VCM Vecima Networks Inc

• Record Revenue: $43.6M (up 47% YoY and 35% QoQ)
• Record Gross Profit: $21.8M (up 48% YoY and 39% QoQ)
• Gross Margin: 50.1%, Cash Balance: $10.3M
• Adjusted EBITDA of $7.4M (up 201% YoY and 72% QoQ)
• Video and Broadband Solutions sales climb 65% YoY to $27.2M
• Record Content Delivery and Storage sales of $15.0M (up 27% YoY and 121% QoQ)

Vecima Networks Inc. (TSX: VCM) today reported financial results for the three and six months ended December 31, 2021.

FINANCIAL HIGHLIGHTS

(Canadian dollars in millions except percentages, employees, and per share data)

Q2FY22

Q1FY22

Q2FY21

Revenue

$43.6

$32.4

$29.7

Gross Margin

50.1%

48.5%

49.6%

Net Income (Loss)

$1.5

$0.7

$(3.1)

Earnings (Loss) Per Share1

$0.06

$0.03

$(0.14)

Adjusted Earnings (Loss) Per Share1,2,3,4

$0.06

$0.03

$(0.14)

Adjusted EBITDA2

$7.4

$4.3

$2.5

Cash and Short-term Investments

$10.3

$17.9

$20.8

Employees

497

492

466

1 Based on weighted average number of shares outstanding.

2 Adjusted Earnings Per Share and Adjusted EBITDA do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures provided by other issuers. See “Adjusted EBITDA and Adjusted Earnings (Loss) Per Share” below.

3 Earnings and Adjusted Earnings Per Share include non-cash share-based compensation of $(0.1) million or $(0.00) per share for the three months ended December 31, 2021, and $(1.2) million or $(0.05) per share for the three months ended December 31, 2020. The non-cash share-based compensation primarily reflects certain performance-based vesting thresholds achieved under the Company’s Performance Share Unit Plan.

4 Earnings and Adjusted Earnings Per Share include foreign exchange loss of $(0.1) million or $(0.00) per share for the three months ended December 31, 2021, and foreign exchange loss of $(1.2) million or $(0.05) per share for the three months ended December 31, 2020.

“Vecima’s momentum accelerated to the next level in the second quarter as surging demand for our industry-leading Entra Distributed Access Architecture (DAA) and MediaScaleX IPTV solutions drove year-over-year organic sales growth of 47% and resulted in consolidated revenue of $43.6 million, the best quarterly sales result in Vecima’s 33-year history,” said Sumit Kumar, Vecima’s President and Chief Executive Officer.

“Our phenomenal top-line performance carried through with leverage to our bottom line, with second quarter adjusted EBITDA nearly tripling year-over-year to $7.4 million or 17.1% of sales, gross profit climbing 48% to $21.8 million, and adjusted earnings per share growing to $0.06. These are significant achievements that reflect not only the rapidly growing demand for our next-generation products, but also our disciplined approach to OpEx, inventory and supply chain management in a period of supply challenges never-before-seen across the tech sector.”

“As anticipated, second quarter results were led by our Video and Broadband Solutions segment and a record quarter for our Entra DAA portfolio,” added Mr. Kumar. “Despite ongoing supply chain hurdles, Entra revenue grew 130% year-over-year to $18.5 million as we continued to deploy with a growing roster of Tier 1, 2, and 3 customers. A wide array of broadband service providers have begun their transition to Distributed Access Architecture, with Vecima’s pioneering and market-leading DAA technology underpinning the evolution to the multi-gigabit broadband internet era. Our Content Delivery and Storage segment added to the momentum, setting a new quarterly segment record of $15.0 million on robust demand across the full MediaScaleX IPTV product family.”

“While it was already a ground-breaking quarter for Vecima, I want to emphasize that the cable and broadcast industries are still in the early stages of the transformative shift to Distributed Access Architecture and IPTV. We see significantly greater growth potential ahead, including multiple investment cycles for our industry-leading platforms. Accordingly, as we begin to capture the rewards of the first wave of network transformations, we are already investing in the next. This includes not only the numerous new products and feature enhancements we introduced in the second quarter, but also importantly, future-defining advancements we are making, such as our recent DOCSIS 4.0 milestone with Charter Communications. We demonstrated industry-first and leading multi-gigabit symmetrical broadband speeds over widely-deployed and highly-leverageable coaxial cable infrastructure, making 10G a reality.”

