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Tecsys Reports Financial Results for the Third Quarter of Fiscal 2021 Français

TECSYS (PRNewsfoto/TECSYS)

News provided by

Tecsys Inc.

Feb 24, 2021, 17:15 ET

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Eighth consecutive quarter of record revenue; SaaS revenue up 89%

MONTREAL, Feb. 24, 2021 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the third quarter of fiscal year 2021, ended January 31, 2021. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).

Third Quarter Highlights:

  • SaaS revenue increased by 89% to $4.7 million in Q3 2021, up from $2.5 million in Q3 2020.
  • Cloud, maintenance and subscription revenue increased 26% year-over-year to $13.4 million in Q3 2021, up from $10.6 million in Q3 2020. The performance was primarily driven by SaaS.
  • Annual Recurring Revenue (ARRi) at January 31, 2021 was up 20% to $50.8 million compared to $42.5 million at January 31, 2020 and up 3% sequentially from October 31, 2020 on a constant currency basis.
  • During Q3 2021, SaaS subscription bookingsi (measured on an ARRi basis) were $1.0 million, down 49% compared to $2.0 million in the third quarter of 2020, while YTD bookings were up 29% compared to last year.  
  • Professional services revenue was up 24% to $12.3 million in Q3 2021 compared to $9.9 million in Q3 2020. Professional services bookingsi were down 19% to $10.5 million in the third quarter of fiscal 2021 compared to $12.9 million in the same period last year, while YTD bookings were up 20% compared to last year.  
  • Total revenue was a record $31.9 million, 19% higher than $26.8 million reported for Q3 2020.
  • Gross margin was 48% compared to 48% in the prior year quarter. Total gross profit increased to $15.4 million, up 20% from $12.8 million in Q3 2020.
  • Operating expenses increased to $12.8 million, higher by $1.3 million or 12% compared to $11.4 million in Q3 fiscal 2020 with continuing investment in sales and marketing as well as research and development.
  • Profit from operations in Q3 2021 was $2.6 million, up 89% from $1.4 million in Q3 2020.
  • Net profit was $1.8 million or $0.12 per share on a fully diluted basis in Q3 2021 compared to a net profit of $0.8 million or $0.06 per share for the same period in fiscal 2020.
  • Adjusted EBITDAii was $4.0 million in Q3 2021, up 50% compared to $2.6 million reported in Q3 2020.

"Our performance for the third quarter of fiscal 2021 continues to reflect momentum in the market for Tecsys solutions," said Peter Brereton, president and CEO of Tecsys Inc. "This is our eighth straight quarter reporting record revenue.  The second major COVID wave delayed some deals into our fourth quarter resulting in a significant new business pipeline for the last quarter of our fiscal year. As that wave subsides, these deals are coming in.  We were delighted to sign six new accounts in the quarter, three of which were major accounts that signed small initial orders with some significant growth to come.  Our developing partner ecosystem continues to have a solid impact on our pipeline and deal flow."

Mark Bentler, chief financial officer of Tecsys Inc., added, "We expect to see our SaaS revenue continue on its growth trend and we expect this to come from both expansion and migrations of our base customers as well as from new customer wins.  With regard to new customer wins, we are pleased with the addition of two new hospital networks during the quarter."

Results from operations











Trailing 12


Trailing 12


3 months ended


3 months ended


9 months ended


9 months ended



months ended


months ended


January 31, 2021


January 31, 2020


January 31, 2021


January 31, 2020



January 31, 2021


January 31, 2020















Total Revenue

$

31 942

$

26 847

$

90 727

$

77 105


$

118 477

$

100 296

Cloud, Maintenance and Subscription Revenue


13 358


10 575


39 043


30 420



49 681


39 780

Gross Profit


15 407


12 834


44 907


37 422



57 803


48 331

Gross Margin %


48%


48%


49%


49%



49%


48%

Operating Expenses


12 777


11 439


36 857


33 308



49 159


45 054

Op. Ex. As % of Revenue


40%


43%


41%


43%



41%


45%

Profit from Operations


2 630


1 395


8 050


4 114



8 644


3 277

Adjusted EBITDA ii


3 964


2 648


12 303


8 320



14 254


9 004

EPS basic


0.13


0.06


0.36


0.15



0.39


0.16

EPS diluted


0.12


0.06


0.35


0.15



0.38


0.16















License Bookings


1 172


1 524


3 537


3 330



4 925


4 575

SAAS ARR Bookings


993


1 952


6 055


4 683



10 130


5 698















Annual Recurring Revenue


50 817


42 471


50 817


42 471



50 817


42 471

Professional Services Backlog


37 795


24 262


37 795


24 262



37 795


24 262

Year-to-date performance for first nine months of fiscal 2021 ended January 31, 2021

