Haivision continues to increase gross margins and delivers 18.2% year over year revenue growth
MONTREAL, Sept. 13, 2023 /PRNewswire/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the third quarter ended July 31, 2023.
“As demonstrated by our year over year growth, we have been able to take advantage of significant synergistic revenue opportunities from our two recent acquisitions. This growth is even more impressive when you consider that we exited the managed services business in April 2023” said Mirko Wicha, Chairman and CEO of Haivision. “The demand for mission critical visual collaboration systems is robust demonstrated by significant wins and a solid pipeline, and we continue to see the opportunity globally for our 5G bonded cellular contribution transmitters.”
Q3 2023 Financial ResultsRevenue of $35.0 million represents an increase of 18.2% from prior year.Gross margins* were 71.9%, a noteable improvement from 66.1% the prior year.Total expenses were $25.6 million, an increase of $1.2 million, but included a non-recurring restructuring charge of $1.5 million.Operating loss was $0.5 million, a $4.3 million improvement from the prior year.Adjusted EBITDA was $4.3 million, a $5.9 million improvement from the prior year.Adjusted EBITDA Margins was 12.4%, a significant improvement compared to a negative 5.4% in the prior year.Net loss was $0.9 million, a $3.4 million improvement from the prior year.Financial Results for the nine months ended July 31, 2023Revenue of $104.2 million represents an increase of 18.8% from the prior year.Gross margins* were 69.1%, marginally lower compared to 69.6% the prior year.Total expenses were $74.7 million an increase of $9.4 million from the prior year.Operating loss was $2.4 million, a $2.4 million or a 50% improvement from the prior year.Adjusted EBITDA* was $9.1 million, a $5.9 million or a 54% improvement from the prior year.Adjusted EBITDA Margin* was 8.7% or a 141% improvement compared to 3.6% the prior year.Net loss was $3.8 million, a $1.2 million improvement when compared to the prior year.Key Company HighlightsHaivision unveiled a compelling new user interface for the Makito X4 video encoder, streamlining workflows and the user experience, along with a single channel Makito X4 delivering 4K encoding at an industry leading new level of price performance and a Makito FX for ultra-low latency 4K video and computer graphics encoder for mission critical applications..Haivision StreamHub receivers and Haivision Pro460 transmitters awarded NAB Product of the Year award for remote production at the centennial NAB show in Las Vegas, and StreamHub won the TVBEurope Best in Show award.With Haivision Pro Series transmitters and StreamHub receivers, Haivision client SpaceLabs, won the Innovation Award for Sports Broadcasting at the inaugural Asia-Pacific Broadcasting+ Awards for Malaysian football remote production.Announced key Command 360 / Command Center deployments at Cleveland Department of Public Safety Emergency Operations Center (EOC) and ALERTCalifornia Emergency Communications Center (ECC).With YouTube, Haivision hosted the annual SRT InterOp Plugfest, with the SRT community executing 2,257 individual device-to-device compatibility tests proving widespread industry adoption.”We have now completed our restructuring exercise and are well on our way to fully integrating the two recent acquisitions.” said Dan Rabinowitz, Chief Financial Officer and EVP, Operations. “Although our third quarter financial performance still includes costs that will not be part of our fourth quarter cost structure, our Adjusted EBITDA margin of 12.4% in the period begins to demonstrate the overall earning potential of our business.
Financial ResultsRevenue for the three months and nine months ended July 31, 2023 was $35.0 million and $104.1 million, respectively, an increase of $5.4 million or 18.2% and $16.4 million or 18.6%, when compared to the prior year comparative periods. As Aviwest was acquired in April of 2022, Haivision witnessed sound organic growth in the quarter from all segments of the business. . Gross Margins* for the three months and nine months ended July 31, 2023 were 71.9% and 69.1%, respectively compared to 66.1% and 69.0% for the prior year comparable periods. Gross Margins* were positively impacted by price increases initiated last year, decreases in the incremental costs of components procured during the world wide component shortage, and our decision to exit the managed services business which historically operated at lower gross margins.
