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Computer Modelling Group Announces Year-End Results

Computer Modelling Group Ltd
Computer Modelling Group Ltd

CALGARY, Alberta, May 22, 2024 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three months and year ended March 31, 2024.

As a result of CMG Group’s acquisition of BHV on September 25, 2023, the Company’s operations are now organized into two reportable operating segments represented by CMG; the development and licensing of reservoir simulation software, and BHV; the development and licensing of seismic interpretation software.

FOURTH QUARTER 2024 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Generated total revenue of $32.3 million in the fourth quarter of fiscal 2024, compared to $20.3 million in the prior year’s quarter, reflecting a 15% increase in CMG’s revenue and a 44% contribution from BHV;

  • Operating profit increased to $8.3 million, an increase of 20% from the same period of the previous fiscal year. Adjusted operating profit increased by 16% from the same period of the previous fiscal year, with CMG contributing to 9% and BHV contributing to 7% of the increase;

  • Adjusted EBITDA Margin was 32%, compared to 42% in the same period of the previous last fiscal year with BHV generating 10% and CMG generating 40% in Adjusted EBITDA Margin;

  • Net income during the period was $7.2 million, a 38% increase compared to the prior year’s quarter;

  • Earnings per share was $0.09, a 29% increase compared to the prior year’s quarter;

  • Reported Free Cash Flow of $0.12 per share, an increase of 71%.

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FISCAL 2024 CONSOLIDATED HIGHLIGHTS

Select financial highlights

  • Generated total revenue of $108.7 million in fiscal 2024, compared to $73.8 million in the previous fiscal year, reflecting a 19% increase in CMG’s revenue and a 28% contribution from BHV;

  • Operating profit increased to $34.0 million, an increase of 31% from the previous fiscal year. Adjusted operating profit increased by 30% from the previous fiscal year, in which CMG contributed 19% and BHV contributed 11%;

  • Adjusted EBITDA Margin was 40%, compared to 45% in last fiscal year with BHV generating 18% and CMG generating 45% in Adjusted EBITDA Margin;

  • Net income during the year was $26.3 million, a 33% increase compared to the prior fiscal year;

  • Earnings per share was $0.32, a 28% increase compared to prior fiscal year;

  • Reported Free Cash Flow of $0.44 per share, an increase of 63%.

MANAGEMENT COMMENTARY

Fourth Quarter

In the fourth quarter, total revenue grew by 59% from the prior fiscal year to $32.3 million, reflecting the acquisition of Bluware (“BHV”) which contributed 44%, and growth within the CMG operating segment of 15%. Adjusted EBITDA Margin was 32% compared to 42% in the prior fiscal year primarily due to the acquisition of BHV which currently operates at a lower margin than CMG. Net income for the quarter increased by 38% to $7.2 million, driven by higher revenue in the CMG operating segment. Free Cash Flow grew by 75% to $9.5 million, or $0.12 per share, from $5.4 million or $0.07 per share in the prior year’s quarter. This substantial increase in Free Cash Flow was driven by both increases in net income and an approximately $4.6 million increase due to the tax deduction for the intellectual property acquired from BHV.

The CMG operating segment delivered strong total revenue growth of 15% in the fourth quarter with 13% growth in the recurring annuity/maintenance license revenue and increases in both perpetual licenses and professional services revenue. Energy transition, as a percentage of CMG software revenue, was 24% for the fourth quarter, evidencing continued strong demand. As expected, direct employee costs increased in the fourth quarter compared to the prior fiscal year, driven primarily by a combination of increased headcount and performance driven variable compensation. Corporate costs increased as we made investments to support our growth. Collectively, these impacts reduced Adjusted EBITDA Margin in the quarter to 40% from 42% in the prior fiscal year.

In the BHV operating segment, as expected, software license revenue of $2.9 million in the fourth quarter was down sequentially from the third quarter of this fiscal year. This is due to annuity license fee revenue, which fluctuates quarterly depending on the timing of contract renewals. This impacted Adjusted EBITDA Margin for the quarter which declined to 10% from 27% in the third quarter of this year.

