Category

Quarterly Reports

Track Group Reports 3rd Quarter Fiscal 2018 Financial Results

By | News, Quarterly Reports

NAPERVILLE, ILLINOIS – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its third quarter ended June 30, 2018 (the “Third Quarter”). The Company posted gross profit of $4.2M, on total revenue of $7.7M, for a gross margin of 55%. In addition, the Third Quarter adjusted EBITDA came in at $1.16M.

“We’re thrilled to report record levels of active devices during our Third Quarter,” said Derek Cassell, Track Group’s CEO. “The implementation of a number of new customer opportunities combined with the record device levels positions us well for the remainder of the calendar year.”

BUSINESS AND FINANCIAL HIGHLIGHTS

  • Revenue for the Third Quarter ($7.7M) is up approximately 4% compared to the same period last year.
  • Gross Profit for the Third Quarter increased approximately 13% from last year ($4.2M vs. $3.7M) which led to Gross Profit for the 9 months ended June 30, 2018 being up 12% compared to the prior year ($12.7M vs $11.3M). As a result, gross margin for the Third Quarter and the 9 months ended June 30, 2018 was 55% and 56%, respectively, up considerably from the gross margin of 51% for both periods last year.
  • The quarterly operating loss of ($0.7M) is among the lowest in over three years, and allowed the Company to improve the 9 months ended June 30, 2018 operating loss to ($1.8M) down by 57% compared to the same period last year ($4.1M), due to a combination of a strong Gross Profit results and lower Operating Expenses.
  • Adjusted EBITDA in the Third Quarter finished at ($1.16M), which led to Adjusted EBITDA for the 9 months ended June 30, 2018 increasing 75% ($4.0M) compared to the same period last year ($2.3M).
  • Net loss, attributable to shareholders, for the 9 months ended June 30, 2018 was ($4.6M) compared to a loss of ($3.5M) for the same period last year due to a gain on settlement of a contingent liability of $3.2M in the same period last year. Without the gain on settlement of the contingent liability in 2017, loss attributable to shareholders would have been $6.7M for the 9 months ended June 30, 2017, compared to $4.6M in 2018.
  • Net Cash Provided by Operating Activities remained strong for the 9 months ended June 30, 2018 ($5.3M) compared to the same period of fiscal year 2017 ($2.9M), or up 81%.
  • On July 19, 2018, the Company and Conrent Invest S.A. (“Conrent”) agreed to extend the maturity date to the earlier of April 1, 2019 or the date upon which the principal and interest is repaid for the Amended and Restated Unsecured Facility Agreement dated June 30, 2015 between the Company and Conrent.
  • On July 23, 2018, the Company announced the introduction of BACtrack, a mobile alcohol monitoring system that integrates a smartphone app and a law enforcement-grade, handheld breathalyzer to provide breath alcohol content.

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Track Group Reports 2nd Quarter Fiscal 2018 Financial Results

By | News, Quarterly Reports

NAPERVILLE, ILLINOIS, May 11, 2018 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2018 (the “Second Quarter”). The Company posted gross profit of $4.0M, on total revenue of $7.3M, for a gross margin of 55%. In addition, the Second Quarter adjusted EBITDA came in at $1.3M, up 96% compared to the Second Quarter of FY2017 and total Operating Expenses were $4.7M, down 6%, both of which contributed to the second lowest operating loss ($0.7M) in over three years.

“We’re delighted to follow our fiscal year 2018 record First Quarter results with another strong Quarter” said Derek Cassell, Track Group’s CEO. “We have begun implementing a number of new customer opportunities from our pipeline and expect to see the results of our hard work in our upcoming Third and Fourth Quarters.”