Total expenses for the three months and nine months ended July 31, 2023 were $25.6 million and $74.4 million, respectively representing increases of $1.2 million and $9.1 million when compared to the prior year comparative periods. The increase in total expenses in the quarter is largely related to restructuring costs of $1.5 million in the period as we continue to squeeze synergies from the recent acquisitions. The total expenses for the nine-month period ended July 31st, not only includes the $1.5 million restructuring costs, but includes expenses related to the acquisition of Aviwest in April 2022, including incremental depreciation and amortization expenses of $2.3 million.
Net loss for the three months and nine months ended July 31, 2023 was $0.9 million and $3.8 million, respectively and represents improvements of $3.4 million and $1.3 million when compared to the prior year comparative periods, Adjusted EBITDA* for the three months and nine months ended July 31, 2023 was $4.3 million and $9.1 million, respectively, improvements of $5.9 million in each of the prior year comparative periods.
*Represents a non-IFRS measure. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months and nine months ended July 31, 2023.
Conference Call NotificationHaivision will hold a conference call to discuss its third quarter financial results on Wednesday, September 13, 2023 at 5:30 pm (ET). To register for the call, please use this link https://conferencingportals.com/event/OTBDlmaj. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.
Financial Statements, Management’s Discussion and Analysis and Additional InformationHaivision’s unaudited interim condensed consolidated financial statements for the third quarter ended July 31, 2023 (the “Q3 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR at www.sedar.com. The financial information presented in this release was derived from the Q3 Financial Statements.
Forward-Looking Statements This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.
Non-IFRS MeasuresHaivision’s consolidated financial statements for the third quarter ended July 31, 2023 are prepared in accordance with International Financial Reporting Standards (“IFRS”). This press release makes reference to certain non-IFRS measures, including “EBITDA”, “Gross Margin”, “Adjusted EBITDA” and “Adjusted EBITDA Margin”. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Adjusted EBITDA is a supplemental measure used by management to assess the financial performance of our business. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. “EBITDA” is defined as earnings (loss) before income taxes, depreciation, amortization and financial expenses and “Adjusted EBITDA” is defined as EBITDA, as adjusted for stock-based compensation and certain non-recurring expense items. “Adjusted EBITDA Margin” represents Adjusted EBITDA divided by revenue. “Gross Margin” represents gross profit divided by revenue.
A reconciliation of EBITDA and Adjusted EBITDA to Net income (loss) is included in the tables at the end of this press release and in the Company’s management discussion and analysis for the three months and nine months ended July 31, 2023.
About HaivisionHaivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable l organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Thousands of Canadian dollars (except per share amounts)
Three months ended
July 31,
Nine months ended
July 31,
2023
2022
2023
2022
($)
($)
($)
($)
Revenue
34,954
29,574
104,132
87,794
Cost of sales
9,826
10,012
32,133
27,232
Gross profit
25,128
19,562
71,999
60,561
Expenses
Sales and marketing
7,823
7,968
23,339
20,584
Operations and support
3,820
3,283
11,409
8,710
Research and development
7,236
8,351
22,542
22,086
General and administrative
4,740
4,164
14,036
11,905
Share-based payment
449
611
1,545
2,060
Restructuring costs
1,546
—
1,546
—
25,615
24,377
74,417
65,345
Operating Profit (loss)
(486)
(4,815)
(2,417)
(4,784)
Financial expenses
393
308
1,337
654
Income (loss) before income taxes
(880)
(5,123)
(3,754)
(5,438)
Income taxes
Current
(388)
23
(242)
322
Deferred
371
(904)
283
(676)
(17)
(882)
40
(354)
Net loss
(863)
(4,241)
(3,795)
(5,085)
Other comprehensive income (loss)
Foreign currency translation adjustment
(2,670)
(979)
(2)
483
Comprehensive income (loss)
