- Second quarter revenue of $15.3
million.
- Second quarter operating profit of $23 thousand.
- Board declares 29th consecutive quarterly
dividend.
TORONTO, April 3, 2019 /CNW/ - Retained executive search
firm The Caldwell Partners International Inc. (TSX: CWL) today
issued its financial results for the fiscal 2019 second quarter
ended February 28, 2019. All
references to quarters or years are for the fiscal periods unless
otherwise noted and all currency amounts are in Canadian
dollars.
Financial Highlights (in $000s except per share amounts)
|
Three Months
Ended
February 28
|
Six Months
Ended
February 28
|
|
2019
|
2018
|
2019
|
2018
|
Professional
fees
|
$14,543
|
$14,854
|
$29,712
|
$29,827
|
License
fees
|
$374
|
$67
|
$591
|
$143
|
Direct expense
reimbursements1
|
$411
|
-
|
$917
|
-
|
Revenues
|
$15,328
|
$14,921
|
$31,220
|
$29,970
|
Cost of
sales
|
$11,926
|
$11,244
|
$23,504
|
$22,317
|
Reimbursed direct
expenses1
|
$411
|
-
|
$917
|
-
|
Expenses
|
$2,968
|
$2,970
|
$6,347
|
$6,042
|
Operating
profit
|
$23
|
$707
|
$452
|
$1,611
|
Investment
income
|
$97
|
$2
|
$56
|
$4
|
Earnings before
tax
|
$120
|
$709
|
$508
|
$1,615
|
Net earnings after
tax2
|
$33
|
$270
|
$244
|
$680
|
Net earnings per
share
|
$0.002
|
$0.013
|
$0.012
|
$0.033
|
|
|
1.
|
As a result of the
implementation of IFRS 15, the Company now shows the gross amount
of direct expenses billed
and recovered from clients as revenue, with the gross amount
incurred recorded as a cost of sales. Prior to the
adoption of IFRS 15 direct expense reimbursements and reimbursed
direct expenses were shown as a net zero
amount within cost of sales. For further information, please refer
to note 3 of consolidated interim financial
statements for the second quarter ended February 28,
2019.
|
2.
|
As a result of new
substantively enacted tax rate, the Company's US entity deferred
tax balances were
adjusted during the prior year's second quarter, resulting in
additional deferred tax expense of $204. No
such expense was incurred in the year.
|
"The developing headwinds we experienced at the end of our first
quarter continued into the beginning of our second quarter, as
economic uncertainty and equity market volatility caused pause and
hiring delays among our clients," said John
Wallace, chief executive officer. "We have since seen a
significant strengthening of new search engagements in the latter
part of the second quarter, continuing to date in the third
quarter."
Wallace added: "We remain focused on making strategic additions
to our partner team in the geographies and industries that most
strongly enhance our ability to serve our clients. The addition of
Andrew Willson (London) and Jeremy
Zeman (Chicago) added
significant depth to our Industrial and Financial Services
capabilities, while further strengthening our London team and establishing our presence in
Chicago. Additionally, our most
recent strategic affiliation with leading Sydney-based board and C-suite executive
search firm Hattonneale was another major step forward for
Caldwell, as we continue to build out our footprint and client
capabilities in Asia Pacific."
"Along with partner hires, we continue to prudently expand our
service lines in areas that can leverage the existing expertise of
our search teams. We recently announced that we are now the largest
licensed certified partner of The Predictive Index (PI), allowing
us to integrate their suite of talent strategy and assessment tools
with our search process, as well as sell and service the PI
platform directly to our clients for their enterprise-wide use.
This, in addition to our first quarter launches of Agile Talent's
Diversity & Inclusion solution and Caldwell Advance, our
mid-level search offering for emerging leaders and advancing
professionals, will permit us to have an increasingly meaningful
impact on our clients' overall talent strategy."
