Technology
Tecsys Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2024
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6 months agoon
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SaaS subscription bookings set new record in fourth quarter, SaaS RPO climbs 43%
MONTREAL, June 27, 2024 /CNW/ — Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal 2024, ended April 30, 2024. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).
“Fiscal 2024 has been a landmark year for Tecsys in which we have demonstrated our ability to drive continued growth and expand market opportunity,” said Peter Brereton, president and CEO at Tecsys. “Our SaaS revenue surged by 39% in fiscal 2024 and we achieved record-breaking SaaS bookings in our fourth quarter as well as for the full year. We head into fiscal 2025 with confidence that we are delivering exceptional value to our customers and are well-positioned to capitalize on our market momentum.”
Mark Bentler, chief financial officer of Tecsys Inc., added, “Our financial performance in fiscal 2024 underscores the strength of our business model. With a 43% increase in SaaS RPO in fiscal 2024 and positive evolution in our gross margin profiles, we continue to see the path for AEBITDA margin expansion to 8-9% in fiscal 2025 and 10-11% in fiscal 2026.”
Fourth Quarter Highlights:
SaaS revenue increased by 27% to $14.2 million, up from $11.1 million in Q4 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased by 108% to a record $8.0 million, compared to $3.9 million in the fourth quarter of fiscal 2023.SaaS Remaining Performance Obligation (RPOi) increased by 43% to $196.9 million at April 30, 2024, up from $137.7 million at the same time last year.Annual Recurring Revenue (ARRi) at April 30, 2024 was up 21% to $94.7 million compared to $78.3 million at April 30, 2023.Total revenue increased 7% to a record $44.0 million compared to $41.2 million in Q4 2023. Professional services revenue decreased by 2% to $14.4 million compared to $14.6 million in Q4 2023.Gross margin was 47% for the fourth quarter of fiscal 2024 compared to 45% for the same period in fiscal 2023.Total gross profit increased to $20.6 million, up 12% from $18.4 million in Q4 2023.Operating expenses increased to $21.3 million, higher by $4.3 million or 25% compared to $17.0 million in Q4 last year. Q4 2024 operating expenses included $2.1 million of restructuring costs.Loss from operations (including the impact of restructuring costs) was $0.6 million in Q4 2024, compared to a profit from operations of $1.4 million in Q4 2023.Net profit was $0.3 million or $0.02 per share on a fully diluted basis in Q4 2024, compared to $0.4 million or $0.03 per share for the same period in fiscal 2023.Adjusted EBITDAii was $2.8 million, up 14% compared to $2.4 million reported in Q4 last year.In the fourth quarter of fiscal 2024, Tecsys acquired 128,300 of its outstanding common shares for approximately $5.0 million as part of its ongoing normal course issuer bid.
Fiscal 2024 Highlights:
SaaS revenue increased by 39% to $51.9 million, up from $37.5 million in fiscal 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased to $18.6 million, up 13% from $16.4 million in fiscal 2023.Total revenue increased 12% to $171.2 million compared to $152.4 million in fiscal 2023.Professional services revenue was $55.2 million, down slightly compared to $55.4 million in fiscal 2023.Gross margin was 46% for fiscal 2024 compared to 44% for fiscal 2023.Total gross profit increased to $78.4 million, up 17% from $66.8 million in the same period of fiscal 2023.Operating expenses increased to $76.5 million, higher by $13.2 million or 21% compared to $63.2 million in fiscal 2023.Profit from operations (including the impact of restructuring) was $1.9 million, down from $3.6 million in fiscal 2023.Net profit was $1.8 million, or $0.13 per diluted share in fiscal 2024, compared to a net profit of $2.1 million, or $0.14 per diluted share, for fiscal 2023.Adjusted EBITDAii was $9.6 million, up slightly compared to $9.5 million in fiscal 2023.
Financial Guidance:
Tecsys is providing financial guidance as follows:
FY25 Guidance
FY26 Guidance
Total Revenue Growth
7-9%
n.a.
SaaS Revenue Growth
30-32%
n.a.
