SaaS Revenue Rises 37% in the Second Quarter, SaaS
RPO reaches $147 million
MONTREAL, Nov. 30,
2023 /CNW/ -- Tecsys Inc. (TSX: TCS), an
industry-leading supply chain management SaaS company, today
announced its results for the second quarter fiscal year 2024,
ended October 31, 2023. All dollar
amounts are expressed in Canadian currency and are prepared in
accordance with International Financial Reporting Standards
(IFRS).
"We have made notable progress this quarter, with a 37% increase
in SaaS revenue," said Peter
Brereton, president and CEO of Tecsys. "Our activities in
the quarter have strengthened our market position, bolstered our
customer and partner communities, and reaffirmed our commitment to
innovation. We are seeing strong pipeline expansion and activity
across verticals. Notably, there is accelerated demand for our
pharmacy supply chain solutions, where we have multiple new
customer proof points in the face of Drug Supply Chain Security Act
regulation enforcement. On top of that, our user conference in
Scottsdale in the month of September was excellent, with attendance
up 40% and a massive increase in average customer size."
Mark Bentler, chief financial
officer of Tecsys adds, "We continue to see positive momentum with
SaaS RPO up 34%, our SaaS margins continuing to expand and our
partner driven pipeline up 98% from the same time last
year."
Second Quarter Highlights:
- SaaS revenue increased by 37% to $12.1
million, up from $8.8 million
in Q2 2023.
- SaaS subscription bookingsi (measured on an
ARRi basis) increased by 34% to $3.7 million, compared to $2.8 million in the second quarter of fiscal
2023.
- SaaS Remaining Performance Obligation (RPOi)
increased by 34% to $146.7 million at
October 31, 2023, up from
$109.5 million at the same time last
year.
- Annual Recurring Revenue (ARRi) at October 31, 2023 was up 19% to $84.9 million compared to $71.2 million at October
31, 2022.
- Professional services revenue was down by 5% to $12.9 million compared to $13.5 million in Q2 fiscal 2023.
- Total revenue excluding hardware revenue was $34.1 million, 8% higher than $31.5 million reported for Q2 last year, while
total revenue rose 9% to reach $41.5
million.
- Gross margin was 44%, flat compared to the same period of
fiscal 2023.
- Total gross profit increased to $18.3
million, up 10% from $16.7
million in Q2 fiscal 2023.
- Operating expenses increased to $18.7
million, higher by $3.1
million or 20% compared to $15.6
million in Q2 last year.
- Loss from operations was $0.4
million compared to Profit from operations of $1.0 million in Q2 last year.
- Net loss was $340 thousand or
$0.02 per share on a fully diluted
basis in Q2 fiscal 2024, compared to net profit of $0.7 million or $0.05 per share for the same period in fiscal
2023.
- Adjusted EBITDAii was $1.0
million compared to $2.8
million reported in Q2 last year.
Year-to-date performance for first half of Fiscal
2024:
- SaaS revenue increased by 40% to $23.6
million, up from $16.8 million
in the same period of fiscal 2023.
- SaaS subscription bookingsi (measured on an
ARRi basis) decreased by 15% to $5.7 million, compared to $6.7 million in the same period of fiscal
2023.
- Professional services revenue was up 2% to $27.8 million compared to $27.2 million in the same period of fiscal
2023.
- Total revenue excluding hardware revenue was $69.2 million, 12% higher than $61.8 million reported for the same period of
fiscal 2023, while total revenue rose 15% to reach $83.5 million.
- Gross margin was 45% for the first half of fiscal 2024 compared
to 43% for the same period in fiscal 2023.
- Total gross profit increased to $37.8
million, up 20% from $31.4
million in the same period of fiscal 2023.
- Operating expenses increased to $36.5
million, higher by $6.2
million or 20% compared to $30.3
million in the same period of fiscal 2023.
- Profit from operations was $1.4
million, up from $1.1 million
in the same period of fiscal 2023.
- Net profit was $0.8 million or
$0.06 per fully diluted share
compared to $0.8 million or
$0.05 per share on a fully diluted
basis for the same period in fiscal 2023.
- Adjusted EBITDAii was $4.2
million compared to $4.3
million reported in the same period of fiscal 2023.
