Enghouse Releases Second Quarter Results

About this update from Enghouse Systems Limited

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All figures are denominated in Canadian dollars unless otherwise indicated. Second Quarter Financial Highlights: Revenue decreased 0.8% to $124.8 million from $125.8 million in Q2 2024 and increased 1.0% for the six-month period to $248.8 million from $246.3 million last year; Recurring revenue, which includes SaaS and maintenance services, increased 1.4% to $86.2 million compared to $85.0 million in Q2 2024, and represents 69.1% of total revenue. For the six-month period, recurring revenue increased to $174.1 million from $169.6 million in the prior period, an increase of 2.7%, as we continue to prioritize this revenue stream; Results from operating activities decreased to $25.1 million compared to $33.5 million in Q2 2024 and decreased for the six-month period to $56.1 million from $66.1 million in the comparable period; Net income was $13.5 million compared to $20.0 million in Q2 2024 and $35.4 million year to date compared to $38.1 million last year; Adjusted EBITDA decreased to $28.6 million compared to $35.7 million in Q2 2024, while achieving a 22.9% margin. Year to date Adjusted EBITDA was $61.7 million compared to $70.4 million in the prior year, a decrease of 12.4%; Net cash provided by operating activities, excluding changes in working capital and income taxes paid, was $25 .5 million compared to $38 .6 million in Q2 2024 and $63 .3 million year to date compared to $74.2 million in the comparable period. Cash, cash equivalents and short-term investments were $263.5 million as at April 30, 2025 . During the second quarter Enghouse continued to execute on its long-term strategy amid heightened macroeconomic uncertainty. We have observed some demand-side hesitancy and delays in capital investment decisions from our customer base and remain focused on operational discipline, sustainable cash generation, and the integration of recent acquisitions to strengthen our foundation for future growth. We believe the current environment of global uncertainty creates opportunities, which combined with our strong cash position and proven experience with acquisitions, positions us well to act decisively. Acquisitions remain a key pillar of our growth strategy. The integration of Margento, a provider of scalable Mobility-as-a-Service ("MaaS") solutions acquired earlier in the quarter, is largely complete. We also completed the acquisition of Trafi, a Lithuania -based MaaS platform provider offering a comprehensive, user-centric solution for complex transportation networks. These acquisitions enhance our transportation portfolio and support our broader mobility strategy within the Asset Management Group. We continue to evaluate additional opportunities that align with our strategic direction and long-term vision. Enghouse ended the quarter with $263.5 million in cash, cash equivalents, and short-term investments, compared to $274.7 million as of October 31, 2024 , after spending $33.4 million on acquisitions and $28.7 million on dividends year-to-date, while continuing to operate with no external debt financing. Our solid balance sheet supports our strategic priorities and allows us to respond swiftly to emerging opportunities, while maintaining financial resilience. Quarterly dividends: Today, the Board of Directors approved an eligible quarterly dividend of $0.30 per common share, payable on August 29, 2025 , to shareholders of record at the close of business on August 15, 2025 . Enghouse Systems Limited Financial Highlights (unaudited, in thousands of Canadian dollars) For the period ended April 30 Three months Six months 2025 2024 Var ($) Var (%) 2025 2024 Var ($) Var (%) Revenue $ 124,819 $ 125,813 (994) (0.8) $ 248,819 $ 246,302 2,517 1.0 Direct costs 45,985 43,201 2,784 6.4 90,448 84,783 5,665 6.7 Revenue, net of direct costs $ 78,834 $ 82,612 (3,778) (4.6) $ 158,371 $ 161,519 (3,148) (1.9) As a % of revenue 63.2 % 65.7 % 63.6 % 65.6 % Operating expenses 52,345 49,031 3,314 6.8 100,802 95,211 5,591 5.9 Special charges 1,401 106 1,295 1221.7 1,492 197 1,295 657.4 Results from operating activities $ 25,088 $ 33,475 (8,387) (25.1) $ 56,077 $ 66,111 (10,034) (15.2) As a % of revenue 20.1 % 26.6 % 22.5 % 26.8 % Amortization of acquired software and       customer relationships (7,296) (11,146) 3,850 34.5 (15,775) (21,520) 5,745 26.7 Foreign exchange losses (3,962) (86) (3,876) (4507.0) (1,653) (1,803) 