Adjusted EBITDAii Margin
8-9%
10-11%
On June 27, 2024, the Company declared a quarterly dividend of $0.08 per share to be paid on August 2, 2024 to shareholders of record on July 12, 2024.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be “eligible” dividends.
Q4 and FY2024 Financial Results Conference Call
Date: June 28, 2024
Time: 8:30 a.m. ET
Phone number: 800-836-8184 or 646-357-8785
The call can be replayed until July 5, 2024, by calling:
888-660-6345 or 646-517-4150 (access code: 46999#)
i See Key Performance Indicators in Management’s Discussion and Analysis of the 2024 Financial Statements.
ii See Non-IFRS Performance Measures in Management’s Discussion and Analysis of the 2024 Financial Statements.
About Tecsys
Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys’ offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable. Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please 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 the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR+ (www.sedarplus.ca).
Copyright © Tecsys Inc. 2024. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
Non-IFRS Measures
Reconciliation of EBITDA and Adjusted EBITDA
EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, gain on remeasurement of lease liability, recognition of tax credits generated in prior periods and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization, stock-based compensation, gain on remeasurement of lease liability and recognition of tax credits generated in prior periods eliminates the non-cash impact of these items.
The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they 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. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS.
The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below.
Year ended April 30,
(in thousands of CAD)
2024
2023
2022
Net profit for the period
$
1,849
$
2,089
$
4,478
Adjustments for:
Depreciation of property and equipment and right-of-use assets
1,477
1,775
2,162
Amortization of deferred development costs
583
496
290
Amortization of other intangible assets
1,493
1,603
1,612
Interest expense
163
406
622
Interest income
(1,015)
(686)
(474)
Income taxes
641
1,624
946
EBITDA
$
5,191
$
7,307
$
9,636
Adjustments for:
Stock based compensation
2,301
2,177
1,684
Gain on remeasurement of lease liability
–
–
(573)
Recognition of tax credits generated in prior periods
–
–
(617)
Restructuring costs
2,122
–
–
Adjusted EBITDAii
$
9,614
$
9,484
$
10,130
Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
April 30, 2024
April 30, 2023
Assets
Current assets
Cash and cash equivalents
$
18,856
$
21,235
Short-term investments
16,713
15,835
Accounts receivable
22,090
22,900
Work in progress
4,248
1,734
Other receivables
134
523
Tax credits
6,422
5,338
Inventory
1,359
1,034
Prepaid expenses and other
9,143
8,193
Total current assets
78,965
76,792
Non-current assets
Other long-term receivables and assets
421
363
Tax credits
4,737
5,368
Property and equipment
1,372
1,802
Right-of-use assets
1,251
1,708
Contract acquisition costs
4,478
3,738
Deferred development costs
2,683
2,254
Other intangible assets
7,703
9,287
Goodwill
17,363
17,467
Deferred tax assets
9,073
8,137
Total non-current assets
49,081
50,124
Total assets
$
128,046
$
126,916
Liabilities
Current liabilities
Accounts payable and accrued liabilities
20,030
21,669
Deferred revenue
36,211
30,388
Lease obligations
812
793
Total current liabilities
57,053
52,850
Non-current liabilities
Other long-term accrued liabilities
496
253
Deferred tax liabilities
826
1,255
Lease obligations
1,302
2,120
Total non-current liabilities
2,624
3,628
Total liabilities
$
59,677
$
56,478
Equity
Share capital
$
52,256
$
44,338
Contributed surplus
9,417
15,285
Retained earnings
8,121
10,832
Accumulated other comprehensive loss
(1,425)
(17)
Total equity attributable to the owners of the Company
68,369
70,438
Total liabilities and equity
$
128,046
$
126,916
Consolidated Statements of Income and Comprehensive (loss) Income
