EXFO Reports Fourth Quarter and Fiscal 2020 Results
EXFO reported Q4 2020 sales of US$70.6 million, slightly up from US$70.2 million in Q4 2019. For fiscal year 2020, sales decreased 7.4% to US$265.6 million, primarily due to the COVID-19 pandemic's economic impact. The company faced an IFRS net loss of US$9.5 million for the year compared to US$2.5 million in 2019. However, EXFO generated US$14.1 million in cash from operations in Q4 2020. The company's book-to-bill ratio was 0.89 for Q4. Looking ahead, EXFO expects growth from fiber, 5G, and cloud-native deployments, adapting to a changing market landscape.
- Q4 2020 sales increased to US$70.6 million.
- Cash from operations reached US$14.1 million in Q4 2020.
- Secured five new service assurance contracts worth US$5.0 million.
- Expected growth from high-demand sectors like fiber, 5G, and cloud-based services.
- Fiscal 2020 sales fell 7.4% to US$265.6 million due to COVID-19.
- IFRS net loss rose to US$9.5 million from US$2.5 million in 2019.
- SASS revenue decreased 16.4% year-over-year.
- Book-to-bill ratio of 0.89 indicates declining bookings.
Q4 2020
- Sales reached US
$70.6 million - IFRS net loss totaled US
$3.6 million - Adjusted EBITDA amounted to US
$4.9 million - Cash flows provided by operations attained US
$14.1 million
Fiscal 2020
- Sales reached US
$265.6 million - IFRS net loss totaled US
$9.5 million - Adjusted EBITDA amounted to US
$18.2 million - Cash flows used by operations attained US
$2.1 million
QUEBEC CITY, Oct. 7, 2020 /PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the communications industry's test, monitoring and analytics experts, announced today financial results for the fourth quarter and fiscal year ended August 31, 2020.
"In fiscal 2020, EXFO experienced the unprecedented impact of the coronavirus pandemic on the global economy which, in turn, adversely affected our revenues and profitability. However, I'm pleased to see EXFO close its fourth quarter on a positive note with strong revenues and cash flows from operations," said Philippe Morin, EXFO's Chief Executive Officer. "Our ongoing digital transformation allowed EXFO to quickly adapt to the virtualized selling environment and secure five new service assurance contract wins. In FY21, we will continue to strengthen our focus on high-growth drivers like fiber, 5G and cloud-native deployments, while reducing investments in lower-growth areas. These initiatives should continue to benefit EXFO's competitive position and enable profitable growth."
"Looking ahead, we are excited about the wealth of opportunities for our T&M and SASS product groups. Demand for field testing equipment should recover with major fiber deployment projects, barring the return of extensive lockdown restrictions with the second wave. We also expect continued growth from our lab and manufacturing test solutions, especially in the ultra-high-speed area with our pending acquisition of InOpticals. In addition, we expect our Nova Adaptive Service Assurance platform to benefit from the momentum of our recent contract wins, the ramp-up of cloud-native 5G architectures and heightened activity in the network core."
Fiscal 2020 Highlights
- Sales. Given the global pandemic, total revenue decreased
7.4% to US$265.6 million in fiscal 2020. Test and Measurement (T&M) sales dropped3.6% year-over-year, despite a strong increase from lab and manufacturing test solutions. Service Assurance, Systems and Services (SASS) revenue fell16.4% year-over-year, although the company secured service assurance orders totaling US$5.0 million with five new customers in the fourth quarter. Annual sales in Asia-Pacific improved11.9% , while sales in the Americas and Europe, Middle East and Africa (EMEA) decreased10.0% and13.9% , respectively. EXFO's largest customer accounted for8.3% of sales in 2020, while the company's top-three customers represented18.1% . - Profitability. IFRS net loss totaled US
$9.5 million in fiscal 2020 compared to US$2.5 million in fiscal 2019. Adjusted EBITDA amounted to US$18.2 million in 2020 compared to US$25.6 million in 2019. Cash flows used by operations totaled US$2.1 million in 2020, including cash flows provided by operations of US$14.1 million in the fourth quarter. In comparison, cash flows provided by operations amounted to US$17.2 million in 2019.
Business Outlook
Due to the uncertainty surrounding the breadth and duration of the coronavirus pandemic, and its undetermined impact on the macro-economic environment, EXFO has suspended quarterly and annual guidance indefinitely.