“I am pleased to report that we ended the second half in very strong financial shape, with $10.3 million of cash, working capital of $42.5 million, and virtually no debt. Our strong balance sheet, strategic investment in growth inventory, and available liquidity positions us to continue supporting our rapid growth and next-generation technology development as we pursue the truly outstanding opportunities in the worldwide DAA and IPTV markets,” said Mr. Kumar.

BUSINESS HIGHLIGHTS

Video and Broadband Solutions (VBS)

The VBS segment delivered exceptional revenue performance of $27.2 million, up 65% year-over-year and 12% quarter-over-quarter as customers continued to transition to next-generation networks using Vecima’s platforms.

DAA (Entra family)

• Deployments of next-generation Entra DAA products grew to a record $18.5 million, up 130% year-over-year and 2% quarter-over-quarter

• Total customer engagements for Entra increased to 80 MSOs worldwide, from 77 at the end of Q1 fiscal 2022. Forty-three of these customers have now ordered Entra products, up from 39 last quarter
  • Selected by GCI, Alaska’s largest telecommunications company, to deliver multi-gigabit speed to its customers via the Entra 10G EPON DAA solution
  • Chosen by Wyandotte Municipal Services to provide an Entra 10G EPON network as the cornerstone to this customer’s new Fiber-to-the-Home (FTTH) offering
  • Subsequent to the quarter-end, announced that Liberty Latin America has selected the Entra Remote MACPHY DAA solution across its properties to support its expansion to next-generation ultra-broadband services
• Continued to expand Entra’s leading capabilities for the future:
  • In October, Vecima, in partnership with Charter Communications, demonstrated the long-term hybrid fiber-coaxial (HFC) network future with multi-gigabit DOCSIS 4.0. The demonstration achieved industry-leading >8.5 Gbps downstream and >6 Gbps upstream with 1.8 GHz DOCSIS 4.0 Frequency Division Duplexing (FDD)
  • Launched the industry’s highest capacity Remote MACPHY module, the Entra EMM324, at SCTE Cable-Tec Expo
  • Announced the world’s first commercially available Generic Access Platform (GAP) node, the EN9000, supporting Remote MACPHY and 1.8 GHz DOCSIS 4.0 with up to four service groups
  • Leveraged input from Vecima’s fast-growing roster of DAA-deploying customers and engagements to add a broad set of enhancements and features that further differentiate the Entra DAA portfolio as customers ramp scale deployments and look to magnify the many benefits of DAA
• Received high-profile industry recognition underscoring Vecima’s market-leading position
  • Highlighted by world-leading Tier 1 operators in the SCTE Cable-Tec Expo keynote session as a leading next-generation vendor and strategic partner, helping to enable the industry’s next leap in broadband
  • Subsequent to the quarter-end, Vecima was recognized by the Dell’Oro Group as the industry’s market share leader in Remote MACPHY and Remote Optical Line Terminal FTTH product groups

Commercial Video (Terrace family)

• Commercial Video sales increased to $8.7M in the second quarter, up 4% year-over-year and 42% quarter-over-quarter
  • Terrace QAM sales grew to $4.9 million, an increase of 61% year-over-year and 3% quarter-over-quarter, with the lead customer continuing its scale hospitality program with the platform while preparing for migration to TerraceIQ
  • Terrace family sales contributed solid Q2 revenue of $3.8 million, a quarter-over-quarter increase of 178%
  • Introduced additional IP streaming formats and DRM functionality to our innovative next-generation TerraceIQ platform, which further broadens support for unique customer-by-customer needs for IPTV adaptation and distribution in commercial premises

Content Delivery and Storage (CDS)