150 8.3 Interest expense – lease obligations (131) (148) 17 11.5 (259) (298) 39 13.1 Finance income 1,913 2,602 (689) (26.5) 4,217 4,963 (746) (15.0) Finance expenses (24) (12) (12) (100.0) (27) (12) (15) (125.0) Other income 1,201 220 981 445.9 1,500 106 1,394 1315.1 Income before income taxes $ 16,789 $ 24,905 (8,116) (32.6) $ 44,080 $ 47,547 (3,467) (7.3) Provision for income taxes 3,328 4,931 (1,603) (32.5) 8,715 9,440 (725) (7.7) Net Income for the period $ 13,461 $ 19,974 (6,513) (32.6) $ 35,365 $ 38,107 (2,742) (7.2) Basic earnings per share 0.24 0.36 (0.12) (33.3) 0.64 0.69 (0.05) (7.2) Diluted earnings per share 0.24 0.36 (0.12) (33.3) 0.64 0.69 (0.05) (7.2) Net cash provided by operating activities 36,671 40,256 (3,585) (8.9) 57,920 60,155 (2,235) (3.7) Net cash provided by operating activities excluding changes in working capital and income taxes paid 25,543 38,613 (13,070) (33.8) 63,284 74,170 (10,886) (14.7) Adjusted EBITDA Results from operating activities 25,088 33,475 (8,387) (25.1) 56,077 66,111 (10,034) (15.2) Depreciation 647 551 96 (17.4) 1,300 1,045 255 (24.4) Depreciation of right-of-use assets 1,430 1,570 (140) 8.9 2,808 3,076 (268) 8.7 Special charges 1,401 106 1,295 (1221.7) 1,492 197 1,295 (657.4) Adjusted EBITDA $ 28,566 $ 35,702 (7,136) (20.0) $ 61,677 $ 70,429 (8,752) (12.4) Adjusted EBITDA margin 22.9 % 28.4 % 24.8 % 28.6 % Adjusted EBITDA per diluted share $ 0.52 $ 0.64 (0.12) (18.8) $ 1.12 $ 1.27 (0.15) (11.8) Condensed Consolidated Interim Statements of Financial Position (in thousands of Canadian dollars) (unaudited) As at April 30, 2025 As at October 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 263,285 $ 274,240 Short-term investments 236 487 Accounts receivable 104,957 92,348 Prepaid expenses and other assets 18,809 16,100 387,287 383,175 Non-current assets: Property and equipment 4,359 4,192 Right-of-use assets 11,376 11,473 Intangible assets 99,162 98,594 Goodwill 339,389 309,831 Deferred income tax assets 27,100 26,228 481,386 450,318 $ 868,673 $ 833,493 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 77,897 $ 70,087 Income tax payable 4,920 5,525 Dividends payable 16,547 14,397 Provisions 1,389 1,834 Deferred revenue 130,884 114,080 Lease obligations 5,664 5,344 237,301 211,267 Non-current liabilities: Deferred income tax liabilities 12,786 10,500 Deferred revenue 9,997 8,094 Net employee defined-benefit obligation 2,169 2,081 Lease obligations 5,162 5,744 30,114 26,419 267,415 237,686 Shareholders' equity: Share capital 117,750 118,217 Contributed surplus 10,311 9,764 Retained earnings 445,731 446,748 Accumulated other comprehensive income 27,466 21,078 601,258 595,807 $ 868,673 $ 833,493 Condensed Consolidated Interim Statements of Operations and Comprehensive Income (in thousands of Canadian dollars, except per share amounts) (unaudited) Three months Six months Periods ended April 30 2025 2024 2025 2024 Revenue Software licenses $  16,885 $  20,492 $  34,666 $  37,467 SaaS and maintenance services 86,189 84,984 174,121 169,571 Professional services 17,625 17,401 33,733 33,346 Hardware 4,120 2,936 6,299 5,918 124,819 125,813 248,819 246,302 Direct costs Software licenses 703 741 1,439 1,415 Services 43,431 40,951 85,928 80,482 Hardware 1,851 1,509 3,081 2,886 45,985 43,201 90,448 84,783 Revenue, net of direct costs 78,834 82,612 158,371 161,519 Operating expenses Selling, general and administrative 24,980 24,812 48,616 47,681 Research and development 25,288 22,098 48,078 43,409 Depreciation 647 551 1,300 1,045 Depreciation of right-of-use assets 1,430 1,570 2,808 3,076 Special charges 1,401 106 1,492 197 53,746 49,137 102,294 95,408 Results from operating activities 25,088 33,475 56,077 66,111 Amortization of acquired software and customer relationships (7,296) (11,146) (15,775) (21,520) Foreign exchange losses (3,962) (86) (1,653) (1,803) Interest expense – lease obligations (131) (148) (259) (298) Finance income 1,913 2,602 4,217 4,963 Finance expenses (24) (12) (27) (12) Other income 1,201 220 1,500 106 Income before income taxes 16,789 24,905 44,080 47,547 Provision for income taxes 3,328 4,931 8,715 9,440 Net income for the period 13,461 19,974 35,365 38,107 Item that may be subsequently reclassified to income: Cumulative translation adjustment (3,183) 9,455 6,388 1,438 Other comprehensive (loss) income (3,183) 9,455 6,388 1,438 Comprehensive income $  10,278 $    29,429 $  41,753 $  39,545 Earnings per share Basic $      0.24 $      