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Record SaaS Bookings, Record Revenue Drive Strong Performance Across All Segments MONTREAL, July 8, 2020 /PRNewswire/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management software company, today announced its results for the fourth quarter and full year of fiscal year 2020, ended April 30, 2020. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS). Fourth Quarter Highlights: Total revenue was a record $27.7 million, 20% higher than $23.2 million reported for Q4 2019. In the fourth quarter of 2020, SaaS subscription bookingsi (measured on an Annual Recurring Revenue (ARRi) basis) were a record $4.1 million, up 356% compared to $0.9 million reported for Q4 2019. Cloud, Maintenance and Subscription Revenue increased 14% year-over-year to $10.6 million in Q4 2020 from $9.4 million in Q4 2019. The increase was primarily driven by SaaS. Total ARRi at April 30, 2020 was $48.1 million, up 26% compared to $38.3 million at April 30, 2019 and up 13% from $42.5 million at January 31, 2020. During Q4 2020, the Company signed eight new accounts with a total contract value of $25.4 million compared to nine new accounts with a total contract value of $6.7 million in Q4 2019. Professional services revenue was $10.8 million, 20% higher than $9.0 million reported for Q4 2019. Professional services bookingsi in Q4 2020 increased 127% or $11.6 million to $20.7 million from $9.1 million in Q4 2019. Sequentially, professional services bookingsi is also up 60% from Q3 2020. Total gross profit increased to $12.9 million, up 18% from $10.9 million reported for Q4 2019. Total gross profit margin declined slightly to 46% in Q4 2020 compared to 47% reported in Q4 2019. Operating expenses increased to $12.3 million, higher by $0.6 million or 5% compared to $11.7 million in Q4 2019. Profit from operations was $0.6 million, compared to a loss of $0.8 million reported for Q4 2019. Net Profit was $0.4 million or $0.03 per share in Q4 2020 compared to $0.1 million or $0.01 per share reported for the same period in fiscal 2019. Adjusted EBITDAii was $2.0 million in Q4 2020 compared to $0.7 million reported for Q4 2019. "Fiscal 2020 was another exciting year for Tecsys," said Peter Brereton, president and CEO of Tecsys Inc. "The rapid shift to SaaS has proven to be a tremendous value creator for our company. Against almost all internal metrics we are meeting, or exceeding, our goals. In fiscal 2020, we signed 34 new accounts with a total contract value of $52.7 million compared to 23 new accounts with a total contract value of $15.4 million in fiscal 2019. This is an increase of 242%. On the healthcare front, fiscal 2020 was another strong year. We added 6 new hospital networks. We are confident that the ongoing expansion of our product suite and growing global reach should help us to continue to attain strong bookings going forward." "On March 11, 2020, the COVID-19 outbreak was declared a global pandemic," continued Brereton. "Tecsys is well-equipped to uphold comprehensive support and services for its end-to-end supply chain execution software through its multi-tiered customer care and support teams. Employees are now working remotely and supporting Tecsys' customers and partners. Work that was historically done both on site and remotely is now supported remotely by our employees. To date, Tecsys' ability to continue to progress sales cycles, sign new orders and execute project implementations has not been affected adversely by the pivot to remote work. While Tecsys anticipates that some client projects may be postponed or delayed during the pandemic, other client projects are starting up. Based on current activity and considering the Corporation's significant project backlog, Tecsys believes that this outbreak is not having any material adverse impact on its operating results. Moreover, Tecsys is not currently experiencing or anticipating any material credit losses as a result of the pandemic. In short, we are weathering these unprecedented challenges very well indeed." Mark Bentler, chief financial officer of Tecsys Inc., added, "Our transition from perpetual license revenues to SaaS which helps us to deliver a more robust, predictable recurring revenue stream accelerated through fiscal 2020. This pace of transition continues to exceed our own internal forecasts. In fiscal 2020, SaaS subscription bookings comprised approximately 77% of our