Absolute Software Reports Fiscal 2013 Year-End and Fourth Quarter Results
Year ends with strong momentum as Absolute delivers record quarterly Sales Contracts
VANCOUVER, Aug. 12, 2013 /PRNewswire/ - Absolute® Software Corporation ("Absolute" or the "Company") (TSX: ABT), the industry standard for persistent endpoint security and management solutions for computers, laptops and ultra-portable devices today announced its financial results for the three months and year ended June 30, 2013. All financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in U.S. dollars.
| Key Financial Metrics | Q4 F2013 |
Q4 F2012 |
% change |
F2013 | F2012 | % change |
| Sales Contracts(1) | $26.2M | $23.8M | +10% | $88.3M | $88.7M | 0% |
| Cash from operating activities | $3.2M | $4.7M | (33%) | $17.5M | $18.9M | (7%) |
| Operating cash per share(2) (basic) (diluted) |
$0.08 $0.07 |
$0.11 $0.10 |
(27%) (30%) |
$0.41 $0.41 |
$0.44 $0.43 |
(7%) (5%) |
| Revenue | $22.0M | $19.5M | +13% | $83.2M | $74.6M | +12% |
| Adjusted EBITDA(3) | $3.2M | $2.0M | +58% | $11.7M | $11.7M | 0% |
| Net income (loss) | $0.4M | $(2.4)M | nm | $1.7M | $(1.4)M | nm |
| Net income (loss) per share (basic) (diluted) |
$0.01 $0.01 |
$(0.05) $(0.05) |
nm nm |
$0.04 $0.04 |
$(0.03) $(0.03) |
nm nm |
| Dividends paid Per share (CAD) |
$2.0M $0.05 |
Nil Nil |
nm nm |
$4.1M $0.10 |
Nil Nil |
nm nm |
| Cash, cash equivalents and investments | $62.9M | $69.9M | (10%) | |||
| Deferred revenue | $130.6M | $125.2M | +4% |
(1)(2)(3) - Please refer to "Non-IFRS Measures and Definitions"
Q4 F2013 Highlights:
- Achieved record Sales Contracts of $26.2 million
- Sales Contracts grew in every market vertical, driving a total year-over-year increase of 10%
- Commercial Sales Contracts increased by 10%
- Device Management and Data Security Sales Contracts increased by 15% while sales of Theft Management products increased 8%
- International Sales Contracts increased by 46%, driven by strong demand in the education vertical
- Cash from Operating Activities was $3.2 million
- Paid a quarterly dividend of $2.0 million, or CAD$0.05 per common share
- Announced a global partnership with Samsung Electronics to provide enterprise mobility management and theft protection to GALAXY S4 mobile devices
- Launched first-to-market Mobile Theft Management for Apple iPad® and iPad Mini devices
- Launched first-to-market consumer theft recovery solution for Android Smartphones
- Enhanced data protection portfolio with the acquisition of data security and data loss prevention assets from Palisade Systems
- Announced positive movement in the Visionaries Quadrant of the Gartner Magic Quadrant for Client Management Tools and achieved positioning in the Niche Quadrant of the Gartner Magic Quadrant for Mobile Device Management Software. Absolute is now one of only four vendors who are positioned in both of these Magic Quadrants
Fiscal 2013 Highlights:
- Total Sales Contracts were flat year-over-year
- Commercial Sales Contracts increased by 1%
- Device Management and Data Security Sales Contracts increased by 23% while sales of Theft Management products decreased by 8%
- International Sales Contracts increased by 2%
- Cash from Operating Activities was $17.5 million, down from $18.9 million
- Initiated a quarterly dividend policy and paid quarterly dividends totaling $4.1 million
- Announced a $3.5 million Computrace sale to a Fortune 100 healthcare industry customer
- Extended Absolute's persistent technology to Samsung's flagship GALAXY smartphone and tablet platforms, and to Dell, HP, Lenovo, Panasonic and Fujitsu tablet platforms
- Broadened management product line with the acquisition of LiveTime Software, a SaaS and on-premise IT Service Management provider
- Announced the appointment of Thomas Kenny to the role of Executive Vice President and General Manager of Global Sales and Marketing
- Awarded a new patent for a "Persistent Servicing Agent" that includes services such as remote data deletion
"In fiscal 2013, we made two acquisitions, enhanced our product portfolio and achieved important strategic initiatives with Apple and Samsung. This demonstrates that we continue to successfully transition from a legacy PC services business to a uniquely positioned PC, tablet and smartphone security and management services company," said John Livingston, CEO of Absolute. "Reflecting this transition, our Q4 financial results show that we ended the year with strong momentum throughout the business. We delivered growth in each of our commercial markets, in both our theft management and device management and data security product groups, and in international markets. In fiscal 2014, our focus is to maintain this momentum and to execute on our sales plan to drive further growth."