Fiscal Year 2024

In fiscal 2024, total revenue grew by 47% from the prior fiscal year to $108.7 million, reflecting the acquisition of BHV which contributed 28% and growth within the CMG operating segment of 19%. As expected, due to the current lower profitability margins of BHV, compared to CMG, full year consolidated Adjusted EBITDA Margin was 40% compared to 45% in the prior fiscal year. Net income grew by $6.5 million, or 33% from the prior fiscal year, driven primarily by increased revenue in the CMG operating segment. Free Cash Flow grew by 62% to $35.3 million, or $0.44 per share, from $21.7 million, or $0.27 per share, in the prior fiscal year. Free Cash Flow benefited from stronger net income and the intellectual property tax deduction related to the BHV acquisition. The year ending cash balance of $63.1 million provides flexibility to continue advancing our acquisition strategy.

The CMG operating segment delivered strong total revenue growth of 19% over the prior fiscal year, with 15% growth in the recurring annuity/maintenance license revenue and increases in both perpetual licenses and professional services revenue. Growth in software revenue was evident across all geographies, with the US and Eastern Hemisphere showing the largest contribution, and was driven by a combination of pricing, and new and increased licensing for both energy transition and traditional energy. Energy transition, as a percentage of CMG software revenue, was 23% for the full year 2024.

Compared to the prior fiscal year, CMG operating segment Adjusted EBITDA increased by 19% to $39.5 million, with Adjusted EBITDA Margin remaining stable at 45% compared to the prior fiscal year. In fiscal 2024, Adjusted EBITDA Margin was impacted by a decrease in SR&ED investment tax credits and increased direct employee costs and other corporate costs that represent our investments supporting current and anticipated growth. These investments included additional hires, bringing headcount to 193 (from 165 on March 31, 2023), additional systems to support and accelerate the refinement of our sales and go-to-market strategies, product innovation, and internal processes. We believe these investments position the organization to deliver sustained annual growth in the coming years while maintaining strong profitability.

In the BHV operating segment, performance is tracking to our expectation with total revenue of $20.8 million and Adjusted EBITDA Margin of 18% for the year-to-date, which reflects six months of operations. Software license revenue of $8.1 million, represented two full quarters of operations under CMG ownership. However, it is expected that revenue in the first six months of fiscal 2025 will be lower than that of Q3 and Q4 of fiscal 2024, due to the timing impact of contract renewals. It is also anticipated that Adjusted EBITDA Margin will decrease in the first two quarters of fiscal 2025 for the same reason. Annuity license fee revenue is recognized upfront when the software license is delivered to the customer which is driven by the timing of contract renewals that happen most commonly in the third and fourth quarter. For this reason, BHV performance will be best evaluated on an annual basis.

SUMMARY OF FINANCIAL PERFORMANCE

Three months ended March 31

CMG

BHV

Consolidated

($ thousands, except per share data)

2024

2023

2024

2023

2024

2023

 

 

 

 

 

 

 

Annuity/maintenance licenses

17,864

15,803

1,797

-

19,661

15,803

Annuity license fee

-

-

1,142

-

1,142

-

Perpetual licenses

2,130

1,556

-

-

2,130

1,556

Total software license revenue

19,994

17,359

2,939

-

22,933

17,359

Professional services

3,280

2,906

6,078

-

9,358

2,906

Total revenue

23,274

20,265

9,017

-

32,291

20,265

Total revenue growth

15%

8%

 

 

59%

8%

Annuity/maintenance licenses growth

13%

10%

 

 

24%

10%

 

 

 

 

 

 

 

Cost of revenue

2,394

2,365

4,076

-

6,470

2,365

Operating expenses

 

 

 

 

 

 

Sales & marketing

3,691

3,294

670

-

4,361

3,294

Research and development

5,830

4,589

1,777

-

7,607

4,589

General & administrative

3,458

3,108

2,118

-

5,576

3,108

Operating expenses

12,979

10,991

4,565

-

17,544

10,991

Operating profit

7,901

6,909

376

-

8,277

6,909

Operating Margin

34%

34%

4%

-%

26%

34%

Acquisition related expenses

-

-

186

-

186

-

Amortization of acquired intangible assets

575

19

89

-

664

19

Stock based compensation

922

1,721

-

-

922

1,721

Adjusted operating profit (1)

