Computer Modelling Group Ltd. (“CMG” or the “Company”) announces its financial results for the three and six months ended September 30, 2023.

Second Quarter Fiscal 2024 (“Q2 2024”) Overview

Key Financial Metrics

For the Three Months Ended For the Six Months Ended
September 30, 2023 and compared to the same period of the previous fiscal year, when appropriate:
 
  • Annuity/maintenance license revenue increased by 19%;
  • Annuity/maintenance license revenue increased by 17%;
  • Total revenue increased by 25%;
  • Total revenue increased by 27%;
  • Total operating expenses increased by 14%. Adjusted for acquisition costs in the current quarter and restructuring charges in the prior year’s second quarter, operating expenses increased by 39%, primarily due to stock-based compensation expense, increased headcount and headcount-related costs, higher professional services, travel-related and office-related costs;
  • Total operating expenses increased by 6%. Adjusted for acquisition costs in the current year and restructuring charges in the prior year, operating expenses increased by 28% from the comparative period in the prior year, primarily due to stock-based compensation expenses, increased headcount and headcount related costs, higher professional services, travel-related and office-related costs;
  • Quarterly operating profit margin was 34%, increasing from 31% in the comparative quarter. Adjusted for acquisition costs in the current quarter and restructuring charges in the prior year’s second quarter, operating profit margin was 37%, decreasing from 44% in the comparative quarter;
  • Year-to-date operating profit margin was 40%, increasing from 31% in the comparative period. Adjusted for acquisition costs in the current year and restructuring charges in the prior year, operating profit margin was 42%, which remained consistent with the comparative period;
  • Basic EPS of $0.08, up $0.03 per share from the comparative quarter in the prior fiscal year;
  • Basic EPS of $0.17, up $0.10 per share from the comparative period in the prior fiscal year;
  • Achieved free cash flow per share of $0.14;
  • Achieved free cash flow per share of $0.23;
  • Declared and paid a dividend of $0.05 per share.
  • Declared and paid dividends of $0.10 per share.

Second Quarter Business Highlights

  • Completed the Company’s first major acquisition, Bluware-Headwave Ventures Inc. (“BHV” or “Bluware”), on September 25, 2023;
  • Generated total revenue of $22.6 million in the second quarter of fiscal 2024 compared to $18.1 million in the prior year’s quarter, an increase of 25%;
  • Operating profit margin increased to 34%, compared to 31% in the same period of last fiscal year;
  • Reported free cash flow of $11.0 million, representing $0.14 per share;
  • Subsequent to quarter-end, declared a quarterly cash dividend of $0.05 per share to be paid on December 15, 2023 to all shareholders on record at the close of business on December 7, 2023.

Quarterly Performance

    Fiscal 2022 Fiscal 2023 Fiscal 2024
($ thousands, unless otherwise stated) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Annuity/maintenance license revenue 13,575 14,306 13,529 14,825 15,533 15,803 15,607 17,610
Perpetual license revenue 1,497 2,351 386 780 518 1,556 1,849 1,176
Software license revenue 15,072 16,657 13,915 15,605 16,051 17,359 17,456 18,786
Professional services revenue 1,973 2,137 2,192 2,477 3,341 2,906 3,292 3,847
Total revenue 17,045 18,794 16,107 18,082 19,392 20,265 20,748 22,633
Operating profit 7,755 7,312 4,961 5,555 8,435 6,909 9,764 7,726
Operating profit (%) 45 39 31 31 43 34 47 34
Profit before income and other taxes 7,310 6,563 5,182 5,989 8,350 7,127 9,148 8,793
Income and other taxes 1,736 1,611 1,369 1,579 2,002 1,901 2,244 2,277
Net income for the period 5,574 4,952 3,813 4,410 6,348 5,226 6,904 6,516
Adjusted EBITDA(1) 8,273 7,819 6,775 8,435 10,595 8,515 9,948 10,718
Cash dividends declared and paid 4,017 4,016 4,017 4,025 4,025 4,032 4,039 4,043
Funds flow from operations 7,022 7,105 4,558 4,974 8,169 7,656 7,920 11,491
Free cash flow(1) 6,227 6,584 4,255 4,505 7,545 5,396 7,463 11,028
Per share amounts – ($/share)                
Earnings per share (EPS) – basic 0.07 0.06 0.05 0.05 0.08 0.07 0.09 0.08
Earnings per share (EPS) - diluted 0.07 0.06 0.05 0.05 0.08 0.06 0.08 0.08
Cash dividends declared and paid 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Funds flow from operations per share – basic 0.09 0.09 0.06 0.06 0.10 0.09 0.10 0.14
Free cash flow per share – basic(1) 0.08 0.08 0.05 0.06 0.09 0.07 0.09 0.14
(1)   This is a non-IFRS financial measure. See the “Non-IFRS Financial Measures” section.
 