The Board of Directors today also declared the payment of a
quarterly dividend of 2.25 cents per
Common Share payable to holders of Common Shares of record on
April 12, 2019, and to be paid on
June 10, 2019.
Financial Highlights (all numbers expressed in $000s)
- Operating revenue:
Second Quarter
On a consolidated basis, Revenue, Net of Reimbursements for
the quarter was approximately level with the prior year. Pressure
on professional fees from lower search volumes was compensated for
by a higher average fee, favourable movement in our IFRS 15
balances and an early termination payment received from our Latin
American licensee:
-
- Professional fees for the second quarter of fiscal 2019 were
$14,543. The application of IFRS 15
resulted in a $522 increase in
professional fees during the quarter. Excluding the IFRS 15 impact,
professional fees decreased 5.6% (a decline of 9.1% excluding a
favourable 3.5% variance from exchange rate fluctuations) from the
comparable period last year to $14,021 (2018: $14,854).
The decrease in professional fees is attributable to a lower Number
of Assignments per Partner at 2.3 (2018: 2.7) resulting in a
decrease in number of assignments to 89 (2018: 104) partially
offset by a higher Average Number of Partners at 39.3 compared to
38.0 in the prior year period and an increase in Average Fee per
Assignment to $163 ($158 excluding the IFRS 15 impact) (2018:
$143).
On a segment basis, $10,594 of
professional fees were generated from the US (2018:
$10,489), $3,763 from
Canada (2018: $3,799) and $186
from Europe (2018: $566).
- License fees from our licensees in Australia, Latin
America and New Zealand for
the use of the Caldwell Partners brand and intellectual property
for the fiscal 2019 second quarter were $374 (2018: $67).
Effective February 28, 2019, the
Company and CPGroup announced they had mutually agreed to end their
licensing relationship. As part of the agreement for early
termination, the licensee made a one-time payment to the Company
for $218, reflected in the quarter
and year to date fees. Within total license fees, license fees from
CPGroup including the termination payment for the three months
ended February 28, 2019 were
$320 (2018: $51).
- Direct expenses incurred and billed to clients during the
fiscal 2019 second quarter were $411
(2018: $416, with the revenue billed
and cost of sale amounts presented as net zero).
Year to date
On a consolidated basis, Revenue,
Net of Reimbursements year to date was up slightly from the prior
year. Lower search volumes were more than covered in by a higher
average fee, favourable movement in our IFRS 15 balances and the
early termination payment received from our Latin American
licensee.
- Professional fees for the first six months of 2019 were
$29,712. The application of IFRS 15
resulted in a $160 increase in
professional fees during the period. Excluding the IFRS 15 impact,
professional fees decreased 0.9% (a decline of 4.1% excluding a
favourable 3.2% variance from exchange rate fluctuations) over the
comparable period last year to $29,552 (2018: $29,827).
The decrease in year-to-date professional fees was the result of a
decrease in the Number of Assignments per Partner to 5.0 (2018:
5.8) which resulted in a decrease in the total Number of
Assignments to 197 (2018: 218) partially offset by increases in the
Average Number of Partners at 39.3 compared to 37.9 in the prior
year and an increase in Average Fee to $151 ($150
excluding the IFRS 15 impact) (2018: $137).
On a segment basis, $21,480 of
professional fees was generated from the US (2018: $22,034), $7,576
from Canada (2018: $7,183) and $656
from Europe (2018: $610).
- Year to date licence fees for the six months ended February 28, 2019 were $591 (2018: $143).
Effective February 28, 2019, the
Company and CPGroup announced they had mutually agreed to end their
licensing relationship. As part of the agreement for early
termination, the licensee made a one-time payment to the Company
for $218, reflected in the quarter
and year to date fees. Within total license fees, license fees from
CPGroup including the termination payment for the six months ended
February 28, 2019 were $497 (2018: $108).
- Year to date direct expenses incurred and billed to clients
were $917 (2018: $771, with the revenue billed and cost of sale
amouts presented as net zero).
