Simulations Plus Reports First Quarter Fiscal 2024 Financial Results
- Total revenue increased by 21% to $14.5 million.
- Software revenue increased by 25% to $7.6 million.
- Services revenue increased by 17% to $6.9 million.
- Adjusted EBITDA was $3.4 million, representing 23% of total revenue.
- Net income was $1.9 million with diluted EPS of $0.10.
- The company maintains full-year revenue guidance of $66 to $69 million and EPS guidance of $0.66 to $0.68.
- None.
Insights
The reported increase in total revenue by 21% to $14.5 million for Simulations Plus is a robust indicator of the company's growth trajectory, particularly noting the substantial 25% increase in software revenue. This segment, now accounting for 52% of total revenue, suggests a strategic pivot towards software solutions, which typically offer higher margins and recurring revenue streams. The consistent gross profit margin at 68%, coupled with a 67% rise in diluted EPS from the previous year, reflects operational efficiency and effective cost management.
Investors should be encouraged by the company's ability to maintain its full-year revenue guidance amidst a backdrop of softer client funding and budget cycles. The projected annual revenue increase of 10-15% and an EPS boost of 35-39% imply that Simulations Plus is not only navigating current market conditions successfully but is also positioning itself for sustainable growth. The declaration of a quarterly dividend suggests confidence in ongoing financial health and a commitment to shareholder returns.
The pharmaceutical modeling and simulation sector is becoming increasingly critical in the drug development process. Simulations Plus's focus on Quantitative Systems Pharmacology (QSP) and Physiologically Based Pharmacokinetics (PBPK) signifies alignment with industry trends towards precision medicine and personalized healthcare. The strong performance of their GastroPlus platform indicates a competitive edge in a niche but growing market.
Their ability to maintain a healthy pipeline and strong profitability, as noted by management, signals not just resilience but potential for market share expansion. With the underlying fundamentals of the market described as resilient, the demand for the company's modeling and simulation tools is likely to increase, thus reinforcing its market position and potentially leading to further revenue growth.
The financial performance of Simulations Plus within the broader economic context suggests that the company is effectively leveraging industry-specific tailwinds. The emphasis on ESG efforts aligns with a broader investor and consumer shift towards socially responsible and sustainable business practices. This strategic focus may enhance the company's reputation and appeal to a growing segment of ESG-focused investors, potentially impacting long-term valuation.
Given the economic uncertainties and the mention of softer client funding, the company's cautious optimism and the maintenance of its full-year guidance indicate a stable financial outlook. The ability to sustain growth rates in such an environment may set Simulations Plus apart from competitors facing more significant headwinds, potentially influencing investor perceptions of risk and opportunity within the sector.
Total revenue of
Maintains full-year revenue guidance of
First Quarter Financial Highlights
-
Total revenue increased
21% to$14.5 million -
Software revenue increased
25% to$7.6 million 52% of total revenue -
Services revenue increased
17% to$6.9 million 48% of total revenue -
Gross profit increased
6% to$9.8 million 68% -
Adjusted EBITDA of
$3.4 million 23% of total revenue -
Net income of
$1.9 million $0.10 $1.2 million $0.06
Management Commentary
“Our first quarter performance marked a successful start to the year and was in line with our expectations,” said Shawn O’Connor, Chief Executive Officer of Simulations Plus. “With these strong results, we are maintaining our guidance for the full year. Even though client funding and budget cycles remain softer than historical levels, we are cautiously optimistic that our market may be on the path to improvement.
“First quarter revenue increased
“Today we announced in a separate press release four key strategic leadership appointments that will advance our objective to seamlessly and organically align with our clients’ needs. These appointments reflect our commitment to providing our organization with the leadership that best positions us for our next stage of growth.
“We entered the second quarter with a healthy pipeline, strong profitability, and a sound balance sheet. The underlying fundamentals of our market remain resilient as demand for modeling and simulation tools continues to play a greater role in drug development workflow. We remain focused on continuing to produce disciplined growth that delivers long-term returns for our shareholders.”
Fiscal 2024 Guidance
|
|
Fiscal 2024 Guidance |
|
Annual Increase |
Revenue |
|
|
|
10 - |
Software mix |
|
55 - |
|
— |
Services mix |
|
40 - |
|
— |
Diluted earnings per share |
|
|
|
35 - |
Quarterly Dividend
The Company’s Board of Directors declared a cash dividend of
Environmental, Social, and Governance
We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our ESG website.