0.36 $      0.64 $      0.69 Diluted $      0.24 $      0.36 $      0.64 $      0.69 Condensed Consolidated Interim Statements of Cash Flows (in thousands of Canadian dollars) (unaudited) Three months Six months Periods ended April 30 2025 2024 2025 2024 OPERATING ACTIVITIES Net income for the period $    13,461 $    19,974 $    35,365 $    38,107 Adjustments for non-cash items Depreciation 647 551 1,300 1,045 Depreciation of right-of-use assets 1,430 1,570 2,808 3,076 Interest expense – lease obligations 131 148 259 298 Amortization of acquired software and customer relationships 7,296 11,146 15,775 21,520 Stock-based compensation expense 427 501 535 778 Provision for income taxes 3,328 4,931 8,715 9,440 Finance expenses and other (income) expenses (1,177) (208) (1,473) (94) 25,543 38,613 63,284 74,170 Changes in non-cash operating working capital 16,261 6,651 4,370 (6,489) Income taxes paid (5,133) (5,008) (9,734) (7,526) Net cash provided by operating activities 36,671 40,256 57,920 60,155 INVESTING ACTIVITIES Net purchase of property and equipment (403) (418) (807) (778) Acquisitions, net of cash acquired* (26,813) (12,594) (33,399) (12,594) Recovery of purchase consideration for prior-year acquisition - - - 171 Net cash used in investing activities (27,216) (13,012) (34,206) (13,201) FINANCING ACTIVITIES Issuance of share capital - 373 - 4,683 Normal course issuer bid share repurchases - (1,147) (5,950) (1,147) Repayment of lease obligations (1,835) (1,798) (3,209) (3,400) Dividends paid (14,340) (12,188) (28,737) (24,344) Net cash used in financing activities (16,175) (14,760) (37,896) (24,208) Impact of foreign exchange on cash and cash equivalents (299) 3,682 3,227 640 (Decrease) in crease in cash and cash equivalents (7,019) 16,166 (10,955) 23,386 Cash and cash equivalents - beginning of period 270,304 246,752 274,240 239,532 Cash and cash equivalents - end of period $  263,285 $  262,918 $  263,285 $  262,918 *Acquisitions are net of cash acquired of $6,667 and $9,287 for the three and six months ended April 30, 2025, and $497 for the three and six months ended April 30, 2024, respectively. Enghouse Systems Limited Segment Reporting Information (in thousands of Canadian dollars) Three months ended April 30 2025 2024 IMG AMG Total IMG AMG Total Revenue $ 74,118 $ 50,701 $ 124,819 $ 80,530 $ 45,283 $ 125,813 Direct costs (25,811) (20,174) (45,985) (26,573) (16,628) (43,201) Revenue, net of direct costs 48,307 30,527 78,834 53,957 28,655 82,612 Operating expenses excluding special charges (24,001) (14,957) (38,958) (23,483) (11,751) (35,234) Depreciation (393) (254) (647) (392) (159) (551) Depreciation of right-of-use assets (927) (503) (1,430) (997) (573) (1,570) Segment profit $ 22,986 $ 14,813 $ 37,799 $ 29,085 $ 16,172 $ 45,257 Special charges (1,401) (106) Corporate and shared service expenses (11,310) (11,676) Results from operating activities $ 25,088 $ 33,475 Six months ended April 30 2025 2024 IMG AMG Total IMG AMG Total Revenue $ 147,339 $ 101,480 $ 248,819 $ 156,666 $ 89,636 $ 246,302 Direct costs (51,524) (38,924) (90,448) (51,979) (32,804) (84,783) Revenue, net of direct costs 95,815 62,556 158,371 104,687 56,832 161,519 Operating expenses excluding special charges (46,603) (26,935) (73,538) (44,909) (23,447) (68,356) Depreciation (795) (505) (1,300) (769) (276) (1,045) Depreciation of right-of-use assets (1,836) (972) (2,808) (1,933) (1,143) (3,076) Segment profit $ 46,581 $ 34,144 $ 80,725 $ 57,076 $ 31,966 $ 89,042 Special charges (1,492) (197) Corporate and shared service expenses (23,156) (22,734) Results from operating activities $ 56,077 $ 66,111 About Enghouse Enghouse is a Canadian publicly traded company (TSX: ENGH) that provides a wide range of mission-critical vertically focused enterprise software solutions. Our core technologies are used for contact centers, video communications, virtual healthcare, education, telecommunications networks, IPTV, public safety and transit. The Company's two-pronged growth strategy to grow earnings focuses on both organic growth and acquisitions, which, to date, have been funded only through net cash provided by operating activities 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, June 6, 2025 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: 61977. 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 View original content: http://www.newswire.ca/en/releases/archive/June2025/05/c3532.html

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