Condensed Consolidated Statements of Financial Position UNAUDITED (thousands of Canadian $)June 30, 2024March 31, 2024April 1, 2023Assets Current assets: Cash69,09263,08366,850Restricted cash251142-Trade and other receivables22,73936,55023,910Prepaid expenses2,2872,3211,060Prepaid income taxes3,1743,841444 97,543105,93792,264Intangible assets23,01823,6831,321Right-of-use assets29,61529,07230,733Property and equipment9,6219,87710,366Goodwill4,4674,399-Deferred tax asset--2,444Total assets164,264172,968137,128Liabilities and shareholders’ equity Current liabilities: Trade payables and accrued liabilities15,47118,55111,126Income taxes payable2,7402,13633Acquisition holdback payable2,3152,292-Deferred revenue30,89041,12034,797Lease liabilities2,4862,5661,829 53,90266,66547,785Lease liabilities35,17834,39536,151Stock-based compensation liabilities1,068624742Acquisition earnout1,3201,503-Other long-term liabilities359305-Deferred tax liabilities1,0681,661-Total liabilities92,895105,15384,678Shareholders’ equity: Share capital90,19387,30481,820Contributed surplus15,54515,66715,471Cumulative translation adjustment532(367)-Deficit(34,901)(34,789)(44,841)Total shareholders’ equity71,36967,81552,450Total liabilities and shareholders' equity164,264172,968137,128 Condensed Consolidated Statements of Operations and Comprehensive Income Three months ended June 30,UNAUDITED (thousands of Canadian $ except per share amounts)20242023Revenue30,52320,748Cost of revenue6,1921,905Gross profit24,33118,843Operating expenses Sales and marketing4,9312,355Research and development8,2454,052General and administrative5,4892,672 18,6659,079Operating profit5,6669,764Finance income1,050760Finance costs(463)(1,376)Change in fair value of contingent consideration199-Profit before income and other taxes6,4529,148Income and other taxes2,4882,244Net income3,9646,904Other comprehensive income: Foreign currency translation adjustment899-Other comprehensive income899-Total comprehensive income4,8636,904Net income per share – basic0.050.09Net income per share – diluted0.050.08Dividend per share0.050.05 Condensed Consolidated Statements of Cash Flows Three months ended June 30,UNAUDITED (thousands of Canadian $)20242023Operating activities Net income3,9646,904Adjustments for: Depreciation and amortization of property, equipment, right-of use assets1,218904Amortization of intangible assets66557Deferred income tax expense (recovery)(653)(49)Stock-based compensation1,892104Foreign exchange and other non-cash items(571)-Funds flow from operations6,5157,920Movement in non-cash working capital: Trade and other receivables13,8113,882Trade payables and accrued liabilities(3,331)(2,794)Prepaid expenses and other assets34(1)Income taxes receivable (payable)1,424361Deferred revenue(10,230)(8,181)Change in non-cash working capital1,708(6,733)Net cash provided by operating activities8,2231,187Financing activities Proceeds from issuance of common shares2,249701Repayment of lease liabilities(743)(412)Dividends paid(4,076)(4,039)Net cash used in financing activities(2,570)(3,750)Investing activities Property and equipment additions, net of disposals(93)(45)Net cash used in investing activities(93)(45)Increase (decrease) in cash5,560(2,608)Effect of foreign exchange on cash449-Cash, beginning of period63,08366,850Cash, end of period69,09264,242Supplementary cash flow information Interest received878760Interest paid463469Income taxes paid1,4961,778 CORPORATE PROFILE CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world.
Adjusted operating profit decreased by 5% from the same period of the previous fiscal year, with CMG contributing to 3% and BHV contributing to 2% of the decrease;Adjusted EBITDA Margin was 31%, compared to 48% in the same period of the previous fiscal year with CMG generating 42% and BHV generating (4%) in Adjusted EBITDA Margin;Net income during the period was $4.0 million, a 43% decrease compared to the prior year’s quarter;Earnings per share was $0.05, a 44% decrease compared to the prior year’s quarter;Reported Free Cash Flow of $0.07 per share, a decrease of 22%, primarily due to BHV generating negative cash flows.
FIRST QUARTER 2025 CONSOLIDATED HIGHLIGHTS Select financial highlights Generated total revenue of $30.5 million in the first quarter of fiscal 2025, compared to $20.7 million in the prior year’s quarter, reflecting a 12% increase in CMG’s revenue and a 35% contribution from BHV;Operating profit decreased to $5.7 million, a decrease of 42% from the same period of the previous fiscal year, primarily due to an increase in stock-based compensation in the quarter as a result of the increase in share price.
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