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WKN: A0F5KB | ISIN: CA2052491057 | Ticker-Symbol: 5TJ
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Computer Modelling Group Ltd: Computer Modelling Group Announces Third Quarter Results and Quarterly Dividend

Finanznachrichten News

CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. ("CMG Group" or the "Company") announces its financial results for the three and nine months ended December 31, 2024, and the approval by its Board of Directors (the "Board") of the payment of a cash dividend of $0.05 per Common Share for the third quarter ended December 31, 2024.

THIRD QUARTER 2025 CONSOLIDATED HIGHLIGHTS

As a result of CMG Group's acquisition of Sharp Reflections GmbH ("SR" or "Sharp") on November 12, 2024, the Company's operations are organized into two reportable operating segments represented by "Reservoir & Production Solutions" segment ("R&P") which reflects the operations of CMG and includes the development and licensing of reservoir simulation software and "Seismic Solutions" segment ("Seismic") represented by Bluware-Headwave Ventures Inc. ("BHV" or "Bluware") and SR and includes the development and licensing of seismic interpretation software.

Select financial highlights

  • Closed the Company's second major acquisition, Sharp on November 12, 2024;
  • Generated total revenue of $35.8 million in the third quarter of fiscal 2025, compared to $33.0 million in the prior year's quarter, reflecting a 1% decrease in R&P segment revenue and a 9% contribution from the Seismic segment, of which 6% was growth from acquisitions;
  • Operating profit increased to $11.2 million, an increase of 37% from the same period of the previous fiscal year, primarily due to increased software and professional service revenues and a decrease in operating expenses primarily driven by a decrease in stock-based compensation in the quarter as a result of the decrease in share price. Adjusted operating profit increased by 9% from the same period of the previous fiscal year, with the R&P segment decreasing by 5% and the Seismic segment increasing by 14%, of which 1% was contributed from the acquisition;
  • Adjusted EBITDA Margin was 39%, compared to 37% in the same period of the previous fiscal year with the R&P segment generating 42% and the Seismic segment generating 34% in Adjusted EBITDA Margin;
  • Net income during the period was $9.6 million, a 71% increase compared to the prior year's quarter, primarily due to a increased operating profit and significant FX gains, partially offset by a change in the fair value of contingent consideration;
  • Earnings per share was $0.12, a 71% increase compared to the prior year's quarter;
  • Funds flow from operations per share was $0.12, a 20% increase from the prior year comparative period. Reported Free Cash Flow of $0.11 per share, an increase of 22%, primarily due to increased funds flow from operations and a decrease in both capital expenditures and repayment of lease liabilities.

THIRD QUARTER YEAR TO DATE 2025 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Closed the Company's second major acquisition, Sharp on November 12, 2024;
  • Generated total revenue of $95.8 million for the third quarter fiscal 2025 year-to-date period, compared to $76.4 million in the prior year-to-date period, reflecting a 3% increase in the R&P segment revenue and a 22% contribution from the Seismic segment of which 21% was growth from acquisitions;
  • Operating profit decreased to $25.3 million, a decrease of 2% from the same year-to-date period of the previous fiscal year, primarily due to increased headcount and headcount related costs, increased acquisition costs, increased amortization of acquired intangible assets, and increased agent commissions as a result of increased revenues, partially offset by a decrease in stock-based compensation expense. Adjusted operating profit remained consistent with the prior year comparative period, with the R&P segment decreasing by 4% and the Seismic segment contributing an increase of 4%;
  • Adjusted EBITDA Margin was 35%, compared to 43% in the same period of the previous fiscal year with the R&P Segment generating 43% and the Seismic segment generating 15% in Adjusted EBITDA Margin;
  • Net income during the period was $17.3 million, a 9% decrease compared to the prior year-to-date period, primarily due to a decrease in operating profit, change in fair value of contingent consideration and increased income tax;
  • Earnings per share was $0.21, a 13% decrease compared to the prior year-to-date period;
  • Funds flow from operations per share was $0.29, a 15% decrease from the prior year-to-date period. Reported Free Cash Flow of $0.25 per share, a decrease of 22%, primarily due to decreased funds flow from operations and increases in both capital expenditures and repayment of lease liabilities.

MANAGEMENT COMMENTARY

The company has defined Organic growth to include CMG revenue and Adjusted EBITDA and BHV revenue and Adjusted EBITDA generated beginning on October 1, 2024.

Third Quarter

In the third quarter, total revenue grew by 8% from the prior fiscal year to $35.8 million, of which 2% was Organic growth and 6% was growth from acquisitions.

