- Reports Subscription 31% Revenue Growth and 30% Adjusted EBITDA -
OTTAWA, Nov. 6, 2014 /CNW/ - Kinaxis® TSX:KXS, provider of RapidResponse®, delivering cloud-based SCM and S&OP applications, reported results for
its fiscal third quarter ended September 30, 2014. All figures are in
U.S. dollars and, except for Adjusted EBITDA as described below under
the heading "Non-IFRS Measures", have been prepared in accordance with
International Financial Reporting Standards (IFRS).
Third Quarter 2014 Highlights
(Comparisons made between fiscal Q3 2014 and fiscal Q3 2013 results,
unless otherwise noted)
-
Subscription revenue was $13.3 million, up 31%
-
Total revenue was $17.7 million, up 14%
-
Gross profit was $12.8 million (73% of total revenue), up 7%
-
Adjusted EBITDA totaled $5.2 million (30% of total revenue), up 10%
-
Profit totaled $2.5 million or $0.10 per diluted share
"Our increasing subscription revenue and strong Adjusted EBITDA reflect
the growth potential of our unique SaaS offering," said Doug Colbeth,
President and CEO of Kinaxis. "Organizations demand effective supply
chain management solutions in order to achieve material performance
improvement. We are well positioned within our market and our superior
product offering will allow us to continue to deliver strong results."
Fiscal Q3 2014 Financial Results
Total revenue for the three months ended September 30, 2014 (Q3 2014)
was $17.7 million, an increase of 14% compared to the same period in
2013. For the nine month period ended September 30, 2014 (YTD), revenue
was $51.2 million, an increase of 15% compared to the same year ago
period.
Subscription revenue was $13.3 million in Q3 2014, an increase of 31%
from $10.1 million for the same period in 2013. YTD subscription
revenue was $37.3 million, an increase of 28% over the same period in
2013. The increase was due to additional revenue from contracts secured
with new customers during the fourth quarter of 2013 and in the first
half of 2014 as well as expansion of existing customer subscriptions.
Professional services revenue was $4.1 million in Q3 2014, compared to
$4.9 million for the same period in 2013. YTD professional services
revenue was $13.1 million as compared to $14.1 million in the same year
ago period. The change was due to the end of a significant engagement
with an existing customer in December of 2013, and was largely offset
by services provided for deployment of new customers acquired in the
second half of 2013 and first half of 2014.
Gross profit was $12.8 million in Q3 2014, compared to $10.9 million for
the same period in 2013. YTD gross profit was $35.9 million compared to
$31.1 million in the same year ago period. As a percentage of revenue,
gross profit was 73% in the third quarter compared to 71% in the third
quarter of 2013 and was 70% in the nine months ended September 30, 2014
and 2013. The increase in gross profit was due to growth in total
revenue in the third quarter of 2014 compared to the third quarter of
2013.
Adjusted EBITDA was $5.2 million in Q3 2014 or 30% of total revenue,
compared to Adjusted EBITDA of $4.4 million, or 29% of total revenue in
the same period last year. Adjusted EBITDA in the current period
reflects a higher than normal weighting of subscription revenue to
professional services revenue in the quarter. Kinaxis expect this trend
to persist through the end of 2014. YTD Adjusted EBITDA was $12.3 or
24% of revenue compared to $10.4 million or 24% of revenue in the prior
year period. The change in Adjusted EBITDA during the periods was
driven by an increase in profit from operations excluding the impact of
an increase in share-based payment expenses for the third quarter and
year to date 2014 compared to the same periods for 2013.
Profit for the third quarter of 2014 was $2.5 million or $0.11 per basic
and $0.10 per diluted share in Q3 2014 compared to a net loss of $2.8
million or $0.16 per basic and diluted share for the same period in
2013. Year to date the loss decreased to $0.8 million or $0.05 per
basic and diluted share from $8.9 million or $0.53 per basic and
diluted share due to a lower fair value adjustment on the redeemable
preferred share liability. The increase in profit was primarily driven
by a lower fair value adjustment on the redeemable preferred shares
which were converted to Common Shares at the time of our initial public
offering in June 2014.
