10.06.2021 22:30:00

Enghouse Releases Second Quarter Results

MARKHAM, ON, June 10, 2021 /CNW/ - Enghouse Systems Limited (TSX: ENGH) today announced its second quarter unaudited financial results for the period ended April 30, 2021. All the financial information is in Canadian dollars unless otherwise indicated.

Financial and operational highlights for the three and six months ended April 30, 2021 compared to the three and six months ended April 30, 2020 are as follows:

  • Revenue achieved was $117.3 and $236.4 million, respectively, compared to record revenue of $140.9 and $251.6 million;
  • Results from operating activities was $36.9 and $77.6 million, respectively, compared to $46.3 and $77.1 million;
  • Net income was $20.7 and $41.4 million, respectively, compared to $27.1 and $43.2 million;
  • Adjusted EBITDA was $40.2 and $84.7 million, respectively, compared to $49.3 and $84.6 million;
  • Cash flows from operating activities excluding changes in working capital was $42.6 and $84.3 million, respectively compared to $50.0 and $85.2 million.

Although revenue achieved for the quarter was $117.3 million, compared to record revenue of $140.9 million in the same period in the prior year, Enghouse continues to generate positive cash flows, operating income and profitability. The decline in revenue was driven primarily by the previous year's significant increase in our Vidyo business that has now returned to levels that are more consistent with pre-COVID volumes. Enghouse continues to expand its cloud offerings and has implemented new initiatives aimed at increasing sales of cloud-based products while offering choice to its customers by providing multi-tenant cloud, private cloud and on-premise solutions to the market.

As previously announced on April 28, 2021, Enghouse signed a $29 million multi-year agreement with the Norwegian Government to update its National Emergency Fire Services Technology System. The eight-year agreement builds on the success in the Norwegian market with the $55 million, 12-year agreement with Norwegian Health Care announced in October 2020.

The Company closed the quarter with $169.6 million in cash, cash equivalents and short-term investments and no debt after paying $90.5 million in dividends during the quarter. As always, Enghouse prioritizes its long-term growth strategy over quarter-to-quarter results, investing in products while ensuring continued profitability and maximizing operating cashflows. As a result, Enghouse has replenished its acquisition capital, while returning $83.2 million in special dividends to shareholders.

Quarterly dividends:
Today, the Board of Directors approved the Company's eligible quarterly dividend of $0.16 per common share payable on August 31, 2021 to shareholders of record at the close of business on August 17, 2021.

Enghouse Systems Limited
Financial Highlights
(in thousands of Canadian dollars)





 

For the period ended April 30

Three months


Six months


2021


2020

 Var ($)

Var (%)



2021


2020

Var ($)

Var (%)

Revenue

$

117,334

$

140,900

(23,566)

(16.7)


$

236,434

$

251,556

(15,122)

(6.0)















Direct costs


33,533


39,699

(6,166)

(15.5)



65,041


72,176

(7,135)

(9.9)

Revenue, net of direct costs

$

83,801

$

101,201

(17,400)

(17.2)


$

171,393

$

179,380

(7,987)

(4.5)

As a % of revenue


71.4%


71.8%





72.5%


71.3%

















Operating expenses


46,852


55,046

(8,194)

(14.9)



93,362


100,806

(7,444)

(7.4)

Special charges


57


(121)

178

147.1



440


1,455

(1,015)

(69.8)

Results from operating activities

$

36,892

$

46,276

(9,384)

(20.3)


$

77,591

$

77,119

472

0.6

As a % of revenue


31.4%


32.8%





32.8%


30.7%

















Amortization of acquired software and customer relationships


(10,854)


(11,600)

746

6.4



(21,628)


(21,680)

52

0.2

Foreign exchange gains (losses)


1,587


(393)

1,980

503.8



(1,523)


(46)

(1,477)

(3210.9)

Interest expense – lease obligations


(277)


(300)

23

7.7



(606)


(562)

(44)

