Share Name Share Symbol Market Type
Computer Modelling Group Ltd TSX:CMG Toronto Common Stock
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  -0.70 -15.49% 3.82 3.79 3.88 4.43 3.80 4.32 110,208 20:10:10

Computer Modelling Group Announces Second Quarter Results

13/11/2019 12:00pm

GlobeNewswire Inc.


Computer Modelling (TSX:CMG)
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6 Months : From Sep 2019 to Mar 2020

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Computer Modelling Group Ltd. (“CMG” or the “Company”) is pleased to announce its financial results for the three and six months ended September 30, 2019

Quarterly Performance

 Fiscal 2018(1)Fiscal 2019(1)Fiscal 2020
($ thousands, unless otherwise stated)Q3Q4Q1Q2Q3Q4Q1Q2
         
Annuity/maintenance licenses  16,158  15,664  14,715  15,111  17,240  16,734  15,756 16,373
Perpetual licenses  743  2,053   326  1,172  611  2,891  1,159  1,146
Software licenses  16,901  17,717  15,041  16,283  17,851  19,625  16,915 17,519
Professional services  1,418  1,677  1,664  1,658  1,222  1,513  1,208  2,354
Total revenue  18,319  19,394  16,705  17,941  19,073  21,138  18,123 19,873
Operating profit  6,908  7,529  5,374  7,024  8,406  8,750  7,068  9,343
Operating profit (%)  38  39  32  39  44  41  39  47
Profit before income and other taxes  7,151  8,547  5,980  7,104  9,406  8,400  6,439  9,350
Income and other taxes  2,054  2,401  1,722  2,048  2,559  2,426  1,997  2,482
Net income for the period  5,097  6,146  4,258  5,056  6,847  5,974  4,442  6,868
EBITDA(2)  7,400  8,090   5,837  7,505  8,915  9,250  8,118 10,426
Cash dividends declared and paid  8,022  8,021  8,021  8,024  8,022  8,023  8,022  8,026
Funds flow from operations  6,225  7,285  5,242  5,777  7,550  7,024  6,097  7,787
Free cash flow(2)  5,595  6,904  4,909  5,697  7,297  6,948  5,707  7,274
Per share amounts - ($/share)        
Earnings per share - basic  0.06  0.08  0.05  0.06  0.09  0.07  0.06  0.09
Earnings per share - diluted  0.06  0.08  0.05  0.06  0.09  0.07  0.06  0.09
Cash dividends declared and paid  0.10  0.10  0.10  0.10  0.10  0.10  0.10  0.10
Funds flow from operations per share - basic  0.08  0.09  0.07  0.07  0.09  0.09  0.08  0.10
Free cash flow per share - basic(2)  0.07  0.09  0.06  0.07  0.09  0.09  0.07  0.09

(1) On April 1, 2019, the Company adopted IFRS 16 Leases using the modified retrospective approach, by adjusting opening retained earnings with no restatement of comparative figures. As such, comparative information continues to be reported under the previous lease standard.

(2) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section.

HIGHLIGHTS

During the three monthsDuring the six months
ended September 30, 2019, compared to the same period of the previous fiscal year:  
• Annuity/maintenance license revenue increased by 8%;• Annuity/maintenance license revenue increased by 8%;
• Total software license revenue increased by 8%;• Total software license revenue increased by 10%;
• Net income increased by 36% (without the negative impact of IFRS 16 adoption, net income increased by 38%);• Net income increased by 21% (without the negative impact of IFRS 16 adoption, net income increased by 25%);
• EBITDA increased by 39% (without the positive impact of IFRS 16 adoption, EBITDA increased by 26%).• EBITDA increased by 39% (without the positive impact of IFRS 16 adoption, EBITDA increased by 25%).

During the three monthsDuring the six months
ended September 30, 2019, CMG:ended September 30, 2019, CMG:
  
• Realized basic EPS of $0.09;• Realized basic EPS of $0.14;
• Achieved free cash flow per share of $0.09;• Achieved free cash flow per share of $0.16;
• Declared and paid a dividend of $0.10 per share.• Declared and paid dividends of $0.20 per share.