Selected Financial Information | |||||||||||
(In thousands of US dollars) | |||||||||||
Q4 2020 | Q4 2019 | FY 2020 | FY 2019 | ||||||||
T&M sales | $ | 53,684 | $ | 50,162 | $ | 197,419 | $ | 204,693 | |||
SASS sales | 17,158 | 20,202 | 69,192 | 82,788 | |||||||
Foreign exchange losses on forward | |||||||||||
exchange contracts | (270) | (189) | (1,028) | (591) | |||||||
Total sales | $ | 70,572 | $ | 70,175 | $ | 265,583 | $ | 286,890 | |||
T&M bookings | $ | 43,495 | $ | 50,378 | $ | 197,141 | $ | 210,055 | |||
SASS bookings | 19,750 | 20,723 | 68,750 | 88,341 | |||||||
Foreign exchange losses on forward | |||||||||||
exchange contracts | (270) | (189) | (1,028) | (591) | |||||||
Total bookings | $ | 62,975 | $ | 70,911 | $ | 264,863 | $ | 297,805 | |||
Book-to-bill ratio (bookings/sales) | 0.89 | 1.01 | 1.00 | 1.04 | |||||||
Gross margin before depreciation and | |||||||||||
amortization* | $ | 37,999 | $ | 39,915 | $ | 151,025 | $ | 168,213 | |||
Other selected information: | |||||||||||
IFRS net loss | $ | (3,633) | $ | (227) | $ | (9,540) | $ | (2,480) | |||
Amortization of intangible assets | $ | 1,442 | $ | 1,870 | $ | 6,467 | $ | 9,012 | |||
Stock-based compensation costs | $ | 575 | $ | 477 | $ | 2,021 | $ | 1,831 | |||
Restructuring charges | $ | 2,886 | $ | – | $ | 2,886 | $ | 3,305 | |||
Acquisition-related deferred revenue fair | |||||||||||
value adjustment | $ | – | $ | – | $ | – | $ | 1,435 | |||
Foreign exchange (gain) loss | $ | (221) | $ | 894 | $ | 428 | $ | 949 | |||
Income tax effect of the above items | $ | (760) | $ | (281) | $ | (656) | $ | (1,396) | |||
Adjusted EBITDA* | $ | 4,868 | $ | 6,213 | $ | 18,152 | $ | 25,585 | |||
Quarterly and Annual Overview
Sales in the fourth quarter of fiscal 2020 reached US
Bookings totaled US
Gross margin before depreciation and amortization* attained
Selling and administrative expenses totaled US
Net R&D expenses amounted to US
In the fourth quarter of fiscal 2020, IFRS net loss amounted to US
In fiscal 2020, IFRS net loss totaled US
Adjusted EBITDA* amounted to US
After-tax restructuring charges totaled US
Conference Call and Webcast
EXFO will host a conference call today at 5 p.m. (Eastern time) to review fourth quarter and year-end financial results for fiscal 2020. To listen to the conference call and participate in the question period via telephone, dial 1-929-477-0577. Please take note the following conference ID number will be required: 2685037. EXFO's Executive Chairman Germain Lamonde, CEO Philippe Morin, and Pierre Plamondon, CPA, Vice-President of Finance and Chief Financial Officer, will participate in the call. An audio replay of the conference call will be available two hours after the event until 8:00 p.m. on October 14, 2020. The replay number is 1-719-457-0820 and the conference ID number is 2685037. The audio Webcast and replay of the conference call will also be available on EXFO's Website at www.EXFO.com, under the Investors section.