(7.8)

Finance income


36


131

(95)

(72.5)



116


482

(366)

(75.9)

Finance expenses


17


(16)

33

206.3



(64)


(34)

(30)

(88.2)

Other (expenses) income


(1,122)


811

(1,933)

(238.3)



(1,446)


397

(1,843)

(464.2)

Income before income taxes

$

26,279

$

34,909

(8,630)

(24.7)


$

52,440

$

55,676

(3,236)

(5.8)

Provision for income taxes


5,540


7,820

(2,280)

(29.2)



11,059


12,451

(1,392)

(11.2)

Net Income for the period

$

20,739

$

27,089

(6,350)

(23.4)


$

41,381

$

43,225

(1,844)

(4.3)















Basic earnings per share


0.37


0.49

(0.12)

(24.5)



0.75


0.79

(0.04)

(5.1)

Diluted earnings per share


0.37


0.49

(0.12)

(24.5)



0.74


0.78

(0.04)

(5.1)















Operating cash flows


39,155


57,533

(18,378)

(31.9)



59,702


77,466

(17,764)

(22.9)

Operating cash flows excluding changes in working capital


42,600


50,033

(7,433)

(14.9)



84,317


85,216

(899)

(1.1)















Adjusted EBITDA














Results from operating activities


36,892


46,276





77,591


77,119

















Depreciation


758


758





1,493


1,645



Depreciation of right-of-use assets


2,492


2,368





5,195


4,391



Special charges


57


(121)





440


1,455



Adjusted EBITDA

$

40,199

$

49,281

(9,082)

(18.4)


$

84,719

$

84,610

109

0.1















Adjusted EBITDA margin


34.3%


35.0%





35.8%


33.6%

















Adjusted EBITDA per diluted share

$

0.72

$

0.89

( 0.17)

(19.1)


$

1.52

$

1.53

( 0.01)

(0.7)

 


Condensed Consolidated Interim Statements of Financial Position

(in thousands of Canadian dollars)
(unaudited)

   As at April 30, 2020

As at October 31, 2020

ASSETS





Current assets:





Cash and cash equivalents

$

165,666

$

244,792

Short-term investments


3,907


6,999

Accounts receivable


98,381


90,789

Prepaid expenses and other assets


14,457


14,772



282,411


357,352

Non-current assets:





Property and equipment


6,191


6,301

Right-of-use assets


33,947


42,832

Intangible assets


120,624


123,616

Goodwill


220,767


217,426

Deferred income tax assets


19,524


16,119



401,053


406,294


$

683,464

$

763,646






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:





Accounts payable and accrued liabilities

$

68,161

$

80,339

Income taxes payable


9,395


13,245

Dividends payable


8,879


7,472

Provisions


7,345


5,697

Deferred revenue


104,341


89,927

Lease obligations


9,763


9,914



207,884


206,594

Non-current liabilities:





Income taxes payable


2,925


3,829

Deferred income tax liabilities


19,881


14,782

Deferred revenue


5,324


7,021

Net employee defined benefit obligation


2,734


2,855

Lease obligations


23,910


32,242



54,774


60,729



262,658


267,323

 

Shareholders' equity





Share capital


104,483


99,405

Contributed surplus


7,130


6,583

Retained earnings


321,378


379,378

Accumulated other comprehensive (loss) income


(12,185)


10,957



420,806


496,323


$

683,464

$

763,646

 


Condensed Consolidated Interim Statements of Operations and Comprehensive Income

(in thousands of Canadian dollars except per share amounts)

(unaudited)                                            

