Simulations Plus, Inc. (Nasdaq: SLP) (“Simulations Plus”), a leading provider of biosimulation, simulation-enabled performance and intelligence solutions, and medical communications for the biopharma industry, today reported financial results for its third quarter fiscal 2024, ended May 31, 2024.
Third Quarter 2024 Financial Highlights (compared to third quarter 2023)
- Total revenue increased 14% to $18.5 million
- Software revenue increased 12% to $11.9 million, representing 64% of total revenue
- Services revenue increased 18% to $6.6 million, representing 36% of total revenue
- Gross profit was constant at $13.3 million; gross margin was 71%
- Adjusted EBITDA of $5.7 million, representing 31% of total revenue
- Net income of $3.1 million and diluted earnings per share (EPS) of $0.15 versus net income of $4.0 million and diluted EPS of $0.20
- Adjusted diluted EPS excluding the impact of acquisition costs of $0.19 versus adjusted diluted EPS of $0.21
Nine Months 2024 Financial Highlights (compared to nine months 2023)
- Total revenue increased 17% to $51.3 million
- Software revenue increased 14% to $31.1 million, representing 61% of total revenue
- Services revenue increased 21% to $20.2 million, representing 39% of total revenue
- Gross profit increased 2% to $36.3 million; gross margin was 71%
- Adjusted EBITDA of $16.2 million, representing 32% of total revenue
- Net income of $9.1 million and diluted EPS of $0.45 versus net income of $9.4 million and diluted EPS of $0.46
- Adjusted diluted EPS excluding the impact of acquisition costs was constant at of $0.49
Management Commentary
“Our third quarter results reflected continued solid performance in both our software and services segments,” said Shawn O’Connor, Chief Executive Officer of Simulations Plus. “Total revenue increased 14%, led by higher software sales in our Cheminformatics and Clinical Pharmacology & Pharmacometrics (CPP) business units, with strong growth in our ADMET Predictor®and MonolixSuite™ platforms, respectively. Our Physiologically Based Pharmacokinetics (PBPK) business unit also performed well, reflecting higher revenues from GastroPlus®. During the quarter, we were excited to launch GastroPlus X, the next generation of physiologically based pharmacokinetics/biopharmaceutics (PBPK/PBBM) modeling and simulation software and believe it will become a meaningful addition to our suite of leading-edge solutions. The 18% increase in services revenue was driven by strong growth in our Quantitative Systems Pharmacology (QSP) and CPP business units.
“Biotech funding is starting to show signs of recovery, most notably for companies that have drug candidates in the clinic. We continue to be cautiously optimistic about the funding environment for our biotech clients. We see a range of spending patterns among large pharmaceutical companies. Some are increasing expenditures, while others remain conservative, with most falling in between depending on various internal and external market factors. Overall, the market is in a better position today compared to a year ago.
“Our acquisition of Pro-ficiency on June 11th brings together our collective expertise in simulations, AI technologies and focus on science, creating a one-of-a-kind platform that spans across the drug development continuum. The Pro-ficiency integration and collaboration is progressing in-line with our internal plan and schedule with positive responses from our clients.
“Our performance in the first nine months of the year remains aligned with our original fiscal 2024 revenue guidance. The newly formed Clinical Simulations and Medical Communications (CSMC) business unit is expected to contribute approximately $3 million to our fiscal 2024 revenue. We are entering our final fiscal quarter of 2024 with a healthy pipeline and remain confident that Simulations Plus is well positioned to achieve its goals for the fiscal year. Going forward, we remain committed to a disciplined growth strategy that will deliver long-term returns for our shareholders.”
Fiscal 2024 Guidance
|
|
|
Fiscal 2024 Guidance |
|
Revenue |
|
$69M – $72M |
|
Revenue growth |
|
15 – 20% |
|
Software mix |
|
55 – 60% |
|
Services mix |
|
40 – 45% |
|
Diluted EPS |
|
$0.46 – $0.48 |
|
Adjusted diluted EPS |
|
$0.54 – $0.56 |
Quarterly Dividend
The Simulations Plus Board of Directors has determined to discontinue the Company’s quarterly cash dividend and reallocate these funds to our capital allocation strategy for investing in growth initiatives that are intended to generate long-term shareholder value. The final dividend of $0.06 per share of the Company’s common stock will be paid on August 5, 2024, to shareholders of record as of July 29, 2024.
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 website to read our 2023 ESG update.
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 (domestic) or 1-201-389-0879 (international) or by clicking on this Call me™ link to request a return call. The webcast will be available on our website on the investor relations page of the Simulations Plus website at www.simulations-plus.com/investorscorporate-profile/corporate-profile/. 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 the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. The Company’s Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.