- Operating profit:
Second Quarter
-
- Operating profit for the second quarter of 2019 was
$23. The adoption of IFRS 15 resulted
in a $261 increase in operating
profit in the quarter. Excluding the IFRS 15 impact, operating
profit decreased $945 to a loss of
$238 (2018: profit of $707). This $945
decrease came from lower revenue ($526) and a higher cost of sales ($421) partially offset by lower expenses
($2) arising from the variances
discussed below. Exchange rate variances had a net unfavourable
impact of $49 to the operating profit
results.
- A concentration of professional fees brought in by partners in
higher grid levels, deficits with partners whose draws exceeded
commissions and search team staffing hires made during the second
half of the prior year contributed to the higher cost of sales.
Should those partners carrying deficits at the end of the quarter
generate higher levels of revenue during the remainder of the
fiscal year, it is possible some amount of the deficits may be
recouped, resulting in lower compensation as a percentage of
revenue.
- Expenses in the second quarter decreased by 0.1% or
$2 over the same period in the prior
year to $2,968 (2018: $2,970). Excluding exchange rate variances,
expenses decreased $128 or 4.3% over
the same period last year. This constant currency decrease resulted
from the timing of our current quarter partner conference occurring
later in the prior year ($330) and
current period legal costs from pursuit of a claim against a former
client ($415) offset by reductions in
management bonus accruals ($359) and
performance share-based compensation expense ($460) on lower operating results to established
targets with other net favourable variances of ($54).
- On a segment basis, $1,030 of
profit was generated from Canada
($792 net of intercompany license fee
revenue) which was offset partially by operating losses in the US
of $541 ($303 net of intercompany license fees) and
Europe of $466.
Year to date
-
- Operating profit for the first six months of 2019 was
$452. The adoption of IFRS 15
resulted in a year to date $80
increase in operating profit. Excluding the IFRS 15 impact,
operating profit decreased $1,239 to
$372 (2018: $1,611). The $1,239
decrease was the result of a higher cost of sales ($1,107) and higher expenses ($305) arising from the variances discussed below
partially offset by slightly higher revenue ($173) versus the comparable period in the prior
year. Exchange rate variances had a net unfavourable impact of
$31 to the operating profit
results.
- Costs of sales was higher on the same variances drivers
discussed in the preceding quarterly discussion.
- Expenses for the first six months of the year increased 5.0% or
$305 over the prior year to
$6,347 (2018: $6,042). Excluding exchange rate variances of
$184, expenses on a constant currency
basis increased $121 or 2.0% over the
same period last year. Constant currency cost increases resulted
from an increase in legal expenses discussed in the quarter
($429), the cost of our annual
partner conference held in the second quarter this year, but in the
third quarter of the previous year ($374) and a net increase across other categories
($1). These unfavourable variances
were partially offset by decreases in management bonus accruals
resulting from not meeting current year operational targets
($329), lower share-based
compensation expense caused by not meeting operational targets
($179) and lower expenses related to
firm-wide search team practice meetings for business development
and training that were held during the second quarter in the
previous year but scheduled for future periods in the current year
($175).
- On a segment basis, expenses were $4,378 from the US ($4,862 less the $484 in intercompany licence fees), $1,644 from Canada and $325
from Europe.
- Net earnings after tax:
-
- On December 22, 2017, the US tax
reform ("Tax Cuts and Jobs Act") was substantively enacted and
reduced the maximum federal corporate income tax rate for the
company's US entity from 35% to 21%. In fiscal 2018, a hybrid rate
derived from the previous and new tax rates was applied to US
taxable income. The Company's US entity deferred tax balances were
adjusted to reflect the lower tax rate to be utilized in future
periods resulting in a net deferred tax expense of $204 for the three and six month periods ending
February 28, 2018. In the current
year, the new, lower tax rate is applied.