Highlights:

  • SaaS revenue for the nine-month period increased 116% to $13.7 million, up from $6.3 million in the first nine months of fiscal 2020.
  • Cloud, maintenance and subscription revenue increased 28% year-over-year to $39.0 million in the first nine months of fiscal 2021, up from $30.4 million in the prior year, driven primarily by SaaS revenue.
  • SaaS subscription bookingsi increased 29% to $6.1 million in the first nine months of fiscal 2021 compared to $4.7 million in the prior year period.
  • Professional services revenue was up 18% to $35.3 million in the first nine months of fiscal 2021 compared to $29.8 million in the prior year period. Professional services bookings were up 20% to $36.1 million in the first nine months of fiscal 2021 compared to $30.0 million in the same period last year.
  • Revenue for the first nine months of fiscal 2021 was $90.7 million, up 18% from $77.1 million reported in the previous fiscal year period.
  • Total gross profit increased to $44.9 million, up $7.5 million or 20% in the first nine months of fiscal 2021 compared to $37.4 million in the same prior year period.
  • Total gross profit margin remained flat at 49% compared to the first nine months of fiscal 2020.
  • Net profit for the first nine months of fiscal 2021 was $5.2 million, or $0.35 per diluted share, compared to a profit $2.0 million or $0.15 per share, for the same period in fiscal 2020.
  • Adjusted EBITDAii for the first nine months of fiscal 2021 was $12.3 million, up 48% compared to $8.3 million reported for the same period in fiscal 2020.

On February 24, 2021, the Company declared a quarterly dividend of $0.065 per share payable on April 8, 2021 to shareholders of record at the close of business on March 18, 2021.

Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.

Third Quarter Fiscal 2021 Results Conference Call
Date: February 25, 2021
Time: 8:30am EST
Phone number: (800) 698-1231 or (416) 981-0147
The call can be replayed until March 4, 2021 by calling:
(800) 558-5253 or (416) 626-4100 (access code: 21991616)

About Tecsys

Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions. Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com.

Forward Looking Statements

The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30, 2020. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).

Copyright © Tecsys Inc. 2021. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.

i See Key Performance Indicators in Management's Discussion and Analysis of the Q3 2021 Financial Statements.

ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the Q3 2021 Financial Statements.

Non-IFRS Measures

Reconciliation of EBITDA and Adjusted EBITDA

EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, fair value adjustment on contingent consideration earnout and restructuring costs. The Company believes that these measures are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement.

The EBITDA and Adjusted EBITDA calculation for the three and nine months ended January 31, 2021 and January 31, 2020 as derived from IFRS measures in the Company's Consolidated financial statements is as follows:


Three months
ended January
31, 2021

Three months
ended January
31, 2020

Nine months
ended January
31, 2021

Nine months
ended January
31, 2020

Profit for the period

$            1,847

$             834

$           5,168

$           1,971

Adjustments for:
    Depreciation of property and equipment and 
    right-of-use assets

554

 

506

 

1,613

 

1,463

Amortization of deferred development costs

48

104

209

417

Amortization of other intangible assets

425

394

1,259

1,132

Interest expense

158

267

629

838

Interest income

(43)

(16)

(156)

(62)

Income taxes

683

282

2,653

1,160

EBITDA

$           3,672

$           2,371

$          11,375

$           6,919

Adjustments for:
    
Stock based compensation

292

277

928

810

Restructuring costs

-

-

-

420

Fair value adjustment on contingent consideration earnout – Tecsys A/S

-

-

-

171

Adjusted EBITDA

$           3,964

$           2,648

$          12,303

$           8,320

Condensed Interim Consolidated Statements of Financial Position

As at January 31, 2021 and April 30, 2020

(Unaudited)

(in thousands of Canadian dollars)