Webcast and Conference Call Details
Shawn O’Connor, chief executive officer, and Will Frederick, chief financial and operating officer, will host a conference call and webcast today at 5 p.m. Eastern Time to discuss the details of the Company’s performance for the quarter and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 or 1-201-389-0879. The webcast will be available on our website under Conference Calls & Presentations. A replay of the webcast will be available on the website approximately one hour following the call.
Non-GAAP Definitions
Adjusted EBITDA
Adjusted EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization, stock-based compensation, (gain) loss on currency exchange, any acquisition- or financial-transaction-related expenses, and any asset impairment charges. Currency exchange excluded represents the exchange rate fluctuations on the foreign currency denominated transactions. The impact of transactions in foreign currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency. The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that Adjusted EBITDA is useful in evaluating our core operating results. However, Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in
Adjusted Diluted EPS
Adjusted diluted EPS is calculated based on net income excluding the impact of any acquisition- or financial-transaction-related expenses, any asset impairment charges, and tax provisions / benefits related to the previous items. The Company excludes the above items because they are outside of the Company’s normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
The Company believes that the use of non-GAAP measures helps investors to gain a better understanding of the Company’s core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to previous periods or forecasts.
About Simulations Plus
Serving clients worldwide for more than 25 years, Simulations Plus is a leading provider in the biosimulation market providing software and consulting services supporting drug discovery, development, research, and regulatory submissions. We offer solutions that bridge artificial intelligence (AI)/machine learning, physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. Our technology is licensed and applied by major pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at https://www.simulations-plus.com/. Follow us on LinkedIn | Twitter | YouTube.
Forward-Looking Statements
Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like “believe,” “expect,” and “anticipate” mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to successfully integrate the Immunetrics business with our own, as well as expenses we may incur in connection therewith, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports and filed with the
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) |
||||||||
|
|
Three Months Ended November 30, |
||||||
(in thousands, except per common share amounts) |
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
||||
Software |
|
$ |
7,589 |
|
|
$ |
6,074 |
|
Services |
|
|
6,911 |
|
|
|
5,890 |
|
Total revenues |
|
|
14,500 |
|
|
|
11,964 |
|
Cost of revenues |
|
|
|
|
||||
Software |
|
|
991 |
|
|
|
885 |
|
Services |
|
|
3,661 |
|
|
|
1,786 |
|
Total cost of revenues |
|
|
4,652 |
|
|
|
2,671 |
|
Gross profit |
|
|
9,848 |
|
|
|
9,293 |
|
Operating expenses |
|
|
|
|
||||
Research and development |
|
|
1,217 |
|
|
|
1,166 |
|
Selling and marketing |
|
|
1,989 |
|
|
|
1,485 |
|
General and administrative |
|
|
5,682 |
|
|
|
5,764 |
|
Total operating expenses |
|
|
8,888 |
|
|
|
8,415 |
|
|
|
|
|
|
||||
Income from operations |
|
|
960 |
|
|
|
878 |
|
|
|
|
|
|
||||
Other income |
|
|
