Bluedrop Performance Learning Inc reports 37.5% revenue growth in FY2015 and 17.3 pp EBITDA Margin growth from -1.8% to 15.4%
28.01.2016 • About Bluedrop Performance Learning Inc (
$BPL) • By InTwits
Bluedrop Performance Learning Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bluedrop Performance Learning Inc is a fast growth stock: FY2015 revenue growth was 37.5%, 5 year revenue CAGR was 94.0% at FY2015 ROIC 66.5%
- Bluedrop Performance Learning Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.0%. At the same time it's a lot of higher than industry average of 2.0%.
- CAPEX is quite volatile: 0.058 in FY2015, 0.057 in FY2014, 0 in FY2013, 1.2 in FY2012, 0.036 in FY2011
- The company has highly profitable business model: ROIC is at 66.5%
- It operates with high leverage: Net Debt/EBITDA is 1.2x while industry average is -1.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bluedrop Performance Learning Inc ($BPL) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 0.490 | 10.119 | 11.528 | 15.393 | 21.173 | 37.5% |
| Gross Profit | 0.204 | 5.018 | 5.392 | 5.955 | 9.273 | 55.7% |
| SG&A | | 5.008 | 6.480 | 7.215 | 6.668 | -7.6% |
| EBITDA | -1.129 | 0.875 | -1.094 | -0.281 | 3.270 | -1,264.4% |
| Net Income | -1.416 | -0.020 | -1.724 | -3.828 | 0.314 | -108.2% |
Balance Sheet
|
|---|
| Cash | 0.400 | 0.015 | 0.230 | 0.004 | 3.197 | 78,731.8% |
| Short Term Debt | 0.000 | 0.709 | 0.547 | 3.318 | 1.427 | -57.0% |
| Long Term Debt | 0.000 | 2.005 | 2.101 | 5.206 | 5.535 | 6.3% |
Cash flow
|
|---|
| Capex | 0.036 | 1.204 | 0.000 | 0.057 | 0.058 | 1.5% |
Ratios
|
|---|
| Revenue growth | -36.5% | 1,966.4% | 13.9% | 33.5% | 37.5% | |
| EBITDA growth | -0.5% | -177.5% | -225.0% | -74.3% | -1,264.4% | |
| Gross Margin | 41.6% | 49.6% | 46.8% | 38.7% | 43.8% | 5.1% |
| EBITDA Margin | -230.7% | 8.6% | -9.5% | -1.8% | 15.4% | 17.3% |
| Net Income Margin | -289.1% | -0.2% | -15.0% | -24.9% | 1.5% | 26.3% |
| SG&A, % of revenue | | 49.5% | 56.2% | 46.9% | 31.5% | -15.4% |
| CAPEX, % of revenue | 7.4% | 11.9% | 0.0% | 0.4% | 0.3% | -0.1% |
| ROIC | -870.7% | 10.0% | -38.2% | -29.9% | 66.5% | 96.4% |
| ROE | -1,093.8% | -0.8% | -41.1% | | | 0.0% |
| Net Debt/EBITDA | | 3.1x | | | 1.2x | 1.2x |
Revenue and profitability
Bluedrop Performance Learning Inc's Revenue surged on 37.5% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 17.3 pp from -1.8% to 15.4% in FY2015.
Gross Margin increased on 5.1 pp from 38.7% to 43.8% in FY2015. SG&A as a % of Revenue dropped on 15.4 pp from 46.9% to 31.5% in FY2015.
Net Income marign jumped on 26.3 pp from -24.9% to 1.5% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Bluedrop Performance Learning Inc's CAPEX/Revenue was 0.27% in FY2015. The company showed big decline in CAPEX/Revenue of 11.6 pp from 11.9% in FY2012 to 0.27% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.2x and Debt / EBITDA is 2.1x. Net Debt / EBITDA jumped1.2x from to 1.2x in FY2015. Debt dropped on 18.3% in FY2015 while cash surged on 78,732% in FY2015.