F2013 Year-End and Q4 Financial Review
F2013 Sales Contracts remained relatively flat at $88.3 million compared to $88.7 million in F2012. For Q4-2013, Sales Contracts were $26.2 million, up 10% from $23.8 million in Q4-F2012.
Commercial Sales Contracts for Absolute's flagship theft management products were $52.8 million for F2013. This was down 8% from $57.3 million in F2012. For Q4-F2013, commercial Sales Contracts for theft management products were $16.8 million, up 8% from $15.6 million in Q4-F2012.
F2013 commercial Sales Contracts from Absolute's device management and data security products were $29.6 million. This was up 23% compared to $24.1 million for F2012. For Q4-F2013, commercial Sales Contracts from Absolute's device management and data security products were $8.2 million, up 15% from $7.1 million in Q4-F2012.
International Sales Contracts remained relatively flat at $10.9 million in F2013 compared to $10.6 million in F2012. Driven by strong demand in the education vertical, international Sales Contracts were $2.8 million for Q4-F2013, up 46% from $1.9 million in Q4-F2012.
For F2013, Sales Contracts for consumer solutions were $5.9 million, or 7% of Sales Contracts, compared to $7.2 million, or 8% of Sales Contracts in F2012. For Q4-F2013, Sales Contracts for consumer solutions were $1.2 million, or 4% of Sales Contracts, compared to $1.1 million, or 5% of Sales Contracts in Q4-F2013.
Revenue for F2013 was $83.2 million, a 12% increase from $74.6 million in F2012. For Q4-F2013, revenue was $22.0 million, up 13% from $19.5 million in Q4-F2012. Indicative of the Company's Software-as-a-Service Model ("SaaS") business model, revenue primarily represents the amortization of deferred revenue balances from recurring term license sales. For F2013, 76% of revenue was related to the drawdown of deferred revenue balances accumulated to the end of the prior fiscal year.
Adjusted Operating Expenses for F2013 were $71.4 million, up 14% from $62.9 million in F2012. The year-over-year change was primarily due to increased investment levels in sales and marketing and research and development that were initiated toward the end of F2012 to support the Company's long term growth initiatives. Adjusted Operating Expenses for Q4-F2013 were $18.8 million, up 7% from $17.5 million in Q4-F2012.
Absolute generated Adjusted EBITDA of $11.7 million in F2013, which was flat compared to Adjusted EBITDA of $11.7 million in F2012. For Q4-F2013, Adjusted EBITDA was $3.2 million, up 58% from $2.0 million in Q4-F2012, reflecting a greater increase in revenue relative to expenses.
Absolute recorded net income of $1.7 million, or $0.04 per share, in F2013, compared to a net loss of $1.4 million, or $(0.03) per share, in F2012. Absolute generated net income of $0.4 million, or $0.01 per share, in Q4-F2013, compared to a net loss of $2.4 million, or $(0.05) per share, in Q4-F2012.
