- Sales reached US$72.6
million
- Bookings attained US$87.0
million, book-to-bill ratio of 1.20
- IFRS net loss totaled US$3.7
million
- Adjusted EBITDA amounted to US$4.3
million
- Proxy circular forthcoming on board-approved,
going-private transaction
QUEBEC CITY, July 14, 2021
/PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the
communications industry's test, monitoring and analytics experts,
reported today financial results for the third quarter ended
May 31, 2021.
"In the third quarter of 2021, EXFO delivered sales and adjusted
EBITDA consistent with expectations while strong bookings were
mainly driven by a recovery from the coronavirus pandemic and a
good performance in EMEA," said EXFO's CEO Philippe Morin.
Third Quarter Highlights
- Sales. Sales improved 9.8% year-over-year in the third quarter
of 2021 mainly due to increased spending on fiber deployments in
the Americas and Europe,
Middle East and Africa (EMEA) following a period of reduced
investments caused by the coronavirus pandemic in 2020. Test and
Measurement (T&M) sales grew 13.9% year-over-year in the third
quarter of 2021, while Service Assurance, Systems and Services
(SASS) sales dropped 9.6%. Sales in the Americas and EMEA increased
18.4% and 20.6% year-over-year, respectively, while sales in the
Asia-Pacific region fell 23.8%.
EXFO's top customer accounted for 5.6% of sales, while the top
three represented 14.1%.
- Profitability. IFRS net loss totaled US$3.7 million, or -US$0.07 per share, in the third quarter of 2021,
while adjusted EBITDA* amounted to US$4.3 million, or 5.9% of sales.
Selected Financial Information
(In thousands of US
dollars)
|
|
|
|
|
|
|
|
|
Three months
ended
May 31, 2021
|
|
Three months
ended
May 31, 2020
|
|
Nine months
ended
May 31, 2021
|
|
Nine months
ended
May 31, 2020
|
|
|
|
|
|
|
|
|
Test and Measurement
sales
|
$
|
57,295
|
|
$
|
50,309
|
|
$
|
159,045
|
|
$
|
143,733
|
Service Assurance,
Systems and Services sales
|
14,780
|
|
16,352
|
|
53,391
|
|
52,036
|
Foreign exchange
losses on forward exchange
|
|
|
|
|
|
|
|
contracts
|
(569)
|
|
(514)
|
|
(974)
|
|
(758)
|
Total
sales
|
$
|
72,644
|
|
$
|
66,147
|
|
$
|
213,410
|
|
$
|
195,011
|
|
|
|
|
|
|
|
|
Test and Measurement
bookings
|
$
|
59,671
|
|
$
|
46,634
|
|
$
|
164,584
|
|
$
|
153,646
|
Service Assurance,
Systems and Services bookings
|
26,766
|
|
12,988
|
|
69,840
|
|
49,000
|
Foreign exchange
losses on forward exchange
|
|
|
|
|
|
|
|
contracts
|
(569)
|
|
(514)
|
|
(974)
|
|
(758)
|
Total
bookings
|
$
|
87,006
|
|
$
|
59,108
|
|
$
|
235,398
|
|
$
|
201,888
|
Book-to-bill ratio
(bookings/sales)
|
1.20
|
|
0.89
|
|
1.10
|
|
1.04
|
Gross margin before
depreciation and amortization*
|
$
|
42,346
|
|
$
|
38,199
|
|
$
|
122,820
|
|
$
|
113,026
|
|
58.3%
|
|
57.7%
|
|
57.6%
|
|
58.0%
|
|
|
|
|
|
|
|
|
Other selected
information:
|
|
|
|
|
|
|
|
IFRS net earnings
(loss)
|
$
|
(3,682)
|
|
$
|
3,177
|
|
$
|
(2,567)
|
|
$
|
(5,907)
|
Amortization of
intangible assets
|
$
|
1,774
|
|
$
|
1,698
|
|
$
|
6,310
|
|
$
|
5,025
|
Stock-based
compensation costs
|
$
|
1,193
|
|
$
|
523
|
|
$
|
2,778
|
|
$
|
1,446
|
Restructuring
charges
|
$
|
108
|
|
$
|
–
|
|
$
|
651
|
|
$
|
–
|
Net income tax effect
of the above items
|
$
|
(307)
|
|
$
|
(257)
|
|
$
|
(1,135)
|
|
$
|
(760)
|
Foreign exchange
loss
|
$
|
826
|
|
$
|
141
|
|
$
|
1,199
|
|
$
|
649
|
Adjusted
EBITDA*
|
$
|
4,288
|
|
$
|
10,656
|
|
$
|
17,644
|
|
$
|
13,284
|
Quarterly Overview
Sales increased 9.8% to
US$72.6 million in the third
quarter of fiscal 2021 from US$66.1
million in third quarter of 2020 which had been affected by
the coronavirus pandemic.