Cash generated by operating activities was $13.6 million for the first
nine months of 2014 as compared to $12.1 million in the same period of
2014. The change was primarily the result of an increase in non-cash
share-based compensation of $1.2 million, deferred revenue of $7.8
million and receivables of $4.7 million due to timing of subscription
billings and a contract amendment with an existing customer. This
increase was offset by the Part VI.1 tax of $4.0 million and
non-resident withholding taxes of $1.7 million paid in the first
quarter of 2014 which had been withheld from amounts payable on a share
repurchase completed in the fourth quarter of 2013, and a lower
non-cash loss due to the change in fair value of redeemable preferred
shares of $6.8 million in the first nine months of 2014 compared to
$15.2 million for the same period in 2013.
Cash and cash equivalents were $55.9 million as at September 30, 2014 as
compared to $13.8 million as at December 31, 2013. The increase is
primarily due to the proceeds from our initial public offering net of
repayment of our term loan, as well as cash from operations for the
first nine months of 2014.
Please refer to the section regarding forward-looking statements which
forms an integral part of this release. These results, along with the
unaudited condensed consolidated interim financial statements and the
company's unaudited MD&A, are available on the company's website at www.kinaxis.com and on SEDAR at www.sedar.com.
Conference Call
The company will host a conference call tomorrow (Friday, November 7,
2014) to discuss these results. Doug Colbeth, President & CEO and
Richard Monkman, CFO will host the call starting at 8:30 a.m. Eastern
time. A question and answer session will follow management's
presentation.
Date: Friday, November 7, 2014
Time: 8:30 a.m. Eastern time
Dial-In Number: 1 (888) 231-8191
International: 1 (647) 427-7450
Conference ID#: 8255817
Please call the conference telephone number 5-10 minutes prior to the
start time. An operator will register your name and organization.
A replay of the call will be available after 11:30 a.m. Eastern time on
the same day through November 14, 2014.
Toll-Free Replay Number: 1 (855) 859-2056
International Replay Number: 1 (416) 849-0833
Replay PIN: 8255817
About Kinaxis Inc.
Kinaxis is a leading provider of cloud-based subscription software that
enables our customers to improve and accelerate analysis and
decision-making across their supply chain operations. The supply chain
planning and analytics capabilities of our product, RapidResponse, create the foundation for managing multiple, interconnected supply chain management processes. By using the single RapidResponse product instead of combining
individual disparate software solutions, our customers gain visibility across their supply chains, can respond quickly to changing conditions, and ultimately realize significant operating efficiencies.
Non-IFRS Measures
This news release contains non-IFRS measures, specifically Adjusted
EBITDA. We use Adjusted EBITDA to provide investors with a supplemental
measure of our operating performance and thus highlight trends in our
core business that may not otherwise be apparent when relying solely on
IFRS financial measures. We believe that securities analysts,
investors and other interested parties frequently use non-IFRS measures
in the evaluation of issuers. Management also uses non-IFRS measures
in order to facilitate operating performance comparisons from period to
period, prepare annual operating budgets and assess our ability to meet
our capital expenditure and working capital requirements. Adjusted
EBITDA is not a recognized, defined or standardized measure under IFRS.
Our definition of Adjusted EBITDA will likely differ from that used by other companies
(including our peers) and therefore comparability may be limited.
Readers should also note that we have changed the composition of
Adjusted EBITDA compared to previously disclosed Adjusted EBITDA, in
order to better reflect the definition used by securities analysts.
Adjusted EBITDA now includes a foreign exchange adjustment which is
reflected in the "Foreign exchange loss (gain)" line item in the table
below. Non-IFRS measures should not be considered a substitute for or
in isolation from measures prepared in accordance with IFRS. Investors
are encouraged to review our financial statements and disclosures in
their entirety and are cautioned not to put undue reliance on non-IFRS
measures and view them in conjunction with the most comparable IFRS
financial measures.