1,446 |
|
|
|
740 |
|
|
|
|
|
|
||||
Income before income taxes |
|
|
2,406 |
|
|
|
1,618 |
|
Provision for income taxes |
|
|
(461 |
) |
|
|
(373 |
) |
Net income |
|
$ |
1,945 |
|
|
$ |
1,245 |
|
|
|
|
|
|
||||
Earnings per share |
|
|
|
|
||||
Basic |
|
$ |
0.10 |
|
|
$ |
0.06 |
|
Diluted |
|
$ |
0.10 |
|
|
$ |
0.06 |
|
|
|
|
|
|
||||
Weighted-average common shares outstanding |
|
|
|
|
||||
Basic |
|
|
19,947 |
|
|
|
20,286 |
|
Diluted |
|
|
20,279 |
|
|
|
20,825 |
|
|
|
|
|
|
||||
Other comprehensive income, net of tax |
|
|
|
|
||||
Foreign currency translation adjustments |
|
|
(54 |
) |
|
|
53 |
|
Comprehensive income |
|
$ |
1,891 |
|
|
$ |
1,298 |
|
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
(Unaudited) |
|
(Audited) |
||||
(in thousands, except share and per share amounts) |
|
November 30, 2023 |
|
August 31, 2023 |
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
39,789 |
|
|
$ |
57,523 |
|
Accounts receivable, net of allowance for credit losses of |
|
|
10,346 |
|
|
|
10,201 |
|
Prepaid income taxes |
|
|
37 |
|
|
|
804 |
|
Prepaid expenses and other current assets |
|
|
5,414 |
|
|
|
3,904 |
|
Short-term investments |
|
|
74,101 |
|
|
|
57,940 |
|
Total current assets |
|
|
129,687 |
|
|
|
130,372 |
|
Long-term assets |
|
|
|
|
||||
Capitalized computer software development costs, net of accumulated amortization of |
|
|
11,896 |
|
|
|
11,335 |
|
Property and equipment, net |
|
|
487 |
|
|
|
671 |
|
Operating lease right-of-use assets |
|
|
1,118 |
|
|
|
1,247 |
|
Intellectual property, net of accumulated amortization of |
|
|
8,281 |
|
|
|
8,689 |
|
Other intangible assets, net of accumulated amortization of |
|
|
12,954 |
|
|
|
12,825 |
|
Goodwill |
|
|
19,099 |
|
|
|
19,099 |
|
Deferred tax assets |
|
|
1,826 |
|
|
|
1,438 |
|
Other assets |
|
|
430 |
|
|
|
425 |
|
Total assets |
|
$ |
185,778 |
|
|
$ |
186,101 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
317 |
|
|
$ |
144 |
|
Accrued compensation |
|
|
2,170 |
|
|
|
4,392 |
|
Accrued expenses |
|
|
731 |
|
|
|
659 |
|
Contracts payable |
|
|
2,290 |
|
|
|
3,250 |
|
Operating lease liability - current portion |
|
|
420 |
|
|
|
442 |
|
Deferred revenue |
|
|
2,660 |
|
|
|
3,100 |
|
Total current liabilities |
|
|
8,588 |
|
|
|
11,987 |
|
Long-term liabilities |
|
|
|
|
||||
Operating lease liability |
|
|
669 |
|
|
|
755 |
|
Contracts payable – net of current portion |
|
|
4,180 |
|
|
|
3,330 |
|
Total liabilities |
|
|
13,437 |
|
|
|
16,072 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Shareholders' equity |
|
|
|
|
||||
Preferred stock, |
|
$ |
— |
|
|
$ |
— |
|
Common stock, |
|
|
146,591 |
|
|
|
144,974 |
|
Retained earnings |
|
|
25,945 |
|
|
|
25,196 |
|
Accumulated other comprehensive loss |
|
|
(195 |
) |
|
|
(141 |
) |
Total shareholders' equity |
|
|
172,341 |
|
|
|
170,029 |
|
Total liabilities and shareholders' equity |
|
$ |
185,778 |
|
|
$ |
186,101 |
|
SIMULATIONS PLUS, INC. Trended Financial Information* (Unaudited) (in millions except earnings per share amounts) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
FY 2022 |
|
FY 2023 |
|
FY 2024 |
|
|
2022 |
|
|
|
2023 |
|
||||||||||||||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
FY |
|
FY |
|||||||||||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Software |
|
$ |
7.4 |
|
|
$ |
9.8 |
|
|
$ |
9.6 |
|
|
$ |
5.9 |
|
|
$ |
6.1 |
|
|
$ |
10.5 |
|
|
$ |
10.6 |
|
|
$ |
9.3 |
|
|
$ |
7.6 |
|
|
$ |
32.7 |
|
|
$ |
36.5 |
|
Services |
|
|
5.0 |
|
|
|
5.0 |
|
|
|
5.3 |
|
|
|
5.8 |
|
|
|
5.9 |
|
|
|
5.3 |
|
|
|
5.6 |
|
|
|
6.3 |
|
|
|
6.9 |
|
|
|
21.2 |
|
|
|
23.1 |
|
Total |
|
$ |
12.4 |
|
|
$ |
14.8 |
|
|
$ |
15.0 |
|
|
$ |
11.7 |
|
|