Bookings improved 47.2% to US$87.0
million in the third quarter of fiscal 2021 from
US$59.1 million in the same period in
2020, driven by fiber deployment projects that had been delayed due
to the pandemic and a good performance in EMEA. The company's
book-to-bill ratio was 1.20 in the third quarter of 2021. A
previously announced service assurance lab evaluation with a tier-1
US network operator is ongoing, but it is taking longer than
expected due to the level of transformation and functionality
required.
Gross margin before depreciation and amortization* amounted to
58.3% of sales in the third quarter of fiscal 2021 compared to
57.7% in the third quarter of 2020.
Selling and administrative expenses totaled US$25.0 million, or 34.4% of sales in the third
quarter of fiscal 2021 compared to US$18.9
million, or 28.6% of sales, in the third quarter of
2020.
Net R&D expenses attained US$14.4
million, or 19.8% of sales, in the third quarter of fiscal
2021 compared to US$9.2 million, or
13.9% of sales, in the same period last year.
IFRS net loss totaled US$3.7
million, or -US$0.07 per
share, in the third quarter of fiscal 2021 compared to net earnings
of US$3.2 million, or US$0.06 per share, in the third quarter of 2020.
IFRS net loss in the third quarter of 2021 included US$1.8 million in amortization of intangible
assets, US$1.2 million in stock-based
compensation costs, US$0.1 million in
restructuring charges, US$0.8 million
in foreign exchange loss, and an income tax effect of the above
items of US$0.3 million. Net loss for
the third quarter of 2021 also included US$0.4 million for an after-tax wage subsidy by
the Canadian government to help companies mitigate the impact of
the coronavirus pandemic.
Adjusted EBITDA* amounted to US$4.3
million, or 5.9% of sales, in the third quarter of fiscal
2021 compared to US$10.7 million, or
16.1% of sales, in the third quarter of 2020.
Going-Private Transaction
On June 7, EXFO announced a
going-private transaction, where Holders of Subordinate Voting
Shares (other than the Excluded Shares) will receive US$6.00 per Subordinate Voting Share in cash,
representing a 62% premium to the closing price per Subordinate
Voting Share on the Nasdaq Global Select Market on June 4, 2021, and a 63% premium to the 20-day
volume-weighted average trading price for the Subordinate Voting
Shares on the Nasdaq Global Select Market for the period ending on
June 4, 2021, the last trading day
prior to the date of the announcement.
"A Special Committee comprised of independent Directors, and the
Board of Directors unanimously recommended that shareholders
support the transaction. A proxy circular which includes full
details regarding the offer will be issued and distributed to
shareholders shortly," said Claude Séguin, Chair of EXFO's Special
Committee of the Board.
Conference Call and Webcast
Given a going-private
transaction has been initiated, no conference call/webcast will be
held.
About EXFO
EXFO (NASDAQ: EXFO) (TSX: EXF) develops
smarter test, monitoring and analytics solutions for fixed and
mobile network operators, webscale companies and equipment
manufacturers in the global communications industry. Our customers
count on us to deliver superior network performance, service
reliability and subscriber insights. They count on our unique blend
of equipment, software and services to accelerate digital
transformations related to fiber, 4G/LTE and 5G deployments. They
count on our expertise with automation, real-time troubleshooting
and big data analytics, which are critical to their business
performance. We've spent over 30 years earning this trust, and
today 1,900 EXFO employees in over 25 countries work side by side
with our customers in the lab, field, data center and beyond.