9,398

8,649

651

-

10,049

8,649

Adjusted Operating Margin (1)

40%

43%

7%

-%

31%

43%

 

 

 

 

 

 

 

Net income (loss)

7,365

5,226

(136)

-

7,229

5,226

Adjusted EBITDA (1)

9,353

8,520

866

-

10,219

8,520

Adjusted EBITDA Margin (1)

40%

42%

10%

-%

32%

42%

 

 

 

 

 

 

 

Earnings per share – basic

 

 

 

 

0.09

0.07

Free cash flow per share – basic (1)

 

 

 

 

0.12

0.07

 

 

 

 

 

 

 

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

Year ended March 31

CMG

BHV

Consolidated

($ thousands, except per share data)

2024

2023

2024

2023

2024

2023

 

 

 

 

 

 

 

Annuity/maintenance licenses

68,537

59,690

2,993

-

71,530

59,690

Annuity license fee

-

-

5,146

-

5,146

-

Perpetual licenses

5,739

3,240

-

-

5,739

3,240

Total software license revenue

74,276

62,930

8,139

-

82,415

62,930

Professional services

13,618

10,916

12,646

-

26,264

10,916

Total revenue

87,894

73,846

20,785

-

108,679

73,846

Total revenue growth

19%

12%

 

 

47%

12%

Annuity/maintenance licenses growth

15%

12%

 

 

20%

12%

 

 

 

 

 

 

 

Cost of revenue

8,858

7,481

8,366

-

17,224

7,481

Operating expenses

 

 

 

 

 

 

Sales & marketing

13,787

9,968

1,170

-

14,957

9,968

Research and development

19,870

17,857

3,809

-

23,679

17,857

General & administrative

14,234

12,680

4,601

-

18,835

12,680

Operating expenses

47,891

40,505

9,580

-

57,471

40,505

Operating profit

31,145

25,860

2,839

-

33,984

25,860

Operating Margin

35%

35%

14%

-%

31%

35%

Acquisition related expenses

719

-

737

-

1,456

-

Amortization of acquired intangible assets

1,322

19

179

-

1,501

19

Restructuring charge

-

3,943

-

-

-

3,943

Stock based compensation

6,292

3,317

-

-

6,292

3,317

Adjusted operating profit (1)

39,478

33,139

3,755

-

43,233

33,139

Adjusted Operating Margin (1)

45%

45%

18%

-%

40%

45%

 

 

 

 

 

 

 

Net income

24,610

19,797

1,649

-

26,259

19,797

Adjusted EBITDA (1)

39,469

33,229

3,688

-

43,157

33,229

Adjusted EBITDA Margin (1)

45%

45%

18%

-%

40%

45%

 

 

 

 

 

 

 

Earnings per share – basic

 

 

 

 

0.32

0.25

Free cash flow per share – basic (1)

 

 

 

 

0.44

0.27

 

 

 

 

 

 

 

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

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

($ thousands, unless otherwise stated)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Funds flow from operations

4,558

4,974

8,169

7,656

7,920

11,491

8,477

10,367

Capital expenditures(1)

-

(130)

(211)

(1,707)

(45)

(51)

(459)

(95)

Repayment of lease liabilities

(303)

(339)

(413)

(553)

(412)

(412)

(728)

(803)

Free Cash Flow

4,255

4,505

7,545

5,396

7,463

11,028

7,290

9,469

Weighted average shares – basic (thousands)

80,335

80,412

80,511

80,603

80,685

80,834

81,067

81,314

Free Cash Flow per share - basic

0.05

0.06

0.09

0.07

0.09

0.14

0.09

0.12


($ thousands, unless otherwise stated)

March 31, 2024

March 31, 2023

March 31, 2022

Funds flow from operations

38,255

25,357

23,842

Capital expenditures (1)

(650)

(2,048)

(703)

Repayment of lease liabilities

(2,355)

(1,608)

(1,356)

Free Cash Flow

35,250

21,701

21,783

Weighted average shares – basic (thousands)

80,975

80,464

80,316

Free Cash Flow per share - basic

0.44

0.27

0.27

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

Free Cash Flow has increased by 75% and 62%, respectively for the three months and year ended March 31, 2024 from the same periods of the previous fiscal year. These increases are primarily due to increases in net income in fiscal 2024 and an income tax deduction of approximately $4.6 million as a result of the acquisition of BHV’s intellectual property. Additionally, there has been a decrease in capital expenditures in the current year as a result of the acquisition of assets from Unconventional Subsurface Integration LLC (“USI”) in Q4 2023. This is partially offset in the current year due to increased repayment of lease liabilities as a result of the acquisition of BHV office leases.

