Voxtur Analytics : Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2021

Voxtur Analytics Corp.

MD&A for the three months ended March 31, 2021

All dollar figures referred to herein, with the exception of per share amounts, are presented in thousands of Canadian dollars unless otherwise stated.

Voxtur Analytics Corp.

Management's Discussion and Analysis of Financial Condition and Results of Operations

for the three months ended March 31, 2021 (the "Period")

The information set forth below has been prepared as at May 31, 2021, and is derived from, and should be read in conjunction with, Voxtur Analytics Corp.'s ("Voxtur," "VXTR" or the "Company") unaudited condensed interim consolidated financial statements for the three months ended March 31, 2021 (the "Reporting Date"), including the accompanying notes (the "Interim Financial Statements"), which can be found on SEDAR at www.sedar.com. This Management Discussion and Analysis ("MD&A") is intended to assist in understanding the dynamics of the Company's business and key factors underlying its financial results.

The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34") using accounting policies consistent with International Financial Reporting Standards ("IFRS"). By their nature, the Interim Financial Statements do not include all the information required for full annual financial statements, and so should be read in conjunction with the Company's 2020 audited annual consolidated financial statements prepared in accordance with IFRS, which can be found on SEDAR at www.sedar.com. The Interim Financial Statements were prepared using the accounting policies disclosed in the annual financial statements.

All dollar figures referred to herein are Canadian dollars unless otherwise stated. For narrative purposes, all dollar amounts, with the exception of per share amounts, have been presented in thousands of dollars.

Company Overview

Voxtur is a transformational real estate technology company that is redefining industry standards in the real estate finance lifecycle. The Company offers automated workflows and targeted data analytics to simplify property valuation, tax solutions and settlement services for investors, lenders, government agencies and mortgage servicers. Voxtur's proprietary data hub and platforms accurately and efficiently value assets, service loans, securitized portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States ("US") and Canada.

The Company has developed a web-based enterprise platform and database to deliver the primary offerings noted below.

Software and Data Licenses:

• Software that automates and digitizes the appraisal process which includes order tracking, job assignment, collaboration, scheduling tools, and mobile apps for appraisers and enterprises by leveraging a North American nationwide repository of public, third party and proprietary data.
• Desktop review software for assessors and governments that generate customized portals to view multiple elements related to a property, including street level imagery, aerial imagery, building outline sketches, advanced mapping tools, property valuation details, comparable property analysis, and structural characteristics, amongst others. This architecture has been built to support a full suite of add-on modules and services, including workflow management, sketching software and mobile functionality.
• Software that analyzes the accuracy of property assessments by leveraging multiple property data sources to deliver insightful comparable modeling and predictive valuations using proprietary algorithms. Integration of this platform with the Company's proprietary appeal management module assists public entities in the management of property assessment appeals.
• Commercialization of client data through the delivery of reports and individual data requests through secure ecommerce transactions or by account. In addition to standardized reports, the Company also provides customized reports through an assisted fulfillment process.

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Voxtur Analytics Corp.

MD&A for the three months ended March 31, 2021

All dollar figures referred to herein, with the exception of per share amounts, are presented in thousands of Canadian dollars unless otherwise stated.

Technology-Managed Services:

- The Company provides real estate valuation solutions by leveraging its proprietary technology to deliver full- spectrum appraisal and broker price opinion services.

• The provision of property tax solutions utilizing the Company's property tax analysis and appeal management platform and sketch software to support clients that require a facilitated experience with the Company's technology and databases.
• Services for clients seeking to outsource property-related services to benefit from the efficiencies the Company can provide using its proprietary technology.
• The provision of real estate technology and non-legal default services.

Settlement Services:

• The provision of full service title, escrow and closing services.

The Company's Common Shares are traded on the TSX Venture Exchange ("TSXV") under the symbol VXTR, and on the US OTCQB under the symbol VXTRF. The Company's Non-Voting Shares are not listed on any stock exchange or over- the-counter market.

