Haivision Announces Results for the Three Months Ended January 31, 2024
Year-over-year revenue and Adjusted EBITDA continues its path of growth
This quarter's performance was noteworthy on a couple of fronts," said
Q1 2024 Financial Results
- Revenue of
$34.6 million , an increase of 6.5% when normalized for the exit from the managed services business. - Gross Margins* were 72.9%, a notable improvement from 66.6% for the same prior year period.
- Total expenses were
$22.9 million , a decrease of$0.8 million , from the same prior year period. - Operating income was
$2.3 million , a$3.3 million or 330% improvement from the same prior year period. - Adjusted EBITDA* was
$5.2 million , a$3.1 million or 145% improvement from the same prior year period. - Adjusted EBITDA Margins* was 14.9%, a notable improvement when compared to 6.2% for the same prior year period.
- Net income was
$1.3 million , a$2.7 million or 193% improvement from the same prior year period.
Key Company Highlights
- Showcased Haivision Command 360
Haivision's next generation video collaboration solution, at theIntegrated Systems Europe (ISE) Conference inBarcelona . - Successful deployment of
Haivision live video contribution solutions for coverage of the TCS New York City Marathon and NOBULL Crossfit Games. -
Haivision won the prestigious IBC Innovation Award 2023 in the Content Creation Category for its role as technical partner in theBBC's coverage of the Coronation of KingCharles III . -
Haivision's Makito X4 awarded "Single- or Dual-Stream Encoding Hardware" and "Best On-Prem Encoding/Transcoding Solution" at the 2023 Streaming Media Readers' Choice Awards. -
Haivision welcomed NVIDIA to theSRT Alliance , withSRT Alliance membership at over 600 members. - Announced strategic partnerships with
CP Communications , Flypack, RF Wireless Systems, and Vidovation to extendHaivision mobile video transmitters rental services intoNorth America . - Joined the
Panasonic Partner Alliance for live video production workflows with Kairos and partnered with Grabyo, aLondon -based live cloud production platform, bringing broadcasters a fully integrated solution for live multi-camera production. -
TVB Europe Magazine selected Haivision Pro 460 transmitter as "Best of Show" at IBC 2023 for innovation, feature set, cost efficiency and performance. - TV Tech publication awards the Haivision Pro 460 its Product Innovation Award for 2023 - for technical excellence in M&E solutions.
- Haivision Command 360 wins DSEI Four-Star Best in Show award for Real-time Data Sharing at DSEI 2023 show in
London, England .
"We continue to be focused on improving operational efficiency and demonstrating the earning potential of the business through our improving Adjusted EBITDA margins*" said
Financial Results
Revenue for the three months ended
The result of Gross Margin* improvements and lower total expenses, operating income for the three months ended
*Measures followed by the suffix "*" in this press release are non-IFRS measures. For the relevant definition, see "Non-IFRS Measures" below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company's management's discussion and analysis for the three months ended
Conference Call Notification
Financial Statements, Management's Discussion and Analysis and Additional Information
Forward-Looking Statements
This release includes "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws, including, without limitation, statements regarding the Company's growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by
Non-IFRS Measures
About
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the
Thousands of Canadian dollars (except per share amounts) |
|
|
|
||
|
Three months ended
|
||||
|
2024 |
|
2023 |
||
|
($) |
|
($) |
||
Revenue |
34,579 |
|
34,066 |
||
Cost of sales |
9,386 |
|
11,394 |
||
|
|
|
|
||
Gross profit |
25,193 |
|
26,672 |
||
|
|
|
|
||
|
|
|
|
||
Expenses |
|
|
|
||
Sales and marketing |
6,655 |
|
7,406 |
||
Operations and support |
3,996 |
|
3,727 |
||
Research and development |