January 31, 2021

April 30, 2020

Assets



Current assets



     Cash and cash equivalents  

$          19,538

$          27,528

     Short-term investments 

20,079

10,000

     Accounts receivable

15,432

18,434

     Work in progress

554

837

     Other receivables     

2,622

1,633

     Tax credits    

6,531

4,162

     Inventory

953

634

     Prepaid expenses

4,659

3,778

Total current assets

70,368

67,006

Non-current assets



     Other long-term receivables

239

350

     Tax credits    

3,494

4,624

     Property and equipment   

2,752

2,823

     Right-of-use assets   

7,514

8,234

     Contract acquisition costs  

2,588

2,324

     Deferred development costs 

1,089

1,103

     Other intangible assets    

12,929

13,401

     Goodwill    

17,745

17,540

     Deferred tax assets  

7,021

7,028

Total non-current assets

55,371

57,427




Total assets

$        125,739

$        124,433

Liabilities



Current liabilities



     Accounts payable and accrued liabilities

$          18,772

$          19,933

     Deferred revenue

18,654

16,163

     Current portion of long-term debt

1,227

1,231

     Other current liabilities 

1,178

4,670

     Lease obligations 

880

922

Total current liabilities

40,711

42,919

Non-current liabilities



     Long-term debt  

8,700

9,600

     Deferred tax liabilities 

1,688

1,638

     Lease obligations  

8,538

9,157

Total non-current liabilities

18,926

20,395

Total liabilities

59,637

63,314




Equity



     Share capital  

41,951

40,901

     Contributed surplus

11,654

10,964

     Retained earnings

11,339

8,838

     Accumulated other comprehensive income    

1,158

416

Total equity attributable to the owners of the Company

66,102

61,119




Total liabilities and equity

$        125,739

$        124,433

Condensed Interim Consolidated Statements of Income and Comprehensive Income

For the three and nine-month periods ended January 31, 2021 and 2020

(Unaudited)

(in thousands of Canadian dollars, except per share data)









Three months
ended
January 31,
2021

Three months
ended
January 31,
2020

Nine months
ended
January 31,
2021

Nine months
ended
January 31,
2020


Revenue:






Proprietary products

$          1,336

$             1,520

$              3,898

$              3,690

Third-party products

4,934

4,397

12,431

11,641

Cloud, maintenance and subscription   

13,358

10,575

39,043

30,420

Professional services

12,271

9,882

35,251

29,793

Reimbursable expenses

43

473

104

1,561

Total revenue

31,942

26,847

90,727

77,105


Cost of revenue   





Products

4,209

3,530

10,296

9,287

Services  

12,283

10,010

35,420

28,835

Reimbursable expenses

43

473

104

1,561

Total cost of revenue

16,535

14,013

45,820

39,683

Gross profit

15,407

12,834

44,907

37,422

Operating expenses:





Sales and marketing

5,074

5,451

15,336

14,766

General and administration

2,648

2,363

7,969

7,184

Research and development, net of tax credits 

5,055

3,625

13,552

10,938

Restructuring costs   

-

-

-

420

Total operating expenses

12,777

11,439

36,857

33,308






Profit from operations

2,630

1,395

8,050

4,114

Net finance costs


100

279

229

983

Profit before income taxes

2,530

1,116

7,821

3,131

Income tax expense


683

282

2,653

1,160

Profit attributable to the owners of the Company

$            1,847

$             834

$           5,168

$             1,971

Other comprehensive income:
    
Effective portion of changes in fair value on designated 
    revenue hedges


 

(431)

 

(49)

223

69

Exchange differences on translation of foreign operations


111

33

519

(271)

Comprehensive income attributable to the owners of the Company

$            1,527

$              818

$           5,910

$            1,769

Basic earnings per common share


$              0.13

$             0.06

$             0.36

$              0.15

Diluted earnings per common share


$              0.12

$             0.06

$             0.35

$              0.15

Condensed Interim Consolidated Statements of Cash Flows

For the three and nine-month periods ended January 31, 2021 and 2020

(Unaudited)

(in thousands of Canadian dollars)



Three months
ended
January 31,
2021

Three months
ended
January 31,
 2020

Nine months
ended
January 31,
2021

Nine months
ended
January 31,
2020






Cash flows from operating activities:





Profit for the period

$           1,847

$             834

$        5,168

$         1,971

Adjustments for:





    Depreciation of property and equipment and right-of-use-assets

554

506

1,613

1,463

    Amortization of deferred development costs

48

104

209

417

    Amortization of other intangible assets

425

394

1,259

1,132

    Net finance costs

100

279

229

983

    Unrealized foreign exchange and other

(474)

(12)

(946)

(597)

Non-refundable tax credits

(333)

(297)

(1,003)

(1,043)

    Stock-based compensation

292

277

928

810

Income taxes

486

249

2,330

805


Net cash from operating activities excluding changes in non-cash
working capital items related to operations





2,945

2,334

9,787

5,941


Accounts receivable

8,031

(214)

3,068

(1,524)

Work in progress

829

(196)

288

134

Other receivables

(9)

