Business
Computer Modelling Group Announces First Quarter Results
CALGARY, AB / ACCESSWIRE / August 10, 2023 / Computer Modelling Group Ltd. ("CMG" or the "Compan...
About this update from Computer Modelling Group Ltd.
[{"type":"text","content":"Computer Modelling Group Announces First Quarter ResultsCALGARY, AB / ACCESSWIRE / August 10, 2023 / Computer Modelling Group Ltd. (\"CMG\" or the \"Company\") announces its financial results for the three months ended June 30, 2023.Quarterly Performance Fiscal 2022 Fiscal 2023 Fiscal 2024($ thousands, unless otherwise stated) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Annuity/maintenance license revenue 13,239 13,575 14,306 13,529 14,825 15,533 15,803 15,607Perpetual license revenue 846 1,497 2,351 386 780 518 1,556 1,849Software license revenue 14,085 15,072 16,657 13,915 15,605 16,051 17,359 17,456Professional services revenue 1,864 1,973 2,137 2,192 2,477 3,341 2,906 3,292Total revenue 15,949 17,045 18,794 16,107 18,082 19,392 20,265 20,748Operating profit 5,440 7,755 7,312 4,961 5,555 8,435 6,909 9,764Operating profit (%) 34 45 39 31 31 43 34 47Profit before income and other taxes 5,321 7,310 6,563 5,182 5,989 8,350 7,127 9,148Income and other taxes 1,175 1,736 1,611 1,369 1,579 2,002 1,901 2,244Net income for the period 4,146 5,574 4,952 3,813 4,410 6,348 5,226 6,904Adjusted EBITDA (1) 6,948 8,672 8,795 6,775 8,509 10,595 8,515 9,948Cash dividends declared and paid 4,016 4,017 4,016 4,017 4,025 4,025 4,032 4,039Funds flow from operations 4,904 7,022 7,105 4,558 4,974 8,169 7,656 7,920Free cash flow (1) 4,494 6,227 6,584 4,255 4,505 7,545 5,396 7,463Per share amounts - ($/share) Earnings per share (EPS) - basic 0.05 0.07 0.06 0.05 0.05 0.08 0.07 0.09Earnings per share (EPS) - diluted 0.05 0.07 0.06 0.05 0.05 0.08 0.06 0.08Cash dividends declared and paid 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05Funds flow from operations per share - basic 0.06 0.09 0.09 0.06 0.06 0.10 0.09 0.10Free cash flow per share - basic (1) 0.06 0.08 0.08 0.05 0.06 0.09 0.07 0.09 This is a non-IFRS financial measure. See the \"Non-IFRS Financial Measures\" section.Commentary on Quarterly PerformanceFor the Three Months Ended June 30, 2023 and compared to the same period of the previous fiscal year:Annuity/maintenance license revenue increased by 15%;Total revenue increased by 29%;Total operating expenses decreased by 3%. Adjusted for restructuring charges in the comparative quarter, operating expenses increased by 17%; primarily due to an increase in variable direct employee costs, higher professional services, travel-related, office-related and marketing corporate costs;O...