Revenue

  Three months ended September 30 Six months ended September 30 
  2023 2022 $ change % change 2023 2022 $ change % change
($ thousands)                
                 
Software license revenue 18,786 15,605 3,181 20 % 36,241 29,520 6,721 23 %
Professional services revenue 3,847 2,477 1,370 55 % 7,139 4,669 2,470 53 %
Total revenue (1) 22,633 18,082 4,551 25 % 43,381 34,189 9,192 27 %
                 
Software license revenue as a % of total revenue 83% 86%     84% 86%    
Professional services revenue as a % of total revenue 17% 14%     16% 14%    
(1)   BHV consolidated revenue for the three and six months ended September 30, 2023 was $0.6 million.
 

CMG’s revenue is comprised of software license sales, which provides the majority of the Company’s revenue, and fees for professional services. Total revenue for the three and six months ended September 30, 2023 increased by 25% and 27% respectively, over the comparable period of the previous fiscal year due to increases in both software license revenue and professional services revenue.

Software License Revenue

  Three months ended September 30 Six months ended September 30
  2023 2022 $ change % change 2023 2022 $ change % change
($ thousands)                
                 
Annuity/maintenance 17,610 14,825 2,786 19 % 33,217 28,354 4,863 17 %
Perpetual license 1,176 780 396 51 % 3,025 1,166 1,859 159 %
Total software license revenue (1) 18,786 15,605 3,181 20 % 36,242 29,520 6,722 23 %
                 
Annuity/maintenance as a % of total software license revenue 94% 95%     92% 96%    
Perpetual as a % of total software license revenue 6% 5%     8% 4%    
(1)   For the three and six months ended September 30, 2023, BHV’s total software license revenue was $0.2 million.
 

Total software license revenue for the three months and six months ended September 30, 2023 increased by 20% and 23% respectively, due to increases in both annuity/maintenance license revenue and perpetual license revenue.

Software Revenue by Geographic Region

  Three months ended September 30 Six months ended September 30
  2023 2022 $change % change 2023 2022 $ change % change
($ thousands)                
Annuity/maintenance license revenue                
Canada 3,318 3,181 137 4 % 6,558 6,131 427 7 %
United States(1) 4,583 3,704 879 24 % 8,838 7,054 1,784 25 %
South America 2,477 1,894 583 31 % 4,300 3,593 707 20 %
Eastern Hemisphere(1)(2) 7,232 6,046 1,186 20 % 13,521 11,576 1,945 17 %
  17,610 14,825 2,785 19 % 33,217 28,354 4,863 17 %
Perpetual license revenue                
Canada - - - 0 % 115 - 115 100 %
United States - 157 (157 (100 %) 233 157 76 48 %
South America 324 - 324 100 % 324 - 324 100 %
Eastern Hemisphere 852 623 229 37 % 2,353 1,009 1,344 133 %
  1,176 780 396 51 % 3,025 1,166 1,859 159 %
Total software license revenue                
Canada 3,318 3,181 137 4 % 6,673 6,131 542 9 %
United States(1) 4,583 3,861 722 19 % 9,071 7,211 1,860 26 %
South America 2,802 1,894 908 48 % 4,624 3,593 1,031 29 %
Eastern Hemisphere(1)(2) 8,083 6,669 1,414 21 % 15,874 12,585 3,288 26 %
  18,786 15,605 3,181 20 % 36,242 29,520 6,722 23 %
(1)   BHV’s consolidated total software license revenue for the three and six months ended September 30, 2023 was $0.2 million and is predominantly domiciled in the United States and Norway.
(2)   Includes Europe, Africa, Asia and Australia.
 