Revenue

Three months ended September 30,2019 2018  $ change % change
($ thousands)    
     
Software license revenue  17,519    16,283   1,2368%
Professional services  2,354    1,658   69642%
Total revenue  19,873    17,941   1,93211%
     
Software license revenue as a % of total revenue88%91%  
Professional services as a % of total revenue12%9%  

Six months ended September 30,2019 2018  $ change % change
($ thousands)    
     
Software license revenue  34,434    31,324   3,11010%
Professional services  3,562    3,322   2407%
Total revenue  37,996    34,646   3,35010%
     
Software license revenue as a % of total revenue91%90%  
Professional services as a % of total revenue9%10%  

CMG’s revenue is comprised of software license sales, which provide the majority of the Company’s revenue, and fees for professional services.

Total revenue for the three and six months ended September 30, 2019 increased by 11% and 10%, respectively, compared to the same periods of the previous fiscal year, due to increases in both software license revenue and professional services revenue.

Software License Revenue

Three months ended September 30,2019 2018  $ change % change
($ thousands)    
     
Annuity/maintenance license revenue  16,373    15,111   1,262 8%
Perpetual license revenue  1,146    1,172   (26)-2%
Total software license revenue  17,519    16,283   1,236 8%
     
Annuity/maintenance as a % of total software license revenue93%93%  
Perpetual as a % of total software license revenue7%7%  

Six months ended September 30,2019 2018  $ change % change
($ thousands)    
     
Annuity/maintenance license revenue  32,129    29,826   2,3038%
Perpetual license revenue  2,305    1,498   80754%
Total software license revenue  34,434    31,324   3,11010%
     
Annuity/maintenance as a % of total software license revenue93%95%  
Perpetual as a % of total software license revenue7%5%  

Total software license revenue for the three months ended September 30, 2019 increased by 8% compared to the same period of the previous fiscal year, due to an increase in annuity/maintenance license revenue.

Total software license revenue for the six months ended September 30, 2019 increased by 10% compared to the same period of the previous fiscal year, due to increases in both annuity/maintenance license revenue and perpetual license revenue.

CMG’s annuity/maintenance license revenue increased by 8% during the three and six months ended September 30, 2019, compared to the same periods of the previous fiscal year, due to increased licensing by existing and new customers. In addition, the movement in the CAD/USD exchange rate had a positive impact on annuity/maintenance license revenue in the current quarter and year to date.

Perpetual license revenue for the three months ended September was comparable to the same period of the previous fiscal year, as increased perpetual sales in the Eastern Hemisphere were offset by decreases in Canada and the United States. Perpetual license revenue increased by 54% during the six months ended September 30, 2019 because most regions, excluding Canada, had higher perpetual license sales than in the comparative period.

Software Revenue by Geographic Segment

     
Three months ended September 30,20192018 $ change % change
($ thousands)    
Annuity/maintenance license revenue    
  Canada  3,927   3,792  135 4%
  United States  5,050   4,626  424 9%
  South America  1,971   1,732  239 14%
  Eastern Hemisphere(1)  5,425   4,961  464 9%
   16,373   15,111  1,262 8%
Perpetual license revenue    
  Canada  -  156   (156)-100%
  United States  -  152  (152)-100%
  South America  -  -  - 0%
  Eastern Hemisphere  1,146   864  282 33%
   1,146   1,172  (26)-2%
Total software license revenue    
  Canada  3,927   3,948  (21)-1%
  United States  5,050   4,778   272 6%
  South America  1,971   1,732  239 14%
  Eastern Hemisphere  6,571   5,825  746 13%
   17,519   16,283  1,236 8%