$ |
12.0 |
|
|
$ |
15.8 |
|
|
$ |
16.2 |
|
|
$ |
15.6 |
|
|
$ |
14.5 |
|
|
$ |
53.9 |
|
|
$ |
59.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Gross Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Software |
|
|
90.0 |
% |
|
|
92.0 |
% |
|
|
92.4 |
% |
|
|
86.1 |
% |
|
|
85.4 |
% |
|
|
92.0 |
% |
|
|
91.5 |
% |
|
|
89.4 |
% |
|
|
86.9 |
% |
|
|
90.6 |
% |
|
|
90.1 |
% |
Services |
|
|
60.0 |
% |
|
|
59.3 |
% |
|
|
65.6 |
% |
|
|
68.2 |
% |
|
|
69.7 |
% |
|
|
66.2 |
% |
|
|
63.4 |
% |
|
|
62.1 |
% |
|
|
47.0 |
% |
|
|
63.5 |
% |
|
|
65.3 |
% |
Total |
|
|
77.8 |
% |
|
|
80.9 |
% |
|
|
82.9 |
% |
|
|
77.2 |
% |
|
|
77.7 |
% |
|
|
83.4 |
% |
|
|
81.8 |
% |
|
|
78.4 |
% |
|
|
67.9 |
% |
|
|
79.9 |
% |
|
|
80.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Income from operations |
|
$ |
3.8 |
|
|
$ |
5.5 |
|
|
$ |
4.9 |
|
|
$ |
0.7 |
|
|
$ |
0.9 |
|
|
$ |
4.0 |
|
|
$ |
4.1 |
|
|
$ |
(0.3 |
) |
|
$ |
1.0 |
|
|
$ |
14.9 |
|
|
$ |
8.7 |
|
Operating Margin |
|
|
30.6 |
% |
|
|
37.0 |
% |
|
|
33.1 |
% |
|
|
5.9 |
% |
|
|
7.3 |
% |
|
|
25.6 |
% |
|
|
25.2 |
% |
|
|
-1.8 |
% |
|
|
6.6 |
% |
|
|
27.7 |
% |
|
|
14.6 |
% |
Net Income |
|
$ |
3.0 |
|
|
$ |
4.4 |
|
|
$ |
4.1 |
|
|
$ |
1.0 |
|
|
$ |
1.2 |
|
|
$ |
4.2 |
|
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
|
$ |
12.5 |
|
|
$ |
10.0 |
|
Diluted Earnings Per Share |
|
$ |
0.15 |
|
|
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
0.60 |
|
|
$ |
0.49 |
|
Adjusted EBITDA |
|
$ |
5.3 |
|
|
$ |
7.2 |
|
|
$ |
6.5 |
|
|
$ |
2.5 |
|
|
$ |
3.0 |
|
|
$ |
6.2 |
|
|
$ |
6.5 |
|
|
$ |
4.9 |
|
|
$ |
3.4 |
|
|
$ |
21.5 |
|
|
$ |
20.6 |
|
Adjusted Diluted EPS |
|
$ |
0.15 |
|
|
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.06 |
|
|
$ |
0.07 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
|
$ |
0.61 |
|
|
$ |
0.67 |
|
Cash Flow from Operations |
|
$ |
3.6 |
|
|
$ |
2.6 |
|
|
$ |
3.8 |
|
|
$ |
7.9 |
|
|
$ |
4.7 |
|
|
$ |
5.5 |
|
|
$ |
8.5 |
|
|
$ |
3.1 |
|
|
$ |
0.2 |
|
|
$ |
17.9 |
|
|
$ |
21.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Revenue Breakdown by Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
$ |
8.5 |
|
|
$ |
9.7 |
|
|
$ |
11.2 |
|
|
$ |
8.4 |
|
|
$ |
8.5 |
|
|
$ |
10.6 |
|
|
$ |
10.8 |
|
|
$ |
11.0 |
|
|
$ |
10.9 |
|
|
$ |
37.7 |
|
|
$ |
40.8 |
|
EMEA |
|
|
3.0 |
|
|
|
3.7 |
|
|
|
1.9 |
|
|
|
1.7 |
|
|
|
2.1 |
|
|
|
3.6 |
|
|
|
3.4 |
|
|
|
2.6 |
|
|
|
2.3 |
|
|
|
10.4 |
|
|
|
11.7 |
|
|
|
|
0.9 |
|
|
|
1.4 |
|
|
|
1.9 |
|
|
|
1.6 |
|
|
|
1.3 |
|
|
|
1.5 |
|
|
|
2.1 |
|
|
|
2.1 |
|
|
|
1.3 |
|
|
|
5.8 |
|
|
|
7.0 |
|
Total |
|
$ |
12.4 |
|
|
$ |
14.8 |
|
|
$ |
15.0 |
|
|
$ |
11.7 |
|
|
$ |
12.0 |
|
|
$ |
15.8 |
|
|
$ |
16.2 |
|
|
$ |
15.6 |
|
|
$ |
14.5 |
|
|
$ |
53.9 |
|
|
$ |
59.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Software Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Average Revenue per Customer (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Commercial |
|
$ |
71 |
|
|
$ |
101 |
|
|
$ |
95 |
|
|
$ |
65 |
|
|
$ |
68 |
|
|
$ |
110 |
|
|
$ |
97 |
|
|
$ |
88 |
|
|
$ |
79 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Services Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Backlog (in millions) |
|
$ |
15.4 |
|
|
$ |
17.0 |
|
|
$ |
16.7 |
|
|
$ |
15.9 |
|
|
$ |
15.8 |
|
|
$ |
15.4 |
|
|
$ |
15.7 |
|
|
$ |
19.5 |
|
|
$ |
18.9 |
|
|
|
|
|
||||
*Numbers may not add due to rounding
SIMULATIONS PLUS, INC. Reconciliation of Adjusted EBITDA to Net Income* (Unaudited) (in millions) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
FY 2022 |
|
FY 2023 |
|
FY 2024 |
|
|
2022 |
|
|
|
2023 |
|
||||||||||||||||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
FY |
|
FY |