Business and Financial Highlights

  • Revenue for the Second Quarter ($7.3M) is up nominally compared to the same period last year.
  • Gross Profit for the Second Quarter remained flat as compared to last year ($4.0M vs. $4.1M) which led to Gross Profit in the first half of FY2018 being up 12% compared to the prior year ($8.5M vs $7.6M).
  • Total operating expenses for the Second Quarter ($4.7M) are down 6% vs. last year ($5.1M) and has led to a 9% reduction in the first half of FY2018 Operating Expenses compared to the prior year ($9.5M vs $10.5M).
  • The quarterly operating loss of ($0.7M) is the second lowest loss in over three years and allowed the company to improve the first half FY2018 operating loss of ($1.0M) by 64% compared to the same period last year ($2.9M), due to a combination of a strong Gross Profit results and lower Operating Expenses.
  • Adjusted EBITDA in the Second Quarter finished up 96% ($1.3M) compared to last year ($0.6M) and represented the third highest Adjusted EBITDA in over 3 years. The Adjusted EBITDA for the first half of FY2018 is up 170% ($2.8M) compared to the first half of FY2017 ($1.0M).
  • Net loss, attributable to shareholders, for the Second Quarter was ($1.7M) compared to a loss of ($1.6M) for the same quarter last year due to foreign exchange movement.
  • Net Cash Provided by Operating Activities remained strong in the first half of FY2018 ($1.8M) compared to the first half of FY2017 ($2.0M) and ($0.8M) two years ago.
  • Discussions are ongoing regarding the proposed extension of the maturity of the Amended and Restated Unsecured Facility Agreement dated June 30, 2015 between the Company and Conrent Invest S.A.

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Track Group Reports 1st Quarter Fiscal 2018 Financial Results

By | News, Quarterly Reports

NAPERVILLE, ILLINOIS, February 8, 2018 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its first quarter ended December 31, 2017 (the “First Quarter”). The Company posted gross profit of $4.5M, an increase of 26% over last year on total revenue of $7.5M, a quarterly record Adjusted EBITDA of $1.6M up 286% compared to FY2016 and total operating expenses of $4.8M, a decrease of 11% which reduced the First Quarter operating loss to its lowest level in over three years to ($0.3M).

“We’re delighted to start our fiscal year 2018 off strongly with another quarterly record for Adjusted EBITDA and the fifth consecutive quarter of growth in Adjusted EBITDA,” said Derek Cassell, Track Group’s CEO. “We are looking forward to capitalizing on a number of new customer opportunities in our pipeline so we can continue the top-line growth we have generated over the last three years.”

Business and Financial Highlights

  • The Company announced signing two large contracts totaling in excess of $30M with Marion County Community Corrections and Gendarmeria de Chile, the Republic of Chile’s prison service, shortly after the conclusion of the First Quarter;
  • Gross profit for the First Quarter $4.5M which is the best gross profit in the past five quarters and up 26% over last year ($4.5M vs. $3.5M) on quarterly revenue that was nominally down from the same period last year;
  • Total operating expenses for First Quarter ($4.8M) are down 11% vs. last year ($5.4M) and the 2nd lowest quarterly operating expenses in the last two fiscal years;
  • The lowest quarterly operating loss ($0.3M) in over three years and a 82% improvement over the quarterly operating loss of ($1.9M) in the same period last year due to a combination of a strong gross profit result and lower operating expenses;
  • Adjusted EBITDA in the First Quarter finished at a quarterly record of $1.6M up 286% compared to $0.4M last year and represented the fifth consecutive quarter that Adjusted EBITDA has increased;
  • Net loss attributable to shareholders in the First Quarter ended December 31, 2017 improved to ($1.0M) or 60% compared to ($2.6M) for the same quarter last year;
  • Net cash provided by operating activities remained positive at $0.3M in the First Quarter compared to $2.1M for last year principally due to the timing of working capital expenditures; and
  • The new CEO, Derek Cassell, appointed January 1, 2018, has realigned the management team to execute the Company’s strategy including the appointment of an industry veteran, Matt Swando, as the new Vice President of Sales and Marketing.

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Track Group Reports Fiscal 2017 Financial Results

By | News, Quarterly Reports

NAPERVILLE, ILLINOIS, December 20, 2017 – Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal year ended September 30, 2017.  The Company posted revenue of $29.7M, an increase of 9.3% over last year, adjusted EBITDA of $3.6M up 82.1% compared to FY2016 and Net Cash provided by Operating Activities of $4.1M an increase of 357%.  The Company’s reorganization and consolidation initiatives had a predictable impact on these results.

  • Revenue Up 9%
  • Adjusted EBITDA Up 82%
  • Net Cash From Operating Activities Up 357%

“We’re happy to report a very strong finish to a great fiscal 2017, with year-over-year growth in key financial categories including our best quarter ever for Adjusted EBITDA,” said Guy Dubois, Track Group’s Chairman and CEO. “With our fantastic new line-up of smartphone-based monitoring applications including BACtrack for criminal justice, we’re looking forward to a great 2018, and with the launch of our new device-agnostic operating platform getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future.”