We have reconciled Adjusted EBITDA to the most comparable IFRS financial measure as
follows:
|
|
|
|
Three months ended
September 30,
|
|
|
Nine months ended
September 30
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(In thousands of U.S. dollars)
|
Profit/(Loss)
|
|
|
|
$
|
|
|
2,512
|
|
|
$
|
|
(2,781)
|
|
|
$
|
|
(805)
|
|
|
$
|
|
(8,880)
|
Loss due to change in fair value of redeemable preferred shares
|
|
|
|
|
|
|
-
|
|
|
|
|
5,683
|
|
|
|
|
6,760
|
|
|
|
|
15,219
|
Share-based compensation
|
|
|
|
|
|
|
794
|
|
|
|
|
204
|
|
|
|
|
1,813
|
|
|
|
|
658
|
Adjusted profit
|
|
|
|
$
|
|
|
3,306
|
|
|
$
|
|
3,106
|
|
|
$
|
|
7,768
|
|
|
$
|
|
6,997
|
Income tax expense
|
|
|
|
|
|
|
1,358
|
|
|
|
|
1,244
|
|
|
|
|
3,050
|
|
|
|
|
2,806
|
Depreciation
|
|
|
|
|
|
|
317
|
|
|
|
|
209
|
|
|
|
|
817
|
|
|
|
|
616
|
Foreign exchange loss (gain)
|
|
|
|
|
|
|
262
|
|
|
|
|
(103)
|
|
|
|
|
134
|
|
|
|
|
160
|
Net finance (income) expense
|
|
|
|
|
|
|
(3)
|
|
|
|
|
(16)
|
|
|
|
|
507
|
|
|
|
|
(44)
|
Adjusted EBITDA
|
|
|
|
$
|
|
|
5,240
|
|
|
$
|
|
4,440
|
|
|
$
|
|
12,276
|
|
|
$
|
|
10,535
|
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements
within the meaning of applicable securities laws. Forward-looking
statements include statements as to Kinaxis' growth opportunities and
the potential benefits of, and markets and demand for, Kinaxis'
products and services. These statements are subject to certain
assumptions, risks and uncertainties, including our view of the
relative position of Kinaxis' products and services compared to
competitive offerings in the industry. Readers are cautioned not to
place undue reliance on such statements. Kinaxis' actual results,
performance, achievements and developments may differ materially from
the results, performance, achievements or developments expressed or
implied by such statements. Risk factors that may cause the actual
results, performance, achievements or developments of Kinaxis to differ
materially from the results, performance, achievements or developments
expressed or implied by such statements can be found in the public
documents filed by Kinaxis with Canadian securities regulatory
authorities. Kinaxis assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Kinaxis Inc.
Condensed Consolidated Interim Statements of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
55,928
|
|
|
$
|
|
|
13,804
|
|
Trade and other receivables
|
|
|
|
|
|
|
7,636
|
|
|
|
|
|
12,449
|
|
Investment tax credits receivable
|
|
|
|
|
|
|
1,811
|
|
|
|
|
|
1,330
|
|
Prepaid expenses
|
|
|
|
|
|
|
1,567
|
|
|
|
|
|
1,207
|
|
|
|
|
|
|
|
66,942
|
|
|
|
|
|
28,790
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
|
|
|
|
4,662
|
|
|
|
|
|
2,408
|
|
Investment tax credits recoverable
|
|
|
|
|
|
|
2,980
|
|
|
|
|
|
2,108
|
|
Deferred tax assets
|
|
|
|
|
|
|
7,210
|
|
|
|
|
|
8,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
81,794
|
|
|
$
|
|
|
41,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
|
$
|
4,274
|
|
|
$
|
|
|
11,062
|
|
Deferred revenue
|
|
|
|
|
|
|
32,283
|
|
|
|
|
|
24,700
|
|
Current portion of long-term debt
|
|
|
|
|
|
|
̶
|
|
|
|
|
|
4,167
|
|
|
|
|
|
|
|
36,557
|
|
|
|
|
|
39,929
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease inducement
|
|
|
|
|
|
|
120
|
|
|
|
|
|
155
|
|
Long-term debt
|
|
|
|
|
|
|
̶
|
|
|
|
|
|
20,833
|
|
Redeemable preferred shares
|
|
|
|
|
|
|
̶
|
|
|
|
|
|
54,135
|
|
|
|
|
|
|
|
120
|
|
|
|
|
|
75,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity (Deficiency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
|
86,667
|
|
|
|
|
|
9,902
|
Contributed surplus
|
|
|
|
|
|
|
5,700
|
|
|
|
|
|
3,948
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
(385)
|
|
|
|
|
|
(360)
|
Deficit
|
|
|
|
|
|
|
(46,865)
|
|
|
|
|
|
(87,070)
|
|
|
|
|
|
|
|
45,117
|
|
|
|
|
|
(73,580)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
81,794
|
|
|
$
|
|
|