- There was a net income tax expense of $87 in the second quarter of 2019 (2018:
$439). On a segment basis,
Canada had an income tax expense
of $202 (2018: $224) and the US income tax recovery of
$115 (2018: $215 expense). The UK recognized no income tax
recovery based on a history of operating losses (2018: $nil).
Within these results, the adoption of IFRS 15 increased income tax
expense by $70 during the
quarter.
For the six months ended February 28,
2019 income tax expense was $264 (2018: $935).
On a segment basis, Canada had an
income tax expense of $413 (2018:
$370), the US income tax recovery of
$149 (2018: $565 expense) and no income tax recovery was
recognized in the UK (2018: $nil). The adoption of IFRS 15
increased income tax expense by $22
in the first six months of 2019.
- Second quarter net income was $33
($0.002 per share), as compared to
$270 ($0.013 per share) in the comparable period a year
earlier. The adoption of IFRS 9 resulted in an $88 increase ($0.004 per share) in net income on the quarter.
The adoption of IFRS 15 resulted in a $191 increase ($0.010 per share) in net income on the quarter.
Excluding these adjustments, net profit decreased $516 to a loss of $246 ($0.012 per
share) on the quarter.
- Year-to-date net income was $244
($0.012 per share), as compared to
$680 ($0.033 per share) in the comparable period a year
earlier. The adoption of IFRS 9 resulted in an $88 increase ($0.004 per share) in net income year to date. The
adoption of IFRS 15 resulted in a $58
increase ($0.003 per share) year to
date. Excluding these adjustments, net profit decreased
$532 to $148 ($0.007 per
share) year to date.
Average Number of Partners, Professional Fees per Partner,
Number of Assignments, Number of Assignments per Partner, and
Average Fee per Assignment do not have any standardized meaning
under IFRS and may not be comparable to measures presented by other
companies. These operating measures are used by the Company to
analyze its results. Please refer to section "Non‐GAAP Financial
Measures and Other Operating Measures" in the Company's MD&A
for a definition of these terms.
For a complete discussion of the quarterly financial results,
please see the company's Management Discussion and Analysis posted
on SEDAR at www.sedar.com.
About Caldwell
At Caldwell we believe Talent Transforms. As a leading
provider of executive talent, we enable our clients to thrive and
succeed by helping them identify, recruit and retain their best
people. Our reputation–nearly 50 years in the making–has been built
on transformative searches across functions and geographies at the
very highest levels of management and operations. We leverage our
skills and networks to also provide agile talent in the form of
flexible and on-demand advisory solutions for companies looking for
support in strategy and operations. With offices and partners
across North America, Europe, Latin
America and Asia Pacific,
we take pride in delivering an unmatched level of service and
expertise to our clients.
Caldwell's Common shares are listed on The Toronto Stock
Exchange (TSX: CWL). Please visit our website at
www.caldwellpartners.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on
current expectations that are subject to the significant risks and
uncertainties cited. These forward-looking statements generally can
be identified by use of statements that include phrases such as
"believe," "expect," "anticipate," "intend," "plan," "foresee,"
"may," "will," "likely," "estimates," "potential," "continue" or
other similar words or phrases. Similarly, statements that describe
our objectives, plans or goals also are forward-looking statements.