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
With more than 25 years of experience serving clients globally, Simulations Plus stands as a premier provider in the Biopharma sector, offering advanced software and consulting services that enhance drug discovery, development, research, clinical trial operations, regulatory submissions, and commercialization. Our comprehensive biosimulation solutions integrate artificial intelligence/machine learning (AI/ML), physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. We also deliver simulation-enabled performance and intelligence solutions alongside medical communications support for clinical and commercial drug development. Our cutting-edge technology is licensed and utilized by leading pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn | X | 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 Pro-ficiency 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 U.S. Securities and Exchange Commission.
|
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
(in thousands, except per common share amounts) |
|
May 31, 2024 |
|
May 31, 2023 |
|
May 31, 2024 |
|
May 31, 2023 |
||||||||
|
Revenues |
|
|
|
|
|
|
|
|
||||||||
|
Software |
|
$ |
11,908 |
|
|
$ |
10,632 |
|
|
$ |
31,111 |
|
|
$ |
27,193 |
|
|
Services |
|
|
6,636 |
|
|
|
5,602 |
|
|
|
20,238 |
|
|
|
16,755 |
|
|
Total revenues |
|
|
18,544 |
|
|
|
16,234 |
|
|
|
51,349 |
|
|
|
43,948 |
|
|
Cost of revenues |
|
|
|
|
|
|
|
|
||||||||
|
Software |
|
|
1,400 |
|
|
|
908 |
|
|
|
3,739 |
|
|
|
2,636 |
|
|
Services |
|
|
3,887 |
|
|
|
2,053 |
|
|
|
11,284 |
|
|
|
5,616 |
|
|
Total cost of revenues |
|
|
5,287 |
|
|
|
2,961 |
|
|
|
15,023 |
|
|
|
8,252 |
|
|
Gross profit |
|
|
13,257 |
|
|
|
13,273 |
|
|
|
36,326 |
|
|
|
35,696 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
|
1,300 |
|
|
|
945 |
|
|
|
3,829 |
|
|
|
3,428 |
|
|
Sales and marketing |
|
|
2,399 |
|
|
|
1,683 |
|
|
|
6,337 |
|
|
|
4,898 |
|
|
General and administrative |
|
|
7,678 |
|
|
|
6,548 |
|
|
|
18,878 |
|
|
|
18,361 |
|
|
Total operating expenses |
|
|
11,377 |
|
|
|
9,176 |
|
|
|
29,044 |
|
|
|
26,687 |
|
|
Income from operations |
|
|
1,880 |
|
|
|
4,097 |
|
|
|
7,282 |
|
|
|
9,009 |
|
|
Other income |
|
|
2,010 |
|
|
|
843 |
|
|
|
4,266 |
|
|
|
2,617 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income before income taxes |
|
|
3,890 |
|
|
|
4,940 |
|
|
|
11,548 |
|
|
|
11,626 |
|
|
Provision for income taxes |
|
|
(753 |
) |
|
|
(932 |
) |
|
|
(2,437 |
) |
|
|
(2,199 |
) |
|
Net income |
|
$ |
3,137 |
|
|
$ |
4,008 |
|
|
$ |
9,111 |
|
|
$ |
9,427 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.16 |
|
|
$ |
0.20 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
|
Diluted |
|
$ |
0.15 |
|
|
$ |
0.20 |
|
|
$ |
0.45 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
19,995 |
|
|
|
19,972 |
|
|
|
19,972 |
|
|
|
20,123 |
|
|
Diluted |
|
|
20,433 |
|
|
|
20,355 |
|
|
|
20,324 |
|
|
|
20,512 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive (loss) income, net of tax |
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency translation adjustments |
|
|
(56 |
) |
|
|
144 |
|
|
|
(125 |
) |
|
|
174 |
|
|
Unrealized losses on available-for-sale securities |
|
$ |
(39 |
) |
|
$ |
— |
|
|
$ |
(39 |
) |
|
$ |
— |
|
|
Comprehensive income |
|
$ |
3,042 |
