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Enghouse Interactive Wir helfen Tausenden von Unternehmen auf der ganzen Welt ihren Service, ihre Produktivität und Effizienz zu verbessern.

Veröffentlichungsdatum: Donnerstag, 11. März 2021

Enghouse Releases First Quarter Results

Markham, Ontario

Enghouse Systems Limited (TSX:ENGH) today announced its first quarter (unaudited) financial results for the period ended January 31, 2021.

All the financial information is in Canadian dollars unless otherwise indicated.

Key financial and operational highlights for the three months ended January 31, 2021 (compared to the same period in 2020) are as follows:

  • Revenue grew 7.6%  to $119.1 million;
  • Results from operating activities increased 32.0% to $40.7 million;
  • Net income increased 27.9% to $20.6 million;
  • Adjusted EBITDA increased 26.0% to $44.5 million;
  • Cash flows from operating activities excluding changes in working capital increased 18.6% to $41.7 million, closing the quarter with $230.4 million in cash, cash equivalents and short-term investments.

In the first quarter of 2021, hosted revenue increased 17.3% to $19.3 million as a result of ongoing initiatives to transition new and existing customers to cloud-based service agreements, notably in Enghouse’s cloud contact-center business. Meanwhile, seasonality that is typically experienced in the first quarter was further exacerbated as a result of COVID-19 related lock-downs. This delayed some professional services and hardware deployments that require in-person integration and customization.

Enghouse continues to realize cost savings from remote work arrangements and reduced expenditure on its physical footprint, as the pandemic persists, with most countries experiencing a second wave. The Company’s adjusted EBITDA margins increased from 31.9% to 37.4% as Enghouse continues to realize efficiencies related to increased scale after quickly integrating acquisitions and reduced travel costs.

On December 30, 2020, Enghouse acquired 100% of the issued and outstanding common shares of Sociedade Altitude Software Sistemas e Serviços S.A. (“Altitude”). Headquartered in Lisbon, Portugal, Altitude provides omni-channel contact center solutions for small and large organizations, with a focus on the business process outsourcing market segment. Its modular software suite supports all media channels and has strong inbound and outbound capabilities for both on premise and hosted contact center activities.

The acquisition of Altitude extends our presence to Portugal and further expands our operations in Spain, Brazil and Mexico enabling us to capture additional opportunities within these markets. Efforts to onboard the Altitude team and align their processes with those of Enghouse were almost completed by the end of the first quarter.

Dividends:

As previously announced on December 17, 2020, the Board of Directors approved a special dividend of $1.50 per common share, which was paid on February 16, 2021 to shareholders of record at the close of business on January 15, 2021.

Today, the Board of Directors approved the Company’s eligible quarterly dividend of $0.16 per common share, an increase of 18% over the prior dividend, payable on May 31, 2021 to shareholders of record at the close of business on May 17, 2021. This represents the thirteenth consecutive year in which the company increased its dividend by over 10%.

With substantial cash balances, no debt, significant operating cash flow, low interest rates and the ability to access additional capital, as needed, we believe that we will continue to have sufficient funding available for operations and additional acquisitions.

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

 

 

For the period ended January 31

Three months
  2021   2020  Var ($) Var (%)
Revenue $ 119,100 $ 110,656 8,444 7.6
 
Direct costs 31,508 32,477 (969) (3.0)
Revenue, net of direct costs $ 87,592 $ 78,179 9,413 12.0
As a % of revenue   73.5%   70.7%    
     
Operating expenses 46,510 45,760 750 1.6
Special charges  383 1,576 (1,193) (75.7)
Results from operating activities $ 40,699 $ 30,843 9,856 32.0
As a % of revenue   34.2%   27.9%    
     
Amortization of acquired software and customer relationships (10,774) (10,080) (694) (6.9)
Foreign exchange gains (losses) (3,110)  347 (3,457) (996.3)
Interest expense – lease obligations (329) (262) (67)
Finance income   80  351 (271) (77.2)
Finance expenses (81) (18) (63) (350.0)
Other income (324) (414) 90 21.7
Income before income taxes $ 26,161 $ 20,767 5,394 26.0
Provision for income taxes 5,519 4,631 888 19.2
Net Income for the period $ 20,642 $ 16,136 4,506 27.9
         
Basic earnings per share 0.37 0.29 0.08 27.6
Diluted earnings per share 0.37 0.29 0.08 27.6
             
Operating cash flows 20,545 19,933 612 3.1
Operating cash flows excluding changes in working capital 41,715 35,183 6,532 18.6
 
Adjusted EBITDA  
Results from operating activities 40,699 30,843 9,856 32.0
 
Depreciation 735 887 (152) (17.1)
Depreciation of right-of-use assets 2,703 2,023 680 33.6
Special charges 383 1,576 (1,193) (75.7)
Adjusted EBITDA $ 44,520 $ 35,329 9,191 26.0
   
Adjusted EBITDA margin 37.4% 31.9%  
   
Adjusted EBITDA per diluted share $ 0.80 $ 0.64  0.16 25.0
 

 

Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)

(unaudited)

     As at January 31, 2021 As at October 31,

2020

ASSETS
Current assets:
   Cash and cash equivalents $ 225,977 $ 244,792
   Short-term investments 4,394 6,999
   Accounts receivable 115,830 90,789
   Prepaid expenses and other assets 16,478 14,772
                           362,679   357,352
Non-current assets:
   Property and equipment 6,754 6,301
   Right-of-use assets 37,983 42,832
   Intangible assets 136,887 123,616
   Goodwill 229,569 217,426
   Deferred income tax assets 19,221 16,119
    430,414 406,294
    $ 793,093 $ 763,646
           
