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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.49 | -7.32% | 6.20 | 6.00 | 7.50 | 6.20 | 6.20 | 6.20 | 121 | 21:00:02 |
All amounts are stated in United States dollars unless otherwise indicated
TORONTO, March 8, 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 fourth quarter financial results for the three-month and full-year period ended December 31, 2021.
"The combination of our business activities, financial performance during Q4 and steady progress throughout the year provided further validation that our efforts towards stabilizing revenues while executing on the early days of our growth strategy are tracking extremely well," said John Giere, President and Chief Executive Officer of Optiva. "Our R&D and sales teams are working with existing and prospective customers, more so than ever before, to understand, educate and solve for their unique cloud migration needs which has resulted in a significant increase in new bookings and a robust 2022 customer pipeline."
"As we look to 2022, our strategic path remains very clear. We continue to focus on completing our business stabilization work and pivoting to drive growth through leveraging cloud technology and economics, 5G market adoption and a new focus on software license growth, which are all expected to contribute to top-line and improved gross margin levels in due course."
Business Highlights
Fourth Quarter 2021 Financial Results Highlights:
Q4 Fiscal 2021 Highlights | Three Months Ended | Twelve Months Ended | |||
($ US Thousands, except per share information) | December 31, | December 31, | |||
(Unaudited) | 2021 | 2020 | 2021 | 2020 | |
Revenue | 16,169 | 18,142 | 65,236 | 75,916 | |
Net Income (Loss) | (3,310) | 1,670 | 18,503 | (41,520) | |
Earnings (Loss) Per Share | $(0.54) | $ 0.31 | $ 3.12 | $(7.81) | |
Adjusted EBITDA | 3,646 | 5,231 | 18,622 | 7,701 | |
Cash from (used in) operating activities | (3,300) | (2,621) | 2,647 | (7,900) | |
Total cash, including restricted cash | 30,379 | 18,290 | 30,379 | 18,290 |
(1) EBITDA, Adjusted EBITDA, New Bookings and adjusted EPS are non-IFRS measures. These measures are defined in the "Non-IFRS Financial Measures" section of this news release. |
Conference Call
Optiva Inc. will hold an analyst call on Tuesday, March 8, 2022, to discuss its fourth quarter 2021 financial results for the three-month period ended December 31, 2021. John Giere, CEO, and Dinesh Sharma, V.P. Finance will host the call starting at 5:30 p.m. Eastern time. A question and answer session will follow management's discussion.
Date: Tuesday, March 8, 2022
Time: 5:30 p.m. Eastern Time
Toll-free (Canada/US): 1-888-204-4368
International: 1-720-543-0214
Conference ID: 4600229
Online Access: https://themediaframe.com/mediaframe/webcast.html?webcastid=ZgisTEGs
Please dial into the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
Non-IFRS Measures
"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, December 31 | Full Year ended, December 31 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) for the period | $ | (3,309,877) | $ | 1,669,668 | $ | 18,503,035 | $ | (41,520,211) |
Add back / (substract): | ||||||||
Depreciation of property and equipment | 85,855 | - | 169,456 | - | ||||
Amortization of intangible assets | 362,763 | 1,819,563 | 1,451,052 | 8,960,116 | ||||
Finance (income) | (63,670) | (155,736) | (535,030) | (405,810) | ||||
Finance costs (recovery) | 3,240,984 | (2,029,188) | (6,259,047) | 26,253,579 | ||||
Income tax expense | 1,077,562 | 3,598,360 | 3,515,958 | 6,273,866 | ||||
Foreign exchange loss (gain) | 368,858 | 100,211 | (266,361) | 1,999,216 | ||||
Share-based compensation | 1,883,949 | (383,911) | 3,789,925 | 151,979 | ||||
EBITDA | 3,646,424 | 4,618,967 | 20,368,988 | 1,712,735 | ||||
Restructuring costs (recovery) | - | (39,449) | - | 162,713 | ||||
Change in other provisions | - | - | (1,313,725) | 3,072,717 | ||||
One-time costs related to shareholder conflict | ||||||||
and Debenture financing | - | 651,787 | (433,610) | 2,752,916 | ||||
Adjusted EBITDA | $ | 3,646,424 | $ | 5,231,305 | $ | 18,621,653 | $ | 7,701,081 |
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.
