in this report. The Company's Condensed
Consolidated Financial Statements are prepared in conformity with accounting
principles generally accepted in the United States. Certain accounting policies
involve significant judgments, assumptions, and estimates by management that
could have a material impact on the carrying value of certain assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the condensed consolidated financial statements and the reported amounts of
revenue and expenses during the reporting period. Our actual results could
differ from those estimates.



Results of Operations


Note: All dollar amounts reported in Results of Operations are in thousands, except share and per-share information.

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021




The tables presented below compare our results of operations and present the
results for each period and the change in those results from one period to
another in both dollars and percentage change. We acquired Reflect via the
Merger during the three months ended March 31, 2022, on February 17, 2022. As a
result, our consolidated financial results for such period include the
operations of Reflect for 44 days, between February 17, 2022 and March 31,
2022.



                                               Three months ended
                                                    March 31,                     Change
                                               2022           2021            $             %
Sales                                       $    10,757     $   5,004     $   5,753           115 %
Cost of sales                                     6,865         2,770         4,095           148 %
Gross profit                                      3,892         2,234         1,658            74 %
Sales and marketing expenses                        707           335           372           111 %
Research and development expenses                   241           171            70            41 %
General and administrative expenses               2,754         2,109           645            31 %
Bad debt expense/(recovery)                         106          (512 )         618          -121 %
Depreciation and amortization expense               707           344           363           106 %
Deal and Transaction expenses                       391             0      
    391           100 %
Total operating expenses                          4,906         2,447         2,459           100 %
Operating income/(loss)                          (1,014 )        (213 )        (801 )         376 %
Other income/(expenses):
Interest expense                                   (449 )        (249 )        (200 )          80 %
Change in fair value of Special Loan                  -           166          (166 )        -100 %
Gain on settlement of debt                         (295 )       1,565        (1,860 )        -119 %
Change in Fair Value of Warrant Liability         5,469             -      
  5,469           100 %
Other income/(expense)                           (1,206 )           4        (1,210 )     -30,250 %
Total other income/(expense)                      3,519         1,486         2,033           137 %
Net income/(loss) before income taxes             2,505         1,273      
  1,232            97 %
Provision from income taxes                          (3 )          (1 )          (2 )        -200 %
Net income/(loss)                           $     2,502     $   1,272         1,230            97 %




Sales



Revenues were $10,757, representing an increase of $5,753, or 115%, as compared
to the same period in 2021 despite a reduction in revenues generated from the
sale of our Safe Space Solutions products and services of $894. Revenues
generated from our core digital signage products and services increased $6,647,
or 133% in 2022 as compared to 2021, despite continued supply chain disruptions
related to semiconductor chips delaying the delivery of digital displays and
media players to the Company.



                                       33




The Company acquired Reflect on February 17, 2022, and the Company's consolidated results for the three months ended March 31, 2022 include 44 days of Reflect's operations.




Hardware revenues were $6,459 in 2022, an increase of $3,643, or 129%, as
compared to the prior year, driven primarily delivering Phase I of our
previously announced a large customer transaction expected to exceed $10,000 in
revenues. The Company began providing services and deliverables on the customer
transaction in February 2022 and is anticipated to complete the project by the
end of the first quarter of 2023, subject to the customer's capacity to receive
such products and services. Excluding Safe Space Solutions hardware, which
reduced $768 year-over-year, core digital signage hardware sales increased
$4,411 million, or 158%.



Services and other revenues were $4,298 in the three months ended March 31,2022,
an increase of $2,110, or 96%, with the inclusion of 44 days of Reflect's
operations in the Company's consolidated results for such period. Managed
services revenue, which includes both software-as-a-service ("SaaS") and help
desk technical subscription services, were $2,703 in the three months ended
March 31, 2022 as compared to $1,339 in the same period in 2021, with the
inclusion of 44 days of Reflect's operations in the Company's consolidated
results for such period.



Gross Profit



Gross profit increased by $1,658, or 74% driven by an increase in revenue but
offset by a reduction in gross profit margin. Gross profit margin decreased to
36.2% from 44.6% driven by a shift in revenue mix to 60% hardware in the first
quarter of 2022 related to a material customer rollout underway. We expect this
contraction in gross profit margin to be less severe as we move into the second
quarter of 2022 and beyond, with significant pressure in the current quarter
driving by a single, large-scale/hardware-heavy deployment.



