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Evertz Technologies Limited (EVTZF) Q1 2025 Earnings Call Transcript

Evertz Technologies Limited (OTCPK:EVTZF) Q1 2025 Earnings Conference Call September 11, 2024 5:00 PM ET

Company Participants

Brian Campbell – EVP of Business Development
Doug Moore – CFO

Conference Call Participants

Thanos Moschopoulos – BMO Capital Markets
Robert Young – Canaccord Genuity

Operator

Good afternoon, ladies and gentlemen, and welcome to Evertz First Quarter Investor Call. (Operator Instructions) I would now like to turn the conference over to Brian Campbell, Executive Vice President of Business Development. Please go ahead.

Brian Campbell

Thank you, Konstantin. Good afternoon, everyone, and welcome to Evertz Technologies’ conference call for our fiscal 2025 first quarter ended July 31, 2024, with Doug Moore, Evertz’ Chief Financial Officer; and myself, Brian Campbell. Please note that our financial press release and MD&A will be available on SEDAR and on the company’s investor website. Doug and I will comment on the financial results and then open the call to your questions.

Turning now to Evertz’ results. I’ll begin by providing a few highlights, and then Doug will provide additional details. First off, sales for the first quarter totaled $111.6 million, including $55.9 million in software and services revenue. Our sales base is well diversified, with the top 10 customers accounting for approximately 50% of sales during the quarter, with one customer accounting for approximately 14% of sales, and a second customer at 11%. In fact, we had 94 customer orders of over $200,000.

Gross margin in the quarter was $45.4 million or 59.4%, up from 57.3% in the prior year. Net earnings were $9.7 million resulting in fully diluted earnings per share of $0.13 for the quarter. Investment in research and development totaled $37.3 million. Year-over-year, our cash position strengthened, closing Q1 2025 with $91 million in the quarter.

Evertz working capital was $197.7 million as at July 31, 2024, down $3.7 million

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