(3,533)
(5,220)
(3,797)
(4,602)
Net income per share
Net income (loss) per share (basic and diluted)
$(0.03)
$(0.15)
$(0.13)
$(0.18)
Weighted average number of shares outstanding
Basic
29,004,453
28,878,054
28,964,172
28,846,780
Diluted
29,004,453
28,878,054
28,964,172
28,846,780
Thousands of Canadian dollars
As at
July 31,2023
October 31, 2022
$
$
Assets
Current assets
Cash
7,478
5,773
Trade and other receivables
19,060
26,711
Income taxes receivable
723
—
Investment tax credits receivable
3,826
3,000
Inventories
18,698
21,056
Prepaid expenses
4,899
5,125
54,684
61,665
Non-current assets
Property and equipment
3,505
3,808
Right-of-use assets
7,594
8,948
Intangible assets
17,830
23,500
Goodwill
44,422
44,599
Non-refundable investment tax credits receivable
3,459
3,298
Deferred income taxes
2,358
2,778
79,168
86,931
133,852
148,596
Liabilities
Current liabilities
Line of credit
5,551
11,173
Trade and other payables
13,079
17,841
Restructuring costs payable
813
1,670
Purchase price payable
202
1,985
Income taxes payable
—
42
Current portion of lease liabilities
1,619
1,538
Current portion of term loans
1,195
1,389
Deferred revenue
11,798
9,246
34,256
44,884
Non-current liabilities
Lease liabilities
6,955
8,258
Term loans
1,825
2,617
Deferred revenue
3,060
2,587
46,096
58,345
Equity
Share capital
90,902
90,176
Deficit
(12,635)
(9,195)
Stock option reserve
4,786
4,565
Foreign currency translation reserve
4,702
4,704
87,756
90,251
133,852
148,596
Thousands of Canadian dollars
Three months ended
July 31,
Nine months ended
July 31,
2023
2022
2023
2022
($)
($)
($)
($)
Net Income (loss)
(863)
(4,241)
(3,795)
(5,085)
Income Taxes
(17)
(882)
40
(354)
Income before income taxes
(880)
(5,123)
(3,754)
(5,438)
Depreciation
768
728
2,315
1,838
Amortization
2,053
1,881
6,091
4,022
Financial expenses
393
308
1,337
654
EBITDA(1)
2,335
(2,206)
5,988
1,076
Share-based payments (LTIP)
449
611
1,545
2,060
Restructuring costs
1,546
—
1,546
—
Adjusted EBITDA(1)
4,330
(1,595)
9,079
3,136
Adjusted EBITDA Margin(1)
12.4 %
(5.4) %
8.7 %
3.6 %
Note:
(1) Non-IFRS measure. See “Non-IFRS Measures”.
View original content to download multimedia:https://www.prnewswire.com/news-releases/haivision-announces-results-for-the-three-months-and-nine-months-ended-july-31-2023-301926880.html
SOURCE Haivision Systems Inc.
Haivision continues to increase gross margins and delivers 18.2%
year over year revenue growth
MONTREAL, Sept. 13, 2023 /PRNewswire/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the third quarter ended July 31, 2023.
“As demonstrated by our year over year growth, we have been able to take advantage of significant synergistic revenue opportunities from our two recent acquisitions. This growth is even more impressive when you consider that we exited the managed services business in April 2023” said Mirko Wicha, Chairman and CEO of Haivision. “The demand for mission critical visual collaboration systems is robust demonstrated by significant wins and a solid pipeline, and we continue to see the opportunity globally for our 5G bonded cellular contribution transmitters.”
Revenue of $35.0 million represents an increase of 18.2% from prior year.Gross margins* were 71.9%, a noteable improvement from 66.1% the prior year.Total expenses were $25.6 million, an increase of $1.2 million, but included a non-recurring restructuring charge of $1.5 million.Operating loss was $0.5 million, a $4.3 million improvement from the prior year.Adjusted EBITDA was $4.3 million, a $5.9 million improvement from the prior year.Adjusted EBITDA Margins was 12.4%, a significant improvement compared to a negative 5.4% in the prior year.Net loss was $0.9 million, a $3.4 million improvement from the prior year.
Revenue of $104.2 million represents an increase of 18.8% from the prior year.Gross margins* were 69.1%, marginally lower compared to 69.6% the prior year.Total expenses were $74.7 million an increase of $9.4 million from the prior year.Operating loss was $2.4 million, a $2.4 million or a 50% improvement from the prior year.Adjusted EBITDA* was $9.1 million, a $5.9 million or a 54% improvement from the prior year.Adjusted EBITDA Margin* was 8.7% or a 141% improvement compared to 3.6% the prior year.Net loss was $3.8 million, a $1.2 million improvement when compared to the prior year.