During the three and six months ended September 30, 2023, compared to the same periods of the previous fiscal year, total software license revenue increased in all regions.

The Canadian region (representing 18% of year-to-date total software license revenue) experienced increases of 4% and 7% in annuity/maintenance license revenue during the three and six months ended September 30, 2023, respectively, mainly due to license fee increases and increased licensing by existing customers. While no perpetual license revenue was generated in the current quarter, it increased by 100% during the six months ended September 30, 2023, due to a license sale in the first quarter of the current fiscal year.

The United States (representing 25% of year-to-date total software license revenue) experienced increases of 24% and 25% in annuity/maintenance license revenue during the three and six months ended September 30, 2023, respectively, due to new customers, increased license fees and increased licensing by existing customers. There were no perpetual license sales in the current quarter. Perpetual license revenue increased by 48% for the six months ended September 30, 2023 due to a new customer license purchase.

South America (representing 13% of year-to-date total software license revenue) experienced increases of 31% and 20% in annuity/maintenance license revenue during the three and six months ended September 30, 2023, due to increased licensing by existing customers. Perpetual license revenue increased by 100% for both the three and six months ended September 30, 2023 due to a new customer license purchase.

The Eastern Hemisphere (representing 44% of year-to-date total software license revenue) experienced increases of 20% and 17% in annuity/maintenance license revenue during the three and six months ended September 30, 2023, respectively, due to increased license fees and licensing by existing customers. Perpetual license revenue increased by 37% and 133% for the three and six months ended September 30, 2023, respectively, primarily due to new perpetual license sales in Asia relating to energy transition.

Deferred Revenue

($ thousands) Fiscal 2024 Fiscal 2023 Fiscal 2022 $ change % change
Deferred revenue at:          
Q1 (June 30) 26,616 24,409   2,207 9%
Q2 (September 30) 32,339(1) 24,164   8,175 34%
Q3 (December 31)   26,717 23,056 3,661 16%
Q4 (March 31)   34,797 30,454 4,343 14%
(1)   BHV represents approximately $2.8 million of the deferred revenue balance as at Q2 2024.
       

CMG’s deferred revenue consists primarily of amounts for prepaid licenses. Our annuity/maintenance revenue is deferred and recognized rateably over the license period, which is generally one year or less. Amounts are deferred for licenses that have been provided and revenue recognition reflects the passage of time.

The above table illustrates the normal trend in the deferred revenue balance from the beginning of the calendar year (which corresponds with Q4 of our fiscal year), when most renewals occur, to the end of the calendar year (which corresponds with Q3 of our fiscal year). Our fourth quarter corresponds with the beginning of the fiscal year for most oil and gas companies, representing a time when they enter a new budget year and sign/renew their contracts.

The deferred revenue balance at the end of Q2 of fiscal 2024 was 34% higher than in Q2 of fiscal 2023. While 12% of the increase is related to BHV acquisition, we did not note significant timing differences in the remaining balance.

Cost of Revenue

  Three months ended September 30 Six months ended September 30
  2023 2022 $ change % change 2023 2022 $ change % change
($ thousands)                
Cost of revenue(1) 2,493 1,657 836 50 % 4,398 3,421 977 28%
(1)   BHV consolidated cost of revenue for the three and six months ended September 30, 2023 was $0.2 million.
 

Cost of revenue increased by 50% and 28% for the three and six months ended September 30, 2023, respectively compared to the same periods of the previous fiscal year related to increased headcount and headcount-related costs.

