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Enghouse Releases Third Quarter Results

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MARKHAM, ON, Sept. 5, 2024 /CNW/ – Enghouse Systems Limited (TSX: ENGH) announces third quarter (unaudited) financial results for the period ended July 31, 2024. All figures are denominated in Canadian dollars unless otherwise indicated.

Third Quarter Financial Highlights:

Revenue increased 17.6% to $130.5 million from $111.0 million in Q3 2023 and 13.9% for the nine-month period to $376.8 million from $330.9 million last year;Recurring revenue, which includes SaaS and maintenance services, grew 22.8% to $88.8 million compared to $72.3 million in Q3 2023, and represents 68.1% of total revenue. For the nine-month period, recurring revenue increased to $258.4 million from $210.4 million in the prior period, an increase of 22.8%, as we continue to prioritize this revenue stream;Results from operating activities increased to $34.3 million compared to $30.9 million in Q3 2023 and increased for the nine-month period to $100.4 million, from $86.4 million in the prior period;Net income was $20.6 million compared to $17.6 million in Q3 2023 and $58.7 million year to date compared to $47.1 million last year, as we grow our business with a focus on profitability;Adjusted EBITDA increased to $37.7 million compared to $33.4 million, growing by 12.9%, while achieving a 28.9% margin. Year to date Adjusted EBITDA was $108.2 million compared to $95.9 million in the prior year, an increase of 12.8%;Cash flow from operating activities, excluding changes in working capital, was $37.4 million compared to $35.5 million in the prior quarter and $111.5 million year to date compared to $97.0 million in the comparable period. Cash, cash equivalents and short-term investments reached near record highs at $258.7 million as at July 31, 2024.

Our third quarter operating performance continued its upward trend with revenue, profitability and operating cash flow, all exhibiting positive growth. Our commitment to operational efficiency, alongside our capability in executing and integrating acquisitions continues to deliver positive results. This quarter we completed the acquisition of SeaChange, expanding our IPTV market presence, a growing sector for Enghouse. We have effectively integrated SeaChange into our Asset Management Group, achieving profitability in its first quarter, post-acquisition, although not yet at our standard levels.

Our strategic direction remains steadfast as we continue to expand our business profitably. Offering both SaaS and on-premise solutions positions us uniquely in the marketplace. Operational enhancements across our existing businesses and recent acquisitions are driving positive outcomes, enabling us to maintain robust cash reserves while simultaneously increasing annual dividends, repurchasing shares and pursuing acquisitions. 

Quarterly dividends:          

Today, the Board of Directors approved the Company’s eligible quarterly dividend of $0.26 per common share, payable on November 29, 2024 to shareholders of record at the close of business on November 15, 2024.

Enghouse Systems Limited

Financial Highlights
(unaudited, in thousands of Canadian dollars)

 

For the period ended July 31

Three months

Nine months

2024

2023

Var ($)

Var (%)

2024

2023

Var ($)

Var (%)

Revenue

$

130,501

$

110,997

19,504

17.6

$

376,803

$

330,893

45,910

13.9

Direct costs

45,836

35,872

9,964

27.8

130,619

108,786

21,833

20.1

Revenue, net of direct costs

$

84,665

$

75,125

9,540

12.7

$

246,184

$

222,107

24,077

10.8

As a % of revenue

64.9 %

67.7 %

65.3 %

67.1 %

Operating expenses

49,120

43,901

5,219

11.9

144,331

133,323

11,008

8.3

Special charges

1,243

331

912

275.5

1,440

2,360

(920)

(39.0)

Results from operating activities

$

34,302

$

30,893

3,409

11.0

$

100,413

$

86,424

13,989

16.2

As a % of revenue

26.3 %

27.8 %

26.6 %

26.1 %

Amortization of acquired software and      
customer relationships

(9,663)

(9,730)

67

0.7

(31,183)

(28,400)

(2,783)

(9.8)