Significant developments in the first quarter of 2021:

• In February 2021, the Company changed its name from "iLOOKABOUT Corp." to "Voxtur Analytics Corp.".
• In February 2021, the Company acquired 100% of the issued and outstanding stock of Voxtur Technologies, Inc. ("Voxtur Technologies"), 100% of the membership interests of Bright Line Title, LLC ("Bright Line"), and certain technology and non-legal assets of James E. Albertelli, P.A. and certain of its affiliates (collectively, "JEA") (the "Voxtur Acquisition"). Voxtur Technologies provides real estate technology and non-legal default services in the US. Bright Line provides full service title, escrow and closing services in the US. The Company acquired these businesses (the "Voxtur Group") to expand its operations and offerings in the United States and the Company's real property focused product and service offerings.
  Consideration for the acquisition was satisfied at the closing and consisted of:
• 1. $13,467 USD cash;
  2. 108,455,631 Common Shares of the Company; and
  3. 54,227,816 Non-voting Common Shares of the Company.
• In February 2021, the Company expanded its credit facilities with Bank of Montreal's Technology & Innovation Banking Group ("Term Loan C") under which the Company has drawn $27,000. The Company will pay interest only for the first six months of the term, and thereafter interest and principal will be paid based on a 54 month amortization schedule. The Company may, at its discretion, repay the balance of Term Loan C in whole or in part at any time after eighteen (18) months following the closing date without penalty or obligation for future interest payments otherwise payable had Term Loan C not been repaid. Pricing is set at Bank of Montreal's Prime Rate plus 4.0% per annum. Upon the establishment of Term Loan C. the outstanding principal balances under two of the Companies three pre-existing Term Loans totaling approximately $3,251, were fully paid down.
• In March 2021, the Company completed a non-brokered private placement under which a total of 50,000,000 common shares were issued at $0.70 per common share, for gross proceeds of approximately $35,000.
• In the first quarter of 2021, the Company issued:
• • 12,322,769 Common Shares upon receipt of exercise directions from warrant holders to exercise 12,322,769 warrants, resulting in gross proceeds of $3,740; and
  • 26,849,226 Common Shares upon receipt of conversion directions from convertible debenture holders to exercise $8,055 of convertible debentures.

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Voxtur Analytics Corp.

MD&A for the three months ended March 31, 2021

All dollar figures referred to herein, with the exception of per share amounts, are presented in thousands of Canadian dollars unless otherwise stated.

Significant developments subsequent to the first quarter of 2021:

• In April 2021, the Company acquired 100% of the issued and outstanding stock of Appraisers Now Ltd., o/a Anowfor $10,014 of cash consideration and the issuance of 28,571,428 Common Shares of the Company.
• The Company issued 3,600,233 Common Shares upon receipt of exercise directions from warrant holders to exercise 3,600,233 warrants, resulting in gross proceeds of $972; and
• The Company granted 600,000 stock options having an exercise price of $0.98.

Use of Non-GAAP Financial Measures

Management has included two non-GAAP financial measures to supplement information contained in this MD&A. These non-GAAP measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures employed by other reporting issuers. The non-GAAP measures contained in this MD&A are:

1. "Adjusted Working Capital", which is defined and calculated by the Company as current assets less current liabilities, excluding items that are not financial assets or financial liabilities. Management believes Adjusted Working Capital provides meaningful information with respect to the liquidity of the Company. A reconciliation of working capital to Adjusted Working Capital is provided in the section entitled "Liquidity and Capital Resources - Adjusted Working Capital".
2. "Adjusted EBITDA", which is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
   Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. A reconciliation of earnings (loss) to Adjusted EBITDA is provided in the section entitled "Overall Performance and Results of Operations - Adjusted EBITDA Reconciliation."

These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.

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Voxtur Analytics Corp.

MD&A for the three months ended March 31, 2021

All dollar figures referred to herein, with the exception of per share amounts, are presented in thousands of Canadian dollars unless otherwise stated.

Overall Performance and Results of Operations

Summary of Quarterly Results

The financial information set forth below is derived from, and should be read in conjunction with, Voxtur's Interim Financial Statements for the three months ended March 31, 2021 (the "Reporting Date"), which can be found on SEDAR at www.sedar.com.