|
|
$ |
4,152 |
|
|
$ |
8,947 |
|
|
$ |
9,601 |
|
|
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
|
(Unaudited) |
|
(Audited) |
||||
|
(in thousands, except share and per share amounts) |
|
May 31, 2024 |
|
August 31, 2023 |
||||
|
ASSETS |
|
|
|
|
||||
|
Current assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
109,092 |
|
|
$ |
57,523 |
|
|
Accounts receivable, net of allowance for credit losses of $149 and $46 |
|
|
10,144 |
|
|
|
10,201 |
|
|
Prepaid income taxes |
|
|
1,202 |
|
|
|
804 |
|
|
Prepaid expenses and other current assets |
|
|
5,303 |
|
|
|
3,904 |
|
|
Short-term investments |
|
|
9,875 |
|
|
|
57,940 |
|
|
Total current assets |
|
|
135,616 |
|
|
|
130,372 |
|
|
Long-term assets |
|
|
|
|
||||
|
Capitalized computer software development costs, net of accumulated amortization of $18,502 and $17,199 |
|
|
12,614 |
|
|
|
11,335 |
|
|
Property and equipment, net |
|
|
882 |
|
|
|
671 |
|
|
Operating lease right-of-use assets |
|
|
948 |
|
|
|
1,247 |
|
|
Intellectual property, net of accumulated amortization of $10,498 and $9,301 |
|
|
7,492 |
|
|
|
8,689 |
|
|
Other intangible assets, net of accumulated amortization of $2,862 and $2,107 |
|
|
12,712 |
|
|
|
12,825 |
|
|
Goodwill |
|
|
19,099 |
|
|
|
19,099 |
|
|
Deferred tax assets |
|
|
2,804 |
|
|
|
1,438 |
|
|
Other assets |
|
|
524 |
|
|
|
425 |
|
|
Total assets |
|
$ |
192,691 |
|
|
$ |
186,101 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
|
Current liabilities |
|
|
|
|
||||
|
Accounts payable |
|
$ |
658 |
|
|
$ |
144 |
|
|
Accrued compensation |
|
|
4,111 |
|
|
|
4,392 |
|
|
Accrued expenses |
|
|
894 |
|
|
|
659 |
|
|
Contracts payable |
|
|
3,810 |
|
|
|
3,250 |
|
|
Operating lease liability – current portion |
|
|
410 |
|
|
|
442 |
|
|
Deferred revenue |
|
|
1,437 |
|
|
|
3,100 |
|
|
Total current liabilities |
|
|
11,320 |
|
|
|
11,987 |
|
|
Long-term liabilities |
|
|
|
|
||||
|
Operating lease liability |
|
|
512 |
|
|
|
755 |
|
|
Contracts payable – net of current portion |
|
|
— |
|
|
|
3,330 |
|
|
Total liabilities |
|
|
11,832 |
|
|
|
16,072 |
|
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
|
Shareholders’ equity |
|
|
|
|
||||
|
Preferred stock, $0.001 par value – 10,000,000 shares authorized; no shares issued and outstanding |
|
$ |
— |
|
|
$ |
— |
|
|
Common stock, $0.001 par value and additional paid-in capital —50,000,000 shares authorized; 20,007,488 and 19,937,961 shares issued and outstanding |
|
|
150,451 |
|
|
|
144,974 |
|
|
Retained earnings |
|
|
30,713 |
|
|
|
25,196 |
|
|
Accumulated other comprehensive loss |
|
|
(305 |
) |
|
|
(141 |
) |
|
Total shareholders’ equity |
|
|
180,859 |
|
|
|
170,029 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
192,691 |
|
|
$ |
186,101 |
|
|
SIMULATIONS PLUS, INC. Trended Financial Information* (Unaudited) |
||||||||||||||||||||||||||||||||||||
|
(in millions except earnings per share amounts) |
||||||||||||||||||||||||||||||||||||
|
|
|
FY 2023 |
|
FY 2024 |
|
FY 2023 |
|
FY 2024 |
||||||||||||||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Full Year |
|
YTD |
|||||||||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Software |
|
$ |
6.1 |
|
|
$ |
10.5 |
|
|
$ |
10.6 |
|
|
$ |
9.3 |
|
|
$ |
7.6 |
|
|
$ |
11.6 |
|
|
$ |
11.9 |
|
|
$ |
36.5 |
|
|
$ |
31.1 |
|
|
Services |
|
$ |
5.9 |