157

(87)

(304)

Tax credits

(907)

(656)

(2,565)

(1,694)

Inventory

(295)

26

(315)

(137)

Prepaid expenses

(271)

(280)

(877)

(777)

Contract acquisition costs

85

(326)

(264)

(683)

Accounts payable and accrued liabilities

2,400

1,683

(508)

2,116

Deferred revenue

(1,110)

404

2,468

788

Changes in non-cash working capital items related to operations

8,753

598

1,208

(2,081)






Net cash from operating activities

11,698

2,932

10,995

3,860

Cash flows from (used in) financing activities:
     
Repayment of long-term debt

 

(303)

 

(238)

 

(903)

 

(710)

     Payment of lease obligations

(209)

(246)

(696)

(731)

     Payment of dividends

(937)

(785)

(2,667)

(2,224)

     Payment of acquired tax liability

-

-

(2,191)

-

     Common shares issued on exercise of stock options

776

-

812

-

     Interest paid

(169)

(226)

(488)

(715)

Net cash used in financing activities

(842)

(1,495)

(6,133)

(4,380)

Cash flows from (used in) investing activities:
     Purchase of short-term investments

 

-

 

-

(10,000)

-

     Interest received

43

17

156

63

     Payments related to prior business acquisitions

(1,468)

(1,146)

(1,468)

(1,146)

     Acquisitions of property and equipment

(274)

(344)

(777)

(703)

     Acquisitions of other intangible assets

(39)

(19)

(560)

(154)

     Deferred development costs

(43)

(150)

(203)

(505)

Net cash used in investing activities

(1,781)

(1,642)

(12,852)

(2,445)

Net increase (decrease) in cash and cash equivalents during the period

9,075

(205)

(7,990)

(2,965)

Cash and cash equivalents - beginning of period

10,463

12,153

27,528

14,913

Cash and cash equivalents - end of period

$            19,538

$            11,948

$            19,538

$            11,948

Condensed Interim Consolidated Statements of Changes in Equity

For the nine-month periods ended January 31, 2021 and 2020

(Unaudited)

(in thousands of Canadian dollars, except number of shares)



Share capital






 

Number

 

Amount

Contributed
surplus

Accumulated
other com-
prehensive
income (loss)

Retained
earnings

 

Total







Balance, April 30, 2020

14,416,543

40,901

10,964

416

8,838

61,119

  Profit for the period

-

-

-

-

5,168

5,168








  Other comprehensive  
     income for the 
     period:
     Effective portion 
     of changes in fair
     value on designated







     revenue hedges

-

-

-

223

-

223

     Exchange difference
     on translation of
     foreign operations 

 

-

 

-

 

-

 

519

 

-

 

519

Total comprehensive
income for the period

-

-

-

742

5,168

5,910

    Stock-based
       Compensation 

-

-

928

-

-

928

    Dividends to equity
       owners 

-

-

-

-

(2,667)

(2,667)








    Share options exercised 

48,552

1,050

(238)

-

-

812

Total transactions with
owners of the Company

48,552

1,050

690

-

(2,667)

(927)








Balance, January 31, 2021

14,465,095

$             41,951

$          11,654

$              1,158

$           11,339

$           66,102









Balance, April 30, 2019

13,082,376

$             19,144

$              9,943

$               (207)

$             9,501

$             38,381

    Profit for the period

-

-

-


1,971

1,971








    Other comprehensive 
       income (loss) for the 
       period:







       Effective portion 
       of changes in fair
       value on designated







       revenue hedges 

-

-

-

69

-

69

       Exchange difference
       on translation of 
       foreign operations

-

 

-

-

 

(271)

 

-

 

(271)

Total comprehensive
income (loss) for the 
period

-

 

-

 

-

 

(202)

 

1,971

 

1,769

    Stock-based 
       Compensation 

-

-

810

-

-

810

    Dividends to equity  
       owners
  

-

-

-

-

(2,224)

(2,224)

    Stock options 
       Exercised

834

14

(3)

-

-

11

Total transactions with
owners of the Company 

834

14

807

-

(2,224)

(1,403)








Balance, January 31, 2020          

13,083,210

$             19,158

$         10,750

$               (409)

$             9,248

$             38,747

SOURCE Tecsys Inc.

Solutions and General info: [email protected]; Investor Relations: [email protected]; Public Relations: [email protected]; By phone: (514) 866-0001 or (800) 922-8649, https://www.tecsys.com/

Related Links

https://www.tecsys.com/

Modal title

Organization Profile

Tecsys Inc.

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