(In thousands of Canadian dollars, except per share data)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
2024
2023
Revenue:
SaaS
$
14,191
$
11,133
$
51,918
$
37,476
Maintenance and Support
8,140
7,992
33,957
32,714
Professional Services
14,390
14,614
55,188
55,353
License
282
529
1,386
3,116
Hardware
6,952
6,924
28,793
23,765
Total revenue
43,955
41,192
171,242
152,424
Cost of revenue
23,341
22,828
92,853
85,615
Gross profit
20,614
18,364
78,389
66,809
Operating expenses:
Sales and marketing
8,437
7,778
32,976
28,080
General and administration
3,264
2,599
11,844
11,218
Research and development, net of tax credits
7,435
6,597
29,514
23,943
Restructuring costs
2,122
–
2,122
–
Total operating expenses
21,258
16,974
76,456
63,241
(Loss) profit from operations
(644)
1,390
1,933
3,568
Other income (costs)
122
(189)
557
145
(Loss) profit before income taxes
(522)
1,201
2,490
3,713
Income tax (benefit) expense
(781)
755
641
1,624
Net profit
$
259
$
446
$
1,849
$
2,089
Other comprehensive income (loss):
Effective portion of changes in fair value on designated revenue hedges
(2,187)
(521)
(1,086)
(6)
Exchange differences on translation of foreign operations
102
489
(322)
1,423
Comprehensive (loss) income
$
(1,826)
$
414
$
441
$
3,506
Basic and diluted earnings per common share
$
0.02
$
0.03
$
0.13
$
0.14
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
2024
2023
Cash flows from operating activities:
Net profit
$
259
$
446
$
1,849
$
2,089
Adjustments for:
Depreciation of property and equipment and right-of-use-assets
361
440
1,477
1,775
Amortization of deferred development costs
147
145
583
496
Amortization of other intangible assets
347
402
1,493
1,603
Interest (income) expense and foreign exchange (gain) loss
(122)
189
(557)
(145)
Unrealized foreign exchange and other
481
1,336
(569)
1,754
Non-refundable tax credits
(596)
(429)
(1,961)
(2,095)
Stock-based compensation
531
455
2,301
2,177
Income taxes
65
124
519
554
Net cash from operating activities excluding changes in non-cash
working capital items related to operations
1,473
3,108
5,135
8,208
Accounts receivable
2,714
955
764
(5,915)
Work in progress
(856)
208
(2,518)
(151)
Other receivables and assets
(135)
163
1
(58)
Tax credits
(728)
3,239
113
(114)
Inventory
544
268
(327)
(226)
Prepaid expenses
299
21
(646)
(1,452)
Contract acquisition costs
(784)
(190)
(1,045)
(908)
Accounts payable and accrued liabilities
(3,052)
1,645
(2,455)
3,259
Deferred revenue
5,506
1,258
5,833
5,713
Changes in non-cash working capital items related to operations
3,508
7,567
(280)
148
Net cash provided by operating activities
4,981
10,675
4,855
8,356
Cash flows from financing activities:
Repayment of long-term debt
–
–
–
(8,400)
Proceeds from short-term investments
–
–
–
5,000
Payment of lease obligations
(193)
(119)
(786)
(689)
Payment of dividends
(1,175)
(1,094)
(4,560)
(4,225)
Interest paid
(27)
(17)
(163)
(406)
Issuance of common shares on exercise of stock options
3,897
185
6,964
297
Shares repurchased and cancelled
(5,010)
–
(7,215)
–
Net cash used in financing activities
(2,508)
(1,045)
(5,760)
(8,423)
Cash flows from investing activities:
Interest received
6
27
97
90
Transfers from short-term investments
–
–
40
–
Acquisitions of property and equipment
(144)
(340)
(599)
(850)
Acquisitions of other intangible assets
–
–
–
(62)
Deferred development costs
(203)
(283)
(1,012)
(880)
Net cash used in investing activities
(341)
(596)
(1,474)
(1,702)
Net Increase (decrease) in cash and cash equivalents during the period
2,132
9,034
(2,379)
(1,769)
Cash and cash equivalents – beginning of period
16,724
12,201
21,235
23,004
Cash and cash equivalents – end of period
$
18,856
$
21,235
$
18,856
$
21,235
Consolidated Statements of Changes in Equity
(In thousands of Canadian dollars, except number of shares)
Share capital
Number
Amount
Contributed
Surplus
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
Balance, May 1, 2023
14,582,837
$
44,338
$
15,285
$
(17)
$
10,832
$
70,438
Net profit
–
–
–
–
1,849
1,849
Other comprehensive (loss) income:
Effective portion of changes in fair value on designated revenue hedges
–
–
–
(1,086)
–
(1,086)
Exchange difference on translation of foreign operations
–
–
–
(322)
–
(322)
Total comprehensive (loss) income
–
–
–
(1,408)
1,849
441
Shares repurchased and cancelled
(204,500)
(684)
(6,531)
–
–
(7,215)
Stock-based compensation
–
–
2,301
–
–
2,301
Dividends to equity owners
–
–
–
–
(4,560)
(4,560)
Share options exercised
461,813
8,602
(1,638)
–
–
6,964
Total transactions with owners of the Company
257,313
$
7,918
(5,868)
$
–
$
(4,560)
$
(2,510)
Balance, April 30, 2024
14,840,150
$
52,256
9,417
$
(1,425)
$
8,121
$
68,369
–
Balance, May 1, 2022
14,562,895
$
43,973
13,176
$
(1,434)
$
12,968
$
68,683
Net profit
–
–
–
–
2,089
2,089
Other comprehensive income:
Effective portion of changes in fair value on designated revenue hedges
–
–
–
(6)
–
(6)
Exchange difference on translation of foreign operations
–
–
–
1,423
–
1,423
Total comprehensive income
–
–
–
1,417
2,089
3,506
Stock-based compensation
–
–
2,177
–
–
2,177
Dividends to equity owners
–
–
–
–
(4,225)
(4,225)
Share options exercised
19,942
365
(68)
–
–
297
Total transactions with owners of the Company
19,942
$
365
2,109
$
–
$
(4,225)
$
(1,751)
Balance, April 30, 2023
14,582,837
$
44,338
15,285
$
(17)
$
10,832
$
70,438
SOURCE Tecsys Inc.
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Do NOT install this new version before you complete 2024 paychecks. ezPaycheck 2025 installation will update the tax tables. With ezPaycheck 2025, you can still access your 2024 paychecks, view reports and print 2024 W2 forms.
Dr. Ge stated, “The software, ezPaycheck 2024 and 2025 is still available for purchase to those clients that need to process year-end tax forms.”
Priced at just $169 per installation for a single installation of 2025 ezPaycheck software. The bundle 2024-2025 version is $199 for a limited time. ezPaycheck payroll software is affordable for any business. With paycheck software, business owners can easily calculate taxes, deductions, and other payroll-related tasks. Potential clients are welcome to download ezPaycheck free demo version with no obligation and no risk at halfpricesoft.com
Despite its cost and ease of use, Accountants, CPA and Tax Professionals should not assume ezPaycheck 2024 runs short on features. ezPaycheck 2025 is packed with all the features a business needs to run payroll quickly and easily, including:
Supports daily, weekly, biweekly, semimonthly and monthly payroll periods. Features report functions, print functions, and pay stub functions.Automatically calculates Federal Withholding Tax, Social Security, Medicare Tax and Employer Unemployment Taxes.Includes built-in tax tables for all 50 states and the District of ColumbiaEasily calculates differential payPrints miscellaneous checks as well as payroll calculation checksPrints payroll checks on blank computer checks or preprinted checksCreates and maintains payroll for multiple companies, and does it simultaneouslyPrints Tax Forms NEW 943 Form, 940, 941, W2, and W3 (Copy A preprinted form required)Supports multiple accounts at no additional chargeSupports network access to share data from different computers and locations (additional cost)30 day no cost trial. No registration required and absolutely no obligation
ezPaycheck is compatible with Windows 11, 10, 8, 7, and other Windows systems. We also sell a MAC version separately.
ezPaycheck payroll software is affordable for any size business. Customers seeking a way to simplify payroll processing with more accuracy to start the no-obligation 30-day test at https://www.halfpricesoft.com/index.asp
About halfpricesoft.com
Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers and will help US Business owners simplify payroll processing and streamline business management.
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-2025-ezpaycheck-paycheck-payroll-software-is-now-available-from-halfpricesoftcom-302332837.html
SOURCE Halfpricesoft.com
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