Sales and Marketing Expenses



Sales and marketing expenses increased by $372, or 111%, driven by the
acquisition of Reflect during the three months ended March 31, 2022period.
Immediately following the acquisition of Reflect, the Company integrated the
sales and marketing functions and does not disaggregate these expenses between
the two legacy companies. Following the Merger and through integration
activities, the Company has adopted certain tools, technology, and processes -
particularly with respect to lead generation and brand marketing - that were
minimally invested in historically by the Company. Additionally, the Company
engaged an Investor Relations firm and has increased investor relations
activities, including conferences and presentations. As a result, we expect the
sales and marketing expenses of the Company to continue at the current pace
for
future periods.


Research and Development Expenses




Research and development expenses increased $70, or 41% in 2022, driven
primarily by the acquisition of Reflect. Through the acquisition of Reflect, we
acquired a fully staffed, experienced software development team and elected to
keep that team in-tact, in full, particularly given employment market conditions
with respect to talented software engineers. We have integrated the pre-existing
CRI development team with the acquired team and have experienced enhanced speed
to market on new feature and functionality development activities from
increasing this resource pool. We expect this elevated level of expense to
continue into the future as we continue to develop our current and future
product set.



General and Administrative Expenses




General and administrative expenses - excluding bad debt expense - increased
$645, or 31%, driven by the acquisition of Reflect. While the Company
anticipates carrying higher G&A expenses moving forward as a result of the
acquisition, the integration activities include several projects (including but
not limited to consolidation of CMS tools, cloud hosting environments, IT tools,
and rightsizing leases for office space) that we expect will be realized by the
end of 2022. Bad debt expense returned to a more normalized rate of $106 during
the first quarter of 2022, representing an increase of $618 as compared to the
comparable period in 2021 as the result of a bankruptcy recovery in 2021.



                                       34





Bad Debt



Expenses related to the Company's allowance for bad debts increased by $618, or
121%, in 2022 compared to 2021. This return to expense is the result of standard
operations. The prior year included a cash recovery of $555 related to a
customer bankruptcy for which the Company previously recorded a reserve.



Depreciation and Amortization Expenses

Depreciation and amortization expenses increased by $363, or 106%, in 2022 compared to 2021. This was driven by the addition of $21,500 in amortizing intangible assets as a result of the Merger.

Interest Expense, Change in fair value of warrant liability, Other expense

See Note 8 Loans Payable to the Condensed Consolidated Financial Statements for a discussion of the Company's debt and related interest expense obligations.




During the three months ended March 31, 2022, the Company recorded a gain of
$5,469 as the result of assessing the fair value of warrant liabilities
associated with the Company's issuance of warrants in its debt and equity
offerings completed in February 2022 to finance the Merger. These warrants were
initially assessed at fair value through Black Scholes calculation and were
subsequently re-assessed at March 31, 2022, resulting in the gain.



Supplemental Operating Results on a Non-GAAP Basis




The following non-GAAP data, which adjusts for the categories of expenses
described below, is a non-GAAP financial measure. Our management believes that
this non-GAAP financial measure is useful information for investors,
shareholders and other stakeholders of our company in gauging our results of
operations on an ongoing basis. We believe that EBITDA is a performance measure
and not a liquidity measure, and therefore a reconciliation between net
loss/income and EBITDA and Adjusted EBITDA has been provided. EBITDA should not
be considered as an alternative to net loss/income as an indicator of
performance or as an alternative to cash flows from operating activities as an
indicator of cash flows, in each case as determined in accordance with GAAP, or
as a measure of liquidity. In addition, EBITDA does not take into account
changes in certain assets and liabilities as well as interest and income taxes
that can affect cash flows. We do not intend the presentation of these non-GAAP
measures to be considered in isolation or as a substitute for results prepared
in accordance with GAAP. These non-GAAP measures should be read only in
conjunction with our consolidated financial statements prepared in accordance
with GAAP.