"Despite a temporary dip in professional services revenue this
quarter due to project scheduling and the swift growth of our
partner ecosystem, we maintain a strong backlog" added Mark Bentler
"We anticipate continued growth in professional services revenue
and are adequately staffed to meet these demands. As a result
of that temporary slow down in professional services revenue, we
are adjusting our short-term Adjusted EBITDA outlook to provide a
range, while affirming our Adjusted EBITDA guidance for Fiscal 2025
and our SaaS and total revenue growth guidance for Fiscal
2024."
Financial
Guidance:
|
Tecsys is updating
financial guidance as follows:
|
|
Current
|
Previous
|
Reiterate
|
|
FY24
Guidance
|
FY24
Guidance
|
FY25
Guidance
|
Total Revenue Growth
|
10-15%
|
10-15%
|
n.a.
|
SaaS Revenue Growth
|
35-37%
|
35-37%
|
n.a.
|
Adjusted EBITDA1 Margin
|
4-6%
|
6 %
|
8-9%
|
|
|
|
|
On November 30, 2023, the Company
declared a quarterly dividend of $0.08 per share to be paid on January 5, 2024 to shareholders of record on
December 14, 2023.
Pursuant to the Canadian Income Tax Act, dividends paid by the
Company to Canadian residents are considered to be "eligible"
dividends.
i
|
See Key Performance
Indicators in Management's Discussion and Analysis of the Q2 2024
Financial Statements.
|
ii
|
See Non-IFRS
Performance Measures in Management's Discussion and Analysis of the
Q2 2024 Financial Statements.
|
Second Quarter Fiscal 2024 Results Conference Call
Date: December 1, 2023
Time: 8:30am EST
Phone number: 877-224-7327 or 416-641-6705
The call can be replayed until December 8,
2023 by calling:
800-558-5253 or 416-626-4144 (access code: 22028536)
About Tecsys
Since our founding 40 years ago, much has changed in the realm
of supply chain technology. But one thing has remained constant; by
developing dynamic and innovative supply chain solutions, Tecsys
has been equipping organizations for growth and competitive
advantage. Serving healthcare, distribution and converging commerce
industries, and spanning multiple complex, regulated and
high-volume markets, Tecsys delivers warehouse management,
distribution and transportation management, supply management at
point of use, and 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 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. 2023. 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 and
recognition of tax credits generated in prior periods. The
exclusion of interest expense, interest income and income taxes
eliminates the impact on earnings derived from non-operational
activities, and the exclusion of depreciation, amortization,
share-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-GAAP 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.
|
Three months
ended October 31,
|
Six months
ended October 31,
|
Trailing 12 months
ended October 31,
|
(in thousands of CAD)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit for the
period
|
$
|
(340)
|
$
|
715
|
$
|
831
|
$
|
755
|
$
|
2,165
|
$
|
4,281
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of
property and equipment and right-of-use assets
|
|
377
|
|
429
|
|
761
|
|
859
|
|
1,677
|
|
1,925
|
Amortization of
deferred development costs
|
|
147
|
|
114
|
|
289
|
|
216
|
|
569
|
|
383
|
Amortization of other
intangible assets
|
|
394
|
|
394
|
|
790
|
|
790
|
|
1,603
|
|
1,580
|
Interest
expense
|
|
53
|
|
178
|
|
91
|
|
297
|
|
200
|
|
613
|
Interest
income
|
|
(253)
|
|
(150)
|
|
(522)
|
|
(254)
|
|
(954)
|
|
(648)
|
Income
taxes
|
|
(81)
|
|
389
|
|
778
|
|
414
|
|
1,988
|
|
(160)
|
EBITDA
|
$
|
297
|
$
|
2,069
|
$
|
3,018
|
$
|
3,077
|
$
|
7,248
|
$
|
7,974
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based
compensation
|
|
724
|
|
708
|
|
1,176
|
|
1,184
|
|
2,169
|
|
1,945
|
Gain on remeasurement
of lease liability
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(573)
|
Recognition of tax
credits generated in prior periods
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(617)
|
Adjusted
EBITDAii
|
$
|
1,021
|
$
|