Forward-Looking Statements
This news release contains
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, and we intend that such
forward-looking statements be subject to the safe harbors created
thereby. Forward-looking statements are statements other than
historical information or statements of current condition. Words
such as may, expect, believe, plan, anticipate, intend, could,
estimate, continue, or similar expressions or the negative of such
expressions are intended to identify forward-looking statements. In
addition, any statements that refer to expectations, projections or
other characterizations of future events and circumstances are
considered forward-looking statements. They are not guarantees of
future performance and involve risks and uncertainties. Actual
results may differ materially from those in forward-looking
statements due to various factors including, but not limited to,
macroeconomic uncertainty, namely the impact of the coronavirus
pandemic on our employees, customers and global operations,
including the ability of our suppliers to fulfil raw material
requirements and services and our ability to manufacture and
deliver our products and services to our customers; the effects of
emergency measures related to isolation periods for individuals in
affected areas, lockdown restrictions imposed by national
governments on businesses in countries where we operate and have
employees, and limitations on travel to attract new customers and
serve existing ones; deteriorating financial and market conditions
as well as a potential recession; trade wars, and our ability to
successfully integrate businesses that we acquire; capital spending
and network deployment levels in the communications industry
(including our ability to quickly adapt cost structures to
anticipated levels of business and our ability to manage inventory
levels with market demand); future economic, competitive, financial
and market conditions; consolidation in the global communications
test, monitoring and analytics solutions markets and increased
competition among vendors; capacity to adapt our future product
offering to future technological changes; limited visibility with
regard to the timing and nature of customer orders; delay in
revenue recognition due to longer sales cycles for complex systems
involving customers' acceptance; fluctuating exchange rates;
concentration of sales; timely release and market acceptance of our
new products and other upcoming products; our ability to
successfully expand international operations and to conduct
business internationally; and the retention of key technical and
management personnel. Assumptions relating to the foregoing involve
judgments and risks, all of which are difficult or impossible to
predict and many of which are beyond our control. Other risk
factors that may affect our future performance and operations are
detailed in our Annual Report, on Form 20-F, and our other filings
with the U.S. Securities and Exchange Commission and the Canadian
securities commissions. We believe that the expectations reflected
in the forward-looking statements are reasonable based on
information currently available to us, but we cannot assure you
that the expectations will prove to have been correct. Accordingly,
you should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
document. Unless required by law or applicable regulations, we
undertake no obligation to revise or update any of them to reflect
events or circumstances that occur after the date of this
document.
*Non-IFRS Measures
EXFO provides non-IFRS measures
(gross margin before depreciation and amortization and adjusted
EBITDA) as supplemental information regarding its operational
performance. Gross margin before depreciation and amortization
represents sales, less cost of sales, excluding depreciation and
amortization. Adjusted EBITDA represent net earnings (loss) before
interest and other income/expense, income taxes, depreciation and
amortization, stock-based compensation costs, restructuring
charges, and foreign exchange loss.
These non-IFRS measures eliminate the effect on IFRS results of
non-cash statement of earnings elements, restructuring charges as
well as elements subject to significant volatility such as foreign
exchange gain or loss. EXFO uses these measures for evaluating
historical and prospective financial performance, as well as its
performance relative to competitors. These non-IFRS measures are
also used by financial analysts to evaluate and compare EXFO's
performance against that of competitors and industry players in the
company's sector.
Finally, these measures help EXFO plan and forecast future
periods as well as make operational and strategic decisions. EXFO
believes that providing this information, in addition to the IFRS
measures, allows investors to see the company's results through the
eyes of management, and to better understand historical and future
financial performance. More importantly, it enables the comparison
of EXFO's performance on a relatively similar basis against that of
other public and private companies in the industry worldwide.