Cash from operating activities was $17.5 million for F2013, down 7% from $18.9 million in F2012. Cash from operating activities for Q4-F2013 decreased 33% to $3.2 million from $4.7 million in Q4-F2012.
In F2013, Absolute initiated a dividend policy of CAD$0.05 per share paid quarterly. During F2013, Absolute paid total dividends of $4.1 million compared to nil in F2012.
At June 30, 2013, Absolute had cash, cash equivalents and investments of $62.9 million compared to $69.9 million at June 30, 2012.
F2014 Outlook
We remain confident in the market opportunity for our solutions and intend to make continued investments, particularly in the key areas of sales and marketing and research and development, in order to fully capitalize on this opportunity. For F2014, we expect Sales Contracts to increase over F2013 levels and for cash generated from operating activities to grow modestly from F2013 levels.
Quarterly and Annual Filings
Management's discussion and analysis ("MD&A"), consolidated financial statements and notes thereto for Q4 and fiscal 2013 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.
Notice of Conference Call
Absolute Software will hold a conference call to discuss the Company's Q4 and fiscal 2013 results on Monday, August 12, 2013 at 2:00 p.m. PT (5:00 p.m. ET). All interested parties can join the call by dialing 416-764-8609 or 1-888-390-0605. Please dial-in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, August 19, 2013 at midnight.
A live audio webcast of the conference call will be available at www.absolute.com and www.newswire.ca. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 365 days at www.newswire.ca. To access the archived conference call, please dial 416-764-8677 or 1-888-390-0541 enter the reservation code 030822.
Non-IFRS Measures and Definitions
Throughout this press release, we refer to a number of measures which we believe are meaningful in the assessment of the Company's performance. All these metrics are non-standard measures under International Financial Reporting Standards ("IFRS"), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS. For a discussion of the purpose of these non-IFRS measures, please refer to the Company's Fiscal 2013 Q4 MD&A on SEDAR at www.SEDAR.com.
These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:
1) Sales Contracts
See the "Subscription Business Model" section of the MD&A for a detailed discussion of why we believe Sales Contracts (also known as "bookings") provide a meaningful performance metric. Sales Contracts are included in deferred revenue (see Note 11 of the Notes to the Consolidated Financial Statements), and result from invoiced sales of our products and services.
2) Basic and diluted Cash from Operating Activities per share
As a result of the nature of our revenues (please refer to "Subscription Business Model" in the MD&A), we use Cash from Operating Activities as a measure of profitability. Accordingly, we believe that Cash from Operating Activities per share is a meaningful indicator of profitability per share. Cash from Operating Activities per share is calculated by dividing Cash from Operating Activities by the average number of shares outstanding for the period (basic), or using the treasury stock method (diluted).
3) Adjusted Operating Expenses
A number of significant non-cash expenses are reported in our Cost of Revenue and Operating Expenses. Management believes that analyzing these expenses exclusive of these non-cash items provides a useful measure of the cash invested in the operations of its business. The non-cash items excluded in the determination of Adjusted Operating Expenses are share-based compensation, amortization of acquired intangible assets, and amortization of property and equipment. For a description of the reasons these items are adjusted, please refer to the Fiscal 2013 MD&A.
4) Adjusted EBITDA
Management believes that analyzing operating results exclusive of significant non-cash items provides a useful measure of the Company's performance. The term Adjusted EBITDA refers to earnings before deducting interest and investment gains (losses), income taxes, amortization of acquired intangible asset and property and equipment, foreign exchange gain or loss, and share-based compensation. The non-cash items excluded in the determination of Adjusted EBITDA include share-based compensation, amortization of acquired intangibles, and amortization of property and equipment.
5) Theft Management products
Management defines the Company's theft management product line as Computrace products that include an investigations and recovery services component.
6) Device Management and Data Security products
Management defines the Company's device management and data security product line as are defined as our Absolute Manage and Absolute Secure Drive products, as well as Computrace products that do not include an investigations and recovery services component (for example, Absolute Track and Computrace Data Protection).
