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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Optiva Inc | TSX:OPT | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.91 | 6.35 | 7.25 | 0 | 14:46:00 |
All amounts are stated in United States dollars unless otherwise indicated
TORONTO, May 10, 2022 /CNW/ - Optiva Inc. ("Optiva" or "the Company") (TSX: OPT), a leading provider of mission-critical, cloud-native revenue management software for the telecommunications industry, today released its first quarter financial results for the three-month period ended March 31, 2022.
"I am very pleased with our ability to deliver another quarter of revenue stability while we continue to grow bookings and make the necessary investment in our new cloud product roadmaps. To that end, we announced a new product release in Q1'22, the Optiva Charging Engine update, our first roadmap release in four years that will be part of a continuum of such product announcements throughout the year," said John Giere, President and Chief Executive Officer of Optiva. "The strength and innovation of our R&D team, coupled with our sales team's tenacity, is proving to work extremely well in identifying and addressing the needs of our existing and prospective customers. These sales and R&D investments have been critical to our successes in revitalizing our performance thus far and vital to securing new customer opportunities where we are actively engaging."
Q1 Fiscal 2022 Highlights | Three Months Ended | ||
($ US Thousands, except per share information) | March 31, | ||
(Unaudited) | 2022 | 2021 | |
Revenue | 16,136 | 16,091 | |
Net Income | 1,837 | 16,698 | |
Adjusted Earnings Per Share | $ 0.11 | $ 0.73 | |
Adjusted EBITDA | 3,821 | 4,992 | |
Cash used in operating activities | (53) | (3,352) | |
Total cash, including restricted cash | 25,999 | 10,637 | |
(1) | EBITDA, Adjusted EBITDA, New Bookings, TCV and adjusted EPS are non-IFRS measures. These measures are defined in the "Non-IFRS Financial Measures" section of this news release. |
Optiva Inc. will hold an analyst call on Wednesday, May 11, 2022, to discuss its first quarter 2022 financial results for the three-month period ended March 31, 2022. John Giere, CEO, and Dinesh Sharma, V.P. Finance will host the call starting at 8:30 a.m. Eastern Daylight Time. A question and answer session will follow management's discussion.
Date: Wednesday, May 11, 2022
Time: 8:30 a.m. Eastern Daylight Time
Toll-free (Canada/US): 1-888-254-3590
International: 1-720-543-0214
Conference ID: 8880167
Online Access: https://viavid.webcasts.com/starthere.jsp?ei=1542838&tp_key=7831641cd1
Please dial into the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
"EBITDA" and "Adjusted EBITDA" are not financial measures calculated and presented in accordance with International Financial Reporting Standards (IFRS) and should not be considered in isolation or as a substitute to net income (loss), operating income or any other financial measures of performance calculated and presented in accordance with IFRS, or as an alternative to cash flow from operating activities as a measure of liquidity. The Company defines EBITDA as net income (loss) excluding amounts for depreciation and amortization, other income, finance costs, finance income, income tax expense (recovery), foreign exchange gain (loss) and share-based compensation. The Company defines "Adjusted EBITDA" as EBITDA (as defined above), excluding restructuring costs, one-time provision amounts, and any one-time transaction costs associated with shareholder conflict. The Company believes that Adjusted EBITDA is a metric that investors may find useful in understanding the Company's financial position. The following table provides a reconciliation of Net Income to EBITDA and Adjusted EBITDA.
Three months ended, March 31 | ||
2022 | 2021 | |
Net income for the period | $ 1,837,008 | $ 16,698,371 |
Add back / (substract): | ||
Depreciation of property and equipment | 91,978 | - |
Amortization of intangible assets | 361,161 | 362,763 |
Finance income | (86,247) | (71,694) |
Finance costs (recovery) | 1,174,944 | (11,193,469) |
Income tax expense | 243,388 | 528,228 |
Foreign exchange loss (gain) | 49,100 | (307,328) |
Share-based compensation | 149,315 | 722,598 |
EBITDA | 3,820,647 | 6,739,469 |
Change in other provisions | - | (1,313,725) |
One-time costs (recovery) related to shareholder conflict | - | (433,610) |
Adjusted EBITDA | $ 3,820,647 | $ 4,992,134 |
New Bookings are total bookings minus SLA renewals. New Bookings indicates the contractually committed revenue, excluding renewal of maintenance/support contracts from existing customers, that we expect to recognize over the forthcoming quarters. New Bookings is thus a subset of our Total Bookings in a particular period. New Bookings indicate our success in contracting new business, whereas Total Bookings reflect our success in both contracting new business and renewing existing maintenance and support SLAs.
TCV is total contract value of all contracts closed in the period
Adjusted EPS is reported diluted EPS excluding the impact of change in the fair value of warrants.
Optiva Inc. is a leading provider of mission-critical, cloud-native revenue management software for the telecommunications industry. Its products are delivered globally on the private and public cloud. The Company's solutions help service providers maximize digital, 5G, IoT and emerging market opportunities to achieve business success. Established in 1999, Optiva Inc. is on the Toronto Stock Exchange (TSX: OPT). For more information, visit www.optiva.com.