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
   Accounts payable and accrued liabilities $ 83,633 $ 80,339
   Income taxes payable 10,328 13,245
   Dividends payable 90,502 7,472
   Provisions 8,745 5,697
   Deferred revenue 108,051 89,927
   Lease obligations 8,537 9,914
                          309,796   206,594
Non-current liabilities:
   Income taxes payable 3,043 3,829
   Deferred income tax liabilities 21,195 14,782
   Deferred revenue 5,314 7,021
   Net employee defined benefit obligation 2,859 2,855
   Lease obligations 28,529 32,242
      60,940 60,729
      370,736   267,323
 

Shareholders’ equity

         
   Share capital 99,594 99,405
   Contributed surplus 7,156 6,583
   Retained earnings 309,518 379,378
   Accumulated other comprehensive income 6,089 10,957
      422,357   496,323
    $ 793,093 $ 763,646

 

Condensed Consolidated Interim Statements of Operations and Comprehensive Income
(in thousands of Canadian dollars except per share amounts)    
 (unaudited)                                                      Three months
Periods ended January 31   2021 2020
 

Revenue

     Software licenses  $  28,300 $  28,400
     Hosted and maintenance services 72,243 64,353
     Professional services 15,829 15,183
     Hardware 2,728 2,720
  119,100 110,656
Direct costs      
     Software licenses 1,201 2,450
     Services 28,472 28,346
     Hardware 1,835 1,681
  31,508 32,477
Revenue, net of direct costs   87,592 78,179
       
Operating expenses      
     Selling, general and administrative 22,951 24,682
     Research and development 20,121 18,168
     Depreciation  735  887
     Depreciation of right-of-use assets 2,703 2,023
     Special charges 383 1,576
  46,893 47,336
Results from operating activities   40,699 30,843
Amortization of acquired software and customer relationships (10,774) (10,080)
Foreign exchange (losses) gains  (3,110)  347
Interest expense – lease obligations  (329) (262)
Finance income   80  351
Finance expenses (81) (18)
Other expense (324) (414)
Income before income taxes   26,161 20,767
Provision for income taxes 5,519 4,631
Net income for the period   $  20,642 $  16,136
 

Items that may be subsequently reclassified to income:

   
Cumulative translation adjustment (4,868) 2,320
Other comprehensive (loss) income   (4,868) 2,320
 
Comprehensive income   $  15,774 $  18,456
Earnings per share    
Basic $      0.37 $      0.29
Diluted $      0.37 $      0.29

 

Condensed Consolidated Interim Statements of Cash Flows
 (in thousands of Canadian dollars)

 (unaudited)

   

Three months

Periods ended January 31 2021 2020
 

OPERATING ACTIVITIES

Net income $    20,642 $    16,136
Adjustments for non-cash items
   Depreciation  735  887
   Depreciation of right-of-use assets 2,703 2,023
   Interest expense – lease obligations   329 262
   Amortization of acquired software and customer relationships 10,774 10,080
   Stock-based compensation expense 608 732
   Provision for income taxes 5,519 4,631
   Finance expenses and other (income) expenses  405 432
    41,715 35,183
     
Changes in non-cash operating working capital (11,355) (10,300)
Income taxes paid (9,815) (4,950)
Net cash provided by operating activities   20,545 19,933
 
INVESTING ACTIVITIES
Purchase of property and equipment  (678) (439)
Acquisitions, net of cash acquired* (27,829) (49,445)
Sale (purchase) of short-term investments 2,546 (7)
Net cash used in investing activities   (25,961) (49,891)
   
FINANCING ACTIVITIES
Issuance of share capital 154 4,784
Repayment of loans (62)
Repayment of lease obligations (2,830) (2,866)
Dividends paid (7,472) (6,021)
Net cash used in financing activities   (10,148) (4,165)
 

Impact of foreign exchange on cash and cash equivalents

(3,251) 810
 
Decrease in cash and cash equivalents   (18,815) (33,313)
Cash and cash equivalents – beginning of period 244,792 144,764
Cash and cash equivalents – end of period   $  225,977 $  111,451

 * Acquisitions are net of cash acquired of $1,463 and $6,906 for the three months ended January 31, 2021 and 2020, respectively.

 

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

 


Three months ended January 31, 2021
IMG AMG Total
Revenue $ 70,303 $ 48,797 $ 119,100
Direct costs (15,457) (16,051) (31,508)
Revenue, net of direct costs   54,846   32,746   87,592
Operating expenses excluding special charges (22,663) (12,125) (34,788)
Depreciation of property and equipment (671) (64) (735)
Depreciation of right-of-use assets (1,818) (885) (2,703)
Segment profit $ 29,694 $ 19,672 $ 49,366
Special charges (383)
Corporate and shared service expenses (8,284)
Results from operating activities         $ 40,699

 


Three months ended January 31, 2020
IMG AMG Total
Revenue $ 62,873 $ 47,783 $ 110,656
Direct costs (15,214) (17,263) (32,477)
Revenue, net of direct costs   47,659   30,520   78,179
Operating expenses excluding special charges (21,219) (12,668) (33,887)
Depreciation of property and equipment (455) (432) (887)
Depreciation of right-of-use assets (1,058) (965) (2,023)
Segment profit $ 24,927 $ 16,455 $ 41,382
Special charges (1,576)
Corporate and shared service expenses (8,963)
Results from operating activities $ 30,843

 

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, March 12, 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: 5057458. A webcast is also available at: https://www.enghouse.com/investors.php.

 For further information please contact:

Sam Anidjar
Vice President, Corporate Development
Tel: (905) 946-3200
Email: investor@enghouse.com

****

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.

Über Dörthe Reckhaus

Marketing Manager Enghouse Interactive DACH seit Nov. 2017

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