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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, Nov. 8, 2022 /CNW/ - Optiva Inc. ("Optiva" or "the Company") (TSX: OPT), a leader in providing communications service providers (CSPs) worldwide with cloud-native revenue management software on the private and public cloud, today released its third quarter financial results for the three-month period ended September 30, 2022.
"I am pleased with our team's focus on and successful execution of our 2022 plan of record. We remain on track to further stabilize revenue and increase market and customer traction with next-generation products and services," said John Giere, President and Chief Executive Officer of Optiva. "Our sales and R&D efforts continue to deliver high-value products and services to satisfy the complex needs of our global customers for their public and private cloud strategies. As we push ahead in Q4, we are quite satisfied and excited with the net impact of our investments which is evidenced in the increasing visibility of our customer successes as we wrap up this year. We are realizing our vision of a bright future and look to accelerate this momentum going into the new year."
Business Highlights
Third Quarter 2022 Financial Results Highlights:
Q3 Fiscal 2022 Highlights | Three Months Ended | Nine Months Ended | ||||
($ US Millions, except per share information) | September 30, | September 30, | ||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | ||
Revenue | 15.2 | 16.7 | 46.7 | 49.1 | ||
Net Income (Loss) | 0.9 | 3.8 | 2.2 | 21.8 | ||
Earnings (Loss) Per Share | $ 0.14 | $ 0.62 | $ 0.36 | $ 3.73 | ||
Adjusted Earnings (Loss) Per Share(1) | $(0.16) | $ 0.35 | $(0.16) | $ 0.72 | ||
Adjusted EBITDA(1) | 3.3 | 5.9 | 10.9 | 15.0 | ||
Cash from (used in) operating activities | (2.6) | 5.2 | (2.2) | 5.9 | ||
Total cash, including restricted cash | 18.3 | 32.8 | 18.3 | 32.8 | ||
(1) EBITDA, Adjusted EBITDA, 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, November 9, 2022, to discuss its third quarter 2022 financial results for the three-month period ended September 30, 2022. John Giere, President & 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, November 9, 2022
Time: 8:30 a.m. Eastern Daylight Time
Toll-free (Canada/US): 1-888-394-8218
International: 1-720-543-0214
Conference ID: 3708269
Online Access: https://viavid.webcasts.com/starthere.jsp?ei=1577551&tp_key=1f13256463
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 (in thousands of U.S. dollars).
Three months ended, September 30 | Nine months ended, September 30 | |||
2022 | 2021 | 2022 | 2021 | |
Net income for the period | $ 870 | $ 3,783 | $ 2,215 | $ 21,813 |
Add back / (substract): | ||||
Depreciation of property and equipment | 119 | 65 | 355 | 83 |
Amortization of intangible assets | 361 | 363 | 1,083 | 1,088 |
Finance income | (97) | (329) | (256) | (471) |
Finance costs (recovery) | 2,105 | 804 | 5,518 | (9,500) |
Income tax expense | 893 | 833 | 1,630 | 2,438 |
Foreign exchange loss (gain) | 254 | (109) | 792 | (635) |
Share-based compensation | 375 | 490 | 1,084 | 1,905 |
EBITDA | 4,880 | 5,900 | 12,421 | 16,721 |
Release of provisions | (1,571) | - | (1,571) | (1,314) |
One-time cost (recovery) related to shareholder conflict | - | - | - | (434) |
Adjusted EBITDA | $ 3,309 | $ 5,900 | $ 10,850 | $ 14,973 |
Adjusted EPS is reported diluted EPS excluding the impact of change in the fair value of warrants, one-time costs (recovery) related to shareholder conflict and release of provisions.
TCV is the Total Contract Value of all bookings closed in the period.
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 listed 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 August 9, 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. | ||
(Expressed in thousands of U.S. dollars) | ||
(Unaudited) | ||
September 30, | December 31, | |
2022 | 2021 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 16,660 | $ 29,587 |
Trade accounts and other receivables | 10,435 | 7,203 |
Unbilled revenue | 13,199 | 8,209 |
Prepaid expenses | 1,298 | 3,044 |
Income taxes receivable | 3,872 | 4,362 |
Other assets | 739 | 823 |
Total current assets | 46,203 | 53,228 |
Restricted cash | 1,592 | 792 |
Property and equipment | 1,372 | 883 |
Deferred income taxes | 439 | 432 |
Other assets | - | 372 |
Long-term unbilled revenue | 2,119 | 2,878 |
Intangible assets | 721 | 1,804 |
Goodwill | 32,271 | 32,271 |
Total assets | $ 84,717 | $ 92,660 |
Liabilities and Shareholders' Deficit | ||
Current liabilities: | ||
Trade payables | $ 2,821 | $ 2,083 |
Accrued liabilities | 8,969 | 12,905 |
Provisions | - | 4,200 |