41,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinaxis Inc.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars, except share and per share
data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
For the nine months
|
|
|
|
|
|
|
ended September 30,
|
|
|
ended September 30,
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
17,681
|
|
|
$
|
15,451
|
|
|
$
|
51,234
|
|
|
$
|
44,497
|
Cost of revenue
|
|
|
|
|
|
|
4,855
|
|
|
|
4,556
|
|
|
|
15,312
|
|
|
|
13,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
12,826
|
|
|
|
10,895
|
|
|
|
35,922
|
|
|
|
31,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
|
|
|
|
3,014
|
|
|
|
3,413
|
|
|
|
10,021
|
|
|
|
11,528
|
|
Research and development
|
|
|
|
|
|
|
3,545
|
|
|
|
1,732
|
|
|
|
10,067
|
|
|
|
5,724
|
|
General and administrative
|
|
|
|
|
|
|
2,138
|
|
|
|
1,723
|
|
|
|
6,188
|
|
|
|
4,571
|
|
|
|
|
|
|
|
8,697
|
|
|
|
6,868
|
|
|
|
26,276
|
|
|
|
21,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,129
|
|
|
|
4,027
|
|
|
|
9,646
|
|
|
|
9,261
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss due to change in fair value of redeemable
preferred shares
|
|
|
|
|
|
|
̶
|
|
|
|
(5,683)
|
|
|
|
(6,760)
|
|
|
|
(15,219)
|
|
Foreign exchange (loss) gain
|
|
|
|
|
|
|
(262)
|
|
|
|
103
|
|
|
|
(134)
|
|
|
|
(160)
|
|
Net finance income (expense)
|
|
|
|
|
|
|
3
|
|
|
|
16
|
|
|
|
(507)
|
|
|
|
44
|
|
|
|
|
|
|
|
(259)
|
|
|
|
(5,564)
|
|
|
|
(7,401)
|
|
|
|
(15,335)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) before income taxes
|
|
|
|
|
|
|
3,870
|
|
|
|
(1,537)
|
|
|
|
2,245
|
|
|
|
(6,074)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
232
|
|
|
|
173
|
|
|
|
626
|
|
|
|
519
|
|
Deferred
|
|
|
|
|
|
|
1,126
|
|
|
|
1,071
|
|
|
|
2,424
|
|
|
|
2,287
|
|
|
|
|
|
|
|
1,358
|
|
|
|
1,244
|
|
|
|
3,050
|
|
|
|
2,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss)
|
|
|
|
|
|
|
2,512
|
|
|
|
(2,781)
|
|
|
|
(805)
|
|
|
|
(8,880)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently
to profit or loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences
- foreign operations
|
|
|
|
|
|
|
(49)
|
|
|
|
40
|
|
|
|
(25)
|
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
|
|
|
$
|
2,463
|
|
|
$
|
(2,741)
|
|
|
$
|
(830)
|
|
|
$
|
(8,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
|
|
|
|
|
$
|
0.11
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.53)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of basic Common Shares
|
|
|
|
|
|
|
23,594,556
|
|
|
|
16,891,970
|
|
|
|
17,530,210
|
|
|
|
16,838,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share
|
|
|
|
|
|
$
|
0.10
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.53)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of diluted Common Shares
|
|
|
|
|
|
|
24,758,532
|
|
|
|
16,891,970
|
|
|
|
17,530,210
|
|
|
|
16,838,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinaxis Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders'
Equity (Deficiency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
|
|
|
Contributed
|
|
|
comprehensive
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
|
|
capital
|
|
|
surplus
|
|
|
loss
|
|
|
|
|
Deficit
|
|
|
(deficiency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2012
|
|
|
|
$
|
11,176
|
|
|
$
|
2,923
|
|
|
$
|
(297)
|
|
|
$
|
|
(29,508)
|
|
|
$
|
(15,706)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
(8,880)
|
|
|
|
(8,880)
|
Other comprehensive loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
(24)
|
|
|
|
|
̶
|
|
|
|
(24)
|
Total comprehensive loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
(24)
|
|
|
|
|
(8,880)
|
|
|
|
(8,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share purchase plan subscriptions
|
|
|
|
|
228
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
228
|
Share options exercised
|
|
|
|
|
41
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
41
|
Share based payments
|
|
|
|
|
̶
|
|
|
|
658
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
658
|