The Company is subject to many factors that could cause our actual
results to differ materially from those contemplated by the
relevant forward looking statement including, but not limited to,
our ability to attract and retain key personnel; exposure to our
partners taking our clients with them to another firm; the
performance of the US, Canadian and international economies;
competition from other companies directly or indirectly engaged in
executive search; liability risk in the services we perform;
potential legal liability from clients, employees and candidates
for employment; cybersecurity requirements, vulnerabilities,
threats and attacks; damage to our brand reputation; our ability to
align our cost structure to changes in our revenue; adverse tax law
rulings; our ability to generate sufficient cash flow from
operations to support our growth and maintain our dividend;
technological advances may significantly disrupt the labour market
and weaken demand for human capital at a rapid rate; foreign
currency exchange rate fluctuations; affiliation agreements may
fail to renew or affiliates may be acquired; marketable securities
valuation fluctuations; increasing dependence on third parties for
the execution of critical functions; volatility of the market price
and volume of our common shares; potential impairment of our
acquired goodwill and intangible assets; and disruption as a result
of actions of certain stockholders or potential acquirers of the
Company. For more information on the factors that could affect the
outcome of forward-looking statements, refer to the "Risk Factors"
section of our Annual Information Form and other public filings
(copies of which may be obtained at www.sedar.com). These factors
should be considered carefully, and the reader should not place
undue reliance on forward-looking statements. Although any
forward-looking statements are based on what management currently
believes to be reasonable assumptions, we cannot assure readers
that actual results, performance or achievements will be consistent
with these forward-looking statements, and management's assumptions
may prove to be incorrect. Except as required by Canadian
securities laws, we do not undertake to update any forward-looking
statements, whether written or oral, that may be made from time to
time by us or on our behalf; such statements speak only as of the
date made. The forward-looking statements included herein are
expressly qualified in their entirety by this cautionary
language.
|
THE CALDWELL
PARTNERS INTERNATIONAL INC.
|
|
CONSOLIDATED
INTERIM STATEMENTS OF FINANCIAL POSITION
|
|
|
(unaudited - in
$Canadian)
|
|
|
|
As
at
|
As
at
|
|
February
28
|
August
31
|
|
2019
|
2018
|
Assets
|
|
|
Current
assets
|
|
|
|
Cash and
cash-equivalents
|
4,985
|
14,885
|
|
Marketable
securities
|
5,687
|
5,654
|
|
Accounts
receivable
|
8,915
|
10,858
|
|
Income taxes
receivable
|
648
|
-
|
|
Unbilled
revenue
|
2,820
|
-
|
|
Prepaid expenses and
other assets
|
2,002
|
1,711
|
|
25,057
|
33,108
|
Non-current
assets
|
|
|
|
Restricted
cash
|
45
|
138
|
|
Marketable
securities
|
139
|
137
|
|
Advances
|
648
|
146
|
|
Property and
equipment
|
1,222
|
1,378
|
|
Intangible
assets
|
47
|
92
|
|
Goodwill
|
2,948
|
2,885
|
|
Deferred income
taxes
|
1,412
|
1,897
|
Total
assets
|
31,518
|
39,781
|
|
|
|
Liabilities
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
2,813
|
2,693
|
|
Compensation
payable
|
12,622
|
19,205
|
|
Dividends
payable
|
459
|
408
|
|
Income taxes
payable
|
-
|
1,409
|
|
Deferred
revenue
|
-
|
438
|
|
|
15,894
|
24,153
|
Non-current
liabilities
|
|
|
|
Compensation
payable
|
916
|
1,615
|
|
Provisions
|
71
|
93
|
|
|
16,881
|
25,861
|
Equity attributable
to owners of the Company
|
|
|
|
Share
Capital
|
7,515
|
7,515
|
|
Contributed
surplus
|
15,003
|
15,002
|
|
Accumulated other
comprehensive income
|
538
|
1,257
|
|
Deficit
|
(8,419)
|
(9,854)
|
Total
equity
|
14,637
|
13,920
|
Total liabilities and
equity
|
31,518
|
39,781
|
|
THE CALDWELL
PARTNERS INTERNATIONAL INC.