Certain statements in this document may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use such words as "may," "will," "expect," "continue," "believe," "plan," "intend," "would," "could," "should," "anticipate" and other similar terminology. These statements are forward-looking as they are based on our current expectations, as at May 10, 2022, about our business and the markets we operate in and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in the Company's most recent Annual Information Form, available on SEDAR at www.sedar.com and Optiva's website at www.optiva.com/investors/. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Optiva does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
OPTIVA Inc. | ||
March 31, | December 31, | |
2022 | 2021 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 25,198,880 | $ 29,586,926 |
Trade accounts and other receivables | 9,153,606 | 7,203,145 |
Unbilled revenue | 9,476,260 | 8,209,036 |
Prepaid expenses | 1,826,331 | 3,044,329 |
Income taxes receivable | 4,175,768 | 4,361,968 |
Other assets | 549,472 | 822,592 |
Total current assets | 50,380,317 | 53,227,996 |
Restricted cash | 800,535 | 791,971 |
Property and equipment | 898,363 | 883,168 |
Deferred income taxes | 375,247 | 431,472 |
Other assets | 379,479 | 372,194 |
Long-term unbilled revenue | 2,715,443 | 2,878,032 |
Intangible assets | 1,443,269 | 1,804,430 |
Goodwill | 32,271,078 | 32,271,078 |
Total assets | $ 89,263,731 | $ 92,660,341 |
Liabilities and Shareholders' Deficit | ||
Current liabilities: | ||
Trade payables | $ 1,519,301 | $ 2,083,634 |
Accrued liabilities | 8,784,213 | 12,904,992 |
Provisions | 4,200,000 | 4,200,000 |
Income taxes payable | 3,709,173 | 3,467,897 |
Deferred revenue | 5,291,210 | 3,995,143 |
Total current liabilities | 23,503,897 | 26,651,666 |
Deferred revenue | 170,648 | 151,306 |
Other liabilities | 1,967,760 | 2,095,612 |
Pension and other long-term employment benefit plans | 8,045,062 | 9,422,877 |
Debentures | 87,161,837 | 86,989,976 |
Series A Warrant | 441,565 | 1,495,025 |
Standby Warrant | 70,300 | 172,550 |
Deferred income taxes | 732,971 | 745,745 |
Total liabilities | 122,094,040 | 127,724,757 |
Shareholders' deficit: | ||
Share capital | 270,559,551 | 270,559,551 |
Contributed surplus | 14,568,831 | 14,171,732 |
Deficit | (315,502,206) | (317,339,214) |
Accumulated other comprehensive loss | (2,456,485) | (2,456,485) |
Total shareholders' deficit | (32,830,309) | (35,064,416) |
Total liabilities and shareholders' deficit | $ 89,263,731 | $ 92,660,341 |
OPTIVA Inc. | ||
Three months ended, March 31 | ||
2022 | 2021 | |
Revenue: | ||
Support and subscription | $ 10,298,918 | $ 12,787,675 |
Software licenses, services and other | 5,837,100 | 3,303,408 |
16,136,018 | 16,091,083 | |
Cost of revenue | 4,070,865 | 3,674,948 |
Gross profit | 12,065,153 | 12,416,135 |
Operating expenses: | ||
Sales and marketing | 2,818,863 | 1,787,168 |
General and administrative | 3,173,635 | 4,458,089 |
Research and development | 2,854,462 | 516,770 |
8,846,960 | 6,762,027 | |
Income from operations | 3,218,193 | 5,654,108 |
Foreign exchange gain (loss) | (49,100) | 307,328 |
Finance income | 86,247 | 71,694 |
Finance (cost) recovery | (1,174,944) | 11,193,469 |
Income before income taxes | 2,080,396 | 17,226,599 |
Income tax expense (recovery): | ||
Current | 185,310 | 565,922 |
Deferred | 58,078 | (37,694) |
243,388 | 528,228 | |
Total net income and comprehensive income | $ 1,837,008 | $ 16,698,371 |
Income per common voting share: | ||
Basic | $ 0.30 | $ 3.14 |
Diluted | 0.30 | 3.01 |
Weighted average number of common voting shares: | ||
Basic | 6,177,581 | 5,316,057 |
Diluted | 6,177,581 | 5,543,600 |
OPTIVA Inc. | ||
Three months ended, March 31 | ||
2022 | 2021 | |
Cash used in: | ||
Operating activities: | ||
Income for the period | $ 1,837,008 | $ 16,698,371 |
Adjustments for: | ||
Depreciation of property and equipment | 91,978 | - |
Amortization of intangible assets | 361,161 | 362,763 |
Finance income | (86,247) | (71,694) |
Finance costs (recovery) | 1,174,944 | (11,193,469) |
Pension | (1,112,899) | (937,134) |
Income tax expense | 243,388 | 528,228 |
Unrealized foreign exchange (gain) / loss | (510,737) | (657,610) |
Share-based compensation | 149,315 | 722,598 |
Change in provisions | - | (1,332,345) |
Change in non-cash operating working capital | (540,492) | (5,743,267) |
1,607,419 | (1,623,559) | |
Interest paid | (11,363) | (38,319) |
Interest received | 31,818 | 1,587 |
Promissory note paid | (2,000,000) | - |
Income taxes received (paid) | 319,212 | (1,691,380) |
(52,914) | (3,351,671) | |
Financing activities: | ||
Payment of interest on loans and borrowings | (4,423,562) | (4,412,723) |
(4,423,562) | (4,412,723) | |
Investing activities: | ||
Purchase of property and equipment | (107,534) | - |
Increase in restricted cash | (8,564) | (47,499) |
(116,098) | (47,499) | |
Effect of foreign exchange rate changes | ||
on cash and cash equivalents | 204,528 | 112,158 |
Decrease in cash and cash equivalents | (4,388,046) | (7,699,735) |
Cash and cash equivalents, beginning of period | 29,586,926 | 17,663,998 |
Cash and cash equivalents, end of period | $ 25,198,880 | $ 9,964,263 |
SOURCE Optiva Inc.
Copyright 2022 Canada NewsWire
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