Operating Expenses

  Three months ended September 30 Six months ended September 30
  2023 2022 $ change % change 2023 2022 $ change % change
($ thousands)                
Sales and marketing 3,384 2,291 1,093   48 % 5,739 4,194 1,545   37 %
Research and development 4,767 5,043 (276 ) (5 %) 8,819 9,172 (353 ) (4 %)
General and administrative 4,263 3,536 727   21 % 6,935 6,886 49   1 %
Total operating expenses(1) 12,414 10,870 1,544   14 % 21,493 20,252 1,241   6 %
                 
Direct employee costs(2) 8,538 8,263 275   3 % 14,696 15,752 (1,056 ) -7 %
Other corporate costs(2) 3,876 2,607 1,269   49 % 6,797 4,500 2,297   51 %
  12,414 10,870 1,544   14 % 21,493 20,252 1,241   6 %
(1)   BHV contributed $0.1 million, $0.1 million, and $0.1 million to sales and marketing, research and development and general and administrative respectively for the three and six months ended September 30, 2023.
(2)   This is a non-IFRS financial measure. See the “Non-IFRS Financial Measures” section.
 

Adjusted total operating expenses, adjusted direct employee costs and adjusted other corporate costs are non-IFRS financial measures. They do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies. Restructuring charges are excluded from total operating expenses. Management believes that analyzing the Company’s expenses exclusive of these items illustrates underlying trends in our costs and provides better comparability between periods.

The following tables provide a reconciliation of total operating expenses to adjusted total operating expenses, direct employee costs to adjusted direct employee costs and other corporate costs to adjusted other corporate costs:

  Three months ended September 30 Six months ended September 30
  2023   2022   $ change % change 2023   2022   $ change % change
($ thousands)                
Total operating expenses 12,414   10,870   1,544   14 % 21,493   20,252   1,241   6 %
Acquisition-related costs (573 ) -   (573 ) (100 %) (573 ) -   (573 ) (100 %)
Restructuring charge -   (2,341 ) 2,341   100 % -   (3,943 ) 3,943   100 %
Adjusted total operating expenses 11,841   8,529   3,312   39 % 20,920   16,309   4,611   28 %
                 
Direct employee costs 8,538   8,264   274   3 % 14,696   15,752   (1,056 ) (7 %)
Restructuring charge -   (2,293 ) 2,293   100 % -   (3,771 ) 3,771   100 %
Adjusted direct employee costs 8,538   5,971   2,567   43 % 14,696   11,981   2,715   23 %
                 
Other corporate costs 3,876   2,607   1,269   49 % 6,797   4,500   2,297   51 %
Acquisition-related costs (573 ) -   (573 ) (100 %) (573 ) -   (573 ) (100 %)
Restructuring charge -   (48 ) 48   100 % -   (172 ) 172   100 %
Adjusted other corporate costs 3,303   2,559   744   29 % 6,224   4,328   1,896   44 %
 

As a technology company, CMG’s largest investment is its people, and approximately 69% of total operating expenses relate to direct employee costs At September 30, 2023, CMG’s full-time equivalent staff complement was 296 employees and consultants (CMGL Canada – 185; BHV – 111; (September 30, 2022 – CMGL Canada - 159). For the three and six months ended September 30, 2023, adjusted direct employee costs increased by 43% and 23% respectively, compared to the same period of the previous fiscal year primarily due to an increase in headcount and share-based payment expense as a result of an increase in share price in the current quarter.

Adjusted other corporate costs increased by 29% and 44% respectively, compared to the same period of the previous fiscal year, primarily due to increased agent commissions and other office-related costs.

Additional IFRS Measure

Funds flow from operations is an additional IFRS measure that the Company presents in its consolidated statements of cash flows. Funds flow from operations is calculated as cash flows provided by operating activities adjusted for changes in non-cash working capital. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods.

Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures

Certain financial measures in this MD&A – namely, Adjusted EBITDA, free cash flow, adjusted total operating expenses, direct employee costs, adjusted direct employee costs, other corporate costs, adjusted other corporate costs, adjusted operating profit, and adjusted net income – do not have a standard meaning prescribed by IFRS and, accordingly, may not be comparable to measures used by other companies. Management believes that these indicators nevertheless provide useful measures in evaluating the Company’s performance. Reconciliations of the non-IFRS financial measures to the most directly comparable IFRS financial measure are presented below:

Free Cash Flow Reconciliation to Funds Flow from Operations

    Fiscal 2022 Fiscal 2023 Fiscal 2024
($ thousands, unless otherwise stated) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Funds flow from operations 7,022 7,105 4,558 4,974 8,169 7,656 7,920 11,491
Capital expenditures (481) (62) - (130) (211) (1,707) (45) (51)
Repayment of lease liabilities (314) (459) (303) (339) (413) (553) (412) (412)
Free cash flow 6,227 6,584 4,255 4,505 7,545 5,396 7,463 11,028
Weighted average shares – basic(thousands) 80,335 80,335 80,335 80,412 80,511 80,603 80,685 80,834
Free cash flow per share – basic 0.08 0.08 0.05 0.06 0.09 0.07 0.09 0.14
                 

Adjusted EBITDA and Adjusted EBITDA as a % of Total Revenue

  Three months ended September 30 Six months ended September 30
  2023 2022 $ change % change 2023 2022 $ change % change
($ thousands, except per share data)                
                 
Net income 6,516 4,410 2,106 48% 13,420 8,223 5,197 63%
Add (deduct):                
Depreciation and amortization 1,021 937 84 9% 1,982 1,868 114 6%
Stock-based compensation 2,291 427 1,864 437% 2,395 501 1,894 378%
Acquisition costs 573 - 573 100% 573 - 573 100%
Restructuring charges - 2,341 (2,341) (100%) - 3,943 (3,943) (100%)
Income and other tax expense 2,277 1,579 698 44% 4,521 2,948 1,573 53%
Interest income (692) (377) (315) 84% (1,452) (557) (895) 161%
Foreign exchange loss (gain) (856) (543) (313) 59% 51 (1,074) 1,125 (105%)
Repayment of lease liabilities (412) (339) (73) 19% (824) (642) (182) 27%
Adjusted EBITDA 10,718 8,435 2,283 27% 20,666 15,210 5,456 36%
Adjusted EBITDA as a % of total revenue 47% 47%     48% 44%    
                 

Corporate Profile

CMG (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. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

Quarterly Filings and Related Quarterly Financial Information

Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and six-months ended September 30, 2023 can be obtained from CMG’s website www.cmgl.ca. The documents will also be available under CMG’s SEDAR profile www.sedarplus.ca. Additionally, CMG has published on the Investor Relations section of its website (www.cmgl.ca/investors) a Q2 2024 Investor Presentation.

Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $) September 30, 2023 March 31, 2023  
       
Assets      
Current assets:      
Cash 48,225 66,850  
Restricted cash 97 -  
Trade and other receivables 26,625 23,910  
Prepaid expenses 1,085 1,060  
Prepaid income taxes 1,739 444  
  77,771 92,264  
Intangible assets 25,012 1,321  
Right-of-use assets 30,875 30,733  
Property and equipment 9,919 10,366  
Goodwill 6,571 -  
Deferred tax asset - 2,444  
Total assets 150,148 137,128  
       
Liabilities and shareholders’ equity      
Current liabilities:      
Trade payables and accrued liabilities 12,446 9,883  
Income taxes payable 75 33  
Acquisition holdback payable 3,561 -  
Deferred revenue 32,339 34,797  
Lease liabilities 3,106 1,829  
  51,527 46,542  
Lease liabilities 35,386 36,151  
Stock-based compensation liabilities 2,090 1,985  
Acquisition earnout 1,507 -  
Other long-term liabilities 213 -  
Deferred tax liabilities 65 -  
Total liabilities 90,788 84,678  
       
Shareholders’ equity:      
Share capital 83,246 81,820  
Contributed surplus 15,612 15,471  
Cumulative translation adjustment 4 -  
Deficit (39,502) (44,841)  
Total shareholders’ equity 59,360 52,450  
Total liabilities and shareholders' equity 150,148 137,128  
       

Consolidated Statements of Operations and Comprehensive Income

  Three months endedSeptember 30   Six months endedSeptember 30  
UNAUDITED (thousands of Canadian $ except per share amounts) 2023   2022(note 2(e))   2023   2022(note 2(e))  
         