software product bookings compared to 33% in fiscal 2019. Even adjusting for the currency tailwind we enjoyed during the year, all KPI's were very strong." Fiscal 2020 Highlights: Revenue for fiscal 2020 was $104.9 million, up 37% from $76.4 million reported for the previous fiscal year. Organic revenue growth (adjusting for acquisitions) was 14%. SaaS subscription bookingsi (measured on an ARRi basis) were $8.8 million in fiscal 2020, up 486% compared to $1.5 million in fiscal 2019. Total gross profit increased to $50.3 million, up $12.9 million or 34% in fiscal 2020 compared to $37.4 million in fiscal 2019. Total gross profit margin declined slightly to 48% compared to 49% reported for fiscal 2019. Operating expenses are $45.6 million, an increase of 16% compared to $39.2 million reported for the previous fiscal year. The majority of the increase is attributable to the acquisitions of Tecsys A/S (formerly known as PCSYS A/S) and OrderDynamics, which contributed $5.6 million of the increase. Profit from operations was $4.7 million compared to a loss from operations of $1.8 million reported for fiscal 2019. Net profit for fiscal 2020 was $2.3 million, or $0.18 per share, compared to a loss of $0.7 million or ($0.06) per share, for fiscal 2019. Adjusted EBITDAii for the year was $10.3 million, up 267% compared to $2.8 million reported for fiscal 2019. Total contract bookingsi for fiscal 2020 were $112.7 million, up 78% from $63.2 million in fiscal 2019. The increase was comprised of organic bookings growth of as well as increased bookings from acquisitions. The Company has declared a quarterly dividend of $0.06 per share to be paid on August 7, 2020 to shareholders of record at the close of business on July 24, 2020. Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends. Results from operations Trailing 12 Trailing 12 3 months ended 3 months ended months ended months ended April 30, 2020 April 30, 2019 April 30, 2020 April 30, 2019 Total Revenue $ 27,750 $ 23,191 $ 104,855 $ 76,449 Cloud, Maintenance and Subscription Revenue 10,638 9,360 41,058 31,282 Gross Profit 12,896 10,909 50,318 37,441 Gross Margin % 46% 47% 48% 49% Operating Expenses 12,302 11,746 45,610 39,239 Op. Ex. As % of Revenue 44% 51% 43% 51% Profit from Operations 594 (837) 4,708 (1,798) Adjusted EBITDA 1 1,951 684 10,271 2,776 EPS 0.03 0.01 0.18 (0.06) Bookings 40,885 19,248 112,683 63,211 License Bookings 1,388 1,239 4,718 5,928 SAAS ARR Bookings 4,075 917 8,758 1,530 Backlog 120,351 76,563 120,351 76,563 Annual Recurring Revenue 48,140 38,276 48,140 38,276 Professional Services Backlog 34,965 24,478 34,965 24,478 i See Key Performance Indicators in Management's Discussion and Analysis of the 2020 Financial Statements. ii See Non-IFRS Performance Measure in Management's Discussion and Analysis of the 2020 Financial Statements. Fourth Quarter 2020 Results Conference Call Date: July 9 2020 Time: 8:30 a.m. EDT Phone number: (800)768-9711 or (416) 981-9013 The call can be replayed until July 16, 2020 by calling (800) 558-5253 or (416) 626-4100 (access code: 21965143). About Tecsys Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions. Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com. Forward Looking Statements The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2020. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com). Copyright Tecsys Inc. 2020. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners. Non-IFRS Measure Reconciliation of EBITDA and adjusted EBITDA The terms and definitions of the non-GAAP measures used below and a reconciliation of the non-GAAP measures to the most directly comparable GAAP measure are provided below. These non-GAAP measures do not have any standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation. EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before acquisition related costs, fair value adjustment on contingent consideration, stock-based compensation and restructuring costs. The Company believes that these measures are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. The EBITDA and Adjusted EBITDA calculation for fiscal 2020, 2019 and 2018 derived from IFRS measures in the Company's Consolidated financial statements, is as follows: 2020 2019 2018 Profit (loss) for the period $ 2,346 $ (741) $ 3,949 Adjustments for: Depreciation of property and equipment and right-of-use assets 2,004 879 760 Amortization of deferred development costs 536 