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29.06.2021 23:10:00
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Tecsys Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2021
Ninth consecutive quarter of record revenue; SaaS revenue up 113% for the full year
MONTREAL, June 29, 2021 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal year 2021, ended April 30, 2021. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter Highlights:
- SaaS revenue increased by 107% to $5.5 million in Q4 2021, up from $2.7 million in Q4 2020.
- Cloud, maintenance and subscription revenue increased 30% year-over-year to $13.8 million in Q4 2021, up from $10.6 million in Q4 2020. The performance was primarily driven by SaaS.
- Annual Recurring Revenue (ARRi) at April 30, 2021 was up 9% to $52.5 million compared to $48.1 million at April 30, 2020 and up 6% sequentially from January 31, 2021 on a constant currency basis.
- During Q4 2021, SaaS subscription bookingsi (measured on an ARRi basis) were $3.5 million, down 14% compared to a record $4.1 million in the fourth quarter of 2020 but up 252% sequentially from $1.0 million in Q3 2021.
- Professional services revenue was up 12% to $12.1 million in Q4 2021 compared to $10.8 million in Q4 2020.
- Total revenue was a record $32.4 million, 17% higher than $27.7 million reported for Q4 2020.
- Gross margin was 49% compared to 46% in the prior year quarter. Total gross profit increased to $15.7 million, up 22% from $12.9 million in Q4 2020.
- Operating expenses increased to $13.1 million, higher by $0.8 million or 6% compared to $12.3 million in Q4 fiscal 2020 with continuing investment in sales and marketing as well as research and development.
- Profit from operations in Q4 2021 was $2.6 million, up 343% from $0.6 million in Q4 2020.
- Net profit was $2.0 million or $0.14 per share on a fully diluted basis in Q4 2021 compared to a net profit of $0.4 million or $0.03 per share for the same period in fiscal 2020.
- Adjusted EBITDAii was $3.9 million in Q4 2021, up 101% compared to $2.0 million reported in Q4 2020.
"We are pleased by our record results as we wrap up an extraordinary year. Our performance for the fourth quarter of fiscal 2021, as well as full year, is a testament to the need for truly adaptable and agile solutions. It was humbling to watch our clients adapt their businesses with the help of our solutions in the midst of a pandemic," said Peter Brereton, president and CEO of Tecsys Inc. "As we report our ninth straight quarter of record revenue, as well as several notable wins over the last year, we are ready to hit the ground running into FY22 with a very strong pipeline. Our strategy to transition to a SaaS model is proving to be a home run for Tecsys."
Mark Bentler, chief financial officer of Tecsys Inc., added, "Our revenue mix continues to arc towards SaaS across both new accounts and existing account expansions and migrations. This accelerating transition is improving the quality and consistency of our revenue streams and increasing the lifetime value of our customer base."
Results from operations | Fiscal Year | Fiscal Year | |||||||
3 months ended | 3 months ended | ended | ended | ||||||
April 30, 2021 | April 30, 2020 | April 30, 2021 | April 30, 2020 | ||||||
Total Revenue | $ | 32,374 | $ | 27,750 | $ | 123,101 | $ | 104,855 | |
Cloud, Maintenance and Subscription Revenue | 13,836 | 10,638 | 52,879 | 41,058 | |||||
Gross Profit | 15,723 | 12,896 | 60,630 | 50,318 | |||||
Gross Margin % | 49% | 46% | 49% | 48% | |||||
Operating Expenses | 13,092 | 12,302 | 49,949 | 45,610 | |||||
Op. Ex. As % of Revenue | 40% | 44% | 41% | 43% | |||||
Profit from Operations | 2,631 | 594 | 10,681 | 4,708 | |||||
Adjusted EBITDA | 3,917 | 1,951 | 16,220 | 10,271 | |||||
EPS basic | 0.14 | 0.03 | 0.50 | 0.18 | |||||
EPS diluted | 0.14 | 0.03 | 0.49 | 0.18 | |||||
License Bookings | 752 | 1,388 | 4,288 | 4,718 | |||||
SAAS ARR Bookings | 3,493 | 4,075 | 9,548 | 8,758 | |||||
Annual Recurring Revenue | 52,485 | 48,140 | 52,485 | 48,140 | |||||
Professional Services Backlog | 33,639 | 34,965 | 33,639 | 34,965 | |||||
Fiscal 2021 Highlights:
- SaaS revenue fiscal 2021 increased 113% to $19.2 million, up from $9.0 million in fiscal 2020.