|
|
CONSOLIDATED
INTERIM STATEMENTS OF EARNINGS
|
(unaudited - in
$Canadian)
|
|
Three months
ended
|
Six months
ended
|
|
February
28
|
February
28
|
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
Professional
fees
|
14,543
|
14,854
|
29,712
|
29,827
|
|
License
fees
|
374
|
67
|
591
|
143
|
|
Direct expense
reimbursements
|
411
|
-
|
917
|
-
|
|
15,328
|
14,921
|
31,220
|
29,969
|
|
|
|
|
|
Cost of
sales
|
11,926
|
11,244
|
23,504
|
22,317
|
Reimbursed direct
expenses
|
411
|
-
|
917
|
-
|
|
12,337
|
11,244
|
24,421
|
22,317
|
Gross
profit
|
2,991
|
3,677
|
6,799
|
7,653
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
General and
administrative
|
2,767
|
2,735
|
5,843
|
5,548
|
|
Sales and
marketing
|
251
|
240
|
543
|
569
|
|
Foreign exchange
gain
|
(50)
|
(5)
|
(39)
|
(75)
|
|
2,968
|
2,970
|
6,347
|
6,042
|
Operating
profit
|
23
|
707
|
452
|
1,611
|
|
|
|
|
|
Investment
income
|
97
|
2
|
56
|
4
|
Earnings before
income tax
|
120
|
709
|
508
|
1,615
|
|
|
|
|
|
Income
taxes
|
87
|
439
|
264
|
935
|
|
|
|
|
|
Net earnings for the
period attributable to owners of the Company
|
33
|
270
|
244
|
680
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
Basic and
diluted
|
$0.002
|
$0.013
|
$0.012
|
$0.033
|
|
CONSOLIDATED
INTERIM STATEMENTS OF
|
COMPREHENSIVE
EARNINGS
|
(unaudited - in
$Canadian)
|
|
Three months
ended
|
Six months
ended
|
|
February
28
|
February
28
|
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Net earnings for the
period
|
33
|
270
|
244
|
680
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
Items that may be
reclassified subsequently to net earnings
|
|
|
|
|
Gain on marketable
securities
|
-
|
30
|
-
|
89
|
Cumulative translation
adjustment
|
(70)
|
(33)
|
99
|
245
|
Comprehensive
earnings for the period attributable to owners of the
Company
|
(37)
|
267
|
343
|
1,014
|
|
THE CALDWELL
PARTNERS INTERNATIONAL INC.
|
|
CONSOLIDATED
INTERIM STATEMENTS OF CHANGES IN EQUITY
|
(unaudited - in
$Canadian)
|
|
|
|
|
|
Accumulated Other
Comprehensive
|
|
|
|
|
|
Income
(Loss)
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
Cumulative
|
Gains on
|
|
|
|
|
Contributed
|
Translation
|
Marketable
|
Total
|
|
Deficit
|
Capital
Stock
|
Surplus
|
Adjustment
|
Securities
|
Equity
|
|
|
|
|
|
|
|
Balance -
August 31, 2017
|
(10,237)
|
7,515
|
14,992
|
428
|
422
|
13,120
|
|
|
|
|
|
|
|
Net earnings for the
three month period ended
|
|
|
|
|
|
|
February 28,
2018
|
680
|
-
|
-
|
-
|
-
|
680
|
|
|
|
|
|
|
|
Dividend payments
declared
|
(816)
|
-
|
-
|
-
|
-
|
(816)
|
|
|
|
|
|
|
|
Share based payment
expense
|
-
|
-
|
5
|
-
|
-
|
5
|
|
|
|
|
|
|
|
Change in gains on
marketable
|
|
|
|
|
|
|
securities available
for sale
|
-
|
-
|
-
|
-
|
89
|
89
|
|
|
|
|
|
|
|
Change in cumulative
translation adjustment
|
-
|
-
|
-
|
245
|
-
|
245
|
|
|
|
|
|
|
|
Balance - February
28, 2018
|
(10,373)
|
7,515
|
14,997
|
673
|
511
|
13,323
|
|
|
|
|
|
|
|
Balance - August
31, 2018
|
(9,854)
|
7,515
|
15,002
|
770
|
487
|
13,920
|
|
|
|
|
|
|
|
Adoption of IFRS
9
|
818
|
-
|
-
|
-
|
(818)
|
-
|
|
|
|
|
|
|
|
Adoption of IFRS
15
|
1,291
|
-
|
-
|
-
|
-
|
1,291
|
|
|
|
|
|
|
|
Net earnings for the
six month period ended
|
|
|
|
|
|
|
February 28,
2019
|
244
|
-
|
-
|
-
|
-
|
244
|
|
|
|
|
|
|
|
Dividend payments
declared
|
(918)
|
-
|
-
|
-
|
-
|
(918)
|
|
|
|
|
|
|
|
Share based payment
expense
|
-
|
-
|
1
|
-
|
-
|
1
|
|
|
|
|
|
|
|
Change in cumulative
translation adjustment
|
-
|
-
|
-
|
99
|
-
|
99
|
|
|
|
|
|
|
|
Balance - February
28, 2019
|
(8,419)
|
7,515
|
15,003
|
869
|
(331)
|
14,637
|
|
THE CALDWELL
PARTNERS INTERNATIONAL INC.