7,028 |
|
7,487 |
||
General and administrative |
4,891 |
|
4,697 |
||
Share-based payment |
348 |
|
375 |
||
|
|
|
|
||
|
22,918 |
|
23,692 |
||
|
|
|
|
||
Operating income (loss) |
2,275 |
|
(1,021) |
||
Financial expenses |
299 |
|
604 |
||
|
|
|
|
||
Income (Loss) before income taxes |
1,976 |
|
(1,625) |
||
|
|
|
|
||
Income taxes |
|
|
|
||
Current |
839 |
|
(324) |
||
Deferred |
(140) |
|
121 |
||
|
699) |
|
(203) |
||
|
|
|
|
||
|
|
|
|
||
Net Income (loss) |
1,277 |
|
(1,421) |
||
|
|
|
|
||
Other comprehensive income (loss) |
|
|
|
||
Foreign currency translation adjustment |
(2,576) |
|
752 |
||
Comprehensive loss |
(1,299) |
|
(670) |
||
|
|
|
|
||
|
|
|
|
||
Net income (loss) per share |
|
|
|
||
Net income (loss) per share (basic and diluted) |
|
|
( |
||
Weighted average number of shares outstanding |
|
|
|
||
Basic |
29,029,978 |
|
28,884,924 |
||
Diluted |
30,189,088 |
|
28,884,924 |
||
|
|
|
|
||
|
|
|
|
|
|
Thousands of Canadian dollars |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
As at |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
$ |
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
13,043 |
|
8,285 |
|
Trade and other receivables |
|
|
|
|
|
17,770 |
|
26,113 |
|
Investment tax credits receivable |
|
|
|
|
|
2,749 |
|
2,238 |
|
Inventories |
|
|
|
|
|
16,673 |
|
18,930 |
|
Prepaid expenses |
|
|
|
|
|
4,504 |
|
4,043 |
|
|
|
|
|
|
|
54,739 |
|
59,609 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment |
|
|
|
|
|
3,853 |
|
3,900 |
|
Right-of-use assets |
|
|
|
|
|
6,855 |
|
7,494 |
|
Intangible assets |
|
|
|
|
|
15,554 |
|
17,668 |
|
|
|
|
|
|
|
44,954 |
|
46,219 |
|
Non-refundable investment tax credits receivable |
|
|
|
|
|
5,870 |
|
5,602 |
|
Deferred income taxes |
|
|
|
|
|
3,606 |
|
3,599 |
|
|
|
|
|
|
|
80,692 |
|
84,482 |
|
|
|
|
|
|
|
135,431 |
|
144,091 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Credit facility |
|
|
|
|
|
3,650 |
|
4,685 |
|
Trade and other payables |
|
|
|
|
|
12,011 |
|
17,534 |
|
Restructuring costs payable |
|
|
|
|
|
68 |
|
240 |
|
Purchase price payable |
|
|
|
|
|
202 |
|
204 |
|
Income taxes payable |
|
|
|
|
|
1,458 |
|
659 |
|
Current portion of lease liabilities |
|
|
|
|
|
1,648 |
|
1,688 |
|
Current portion of term loans |
|
|
|
|
|
1,119 |
|
964 |
|
Deferred revenue |
|
|
|
|
|
12,333 |
|
12,104 |
|
|
|
|
|
|
|
32,489 |
|
38,078 |
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
|
|
|
6,185 |
|
6,738 |
|
Long term debt |
|
|
|
|
|
1,643 |
|
2,101 |
|
Deferred revenue |
|
|
|
|
|
3,413 |
|
3,021 |
|
|
|
|
|
|
|
43,730 |
|
49,938 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
91,356 |
|
90,902 |
|
Retained earnings |
|
|
|
|
|
(8,660) |
|
(9,997) |
|
Stock option reserve |
|
|
|
|
|
3,629 |
|
5,295 |
|
Cumulative translation adjustment |
|
|
|
|
|
5,376 |
|
7,953 |
|
|
|
|
|
|
|
91,701 |
|
94,153 |
|
|
|
|
|
|
|
135,431 |
|
144,091 |
|
|
|
|
|
|
|
|
|
|
|
Thousands of Canadian dollars |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
Three months ended January 31, |
||||
|
|
|
|
|
|
2024 |
|
2023 |
||
|
|
|
|
|
|
($) |
|
($) |
||
Net Income (loss) |
|
|
|
|
|
1,277 |
|
(1,421) |
||
Income Taxes |
|
|
|
|
|
699 |
|
(203) |
||
|
|
|
|
|
|
|
|
|
||
Income (loss) before income taxes |
|
|
|
|
|
1,976 |
|
(1,625) |
||
|
|
|
|
|
|
|
|
|
||
Depreciation |
|
|
|
|
|
838 |
|
778 |
||
Amortization |
|
|
|
|
|
1,708 |
|
1,969 |
||
Financial expenses |
|
|
|
|
|
299 |
|
604 |
||
|
|
|
|
|
|
|
|
|
||
EBITDA (1) |
|
|
|
|
|
4,821 |
|
1,726 |
||
|
|
|
|
|
|
|
|
|
||
Share-based payment (LTIP) |
|
|
|
|
|
348 |
|
376 |
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA (1) |
|
|
|
|
|
5,169 |
|
2,102 |
||
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA Margin(1) |
|
|
|
|
|
14.9 % |
|
6.2 % |
_______________________ |
Note: |
(1) Non-IFRS measure. See "Non-IFRS Measures." |
View original content to download multimedia:https://www.prnewswire.com/news-releases/haivision-announces-results-for-the-three-months-ended-january-31-2024-302089590.html
SOURCE