The presentation of this additional information is not prepared
in accordance with IFRS. Therefore, the information may not
necessarily be comparable to that of other companies and should be
considered as a supplement to, not a substitute for, the
corresponding measures calculated in accordance with IFRS.
The following table summarizes the reconciliation of adjusted
EBITDA to IFRS net earnings (loss), in thousands
of US dollars:
Adjusted EBITDA
|
Three months
ended
May 31, 2021
|
|
Three months
ended
May 31, 2020
|
|
Nine months
ended
May 31, 2021
|
|
Nine months
ended
May 31, 2020
|
|
|
|
|
|
|
|
|
IFRS net earnings
(loss) for the period
|
$
|
(3,682)
|
|
$
|
3,177
|
|
$
|
(2,567)
|
|
$
|
(5,907)
|
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
3,898
|
|
3,833
|
|
12,857
|
|
11,732
|
Interest and other
(income) expense
|
396
|
|
291
|
|
(1,607)
|
|
975
|
Income taxes
|
1,549
|
|
2,691
|
|
4,333
|
|
4,389
|
Stock-based
compensation costs
|
1,193
|
|
523
|
|
2,778
|
|
1,446
|
Restructuring
charges
|
108
|
|
–
|
|
651
|
|
–
|
Foreign exchange
loss
|
826
|
|
141
|
|
1,199
|
|
649
|
Adjusted EBITDA for the
period
|
$
|
4,288
|
|
$
|
10,656
|
|
$
|
17,644
|
|
$
|
13,284
|
|
|
|
|
|
|
|
|
Adjusted EBITDA as a
percentage of sales
|
5.9%
|
|
16.1%
|
|
8.3%
|
|
6.8%
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Balance Sheets
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
As
at
May
31,
2021
|
|
As
at
August
31,
2020
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
|
10,913
|
|
$
|
32,818
|
Short-term
investments
|
1,621
|
|
919
|
Accounts
receivable
|
|
|
|
Trade
|
55,753
|
|
56,291
|
Other
|
7,026
|
|
4,055
|
Income taxes and tax
credits recoverable
|
6,858
|
|
4,203
|
Inventories
|
48,384
|
|
38,865
|
Prepaid
expenses
|
5,934
|
|
5,631
|
Other
assets
|
4,240
|
|
5,493
|
|
140,729
|
|
148,275
|
|
|
|
|
Tax credits
recoverable
|
51,438
|
|
48,812
|
Property, plant
and equipment
|
41,302
|
|
39,722
|
Right-of-use
assets
|
8,730
|
|
10,758
|
Intangible
assets
|
14,177
|
|
17,616
|
Goodwill
|
43,051
|
|
40,290
|
Deferred income
tax assets
|
4,122
|
|
3,633
|
Other
assets
|
1,674
|
|
1,548
|
|
$
|
305,223
|
|
$
|
310,654
|
Liabilities
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Bank loan
|
$
|
8,001
|
|
$
|
32,737
|
Accounts payable and
accrued liabilities
|
50,902
|
|
41,348
|
Provisions
|
1,438
|
|
3,792
|
Income taxes
payable
|
457
|
|
43
|
Deferred
revenue
|
27,478
|
|
25,785
|
Other
liabilities
|
4,126
|
|
4,032
|
Current portion of
lease liabilities
|
3,130
|
|
3,249
|
Current portion of
long-term debt
|
1,477
|
|
2,076
|
|
97,009
|
|
113,062
|
|
|
|
|
Provisions
|
2,900
|
|
2,782
|
Deferred
revenue
|
9,071
|
|
8,858
|
Lease
liabilities
|
5,573
|
|
7,334
|
Long-term
debt
|
1,419
|
|
2,144
|
Deferred income
tax liabilities
|
2,995
|
|
3,760
|
Other
liabilities
|
161
|
|
151
|
|
119,128
|
|
138,091