Foreign exchange (losses) gains

(1,747)

356

(2,103)

(590.7)

(3,550)

(1,487)

(2,063)

(138.7)

Interest expense – lease obligations

(132)

(172)

40

23.3

(430)

(531)

101

19.0

Finance income

2,333

1,701

632

37.2

7,296

3,683

3,613

98.1

Finance expenses

(29)

(5)

(24)

(480.0)

(41)

(136)

95

69.9

Other income (expenses)

407

(1,312)

1,719

131.0

513

(1,967)

2,480

126.1

Income before income taxes

$

25,471

$

21,731

3,740

17.2

$

73,018

$

57,586

15,432

26.8

Provision for income taxes

4,891

4,164

727

17.5

14,331

10,460

3,871

37.0

Net Income for the period

$

20,580

$

17,567

3,013

17.2

$

58,687

$

47,126

11,561

24.5

Basic earnings per share

0.37

0.32

0.05

15.6

1.06

0.85

0.21

24.7

Diluted earnings per share

0.37

0.32

0.05

15.6

1.06

0.85

0.21

24.7

Operating cash flows

40,333

39,020

1,313

3.4

100,488

86,980

13,508

15.5

Operating cash flows excluding changes
   in working capital

37,363

35,481

1,882

5.3

111,533

96,988

14,545

15.0

Adjusted EBITDA

Results from operating activities

34,302

30,893

3,409

11.0

100,413

86,424

13,989

16.2

Depreciation

647

585

62

(10.6)

1,692

1,824

(132)

7.2

Depreciation of right-of-use assets

1,530

1,606

(76)

4.7

4,606

5,273

(667)

12.6

Special charges

1,243

331

912

(275.5)

1,440

2,360

(920)

39.0

Adjusted EBITDA

$

37,722

$

33,415

4,307

12.9

$

108,151

$

95,881

12,270

12.8

Adjusted EBITDA margin

28.9 %

30.1 %

28.7 %

29.0 %

Adjusted EBITDA per diluted share

$

0.68

$

0.60

0.08

13.3

$

1.95

$

1.73

0.22

12.7

 

Condensed Consolidated Interim Statements of Financial Position

 (in thousands of Canadian dollars)

(unaudited)

   As at July 31,
2024

As at October 31,
2023

ASSETS

Current assets:

   Cash and cash equivalents

$

257,713

$

239,532

   Short-term investments

980

827

   Accounts receivable

108,543

93,383

   Prepaid expenses and other assets

16,445

15,515

   Income taxes recoverable

–

114

383,681

349,371

Non-current assets:

   Property and equipment

4,305

3,273

   Right-of-use assets

13,963

12,242

   Intangible assets

106,878

109,659

   Goodwill

307,291

280,241

   Deferred income tax assets

24,719

28,884

457,156

434,299

$

840,837

$

783,670

LIABILITIES AND SHAREHOLDERS’ EQUITY 

Current liabilities:

   Accounts payable and accrued liabilities

$

71,652

$

67,769

   Income tax payable

2,645

–

   Dividends payable

14,397

12,156

   Provisions

1,974

2,238

   Deferred revenue

131,405

109,019

   Lease obligations

5,330

6,322

227,403

197,504

Non-current liabilities:

   Income taxes payable

–

1,333

   Deferred income tax liabilities

11,135

13,340

   Deferred revenue

7,630

8,170

   Net employee defined-benefit obligation

1,960

1,912

   Lease obligations

8,042

6,080

28,767

30,835

256,170

228,339

 

Shareholders’ equity:

   Share capital

114,812

107,701

   Contributed surplus

10,268

10,404

   Retained earnings

441,391

426,397

   Accumulated other comprehensive income

18,196

10,829

584,667

555,331

$

840,837

$

783,670

 

Condensed Consolidated Interim Statements of Operations and Comprehensive Income

 (in thousands of Canadian dollars, except per share amounts)

(unaudited)                                            