About Absolute Software
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and management for computers, laptops, tablets and smartphones. The Company, a leader in device security and management tracking for 20 years, has over 30,000 commercial customers worldwide. Absolute's solutions - Computrace®, Absolute Manage®, Absolute Service, Absolute Secure Drive, and Computrace LoJack® for Laptops - provide organizations with actionable intelligence to prove compliance, securely manage BYOD, and deliver comprehensive visibility and control over all of their devices and data. Absolute is positioned on two Gartner, Inc. Magic Quadrants - the Magic Quadrant for Client Management Tools and the Magic Quadrant for Mobile Device Management Software. Absolute is one of only four vendors to be recognized on both Magic Quadrants based on providing customers with the ability to secure and manage many different types of devices using a single solution. Absolute persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Motion, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, visit www.absolute.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2013 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,087,937, No. 6,244,758, No. 6,269,392, No. 6,300,863, No. 6,507,914, No. 7,818,557, No. 7,818,803, No. 7,945,709, No. 8,062,380, No. 8,234,359, No. 8,241,369, No. 8,307,055, No. 8,332,953 and No. 8,418,226. Canadian patents No. 2,211,735, No. 2,284,806, No. 2,205,370 and No. 2,771,208. U.K. patents No. EP0793823, No. GB2298302, and No. GB2338101. German patent No. 69512534. Australian patent No. 699045. Japanese patent No. JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Financial Position
(Expressed in United States dollars) (Unaudited)
| June 30, 2013 | June 30, 2012 | |||
| ASSETS | ||||
| CURRENT | ||||
| Cash and cash equivalents | $ 31,114,998 | $ 45,412,147 | ||
| Short-term investments | 13,165,606 | 8,642,435 | ||
| Trade and other receivables | 18,196,955 | 18,105,369 | ||
| Prepaid expenses and other | 1,712,988 | 2,010,165 | ||
| 64,190,547 | 74,170,116 | |||
| INVESTMENTS | 18,639,550 | 15,875,256 | ||
| PROPERTY AND EQUIPMENT | 1,294,249 | 1,561,495 | ||
| DEFERRED INCOME TAX ASSETS | 20,340,047 | 19,848,221 | ||
| INTANGIBLE ASSETS AND GOODWILL | 21,933,959 | 18,256,872 | ||
| $ 126,398,352 | $ 129,711,960 | |||
| LIABILITIES | ||||
| CURRENT | ||||
| Trade and other payables | $ 8,943,682 | $ 7,016,921 | ||
| Acquisition payable - LANrev | - | 1,657,949 | ||
| Accrued warranty | 420,000 | 590,000 | ||
| Deferred revenue - current | 68,093,937 | 63,173,264 | ||
| 77,457,619 | 72,438,134 | |||
| DEFERRED REVENUE | 62,542,619 | 62,038,434 | ||
| 140,000,238 | 134,476,568 | |||
| COMMITTMENTS | ||||
| CONTINGENCIES | ||||
| SHAREHOLDERS' DEFICIENCY | ||||
| Share capital | 41,690,749 | 38,625,463 | ||
| Equity reserve | 36,542,921 | 35,751,185 | ||
| Deficit | (91,835,556) | (79,141,256) | ||
| (13,601,886) | (4,764,608) | |||
| $ 126,398,352 | $ 129,711,960 | |||
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Operations and Comprehensive Income (Loss)
Three months and year ended June 30, 2013 and 2012
(Expressed in United States dollars) (Unaudited)
| Three months ended June 30, |
Year ended June 30, |
||||||