2,777
|
$
|
4,194
|
$
|
4,261
|
$
|
9,417
|
$
|
8,729
|
Consolidated
Statements of Financial Position
As at October 31, 2023 and April 30, 2023
(In thousands of Canadian dollars)
|
|
|
|
October 31, 2023
|
April 30, 2023
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
17,374
|
$
|
21,235
|
Short-term
investments
|
|
|
16,266
|
|
15,835
|
Accounts
receivable
|
|
|
20,625
|
|
22,900
|
Work in
progress
|
|
|
3,949
|
|
1,734
|
Other
receivables
|
|
|
412
|
|
523
|
Tax
credits
|
|
|
8,516
|
|
5,338
|
Inventory
|
|
|
2,117
|
|
1,034
|
Prepaid
expenses
|
|
|
8,833
|
|
8,193
|
Total current assets
|
|
|
78,092
|
|
76,792
|
Non-current assets
|
|
|
|
|
|
Other long-term
receivables
|
|
|
119
|
|
363
|
Tax
credits
|
|
|
5,723
|
|
5,368
|
Property and
equipment
|
|
|
1,540
|
|
1,802
|
Right-of-use
assets
|
|
|
1,463
|
|
1,708
|
Contract acquisition
costs
|
|
|
3,598
|
|
3,738
|
Deferred development
costs
|
|
|
2,465
|
|
2,254
|
Other intangible
assets
|
|
|
8,393
|
|
9,287
|
Goodwill
|
|
|
17,347
|
|
17,467
|
Deferred tax
assets
|
|
|
8,137
|
|
8,137
|
Total non-current assets
|
|
|
48,785
|
|
50,124
|
Total assets
|
|
$
|
126,877
|
$
|
126,916
|
Liabilities
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
19,445
|
$
|
21,669
|
Deferred
revenue
|
|
|
32,999
|
|
30,388
|
Lease
obligations
|
|
|
789
|
|
793
|
Total current liabilities
|
|
|
53,233
|
|
52,850
|
Non-current liabilities
|
|
|
|
|
|
Other long-term
accrued liabilities
|
|
|
1,825
|
|
253
|
Deferred tax
liabilities
|
|
|
1,232
|
|
1,255
|
Lease
obligations
|
|
|
1,713
|
|
2,120
|
Total non-current liabilities
|
|
|
4,770
|
|
3,628
|
Total liabilities
|
|
$
|
58,003
|
$
|
56,478
|
Equity
|
|
|
|
|
|
Share
capital
|
|
$
|
47,642
|
$
|
44,338
|
Contributed
surplus
|
|
|
15,128
|
|
15,285
|
Retained
earnings
|
|
|
9,455
|
|
10,832
|
Accumulated other
comprehensive income (loss)
|
|
|
(3,351)
|
|
(17)
|
Total equity attributable to the owners of the
Company
|
|
|
68,874
|
|
70,438
|
Total liabilities and equity
|
|
$
|
126,877
|
$
|
126,916
|
Consolidated
Statements of Income and Comprehensive Income
For the three and six-month periods ended October 31, 2023 and
2022
(In thousands of Canadian dollars, except per share
data)
|
|
|
|
Three Months Ended
October 31,
|
Six Months Ended
October 31,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
|
|
|
|
|
|
SaaS
|
|
$
|
12,072
|
$
|
8,798
|
$
|
23,567
|
$
|
16,799
|
Maintenance and
Support
|
|
|
8,899
|
|
8,098
|
|
17,197
|
|
16,366
|
Professional
Services
|
|
|
12,869
|
|
13,539
|
|
27,777
|
|
27,170
|
License
|
|
|
252
|
|
1,055
|
|
708
|
|
1,514
|
Hardware
|
|
|
7,397
|
|
6,621
|
|
14,215
|
|
10,466
|
Total revenue
|
|
|
41,489
|
|
38,111
|
|
83,464
|
|
72,315
|
Cost of revenue
|
|
|
23,144
|
|
21,432
|
|
45,619
|
|
40,878
|
Gross profit
|
|
|
18,345
|
|
16,679
|
|
37,845
|
|
31,437
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
8,645
|
|
6,703
|
|
16,316
|
|
12,953
|
General and
administration
|
|
|
2,971
|
|
3,072
|
|
5,930
|
|
5,806
|
Research and
development, net of tax credits
|
|
|
7,133
|
|
5,856
|
|
14,245
|
|
11,540
|
Total operating expenses
|
|
|
18,749
|
|
15,631
|
|
36,491
|
|
30,299
|
(Loss) profit from operations
|
|
|
(404)
|
|
1,048
|
|
1,354
|
|
1,138
|
Other costs (income)
|
|
|
17
|
|
(56)
|
|
(255)
|
|
(31)
|
(Loss) profit before income
taxes
|
|
|
(421)
|
|
1,104
|
|
1,609
|
|
1,169
|
Income tax (benefit) expense
|
|
|
(81)
|
|
389
|
|
778
|
|
414
|
Net (loss) profit
|
|
$
|
(340)
|
$
|
715
|
$
|
831
|
$
|
755 $
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
Effective portion of
changes in fair value on designated revenue hedges
|
|
|
(5,573)
|
|
(2,007)
|
|
(3,000)
|
|
(1,853)
|
Exchange differences
on translation of foreign operations
|
|
|
92
|
|
496
|
|
(334)
|
|
192
|
Comprehensive loss
|
|
$
|
(5,821)
|
$
|
(796)
|
$
|
(2,503)
|
$
|
(906)
|
Basic and diluted (loss) earnings per common
share
|
|
$
|
(0.02)
|
$
|
0.05
|
$
|
0.06
|
$
|
0.05
|
|
See accompanying notes
to the consolidated financial statements.