Six months ended September 30,20192018 $ change % change
($ thousands)    
Annuity/maintenance license revenue    
  Canada  7,703   7,659  44 1%
  United States  9,984   9,179  805 9%
  South America  3,916   3,413  503 15%
  Eastern Hemisphere(1)  10,526   9,575  951 10%
   32,129   29,826  2,303 8%
Perpetual license revenue    
  Canada  -   156  (156)-100%
  United States  298   152  146 96%
  South America  769   -  769 100%
  Eastern Hemisphere  1,238   1,190  48 4%
   2,305   1,498  807 54%
Total software license revenue    
  Canada  7,703   7,815  (112)-1%
  United States  10,282   9,331  951 10%
  South America  4,685   3,413  1,272 37%
  Eastern Hemisphere  11,764   10,765  999 9%
   34,434    31,324  3,110 10%

(1) Includes Europe, Africa, Asia and Australia.

During the three and six months ended September 30, 2019, total software license revenue increased in all regions (with the exception of Canada, where we experienced a small 1% decrease), compared to the same periods of the previous fiscal year.

The Canadian region (representing 22% of year-to-date software license revenue) experienced increases of 4% and 1% in annuity/maintenance license revenue during the three and six months ended September 30, 2019, respectively, compared to the same periods of the previous fiscal year, due to an increase in licensing by existing customers. No perpetual sales were realized in Canada during the three and six months ended September 30, 2019.

The United States (representing 30% of year-to-date software license revenue) experienced a 9% increase in annuity/maintenance license revenue during the three and six months ended September 30, 2019, compared to the same periods of the previous fiscal year, due to increased licensing by both existing and new customers. A small portion of the year-to-date increase was due to increased usage of our cloud-based offerings, as the number of customers who access our software via the cloud has been growing since it was introduced at the beginning of fiscal 2019. There were no perpetual sales in the United States during the current three-month period, and perpetual sales during the current six-month period were higher than in the comparative period.

South America (representing 14% of year-to-date software license revenue) experienced increases of 14% and 15% in annuity/maintenance license revenue during the three and six months ended September 30, 2019, respectively, compared to the same periods of the previous fiscal year, mainly due to increased licensing by existing customers. Perpetual license revenue in South America was higher in the current year-to-date period than in the comparative period as a result of sales made in the first quarter of fiscal 2020.

The Eastern Hemisphere (representing 34% of year-to-date software license revenue) experienced increases of 9% and 10% in annuity/maintenance license revenue during the three and six months ended September 30, 2019, respectively, compared to the same periods of the previous fiscal year, due to a combination of increased licensing by existing customers and the addition of new customers. Perpetual license revenue increased by 33% and 4% during the three and six months ended September 30, 2019, respectively, as a result of higher perpetual sales in Asia in the current quarter.

Deferred Revenue

 Fiscal Fiscal Fiscal   
($ thousands)2020 2019 2018 $ change% change
Deferred revenue at:        
Q1 (June 30)  29,266    29,350(2)    (84)0%
Q2 (September 30)  23,849    23,222(3)   627 3%
Q3 (December 31)    13,782   17,785   (4,003)-23%
Q4 (March 31)    35,015(4)  34,362(1)653 2%

(1) Includes current deferred revenue of $33.4 million and long-term deferred revenue of $1.0 million.(2) Includes current deferred revenue of $28.8 million and long-term deferred revenue of $0.6 million.(3) Includes current deferred revenue of $22.9 million and long-term deferred revenue of $0.3 million.(4) Includes current deferred revenue of $34.7 million and long-term deferred revenue of $0.3 million.

CMG’s deferred revenue consists primarily of amounts for pre-sold licenses. With the exception of certain term-based software licenses that are recognized at the start of the license period, our annuity/maintenance revenue is deferred and recognized ratably over the license period, which is generally one year or less. Amounts are deferred for licenses that have been provided and revenue recognition reflects the passage of time.

The above table illustrates the normal trend in the deferred revenue balance from the beginning of the calendar year (which corresponds with Q4 of our fiscal year), when most renewals occur, to the end of the calendar year (which corresponds with Q3 of our fiscal year). Our fourth quarter corresponds with the beginning of the fiscal year for most oil and gas companies, representing a time when they enter a new budget year and sign/renew their contracts.