Adjusted EBITDA Margin of 39% compared to 37% in the prior year period, with reductions in the Reservoir and Productions Solutions segment offset by increases in the Seismic Solutions segment.

Net income for the quarter increased to $9.6 million, up from $5.6 million in the prior year period, supported by an increase in operating profit and significant foreign exchange rate gains. Free Cash Flow increased from $0.09 per share in the prior period to $0.11 per share, impacted by the increase in funds flow from operations. At December 31, 2024, the cash balance was $39.7 million, a decrease from $61.4 million at September 30, 2024 due primarily to the acquisition of Sharp Reflections.

Reservoir and Production Solutions

Total revenue declined by 1% with declines in Professional Services revenue partially offset by gains in Perpetual license revenue. Annuity/maintenance ("A/M") revenue was flat compared to the third quarter of 2024 with decreases in the US, Canada and South America, offset by growth in the Eastern Hemisphere. Software revenue attributable to energy transition was 23% in the quarter, compared to 22% in the comparable prior year period. From a trend perspective, on a year-to-date basis, software revenue attributable to energy transition was 23% compared to 22% in the same period of the previous year.

Operating profit in the segment for the third quarter increased to $7.0 million, from $5.9 million in the prior year period, driven by a reduction in stock-based compensation expense due to lower share price, partially offset by increased expenses, including acquisition related expenses, agent commission and other related fees, and other corporate costs. Adjusted EBITDA Margin in the quarter decreased to 42% from 44% in the prior fiscal year, due primarily to the slight decline in revenue and an increase in expenses.

Maintaining our customary high renewal rates in the fourth quarter will be important for sustaining our current growth trajectory which, on a year-to-date basis, is below our expectation of low double-digits.

Seismic Solutions

Total revenue increased 26% of which 9% was Organic growth and 17% growth from acquisitions.

A/M revenue increased 131% compared to the prior year period, of which 49% was Organic growth, due to an increase in licensing and the positive impact of foreign exchange rates. Growth from acquisitions was 82%. Annuity license fee increase of 12% Organic growth was also positively impacted by an increase in licensing and the positive impact of USD/CAD foreign exchange rates.

Operating profit in the segment for the third quarter increased to $4.2 million from $2.3 million as a result of higher revenue and lower G&A expenses. Adjusted EBITDA increased to $4.8 million from $2.7 million, of which 6% is from acquisitions. Adjusted EBITDA Margin grew to 34% from 24% in the prior year. Contract renewals in the Seismic segment typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year. We would encourage shareholders to evaluate the Seismic Solutions segment revenue and profitability on a full-year basis.

SUMMARY OF FINANCIAL PERFORMANCE

Reservoir & Production
Solutions
Seismic Solutions
Consolidated
Three months ended December 31,
($ thousands, except per share data)
2024 2023 2024 2023 2024 2023
Annuity/maintenance licenses17,706 17,625 2,746 1,189 20,452 18,814
Annuity license fee- - 4,303 3,846 4,303 3,846
Perpetual licenses804 584 - - 804 584
Total software license revenue18,510 18,209 7,049 5,035 25,559 23,244
Professional services3,181 3,594 7,033 6,169 10,214 9,763
Total revenue21,691 21,803 14,082 11,204 35,773 33,007
Total revenue growth(1%)12%26% 8%70%
Annuity/maintenance licenses growth(0%)13%131% 9%21%
Cost of revenue2,389 2,288 3,918 4,068 6,307 6,356
Operating expenses
Sales & marketing2,914 4,379 1,449 478 4,363 4,857
Research and development4,656 5,337 2,684 1,916 7,340 7,253
General & administrative4,743 3,890 1,803 2,434 6,546 6,324
Operating expenses12,313 13,606 5,936 4,828 18,249 18,434
Operating profit6,989 5,909 4,228 2,308 11,217 8,217
Operating Margin32%27%30%21%31%25%
Acquisition related expenses1,533 146 54 551 1,587 697
Amortization of acquired intangible assets575 565 430 87 1,005 652
Stock-based compensation(82)2,974 3 - (79)2,974
Adjusted operating profit (1)9,015 9,594 4,715 2,946 13,730 12,540
Adjusted Operating Margin (1)42%44%33%26%38%38%
Net income (loss)5,496 3,918 4,110 1,692 9,606 5,610
Adjusted EBITDA (1)9,003 9,583 4,821 2,689 13,824 12,272
Adjusted EBITDA Margin (1)42%44%34%24%39%37%
Earnings per share - basic & diluted 0.12 0.07
Funds flow from operations per share - basic 0.12 0.10
Free Cash Flow per share - basic (1) 0.11 0.09

(1) Non-IFRS financial measures are defined in the "Non-IFRS Financial Measures" section.