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share
capital
|
95,254
|
|
94,024
|
Contributed
surplus
|
21,216
|
|
19,680
|
Retained
earnings
|
100,066
|
|
102,633
|
Accumulated other
comprehensive loss
|
(30,441)
|
|
(43,774)
|
|
186,095
|
|
172,563
|
|
|
|
|
|
$
|
305,223
|
|
$
|
310,654
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of
Earnings
|
|
(in thousands of US
dollars, except share and per share data)
|
|
|
Three
months
ended
May 31,
2021
|
|
Nine
months
ended
May 31,
2021
|
|
Three
months
ended
May 31,
2020
|
|
Nine
months
ended
May 31,
2020
|
|
|
|
|
|
|
|
|
Sales
|
$
|
72,644
|
|
$
|
213,410
|
|
$
|
66,147
|
|
$
|
195,011
|
|
|
|
|
|
|
|
|
Cost of
sales (1)
|
30,298
|
|
90,590
|
|
27,948
|
|
81,985
|
Selling and
administrative
|
24,986
|
|
69,485
|
|
18,898
|
|
67,705
|
Net research and
development
|
14,373
|
|
39,120
|
|
9,168
|
|
33,483
|
Depreciation of
property, plant and
|
|
|
|
|
|
|
|
equipment
|
1,346
|
|
4,159
|
|
1,291
|
|
4,158
|
Depreciation of lease
right-of-use assets
|
778
|
|
2,388
|
|
844
|
|
2,549
|
Amortization of
intangible assets
|
1,774
|
|
6,310
|
|
1,698
|
|
5,025
|
Interest and other
(income) expense
|
396
|
|
(1,607)
|
|
291
|
|
975
|
Foreign exchange
loss
|
826
|
|
1,199
|
|
141
|
|
649
|
Earnings (loss)
before income taxes
|
(2,133)
|
|
1,766
|
|
5,868
|
|
(1,518)
|
|
|
|
|
|
|
|
|
Income
taxes
|
1,549
|
|
4,333
|
|
2,691
|
|
4,389
|
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
$
|
(3,682)
|
|
$
|
(2,567)
|
|
$
|
3,177
|
|
$
|
(5,907)
|
|
|
|
|
|
|
|
|
Basic and diluted
net earnings (loss)
|
|
|
|
|
|
|
|
|
|
|
|
per share
|
$
|
(0.07)
|
|
$
|
(0.05)
|
|
$
|
0.06
|
|
$
|
(0.11)
|
|
|
|
|
|
|
|
|
Basic weighted
average number of shares
|
|
|
|
|
|
|
|
outstanding
(000's)
|
56,031
|
|
55,906
|
|
55,678
|
|
55,573
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of
|
|
|
|
|
|
|
|
shares outstanding
(000's)
|
56,031
|
|
55,906
|
|
56,724
|
|
55,573
|
|
(1) The cost of sales is
exclusive of depreciation and amortization, shown
separately.
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of Comprehensive Income
(Loss)
|
|
(in thousands of US
dollars)
|
|
|
Three
months
ended
May 31,
2021
|
|
Nine
months
ended
May 31,
2021
|
|
Three
months
ended
May 31,
2020
|
|
Nine
months
ended
May 31,
2020
|
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
$
|
(3,682)
|
|
$
|
(2,567)
|
|
$
|
3,177
|
|
$
|
(5,907)
|
Other comprehensive
income (loss), net of
|
|
|
|
|
|
|
|
income taxes
|
|
|
|
|
|
|
|
Items that may be
reclassified
|
|
|
|
|
|
|
|
subsequently to net
earnings (loss)
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
|
|
|
|
|
adjustment
|
7,680
|
|
12,323
|
|
(3,317)
|
|
(4,075)
|
Unrealized
gains/losses on forward
|
|
|
|
|
|
|
|
exchange
contracts
|
1,373
|
|
2,320
|
|
(1,052)
|
|
(1,805)
|
Reclassification of
realized gains/losses
|
|
|
|
|
|
|
|
on forward