Appendix 1: Peers in Technology
Below we provide Bluedrop Performance Learning Inc benchmarking against other companies in Technology industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mitel Networks Corp ($MNW) | -9.0% | 3.8% | -5.7% | 91.4% | |
| Redknee Solutions Inc ($RKN) | | -4.5% | 151.6% | 81.4% | -13.6% |
| Intrinsyc Technologies Corp ($ITC) | -19.0% | -26.8% | -21.7% | 70.8% | |
| Espial Group Inc ($ESP) | 10.2% | -9.5% | -5.5% | 59.4% | |
| iLOOKABOUT Corp ($ILA) | -7.6% | 19.6% | 8.9% | 58.8% | |
| |
|---|
| Median (33 companies) | 13.9% | 3.7% | 11.4% | 13.7% | 10.1% |
|---|
| Bluedrop Performance Learning Inc ($BPL) | | 1,966.4% | 13.9% | 33.5% | 37.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ProntoForms Corp ($PFM) | 90.1% | 96.1% | 98.1% | 98.0% | |
| Constellation Software Inc/Canada ($CSU) | 85.5% | 86.2% | 85.5% | 86.1% | |
| Symbility Solutions Inc ($SY) | 82.1% | 80.6% | 79.9% | 81.0% | |
| Espial Group Inc ($ESP) | 77.9% | 77.5% | 81.7% | 78.5% | |
| Absolute Software Corp ($ABT) | 71.6% | 73.6% | 76.3% | 78.4% | 81.1% |
| |
|---|
| Median (31 companies) | 50.9% | 59.2% | 53.2% | 52.2% | 53.4% |
|---|
| Bluedrop Performance Learning Inc ($BPL) | 41.6% | 49.6% | 46.8% | 38.7% | 43.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Wi-LAN Inc ($WIN) | 26.5% | 40.9% | 12.2% | 56.2% | |
| Computer Modelling Group Ltd ($CMG) | 51.5% | 53.8% | 52.2% | 51.5% | 50.8% |
| Open Text Corp ($OTC) | 27.1% | 26.5% | 29.1% | 30.0% | 31.8% |
| Sandvine Corp ($SVC) | 5.1% | 0.9% | 24.0% | 28.2% | 35.1% |
| Enghouse Systems Ltd ($ESL) | 24.8% | 25.4% | 23.6% | 24.7% | 21.9% |
| |
|---|
| Median (33 companies) | 8.9% | 8.3% | 6.2% | 7.2% | 17.6% |
|---|
| Bluedrop Performance Learning Inc ($BPL) | -230.7% | 8.6% | -9.5% | -1.8% | 15.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Halogen Software Inc ($HGN) | | 4.9% | 9.0% | 8.4% | |
| Intermap Technologies Corp ($IMP) | 0.4% | 1.0% | 3.2% | 7.4% | |
| Kinaxis Inc ($KXS) | 2.2% | 2.9% | 2.3% | 5.0% | |
| BlackBerry Ltd ($BB) | 5.2% | 4.9% | 3.8% | 4.2% | 2.6% |
| ProntoForms Corp ($PFM) | 1.3% | 1.1% | 0.8% | 3.6% | |
| |
|---|
| Median (33 companies) | 1.3% | 1.5% | 1.5% | 1.3% | 1.6% |
|---|
| Bluedrop Performance Learning Inc ($BPL) | 7.4% | 11.9% | 0.0% | 0.4% | 0.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kinaxis Inc ($KXS) | | | 61.8% | 63.6% | |
| Computer Modelling Group Ltd ($CMG) | 75.5% | 74.2% | 68.6% | 62.9% | 63.5% |
| SMART Technologies Inc ($SMA) | 43.2% | 21.4% | -18.9% | 28.1% | 43.8% |
| Constellation Software Inc/Canada ($CSU) | 45.8% | 45.9% | 22.4% | 24.7% | |
| Sandvine Corp ($SVC) | -1.7% | -4.9% | 16.9% | 20.2% | 21.7% |
| |
|---|
| Median (33 companies) | 5.5% | 2.9% | -4.3% | 3.3% | 8.3% |
|---|
| Bluedrop Performance Learning Inc ($BPL) | -870.7% | 10.0% | -38.2% | -29.9% | 66.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Data Group Ltd ($DGI) | 3.2x | 3.5x | 3.7x | 4.0x | |
| Critical Control Energy Services Corp ($CCZ) | 1.9x | | 1.4x | 2.7x | |
| Mitel Networks Corp ($MNW) | 4.9x | 3.7x | 3.8x | 2.6x | |
| Open Text Corp ($OTC) | 0.0x | 0.1x | 0.2x | 1.8x | 1.5x |
| CGI Group Inc ($GIB.A) | 1.3x | 6.0x | 2.4x | 1.3x | 1.0x |
| |
|---|
| Median (22 companies) | -0.3x | -0.4x | -0.4x | -1.3x | -0.2x |
|---|