| 2013 | 2012 | 2013 | 2012 | ||||
| REVENUE | $ 21,984,411 | $ 19,529,188 | $ 83,178,357 | $ 74,564,704 | |||
| COST OF REVENUE | 4,695,735 | 4,772,790 | 19,726,415 | 19,701,385 | |||
| GROSS MARGIN | 17,288,676 | 14,756,398 | 63,451,942 | 54,863,319 | |||
| OPERATING EXPENSES | |||||||
| Sales and marketing | 10,035,529 | 9,384,732 | 38,682,386 | 33,213,549 | |||
| Research and development | 3,007,752 | 3,135,099 | 11,428,539 | 9,371,694 | |||
| General and administration | 2,434,695 | 1,889,564 | 8,654,165 | 7,204,407 | |||
| Share-based compensation | 553,926 | 594,921 | 2,295,051 | 2,478,178 | |||
| 16,031,902 | 15,004,316 | 61,060,141 | 52,267,828 | ||||
| OPERATING INCOME (LOSS) | 1,256,774 | (247,918) | 2,391,801 | 2,595,491 | |||
| OTHER (EXPENSE) INCOME | |||||||
| Interest income, net | 33,871 | 177,714 | 182,206 | 591,365 | |||
| Foreign exchange (loss) gain | (148,896) | (622,210) | (1,711) | (1,263,571) | |||
| (Loss) gain on investments | - | (78,740) | (29,627) | 30,078 | |||
| (115,025) | (523,236) | 150,868 | (642,128) | ||||
| NET INCOME (LOSS) BEFORE INCOME TAXES | 1,141,749 | (771,154) | 2,542,669 | 1,953,363 | |||
| INCOME TAX EXPENSE | (693,824) | (1,629,310) | (804,217) | (3,369,249) | |||
| NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | $ 447,925 | $ (2,400,464) | $ 1,738,452 | $ (1,415,886) | |||
| BASIC AND DILUTED INCOME (LOSS) PER SHARE | $ 0.01 | $ (0.05) | $ 0.04 | $ (0.03) | |||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | 41,832,793 | 43,707,358 | 42,345,547 | 43,428,911 | |||
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency
(Expressed in United States dollars) (Unaudited)
| Share Capital | |||||
| Number of Common shares |
Amount | Equity reserve | Deficit | Total | |
| BALANCE, JUNE 30, 2011 | 43,680,498 | $ 34,640,517 | $ 34,431,802 | $ (74,766,754) | $ (5,694,435) |
| Shares issued on options exercised | 739,037 | 3,713,432 | (1,158,795) | - | 2,554,637 |
| Shares issued under Employee Share Purchase Plan | 175,102 | 597,531 | - | - | 597,531 |
| Shares repurchased and cancelled under the Normal Course Issuer Bid | (1,003,500) | (1,153,451) | - | (2,958,616) | (4,112,067) |
| Shares issued on acquisition | 166,666 | 827,434 | - | - | 827,434 |
| Share-based compensation expense | - | - | 2,478,178 | - | 2,478,178 |
| Net loss and total comprehensive loss | - | - | - | (1,415,886) | (1,415,886) |
| BALANCE, JUNE 30, 2012 | 43,757,803 | $ 38,625,463 | $ 35,751,185 | $ (79,141,256) | $ (4,764,608) |
| Shares issued on options exercised | 796,636 | 4,816,877 | (1,503,315) | - | 3,313,562 |
| Shares issued under Employee Share Purchase Plan | 144,046 | 612,121 | - | - | 612,121 |
| Shares repurchased and cancelled under the Normal Course Issuer Bid | (2,812,900) | (3,191,146) | - | (10,314,109) | (13,505,255) |
| Shares issued on acquisition | 166,668 | 827,434 | - | - | 827,434 |
| Share-based compensation expense | - | - | 2,295,051 | - | 2,295,051 |
| Dividends paid | - | - | - | (4,118,643) | (4,118,643) |
| Net income and total comprehensive income | - | - | - | 1,738,452 | 1,738,452 |
| BALANCE, JUNE 30, 2013 | 42,052,253 | $ 41,690,749 | $ 36,542,921 | $ (91,835,556) | $ (13,601,886) |
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Cash Flows
Three months and year ended June 30, 2013 and 2012