- Cloud, maintenance and subscription revenue increased 29% year-over-year to $52.9 million in fiscal 2021, up from $41.1 million in fiscal 2020, driven primarily by SaaS revenue.
- SaaS subscription bookingsi increased 9% to $9.5 million in fiscal 2021 compared to $8.8 million in fiscal 2020.
- Professional services revenue was up 17% to $47.4 million in fiscal 2021 compared to $40.6 million in fiscal 2020.
- Revenue for fiscal 2021 was $123.1 million, up 17% from $104.9 million reported in fiscal 2020.
- Total gross profit increased to $60.6 million, up $10.3 million or 20% in fiscal 2021 compared to $50.3 million in the same period last year.
- Total gross profit margin was 49% in fiscal 2021 compared to 48% for fiscal 2020.
- Net profit for fiscal 2021 was $7.2 million, or $0.49 per diluted share, compared to a profit $2.3 million or $0.18 per share, for fiscal 2020.
- Adjusted EBITDAii for fiscal 2021 was $16.2 million, up 58% compared to $10.3 million for fiscal 2020.
On June 29, 2021, the Company declared a quarterly dividend of $0.065 per share payable on August 6, 2021 to shareholders of record at the close of business on July 16, 2021.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.
Fourth Quarter and Full Year Fiscal 2021 Results Conference Call
Date: June 30, 2021
Time: 8:30am EST
Phone number: (877) 210-0456 or (416) 981-9006
The call can be replayed until July 7, 2021 by calling:
(800) 558-5253 or (416) 626-4100 (access code: 21995521)
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. 2021. 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 acquisition related costs, fair value adjustment on contingent consideration, stock-based compensation 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 fiscal 2021, 2020 and 2019 derived from IFRS measures in the Company's Consolidated financial statements, is as follows:
2021 | 2020 | 2019 | ||||
Net profit (loss) | $ | 7,188 | $ | 2,346 | $ | (741) |
Adjustments for: | ||||||
Depreciation of property and equipment and right-of- | 2,180 | 2,004 | 879 | |||
use assets | ||||||
Amortization of deferred development costs | 269 | 536 | 949 | |||
Amortization of other intangible assets | 1,663 | 1,530 | 995 | |||
Interest expense | 787 | 1,080 | 196 | |||
Interest income | (174) | (74) | (197) | |||
Income taxes | 3,169 | 1,234 | (1,018) | |||
EBITDA | $ | 15,082 | $ | 8,656 | $ | 1,063 |
Adjustments for: | - | - | 1,347 | |||
Stock based compensation | 1,138 | 1,024 | 366 | |||
Fair value adjustment on contingent consideration | ||||||
earnout – Tecsys A/S | - | 171 | - | |||
Restructuring costs | - | 420 | - | |||
Adjusted EBITDA | $ | 16,220 | $ | 10,271 | $ | 2,776 |
i See Key Performance Indicators in Management's Discussion and Analysis of the 2021 Financial Statements. |
ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the 2021 Financial Statements. |
Consolidated Statements of Financial Position As at April 30, 2021 and April 30, 2020 (in thousands of Canadian dollars) | |||
April 30, 2021 | April 30, 2020 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 25,752 | $ 27,528 | |
Short-term investments | 20,100 | 10,000 | |
Accounts receivable | 16,840 | 18,434 | |
Work in progress | 182 | 837 | |
Other receivables | 2,034 | 1,633 | |
Tax credits | 5,359 | 4,162 | |
Inventory | 628 | 634 | |
Prepaid expenses | 4,897 | 3,778 | |
Total current assets | 75,792 | 67,006 | |
Non-current assets | |||
303 | 350 | ||
Other long-term receivables | |||
Tax credits | 3,904 | 4,624 | |
Property and equipment | 2,682 | 2,823 | |
Right-of-use assets | 7,245 | 8,234 | |
Contract acquisition costs | 2,678 | 2,324 | |
Deferred development costs | 1,088 | 1,103 | |
Other intangible assets | 12,194 | 13,401 | |
Goodwill | 17,417 | 17,540 | |