Reservoir & Production
Solutions
Seismic Solutions
Consolidated
Nine months ended December 31,
($ thousands, except per share data)
2024 2023 2024 2023 2024 2023
Annuity/maintenance licenses52,257 50,673 5,832 1,196 58,089 51,869
Annuity license fee- - 4,552 4,004 4,552 4,004
Perpetual licenses5,063 3,609 - - 5,063 3,609
Total software license revenue57,320 54,282 10,384 5,200 67,704 59,482
Professional services9,843 10,338 18,216 6,568 28,059 16,906
Total revenue67,163 64,620 28,600 11,768 95,763 76,388
Total revenue growth4%21%143% 25%43%
Annuity/maintenance licenses growth3%15%388% 12%18%
Cost of revenue7,341 6,464 10,850 4,290 18,191 10,754
Operating expenses
Sales & marketing10,418 10,096 3,105 500 13,523 10,596
Research and development15,170 14,040 6,843 2,032 22,013 16,072
General & administrative12,276 10,776 4,447 2,483 16,723 13,259
Operating expenses37,864 34,912 14,395 5,015 52,259 39,927
Operating profit21,958 23,244 3,355 2,463 25,313 25,707
Operating Margin33%36%12%21%26%34%
Acquisition related expenses1,928 719 423 551 2,351 1,270
Amortization of acquired intangible assets1,726 746 608 92 2,334 838
Stock-based compensation3,057 5,370 3 - 3,060 5,370
Adjusted operating profit (1)28,669 30,079 4,389 3,106 33,058 33,185
Adjusted Operating Margin (1)43%47%15%26%35%43%
Net income (loss)15,491 17,245 1,842 1,785 17,333 19,030
Adjusted EBITDA (1)28,774 30,116 4,425 2,822 33,199 32,938
Adjusted EBITDA Margin (1)43%47%15%24%35%43%
Earnings per share - basic & diluted 0.21 0.24
Funds flow from operations per share - basic 0.29 0.34
Free Cash Flow per share - basic (1) 0.25 0.32

(1) Non-IFRS financial measures are defined in the "Non-IFRS Financial Measures" section.

Q3 2025 Dividend

Computer Modelling Group's Board approved a cash dividend of $0.05 per Common Share. The dividend will be paid on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Free Cash Flow Reconciliation to Funds Flow from Operations

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing free cash flow by the number of weighted average outstanding shares during the period. 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. Management uses free cash flow and free cash flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

Fiscal 2023 Fiscal 2024 Fiscal 2025
($ thousands, unless otherwise stated)Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Funds flow from operations7,656 7,920 11,491 8,477 10,367 6,515 7,101 9,937
Capital expenditures(1)(1,707)(45)(51)(459)(95)(93)(236)(432)
Repayment of lease liabilities(553)(412)(412)(728)(803)(743)(769)(689)
Free Cash Flow5,396 7,463 11,028 7,290 9,469 5,679 6,096 8,816
Weighted average shares - basic (thousands)

80,603


80,685


80,834


81,067


81,314


81,476


81,887


82,753
Free Cash Flow per share - basic0.07 0.09 0.14 0.09 0.12 0.07 0.07 0.11
Funds flow from operations per share- basic0.09 0.10 0.14 0.10 0.13 0.08 0.09 0.12

(1) Capital expenditures include cash consideration for USI acquisition in Q4 2023.

Free Cash Flow per share increased by 22% for the three months ended December 31, 2024, and decreased by 22% for the nine months ended December 31, 2024, as compared to the three and nine months ended December 31, 2023, respectively. The increase in Free Cash Flow for the three months ended December 31, 2024, primarily relates to an increase in net income and decrease in the repayment of lease liabilities relating to timing of payments as the BHV office lease in Houston concluded during the period. The decrease in Free Cash Flow for the nine months ended December 31, 2024, primarily relates to a decrease in net income and increase in repayment of lease liabilities compared to the prior year comparative period as a result of the acquisition of BHV.