Three months

Nine months

Periods ended July 31

2024

2023

2024

2023

Revenue

     Software licenses

 

$  19,579

$  19,836

 

$  57,046

$  62,587

     SaaS and maintenance services

88,812

72,302

258,383

210,439

     Professional services

18,231

15,904

51,577

50,790

     Hardware

3,879

2,955

9,797

7,077

130,501

110,997

376,803

330,893

Direct costs

     Software licenses

1,689

720

3,104

2,288

     Services

41,696

33,476

122,178

102,694

     Hardware

2,451

1,676

5,337

3,804

45,836

35,872

130,619

108,786

Revenue, net of direct costs

84,665

75,125

246,184

222,107

Operating expenses

     Selling, general and administrative

23,980

22,454

71,661

67,187

     Research and development

22,963

19,256

66,372

59,039

     Depreciation

647

585

1,692

1,824

     Depreciation of right-of-use assets

1,530

1,606

4,606

5,273

     Special charges

1,243

331

1,440

2,360

50,363

44,232

145,771

135,683

Results from operating activities

34,302

30,893

100,413

86,424

Amortization of acquired software and customer relationships   

(9,663)

(9,730)

(31,183)

(28,400)

Foreign exchange (losses) gains

(1,747)

356

(3,550)

(1,487)

Interest expense – lease obligations

(132)

(172)

(430)

(531)

Finance income

2,333

1,701

7,296

3,683

Finance expenses

(29)

(5)

(41)

(136)

Other income (expenses)

407

(1,312)

513

(1,967)

Income before income taxes

25,471

21,731

73,018

57,586

Provision for income taxes

4,891

4,164

14,331

10,460

Net income for the period

20,580

17,567

58,687

47,126

 

Item that may be subsequently reclassified to income:

Cumulative translation adjustment

5,929

(13,632)

7,367

7,406

Other comprehensive income (loss)

5,929

(13,632)

7,367

7,406

Comprehensive income

$  26,509

$    3,935

$  66,054

$  54,532

Earnings per share

Basic

$      0.37

$      0.32

$      1.06

$      0.85

Diluted

$      0.37

$      0.32

$      1.06

$      0.85

 

Condensed Consolidated Interim Statements of Cash Flows

 (in thousands of Canadian dollars)

(unaudited)

 

Three months

 

Nine months

Periods ended July 31

2024

2023

2024

2023

 

OPERATING ACTIVITIES

Net income for the period

$    20,580

$    17,567

$    58,687

$    47,126


Adjustments for non-cash items

   Depreciation

647

585

1,692

1,824

   Depreciation of right-of-use assets

1,530

1,606

4,606

5,273

   Interest expense – lease obligations

132

172

430

531

   Amortization of acquired software and customer relationships

9,663

9,730

31,183

28,400

   Stock-based compensation expense

298

340

1,076

1,271

   Provision for income taxes

4,891

4,164

14,331

10,460

   Finance expenses and other (income) expenses

(378)

1,317

(472)

2,103

37,363

35,481

111,533

96,988

Changes in non-cash operating working capital

6,243

4,367

(246)

380

Income taxes paid

(3,273)

(828)

(10,799)

(10,388)

Net cash provided by operating activities

40,333

39,020

100,488

86,980

INVESTING ACTIVITIES

Net purchase of property and equipment

(683)

(436)

(1,461)

(607)

Acquisitions, net of cash acquired*

(30,854)

(2,361)

(43,448)

(27,978)

Purchase consideration for prior-year acquisition

–

(1,245)

171

(1,012)

Purchase of short-term investments

–

–

–

(69)

Net cash used in investing activities

(31,537)

(4,042)

(44,738)

(29,666)

FINANCING ACTIVITIES

Issuance of share capital

1,412

–

6,095

604

Normal course issuer bid share repurchases

(1,759)

–

(2,906)

Repayment of lease obligations

(2,347)

(1,474)

(5,747)

(5,754)