				Three months ended1
(In thousands of Canadian dollars, except	March 31		June 30		Sept 30		Dec 31
per share amounts)
Fiscal 2021
Revenue	$	14,468
Loss		(7,352)
Comprehensive loss		(8,475)
Loss per share - basic and diluted		(0.03)
Adjusted EBITDA, Unaudited2	$	1,163
Fiscal 2020
Revenue	$	5,111	$	4,498	$	4,920	$	5,982
Loss		(261)		(2,004)		(1,766)		(2,134)
Comprehensive loss		(221)		(1,997)		(1,761)		(904)
Loss per share - basic and diluted		-		(0.02)		(0.01)		(0.01)
Adjusted EBITDA, Unaudited2	$	(665)	$	(683)	$	(189)	$	506
Fiscal 2019
Revenue	$	2,634	$	2,512	$	4,810	$	4,978
Loss		(26)		(359)		(799)		(699)
Comprehensive loss		(23)		(344)		(164)		(638)
Loss per share - basic and diluted		-		-		(0.01)		(0.01)
Adjusted EBITDA, Unaudited2	$	502	$	289	$	(52)	$	(641)

• Results are Unaudited.

• Adjusted EBITDA is a non-GAAP measure and is defined above in "Use of Non-GAAP Financial Measures".

Year ended Dec 31

• 20,511
  (6,166)
  (4,883)
  (0.05)

• (1,031)

• 14,934
  (1,883)
  (1,169)
  (0.02)

• 98

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Voxtur Analytics Corp.

MD&A for the three months ended March 31, 2021

All dollar figures referred to herein, with the exception of per share amounts, are presented in thousands of Canadian dollars unless otherwise stated.

Adjusted EBITDA Reconciliation

The following tables present reconciliations of Loss to Adjusted EBITDA for the periods presented.

				Three months ended1
(In thousands of Canadian dollars)	March 31		June 30	September 30	December 31
Fiscal 2021
Loss	$	(7,352)
Add back (deduct):
Amortization of property and equipment		33
Amortization of intangible assets		1,590
Amortization of right-of-use assets		89
Finance costs, net		688
Income tax expense		223
Share-based compensation expense		4,216
Foreign exchange loss (gain) through profit		471
and loss
Costs (income) related to non-operating		1,205
items, non-recurring items and/or strategic
initiatives1
Adjusted EBITDA, Unaudited2	$	1,163
Fiscal 2020
Loss	$	(261)	$	(2,004)	$	(1,766)	$	(2,134)
Add back (deduct):
Amortization of property and equipment		45		33		36		37
Amortization of intangible assets		450		464		442		663
Amortization of right-of-use assets		93		95		92		91
Loss (gain) on derivative asset		-		(166)		166		-
Finance costs, net		285		288		309		387
Income tax expense (recovery)		(25)		200		(190)		608
Share-based compensation expense		17		13		135		245
Foreign exchange loss (gain) through profit		(1,389)		590		403		1,196
and loss
Costs (income) related to non-operating		120		(196)		186		(586)
items, non-recurring items and/or strategic
initiatives1
Adjusted EBITDA, Unaudited2	$	(665)	$	(683)	$	(189)	$	506
Fiscal 2019
Loss	$	(26)	$	(359)	$	(799)	$	(699)
Add back (deduct):
Amortization of property and equipment		26		27		47		52
Amortization of intangible assets		57		61		436		372
Amortization of right-of-use assets		45		47		95		49
Loss (gain) on derivative asset		-		-		(213)		213
Finance costs, net		10		10		134		218
Income tax recovery		-		-		-		(645)
Share-based compensation expense		46		125		20		118
Foreign exchange loss (gain) through profit		26		31		(195)		232
and loss
Costs (income) related to non-operating		317		348		422		(550)
items, non-recurring items and/or strategic
initiatives1
Adjusted EBITDA, Unaudited2	$	502	$	289	$	(52)	$	(641)

Year ended December 31

• (6,166)

150

2,019

371

-

1,269

593

410

800

(476)

• (1,031)
• (1,883)

152

926

235

-

372

(645)

309

93

538

• 98

• Results are Unaudited.

• Adjusted EBITDA is a non-GAAP measure and is defined above in "Use of Non-GAAP Financial Measures".

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