exchange contracts
|
(490)
|
|
(959)
|
|
251
|
|
607
|
Deferred income tax
effect on
|
|
|
|
|
|
|
|
gains/losses on
forward exchange
|
|
|
|
|
|
|
|
contracts
|
(217)
|
|
(351)
|
|
206
|
|
322
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
8,346
|
|
13,333
|
|
(3,912)
|
|
(4,951)
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss) for
|
|
|
|
|
|
|
|
|
|
|
|
the period
|
$
|
4,664
|
|
$
|
10,766
|
|
$
|
(735)
|
|
$
|
(10,858)
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of Changes in
Shareholders' Equity
|
|
(in thousands of US
dollars)
|
|
|
Nine months ended
May 31, 2020
|
|
Share capital
|
|
Contributed
surplus
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2019
|
$
|
92,706
|
|
$
|
19,196
|
|
$
|
112,173
|
|
$
|
(51,511)
|
|
$
|
172,564
|
Reclassification of
stock-based
|
|
|
|
|
|
|
|
|
|
compensation
costs
|
1,505
|
|
(1,505)
|
|
–
|
|
–
|
|
–
|
Redemption of share
capital
|
(212)
|
|
(13)
|
|
–
|
|
–
|
|
(225)
|
Stock-based
compensation costs
|
–
|
|
1,471
|
|
–
|
|
–
|
|
1,471
|
Net loss for the
period
|
–
|
|
–
|
|
(5,907)
|
|
–
|
|
(5,907)
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
|
|
|
|
|
|
|
adjustment
|
–
|
|
–
|
|
–
|
|
(4,075)
|
|
(4,075)
|
Changes in unrealized
gains/losses
|
|
|
|
|
|
|
|
|
|
on forward
exchange contracts,
|
|
|
|
|
|
|
|
|
|
net of deferred income
taxes
|
|
|
|
|
|
|
|
|
|
of $322
|
–
|
|
–
|
|
–
|
|
(876)
|
|
(876)
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income for the period
|
|
|
|
|
|
|
|
|
(10,858)
|
|
|
|
|
|
|
|
|
|
|
Balance as at May 31,
2020
|
$
|
93,999
|
|
$
|
19,149
|
|
$
|
106,266
|
|
$
|
(56,462)
|
|
$
|
162,952
|
|
|
|
Nine months ended
May 31, 2021
|
|
Share
capital
|
|
Contributed
surplus
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total
shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2020
|
$
|
94,024
|
|
$
|
19,680
|
|
$
|
102,633
|
|
$
|
(43,774)
|
|
$
|
172,563
|
Reclassification of
stock-based
|
|
|
|
|
|
|
|
|
|
compensation
costs
|
1,395
|
|
(1,395)
|
|
–
|
|
–
|
|
–
|
Issuance of share
capital
|
414
|
|
–
|
|
–
|
|
–
|
|
414
|
Share issue
expenses
|
(14)
|
|
–
|
|
–
|
|
–
|
|
(14)
|
Redemption of share
capital
|
(565)
|
|
157
|
|
–
|
|
–
|
|
(408)
|
Stock-based
compensation costs
|
–
|
|
2,774
|
|
–
|
|
–
|
|
2,774
|
Net loss for the
period
|
–
|
|
–
|
|
(2,567)
|
|
–
|
|
(2,567)
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
|
|
|
|
|
|
|
adjustment
|
–
|
|
–
|
|
–
|
|
12,323
|
|
12,323
|
Changes in unrealized
gains/losses
|
|
|
|
|
|
|
|
|
|
on forward
exchange contracts,
|
|
|
|
|
|
|
|
|
|
net of deferred income
taxes
|
|
|
|
|
|
|
|
|
|
of $351
|
–
|
|
–
|
|
–
|
|
1,010
|
|
1,010
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income for the period
|
|
|
|
|
|
|
|
|
10,766
|
|
|
|
|
|
|
|
|
|
|
Balance as at May 31,
2021
|
$
|
95,254
|
|
$
|
21,216
|
|
$
|
100,066
|
|
$
|
(30,441)
|