Adjusted EPS is reported diluted EPS excluding the impact of change in the fair value of warrants.
About Optiva
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.
Caution Concerning Forward-Looking Statement
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 March 8, 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. | ||||
Consolidated Statements of Financial Position | ||||
(Expressed in U.S. dollars) | ||||
As at December 31, 2021 and December 31, 2020 | ||||
2021 | 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 29,586,926 | $ | 17,663,998 |
Trade accounts and other receivables | 7,203,145 | 7,868,501 | ||
Unbilled revenue | 8,209,036 | 4,086,395 | ||
Prepaid expenses | 3,044,329 | 2,752,304 | ||
Income taxes receivable | 4,361,968 | 4,281,673 | ||
Other assets | 822,592 | 222,101 | ||
Total current assets | 53,227,996 | 36,874,972 | ||
Restricted cash | 791,971 | 625,692 | ||
Property and equipment | 883,168 | - | ||
Deferred income taxes | 431,472 | 208,237 | ||
Other assets | 372,194 | 624,134 | ||
Long-term unbilled revenue | 2,878,032 | 3,520,177 | ||
Intangible assets | 1,804,430 | 3,255,482 | ||
Goodwill | 32,271,078 | 32,271,078 | ||
Total assets | $ | 92,660,341 | $ | 77,379,772 |
Liabilities and Shareholders' Equity (Deficit) | ||||
Current liabilities: | ||||
Trade payables | $ | 2,083,634 | $ | 8,811,407 |
Accrued liabilities | 12,904,992 | 9,677,245 | ||
Provisions | 4,200,000 | 5,555,373 | ||
Income taxes payable | 3,467,897 | 4,932,157 | ||
Deferred revenue | 3,995,143 | 4,894,195 | ||
Total current liabilities | 26,651,666 | 33,870,377 | ||
Deferred revenue | 151,306 | 661,837 | ||
Other liabilities | 2,095,612 | 2,797,836 | ||
Pension and other long-term employment benefit plans | 9,422,877 | 15,582,459 | ||
Debentures | 86,989,976 | 86,338,367 | ||
Series A Warrant | 1,495,025 | 16,662,808 | ||
Standby Warrant | 172,550 | - | ||
Deferred income taxes | 745,745 | 898,146 | ||
Total liabilities | 127,724,757 | 156,811,830 | ||
Shareholders' equity (deficit): | ||||
Share capital | 270,559,551 | 250,904,013 | ||
Standby Warrant | - | 997,500 | ||
Contributed surplus | 14,171,732 | 11,406,814 | ||
Deficit | (317,339,214) | (335,842,249) | ||
Accumulated other comprehensive income (loss) | (2,456,485) | (6,898,136) | ||
Total shareholders' (equity) deficit | (35,064,416) | (79,432,058) | ||
Total liabilities and shareholders' equity (deficit) | $ | 92,660,341 | $ | 77,379,772 |
OPTIVA Inc. | |||||
Consolidated Statements of Comprehensive Income (Loss) | |||||
(Expressed in U.S. dollars, except per share and share amounts) | |||||
Years ended December 31, 2021 and December 31, 2020 | |||||
2021 | 2020 | ||||
Revenue: | |||||
Support and subscription | $ | 47,635,223 | $ | 58,288,775 | |
Software licenses, services and other | 17,600,969 | 17,626,729 | |||
65,236,192 | 75,915,504 | ||||
Cost of revenue | 14,875,452 | 19,603,845 | |||
Gross profit | 50,360,740 | 56,311,659 | |||
Operating expenses: | |||||
Sales and marketing | 8,129,955 | 7,952,320 | |||
General and administrative | 16,762,490 | 30,058,707 | |||
Research and development | 10,509,740 | 25,537,279 | |||
Restructuring costs | - | 162,713 | |||
