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Tecsys Reports Financial Results for the Third Quarter of Fiscal 2022 Français

SaaS revenue up 49% year-over-year

TECSYS (PRNewsfoto/TECSYS)

News provided by

Tecsys Inc.

Mar 02, 2022, 17:10 ET

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MONTREAL, March 2, 2022 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the third quarter of fiscal year 2022, ended January 31, 2022. 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 49% to $7.0 million in Q3 2022, up from $4.7 million in Q3 2021.
  • Annual Recurring Revenue (ARRi) at January 31, 2022 was up 17% to $59.5 million compared to $50.8 million at January 31, 2021.
  • During Q3 2022, SaaS subscription bookingsi (measured on an ARRi basis) were $2.3 million, up 133% compared to $1.0 million in the third quarter of fiscal 2021.
  • Professional services revenue was up 5% to $12.9 million in Q3 2022 compared to $12.3 million in Q3 2021.
  • Total revenue was a record $35.4 million, 11% higher than $31.9 million reported for Q3 2021.
  • Gross margin was 43% compared to 48% in the prior year quarter, negatively impacted by a weaker US dollar, change in revenue mix and investment in key growth initiatives.
  • Total gross profit decreased to $15.2 million, down 1% from $15.4 million in Q3 2021.
  • Operating expenses increased to $13.9 million, higher by $1.1 million or 9% compared to $12.8 million in Q3 fiscal 2022 with continuing investment in sales and marketing as well as research and development.
  • Profit from operations in Q3 2022 was $1.4 million, down from $2.6 million in Q3 2021.
  • Net profit was $0.9 million or $0.06 per share on a fully diluted basis in Q3 2022 compared to a net profit of $1.8 million or $0.12 per share on a fully diluted basis for the same period in fiscal 2021.
  • Adjusted EBITDAii was $2.7 million in Q3 2022, down 31% compared to $4.0 million reported in Q3 2021.
  • A weaker USD to CAD exchange rate negatively impacted revenue by $1.7 million and Profit from operations and Adjusted EBITDA by $1.6 million compared to the same quarter last year.

"This quarter happened in the middle of a challenging global environment with the Omicron wave hitting many of our customers very hard in late December and January. We were pleased to see the quarter come in strong as the twelfth consecutive quarter of record revenue. We added another hospital network in the quarter and saw strong bookings from our base, as well. This solid growth trajectory is a strong testament to our greatest asset, the people of Tecsys, and our truly adaptable agile solutions helping our customers succeed in a climate where excellence in supply chain execution is a key driver for success," said Peter Brereton, president and CEO of Tecsys, Inc. "Our pipeline continues to swell with new customer opportunities and as the pandemic seems to be finally fading away, Q4 is off to a strong start."

Mark Bentler, chief financial officer of Tecsys Inc., added, "We are pleased with another quarter of solid revenue growth in spite of significant foreign currency headwinds. On a constant currency basis, our third quarter fiscal 2022 revenue grew by about 16% compared to the same period last year, with SaaS revenue once again being a key driver at 56% constant currency growth. We continue to expect a key milestone in the coming quarters with SaaS revenue set to overtake maintenance and support as our leading source of recurring revenue."