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 represents net loss before interest and other income/expense, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges, acquisition-related deferred revenue fair-value adjustment, and foreign exchange gain or 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 performance relative to competitors. These non-IFRS measures are also used by financial analysts that evaluate and compare the company's performance against that of competitors and industry players in the 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 to investors, in addition to the IFRS measures, allows them 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 loss in thousands of US dollars:
Adjusted EBITDA
Q4 2020 | Q4 2019 | FY 2020 | FY 2019 | ||||||||
IFRS net loss for the period (1) | $ | (3,633) | $ | (227) | $ | (9,540) | $ | (2,480) | |||
Add (deduct): | |||||||||||
Depreciation and amortization | 3,647 | 3,152 | 15,379 | 14,481 | |||||||
Interest and other (income) expenses | (19) | 1,157 | 956 | 718 | |||||||
Income taxes | 1,633 | 760 | 6,022 | 5,346 | |||||||
Stock-based compensation costs | 575 | 477 | 2,021 | 1,831 | |||||||
Restructuring charges | 2,886 | – | 2,886 | 3,305 | |||||||
Acquisition-related deferred revenue fair | |||||||||||
value adjustment | – | – | – | 1,435 | |||||||
Foreign exchange (gain) loss | (221) | 894 | 428 | 949 | |||||||
Adjusted EBITDA for the period | $ | 4,868 | $ | 6,213 | $ | 18,152 | $ | 25,585 | |||
Adjusted EBITDA in percentage of sales | |||||||||||
(1) | IFRS net loss for the three months and the year ended August 31, 2020 takes into account the impact of the adoption of IFRS 16 on September 1, 2019. The adoption of IFRS 16 on September 1, 2019 had a positive impact on adjusted EBITDA of US |
EXFO Inc. | |||||
Condensed Unaudited Interim Consolidated Balance Sheets | |||||
(in thousands of US dollars) | |||||
As at August 31, | |||||
2020 | 2019 | ||||
Assets | |||||
Current assets | |||||
Cash | $ | 32,818 | $ | 16,518 | |
Short-term investments | 919 | 2,918 | |||
Accounts receivable | |||||
Trade | 56,291 | 51,517 | |||
Other | 4,055 | 3,396 | |||
Income taxes and tax credits recoverable | 4,203 | 3,159 | |||
Inventories | 38,865 | 38,017 | |||
Prepaid expenses | 5,631 | 6,510 | |||
Other assets | 5,493 | 3,083 | |||
148,275 | 125,118 | ||||
Tax credits recoverable | 48,812 | 46,704 | |||
Property, plant and equipment | 39,722 | 39,364 | |||
Lease right-of-use assets | 10,758 | ‒ | |||
Intangible assets | 17,616 | 21,654 | |||
Goodwill | 40,290 | 38,648 | |||
Deferred income tax assets | 3,633 | 4,821 | |||
Other assets | 1,548 | 1,293 | |||
$ | 310,654 | $ | 277,602 | ||
Liabilities | |||||
Current liabilities | |||||
Bank loan | $ | 32,737 | $ | 5,000 | |
Accounts payable and accrued liabilities | 41,348 | 50,790 | |||
Provisions | 3,792 | 1,065 | |||
Income taxes payable | 43 | 704 | |||
Deferred revenue | 25,785 | 24,422 | |||
Other liabilities | 4,032 | 1,606 | |||
Current portion of lease liabilities | 3,249 | ‒ | |||
Current portion of long-term debt | 2,076 | 2,449 | |||
113,062 | 86,036 | ||||
Provisions | 2,782 | 2,737 | |||
Deferred revenue | 8,858 | 9,056 | |||
Lease liabilities | 7,334 | ‒ | |||
Long-term debt | 2,144 | 3,293 | |||
Deferred income tax liabilities | 3,760 | 3,598 | |||
Other liabilities | 151 | 318 | |||
138,091 | 105,038 | ||||
Shareholders' equity | |||||
Share capital | 94,024 | 92,706 | |||
Contributed surplus | 19,680 | 19,196 | |||
Retained earnings | 102,633 | 112,173 | |||
Accumulated other comprehensive loss | (43,774) | (51,511) | |||
172,563 | 172,564 | ||||
$ | 310,654 | $ | 277,602 | ||
EXFO Inc. | |||||||||||
Condensed Unaudited Interim Consolidated Statements of Earnings | |||||||||||
(in thousands of US dollars, except share and per share data) | |||||||||||
Three months ended August 31, 2020 | Twelve months ended August 31, 2020 | Three months ended August 31, 2019 | Twelve months ended August 31, 2019 | ||||||||