• Achieved record CDS sales of $15.0 million, up 27% from $11.8 million in the prior-year period and an increase of 121% sequentially from $6.8 million in Q1 fiscal 2022
• Significantly expanded systems sales with multiple customers as operators forge ahead and reap the benefits of IP video deployments while rolling out to more subscribers:
  • Secured largest IPTV network win to date for MediaScaleX
  • Won new IPTV customer serving Eastern Canada
  • Selected by Buckeye Broadband to replace a legacy Video on Demand (VOD) network with Vecima’s MediaScaleX, offering a next-generation IPTV architecture and migration path
  • Subsequent to the quarter-end, Breezeline (formerly Atlantic Broadband), announced that it has chosen MediaScaleX to power its IPTV video delivery solution and accelerate the next-generation TV experience to its subscribers
• In January 2022, successfully completed interoperability tests for MediaScaleX as part of the Streaming Video Alliance (SVA) Open Caching Initiative. This is a key step to enabling open caching solutions to distribute over-the-top content at the highest quality, working with Vecima’s customers and their over 100 million subscribers worldwide

Telematics

• Multiple additional deployments in high-value verticals, such as municipal government and moveable asset customers
• Added 12 new customers for the NERO asset tracking platform, with number of moveable assets being monitored rising significantly to over 16,000 units
• Achieved trailing 12-month adjusted EBITDA of $1.95M and adjusted EBITDA margin of 35%

“As we move into the second half, we see a continued escalation of the high demand for our products, tempered only by the constraints of ongoing worldwide supply chain issues and materials shortages,” said Mr. Kumar.

“With the industry’s strongest and most relevant portfolio of DAA and cable access solutions, expanding relationships with 80 cable operators worldwide, and a growing volume of customer purchase orders and forecasts providing excellent and high demand visibility, we expect Entra family product orders to continue to build through the balance of the year and remain our leading sales generator in fiscal 2022.”

“In our Content Delivery and Storage segment, demand for our IPTV solutions remains robust and we anticipate another strong quarter in Q3. On a full-year basis, we continue to anticipate high single-digit to low double-digit sales growth from this segment in fiscal 2022.”

“We once again reiterate our caution that the significant current global supply chain challenges could temper our growth and margin potential in the near-term. However, the opportunities in both the DAA and IPTV markets are enormous and Vecima is exceptionally well-positioned to capitalize on them over an expected multi-year cycle of investment into the broadband access network,” concluded Mr. Kumar.

As previously reported, Vecima’s Board of Directors declared a quarterly dividend of $0.055 per share for the period. The dividend will be payable on March 28, 2022 to shareholders of record as at February 25, 2022.

CONFERENCE CALL

A conference call and live audio webcast will be held today, February 10, 2022 at 1 p.m. ET to discuss the Company’s second quarter results. Vecima’s unaudited interim condensed consolidated financial statements and management’s discussion and analysis for the three and six months ended December 31, 2021 are available under the Company’s profile at www.SEDAR.com, and at https://vecima.com/investor-relations/financial-reports/.

To participate in the teleconference, dial 1-800-319-4610 or 1-604-638-9020. The webcast will be available in real time at http://services.choruscall.ca/links/vecima20220210.html and will be archived on the Vecima website at https://vecima.com/investor-relations/earnings-call-archive/

About Vecima Networks

Vecima Networks Inc. is a global leader focused on developing integrated hardware and scalable software solutions for broadband access, content delivery, and telematics. We enable the world's leading innovators to advance, connect, entertain, and analyze. We build technologies that transform content delivery and storage, enable high‑capacity broadband network access, and streamline data analytics. For more information, please visit our website at www.vecima.com.