3 months ended


3 months ended


9 months ended


9 months ended



months ended


months ended


January 31, 2022


January 31, 2021


January 31, 2022


January 31, 2021



January 31, 2022


January 31, 2021















Total Revenue

$

35 411

$

31 942

$

102 912

$

90 727


$

135 286

$

118 477

SaaS Revenue


7 003


4 708


19 221


13 672



24 713


16 327

Maintenance and Support
Revenue


8 164


8 650


24 690


25 371



33 034


33 354

Gross Profit


15 233


15 407


45 180


44 907



60 903


57 803

Gross Margin %


43%


48%


44%


49%



45%


49%

Operating Expenses


13 883


12 777


41 115


36 857



54 207


49 159

Op. Ex. As % of Revenue


39%


40%


40%


41%



40%


41%

Profit from Operations


1 350


2 630


4 065


8 050



6 696


8 644

Adjusted EBITDA


2 738


3 964


8 400


12 303



12 317


14 254

EPS basic


0.06


0.13


0.13


0.36



0.27


0.39

EPS diluted


0.06


0.12


0.13


0.35



0.27


0.38















License Bookings


515


1 172


1 862


3 537



2 614


4 925

SAAS ARR Bookings


2 315


993


7 463


6 055



10 956


10 130















Annual Recurring Revenue


59 540


50 817


59 540


50 817



59 540


50 817

Professional Services Backlog


29 521


37 795


29 521


37 795



29 521


37 795

Year-to-date performance for first nine months of fiscal 2022:

  • SaaS revenue for the nine-month period increased by 41% to $19.2 million, up from $13.7 million in the same period of fiscal 2021.
  • SaaS subscription bookingsi (measured on an ARRi basis) were $7.5 million, up 23% compared to $6.1 million the same period of fiscal 2021.
  • Professional services revenue for the nine-month period was up 11% to $39.1 million compared to $35. million in the same period of fiscal 2021.
  • Total revenue was a record $102.9 million, 13% higher than $90.7 million reported for the same period of fiscal 2021.
  • Gross margin was 44% compared to 49% in the same period of fiscal 2021, negatively impacted by a weaker US dollar, revenue mix and investment in key growth initiatives.
  • Total gross profit increased to $45.2 million, up 1% from $44.9 million in the same period fiscal 2021.
  • Operating expenses increased to $41.1 million, higher by $4.3 million or 12% compared to $36.9 million in the same period of fiscal 2021 with continuing investment in sales and marketing as well as research and development.
  • Profit from operations in the first nine months of fiscal 2022 was $4.1 million, down from $8.1 million in the same period of fiscal 2021.
  • Net profit was $1.9 million or $0.13 per share on a fully diluted basis in the first nine months of fiscal 2022 compared to a net profit of $5.2 million or $0.35 per share on a fully diluted basis for the same period in fiscal 2021.
  • Adjusted EBITDAii was $8.4 million in the first nine months of fiscal 2022, down 32% compared to $12.3 million reported in the same period in fiscal 2021.
  • A weaker USD to CAD exchange rate negatively impacted revenue by $6.0 million and Profit from operations and Adjusted EBITDA by $4.6 million compared to the same period last year.

On March 2, 2022, the Company's Board of Directors declared a quarterly dividend of $0.07 per share to be paid on April 14, 2022 to shareholders of record on March 24, 2022.

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

Third Quarter of Fiscal 2022 Results Conference Call
Date: March 3, 2022
Time: 8:30 a.m. EST
Phone number: (877) 200-1292 or (416) 620-9188
The call can be replayed until March 10, 2022 by calling:
(416) 626-4100 or (800) 558-5253 (access code: 22015722)

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, 2021. 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. 2022. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.

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. 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, 2022, and January 31, 2021 derived from IFRS measures in the Company's Consolidated financial statements, is as follows:



Three months ended
January 31,


Nine months ended
January 31,

(in thousands of CAD)

2022

2021


2022

2021








Profit for the period

$940

$    1,847


$    1,892

$    5,168

Adjustments for:







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

551

554


1,647

1,613


Amortization of deferred development costs

80

48


203

209


Amortization of other intangible assets

408

425


1,230

1,259


Interest expense

138

158


444

629


Interest income

(337)

(43)


(417)

(156)


Income taxes

537

683


2,057

2,653

EBITDA

$    2,317

$    3,672


$ 7,056

$    11,375

Adjustments for:







Stock based compensation

421

292


1,344

928

Adjusted EBITDA

$    2,738

$    3,964


$ 8,400

$    12,303


i See Key Performance Indicators in Management's Discussion and Analysis of the Q3 2022 Financial Statements.

ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the Q3 2022 Financial Statements.

