An anonymous director reports

Q3 2023 PERFORMANCE TO BE STRONGER THAN EXPECTED

Converge Technology Solutions Corp. expects financial performance for its third quarter, ended Sept. 30, 2023 (Q3 2023) to be stronger than it had previously indicated.

Specifically, based on strength of demand in Q3 2023, as well as significantly improving operational efficiencies, the company now expects to report:

• Gross profit in a range between $168.0-million to $174.0-million compared with $139.7-million in Q3 2022;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in a range between $39.0-million to $41.0-million compared with $31.0-million in Q3 2022.

• Cash generated from operating activities improved significantly in Q3 2023, resulting in positive free cash flow and a reduction in net debt;
• Net income for Q3 2023 is expected to be comparable with Q2 2023.

The company will provide additional discussion and analysis regarding its financial results for the third quarter ended Sept. 30, 2023, on Nov. 14, 2023.

About Converge Technology Solutions Corp

Converge is a services-led, software-enabled, information technology and cloud solution provider focused on delivering industry-leading solutions. Converge's global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure and digital workplace offerings to clients across various industries. The company supports these solutions with advisory, implementation and managed service expertise across all major IT vendors in the marketplace. This multifaceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors.

Reconciliation of net income before taxes to adjusted EBITDA for Q3 2022 is as shown in the attached table.

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