Adjusted EBITDA and Adjusted EBITDA Margin

Reservoir & Production
Solutions
Seismic Solutions
Consolidated
Three months ended December 31,
($ thousands)
2024 2023 2024 2023 2024 2023

Net income (loss)

5,496

3,918

4,110

1,692

9,606

5,610
Add (deduct):
Depreciation and amortization1,460 1,449 807 106 2,267 1,555
Stock-based compensation(82)2,974 3 - (79)2,974
Acquisition related expenses1,533 146 54 551 1,587 697
Loss on contingent consideration150 - - - 150 -
Income and other tax expense2,497 1,805 1,065 702 3,562 2,507
Interest income(474)(982)(179)(2)(653)(984)
Foreign exchange loss (gain)(1,146)701 (781)(59)(1,927)642
Repayment of lease liabilities(431)(428)(258)(300)(689)(728)
Adjusted EBITDA (1)9,003 9,583 4,821 2,689 13,824 12,272
Adjusted EBITDA Margin (1)42%44%34%24%39%37%

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.

Reservoir & Production
Solutions
Seismic Solutions
Consolidated
Nine months ended December 31,
($ thousands)
2024 2023 2024 2023 2024 2023

Net income (loss)

15,491

17,245

1,842

1,785

17,333

19,030
Add (deduct):
Depreciation and amortization4,496 3,424 1,601 113 6,097 3,537
Stock-based compensation3,057 5,370 3 - 3,060 5,370
Acquisition related expenses1,928 719 423 551 2,351 1,270
Loss on contingent consideration2,063 - - - 2,063 -
Income and other tax expense5,913 6,288 2,381 740 8,294 7,028
Interest income(1,934)(2,434)(358)(4)(2,292)(2,438)
Foreign exchange loss (gain)(948)752 (558)(59)(1,506)693
Repayment of lease liabilities(1,292)(1,248)(909)(304)(2,201)(1,552)
Adjusted EBITDA (1)28,774 30,116 4,425 2,822 33,199 32,938
Adjusted EBITDA Margin (1)43%47%15%24%35%43%

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.

Adjusted EBITDA Margin for the three and nine months ended December 31, 2024, was 39% and 35%, respectively, down from 37% and 43% during the period year comparative periods.

The R&P segment's Adjusted EBITDA Margin is 42% and 43% for the three and nine months ended December 31, 2024, respectively, compared to 44% and 47%, respectively for the three and nine months ended December 31, 2023. The decline in Adjusted EBITDA Margin for the three months ended December 31, 2024, is primarily due to a slight decline in revenue and increase in other corporate costs. The decline in Adjusted EBITDA Margin for the nine months ended December 31, 2024, is primarily due to an increase in headcount and headcount related costs and other corporate costs, partially offset by an increase in total revenues. Refer to the "Operating Expenses" section of this MD&A for further detail on the increase in operating expenses by category.

The Seismic segment's Adjusted EBITDA Margin for the three and nine months ended December 31, 2024, is 34% and 15%, respectively, compared to 24% for the three and nine months ended December 31, 2023. Seismic Adjusted EBITDA for the three months ended December 31, 2024, increased by 79%, of which 6% is due to growth from acquisitions. The increase in Seismic Adjusted EBITDA not related to growth from acquisitions for the three months ended December 31, 2024, is primarily due to higher revenues and lower G&A expenses. Seismic Adjusted EBITDA for the nine months ended December 31, 2024, increased by 57%, of which there was an 8% decline due to acquisitions. The increase in Seismic Adjusted EBITDA not related to growth from acquisitions for the nine months ended December 31, 2024, is impacted by the same reasons as the three months ended December 31, 2024. The decrease in Seismic Adjusted EBITDA due to decline from acquisitions for the nine months ended December 31, 2024, is primarily due to negative Adjusted EBITDA in the first six months of fiscal 2025, influenced by revenue recognition being skewed to the last two quarters of the fiscal year. Contract renewals in the Seismic segment typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year.

Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)December 31, 2024 March 31, 2024 April 1, 2023

Assets
Current assets:
Cash39,731 63,083 66,850
Restricted cash194 142 -
Trade and other receivables43,193 36,550 23,910
Prepaid expenses2,267 2,321 1,060
Prepaid income taxes647 3,841 444
86,032 105,937 92,264
Intangible assets59,919 23,683 1,321
Right-of-use assets28,969 29,072 30,733
Property and equipment9,808 9,877 10,366
Goodwill14,850 4,399 -
Deferred tax asset97 - 2,444
Total assets199,675 172,968 137,128


Liabilities and shareholders' equity
Current liabilities:
Trade payables and accrued liabilities16,420 18,551 11,126
Income taxes payable2,842 2,136 33
Acquisition holdback payable7,214 2,292 -
Acquisition earnout3,782 - -
Deferred revenue34,822 41,120 34,797
Lease liabilities2,298 2,566 1,829
Government loan299 - -
67,677 66,665 47,785
Lease liabilities35,144 34,395 36,151
Stock-based compensation liabilities252 624 742
Government loan1,169 - -
Acquisition earnout- 1,503 -
Acquisition holdback payable1,213 - -
Other long-term liabilities213 305 -
Deferred tax liabilities12,303 1,661 -
Total liabilities117,971 105,153 84,678