Deferred revenue as at the end of Q2 of fiscal 2020 increased by 3% compared to Q2 of fiscal 2019 due to a combination of factors, not including the timing of license renewals.

Expenses

Three months ended September 30,($ thousands, except per share data)Previous lease standard2019IFRS 16impactIFRS 1620192018 $ change% change
       
Sales, marketing and professional services  4,421  (67)  4,354   4,378  (24)-1%
Research and development  4,768  (229)  4,539   4,862  (323)-7%
General and administrative  1,692  (55)  1,637   1,677  (40)-2%
Total operating expenses  10,881  (351)  10,530   10,917  (387)-4%
       
Direct employee costs(1)  7,886  -   7,886   7,802  84 1%
Other corporate costs  2,995  (351)  2,644   3,115  (471)-15%
   10,881  (351)  10,530 10,917(387)-4%

Six months ended September 30,($ thousands, except per share data)Previous lease standard2019IFRS 16impactIFRS 1620192018 $ change% change
       
Sales, marketing and professional services  9,117   (133)  8,984   9,365  (381)-4%
Research and development  9,748  (458)  9,290   9,637  (347)-4%
General and administrative  3,421  (110)  3,311   3,246  65 2%
Total operating expenses  22,286  (701)  21,585   22,248  (663)-3%
       
Direct employee costs(1)  16,550  -   16,550   16,517  33 0%
Other corporate costs  5,736  (701)  5,035   5,731  (696)-12%
   22,286  (701)  21,585 22,248(663)-3%

(1) Includes salaries, bonuses, stock-based compensation, benefits, commissions, and professional development. See “Non-IFRS Financial Measures”.

Prior to applying IFRS 16, total operating expenses for the three and six months ended September 30, 2019 remained consistent with the same periods of the previous fiscal year.

The application of IFRS 16 decreased total operating expenses by $0.4 million in the three-month period and by $0.7 million in the six-month period ended September 30. This net decrease is a combination of lower rent expense (because under IFRS 16 rent payments are classified as finance costs and repayment of lease liability), partially offset by higher depreciation expense on the recognition of right-of-use assets.

OUTLOOK

During the second quarter and year to date, our annuity and maintenance revenue increased by 8% compared to the same periods of the previous fiscal year, with all regions experiencing growth.

The US region increased by 9% in the second quarter and year to date, supported by increased licensing by both existing and new customers. Canada experienced its first quarter-over-quarter increase since fiscal 2015. While we view this as an indication of an improving operating environment in Canada compared to previous years, we continue to monitor consolidation activity in the industry and any impact it might have on our contract renewals in the latter part of the year. South America achieved double-digit growth for the second quarter in a row, resulting in a 15% year-to-date increase. The Eastern Hemisphere grew by 9% in the second quarter and 10% year to date. The growth in both of these regions was due to increased licensing by existing customers, as well as the addition of new customers. The strengthening of the US dollar relative to the Canadian dollar had a positive impact on revenue in these international regions.

While quarterly perpetual license revenue was comparable to the second quarter of the previous fiscal year, the year-to-date perpetual license revenue was up by 54% compared to the same period of the previous fiscal year, due to higher perpetual sales realized in the first quarter of fiscal 2020.

In July, CMG and Shell signed an amendment to our CoFlow development agreement. In order to achieve specific development targets and deployments across a broader range of Shell’s assets, CMG will allocate more resources to CoFlow over the next two years, while Shell will increase its financial contribution accordingly. Pursuant to this amendment, during the three months ended September 30, 2019, CMG recorded higher professional services revenue for additional resources allocated to CoFlow development and support in the current and previous quarters. To date, CMG has added and/or internally reallocated 11 full-time equivalent positions (out of the 26 allowed by the amendment) to CoFlow development and support.

On April 1, 2019, CMG adopted IFRS 16 Leases. The new standard essentially moved most of the Company’s office leases to the balance sheet, eliminating rent expense and replacing it with interest expense and repayment of lease liability, as well as depreciation of the right-of-use assets. The adoption of IFRS 16 resulted in a decrease to total operating expenses and an increase to finance costs, for a total negative impact of $0.1 million and $0.3 million on the Company’s quarterly and year-to-date net income.