                                                                      Quarters Ended
                                       March 31       December 31,       September 30,       June 30       March 31,
Quarters ended                           2022             2021               2021             2021           2021
GAAP net income (loss)                $    2,502     $       (1,722 )   $          (343 )   $   1,025     $     1,272
Interest expense:
Amortization of debt discount                181                 29                  29            29              72
Other interest, net                          268                160                 158           153             177

Depreciation/amortization:

Amortization of intangible assets            680                302        
        320           317             312
Amortization of finance lease
assets                                         -                  -                   -             -               4
Amortization of employee
share-based awards                           469                324                 329           329             512
Depreciation of property, equipment           27                 27        
         27            27              28
Income tax expense/(benefit)                   3                 13                   1             7               1
EBITDA                                $    4,130               (867 )   $           521         1,887           2,378
Adjustments
(Gain)/loss on fair value of debt              -                  -        
          -             -            (166 )
(Gain)/loss on fair value of
warrant liability                         (5,469 )                -                   -             -               -
(Gain)/loss on settlement of
obligations                                  295                  -                (256 )      (1,628 )        (1,565 )
(Gain)/loss on debt waiver consent         1,212                  -        
          -             -               -
Deal and transaction expenses                391                518                   -             -               -
Other income                                  (6 )                -                   -             -               -
Stock-based compensation - Director
grants                                        82                318                  27            27              27
Adjusted EBITDA                       $      635                (31 )   $           292           286             674




                                       35




Liquidity and Capital Resources




The accompanying Condensed Consolidated Financial Statements have been prepared
on the basis of the realization of assets and the satisfaction of liabilities
and commitments in the normal course of business and do not include any
adjustments to the recoverability and classifications of recorded assets and
liabilities as a result of uncertainties.



We produced net income for the three months ended March 31, 2022 and for the year ended December 31, 2021 and had positive cash flows from operating activities for both periods. As of March 31, 2022, we had cash and cash equivalents of $5,988 and a working capital surplus of $2,288.




Management believes that, based on (i) the execution of the Equity Financing,
(ii) the refinancing of our debt as part of the Debt Financing, including
extension of the maturity date on our term loans, and (iii) our operational
forecast through 2022 following completion of the Merger, that we can continue
as a going concern through at least June 30, 2023. However, given our historical
net losses and cash used in operating activities, we obtained a continued
support letter from Slipstream through May 16, 2023. We can provide no assurance
that our ongoing operational efforts will be successful which could have a
material adverse effect on our results of operations and cash flows.



Operating Activities


The cash flows provided by operating activities were $1,201 for the period ended
March 31, 2022 as compared to cash flows used in operating activities of $21 for
the period ended March 31, 2021. We produced net income of $2,502. Following the
Merger, our business has significantly expanded, particularly with respect to
managed services revenue. Other than net income, cash provided by operating
activities was driven by growth of $1,901 of deferred revenue and $2,292 of
accounts payable, partially offset by an expansion of accounts receivable of
$3,724.



Investing Activities



Net cash used in investing activities during the three months ended March 31,
2022 was $17,969 compared to $115 during the same period in 2021. The use of
cash in the current year was driven by (1) completion of the Merger and (2)
continued investments in our software platforms. We currently do not have any
material commitments for capital expenditures as of March 31, 2022; however, we
anticipate continued elevated capital expenditures in excess of historical
trends through as a result of the Merger, which included acquisition of a
software development team.



Financing Activities



Net cash provided by financing activities during the three months ended
March 31, 2022 was $19,873 compared to $1,845 for the same period in 2021. The
increase is the result of the Company's completion of the Equity Financing and
the Debt Financing (each as described in "Recent Developments" above) in the
period to facilitate the Merger, which provided net cash of $10,109 and $9,868,
respectively.



Contractual Obligations


We have no material commitments for capital expenditures, and we do not anticipate any significant capital expenditures for the remainder of 2022.

Off-Balance Sheet Arrangements

During the three months ended March 31, 2022, we did not engage in any off-balance sheet arrangements set forth in Item 303(a) (4) of Regulation S-K.




                                       36

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Analyst Recommendations on CREATIVE REALITIES, INC.
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Financials (USD)
Sales 2022 42,5 M - -
Net income 2022 1,51 M - -
Net Debt 2022 - - -
P/E ratio 2022 8,86x
Yield 2022 -
Capitalization 13,5 M 13,5 M -
Capi. / Sales 2022 0,32x
Capi. / Sales 2023 0,27x
Nbr of Employees 105
Free-Float 84,4%
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Managers and Directors
Richard C. Mills Chief Executive Officer & Director
William Lindsay Logan Chief Financial Officer
Dennis A. McGill Chairman
Mike McKim Vice President-Operations
Donald A. Harris Independent Director
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