|
|
$ |
5.3 |
|
|
$ |
5.6 |
|
|
$ |
6.3 |
|
|
$ |
6.9 |
|
|
$ |
6.7 |
|
|
$ |
6.6 |
|
|
$ |
23.1 |
|
|
$ |
20.2 |
|
|
Total |
|
$ |
12.0 |
|
|
$ |
15.8 |
|
|
$ |
16.2 |
|
|
$ |
15.6 |
|
|
$ |
14.5 |
|
|
$ |
18.3 |
|
|
$ |
18.5 |
|
|
$ |
59.6 |
|
|
$ |
51.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Gross Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Software |
|
|
85.4 |
% |
|
|
92.0 |
% |
|
|
91.5 |
% |
|
|
89.4 |
% |
|
|
86.9 |
% |
|
|
88.4 |
% |
|
|
88.2 |
% |
|
|
90.1 |
% |
|
|
88.0 |
% |
|
Services |
|
|
69.7 |
% |
|
|
66.2 |
% |
|
|
63.4 |
% |
|
|
62.1 |
% |
|
|
47.0 |
% |
|
|
44.2 |
% |
|
|
41.4 |
% |
|
|
65.3 |
% |
|
|
44.2 |
% |
|
Total |
|
|
77.7 |
% |
|
|
83.4 |
% |
|
|
81.8 |
% |
|
|
78.4 |
% |
|
|
67.9 |
% |
|
|
72.2 |
% |
|
|
71.5 |
% |
|
|
80.5 |
% |
|
|
70.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income from operations |
|
$ |
0.9 |
|
|
$ |
4.0 |
|
|
$ |
4.1 |
|
|
$ |
(0.3 |
) |
|
$ |
1.0 |
|
|
$ |
4.4 |
|
|
$ |
1.9 |
|
|
$ |
8.7 |
|
|
$ |
7.3 |
|
|
Operating Margin |
|
|
7.3 |
% |
|
|
25.6 |
% |
|
|
25.2 |
% |
|
|
-1.8 |
% |
|
|
6.6 |
% |
|
|
24.3 |
% |
|
|
10.1 |
% |
|
|
14.6 |
% |
|
|
14.2 |
% |
|
Net Income |
|
$ |
1.2 |
|
|
$ |
4.2 |
|
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
|
$ |
4.0 |
|
|
$ |
3.1 |
|
|
$ |
10.0 |
|
|
$ |
9.1 |
|
|
Diluted Earnings Per Share |
|
$ |
0.06 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
Adjusted EBITDA |
|
$ |
3.0 |
|
|
$ |
6.2 |
|
|
$ |
6.5 |
|
|
$ |
4.9 |
|
|
$ |
3.4 |
|
|
$ |
7.1 |
|
|
$ |
5.7 |
|
|
$ |
20.6 |
|
|
$ |
16.2 |
|
|
Adjusted Diluted EPS |
|
$ |
0.07 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.67 |
|
|
$ |
0.10 |
|
|
Cash Flow from Operations |
|
$ |
4.7 |
|
|
$ |
5.5 |
|
|
$ |
8.5 |
|
|
$ |
3.1 |
|
|
$ |
0.2 |
|
|
$ |
5.8 |
|
|
$ |
5.7 |
|
|
$ |
21.9 |
|
|
$ |
11.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Revenue Breakdown by Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Americas |
|
$ |
8.5 |
|
|
$ |
10.6 |
|
|
$ |
10.8 |
|
|
$ |
11.0 |
|
|
$ |
10.9 |
|
|
$ |
12.5 |
|
|
$ |
12.4 |
|
|
$ |
40.8 |
|
|
$ |
35.8 |
|
|
EMEA |
|
|
2.1 |
|
|
|
3.6 |
|
|
|
3.4 |
|
|
|
2.6 |
|
|
|
2.3 |
|
|
|
4.7 |
|
|
|
4.5 |
|
|
|
11.7 |
|
|
|
11.5 |
|
|
Asia Pacific |
|
|
1.3 |
|
|
|
1.5 |
|
|
|
2.1 |
|
|
|
2.1 |
|
|
|
1.3 |
|
|
|
1.2 |
|
|
|
1.6 |
|
|
|
7.0 |
|
|
|
4.1 |
|
|
Total |
|
$ |
12.0 |
|
|
$ |
15.8 |
|
|
$ |
16.2 |
|
|
$ |
15.6 |
|
|
$ |
14.5 |
|
|
$ |
18.3 |
|
|
$ |
18.5 |
|
|
$ |
59.6 |
|
|
$ |
51.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Software Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Average Revenue per Customer (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commercial |
|
$ |
68.0 |
|
|
$ |
110.0 |
|
|
$ |
97.0 |
|
|
|
88.0 |
|
|
$ |
79.0 |
|
|
$ |
113.0 |
|
|
$ |
97.0 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Services Performance Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Backlog (in millions) |
|
$ |
15.8 |
|
|
$ |
15.4 |
|
|
$ |
15.7 |
|
|
$ |
19.5 |
|
|
$ |
18.9 |
|
|
$ |
18.0 |
|
|
$ |
19.6 |
|
|
|
|
|
||||
|
*Numbers may not add due to rounding |
||||||||||||||||||||||||||||||||||||
|
SIMULATIONS PLUS, INC. Reconciliation of Adjusted EBITDA to Net Income* (Unaudited) |
|||||||||||||||||||||||||||||||||||||||
|
(in millions) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