Sales | $ | 70,572 | $ | 265,583 | $ | 70,175 | $ | 286,890 | |||
Cost of sales (1,2) | 32,573 | 114,558 | 30,260 | 118,677 | |||||||
Selling and administrative (2) | 24,588 | 92,293 | 23,036 | 98,646 | |||||||
Net research and development (2) | 12,004 | 45,487 | 11,143 | 50,553 | |||||||
Depreciation of property, plant and | |||||||||||
equipment | 1,405 | 5,563 | 1,282 | 5,469 | |||||||
Depreciation of lease right-of-use assets | 800 | 3,349 | ‒ | ‒ | |||||||
Amortization of intangible assets | 1,442 | 6,467 | 1,870 | 9,012 | |||||||
Interest and other (income) expense | (19) | 956 | 1,157 | 718 | |||||||
Foreign exchange (gain) loss | (221) | 428 | 894 | 949 | |||||||
Earnings (loss) before income taxes | (2,000) | (3,518) | 533 | 2,866 | |||||||
Income taxes | 1,633 | 6,022 | 760 | 5,346 | |||||||
Net loss for the period | $ | (3,633) | $ | (9,540) | $ | (227) | $ | (2,480) | |||
Basic and diluted net loss per share | $ | (0.07) | $ | (0.17) | $ | (0.00) | $ | (0.04) | |||
Basic and diluted weighted average number | |||||||||||
of shares outstanding (000's) | 55,698 | 55,604 | 55,379 | 55,325 | |||||||
(1) The cost of sales is exclusive of depreciation and amortization, shown separately. | |||||||||||
(2) Restructuring charges included in: | |||||||||||
Cost of sales | $ | 898 | $ | 898 | $ | ‒ | $ | 304 | |||
Selling and administrative | 1,882 | 1,882 | ‒ | 495 | |||||||
Net research and development | 106 | 106 | ‒ | 2,506 | |||||||
Income taxes | (533) | (533) | ‒ | (63) | |||||||
$ | 2,353 | $ | 2,353 | $ | ‒ | $ | 3,242 | ||||
EXFO Inc. | |||||||||||
Condensed Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) | |||||||||||
(in thousands of US dollars) | |||||||||||
Three months ended August 31, 2020 | Twelve months ended August 31, 2020 | Three months ended August 31, 2019 | Twelve months ended August 31, 2019 | ||||||||
Net loss for the period | $ | (3,633) | $ | (9,540) | $ | (227) | $ | (2,480) | |||
Other comprehensive income (loss), net of | |||||||||||
income taxes | |||||||||||
Items that may be reclassified subsequently | |||||||||||
to net earnings | |||||||||||
Foreign currency translation adjustment | 10,069 | 5,994 | 1,983 | (4,177) | |||||||
Unrealized gains/losses on forward | |||||||||||
exchange contracts | 3,026 | 1,221 | 442 | (795) | |||||||
Reclassification of realized gains/losses | |||||||||||
on forward exchange contracts | |||||||||||
in net earnings | 493 | 1,100 | 534 | 744 | |||||||
Deferred income tax effect of | |||||||||||
gains/losses on forward exchange | |||||||||||
contracts | (900) | (578) | (289) | 67 | |||||||
Other comprehensive income (loss) | 12,688 | 7,737 | 2,670 | (4,161) | |||||||
Comprehensive income (loss) for the period | $ | 9,055 | $ | (1,803) | $ | 2,443 | $ | (6,641) | |||
EXFO Inc. | |||||||||||||||
Condensed Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity | |||||||||||||||
(in thousands of US dollars) | |||||||||||||||
Year ended August 31, 2019 | |||||||||||||||
Share | Contributed | Retained | Accumulated | Total | |||||||||||
Balance as at August 31, 2018 | $ | 91,937 | $ | 18,428 | $ | 114,906 | $ | (47,350) | $ | 177,921 | |||||
Adoption of IFRS 9 | – | – | (253) | – | (253) | ||||||||||
Adjusted balance as at September 1, 2018 | 91,937 | 18,428 | 114,653 | (47,350) | 177,668 | ||||||||||
Reclassification of stock-based compensation costs | 1,106 | (1,106) | – | – | – | ||||||||||
Redemption of share capital | (337) | 25 | – | – | (312) | ||||||||||
Stock-based compensation costs | – | 1,849 | – | – | 1,849 | ||||||||||
Net loss for the year | – | – | (2,480) | – | (2,480) | ||||||||||
Other comprehensive income (loss) | |||||||||||||||
Foreign currency translation adjustment | – | – | – | (4,177) | (4,177) | ||||||||||
Changes in unrealized gains/losses on forward | |||||||||||||||
exchange contracts, net of deferred income taxes | |||||||||||||||
of | – | – | – | 16 | 16 | ||||||||||