Three months

Six months

Periods ended April 30

2021

2020

2021

2020






Revenue





Software licenses

$

25,167

$

48,791

$

53,467

$

77,191

Hosted and maintenance services

70,402

72,024

142,645

136,377

Professional services

18,468

16,087

34,297

31,270

Hardware

3,297

3,998

6,025

6,718


117,334

140,900

236,434

251,556

Direct costs





Software licenses

1,485

3,937

2,686

6,387

Services

30,143

33,080

58,615

61,426

Hardware

1,905

2,682

3,740

4,363


33,533

39,699

65,041

72,176

Revenue, net of direct costs

83,801

101,201

171,393

179,380






Operating expenses





Selling, general and administrative

22,208

29,612

45,159

54,294

Research and development

21,394

22,308

41,515

40,476

Depreciation

758

758

1,493

1,645

Depreciation of right-of-use assets

2,492

2,368

5,195

4,391

Special charges

57

(121)

440

1,455


46,909

54,925

93,802

102,261






Results from operating activities

36,892

46,276

77,591

77,119






Amortization of acquired software and customer relationships   

(10,854)

(11,600)

(21,628)

(21,680)

Foreign exchange gains (losses)

1,587

(393)

(1,523)

(46)

Interest expense – lease obligations

(277)

(300)

(606)

(562)

Finance income

36

131

116

482

Finance expenses

17

(16)

(64)

(34)

Other (expenses) income

(1,122)

811

(1,446)

397

Income before income taxes

26,279

34,909

52,440

55,676






Provision for income taxes

5,540

7,820

11,059

12,451






Net income for the period

$

20,739

$

27,089

$

41,381

$

43,225






Items that may be subsequently reclassified to income:





Cumulative translation adjustment

(18,274)

10,140

(23,142)

12,460






Other comprehensive (loss) income

(18,274)

10,140

(23,142)

12,460






Comprehensive income

$

2,465

$

37,229

$

18,239

$

55,685

Earnings per share





Basic

$

0.37

$

0.49

$

0.75

$

0.79

Diluted

$

0.37

$

0.49

$

0.74

$

0.78

 


Condensed Consolidated Interim Statements of Cash Flows

(in thousands of Canadian dollars)

(unaudited)

Three months

Six months

Periods ended April 30

2021

2020

2021

2020

 

OPERATING ACTIVITIES





Net income for the period

$

20,739

$

27,089

$

41,381

$

43,225

Adjustments to reconcile net income to net cash provided by operating activities









Depreciation

758

758

1,493

1,645

Depreciation of right-of-use assets

2,492

2,368

5,195

4,391

Interest expense – lease obligations

277

300

606

562

Amortization of acquired software and customer relationships

10,854

11,600

21,628

21,680

Stock-based compensation expense

835

893

1,445

1,625

Provision for income taxes

5,540

7,820

11,059

12,451

Finance expenses and other expenses (income)

1,105

(795)

1,510

(363)


42,600

50,033

84,317

85,216






Changes in non-cash operating working capital

2,440

10,836

(8,915)

536

Income taxes paid

(5,885)

(3,336)

(15,700)

(8,286)

Net cash provided by operating activities

39,155

57,533

59,702

77,466






INVESTING ACTIVITIES





Purchase of property and equipment

(666)

(1,005)

(1,344)

(1,444)

Acquisitions, net of cash acquired*

(3,810)

1,235

(32,300)

(47,664)

Purchase consideration for prior-year acquisitions

444

-

1,105

(546)

Purchase of short-term investments

(932)

(1,795)

1,614

(1,802)

Net cash provided by (used in) investing activities

(4,964)

(1,565)

(30,925)

(51,456)






FINANCING ACTIVITIES





Issuance of share capital

4,028

788

4,180

5,572

Repayment of loans

-

-

-

(62)

Repayment of lease obligations

(2,091)

(1,586)

(4,921)

(4,452)

Dividends paid

(90,502)

(6,048)

(97,974)

(12,069)

Net cash used in financing activities

(88,565)

(6,846)

(98,715)

(11,011)











Impact of foreign exchange on cash and cash equivalents

(5,937)

1,757

(9,188)

2,567






(Decrease) increase in cash and cash equivalents

(60,311)

50,879

(79,126)

17,566

Cash and cash equivalents - beginning of period

225,977

111,451

244,792

144,764

Cash and cash equivalents - end of period

$

165,666

$

162,330

$

165,666

$

162,330


* Acquisitions are net of cash acquired of nil and $1,463 for the three and six months ended April 30, 2021, respectively, and nil and $6,906 for the three and six months ended April 30, 2020, respectively.