||||||||||||||||||||||
Net Income |
|
$ |
3.0 |
|
|
$ |
4.4 |
|
|
$ |
4.1 |
|
|
$ |
1.0 |
|
|
$ |
1.2 |
|
|
$ |
4.2 |
|
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
|
$ |
12.5 |
|
|
$ |
10.0 |
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest income and expense, net |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(0.8 |
) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
(0.7 |
) |
|
|
(4.1 |
) |
Provision for income taxes |
|
|
0.8 |
|
|
|
1.1 |
|
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
(0.5 |
) |
|
|
0.5 |
|
|
|
2.6 |
|
|
|
1.7 |
|
Depreciation and amortization |
|
|
0.8 |
|
|
|
1.0 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
3.6 |
|
|
|
3.9 |
|
Stock-based compensation |
|
|
0.6 |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
0.9 |
|
|
|
1.2 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
|
|
2.7 |
|
|
|
4.2 |
|
(Gain) loss on currency exchange |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.5 |
|
Impairment of other intangibles |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Change in value of contingent consideration |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
0.3 |
|
|
|
0.7 |
|
Mergers & Acquisitions expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
3.3 |
|
Adjusted EBITDA |
|
$ |
5.3 |
|
|
$ |
7.2 |
|
|
$ |
6.5 |
|
|
$ |
2.5 |
|
|
$ |
3.0 |
|
|
$ |
6.2 |
|
|
$ |
6.5 |
|
|
$ |
4.9 |
|
|
$ |
3.4 |
|
|
$ |
21.5 |
|
|
$ |
20.6 |
|
*Numbers may not add due to rounding
SIMULATIONS PLUS, INC. Reconciliation of Adjusted Diluted EPS to Diluted EPS* (Unaudited) (in millions, except Diluted EPS and Adjusted Diluted EPS) |
|||||||||||||||||||||||||||||||||||||||
|
|
FY 2022 |
|
FY 2023 |
|
FY 2024 |
|
|
2022 |
|
|
|
2023 |
|
|||||||||||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
FY |
|
FY |
|||||||||||||||||
Net Income (GAAP) |
|
$ |
3.0 |
|
$ |
4.4 |
|
$ |
4.1 |
|
$ |
1.0 |
|
|
$ |
1.2 |
|
|
$ |
4.2 |
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
$ |
12.5 |
|
|
$ |
10.0 |
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Mergers & Acquisitions expense |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
— |
|
|
0.3 |
|
|
|
1.7 |
|
Immunetrics transaction costs |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
— |
|
|
|
2.3 |
|
Cognigen trade name write-off |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
— |
|
|
|
0.5 |
|
Tax effect on above adjustments |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
|
|
— |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
Adjusted Net income (Non-GAAP) |
|
$ |
3.0 |
|
$ |
4.4 |
|
$ |
4.1 |
|
$ |
1.2 |
|
|
$ |
1.5 |
|
|
$ |
4.2 |
|
$ |
4.3 |
|
|
$ |
3.7 |
|
|
$ |
1.9 |
|
$ |
12.8 |
|
|
$ |
13.8 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Diluted |
|
|
20.7 |
|
|
20.7 |
|
|
20.8 |
|
|
20.9 |
|
|
|
20.8 |
|
|
|
20.5 |
|
|
20.4 |
|
|
|
20.4 |
|
|
|
20.3 |
|
|
20.7 |
|
|
|
20.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Diluted EPS (GAAP) |
|
$ |
0.15 |
|
$ |
0.21 |
|
$ |
0.20 |
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
$ |
0.60 |
|
|
$ |
0.49 |
|
Adjusted Diluted EPS (Non-GAAP) |
|
$ |
0.15 |
|
$ |
0.21 |
|
$ |
0.20 |
|
$ |
0.06 |
|
|
$ |
0.07 |
|
|
$ |
0.21 |
|
$ |
0.21 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
$ |
0.61 |
|
|
$ |
0.67 |
|
*Numbers may not add due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20240103770015/en/
Investor Relations Contacts:
Tamara Gonzalez
Financial Profiles
310-622-8234
slp@finprofiles.com
Renee Bouche
Simulations Plus Investor Relations
661-723-7723
renee.bouche@simulations-plus.com
Source: Simulations Plus, Inc.
FAQ
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