Revenue Cost of revenue 22,6332,493   18,0821,657   43,3814,398   34,1893,421  
Gross profit 20,140   16,425   38,983   30,768  
         
Operating expenses        
Sales and marketing 3,384   2,291   5,739   4,194  
Research and development 4,767   5,043   8,819   9,172  
General and administrative 4,263   3,536   6,935   6,886  
  12,414   10,870   21,493   20,252  
Operating profit 7,726   5,555   17,490   10,516  
         
Finance income 1,548   920   1,452   1,631  
Finance costs (481 ) (486 ) (1,001 ) (976 )
Profit before income and other taxes 8,793   5,989   17,941   11,171  
Income and other taxes 2,277   1,579   4,521   2,948  
         
Net income for the period 6,516   4,410   13,420   8,223  
         
Other comprehensive income:        
Foreign currency translation adjustment 4   -   4   -  
Other comprehensive income 4   -   4   -  
Total comprehensive income 6,520   4,410   13,424   8,223  
         
Net income per share – basic 0.08   0.05   0.17   0.10  
Net income per share – diluted 0.08   0.05   0.16   0.10  
Dividend per share 0.05   0.05   0.10   0.10  
                 

Consolidated Statements of Cash Flows

  Three months endedSeptember 30   Six months endedSeptember 30  
UNAUDITED (thousands of Canadian $) 2023   2022   2023   2022  
         
Operating activities        
Net income 6,516   4,410   13,420   8,223  
Adjustments for:        
Depreciation and amortization of property, equipment, right-of use assets 892   937   1,796   1,868  
Amortization of intangible assets 129   -   186   -  
Deferred income tax expense (recovery) 2,028   235   1,978   81  
Stock-based compensation 1,604   (608 ) 1,709   (640 )
Foreign exchange and other non-cash items 322   -   322   -  
Funds flow from operations 11,491   4,974   19,411   9,532  
Movement in non-cash working capital:        
Trade and other receivables (581 ) 1,428   3,301   3,824  
Trade payables and accrued liabilities 405   323   (2,389 ) (622 )
Prepaid expenses and other assets 291   (360 ) 290   (422 )
Income taxes receivable (payable) (1,612 ) (264 ) (1,251 ) (424 )
Deferred revenue 3,044   (245 ) (5,137 ) (6,290 )
Change in non-cash working capital 1,547   882   (5,186 ) (3,934 )
Net cash provided by operating activities 13,038   5,856   14,225   5,598  
         
Financing activities        
Repayment of acquired line of credit (2,012 ) -   (2,012 ) -  
Proceeds from issuance of common shares 512   415   1,213   415  
Repayment of lease liabilities (412 ) (339 ) (824 ) (642 )
Dividends paid (4,042 ) (4,025 ) (8,081 ) (8,042 )
Net cash used in financing activities (5,954 ) (3,949 ) (9,704 ) (8,269 )
         
Investing activities        
Corporate acquisition, net of cash acquired (23,050 ) -   (23,050 ) -  
Property and equipment additions (51 ) (130 ) (96 ) (130 )
Net cash used in investing activities (23,101 ) (130 ) (23,146 ) (130 )
         
Increase (decrease) in cash (16,017 ) 1,777   (18,625 ) (2,801 )
Cash, beginning of period 64,242   55,082   66,850   59,660  
Cash, end of period 48,225   56,859   48,225   56,859  
         
Supplementary cash flow information        
Interest received 692   377   1,452   557  
Interest paid 481   486   950   976  
Income taxes paid 2,580   1,387   4,358   2,883  
                 

For further information, please contact:

Pramod JainChief Executive Officer(403) 531-1300pramod.jain@cmgl.ca or Sandra BalicVice President, Finance & CFO(403) 531-1300sandra.balic@cmgl.ca
     

For investor inquiries, please contact:Kim MacEachernManager, Investor Relationscmg-investors@cmgl.ca

For media inquiries, please contact:marketing@cmgl.caCautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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