EARNINGS PRESENTATION

Q2 2021

Forward Looking Statements

This presentation has been prepared by Volt Information Sciences, Inc. (the "Company") for investors, solely for informational purposes. It contains certain forward-looking statements, which may be identified by the use of forward-looking terminology, including the terms "may," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or, in each case, their negative, or other variations or comparable terminology. The forward-looking statements involve risks and uncertainties, some of which cannot be predicted or quantified. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. The Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon detailed assumptions. While the Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and to anticipate all factors that could affect actual results. As such, actual results may differ materially from those projected or implied and you should not place undue reliance on these forward-looking statements. For a discussion concerning the factors that could cause these differences, please refer to the Company's filings with the Securities and Exchange Commission and on its website at www.volt.com.

This presentation makes no representations or warranties, and no person has been authorized to make any representations on behalf of the Company or any of its affiliates, or to give any information other than that contained in this presentation. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation, whether as to the past, present or the future. Certain of the economic and market information contained herein has been obtained from published sources and/or prepared by other parties. None of the Company or any of its directors, partners, stockholders, officers, affiliates, employees, agents or advisers nor any other person assumes any responsibility for the completeness of any information in this presentation, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which such statements are based. Prospective investors will be expected to have conducted their own due diligence investigation regarding all matters pertinent to investing in the Company.

This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

This presentation is confidential and may not be reproduced or otherwise distributed or disseminated, in whole or part, without the prior written consent of the Company, which consent may be withheld in its sole and absolute discretion.

Any investment in the Company will be subject to certain risks related to the nature of the Company's business and the structure and operations of the Company. Any investment in the Company should be made only with an appreciation of the applicable risks, which are described in the Company's filings with the SEC and on its website at www.volt.com.

2

Quarterly Trend

(Dollars in millions)

2Q2020

3Q2020

4Q2020

1Q2021

2Q2021

Adjusted Revenue

$

209.7

$

185.9

$

211.1

$

218.0

$

222.1

Gross Margin

15.6%

16.1%

16.2%

15.0%

16.4%

Selling, Administrative and Other Operating

Costs

$

36.2

$

31.3

$

30.7

$

33.7

$

33.0

Adjusted Operating Income (Loss)

$

(4.4)

$

(4.2)

$

(11.5)

$

(1.7)

$

2.7

Excluding Restructuring and Impairment

$

(4.0)

$

(1.3)

$

3.5

$

(1.1)

$

3.5

Adjusted EBITDA

$

(1.4)

$

1.0

$

5.9

$

0.9

$

6.0

Working Days

65

63

64

59

65

Average Daily Revenue

$

3.2

$

3.0

$

3.3

$

3.7

$

3.4

Average Daily Revenue Year over Year Change

-14.1%

-18.4%

-11.0%

0.4%

5.9%

See appendix for reconciliation of Adjusted Revenue, Adjusted Selling, Administrative and Other Operating Costs and Adjusted Operating Income (Loss)

3Q2020

  • Revenue began to rebound at the end of the
    3rd quarter as customers returned to work and business expanded after the COVID-19 shutdowns which began mid-2nd quarter
  • Additional cost management actions in response to COVID-19
  • Consolidation and exit of offices result in $2.4M impairment charge

4Q2020

  • Continued sequential revenue growth from existing and new clients
  • Consolidation of real estate footprint at Orange CA campus results in $14.5M impairment charge

1Q2021

  • Continued sequential revenue growth from existing and new clients
  • Improved margins due to lower employee related costs and improved sales mix

2Q2021

  • Average daily revenue declined from seasonal ramp up in 1Q21 offset by growth from existing and new clients as well as improvements in direct hire revenue
  • Improved margins due to lower employee

related costs and improved sales mix

3

Adjusted Selling, Administrative and Other Operating Costs

In 2020, implemented phases 1- 3 of strategic cost reductions

Continue to actively pursue further options to increase financial flexibility

See appendix for reconciliation of Adjusted Selling, Administrative and Other Operating Costs

4

Path to Profitability - 2nd Quarter Highlights

Revenue

+

Improving

+

Manage

=

3% Adjusted

EBITDA

Growth

Gross Margin

SG&A Expense

(Goal)

Positive year-over-year

Adjusted Revenue

growth continues from new business wins in a combination of retail and mid-market clients, combined with the expansion of business with existing clients

Improved margins due

to lower employee related costs and improved sales mix

Sequential growth in direct hire revenue

Selling,

2nd Quarter Adjusted

Administrative and

EBITDA improved

Operating Costs

$7.4M year over year

reduced by 9.0%

2Q21 Adjusted

year over year

EBITDA 2.7%

2Q20 Adjusted

EBITDA -0.7%

See appendix for reconciliation of Adjusted Revenue and Adjusted Selling, Administrative and Other Operating Costs

5

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Volt Information Sciences Inc. published this content on 15 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2021 07:51:02 UTC.