Financial Highlights

  • Total revenue in FY2017 up 9.3% over last year ($29.7M vs. $27.2M)
  • Total operating expenses for the year ended 30 Sept 2017 are flat ($20.5M) vs. last year ($20.4M) despite the fact that the Company incurred restructuring costs, an impairment of intangible assets, and a loss on the sale of assets which, in aggregate, totaled approximately $1.8M for the year just ended
  • Adjusted EBITDA in FY2017 finished at $3.6M up 82.1% compared to $2.0M for FY2016
  • Adjusted EBITDA for the quarters of fiscal 2017 improved sequentially each quarter
    • Q1 or 31 Dec 2016 Adj EBITDA = $0.41M
    • Q2 or 31 March 2017 Adj EBITDA = $0.64M
    • Q3 or 30 June 2017 Adj EBITDA = $1.24M
    • Q4 or 30 Sept 2017 Adj EBITDA = $1.35M
  • Net Cash Provided by Operating Activities
    • For year ended 30 Sept 2017 = $4.1M
    • For year ended 30 Sept 2016 = $0.9M
    • Up 357% or nearly five-fold
  • Net loss attributable to shareholders in FY2017 improved to ($4.7M) up 44% compared to ($8.5M) for FY2016

Business Highlights

  • The Company completed a major operational restructuring in 2017, which included the consolidation of key operational functions into its new Chicagoland Headquarters
  • Launch of the Company’s next generation operating platform is underway
  • Major smartphone application development initiatives were completed in 2017 and launches are currently underway including remote alcohol monitoring and domestic violence solutions
  • Key customer accounts are stable and growing

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Track Group, Inc. Reports Q2-FY2016 Quarterly Results

By | News, Quarterly Reports

SALT LAKE CITY, May 9, 2016 – Track Group Inc. (OTCQX: TRCK), a cloud-based, tracking solutions provider in the global offender management market that combines proprietary tracking devices, real-time monitoring services and advanced data analytics to form an end to end platform-as-a-service solution (PaaS), today announced results for the second quarter ended March 31, 2016 and year to date.

  • Revenue increases 37%
  • Loss from operations decreases 44%
  • Adjusted EBITDA margin improves to 8.8%, up from (9.1%)
  • Cash from operations increases 22%
  • Company applies for Nasdaq listing

Company Highlights:

  • Marion County Agreement – On May 5, 2016, the Company executed an agreement with Marion County Community Corrections, the largest county in the state of Indiana, to provide electronic monitoring services across the full range of sentences under the Agency’s oversight. Under the terms of the Agreement, the Company will provide solutions based on GPS and alcohol monitoring technology to monitor over 2,300 offenders and defendants. This includes the Company’s newest tracking device, Shadow, which is the smallest, lightest and most advanced device. The term of the Agreement is eighteen months, and is expected to contribute over $4.0 million in revenue.
  • Loan Agreement – On May 1, 2016 we entered into an unsecured Loan Agreement with Conrent Invest S.A., acting with respect to its Compartment Safety III. Under the Loan Agreement, we may borrow $5.0 million for working capital, repayment of debt, and operating purposes, at an interest rate of 8% per annum, payable in arrears semi-annually, with all principal and accrued unpaid interest due on July 31, 2018.

Financial Highlights:

  • Revenue increased 37% – Revenues increased 37% in the second quarter of fiscal 2016 when compared to the same period in 2015. Increases in revenue for the quarter were the result of growth of monitoring services both domestically and internationally, specifically in Chile, North America, and to a lesser extent analytics services. “We are pleased that investments in our platform and other strategic initiatives continue to yield double digit topline recurring revenue growth which aligns with our 2016 and 2017 outlook,” said Guy Dubois, Track Group’s Chairman.
  • Gross profit margin increased to 62% – Gross profit margin increased from 58% in the second quarter of 2015 to 62% in the same period in 2016. “Increased demand for our platform both domestically and internationally yields better pricing with our providers and supply channels which continues to reflect in our margins.” said John Merrill, Chief Financial Officer.
  • Operating expense increased 7% – The 7% increase in operating expense in the second quarter of fiscal 2016 when compared to the same period in 2015 were largely the result of higher research and development costs to improve the efficiency of software, firmware, and user interface. Higher variable costs associated with an increase in revenue included sales commissions, depreciation associated with an increase in deployed devices, bad debt expense, and sales and marketing efforts to address domestic and international growth initiatives.
  • Loss from operations decreases 44% – Loss from operations for the quarter ended March 31, 2016 was $1.25M compared to a loss of $2.23M in the same period in 2015, a decrease of 44%. Increases in topline revenue and lower incremental cost of revenue contributed to the decrease in loss from operations, offset by an increase in spending on R&D and higher sales and marketing costs.
  • Net loss of $1.9M – We had a net loss for the quarter ended March 31, 2016 of $1.9M compared to net income of $1.4M in the same period in 2015. In the second quarter of 2015, the Company received a non-recurring payment of $4.7M resulting from disgorged profits from a shareholder. Increases in total revenue and gross margins contributed to the reduction in net operating loss when excluding the disgorged profits which are not indicative of operations.
  • Cash from operations improves 22% – Net cash provided by operations improved 22% from $0.67M in the six months ended 2015 to $0.82M in the same period in 2016. Total cash improved from a burn of $4.4M in 2015, to a burn of $2.7M in the same period in 2016, a 61% decrease in burn rate. “While we will continue to innovate, our services platform has been received favorably in the marketplace. This provides us with clear line of sight into our recurring revenue stream which ultimately yields an improvement in our long term cash position.” said Mr. Dubois.
  • Adjusted EBITDA increases to $0.58M – The Company’s adjusted EBITDA for the second quarter of 2016 increased to $0.580M, or 8.8% of revenue from ($0.436M) compared to (9.1%) from the same period in 2015. “We will continue to monetize both our acquisitions and incremental revenue in 2016 and beyond. As previously stated, we believe that adjusted EBITDA is a more complete picture of performance, used in conjunction with GAAP, and its impacts on cash,” said Mr. Merrill.

Fiscal Q2-2016 vs Fiscal Q2-2015 Results: For the quarter ended March 31, 2016, the Company reported revenue of $6.6M compared to revenue of $4.8M for the same period in 2015, an increase of 37%. During the quarter ended March 31, 2016, gross profit totaled $4.1M, resulting in a 62% gross margin, compared to $2.8M, or a 58% gross margin during the same period in 2015. Total operating expense for the second quarter of fiscal 2016 was $5.4M compared to $5.0M in the same period in 2015, a 7% increase. Net loss for the second quarter of 2016 was $1.9M or $(0.19) per share compared to a net profit of $1.4M or $0.14 per share in the same period in 2015, which included a non-recurring payment in 2015 of $4.7M resulting from disgorged profits. On an adjusted basis, the Company reported EBITDA of $0.580M or 8.8% net margin for the second quarter of 2016, compared to ($0.436M) or (9.1%) for the same period in 2015.

Company Outlook:

Actual Outlook
Q2-FY16 Q2-FY15 YTD-FY16 YTD-FY15 FY2016 FY2017
Net Revenue (USD$) $6.59M $4.82M $12.91M $9.44M $28-31M $42-47M
Adjusted EBITDA Margin (%) 8.8% (9.1%) 7.1% (8.8%) 15-20% 25-30%

Non-GAAP Financial Measures
This press release includes financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.
Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based compensation or other stated cash and non-cash charges (the “Adjustments”).
The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company’s financial results, including management’s analysis of results from operations and financial condition, are contained in the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2016, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company’s Form 10-Q and other reports, including the risk factors contained in the Company’s annual report on Form 10-K for the year ended September 30, 2015.

Forward-Looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Track Group, Inc. & subsidiaries (“Track Group”) are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group’s current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Track Group’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

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Track Group, Inc. Reports Q1-FY2016 Quarterly Results

By | News, Quarterly Reports

SALT LAKE CITY, February 9, 2016 – Track Group Inc. (OTCQX: TRCK), an end-to-end, cloud-based, tracking solutions company in the global offender management market that combines proprietary tracking devices, real-time monitoring services and advanced data analytics, sold on a platform-as-a-services (PaaS) basis, today announced results for its fiscal 2016 first quarter ended December 31, 2015 and reaffirms its outlook.

  • Revenue Increases 37%
  • Adjusted EBITDA margin improves
  • Cash burn from operations decreases 82%
  • Reaffirms FY2016-2017 Outlook

Company Highlights:

  • Virginia Dept. of Corrections – On October 1, 2015, the Company executed an agreement with the Virginia Department of Corrections to provide solutions based on GPS and biometric voice verification technology designed to monitor over 16,000 offenders and defendants. The term of the Agreement is six years, with a two-year minimum and is valued at approximately $11MUSD.
  • Data Analytics for Corrections – During the first quarter of fiscal 2016, the Company expanded deployment of its proprietary data analytics service in Detroit, Indianapolis and Philadelphia. These service programs are designed to automate the process of examining location data, uncover hidden correlations, and provide a “pattern-of-life,” so law enforcement and corrections officers have actionable real-time information to enhance decision-making capabilities.