Income taxes payable | 3,902 | 3,468 |
Deferred revenue | 2,588 | 3,995 |
Total current liabilities | 18,280 | 26,651 |
Deferred revenue | 792 | 151 |
Other liabilities | 1,804 | 2,096 |
Pension and other long-term employment benefit plans | 999 | 9,423 |
Debentures | 87,526 | 86,990 |
Series A Warrant | 19 | 1,495 |
Standby Warrant | 10 | 172 |
Deferred income taxes | 619 | 746 |
Total liabilities | 110,049 | 127,724 |
Shareholders' deficit: | ||
Share capital | 270,560 | 270,560 |
Contributed surplus | 15,449 | 14,172 |
Deficit | (315,124) | (317,339) |
Accumulated other comprehensive loss | 3,783 | (2,457) |
Total shareholders' deficit | (25,332) | (35,064) |
Total liabilities and shareholders' deficit | $ 84,717 | $ 92,660 |
OPTIVA Inc. | ||||
(Expressed in thousands of U.S. dollars, except share amounts) | ||||
(Unaudited) | ||||
Three months ended, September 30 | Nine months ended, September 30 | |||
2022 | 2021 | 2022 | 2021 | |
Revenue: | ||||
Support and subscription | $ 9,900 | $ 11,412 | $ 29,859 | $ 35,681 |
Software licenses, services and other | 5,260 | 5,254 | 16,836 | 13,386 |
15,160 | 16,666 | 46,695 | 49,067 | |
Cost of revenue | 4,215 | 3,492 | 12,742 | 10,765 |
Gross profit | 10,945 | 13,174 | 33,953 | 38,302 |
Operating expenses: | ||||
Sales and marketing | 2,534 | 1,789 | 7,369 | 5,502 |
General and administrative | 1,431 | 2,990 | 7,666 | 11,984 |
Research and development | 2,955 | 3,412 | 9,019 | 7,171 |
6,920 | 8,191 | 24,054 | 24,657 | |
Income from operations | 4,025 | 4,983 | 9,899 | 13,645 |
Foreign exchange gain / (loss) | (254) | 109 | (792) | 635 |
Finance income | 97 | 328 | 256 | 471 |
Finance (cost) recovery | (2,105) | (804) | (5,518) | 9,500 |
Income before income taxes | 1,763 | 4,616 | 3,845 | 24,251 |
Income taxes (recovery): | ||||
Current | 1,032 | 922 | 1,727 | 2,691 |
Deferred | (139) | (89) | (97) | (253) |
893 | 833 | 1,630 | 2,438 | |
Net income | 870 | 3,783 | 2,215 | 21,813 |
Other comprehensive income: | ||||
Items that will not be reclassified | ||||
to net income: | ||||
Actuarial gain on pension and non-pension | ||||
post-employment benefit plans, net of income | ||||
tax expense of nil: | 6,239 | 3,237 | 6,239 | 3,237 |
Total comprehensive income | $ 7,109 | $ 7,020 | $ 8,454 | $ 25,050 |
Income per common share: | ||||
Basic | $ 0.14 | $ 0.62 | $ 0.36 | $ 3.73 |
Diluted | 0.14 | 0.62 | 0.36 | 3.73 |
Weighted average number of | ||||
common shares (thousands): | ||||
Basic | 6,178 | 6,151 | 6,178 | 5,851 |
Diluted | 6,178 | 6,151 | 6,178 | 5,851 |
OPTIVA INC. | ||||
(Expressed in thousands of U.S. dollars) | ||||
(Unaudited) | ||||
Three months ended, September 30 | Nine months ended, September 30 | |||
2022 | 2021 | 2022 | 2021 | |
Cash provided by (used in): | ||||
Operating activities: | ||||
Income for the period | $ 870 | $ 3,783 | $ 2,215 | $ 21,813 |
Adjustments for: | ||||
Depreciation of property and equipment | 119 | 65 | 355 | 83 |
Amortization of intangible assets | 361 | 363 | 1,083 | 1,088 |
Finance income | (97) | (329) | (256) | (471) |
Finance costs (recovery) | 2,105 | 804 | 5,518 | (9,500) |
Pension | 746 | 9 | (959) | (709) |
Income tax expense | 893 | 833 | 1,630 | 2,438 |
Unrealized foreign exchange (gain) / loss | 278 | 41 | (1,066) | (409) |
Share-based compensation | 375 | 490 | 1,084 | 1,905 |
Change in provisions | (4,200) | - | (4,200) | (1,355) |
Change in non-cash operating working capital | (3,393) | (1,018) | (5,064) | (7,004) |
(1,943) | 5,041 | 340 | 7,879 | |
Interest paid | (4) | (40) | (26) | (93) |
Interest received | 59 | 9 | 118 | 19 |
Promissory note paid | - | - | (2,000) | - |
Income taxes (paid) received | (709) | 206 | (672) | (1,858) |
(2,597) | 5,216 | (2,240) | 5,947 | |
Financing activities: | ||||
Issue of share capital | - | - | - | 19,089 |
Payment of interest on loans and borrowings | (4,351) | (4,351) | (8,775) | (8,764) |
(4,351) | (4,351) | (8,775) | 10,325 | |
Investing activities: | ||||
Purchase of property and equipment | (320) | (666) | (844) | (931) |
Purchase of software | - | (372) | - | (372) |
Increase in restricted cash | (815) | (254) | (800) | (166) |
(1,135) | (1,292) | (1,644) | (1,469) | |
Effect of foreign exchange rate changes | ||||
on cash and cash equivalents | (853) | (476) | (268) | (435) |
Increase (decrease) in cash and cash equivalents | (8,936) | (903) | (12,927) | 14,368 |
Cash and cash equivalents, beginning of period | 25,596 | 32,935 | 29,587 | 17,664 |
Cash and cash equivalents, end of period | $ 16,660 | $ 32,032 | $ 16,660 | $ 32,032 |
SOURCE Optiva Inc.
Copyright 2022 Canada NewsWire
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