35,402,185 | 63,711,019 | ||||
Income (loss) from operations | 14,958,555 | (7,399,360) | |||
Foreign exchange gain (loss) | 266,361 | (1,999,216) | |||
Finance income and other income | 535,030 | 405,810 | |||
Finance recovery (costs) | 6,259,047 | (26,253,579) | |||
Income (loss) before income taxes | 22,018,993 | (35,246,345) | |||
Income tax expense (recovery): | |||||
Current | 3,864,032 | 5,801,865 | |||
Deferred | (348,074) | 472,001 | |||
3,515,958 | 6,273,866 | ||||
Net income (loss) for the year | $ | 18,503,035 | $ | (41,520,211) | |
Other comprehensive income (loss): | |||||
Items that will not be reclassified to net income: | |||||
Actuarial (loss) / gain on pension and non-pension | |||||
post-employment benefit plans, net of income | |||||
tax expense of nil (2020 - nil) | $ | 4,441,651 | $ | (2,416,940) | |
Total comprehensive income (loss) | $ | 22,944,686 | $ | (43,937,151) | |
Net income (loss) per common share: | |||||
Basic | $ | 3.12 | $ | (7.81) | |
Diluted | 3.11 | (7.81) | |||
Weighted average number of common shares: | |||||
Basic | 5,927,744 | 5,315,940 | |||
Diluted | 5,948,871 | 5,315,940 | |||
OPTIVA Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(Expressed in U.S. dollars) | ||||
Years ended December 31, 2021 and December 31, 2020 | ||||
2021 | 2020 | |||
Cash provided by (used in): | ||||
Operating activities: | ||||
Net income (loss) for the year | $ | 18,503,035 | $ | (41,520,211) |
Adjustments for: | ||||
Depreciation of property and equipment | 169,456 | - | ||
Amortization of intangible assets | 1,451,052 | 8,960,116 | ||
Finance income | (535,030) | (405,810) | ||
Finance costs | (6,259,047) | 26,253,579 | ||
Income tax expense | 3,515,958 | 6,273,866 | ||
Unrealized foreign exchange (gain) / loss | (3,109,791) | (1,683,892) | ||
Share-based compensation | 3,789,925 | 151,979 | ||
Pensiona | 1,614,029 | 1,236,746 | ||
Provisions | (1,355,373) | 1,888,212 | ||
Change in non-cash operating working capital | (9,605,867) | (4,153,635) | ||
8,178,347 | (2,999,050) | |||
Interest paid | (111,357) | (38,897) | ||
Interest received | 23,743 | 78,201 | ||
Income taxes paid | (5,443,547) | (4,940,550) | ||
2,647,186 | (7,900,296) | |||
Financing activities: | ||||
Issuance of debentures | - | 90,000,000 | ||
Transaction costs on debentures | - | (3,933,723) | ||
Interest paid on debentures | (8,764,162) | - | ||
Issue of share capital (private placement) | 19,655,538 | - | ||
Redemption of preferred shares | - | (80,000,000) | ||
Dividends paid | - | (13,588,145) | ||
10,891,376 | (7,521,868) | |||
Investing activities: | ||||
Purchase of property and equipment | (1,052,749) | - | ||
Decrease (increase) in restricted cash | (166,279) | 325,599 | ||
(1,219,028) | 325,599 | |||
Effect of foreign exchange rate changes | ||||
on cash and cash equivalents | (396,606) | 1,012,570 | ||
Increase (decrease) in cash and cash equivalents | 11,922,928 | (14,083,995) | ||
Cash and cash equivalents, beginning of year | 17,663,998 | 31,747,993 | ||
Cash and cash equivalents, end of year | $ | 29,586,926 | $ | 17,663,998 |
SOURCE Optiva Inc.
Copyright 2022 Canada NewsWire
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