Condensed Interim Consolidated Statements of Financial Position

As at January 31, 2022 and April 30, 2021

(Unaudited)

(in thousands of Canadian dollars)





January 31, 2022

April 30, 2021

Assets



Current assets



Cash and cash equivalents

$          16,721

$          25,752

Short-term investments

20,187

20,100

Accounts receivable

21,379

16,840

Work in progress

1,394

182

Other receivables

351

2,034

Tax credits

8,962

5,359

Inventory

951

628

Prepaid expenses

6,726

4,897

Total current assets

76,671

75,792

Non-current assets



Other long-term receivables

199

303

Tax credits

4,271

3,904

Property and equipment

2,310

2,682

Right-of-use assets

6,565

7,245

Contract acquisition costs

2,788

2,678

Deferred development costs

1,796

1,088

Other intangible assets

10,766

12,194

Goodwill

17,187

17,417

Deferred tax assets

6,008

6,006

Total non-current assets

51,890

53,517




Total assets

$          128,561

$          129,309

Liabilities



Current liabilities



Accounts payable and accrued liabilities

$            19,355

$            19,417

Deferred revenue

23,368

22,044

Current portion of long-term debt

1,200

1,216

Other current liabilities

-

500

Lease obligations

816

848

Total current liabilities

44,739

44,025

Non-current liabilities



Long-term debt

7,500

8,400

Deferred tax liabilities

1,447

1,499

Lease obligations

7,669

8,295

Total non-current liabilities

16,616

18,194

Total liabilities

61,355

62,219




Equity



Share capital

43,973

42,700

Contributed surplus

12,836

11,745

Retained earnings

11,404

12,419

Accumulated other comprehensive (loss) income

(1,007)

226

Total equity attributable to the owners of the Company

67,206

67,090




Total liabilities and equity

$          128,561

$          129,309

Condensed Interim Consolidated Statements of Income and Comprehensive Income

For the three and nine-month periods ended January 31, 2022 and 2021

(Unaudited)

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




Three months
ended
January 31,
2022

Three months
ended
January 31,
2021

Nine months
ended
January 31,
2022

Nine months
ended
January 31,
2021

Revenue:






SaaS

$           7,003

$             4,708

$              19,221

$              13,672

Maintenance and Support

8,164

8,650

24,690

25,371

Professional Services

12,942

12,314

39,144

35,355

License

915

1,190

2,248

3,895

Hardware

6,387

5,080

17,609

12,434

Total revenue

35,411

31,942

102,912

90,727

Cost of revenue

20,178

16,535

57,732

45,820

Gross profit

15,233

15,407

45,180

44,907

Operating expenses:





Sales and marketing

6,202

5,074

17,906

15,336

General and administration

2,553

2,648

8,213

7,969

Research and development, net of tax credits

5,128

5,055

14,996

13,552

Total operating expenses

13,883

12,777

41,115

36,857






Profit from operations

1,350

2,630

4,065

8,050






Net finance (income) costs

(127)

100

116

229

Profit before income taxes

1,477

2,530

3,949

7,821

Income tax expense

537

683

2,057

2,653

Net profit, attributable to the owners of the Company

$                940

$              1,847

$                 1,892

$              5,168

Other comprehensive income:

Effective portion of changes in fair value on designated revenue
hedges

 

(516)

 

(431)

(641)

 

223

Exchange differences on translation of foreign operations

(107)

111

(592)

519

Comprehensive income attributable to the owners of the Company 

$                317

$               1,527

$                  659

$               5,910

Basic earnings per common share                                                                                         

$               0.06

$                 0.13

$                 0.13

$                 0.36

Diluted earnings per common share                                                   

$               0.06

$                 0.12

$                 0.13

$                 0.35






Condensed Interim Consolidated Statements of Cash Flows

For the three and nine-month periods ended January 31, 2022 and 2021

(Unaudited)

(in thousands of Canadian dollars)



Three months
ended
January 31,
2022

Three months
ended
January 31,
 2021

Nine months
ended
January 31,
2022

Nine months
ended
January 31,
2021






Cash flows from operating activities:





Profit for the period

$           940

$           1,847

$        1,892

$        5,168

Adjustments for:





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

551

554

1,647

1,613

    Amortization of deferred development costs

80

48

203

209

    Amortization of other intangible assets

408

425

1,230

1,259

    Net finance costs

(127)

100

116

229

    Unrealized foreign exchange and other

292

(474)

1,220

(946)

Non-refundable tax credits

(608)

(333)

(1,340)

(1,003)

    Stock-based compensation

421

292

1,344

928

Income taxes

484

486

1,857

2,330






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

2,441

2,945

8,169

9,787






Accounts receivable

(1,920)

8,031

(4,635)

3,068

Work in progress

606

829

(1,216)

288

Other receivables

67

(9)

139

(87)

Tax credits

(809)

(907)

(2,630)

(2,565)

Inventory

(263)

(295)

(328)

(315)

Prepaid expenses

(924)

(271)

(1,832)

(877)

Contract acquisition costs

(12)

85

(110)

(264)

Accounts payable and accrued liabilities

2,269

2,400

(2,414)

(508)

Deferred revenue

(593)

(1,110)

1,348

2,468

Changes in non-cash working capital items related to operations

(1,579)

8,753

(11,678)

1,208






Net cash from operating activities

862

11,698

(3,509)

10,995






Cash flows from (used in) financing activities:





     Repayment of long-term debt

(300)

(303)

(916)

(903)

     Payment of lease obligations

(179)

(209)

(634)

(696)

     Payment of dividends

(1,018)

(937)

(2,907)

(2,667)

     Refund (payment) of acquired tax liability

299

-

299

(2,191)

     Common shares issued on exercise of stock options

-

776

1,020

812

     Interest paid

(138)

(169)

(444)

(488)

Net cash used in financing activities

(1,336)

(842)

(3,582)

(6,133)






Cash flows from (used in) investing activities:





     Purchase of short-term investments

-

-

-

(10,000)

     Interest received

38

43

118

156

     Payments related to prior business acquisitions

(500)

(1,468)

(500)

(1,468)

     Acquisitions of property and equipment

(85)

(274)

(619)

(777)

     Acquisitions of other intangible assets

(7)

(39)

(29)

(560)

     Deferred development costs

(229)

(43)

(910)

(203)

Net cash used in investing activities

(783)

(1,781)

(1,940)

(12,852)






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

(1,257)

9,075

(9,031)

(7,990)






Cash and cash equivalents - beginning of period

17,978

10,463

25,752

27,528

Cash and cash equivalents - end of period

$            16,721

$            19,538

$            16,721

$            19,538

Condensed Interim Consolidated Statements of Changes in Equity

For the nine-month periods ended January 31, 2022 and 2021

(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, 2021


14,505,095

42,700

11,745

226

12,419

67,090

Net profit


-

-

-

-

1,892

1,892

Other comprehensive
     loss for the
     period:
Effective portion
     of changes in fair
     value on designated
     revenue hedges


-

-

-

(641)

-

(641)

Exchange difference on translation of foreign operations


-

-

-

(592)

-

(592)

Total comprehensive (loss)
income for the period


-

-

-

(1,233)

1,892

659

Stock-based
     
Compensation


-

-

1,344

-

-

1,344

Dividends to equity
     
owners


-

-

-

-

(2,907)

(2,907)

Share Options exercised


57,800

1,273

(253)

-

-

1,020

Total transactions with
owners of the Company


57,800

1,273

1,091

-

(2,907)

(543)









Balance, January 31, 2022


14,562,895

$           43,973

$           12,836

$               (1,007)

$           11,404

$           67,206









Balance, April 30, 2020


14,416,543

$           40,901

$           10,964

$                    416

$             8,838

$           61,119

Net profit


-

-

-

-

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

SOURCE Tecsys Inc.

Public Relations: Adam Polka [email protected]; General Information: [email protected]; Investor Relations: [email protected]; By Phone: (514) 866-0001 or (800) 922-8649

Modal title

Organization Profile

Tecsys Inc.

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