(Expressed in United States dollars) (Unaudited)
| Three months ended June 30, |
Year ended June 30, |
|||||
| 2013 | 2012 | 2013 | 2012 | |||
| OPERATING ACTIVITIES | ||||||
| Net income (loss) | $ 447,925 | $ (2,400,464) | $ 1,738,452 | $ (1,415,886) | ||
| Items not involving cash | ||||||
| Amortization of property and equipment | 288,003 | 345,367 | 1,294,326 | 1,269,694 | ||
| Amortization of acquired intangible assets | 1,093,716 | 1,328,350 | 5,755,100 | 5,370,169 | ||
| Amortization of intangible assets - contract costs and brand | 1,587,154 | 1,446,251 | 6,022,219 | 5,618,676 | ||
| Share-based compensation | 553,926 | 594,921 | 2,295,051 | 2,478,178 | ||
| Deferred income taxes | 549,350 | 1,389,310 | (491,826) | 997,249 | ||
| Loss (gain) on investments | - | 78,740 | 29,627 | (30,078) | ||
| Unrealized foreign exchange loss (gain) | - | 252,084 | (277,892) | 1,237,311 | ||
| Non-cash interest and amortization of investment premium |
3,901 | 236,356 | 274,233 | 379,386 | ||
| Change in non-cash working capital | ||||||
| Trade and other receivables | (4,996,872) | (774,615) | 80,249 | (1,901,526) | ||
| Prepaid expenses and other | (76,111) | (272,498) | 297,177 | (569,799) | ||
| Intangible assets - contract costs and brand additions | (1,780,918) | (1,697,980) | (6,574,406) | (6,414,256) | ||
| Trade and other payables | 1,359,016 | (28,907) | 2,111,353 | (1,866,485) | ||
| Accrued warranty | (56,000) | (40,000) | (170,000) | (290,000) | ||
| Deferred revenue | 4,181,991 | 4,280,140 | 5,139,857 | 14,032,861 | ||
| CASH FROM OPERATING ACTIVITIES | 3,155,081 | 4,737,055 | 17,523,520 | 18,895,494 | ||
| INVESTING ACTIVITIES | ||||||
| Purchase of property and equipment | (221,724) | (437,608) | (948,322) | (929,040) | ||
| Acquisition of LiveTime | - | - | (8,000,000) | - | ||
| Acquisition of Palisade | (675,000) | - | (675,000) | - | ||
| Purchase of intangible assets | (50,000) | (25,000) | (350,069) | |||
| Acquisition payable | - | - | (833,333) | (833,333) | ||
| Proceeds from sales and maturities of short-term investments | 15,450,000 | 10,067,870 | 23,489,727 | 16,101,051 | ||
| Purchase of short-term investments | (9,329,984) | (125,000) | (24,609,984) | (355,752) | ||
| Purchase of investments | (6,190,335) | (16,046,523) | (6,190,335) | (16,046,523) | ||
| CASH USED IN INVESTING ACTIVITIES | (967,043) | (6,591,261) | (17,792,247) | (2,413,666) | ||
| FINANCING ACTIVITIES | ||||||
| Repurchase of common shares for cancellation | - | - | (13,504,414) | (3,983,136) | ||
| Dividends paid | (2,049,310) | - | (4,118,643) | - | ||
| Issuance of common shares | 1,534,239 | 263,539 | 3,924,820 | 3,165,584 | ||
| CASH (USED IN) FROM FINANCING ACTIVITIES | (515,071) | 263,539 | (13,698,237) | (817,552) | ||
| FOREIGN EXCHANGE EFFECT ON CASH | (164,249) | (52,257) | (330,185) | (118,870) | ||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,508,718 | (1,642,924) | (14,297,149) | 15,545,406 | ||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 29,606,280 | 47,055,071 | 45,412,147 | 29,866,741 | ||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 31,114,998 | $ 45,412,147 | $ 31,114,998 | $ 45,412,147 | ||
SOURCE Absolute Software Corporation
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