949 1,118 Amortization of other intangible assets 1,530 995 462 Interest expense 1,080 196 4 Interest income (74) (197) (259) Income taxes 1,234 (1,018) 456 EBITDA $ 8,656 $ 1,063 $ 6,490 Adjustments for: Acquisition related costs - 1,347 - Stock based compensation 1,024 366 - Fair value adjustment on contingent considerationearnout Tecsys A/S 171 - - Restructuring costs 420 - - Adjusted EBITDA $ 10,271 $ 2,776 $ 6,490 Tecsys Inc Consolidated Statements of Financial Position (in thousands of Canadian dollars) April 30, 2020 April 30, 2019 Assets Current assets Cash and cash equivalents $ 27,528 $ 14,913 Short-term investments 10,000 - Accounts receivable 18,434 14,986 Work in progress 837 811 Other receivables 1,633 392 Tax credits 4,162 3,493 Inventory 634 673 Prepaid expenses 3,778 2,687 Total current assets 67,006 37,955 Non-current assets Other long-term receivables 350 278 Tax credits 4,624 5,260 Property and equipment 2,823 2,714 Right-of-use assets 8,234 - Contract acquisition costs 2,324 536 Deferred development costs 1,103 1,064 Other intangible assets 13,401 14,706 Goodwill 17,540 17,456 Deferred tax assets 7,028 5,476 Total non-current assets 57,427 47,490 Total assets $ 124,433 $ 85,445 Liabilities Current liabilities Accounts payable and accrued liabilities $ 19,933 $ 11,633 Deferred revenue 16,163 14,252 Current portion of long-term debt 1,231 1,022 Other current liabilities 4,670 4,111 Lease obligations 922 - Total current liabilities 42,919 31,018 Non-current liabilities Long-term debt 9,600 10,827 Other non-current liabilities - 2,333 Deferred tax liabilities 1,638 1,769 Lease obligations 9,157 - Total non-current liabilities 20,395 14,929 Total liabilities 63,314 45,947 Contingencies and other commitments Equity Share capital 40,901 19,144 Contributed surplus 10,964 9,943 Retained earnings 8,838 10,618 Accumulated other comprehensive income (loss) 416 (207) Total equity attributable to the owners of the Company 61,119 39,498 Total liabilities and equity $ 124,433 $ 85,445 Tecsys Inc Consolidated Statements of Income (loss) and Comprehensive Income (loss) Three and twelve months periods ended April 30, 2020 and 2019 (in thousands of Canadian dollars, except per share data) Three months Three months Twelve months Twelve months Ended Ended Ended Ended April 30, 2020 April 30, 2019 April 30, 2020 April 30, 2019 Revenue: Proprietary products $ 1,694 $ 1,606 $ 5,384 $ 6,948 Third-party products 4,244 2,694 15,885 6,822 Cloud, maintenance and subscription 10,638 9,360 41,058 31,282 Professional services 10,823 9,002 40,616 29,338 Reimbursable expenses 351 529 1,912 2,059 Total revenue 27,750 23,191 104,855 76,449 Cost of revenue: Products 3,493 2,377 12,780 6,036 Services 11,010 9,376 39,845 30,913 Reimbursable expenses 351 529 1,912 2,059 Total cost of revenue 14,854 12,282 54,537 39,008 Gross profit 12,896 10,909 50,318 37,441 Operating expenses: Sales and marketing 5,368 5,058 20,134 17,204 General and administration 2,637 2,836 9,821 9,354 Research and development, net of tax credits 4,297 3,852 15,235 12,681 Restructuring costs - - 420 - Total operating expenses 12,302 11,746 45,610 39,239 Profit (loss) from operations 594 (837) 4,708 (1,798) Net finance costs (income) 145 102 1,128 (39) Profit (loss) before income taxes 449 (939) 3,580 (1,759) Income tax expense (benefit) 74 (1,018) 1,234 (1,018) Profit (loss) attributable to the owners of the Company $ 375 $ 79 $ 2,346 $ (741) Other comprehensive income (loss) : Effective portion of changes in fair value on designated revenue hedges 627 (142) 696 (14) Exchange differences on translation of foreign operations 198 (80) (73) (80) Comprehensive income (loss) attributable to the owners of the Company $ 1,200 $ (143) $ 2,969 $ (835) Basic and diluted earnings (loss) per common share $ 0.03 $ 0.01 $ 0.18 $ (0.06) Tecsys Inc Consolidated Statements of Cash Flows Three and twelve months periods ended April 30, 2020 and 2019 (in thousands of Canadian dollars) Three months Three months Twelve months Twelve months Ended Ended Ended Ended April 30,2020 April 30, 2019 April 30, 2020 April 30, 2019 Cash flows from operating activities: Profit (loss) for the period $ 375 $ 79 $ 2,346 $ (741) Adjustments for: Depreciation of property and equipment and right-of-use-assets 542 230 2,005 879 Amortization of deferred development costs 119 172 536 949 Amortization of other intangible assets 398 493 1,530 995 Net finance costs (income) 145 102 1,128 (39) Unrealized foreign exchange and other 352 507 (245) 275 Non-refundable tax credits (355) (226) (1,398) (902) Stock-based compensation 214 107 1,024 366 Income taxes (406) (1,182) 399 (1,182) Net cash from operating activities excluding changes in non-cash working capital items related to operations 1,384 282 7,325 600 Accounts receivable (1,910) 1,674 (3,434) 1,749 Work in progress (161) 546 (27) (129) Other receivables (11) (46) (315) 109 Tax credits 1,797 1,960 103 (212) Inventory 175 98 38 476 Prepaid expenses and contract acquisition costs (1,417) (211) (2,877) (595) Accounts payable and accrued liabilities 5,169 (434) 7,285 795 Deferred revenue 1,120 92 1,908 1,307 Changes in non-cash working capital items related to operations 4,762 3,679 2,681 3,500 Net cash from operating activities 6,146 3,961 10,006 4,100 Cash flows from financing activities: Repayment of long-term debt (308) (237) (1,018) (272) Issuance of long-term debt - - - 12,000 Payment of lease obligations (262) - (993) - Issuance of common shares 21,719 - 21,719 - Payment of dividends (785) (719) (3,009) (2,747) Issuance of common shares on exercise of stock options 12 - 12 - Interest paid (139) (115) (854) (115) Net cash from (used in) financing activities 20,237 (1,071) 15,857 8,866 Cash flows from investing activities: Purchase of short-term investments (10,000) - (10,000) - Decrease in long-term investments - 7 - 10,007 Decrease in restricted cash - 12,000 - - Interest received 11 25 74 197 Acquisitions of property and equipment (231) (134) (934) (403) Acquisitions of other intangible assets (42) (68) (196) (160) Deferred development costs (70) (76) (575) (163) Business acquisitions (471) (11,147) (1,617) (21,027) Net cash used in (from) investing activities (10,803) 607 (13,248) (11,549) Net increase in cash and cash equivalents during the period 15,580 3,497 12,615 1,417 Cash and cash equivalents - beginning of period 11,948 11,416 14,913 13,496 Cash and cash equivalents - end of period $ 27,528 $ 14,913 $ 27,528 $ 14,913 Supplemental cash flow information: Purchase of property and equipment included in accounts payable and accrued liabilities $ 133 $ - $ 133 $ - Right-of-use assets additions $ 863 $ - $ 863 $ - Deferred tax asset recognized in share capital related to transaction fees $ 449 $ - $ 449 $ - Transaction costs included in accounts payable and accrued liabilities related to issuance of common shares $ 426 $ - $ 426 $ - Tecsys Inc Consolidated Statements of Changes in Equity (in thousands of Canadian dollars, except number of shares) Share capital Contributed surplus Accumulated other comprehensive income (loss) Retained earnings Total Number Amount Note Balance, April 30, 2019 13,082,376 $ 19,144 $ 9,943 $ (207) $ 10,618 $ 39,498 Adjustment on initial application of IFRS 16 - - - - (1,117) (1,117) Adjusted balance, May 1, 2019 13,082,376 19,144 9,943 (207) 9,501 38,381 Profit for the year - - - - 2,346 2,346 Other comprehensive income (loss) for the year: Effective portion of changes in fair value on designated revenue hedges - - - 696 - 696 Exchange difference on translation of foreign operations - - - (73) - (73) Stock-based compensation - - 1,024 - - 1,024 Total comprehensive income for the year - - 1,024 623 2,346 3,993 Dividends to equity owners - - - - (3,009) (3,009) Share options exercised 834 15 (3) - - 12 Common shares issued under bought deal financing, netof share issue costs of $1,707 and deferred taxes of $449 1,333,333 21,742 - - - 21,742 Total transaction with owners of the Company 1,334,167 21,757 (3) - (3,009) 18,745 Balance, April 30, 2020 14,416,543 $ 40,901 $ 10,964 $ 416 $ 8,838 $ 61,119 Balance, May 1, 2018 13,082,376 19,144 9,577 (113) 14,106 42,714 Loss for the year - - - - (741) (741) Other comprehensive income (loss) for the year: Effective portion of changes in fair value on designated revenue hedges - - - (14) - (14) Exchange difference on translation of foreign operations - - - (80) - (80) Stock-based compensation 366 - - 366 Total comprehensive income (loss) for the year - - 366 (94) (741) (469) Dividends to equity owners - - - - (2,747) (2,747) Total transaction with owners of the Company - - - - (2,747) (2,747) Balance, April 30, 2019 13,082,376 $ 19,144 $ 9,943 $ (207) $ 10,618 $ 39,498 SOURCE Tecsys Inc. Related Links https://www.tecsys.com/

Answer: Tecsys Reports Financial Results for Fourth Quarter and Full Year Fiscal 2020