Interest on receivable for share sale
|
|
|
|
|
5
|
|
|
|
17
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
22
|
Total shareholder transactions
|
|
|
|
|
274
|
|
|
|
675
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2013
|
|
|
|
$
|
11,450
|
|
|
$
|
3,598
|
|
|
$
|
(321)
|
|
|
$
|
|
(38,388)
|
|
|
$
|
(23,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2013
|
|
|
|
$
|
9,902
|
|
|
$
|
3,948
|
|
|
$
|
(360)
|
|
|
$
|
|
(87,070)
|
|
|
$
|
(73,580)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
(805)
|
|
|
|
(805)
|
Other comprehensive loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
(25)
|
|
|
|
|
̶
|
|
|
|
(25)
|
Total comprehensive loss
|
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
(25)
|
|
|
|
|
(805)
|
|
|
|
(830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Class A preferred shares
to Common Shares
|
|
|
|
|
60,895
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
60,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued per offering
|
|
|
|
|
59,562
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
59,562
|
Share issuance costs
|
|
|
|
|
(3,837)
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
(3,837)
|
Reduction of share capital
|
|
|
|
|
(41,010)
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
41,010
|
|
|
|
̶
|
Shares issued for cash
|
|
|
|
|
585
|
|
|
|
̶
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
585
|
Share options exercised
|
|
|
|
|
570
|
|
|
|
(61)
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
509
|
Share based payments
|
|
|
|
|
̶
|
|
|
|
1,813
|
|
|
|
̶
|
|
|
|
|
̶
|
|
|
|
1,813
|
Total shareholder transactions
|
|
|
|
|
76,765
|
|
|
|
1,752
|
|
|
|
̶
|
|
|
|
|
41,010
|
|
|
|
119,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2014
|
|
|
|
$
|
86,667
|
|
|
$
|
5,700
|
|
|
$
|
(385)
|
|
|
$
|
|
(46,865)
|
|
|
$
|
45,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinaxis Inc.
Condensed Consolidated Interim Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
|
$
|
|
|
(805)
|
|
$
|
|
|
|
(8,880)
|
Items not affecting cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment
|
|
|
|
|
|
|
|
|
817
|
|
|
|
|
|
616
|
|
Loss due to change in fair value of redeemable preferred shares
|
|
|
|
|
|
|
|
|
6,760
|
|
|
|
|
|
15,219
|
|
Share-based compensation
|
|
|
|
|
|
|
|
|
1,813
|
|
|
|
|
|
658
|
|
Amortization of lease inducement
|
|
|
|
|
|
|
|
|
(35)
|
|
|
|
|
|
(35)
|
|
Long-term investment tax credits recoverable
|
|
|
|
|
|
|
|
|
(872)
|
|
|
|
|
|
(663)
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
3,050
|
|
|
|
|
|
2,806
|
|
Change in operating assets and liabilities
|
|
|
|
|
|
|
|
|
8,167
|
|
|
|
|
|
2,857
|
Interest paid
|
|
|
|
|
|
|
|
|
(531)
|
|
|
|
|
|
(2)
|
Income taxes paid
|
|
|
|
|
|
|
|
|
(4,790)
|
|
|
|
|
|
(510)
|
|
|
|
|
|
|
|
|
|
13,574
|
|
|
|
|
|
12,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
|
|
|
|
|
(3,071)
|
|
|
|
|
|
(814)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Voting Common Shares issued and share subscriptions received
|
|
|
|
|
|
|
|
|
991
|
|
|
|
|
|
291
|
|
Common Shares issued
|
|
|
|
|
|
|
|
|
103
|
|
|
|
|
|
̶
|
|
Common Shares issued per offering
|
|
|
|
|
|
|
|
|
59,562
|
|
|
|
|
|
̶
|
|
Share issuance cost net of tax
|
|
|
|
|
|
|
|
|
(3,837)
|
|
|
|
|
|
̶
|
|
Issuance of long-term debt
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
̶
|
|
Repayment of long-term debt
|
|
|
|
|
|
|
|
|
(30,000)
|
|
|
|
|
|
̶
|
|
Payment of finance lease obligations
|
|
|
|
|
|
|
|
|
̶
|
|
|
|
|
|
(32)
|
|
|
|
|
|
|
|
|
|
31,819
|
|
|
|
|
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
|
|
|
|
|
|
42,322
|
|
|
|
|
|
11,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
|
|
13,804
|
|
|
|
|
|
48,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of exchange rates on cash and cash equivalents
|
|
|
|
|
|
|
|
|
(198)
|
|
|
|
|
|
(438)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
$
|
|
|
55,928
|
|
$
|
|
|
|
59,874
|
SOURCE Kinaxis Inc.