Haivision unveiled a compelling new user interface for the Makito X4 video encoder, streamlining workflows and the user experience, along with a single channel Makito X4 delivering 4K encoding at an industry leading new level of price performance and a Makito FX for ultra-low latency 4K video and computer graphics encoder for mission critical applications..Haivision StreamHub receivers and Haivision Pro460 transmitters awarded NAB Product of the Year award for remote production at the centennial NAB show in Las Vegas, and StreamHub won the TVBEurope Best in Show award.With Haivision Pro Series transmitters and StreamHub receivers, Haivision client SpaceLabs, won the Innovation Award for Sports Broadcasting at the inaugural Asia-Pacific Broadcasting+ Awards for Malaysian football remote production.Announced key Command 360 / Command Center deployments at Cleveland Department of Public Safety Emergency Operations Center (EOC) and ALERTCalifornia Emergency Communications Center (ECC).With YouTube, Haivision hosted the annual SRT InterOp Plugfest, with the SRT community executing 2,257 individual device-to-device compatibility tests proving widespread industry adoption.
“We have now completed our restructuring exercise and are well on our way to fully integrating the two recent acquisitions.” said Dan Rabinowitz, Chief Financial Officer and EVP, Operations. “Although our third quarter financial performance still includes costs that will not be part of our fourth quarter cost structure, our Adjusted EBITDA margin of 12.4% in the period begins to demonstrate the overall earning potential of our business.
Revenue for the three months and nine months ended July 31, 2023 was $35.0 million and $104.1 million, respectively, an increase of $5.4 million or 18.2% and $16.4 million or 18.6%, when compared to the prior year comparative periods. As Aviwest was acquired in April of 2022, Haivision witnessed sound organic growth in the quarter from all segments of the business. . Gross Margins* for the three months and nine months ended July 31, 2023 were 71.9% and 69.1%, respectively compared to 66.1% and 69.0% for the prior year comparable periods. Gross Margins* were positively impacted by price increases initiated last year, decreases in the incremental costs of components procured during the world wide component shortage, and our decision to exit the managed services business which historically operated at lower gross margins.
Total expenses for the three months and nine months ended July 31, 2023 were $25.6 million and $74.4 million, respectively representing increases of $1.2 million and $9.1 million when compared to the prior year comparative periods. The increase in total expenses in the quarter is largely related to restructuring costs of $1.5 million in the period as we continue to squeeze synergies from the recent acquisitions. The total expenses for the nine-month period ended July 31st, not only includes the $1.5 million restructuring costs, but includes expenses related to the acquisition of Aviwest in April 2022, including incremental depreciation and amortization expenses of $2.3 million.
Net loss for the three months and nine months ended July 31, 2023 was $0.9 million and $3.8 million, respectively and represents improvements of $3.4 million and $1.3 million when compared to the prior year comparative periods, Adjusted EBITDA* for the three months and nine months ended July 31, 2023 was $4.3 million and $9.1 million, respectively, improvements of $5.9 million in each of the prior year comparative periods.
*Represents a non-IFRS measure. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months and nine months ended July 31, 2023.
Haivision will hold a conference call to discuss its third quarter financial results on Wednesday, September 13, 2023 at 5:30 pm (ET). To register for the call, please use this link https://conferencingportals.com/event/OTBDlmaj. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.
Haivision’s unaudited interim condensed consolidated financial statements for the third quarter ended July 31, 2023 (the “Q3 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR at www.sedar.com. The financial information presented in this release was derived from the Q3 Financial Statements.
This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.
Haivision’s consolidated financial statements for the third quarter ended July 31, 2023 are prepared in accordance with International Financial Reporting Standards (“IFRS”). This press release makes reference to certain non-IFRS measures, including “EBITDA”, “Gross Margin”, “Adjusted EBITDA” and “Adjusted EBITDA Margin”. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Adjusted EBITDA is a supplemental measure used by management to assess the financial performance of our business. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. “EBITDA” is defined as earnings (loss) before income taxes, depreciation, amortization and financial expenses and “Adjusted EBITDA” is defined as EBITDA, as adjusted for stock-based compensation and certain non-recurring expense items. “Adjusted EBITDA Margin” represents Adjusted EBITDA divided by revenue. “Gross Margin” represents gross profit divided by revenue.
A reconciliation of EBITDA and Adjusted EBITDA to Net income (loss) is included in the tables at the end of this press release and in the Company’s management discussion and analysis for the three months and nine months ended July 31, 2023.