Shareholders' equity:
Share capital94,255 87,304 81,820
Contributed surplus15,452 15,667 15,471
Cumulative translation adjustment1,745 (367)-
Deficit(29,748)(34,789)(44,841)
Total shareholders' equity81,704 67,815 52,450
Total liabilities and shareholders' equity199,675 172,968 137,128

Condensed Consolidated Statements of Operations and Comprehensive Income

Three months ended
December 31
Nine months ended
December 31
UNAUDITED (thousands of Canadian $ except per share amounts)2024

2023

2024

2023

Revenue
Cost of revenue
35,773
6,307
33,007
6,356
95,763
18,191
76,388
10,754
Gross profit 29,466 26,651 77,572 65,634
Operating expenses
Sales and marketing4,363 4,857 13,523 10,596
Research and development7,340 7,253 22,013 16,072
General and administrative6,546 6,324 16,723 13,259
18,249 18,434 52,259 39,927
Operating profit11,217 8,217 25,313 25,707
Finance income2,580 986 3,798 2,438
Finance costs(479)(1,086)(1,421)(2,087)
Change in fair value of contingent consideration(150)- (2,063)-
Profit before income and other taxes13,168 8,117 25,627 26,058
Income and other taxes3,562 2,507 8,294 7,028
Net income for the period9,606 5,610 17,333 19,030
Other comprehensive income:
Foreign currency translation adjustment1,402 (453)2,112 (449)
Other comprehensive income 1,402 (453)2,112 (449)
Total comprehensive income 11,008 5,157 19,445 18,581
Net income per share - basic0.12 0.07 0.21 0.24
Net income per share - diluted0.12 0.07 0.21 0.23
Dividend per share0.05 0.05 0.15 0.15

Condensed Consolidated Statements of Cash Flows

Three months ended
December 31
Nine months ended
December 31
UNAUDITED (thousands of Canadian $)2024

2023

2024

2023

Operating activities
Net income9,606 5,610 17,333 19,030
Adjustments for:
Depreciation and amortization of property, equipment, right-
of use assets
1,262 890 3,763 2,686
Amortization of intangible assets1,005 665 2,334 851
Deferred income tax expense (recovery)(150)1,104 (228)3,082
Stock-based compensation(641)513 (855)2,222
Foreign exchange and other non-cash items(1,295)(305)(857)17
Change in fair value of contingent consideration150 - 2,063 -
Funds flow from operations9,937 8,477 23,553 27,888
Movement in non-cash working capital:
Trade and other receivables(3,827)(5,413)(1,981)(2,112)
Trade payables and accrued liabilities(645)2,413 (3,712)24
Prepaid expenses and other assets85 (639)193 (349)
Income taxes receivable (payable)1,567 (181)3,678 (1,432)
Deferred revenue1,149 (4,214)(7,697)(9,351)
Change in non-cash working capital(1,671)(8,034)(9,519)(13,220)
Net cash provided by (used in) operating activities8,266 443 14,034 14,668
Financing activities
Repayment of acquired line of credit- - - (2,012)
Repayment of government loan(63)- (63)-
Proceeds from issuance of common shares2,395 1,783 5,124 2,996
Repayment of lease liabilities(689)(364)(2,201)(1,188)
Dividends paid(4,115)(4,059)(12,292)(12,140)
Net cash used in financing activities(2,472)(2,640)(9,432)(12,344)
Investing activities
Corporate acquisition, net of cash acquired(27,071)157 (27,071)(22,893)
Change in non-cash working capital- (517)- (517)
Property and equipment additions(432)(459)(761)(555)
Repayment of acquisition holdback payable(2,130)- (2,130)-
Net cash used in investing activities(29,633)(819)(29,962)(23,965)
Increase (decrease) in cash(23,839)(3,016)(25,360)(21,641)
Effect of foreign exchange on cash2,197 (26)2,008 (26)
Cash, beginning of period61,373 48,225 63,083 66,850
Cash, end of period39,731 45,183 39,731 45,183
Supplementary cash flow information
Interest received653 986 2,292 2,438
Interest paid479 444 1,421 1,394
Income taxes paid2,128 1,071 7,853 5,429

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. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, 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 nine months ended December 31, 2024, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group's SEDAR profile www.sedarplus.ca.

For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca

For media inquiries, please contact:
marketing@cmgl.ca

Cautionary 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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