Tecsys Inc T.TCS

Tecsys Reports Financial Results

[Betteryear2]

MONTREAL, March 2, 2022 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the third quarter of fiscal year 2022, ended January 31, 2022. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).

Third Quarter Highlights:

• SaaS revenue increased by 49% to $7.0 million in Q3 2022, up from $4.7 million in Q3 2021.
• Annual Recurring Revenue (ARRi) at January 31, 2022 was up 17% to $59.5 million compared to $50.8 million at January 31, 2021.
• During Q3 2022, SaaS subscription bookingsi (measured on an ARRi basis) were $2.3 million, up 133% compared to $1.0 million in the third quarter of fiscal 2021.
• Professional services revenue was up 5% to $12.9 million in Q3 2022 compared to $12.3 million in Q3 2021.
• Total revenue was a record $35.4 million, 11% higher than $31.9 million reported for Q3 2021.
• Gross margin was 43% compared to 48% in the prior year quarter, negatively impacted by a weaker US dollar, change in revenue mix and investment in key growth initiatives.
• Total gross profit decreased to $15.2 million, down 1% from $15.4 million in Q3 2021.
• Operating expenses increased to $13.9 million, higher by $1.1 million or 9% compared to $12.8 million in Q3 fiscal 2022 with continuing investment in sales and marketing as well as research and development.
• Profit from operations in Q3 2022 was $1.4 million, down from $2.6 million in Q3 2021.
• Net profit was $0.9 million or $0.06 per share on a fully diluted basis in Q3 2022 compared to a net profit of $1.8 million or $0.12 per share on a fully diluted basis for the same period in fiscal 2021.
• Adjusted EBITDAii was $2.7 million in Q3 2022, down 31% compared to $4.0 million reported in Q3 2021.
• A weaker USD to CAD exchange rate negatively impacted revenue by $1.7 million and Profit from operations and Adjusted EBITDA by $1.6 million compared to the same quarter last year.

[Possibleidiot01]

3/3/2022 Raymond James     Lower Price Target Outperform C$70.00 C$60.00 +86.63% Laurentian 03 mars 2022 TCS Q3-F22 Results Mixed; TP Lowered to $50 TECSYS Inc. Laurentian must hve said something MIXED.