|
Consolidated
Statements of Cash Flows
For the three and six-month periods ended October 31, 2023 and
2022
(In thousands of Canadian dollars)
|
|
|
|
Three Months Ended
October 31,
|
Six Months Ended
October 31,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
$
|
(340)
|
$
|
715
|
$
|
831
|
$
|
755
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
Depreciation of
property and equipment and right-of-use-assets
|
|
|
377
|
|
429
|
|
761
|
|
859
|
Amortization of
deferred development costs
|
|
|
147
|
|
114
|
|
289
|
|
216
|
Amortization of other
intangible assets
|
|
|
394
|
|
394
|
|
790
|
|
790
|
Interest expense
(income) and foreign exchange (gain) loss
|
|
|
17
|
|
(56)
|
|
(255)
|
|
(31)
|
Unrealized foreign
exchange and other
|
|
|
600
|
|
1,063
|
|
(598)
|
|
691
|
Non-refundable tax
credits
|
|
|
(774)
|
|
(439)
|
|
(1,214)
|
|
(860)
|
Stock-based
compensation
|
|
|
724
|
|
708
|
|
1,176
|
|
1,184
|
Income
taxes
|
|
|
362
|
|
305
|
|
376
|
|
330
|
Net cash from operating
activities excluding changes in non-cash working capital items
related to operations
|
|
|
1,507
|
|
3,233
|
|
2,156
|
|
3,934
|
Accounts
receivable
|
|
|
4,045
|
|
(3,847)
|
|
2,225
|
|
(4,390)
|
Work in
progress
|
|
|
(1,390)
|
|
883
|
|
(2,219)
|
|
(71)
|
Other
receivables
|
|
|
214
|
|
105
|
|
(48)
|
|
(230)
|
Tax credits
|
|
|
(1,248)
|
|
(1,081)
|
|
(2,319)
|
|
(2,129)
|
Inventory
|
|
|
(242)
|
|
112
|
|
(1,084)
|
|
(143)
|
Prepaid
expenses
|
|
|
(358)
|
|
380
|
|
(641)
|
|
(182)
|
Contract acquisition
costs
|
|
|
137
|
|
(77)
|
|
140
|
|
(330)
|
Accounts payable and
accrued liabilities
|
|
|
273
|
|
3,056
|
|
(3,293)
|
|
136
|
Deferred
revenue
|
|
|
1,246
|
|
4,415
|
|
2,622
|
|
5,653
|
Changes in non-cash
working capital items related to operations
|
|
|
2,677
|
|
3,946
|
|
(4,617)
|
|
(1,686)
|
Net cash provided by (used in) operating
activities
|
|
|
4,184
|
|
7,179
|
|
(2,461)
|
|
2,248
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Repayment of long-term
debt
|
|
|
-
|
|
(300)
|
|
-
|
|
(600)
|
Payment of lease
obligations
|
|
|
(199)
|
|
(178)
|
|
(398)
|
|
(422)
|
Payment of
dividends
|
|
|
(2,208)
|
|
(2,038)
|
|
(2,208)
|
|
(2,038)
|
Interest
paid
|
|
|
(53)
|
|
(178)
|
|
(91)
|
|
(297)
|
Issuance of common
shares on exercise of stock options
|
|
|
881
|
|
35
|
|
2,644
|
|
97
|
Shares repurchased and
cancelled
|
|
|
(673)
|
|
-
|
|
(673)
|
|
-
|
Net cash used in financing
activities
|
|
|
(2,252)
|
|
(2,659)
|
|
(726)
|
|
(3,260)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
|
33
|
|
25
|
|
69
|
|
37
|
Transfer from
short-term investments
|
|
|
-
|
|
-
|
|
22
|
|
-
|
Acquisitions of
property and equipment
|
|
|
(163)
|
|
(171)
|
|
(265)
|
|
(231)
|
Deferred development
costs
|
|
|
(253)
|
|
(258)
|
|
(500)
|
|
(467)
|
Net cash used in investing
activities
|
|
|
(383)
|
|
(404)
|
|
(674)
|
|
(661)
|
Net increase (decrease)
in cash and cash equivalents during the period
|
|
|
1,549
|
|
4,116
|
|
(3,861)
|
|
(1,673)
|
Cash and cash
equivalents - beginning of period
|
|
|
15,825
|
|
17,215
|
|
21,235
|
|
23,004
|
Cash and cash equivalents - end of
period
|
|
$
|
17,374
|
$
|
21,331
|
$
|
17,374
|
$
|
21,331
|
|
See accompanying notes
to the consolidated financial statements.