Adjusted EBITDA and Adjusted EBITDA Margin

 

CMG

BHV

Consolidated

Three months ended March 31

2024

2023

2024

2023

2024

2023

($ thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

7,365

5,226

(136)

-

7,229

5,226

Add (deduct):

 

 

 

 

 

 

Depreciation and amortization

1,573

916

578

-

2,151

916

Stock-based compensation

922

1,722

-

-

922

1,722

Acquisition related expenses

-

-

186

-

186

-

Income and other tax expense

1,587

1,901

348

-

1,935

1,901

Interest income

(639)

(705)

(19)

-

(658)

(705)

Foreign exchange loss (gain)

(863)

13

120

-

(743)

13

Repayment of lease liabilities

(592)

(553)

(211)

-

(803)

(553)

Adjusted EBITDA (1)

9,353

8,520

866

-

10,219

8,520

Adjusted EBITDA Margin (1)

40%

42%

10%

-

32%

42%

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

 

CMG

BHV

Consolidated

Year ended March 31

2024

2023

2024

2023

2024

2023

($ thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

24,610

19,797

1,649

-

26,259

19,797

Add (deduct):

 

 

 

 

-

 

Depreciation and amortization

4,997

3,649

691

-

5,688

3,649

Stock-based compensation

6,292

3,317

-

-

6,292

3,317

Acquisition related expenses

719

-

737

-

1,456

-

Restructuring charges

-

3,943

-

-

-

3,943

Income and other tax expense

7,875

6,851

1,088

-

8,963

6,851

Interest income

(3,073)

(1,810)

(23)

-

(3,096)

(1,810)

Foreign exchange loss (gain)

(111)

(910)

61

-

(50)

(910)

Repayment of lease liabilities

(1,840)

(1,608)

(515)

-

(2,355)

(1,608)

Adjusted EBITDA (1)

39,469

33,229

3,688

-

43,157

33,229

Adjusted EBITDA Margin (1)

45%

45%

18%

-

40%

45%

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

Adjusted EBITDA Margin for the three months and year ended March 31, 2024, was 32% and 40%, respectively, a decrease from the same periods of the previous fiscal year. Adjusted EBITDA Margins which were 42% and 45%, respectively, for the three months and year ended March 31, 2024.

CMG’s Adjusted EBITDA Margin is 40% for the three months ended March 31, 2024, compared to 42% in the prior year comparative quarter, primarily due to an increase in operating expenses as a result of an increase in headcount and headcount related costs and other corporate costs. Refer to the “Operating Expenses” section of the MD&A for further detail on the increase in operating expenses by category. CMG’s Adjusted EBITDA Margin for the year ended March 31, 2024 was 45%, which was consistent with the prior year.

BHV’s Adjusted EBITDA Margin is 10% and 18%, respectively, for the three months and year ended March 31, 2024. The recognition of annuity license fees as a result of contract renewals in the third and fourth quarters had a positive effect on Adjusted EBITDA. We expect that Adjusted EBITDA will fluctuate on a quarterly basis as a result of annuity license fee revenue recognition which is skewed towards the last two quarters of the fiscal year.