Enghouse Systems Limited
Segment Reporting Information
(in thousands of Canadian dollars)





Three months ended April 30, 2021

IMG

AMG

Total

Revenue

$

65,879

$

51,455

$

117,334

Direct costs


(16,930)


(16,603)


(33,533)

Revenue, net of direct costs


48,949


34,852


83,801

Operating expenses excluding special charges


(24,074)


(12,214)


(36,288)

Depreciation of property and equipment


(624)


(134)


(758)

Depreciation of right-of-use assets


(1,666)


(826)


(2,492)

Segment profit

$

22,585

$

21,678

$

44,263

Special charges






(57)

Corporate and shared service expenses






(7,314)

Results from operating activities





$

36,892

 





Three months ended April 30, 2020

IMG

AMG

Total

Revenue

$

89,925

$

50,975

$

140,900

Direct costs


(20,874)


(18,825)


(39,699)

Revenue, net of direct costs


69,051


32,150


101,201

Operating expenses excluding special charges


(25,632)


(15,412)


(41,044)

Depreciation of property and equipment


(518)


(240)


(758)

Depreciation of right-of-use assets


(1,386)


(982)


(2,368)

Segment profit

$

41,515

$

15,516

$

57,031

Special charges






121

Corporate and shared service expenses






(10,876)

Results from operating activities





$

46,276

 





Six months ended April 30, 2021

IMG

AMG

Total

Revenue

$

136,182

$

100,252

$

236,434

Direct costs


(32,387)


(32,654)


(65,041)

Revenue, net of direct costs


103,795


67,598


171,393

Operating expenses excluding special charges


(46,737)


(24,339)


(71,076)

Depreciation of property and equipment


(1,295)


(198)


(1,493)

Depreciation of right-of-use assets


(3,484)


(1,711)


(5,195)

Segment profit

$

52,279

$

41,350

$

93,629

Special charges






(440)

Corporate and shared service expenses






(15,598)

Results from operating activities





$

77,591

 





Six months ended April 30, 2020

IMG

AMG

Total

Revenue

$

152,798

$

98,758

$

251,556

Direct costs


(36,088)


(36,088)


(72,176)

Revenue, net of direct costs


116,710


62,670


179,380

Operating expenses excluding special charges


(46,851)


(28,080)


(74,931)

Depreciation of property and equipment


(973)


(672)


(1,645)

Depreciation of right-of-use assets


(2,444)


(1,947)


(4,391)

Segment profit

$

66,442

$

31,971

$

98,413

Special charges






(1,455)

Corporate and shared service expenses






(19,839)

Results from operating activities





$

77,119

About Enghouse

Enghouse is a Canadian publicly traded company (TSX:ENGH) that provides enterprise software solutions focusing on remote work, visual computing and communications for next-generation software-defined networks. The Company's two-pronged growth strategy focuses on internal growth and acquisitions, which, to date, have been funded through operating cash flows. The Company is well capitalized, has no long-term debt and is organized around two business segments: the Interactive Management Group and the Asset Management Group. Further information about Enghouse may be obtained from the Company's website at www.enghouse.com.

Conference Call and Webcast

A conference call to discuss the results will be held on Friday, June 11, 2021 at 8:45 a.m. EST. To participate, please call +1-647-689-4521 or North American Toll-Free +1-833-235-7649. Confirmation code: 8298201. A webcast is also available at: https://www.enghouse.com/investors.php.

****

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated based on results from operating activities adjusted for depreciation of property and equipment and right-of-use assets, and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income and restructuring costs primarily related to acquisitions.

SOURCE Enghouse Systems Limited

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