|
Consolidated
Statements of Changes in Equity
For the three and six -month periods ended October 31, 2023 and
2022
(In thousands of Canadian dollars, except number of
shares)
|
|
|
|
Share capital
|
Contributed
surplus
|
Accumulated
other
comprehensive
income (loss)
|
Retained
earnings
|
Total
|
|
|
Number
|
|
Amount
|
Balance, May 1, 2023
|
|
14,582,837
|
$
|
44,338
|
$
|
15,285
|
$
|
(17)
|
$
|
10,832
|
$
|
70,438
|
Net profit
|
|
-
|
|
-
|
|
-
|
|
-
|
|
831
|
|
831
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective portion of
changes in fair value on designated revenue hedges
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
-
|
|
(3,000)
|
Exchange difference on
translation of foreign operations
|
|
|
|
|
|
|
|
(334)
|
|
|
|
(334)
|
Total comprehensive (loss)
income
|
|
-
|
|
-
|
|
-
|
|
(3,334)
|
|
831
|
|
(2,503)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased and
cancelled
|
|
(25,800)
|
|
(84)
|
|
(589)
|
|
-
|
|
-
|
|
(673)
|
Stock-based
Compensation
|
|
-
|
|
-
|
|
1,176
|
|
-
|
|
-
|
|
1,176
|
Dividends to equity
owners
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,208)
|
|
(2,208)
|
Share options
exercised
|
|
161,249
|
|
3,388
|
|
(744)
|
|
-
|
|
-
|
|
2,644
|
Total transactions with owners of the
Company
|
|
135,449
|
$
|
3,304
|
$
|
(157)
|
$
|
-
|
$
|
(2,208)
|
$
|
939
|
Balance, October 31, 2023
|
|
14,718,286
|
$
|
47,642
|
$
|
15,128
|
$
|
(3,351)
|
$
|
9,455
|
$
|
68,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, May 1, 2022
|
|
14,562,895
|
$
|
43,973
|
$
|
13,176
|
$
|
(1,434)
|
$
|
12,968
|
$
|
68,683
|
Net profit
|
|
-
|
|
-
|
|
-
|
|
-
|
|
755
|
|
755
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective portion of
changes in fair value on designated revenue hedges
|
|
-
|
|
-
|
|
-
|
|
(1,853)
|
|
-
|
|
(1,853)
|
Exchange difference on
translation of foreign operations
|
|
-
|
|
-
|
|
-
|
|
192
|
|
-
|
|
192
|
Total comprehensive (loss)
income
|
|
-
|
|
-
|
|
-
|
|
(1,661)
|
|
755
|
|
(906)
|
Stock-based
Compensation
|
|
-
|
|
-
|
|
1,184
|
|
-
|
|
-
|
|
1,184
|
Dividends to equity
owners
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,038)
|
|
(2,038)
|
Share options
exercised
|
|
5,999
|
|
121
|
|
(24)
|
|
-
|
|
-
|
|
97
|
Total transactions with owners of the
Company
|
|
5,999
|
$
|
121
|
$
|
1,160
|
$
|
-
|
$
|
(2,038)
|
$
|
(757)
|
Balance, October 31, 2022
|
|
14,568,894
|
$
|
44,094
|
$
|
14,336
|
$
|
(3,095)
|
$
|
11,685
|
$
|
67,020
|
|
See accompanying notes
to the consolidated financial statements.
|
SOURCE Tecsys Inc.