Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT TO FORM 8-K - Majesco | ea122755-8ka1_majesco.htm |
Exhibit 99.1
Majesco and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(All amounts are in thousands of US Dollars except per share data and as stated otherwise)
| Three months ended March 31, 2020 | Three months ended March 31, 2019 | Twelve months ended March 31, 2020 | Twelve months Ended March 31, 2019 | |||||||||||||
| Revenue | $ | 37,911 | $ | 37,190 | $ | 146,445 | $ | 141,307 | ||||||||
| Cost of revenue | 19,674 | 19,140 | 74,804 | 72,480 | ||||||||||||
| Gross profit | $ | 18,237 | $ | 18,050 | $ | 71,641 | $ | 68,827 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development expenses | $ | 4,429 | $ | 5,018 | $ | 19,068 | $ | 19,399 | ||||||||
| Selling, general and administrative expenses | 10,611 | 10,659 | 42,340 | 39,702 | ||||||||||||
| Exceptional Item – M&A Expenses | 725 | 2 | 725 | 444 | ||||||||||||
| Total operating expenses | $ | 15,765 | $ | 15,679 | $ | 62,133 | $ | 59,545 | ||||||||
| Income/(Loss) from operations | $ | 2,472 | $ | 2,371 | $ | 9,508 | $ | 9,282 | ||||||||
| Interest income | 125 | 72 | 616 | 104 | ||||||||||||
| Interest expense | (81 | ) | (108 | ) | (350 | ) | (450 | ) | ||||||||
| Gain on reversal of accrued contingent liability | 1,473 | — | 2,832 | 835 | ||||||||||||
| Other income (expenses), net | 647 | (112 | ) | 1,225 | 441 | |||||||||||
| Income /(Loss) before provision for income taxes | $ | 4,636 | $ | 2,223 | $ | 13,831 | $ | 10,212 | ||||||||
| (Benefit)/Provision for income taxes | 1,021 | 1,004 | 4,151 | 3,547 | ||||||||||||
| Net Income/(Loss) | $ | 3,615 | $ | 1,219 | $ | 9,680 | $ | 6,665 | ||||||||
| Earnings (Loss) per share: | ||||||||||||||||
| Basic | $ | 0.08 | $ | 0.03 | $ | 0.22 | $ | 0.19 | ||||||||
| Diluted | $ | 0.08 | $ | 0.03 | $ | 0.21 | $ | 0.18 | ||||||||
| Weighted average number of common shares outstanding | ||||||||||||||||
| Basic | 43,250,530 | 38,972,051 | 43,056,910 | 37,209,999 | ||||||||||||
| Diluted | 45,087,888 | 41,216,279 | 45,258,965 | 39,273,605 | ||||||||||||
Majesco and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(All amounts are in thousands of U.S. Dollars except per share data and as stated otherwise)
March 31, 2020 | March 31, 2019 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 35,240 | $ | 11,329 | ||||
| Short term investments | 16,173 | 28,108 | ||||||
| Restricted cash | 39 | 43 | ||||||
| Accounts receivables, net | 26,156 | 17,366 | ||||||
| Unbilled accounts receivable | 16,118 | 17,916 | ||||||
| Prepaid expenses and other current assets | 7,266 | 15,598 | ||||||
| Total current assets | 100,992 | 90,360 | ||||||
| Property and equipment, net | 2,132 | 3,026 | ||||||
| Operating lease right-of-use asset, net | 2,977 | — | ||||||
| Intangible assets, net | 9,531 | 12,969 | ||||||
| Deferred income tax assets | 8,162 | 7,816 | ||||||
| Unbilled accounts receivable | 847 | 543 | ||||||
| Other assets | 1,745 | 489 | ||||||
| Goodwill | 32,981 | 34,145 | ||||||
| Total Assets | $ | 159,367 | $ | 149,348 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Software hire purchase obligation | — | — | ||||||
| Short term debt | 25 | 442 | ||||||
| Current maturities of long-term borrowings | — | — | ||||||
| Accounts payable | 4,159 | 2,327 | ||||||
| Operating lease right-of-use liability | 1,428 | — | ||||||
| Accrued expenses and other liabilities | 22,599 | 34,871 | ||||||
| Deferred revenue | 20,553 | 10,988 | ||||||
| Total current liabilities | 48,764 | 48,628 | ||||||
| Long term debt | — | — | ||||||
| Vehicle loan | 68 | 109 | ||||||
| Operating lease right-of-use liability, net of current portion | 1,580 | — | ||||||
| Other | 2,342 | 4,040 | ||||||
| Total Liabilities | $ | 52,754 | $ | 52,777 | ||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Preferred stock, par value $0.002 per share – 50,000,000 shares authorized as of March 31, 2020 and March 31, 2019, and no shares issued and outstanding as of March 31, 2020 and March 31, 2019 | — | — | ||||||
| Common stock, par value $0.002 per share – 450,000,000 shares authorized as of March 31, 2020 and March 31, 2019; 43,285,428 shares issued and outstanding as of March 31, 2020 and 42,846,273 as of March 31, 2019 | $ | 87 | $ | 86 | ||||
| Additional paid-in capital | 126,643 | 122,163 | ||||||
| Accumulated deficit | (16,385 | ) | (26,499 | ) | ||||
| Accumulated other comprehensive income | (3,732 | ) | (412 | ) | ||||
| Non-Controlling Interest | — | 1,233 | ||||||
| Total equity of common stockholder | 106,613 | 95,571 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 159,367 | $ | 149,348 | ||||
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Majesco and Subsidiaries
Reconciliation of U.S. GAAP Net Income to EBITDA and Adjusted EBITDA
(Unaudited)
Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||
| (U.S. dollars; in thousands): | 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net Income (Loss) | $ | 3,615 | $ | 1,219 | 9,680 | $ | 6,665 | |||||||||
| Add: | ||||||||||||||||
| Provision (benefit) for income taxes | 1,021 | 1,004 | 4,151 | 3,547 | ||||||||||||
| Depreciation and amortization | 1,203 | 1,272 | 4,846 | 4,347 | ||||||||||||
| Interest expense | 81 | 108 | 350 | 450 | ||||||||||||
| Less: | ||||||||||||||||
| Interest income | (125 | ) | (72 | ) | (616 | ) | (104 | ) | ||||||||
| Other income (expenses), net | (647 | ) | 112 | (1,225 | ) | (441 | ) | |||||||||
| EBITDA | $ | 5,148 | $ | 3,643 | $ | 17,186 | $ | 14,464 | ||||||||
| Add: | ||||||||||||||||
| Exceptional Items – M&A Costs | 725 | 2 | 725 | 444 | ||||||||||||
| Stock based compensation | 714 | 765 | 2,884 | 2,944 | ||||||||||||
| Reversal of accrual for contingent liability | (1,473 | ) | — | (2,832 | ) | (835 | ) | |||||||||
| Adjusted EBITDA | $ | 5,114 | $ | 4,410 | $ | 17,963 | $ | 17,017 | ||||||||
| Revenue | 37,911 | 37,190 | 146,445 | 141,307 | ||||||||||||
| Adjusted EBITDA as a % of Revenue | 13.49 | % | 11.86 | % | 12.27 | % | 12.04 | % | ||||||||
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