Despite the negative impact of the IFRS 16 adoption, the Company’s quarterly and year-to-date net income increased by 36% and 21%, respectively (38% and 25% without the IFRS 16 impact), because of the solid revenue achievement. Without considering the IFRS 16 impact, our costs remained consistent on a quarter-over-quarter and year-over-year basis. Similarly, our quarterly and year-to-date EBITDA increased to 52% and 49% of revenue, respectively (without the positive impact of applying IFRS 16, EBITDA increased to 48% and 44% of revenue, respectively).

We continue pursuing our goal of increasing software license sales, particularly internationally, with the support of various R&D initiatives (such as our public cloud offering, CoFlow development, product feature and functionality enhancements), while exercising fiscal prudence.

We ended the second quarter of 2020 with a strong balance sheet, no borrowings and $47.1 million in cash. During the quarter, we achieved free cash flow of $0.09 per share. Subsequent to quarter end, CMG’s Board of Directors declared a quarterly dividend of $0.10 per share.

ADDITIONAL IFRS MEASURE

Funds flow from operations is an additional IFRS measure that the Company presents in its consolidated statements of cash flows. Funds flow from operations is calculated as cash flows provided by operating activities adjusted for changes in non-cash working capital. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods.

NON-IFRS FINANCIAL MEASURES

Certain financial measures in this press release – namely, direct employee costs, other corporate costs, EBITDA and free cash flow – do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies. Management believes that these indicators nevertheless provide useful measures in evaluating the Company’s performance.

Direct employee costs include salaries, bonuses, stock-based compensation, benefits, commission expenses, and professional development. Other corporate costs include facility-related expenses, corporate reporting, professional services, marketing and promotion, computer expenses, travel, and other office-related expenses. Direct employee costs and other corporate costs should not be considered an alternative to total operating expenses as determined in accordance with IFRS. People-related costs represent the Company’s largest area of expenditure; hence, management considers highlighting separately corporate and people-related costs to be important in evaluating the quantitative impact of cost management of these two major expenditure pools. See “Expenses” heading for a reconciliation of direct employee costs and other corporate costs to total operating expenses.

EBITDA refers to net income before adjusting for depreciation expense, finance income, finance costs, and income and other taxes. EBITDA should not be construed as an alternative to net income as determined by IFRS. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed.

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Management uses free cash flow to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

Forward-looking Information

Certain information included in this press release is forward-looking. Forward-looking information includes statements that are not statements of historical fact and which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as investment objectives and strategy, the development plans and status of the Company’s software development projects, the Company’s intentions, results of operations, levels of activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), business prospects and opportunities, research and development timetable, and future growth and performance. When used in this press release, statements to the effect that the Company or its management “believes”, “expects”, “expected”, “plans”, “may”, “will”, “projects”, “anticipates”, “estimates”, “would”, “could”, “should”, “endeavours”, “seeks”, “predicts” or “intends” or similar statements, including “potential”, “opportunity”, “target” or other variations thereof that are not statements of historical fact should be construed as forward-looking information. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management of the Company. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Corporate Profile

CMG is a computer software technology company serving the oil and gas industry. The Company is a leading supplier of advanced process reservoir modelling software with a blue chip customer base of international oil companies and technology centers in approximately 60 countries. The Company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. CMG has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota and Kuala Lumpur. CMG’s Common Shares are listed on the Toronto Stock Exchange (“TSX”) and trade under the symbol “CMG”.

Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)September 30, 2019March 31, 2019*
   
Assets  
Current assets:  
Cash   47,050    54,290 
Trade and other receivables  10,353    19,220 
Prepaid expenses  1,320    1,332 
Prepaid income taxes  352    367 
   59,075    75,209 
Property and equipment  13,891    14,501 
Right-of-use assets  38,950    - 
Deferred tax asset  1,080    595 
Total assets  112,996     90,305 
   
Liabilities and shareholders’ equity  
Current liabilities:  
Trade payables and accrued liabilities  4,333    6,162 
Income taxes payable  -     60 
Deferred revenue  23,849    34,653 
Lease liability  1,290    - 
   29,472     40,875 
Deferred revenue  -    362 
Lease liability  41,605    - 
Deferred rent liability   -    1,813 
Total liabilities  71,077    43,050 
   
Shareholders’ equity:  
Share capital  79,851    79,711 
Contributed surplus  13,209    12,808 
Deficit  (51,141)  (45,264)
Total shareholders' equity  41,919    47,255 
Total liabilities and shareholders' equity  112,996    90,305 

Condensed Consolidated Statements of Operations and

Comprehensive Income

 Three months ended September 30Six months ended September 30
 2019 2018*2019 2018*
UNAUDITED (thousands of Canadian $ except per share amounts)    
     
Revenue  19,873    17,941   37,996    34,646
     
Operating expenses    
  Sales, marketing and professional services  4,354    4,378   8,984    9,365
  Research and development  4,539    4,862   9,290    9,637
  General and administrative  1,637    1,677   3,311    3,246
   10,530    10,917   21,585    22,248
Operating profit  9,343    7,024   16,411    12,398
     
Finance income  541    312   644    686
Finance costs  (534)  (232)  (1,266)  -
Profit before income and other taxes  9,350    7,104   15,789    13,084
Income and other taxes  2,482    2,048   4,479    3,770
     
Net and total comprehensive income  6,868    5,056   11,310    9,314
     
Earnings Per Share    
Basic  0.09    0.06   0.14    0.12
Diluted  0.09    0.06   0.14    0.12

Condensed Consolidated Statements of Cash Flows

  Three months ended September 30 Six months ended September 30
 UNAUDITED (thousands of Canadian $)2019 2018*2019 2018*
     
Operating activities    
Net income  6,868     5,056   11,310    9,314 
Adjustments for:    
Depreciation  1,083    481   2,133    944 
Deferred income tax expense (recovery)  58    163   (102)  (183)
Stock-based compensation  (222)  (29)  543    732 
Deferred rent  -    106   -   212 
Funds flow from operations  7,787    5,777   13,884    11,019 
Movement in non-cash working capital:    
Trade and other receivables  2,297    415   8,867    6,181 
Trade payables and accrued liabilities  (5)  577   (1,739)  (1,193)
Prepaid expenses   (140)  13   (90)  141 
Income taxes payable  314    (377)  (45)  (700)
Deferred revenue  (5,417)  (6,128)  (11,166)  (10,455)
Increase in non-cash working capital  (2,951)  (5,500)  (4,173)  (6,026)
Net cash provided by operating activities   4,836    277   9,711    4,993 
     
Financing activities    
Proceeds from the issue of common shares  -   17   -    17 
Repayment of lease liability  (278)  -   (560)  - 
Dividends paid  (8,026)  (8,024)  (16,048)  (16,045)
Net cash used in financing activities  (8,304)  (8,007)  (16,608)  (16,028)
     
Investing activities    
Property and equipment additions  (235)  (80)   (343)  (413)
Decrease in cash  (3,703)  (7,810)  (7,240)  (11,448)
Cash, beginning of period  50,753    60,081   54,290    63,719 
Cash, end of period  47,050    52,271    47,050    52,271  
     
Supplementary cash flow information    
Interest received  321    324   654    626 
Interest paid  534    -   1,068    - 
Income taxes paid  (1,986)  (1,885)  (4,060)  (3,866)

* The Company adopted IFRS 16 Leases effective April 1, 2019 using the modified retrospective approach. Under this method, comparative information is not restated.

See accompanying notes to condensed consolidated interim financial statements.

For further information, contact:

Ryan N. SchneiderPresident & CEO(403) 531-1300ryan.schneider@cmgl.cawww.cmgl.ca  orSandra BalicVice President, Finance & CFO(403) 531-1300sandra.balic@cmgl.ca

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