Consolidated Statements of Financial Position

(thousands of Canadian $)

March 31, 2024

March 31, 2023

 

 

 

Assets

 

 

Current assets:

 

 

Cash

63,083

66,850

Restricted cash

142

-

Trade and other receivables

36,550

23,910

Prepaid expenses

2,321

1,060

Prepaid income taxes

3,841

444

 

105,937

92,264

Intangible assets

23,683

1,321

Right-of-use assets

29,072

30,733

Property and equipment

9,877

10,366

Goodwill

3,745

-

Deferred tax asset

59

2,444

Total assets

172,373

137,128

 

 

 

Liabilities and shareholders’ equity

 

 

Current liabilities:

 

 

Trade payables and accrued liabilities

16,582

9,883

Income taxes payable

1,604

33

Acquisition holdback payable

2,292

-

Deferred revenue

41,120

34,797

Lease liabilities

2,566

1,829

 

64,164

46,542

Lease liabilities

34,395

36,151

Stock-based compensation liabilities

2,593

1,985

Acquisition earnout

1,503

-

Other long-term liabilities

305

-

Deferred tax liabilities

1,598

-

Total liabilities

104,558

84,678

 

 

 

Shareholders’ equity:

 

 

Share capital

87,304

81,820

Contributed surplus

15,667

15,471

Cumulative translation adjustment

(367)

-

Deficit

(34,789)

(44,841)

Total shareholders’ equity

67,815

52,450

Total liabilities and shareholders' equity

172,373

137,128

 

 

 

Consolidated Statements of Operations and Comprehensive Income

 

 

Years ended March 31,
(thousands of Canadian $ except per share amounts)

2024

2023

 

 

 

Revenue
Cost of revenue

108,679
17,224

73,846
7,481

Gross profit

91,455

66,365

 

 

 

Operating expenses

 

 

Sales and marketing

14,957

9,968

Research and development

23,679

17,857

General and administrative

18,835

12,680

 

57,471

40,505

Operating profit

33,984

25,860

 

 

 

Finance income

3,146

2,720

Finance costs

(1,908)

(1,932)

Profit before income and other taxes

35,222

26,648

Income and other taxes

8,963

6,851

 

 

 

Net income

26,259

19,797

 

 

 

Other comprehensive income:

 

 

Foreign currency translation adjustment

(367)

-

Other comprehensive income

(367)

-

Total comprehensive income

25,892

19,797

 

 

 

Net income per share – basic

0.32

0.25

Net income per share – diluted

0.32

0.24

Dividend per share

0.20

0.20

 

 

 

Consolidated Statements of Cash Flows

 

 

Years ended March 31,
(thousands of Canadian $)

2024

2023

 

 

 

Operating activities

 

 

Net income

26,259

19,797

Adjustments for:

 

 

Depreciation and amortization of property, equipment, right-
of use assets

4,187

3,649

Amortization of intangible assets

1,501

-

Deferred income tax expense (recovery)

3,518

(235)

Stock-based compensation

2,795

2,146

Foreign exchange and other non-cash items

(5)

-

Funds flow from operations

38,255

25,357

Movement in non-cash working capital:

 

 

Trade and other receivables

(6,697)

(6,403)

Trade payables and accrued liabilities

2,618

2,315

Prepaid expenses and other assets

(1,183)

(268)

Income taxes receivable (payable)

(1,826)

535

Deferred revenue

4,910

4,343

Change in non-cash working capital

(2,178)

522

Net cash provided by operating activities

36,077

25,879

 

 

 

Financing activities

 

 

Repayment of acquired line of credit

(2,012)

-

Proceeds from issuance of common shares

4,193

1,066

Repayment of lease liabilities

(2,355)

(1,608)

Dividends paid

(16,207)

(16,099)

Net cash used in financing activities

(16,381)

(16,641)

 

 

 

Investing activities

 

 

Corporate acquisition, net of cash acquired

(22,814)

-

Intangible asset additions

-

(1,340)

Property and equipment additions, net of disposals

(650)

(708)

Net cash used in investing activities

(23,464)

(2,048)

 

 

 

Increase (decrease) in cash

(3,768)

7,190

Effect of foreign exchange on cash

1

-

Cash, beginning of year

66,850

59,660

Cash, end of year

63,083

66,850

 

 

 

Supplementary cash flow information

 

 

Interest received

3,096

1,810

Interest paid

1,908

1,932

Income taxes paid

7,201

6,635

 

 

 

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, 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 consolidated financial statements and the notes thereto for the three months and year ended March 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 further information, please contact:

 

 

 

 

 

Pramod Jain

 

Sandra Balic

Chief Executive Officer

 

Vice President, Finance & CFO

(403) 531-1300

 

(403) 531-1300

pramod.jain@cmgl.ca

 

sandra.balic@cmgl.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.