Adjusted EBITDA and Adjusted Earnings (Loss) Per Share

Adjusted EBITDA and Adjusted Earnings (Loss) Per Share do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures provided by other issuers. Accordingly, investors are cautioned that Adjusted EBITDA or Adjusted Earnings (Loss) Per Share should not be construed as an alternative to net income, determined in accordance with IFRS, as an indicator of the Company’s financial performance or as a measure of its liquidity and cash flows. For a reconciliation of Adjusted EBITDA or Adjusted Earnings (Loss) Per Share, investors should refer to Vecima’s Management’s Discussion and Analysis for the second quarter of fiscal 2022.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes the following statements: Vecima’s momentum accelerated to the next level in the second quarter as surging demand; these are significant achievements that reflect not only the rapidly growing demand for our next-generation products, but also our disciplined approach; as anticipated, second quarter results were led by our Video and Broadband Solutions segment and a record quarter for our Entra DAA portfolio; a wide array of broadband service providers have begun their transition to Distributed Access Architecture, with Vecima’s pioneering and market-leading DAA technology underpinning the evolution to the multi-gigabit broadband internet era; while it was already a ground-breaking quarter for Vecima, the cable and broadcast industries are still in the early stages of the transformative shift to Distributed Access Architecture and IPTV; we see significantly greater growth potential ahead, including multiple investment cycles for our industry-leading platforms; our strong balance sheet, strategic investment in growth inventory, and available liquidity positions us to continue supporting our rapid growth and next-generation technology development as we pursue the truly outstanding opportunities in the worldwide DAA and IPTV markets; as we move into the second half, we see a continued escalation of the high demand for our products, tempered only by the contraints of ongoing worldwide supply chain issues and materials shortages; with the industry’s strongest and most relevant portfio of DAA and cable access solutions, expanding relationships with 80 cable operators worldwide, and a growing volume of customer purchase orders and forecasts providing excellent and high demand visibility, we expect Entra family product orders to continue to build through the balance of the year and remain our leading sales generator in fiscal 2022; in our Content Delivery and Storage segment, demand for our IPTV solutions remains robust and we anticipate another strong quarter in Q3; on a full-year basis, we continue to anticipate high single-digit to low double-digit sales growth from this segment in fiscal 2022; we once again reiterate our caution that the significant current global supply chain challenges could temper our growth and margin potential in the near-term; the opportunities in both the DAA and IPTV markets are enormous and Vecima is exceptionally well-positioned to capitalize on them over an expected multi-year cycle of investment into the broadband access network.

A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated September 23, 2021, as well as the Company’s continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

VECIMA NETWORKS INC.

Interim Condensed Consolidated Statements of Financial Position

(unaudited – in thousands of Canadian dollars)

 

As at

 

 

December 31, 2021

 

June 30, 2021

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

10,341

$

28,909

 

Accounts receivable

 

 

 

40,484

 

28,784

 

Income tax receivable

 

 

 

648

 

414

 

Inventories

 

 

 

24,967

 

15,578

 

Prepaid expenses

 

 

 

8,295

 

3,497

 

Contract assets

 

 

 

760

 

516

 

Total current assets

 

 

 

85,495

 

77,698

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

15,652

 

13,854

 

Right-of-use assets

 

 

 

3,079

 

3,660

 

Goodwill

 

 

 

14,763

 

14,542

 

Intangible assets

 

 

 

73,932

 

72,224

 

Other long-term assets

 

 

 

1,355

 

1,267

 

Investment tax credits

 

 

 

24,110

 

24,344

 

Deferred tax assets

 

 

 

7,415

 

7,143

 

Total assets

 

 

$

225,801

$

214,732

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

$

33,030

$

22,259

 

Provisions

 

 

 

798

 

1,439

 

Income tax payable

 

 

 

209

 

454

 

Deferred revenue

 

 

 

7,440

 

7,137

 

Current portion of long-term debt

 

 

 

1,540

 

1,617

 

Total current liabilities

 

 

 

43,017

 

32,906

 

Non-current liabilities

 

 

 

 

 

 

 

Provisions

 

 

 

415

 

397

 

Deferred revenue

 

 

 

3,525

 

2,398

 

Deferred tax liability

 

 

 

4

 

4

 

Long-term debt

 

 

 

3,427

 

4,107

 

Total liabilities

 

 

 

50,388

 

39,812

 

Shareholders’ equity

 

 

 

 

 

 

 

Share capital

 

 

 

7,641

 

7,299

 

Reserves

 

 

 

3,074

 

3,407

 

Retained earnings

 

 

 

164,989

 

165,312

 

Accumulated other comprehensive loss

 

 

 

(291)

 

(1,098)

 

Total shareholders’ equity

 

 

 

175,413

 

174,920

 

Total liabilities and shareholders’ equity

 

 

$

225,801

$

214,732

 

 

VECIMA NETWORKS INC.