FY 2023 |
|
FY 2024 |
FY 2022 |
|
FY 2023 |
|
FY 2024 |
||||||||||||||||||||||||||||||
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Full Year |
|
Full Year |
|
YTD |
||||||||||||||||||||
|
Net Income |
|
$ |
1.2 |
|
|
$ |
4.2 |
|
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
|
$ |
4.0 |
|
|
$ |
3.1 |
|
$ |
12.5 |
|
|
$ |
10.0 |
|
|
$ |
9.1 |
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Interest income and expense, net |
|
|
(0.8 |
) |
|
|
(1.0 |
) |
|
|
(1.1 |
) |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
(1.5 |
) |
|
(0.7 |
) |
|
|
(4.1 |
) |
|
|
(4.2 |
) |
|
Provision for income taxes |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
(0.5 |
) |
|
|
0.5 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
2.6 |
|
|
|
1.7 |
|
|
|
2.4 |
|
|
Depreciation and amortization |
|
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
|
3.6 |
|
|
|
3.9 |
|
|
|
3.5 |
|
|
Stock-based compensation |
|
|
0.9 |
|
|
|
1.2 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
|
|
1.6 |
|
|
|
1.7 |
|
|
2.7 |
|
|
|
4.2 |
|
|
|
4.6 |
|
|
(Gain) loss on currency exchange |
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
0.2 |
|
|
|
0.5 |
|
|
|
— |
|
|
Impairment of other intangibles |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
Change in value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
|
|
(0.6 |
) |
|
0.3 |
|
|
|
0.7 |
|
|
|
(0.3 |
) |
|
Mergers & Acquisitions expense |
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
0.3 |
|
|
|
3.3 |
|
|
|
0.9 |
|
|
Adjusted EBITDA |
|
$ |
3.0 |
|
|
$ |
6.2 |
|
|
$ |
6.5 |
|
|
$ |
4.9 |
|
|
$ |
3.4 |
|
|
$ |
7.1 |
|
|
$ |
5.7 |
|
$ |
21.5 |
|
|
$ |
20.6 |
|
|
$ |
16.2 |
|
|
*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 2023 |
|
FY 2024 |
FY 2022 |
|
FY 2023 |
|
FY 2024 |
|||||||||||||||||||||||||||
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Full Year |
|
Full Year |
|
YTD |
|||||||||||||||||
|
Net Income (GAAP) |
|
$ |
1.2 |
|
|
$ |
4.2 |
|
$ |
4.0 |
|
|
$ |
0.5 |
|
|
$ |
1.9 |
|
$ |
4.0 |
|
$ |
3.1 |
|
$ |
12.5 |
|
|
$ |
10.0 |
|
|
$ |
9.1 |
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Mergers & Acquisitions expense |
|
|
0.3 |
|
|
|
0.1 |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
— |
|
|
— |
|
|
0.9 |
|
|
0.3 |
|
|
|
1.7 |
|
|
|
0.9 |
|
|
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 |
) |
|
|
(0.5 |
) |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
Adjusted Net income (Non-GAAP) |
|
$ |
1.5 |
|
|
$ |
4.2 |
|
$ |
4.3 |
|
|
$ |
3.7 |
|
|
$ |
1.9 |
|
$ |
4.0 |
|
$ |
3.9 |
|
$ |
12.8 |
|
|
$ |
13.8 |
|
|
$ |
9.9 |
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Diluted |
|
|
20.8 |
|
|
|
20.5 |
|
|
20.4 |
|
|
|
20.4 |
|
|
|
20.3 |
|
|
20.3 |
|
|
20.4 |
|
|
20.7 |
|
|
|
20.5 |
|
|
|
20.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Diluted EPS (GAAP) |
|
$ |
0.06 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
$ |
0.20 |
|
$ |
0.15 |
|
$ |
0.60 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
Adjusted Diluted EPS (Non-GAAP) |
|
$ |
0.07 |
|
|
$ |
0.21 |
|
$ |
0.21 |
|
|
$ |
0.18 |
|
|
$ |
0.10 |
|
$ |
0.20 |
|
$ |
0.19 |
|
$ |
0.61 |
|
|
$ |
0.67 |
|
|
$ |
0.49 |
|
|
*Numbers may not add due to rounding |
||||||||||||||||||||||||||||||||||||
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