Dividends paid

(14,398)

(12,160)

(38,742)

(32,606)

Net cash used in financing activities

(17,092)

(13,634)

(41,300)

(37,756)

 

Impact of foreign exchange on cash and cash equivalents

3,091

(4,711)

3,731

 

4,122

(Decrease) increase in cash and cash equivalents

(5,205)

16,633

18,181

23,680

Cash and cash equivalents – beginning of period

262,918

232,151

239,532

225,104

Cash and cash equivalents – end of period

$  257,713

$  248,784

$  257,713

$  248,784

* Acquisitions are net of cash acquired of $245 and $742 for the three and nine months ended July 31, 2024, and nil and $2,088 for the three and nine months ended July 31, 2023, respectively. 

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

Three months ended July 31

2024

2023

IMG

AMG

Total

IMG

AMG

Total

Revenue

$

77,522

$

52,979

$

130,501

$

64,302

$

46,695

$

110,997

Direct costs

(27,981)

(17,855)

(45,836)

(18,884)

(16,988)

(35,872)

Revenue, net of direct costs

49,541

35,124

84,665

45,418

29,707

75,125

Operating expenses excluding special charges

(21,257)

(14,190)

(35,447)

(20,401)

(10,803)

(31,204)

Depreciation

(389)

(258)

(647)

(403)

(182)

(585)

Depreciation of right-of-use assets

(997)

(533)

(1,530)

(1,239)

(367)

(1,606)

Segment profit

$

26,898

$

20,143

$

47,041

$

23,375

$

18,355

$

41,730

Special charges

(1,243)

(331)

Corporate and shared service expenses

(11,496)

(10,506)

Results from operating activities

$

34,302

$

30,893

Nine months ended July 31

2024

2023

IMG

AMG

Total

IMG

AMG

Total

Revenue

$

234,189

$

142,614

$

376,803

$

186,733

$

144,160

$

330,893

Direct costs

(79,960)

(50,659)

(130,619)

(54,451)

(54,335)

(108,786)

Revenue, net of direct costs

154,229

91,955

246,184

132,282

89,825

222,107

Operating expenses excluding special charges

(66,166)

(37,637)

(103,803)

(62,686)

(34,719)

(97,405)

Depreciation

(1,158)

(534)

(1,692)

(1,484)

(340)

(1,824)

Depreciation of right-of-use assets

(2,930)

(1,676)

(4,606)

(3,280)

(1,993)

(5,273)

Segment profit

$

83,975

$

52,108

$

136,083

$

64,832

$

52,773

$

117,605

Special charges

(1,440)

(2,360)

Corporate and shared service expenses

(34,230)

(28,821)

Results from operating activities

$

100,413

$

86,424

About Enghouse

Enghouse is a Canadian publicly traded company (TSX:ENGH) that provides mission critical vertically focused enterprise software solutions. Our core technologies are used for contact centers, video communications, virtual healthcare, telecommunications networks, public safety and the transit market. The Company’s two-pronged growth strategy to grow earnings focuses on organic growth and acquisitions, which, to date, have been funded only through operating cash flows as the Company has no outstanding external debt financing. The Company is organized around two business segments, the Interactive Management Group (“IMG”) and the Asset Management Group (“AMG”) due to their unique customer segments and technology offerings. 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, September 6, 2024 at 8:45 a.m. EST. To participate, please call +1-289-514-5100 or North American Toll-Free +1-800-717-1738. Confirmation code: 59337. A webcast is also available at: https://www.enghouse.com/investors.php.

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.

SOURCE Enghouse Systems Limited

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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

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1 min ago

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September 20, 2024

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/on-world-cleanup-day-2024-viaims-newly-launched-service-upgrade-provides-added-multilingual-support-and-commitment-to-environmental-goals-helping-to-shape-a-more-sustainable-future-302253841.html

SOURCE VIAIM

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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September 20, 2024

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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2 hours ago

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September 20, 2024

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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