Interim Condensed Consolidated Statements of Comprehensive Income (Loss)

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

 

Three months

Six months

Periods ended December 31,

 

 

2021

 

2020

 

2021

 

2020

Sales

 

$

43,587

$

29,673

$

75,982

$

56,996

Cost of Sales

 

 

21,767

 

14,964

 

38,460

 

29,652

Gross Profit

 

 

21,820

 

14,709

 

37,522

 

27,344

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

 

8,352

 

7,044

 

16,360

 

13,309

Sales and marketing

 

 

4,554

 

3,474

 

8,655

 

6,450

General and administrative

 

 

5,498

 

4,560

 

10,184

 

9,253

Share-based compensation

 

 

65

 

1,210

 

753

 

1,449

Other expense

 

 

13

 

3

 

19

 

-

Total operating expenses

 

 

18,482

 

16,291

 

35,971

 

30,461

Operating income (loss)

 

 

3,338

 

(1,582)

 

1,551

 

(3,117)

Finance (expense) income

 

 

(46)

 

2

 

(88)

 

165

Foreign exchange (loss) gain

 

 

(111)

 

(1,218)

 

996

 

(1,440)

Income (loss) before income taxes

 

 

3,181

 

(2,798)

 

2,459

 

(4,392)

Income tax expense (recovery)

 

 

1,708

 

432

 

244

 

(367)

Net income (loss) from continuing operations

 

 

1,473

 

(3,230)

 

2,215

 

(4,025)

Net income from discontinued operations

 

 

-

 

112

 

-

 

69

Net income (loss)

 

$

1,473

$

(3,118)

$

2,215

$

(3,956)

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

Item that may be subsequently reclassed to net income

 

 

 

 

 

 

 

 

Exchange differences on translating foreign operations

 

(110)

 

(1,538)

 

807

 

(2,150)

Comprehensive income (loss)

 

$

1,363

$

(4,656)

$

3,022

$

(6,106)

Net income (loss) per share

 

 

 

 

 

 

 

 

 

Continuing operations - basic

 

$

0.06

$

(0.14)

$

0.10

$

(0.18)

Discontinued operations - basic

 

 

0.00

 

0.00

 

0.00

 

0.00

Total basic net income (loss) per share

 

$

0.06

$

(0.14)

$

0.10

$

(0.18)

Continuing operations – diluted

 

$

0.06

$

(0.14)

$

0.10

$

(0.18)

Discontinued operations – diluted

 

 

0.00

 

0.00

 

0.00

 

0.00

Total diluted net income (loss) per share

 

$

0.06

$

(0.14)

$

0.10

$

(0.18)

Weighted average number of common shares

 

 

 

 

 

 

 

 

 

Shares outstanding - basic

 

23,076,376

22,733,716

23,065,194

22,607,863

Shares outstanding - diluted

 

23,110,051

22,733,716

23,102,412

22,607,863

 

VECIMA NETWORKS INC.

Interim Condensed Consolidated Statements of Change in Equity

(unaudited – in thousands of Canadian dollars)

 

 

 

 

Share capital

 

Reserves

 

Retained earnings

 

Accumulated other comprehensive (loss) income

 

Total

Balance as at June 30, 2020

 

$

3,161

$

3,838

$

170,665

$

2,098

$

179,762

Net loss

 

 

-

 

-

 

(3,956)

 

-

 

(3,956)

Other comprehensive loss

 

 

-

 

-

 

-

 

(2,150)

 

(2,150)

Dividends

 

 

-

 

-

 

(2,500)

 

-

 

(2,500)

Shares issued by exercising options

 

 

3,016

 

(783)

 

-

 

-

 

2,233

PSUs settled in common shares

 

 

2,498

 

(2,498)

 

-

 

-

 

-

Withholding taxes on PSUs

 

 

(750)

 

 

 

 

 

 

 

(750)

Share-based payment expense

 

 

-

 

1,449

 

-

 

-

 

1,449

Balance as at December 31, 2020

 

$

7,925

$

2,006

$

164,209

$

(52)

$

174,088

Balance as at June 30, 2021

 

$

7,299

$

3,407

$

165,312

$

(1,098)

$

174,920

Net income

 

 

-

 

-

 

2,215

 

-

 

2,215

Other comprehensive income

 

 

-

 

-

 

-

 

807

 

807

Dividends

 

 

-

 

-

 

(2,538)

 

-

 

(2,538)

Shares issued by exercising options

 

 

439

 

(110)

 

-

 

-

 

329

PSUs settled in common shares

 

 

976

 

(976)

 

-

 

-

 

-

Withholding taxes on PSUs

 

 

(1,073)

 

-

 

-

 

-

 

(1,073)

Share-based payment expense

 

 

-

 

753

 

-

 

-

 

753

Balance as at December 31, 2021

 

$

7,641

$

3,074

$

164,989

$

(291)

$

175,413

VECIMA NETWORKS INC.