|
|
CONSOLIDATED
INTERIM STATEMENTS OF CASH FLOW
|
(unaudited - in
$Canadian)
|
|
|
|
Six months
ended
|
|
February
28
|
|
2019
|
2018
|
|
|
|
Cash flow provided by
(used in)
|
|
|
|
|
|
Operating
Activities
|
|
|
|
Net earnings for the
period
|
244
|
680
|
|
Add (deduct) items
not affecting cash
|
|
|
|
|
Depreciation
|
256
|
262
|
|
|
Amortization
|
47
|
45
|
|
|
Amortization of
advances
|
398
|
416
|
|
|
Gain on marketable
securities classified as FVPL
|
(32)
|
-
|
|
|
Share based payment
expense
|
1
|
5
|
|
|
Unrealized foreign
exchange on subsidiary loans
|
(49)
|
(97)
|
|
|
Decrease in
provisions
|
(22)
|
(19)
|
|
|
Decrease in deferred
revenue
|
(434)
|
(642)
|
|
|
Increase in unbilled
revenue
|
692
|
-
|
|
|
Decrease in deferred
income taxes
|
-
|
204
|
|
Decrease (increase)
in cash settled share-based compensation payable
|
(699)
|
8
|
|
Decrease (increase)
in accounts receivable
|
2,091
|
(464)
|
|
Increase in income
taxes receivable
|
(696)
|
-
|
|
Decrease
(increase) in prepaid expenses and other assets
|
74
|
(39)
|
|
Increase in accounts
payable
|
87
|
438
|
|
Decrease in
compensation payable
|
(7,576)
|
(4,251)
|
|
Decrease in income
taxes payable
|
(1,409)
|
(30)
|
|
Payment of cash
settled share-based compensation
|
(943)
|
(553)
|
Net cash used in
operating activities
|
(7,970)
|
(4,037)
|
|
|
|
Investment
Activities
|
|
|
|
Increase in
marketable securities
|
-
|
(500)
|
|
Increase in
advances
|
(1,234)
|
-
|
|
Decrease in
restricted cash
|
94
|
-
|
|
Additions to property
and equipment
|
(89)
|
(75)
|
Net cash used in
investing activities
|
(1,229)
|
(575)
|
|
|
|
Financing
Activities
|
|
|
|
Dividend
payments
|
(867)
|
(816)
|
Net cash used in
financing activities
|
(867)
|
(816)
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
166
|
89
|
Net decrease in cash
and cash equivalents
|
(9,900)
|
(5,339)
|
Cash and cash
equivalents, beginning of period
|
14,885
|
10,917
|
Cash and cash
equivalents, end of period
|
4,985
|
5,578
|
The net impact of
opening balance sheet adjustments as a result of implementing IFRS
15 have been eliminated in the
|
creation of the
consolidated interim statements of cash flow.
|
View original
content:http://www.prnewswire.com/news-releases/the-caldwell-partners-international-issues-fiscal-2019-second-quarter-financial-results-300824327.html
SOURCE The Caldwell Partners International Inc.