Total comprehensive loss for the year | (6,641) | ||||||||||||||
Balance as at August 31, 2019 | $ | 92,706 | $ | 19,196 | $ | 112,173 | $ | (51,511) | $ | 172,564 | |||||
Year ended August 31, 2020 | |||||||||||||||
Share | Contributed | Retained | Accumulated | Total | |||||||||||
Balance as at September 1, 2019 | $ | 92,706 | $ | 19,196 | $ | 112,173 | $ | (51,511) | $ | 172,564 | |||||
Reclassification of stock-based compensation costs | 1,530 | (1,530) | – | – | – | ||||||||||
Redemption of share capital | (212) | (13) | – | – | (225) | ||||||||||
Stock-based compensation costs | – | 2,027 | – | – | 2,027 | ||||||||||
Net loss for the year | – | – | (9,540) | – | (9,540) | ||||||||||
Other comprehensive income | |||||||||||||||
Foreign currency translation adjustment | – | – | – | 5,994 | 5,994 | ||||||||||
Changes in unrealized gains/losses on forward | |||||||||||||||
exchange contracts, net of deferred income taxes | |||||||||||||||
of | – | – | – | 1,743 | 1,743 | ||||||||||
Total comprehensive loss for the year | (1,803) | ||||||||||||||
Balance as at August 31, 2020 | $ | 94,024 | $ | 19,680 | $ | 102,633 | $ | (43,774) | $ | 172,563 | |||||
EXFO Inc. | |||||||||||
Condensed Unaudited Interim Consolidated Statements of Cash Flows | |||||||||||
(in thousands of US dollars) | |||||||||||
Three months | Twelve months | Three months | Twelve months | ||||||||
Cash flows from operating activities | |||||||||||
Net loss for the period | $ | (3,633) | $ | (9,540) | $ | (227) | $ | (2,480) | |||
Add (deduct) items not affecting cash | |||||||||||
Stock-based compensation costs | 575 | 2,021 | 477 | 1,831 | |||||||
Depreciation and amortization | 3,647 | 15,379 | 3,152 | 14,481 | |||||||
Gain on disposal of capital assets | (340) | (340) | – | (1,732) | |||||||
Write-off of capital assets | 7 | 223 | 1,125 | 1,386 | |||||||
Deferred revenue | 3,545 | 401 | (1,142) | 10,477 | |||||||
Deferred income taxes | 818 | 657 | 192 | (2,103) | |||||||
Changes in foreign exchange gain/loss | (314) | 1,436 | 264 | (46) | |||||||
4,305 | 10,237 | 3,841 | 21,814 | ||||||||
Changes in non-cash operating items | |||||||||||
Accounts receivable | 5,251 | (1,623) | 2,252 | (4,786) | |||||||
Income taxes and tax credits | (253) | (2,871) | (93) | 1,536 | |||||||
Inventories | 6,188 | (45) | 534 | (134) | |||||||
Prepaid expenses | 247 | 462 | (927) | (1,307) | |||||||
Other assets | (1,251) | (1,963) | (456) | (1,459) | |||||||
Accounts payable, accrued liabilities | |||||||||||
and provisions | (362) | (6,382) | 1,171 | 3,184 | |||||||
Other liabilities | (47) | 48 | (79) | (1,606) | |||||||
14,078 | (2,137) | 6,243 | 17,242 | ||||||||
Cash flows from investing activities | |||||||||||
Additions to short-term investments | (500) | (2,574) | (1,301) | (1,879) | |||||||
Proceeds from disposal and maturity of short- | |||||||||||
term investments | 3,052 | 4,316 | – | 1,168 | |||||||
Purchases of capital assets | (1,580) | (7,646) | (1,180) | (7,498) | |||||||
Proceeds from disposal of capital assets | 230 | 230 | – | 3,318 | |||||||
1,202 | (5,674) | (2,481) | (4,891) | ||||||||
Cash flows from financing activities | |||||||||||
Bank loan | (1,772) | 26,532 | (143) | (5,195) | |||||||
Other liabilities | 2,355 | 2,355 | – | – | |||||||
Repayment of lease liabilities | (800) | (3,334) | – | – | |||||||
Repayment of long-term debt | (240) | (1,847) | (652) | (2,817) | |||||||
Redemption of share capital | – | (225) | (207) | (312) | |||||||
(457) | 23,481 | (1,002) | (8,324) | ||||||||
Effect of foreign exchange rate changes on cash | 925 | 630 | 135 | (267) | |||||||
Change in cash | 15,748 | 16,300 | 2,895 | 3,760 | |||||||
Cash – Beginning of the period | 17,070 | 16,518 | 13,623 | 12,758 | |||||||
Cash – End of the period | $ | 32,818 | $ | 32,818 | $ | 16,518 | $ | 16,518 | |||
EXFO-F
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SOURCE EXFO Inc.
FAQ
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