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable l organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Thousands of Canadian dollars (except per share amounts)
Three months ended
July 31,
Nine months ended
July 31,
2023
2022
2023
2022
($)
($)
($)
($)
Revenue
34,954
29,574
104,132
87,794
Cost of sales
9,826
10,012
32,133
27,232
Gross profit
25,128
19,562
71,999
60,561
Expenses
Sales and marketing
7,823
7,968
23,339
20,584
Operations and support
3,820
3,283
11,409
8,710
Research and development
7,236
8,351
22,542
22,086
General and administrative
4,740
4,164
14,036
11,905
Share-based payment
449
611
1,545
2,060
Restructuring costs
1,546
—
1,546
—
25,615
24,377
74,417
65,345
Operating Profit (loss)
(486)
(4,815)
(2,417)
(4,784)
Financial expenses
393
308
1,337
654
Income (loss) before income taxes
(880)
(5,123)
(3,754)
(5,438)
Income taxes
Current
(388)
23
(242)
322
Deferred
371
(904)
283
(676)
(17)
(882)
40
(354)
Net loss
(863)
(4,241)
(3,795)
(5,085)
Other comprehensive income (loss)
Foreign currency translation adjustment
(2,670)
(979)
(2)
483
Comprehensive income (loss)
(3,533)
(5,220)
(3,797)
(4,602)
Net income per share
Net income (loss) per share (basic and diluted)
$(0.03)
$(0.15)
$(0.13)
$(0.18)
Weighted average number of shares outstanding
Basic
29,004,453
28,878,054
28,964,172
28,846,780
Diluted
29,004,453
28,878,054
28,964,172
28,846,780
Thousands of Canadian dollars
As at
July 31,
2023
October 31,
2022
$
$
Assets
Current assets
Cash
7,478
5,773
Trade and other receivables
19,060
26,711
Income taxes receivable
723
—
Investment tax credits receivable
3,826
3,000
Inventories
18,698
21,056
Prepaid expenses
4,899
5,125
54,684
61,665
Non-current assets
Property and equipment
3,505
3,808
Right-of-use assets
7,594
8,948
Intangible assets
17,830
23,500
Goodwill
44,422
44,599
Non-refundable investment tax credits receivable
3,459
3,298
Deferred income taxes
2,358
2,778
79,168
86,931
133,852
148,596
Liabilities
Current liabilities
Line of credit
5,551
11,173
Trade and other payables
13,079
17,841
Restructuring costs payable
813
1,670
Purchase price payable
202
1,985
Income taxes payable
—
42
Current portion of lease liabilities
1,619
1,538
Current portion of term loans
1,195
1,389
Deferred revenue
11,798
9,246
34,256
44,884
Non-current liabilities
Lease liabilities
6,955
8,258
Term loans
1,825
2,617
Deferred revenue
3,060
2,587
46,096
58,345
Equity
Share capital
90,902
90,176
Deficit
(12,635)
(9,195)
Stock option reserve
4,786
4,565
Foreign currency translation reserve
4,702
4,704
87,756
90,251
133,852
148,596
Thousands of Canadian dollars
Three months ended
July 31,
Nine months ended
July 31,
2023
2022
2023
2022
($)
($)
($)
($)
Net Income (loss)
(863)
(4,241)
(3,795)
(5,085)
Income Taxes
(17)
(882)
40
(354)
Income before income taxes
(880)
(5,123)
(3,754)
(5,438)
Depreciation
768
728
2,315
1,838
Amortization
2,053
1,881
6,091
4,022
Financial expenses
393
308
1,337
654
EBITDA(1)
2,335
(2,206)
5,988
1,076
Share-based payments (LTIP)
449
611
1,545
2,060
Restructuring costs
1,546
—
1,546
—
Adjusted EBITDA(1)
4,330
(1,595)
9,079
3,136
Adjusted EBITDA Margin(1)
12.4 %
(5.4) %
8.7 %
3.6 %
Note:
(1) Non-IFRS measure. See “Non-IFRS Measures”.
View original content to download multimedia:https://www.prnewswire.com/news-releases/haivision-announces-results-for-the-three-months-and-nine-months-ended-july-31-2023-301926880.html
SOURCE Haivision Systems Inc.