Interim Condensed Consolidated Statements of Cash Flows

(unaudited – in thousands of Canadian dollars)

 

 

 

Three months

Six months

 

Periods ended December 31,

 

 

2021

 

2020

 

2021

 

2020

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

1,473

$

(3,230)

$

2,215

$

(4,025)

 

Adjustments for non-cash items:

 

 

 

 

 

 

 

 

 

 

Loss on sale of property, plant and equipment

 

 

13

 

7

 

18

 

9

 

Depreciation and amortization

 

 

4,142

 

3,806

 

8,460

 

7,284

 

Share-based compensation

 

 

65

 

1,210

 

753

 

1,449

 

Income tax expense (recovery)

 

 

(13)

 

231

 

481

 

(346)

 

Deferred income tax (recovery) expense

 

 

1,721

 

199

 

(237)

 

(21)

 

Interest expense

 

 

46

 

56

 

96

 

113

 

Interest income

 

 

-

 

(59)

 

(8)

 

(147)

 

Net change in working capital

 

 

(5,085)

 

(2,496)

 

(13,710)

 

(1,027)

 

Increase in other long-term assets

 

 

(123)

 

(337)

 

(83)

 

(294)

 

(Decrease) increase in provisions

 

 

(679)

 

32

 

(656)

 

43

 

Increase in investment tax credits

 

 

(33)

 

(29)

 

(60)

 

(70)

 

Income tax received

 

 

164

 

174

 

164

 

174

 

Income tax paid

 

 

(304)

 

(370)

 

(579)

 

(494)

 

Interest received

 

 

2

 

60

 

10

 

148

 

Interest paid

 

 

(9)

 

(11)

 

(19)

 

(19)

 

Cash provided by discontinued operations

 

 

-

 

269

 

-

 

168

 

Cash provided by (used in) operating activities

 

 

1,380

 

(488)

 

(3,155)

 

2,945

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Capital expenditures, net

 

 

(2,036)

 

(833)

 

(2,956)

 

(1,282)

 

Purchase of short-term investments

 

 

-

 

(57)

 

-

 

(141)

 

Proceeds from sale of short-term investments

 

 

-

 

7,082

 

-

 

7,421

 

Deferred development costs

 

 

(3,692)

 

(3,728)

 

(7,765)

 

(7,070)

 

Business acquisition

 

 

-

 

-

 

-

 

(6,401)

 

Cash (used in) discontinued operations

 

 

-

 

(104)

 

-

 

(210)

 

Cash (used in) provided by investing activities

 

 

(5,728)

 

2,360

 

(10,721)

 

(7,683)

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

Principal repayments of lease liabilities

 

 

(380)

 

(470)

 

(787)

 

(824)

 

Repayment of long-term debt

 

 

(83)

 

(62)

 

(125)

 

(125)

 

Dividends paid

 

 

(2,538)

 

(2,500)

 

(2,538)

 

(2,500)

 

Issuance of shares through exercised options

 

 

-

 

1,940

 

329

 

2,233

 

Withholding taxes on performance share units

 

 

-

 

(750)

 

(1,073)

 

(750)

 

Cash used in discontinued operations

 

 

-

 

(21)

 

-

 

(42)

 

Cash used in financing activities

 

 

(3,001)

 

(1,863)

 

(4,194)

 

(2,008)

 

Net (decrease) increase in cash and cash equivalents

 

 

(7,349)

 

9

 

(18,070)

 

(6,746)

 

Effect of change in exchange rates on cash

 

 

(227)

 

428

 

(498)

 

265

 

Cash and cash equivalents, beginning of period

 

 

17,917

 

10,432

 

28,909

 

17,350

 

Cash and cash equivalents, end of period

 

$

10,341

$

10,869

$

10,341

$

10,869

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005405/en/

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