|
$
|
186,095
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of Cash
Flows
|
|
(in thousands of US
dollars)
|
|
|
Three
months
ended
May 31,
2021
|
|
Nine
months
ended
May 31,
2021
|
|
Three
months
ended
May 31,
2020
|
|
Nine
months
ended
May 31,
2020
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net earnings (loss)
for the period
|
$
|
(3,682)
|
|
$
|
(2,567)
|
|
$
|
3,177
|
|
$
|
(5,907)
|
Add (deduct) items
not affecting cash
|
|
|
|
|
|
|
|
Stock-based
compensation costs
|
1,193
|
|
2,778
|
|
523
|
|
1,446
|
Depreciation and
amortization
|
3,898
|
|
12,857
|
|
3,833
|
|
11,732
|
Gain on disposal of
capital assets
|
–
|
|
(17)
|
|
–
|
|
–
|
Write-off of capital
assets
|
43
|
|
53
|
|
–
|
|
216
|
Other
income
|
–
|
|
(669)
|
|
–
|
|
–
|
Deferred
revenue
|
(768)
|
|
(849)
|
|
(329)
|
|
(3,144)
|
Deferred income
taxes
|
11
|
|
(1,608)
|
|
493
|
|
(161)
|
Changes in foreign
exchange gain/loss
|
(910)
|
|
(911)
|
|
869
|
|
1,750
|
|
(215)
|
|
9,067
|
|
8,566
|
|
5,932
|
Changes in non-cash
operating items
|
|
|
|
|
|
|
|
Accounts
receivable
|
(2,366)
|
|
4,017
|
|
(25,485)
|
|
(6,874)
|
Income taxes and tax
credits
|
(1,106)
|
|
(883)
|
|
44
|
|
(2,618)
|
Inventories
|
(4,236)
|
|
(4,917)
|
|
(2,282)
|
|
(6,233)
|
Prepaid
expenses
|
(585)
|
|
543
|
|
(773)
|
|
215
|
Other
assets
|
(252)
|
|
1,411
|
|
(256)
|
|
(712)
|
Accounts payable,
accrued liabilities
|
|
|
|
|
|
|
|
and provisions
|
3,854
|
|
2,601
|
|
3,253
|
|
(6,020)
|
Other
liabilities
|
5
|
|
(1)
|
|
53
|
|
95
|
|
(4,901)
|
|
11,838
|
|
(16,880)
|
|
(16,215)
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Additions to
short-term investments
|
(1,122)
|
|
(1,627)
|
|
(1,927)
|
|
(2,074)
|
Disposal of short-term
investments
|
–
|
|
978
|
|
–
|
|
1,264
|
Purchases of capital
assets
|
(2,084)
|
|
(4,367)
|
|
(1,880)
|
|
(6,066)
|
Business combination,
net of cash acquired
|
(1,099)
|
|
(300)
|
|
–
|
|
–
|
|
(4,305)
|
|
(5,316)
|
|
(3,807)
|
|
(6,876)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Bank loan
|
(3,202)
|
|
(24,895)
|
|
19,934
|
|
28,304
|
Repayment of lease
liabilities
|
(778)
|
|
(2,388)
|
|
(844)
|
|
(2,534)
|
Additions to
long-term debt
|
274
|
|
274
|
|
–
|
|
–
|
Repayment of
long-term debt
|
(487)
|
|
(1,646)
|
|
(292)
|
|
(1,607)
|
Redemption of share
capital
|
–
|
|
(408)
|
|
–
|
|
(225)
|
|
(4,193)
|
|
(29,063)
|
|
18,798
|
|
23,938
|
Effect of foreign
exchange rate changes
|
|
|
|
|
|
|
|
on cash
|
444
|
|
636
|
|
(167)
|
|
(295)
|
|
|
|
|
|
|
|
|
Change in cash
during the period
|
(12,955)
|
|
(21,905)
|
|
(2,056)
|
|
552
|
Cash – Beginning
of the period
|
23,868
|
|
32,818
|
|
19,126
|
|
16,518
|
Cash – End of the
period
|
$
|
10,913
|
|
$
|
10,913
|
|
$
|
17,070
|
|
$
|
17,070
|
EXFO-F
View original
content:https://www.prnewswire.com/news-releases/exfo-reports-third-quarter-results-for-fiscal-2021-301334131.html
SOURCE EXFO Inc.