Financial Highlights:

  • Total revenue increases 37% – Net revenues increased 37% in the first quarter of fiscal 2016 when compared to the same period in 2015. Increases in revenue for the quarter were the result of growth of monitoring devices in the Americas, and to a lesser extent analytics and other services. “I am pleased with our continued growth and momentum and our current run rate is aligned with our full year revenue outlook,” said Guy Dubois, Track Group’s Chairman.
  • Gross profit margin increases to 62% – “We anticipate cost of revenues, as a percentage of total revenue, will continue to decline in fiscal 2016,” stated John Merrill, Chief Financial Officer. He continued, “Supply chain outsourcing, a lower daily cost per device, automation, and higher margin analytic services will reflect in a lower cost of revenues hence driving higher gross profit.”
  • Operating expense increases 26% – The 26% increase in operating expense in the first quarter of fiscal 2016 when compared to the same period in 2015 were largely the result of an increase in non-cash expenses such as stock compensation and depreciation. Other increases were higher payroll costs including benefits and engineering cost. “As a growth company, we must attract and retain the very best people in order to accelerate the onboarding process and continue to deliver impeccable service to our customers. We remain committed to investing in technology and infrastructure to deliver the best suite of tracking solutions at the right price,” said Mr. Dubois.
  • Net loss improves 4%. Net loss for Q1-FY2016 was $2.127M or ($0.21) per share, when compared to a net loss of $2.215M or ($0.22) per share for the same period in 2015, a 4% improvement.
  • Cash burn from operations drops 82% – The Company used $3.5M less cash in the first quarter of 2016 than in the same period 2015. Net decreases in cash was ($2.4M) for first quarter of 2016 when compared to ($5.9M) in the same period in 2015. Cash used in operations decreased to less than ($0.50M) in the first quarter of 2016 from ($2.5M) in the same quarter 2015, an 82% improvement. “We are billing more subscription revenues and collecting sooner,” said Mr. Merrill.
  • Adjusted EBITDA increases to $0.336M. The Company’s adjusted EBITDA for Q1-FY16 increased to $0.336M or 5.3% of total revenue from a loss of ($0.394M) or (8.5%) for the same period in 2015. “We are a growth stage technology Company that recognizes a significant amount of non-cash expense, including depreciation and amortization on $31M of capital assets. We believe that adjusted EBITDA is a more complete picture of performance, used in conjunction with GAAP, and its impacts on cash,” said Mr. Merrill.

Fiscal Q1-2016 vs Fiscal Q1-2015 GAAP Results: For the quarter ended December 31, 2015, the Company reported net revenues of $6.3M compared to net revenues of $4.6M for the same period in 2014, an increase of 37%. During the quarter ended December 31, 2015, gross profit totaled $3.9M, resulting in a 62% gross margin, compared to $2.6M, or a 56% gross margin during the same period in 2014, an increase of $1.3M. Total operating expense for the first quarter of fiscal 2016 was $5.28M compared to $4.20M in the same period in 2015, a 26% increase. Net loss for Q1-FY2016 was $2.13M or ($0.21) per share, when compared to a $2.22M or ($0.22) per share for the same period in 2015, a 4% improvement. On an adjusted basis, the Company reported EBITDA of $0.336M or 5.3% net margin for the first quarter of 2016 compared to ($0.394M) or (8.5%) for the same period in 2015.

Company Reaffirms Outlook:

Actual Outlook
Q1-FY2016 Q1-FY2015 FY2016 FY2017
Net Revenue (USD$) $6.318M $4.621M $28-31M $42-47M
Adjusted EBITDA Margin (%) 5.3% (8.5%) 15-20% 25-30%

Non-GAAP Financial Measures
This press release includes financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.

Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, dividends, gains and losses, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based compensation or other stated cash and non-cash charges (the “Adjustments”).

The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company’s financial results, including management’s analysis of results from operations and financial condition, are contained in the Company’s quarterly report on Form 10-Q for the quarter ended December 31, 2015, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company’s Form 10-Q and other reports, including the risk factors contained in the Company’s annual report on Form 10-K for the year ended September 30, 2015.

Forward-Looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Track Group, Inc. & subsidiaries (“Track Group”) are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group’s current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Track Group’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

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