Deferred tax assets | 6,006 | 7,028 | |
Total non-current assets | 53,517 | 57,427 | |
Total assets | $ 129,309 | $ 124,433 | |
Liabilities | |||
Current liabilities | |||
Accounts payable and accrued liabilities | $ 19,417 | $ 19,933 | |
Deferred revenue | 22,044 | 16,163 | |
Current portion of long-term debt | 1,216 | 1,231 | |
Other current liabilities | 500 | 4,670 | |
Lease obligations | 848 | 922 | |
Total current liabilities | 44,025 | 42,919 | |
Non-current liabilities | |||
Long-term debt | 8,400 | 9,600 | |
Deferred tax liabilities | 1,499 | 1,638 | |
Lease obligations | 8,295 | 9,157 | |
Total non-current liabilities | 18,194 | 20,395 | |
Total liabilities | 62,219 | 63,314 | |
Contingencies and other commitments | |||
Equity | |||
Share capital | 42,700 | 40,901 | |
Contributed surplus | 11,745 | 10,964 | |
Retained earnings | 12,419 | 8,838 | |
Accumulated other comprehensive income | 226 | 416 | |
Total equity attributable to the owners of the Company | 67,090 | 61,119 | |
Total liabilities and equity | $ 129,309 | $ 124,433 | |
Consolidated Statements of Income and Comprehensive Income Three and twelve-month periods ended April 30, 2021 and 2020 (in thousands of Canadian dollars, except per share data) | |||||
Three months | Three months | Twelve months | Twelve months | ||
| |||||
Proprietary products | $ 1,331 | $ 1,694 | $ 5,229 | $ 5,384 | |
Third-party products | 5,032 | 4,244 | 17,463 | 15,885 | |
Cloud, maintenance and subscription | 13,836 | 10,638 | 52,879 | 41,058 | |
Professional services | 12,124 | 10,823 | 47,375 | 40,616 | |
Reimbursable expenses | 51 | 351 | 155 | 1,912 | |
Total revenue | 32,374 | 27,750 | 123,101 | 104,855 | |
| |||||
Products | 4,059 | 3,493 | 14,355 | 12,780 | |
Services | 12,541 | 11,010 | 47,961 | 39,845 | |
Reimbursable expenses | 51 | 351 | 155 | 1,912 | |
Total cost of revenue | 16,651 | 14,854 | 62,471 | 54,537 | |
Gross profit | 15,723 | 12,896 | 60,630 | 50,318 | |
Operating expenses: | |||||
Sales and marketing | 5,649 | 5,368 | 20,985 | 20,134 | |
General and administration | 2,427 | 2,637 | 10,396 | 9,821 | |
Research and development, net of tax credits | 5,016 | 4,297 | 18,568 | 15,235 | |
Restructuring costs | - | - | - | 420 | |
Total operating expenses | 13,092 | 12,302 | 49,949 | 45,610 | |
Profit from operations | 2,631 | 594 | 10,681 | 4,708 | |
Net finance costs | 95 | 145 | 324 | 1,128 | |
Profit before income taxes | 2,536 | 449 | 10,357 | 3,580 | |
Income tax expense | 516 | 74 | 3,169 | 1,234 | |
Net profit, attributable to the owners of the Company | $ 2,020 | $ 375 | $ 7,188 | $ 2,346 | |
Other comprehensive income: |
(300) |
627 | (77) | 696 | |
Exchange differences on translation of foreign operations | (632) | 198 | (113) | (73) | |
Comprehensive income attributable to the owners of the Company | $ 1,088 | $ 1,200 | $ 6,998 | $ 2,969 | |
Basic earnings per common share | $ 0.14 | $ 0.03 | $ 0.50 | $ 0.18 | |
Diluted earnings per common share | $ 0.14 | $ 0.03 | $ 0.49 | $ 0.18 | |
Consolidated Statements of Cash Flows Three and twelve-month periods ended April 30, 2021 and 2020 (in thousands of Canadian dollars) | ||||
Three months | Three months | Twelve months | Twelve months | |
Cash flows from operating activities: | ||||
Net profit | $ 2,020 | $ 375 | $ 7,188 | $ 2,346 |
Adjustments for: | ||||
Depreciation of property and equipment and right-of-use-assets | 567 | 542 | 2,180 | 2,005 |
Amortization of deferred development costs | 60 | 119 | 269 | 536 |
Amortization of other intangible assets | 404 | 398 | 1,663 | 1,530 |
Net finance costs | 95 | 145 | 324 | 1,128 |
Unrealized foreign exchange and other | (184) | 352 | (1,130) | (245) |
Non-refundable tax credits | (392) | (355) | (1,395) | (1,398) |
Stock-based compensation | 210 | 214 | 1,138 | 1,024 |
Income taxes | 215 | (406) | 2,545 | 399 |
| ||||
2,995 | 1,384 | 12,782 | 7,325 | |
| (1,516) | (1,910) | 1,552 | (3,434) |
Work in progress | 364 | (161) | 652 | (27) |
Other receivables | 376 | (11) | 289 | (315) |
Tax credits | 1,841 | 1,797 | (724) | 103 |
Inventory | 320 | 175 | 5 | 38 |
Prepaid expenses | (243) | 207 | (1,120) | (1,089) |
Contract acquisition costs | (90) | (1,624) | (354) | (1,788) |
Accounts payable and accrued liabilities | 645 | 5,169 | 137 | 7,285 |
Deferred revenue | 3,426 | 1,120 | 5,894 | 1,908 |
Changes in non-cash working capital items related to operations | 5,123 | 4,762 | 6,331 | 2,681 |
Net cash from operating activities | 8,118 | 6,146 | 19,113 | 10,006 |
Cash flows from financing activities: |
(312) |
(308) |
(1,215) |
(1,018) |
Payment of lease obligations | (233) | (262) | (929) | (993) |
Issuance of common shares, net of transaction costs of $1,281 | - | 21,719 | - | 21,719 |
Payment of dividends | (940) | (785) | (3,607) | (3,009) |
Deferred payment related to business acquisition | - | - | (2,191) | - |
Common shares issued on exercise of stock options | 630 | 12 | 1,442 | 12 |
Interest paid | (150) | (139) | (638) | (854) |
Net cash (used in) from financing activities | (1,005) | 20,237 | (7,138) | 15,857 |
Cash flows from investing activities: |
- |
(10,000) |
(10,000) | (10,000) |
Interest received | 18 | 11 | 174 | 74 |
Acquisitions of property and equipment | (185) | (231) | (962) | (934) |
Acquisitions of other intangible assets | (9) | (42) | (569) | (196) |
Deferred development costs | (51) | (70) | (254) | (575) |
Payments related to prior business acquisitions | (672) | (471) | (2,140) | (1,617) |
Net cash used in investing activities | (899) | (10,803) | (13,751) | (13,248) |
Net increase (decrease) in cash and cash equivalents during the period | 6,214 | 15,580 | (1,776) | 12,615 |
Cash and cash equivalents - beginning of period | 19,538 | 11,948 | 27,528 | 14,913 |
Cash and cash equivalents - end of period | $ 25,752 | $ 27,528 | $ 25,752 | $ 27,528 |
Consolidated Statements of Changes in Equity (in thousands of Canadian dollars, except number of shares) | ||||||
Share capital | ||||||
Number | Amount | Contributed | Accumulated other | Retained | Total | |
Balance, May 1, 2020 |
14,416,543 |
$ 40,901 |
$ 10,964 |
$ 416 |
$ 8,838 |
$ 61,119 |
Net profit | - | - | - | - | 7,188 | 7,188 |
Other comprehensive Effective portion | ||||||
revenue hedges | - | - | - | (77) | - | (77) |
Exchange difference |
- |
- |
- |
(113) |
- |
(113) |
Total comprehensive | - | - | - | (190) | 7,188 | 6,998 |
Stock-based | - | - | 1,138 | - | - | 1,138 |
Dividends to equity | - | - | - | - | (3,607) | (3,607) |
Share options exercised | 88,552 | 1,799 | (357) | - | - | 1,442 |
Total transactions with |
88,552 | 1,799 | 781 | - | (3,607) | (1,027) |
Balance, April 30, 2021 |
14,505,095 | $ 42,700 | $ 11,745 | $ 226 | $ 12,419 | $ 67,090 |
Balance, May 1, 2019 |
13,082,376 | $ 19,144 | $ 9,943 | $ (207) | $ 9,501 | $ 38,381 |
Net profit | - | - | - | - | 2,346 | 2,346 |
Other comprehensive | ||||||
Effective portion | ||||||
revenue hedges | - | - | - | 696 | - | 696 |
Exchange difference | - |
- |
- |
(73) |
- |
(73) |
Total comprehensive | - | - |
- |
623 |
2,346 |
2,969 |
Dividends to equity owners | - | - | - | - | (3,009) | (3,009) |
Stock-based compensation | - | - | 1,024 | - | - | 1,024 |
Share options exercised | 834 | 15 | (3) | - | - | 12 |
Common shares issued | 1,333,333 | 21,742 | - | - | - | 21,742 |
Total transactions with | 1,334,167 | 21,757 | 1,021 | - | (3,009) | 19,769 |
Balance, April 30, 2020 | 14,416,543 | $ 40,901 | $ 10,964 | $ 416 | $ 8,838 | $ 61,119 |
SOURCE Tecsys Inc.
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