Intrinsyc Technologies Corp Net Income jumped on 516% in 2015 and EBITDA Margin increased on 8.6 pp from 2.2% to 10.8%
23.03.2016 • About Intrinsyc Technologies Corp (
$ITC) • By InTwits
Intrinsyc Technologies Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Intrinsyc Technologies Corp motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -2.8% for the sames years0
- Intrinsyc Technologies Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has highly profitable business model: ROIC is at 12.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Intrinsyc Technologies Corp ($ITC) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 10.298 | 7.537 | 5.898 | 10.076 | 12.545 | 24.5% |
| Gross Profit | 5.359 | 2.950 | 2.182 | 3.901 | 5.525 | 41.6% |
| SG&A | 4.277 | 3.482 | 4.347 | 2.826 | 3.553 | 25.7% |
| EBITDA | 0.204 | -0.790 | -2.287 | 0.221 | 1.349 | 509.3% |
| Net Income | -0.180 | -0.875 | -2.084 | -0.174 | 0.723 | -516.2% |
Balance Sheet
|
|---|
| Cash | 9.383 | 6.039 | 4.612 | 4.323 | 5.898 | 36.4% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.134 | 0.069 | 0.015 | 0.043 | 0.093 | 117.4% |
Ratios
|
|---|
| Revenue growth | -19.0% | -26.8% | -21.7% | 70.8% | 24.5% | |
| EBITDA growth | -106.8% | -486.7% | 189.5% | -109.7% | 509.3% | |
| Gross Margin | 52.0% | 39.1% | 37.0% | 38.7% | 44.0% | 5.3% |
| EBITDA Margin | 2.0% | -10.5% | -38.8% | 2.2% | 10.8% | 8.6% |
| Net Income Margin | -1.8% | -11.6% | -35.3% | -1.7% | 5.8% | 7.5% |
| SG&A, % of revenue | 41.5% | 46.2% | 73.7% | 28.0% | 28.3% | 0.3% |
| CAPEX, % of revenue | 1.3% | 0.9% | 0.3% | 0.4% | 0.7% | 0.3% |
| ROIC | -4.3% | -7.5% | -22.7% | 0.9% | 12.3% | 11.4% |
| ROE | -1.4% | -7.2% | -19.9% | -1.9% | 7.5% | 9.4% |
| Net Debt/EBITDA | -45.9x | | | -19.5x | -4.4x | 15.2x |
Revenue and profitability
Intrinsyc Technologies Corp's Revenue jumped on 24.5% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.6 pp from -13.6% to -10.0% in FY2015.
Gross Margin increased on 5.3 pp from 38.7% to 44.0% in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign increased on 7.5 pp from -1.7% to 5.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.74% in 2015. Intrinsyc Technologies Corp's CAPEX/Revenue showed almost no change from 2012 to 2015. For the last three years the average CAPEX/Revenue was 0.48%.
Return on investment
The company operates at good ROIC (12.25%) while ROE is low (7.50%). ROIC jumped on 11.4 pp from 0.87% to 12.3% in 2015. ROE increased on 9.4 pp from -1.9% to 7.5% in 2015.
Leverage (Debt)
The company has no debt. Cash jumped on 36.4% in 2015.
Appendix 1: Peers in Technology
Below we provide Intrinsyc Technologies Corp 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 ($MNW) | | 3.8% | -5.7% | 91.4% | 4.9% |
| Redknee Solutions Inc ($RKN) | | -4.5% | 151.6% | 81.4% | -13.6% |
| Espial Group Inc ($ESP) | | -9.5% | -5.5% | 59.4% | 24.2% |
| iLOOKABOUT Corp ($ILA) | -7.6% | 19.6% | 8.9% | 58.8% | |
| Sylogist Ltd ($SYZ) | | -5.8% | 25.7% | 50.5% | 56.1% |
| |
|---|
| Median (34 companies) | 17.5% | 3.7% | 11.9% | 12.6% | 12.9% |
|---|
| Intrinsyc Technologies Corp ($ITC) | | -26.8% | -21.7% | 70.8% | 24.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ProntoForms Corp ($PFM) | 90.1% | 96.1% | 98.1% | 98.0% | 79.4% |
| Constellation Software Inc/Canada ($CSU) | 85.5% | 86.2% | 85.5% | 86.1% | 86.2% |
| Symbility Solutions Inc ($SY) | 82.1% | 80.6% | 79.9% | 81.0% | |
| Espial Group Inc ($ESP) | 77.9% | 77.5% | 81.7% | 78.5% | 74.3% |
| Absolute Software Corp ($ABT) | 71.6% | 73.6% | 76.3% | 78.4% | 81.1% |
| |
|---|
| Median (31 companies) | 49.5% | 59.2% | 53.2% | 52.2% | 58.6% |
|---|
| Intrinsyc Technologies Corp ($ITC) | 52.0% | 39.1% | 37.0% | 38.7% | 44.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Wi-LAN Inc ($WIN) | 26.5% | 40.9% | 12.2% | 56.2% | 53.2% |
| Computer Modelling Group Ltd ($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 ($ESL) | 24.8% | 25.4% | 23.6% | 24.7% | 21.9% |
| |
|---|
| Median (34 companies) | 8.6% | 8.5% | 5.8% | 7.1% | 15.7% |
|---|
| Intrinsyc Technologies Corp ($ITC) | 2.0% | -10.5% | -38.8% | 2.2% | 10.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Halogen Software Inc ($HGN) | | 4.9% | 9.0% | 8.4% | 2.9% |
| Intermap Technologies Corp ($IMP) | 0.4% | 1.0% | 3.2% | 7.4% | |
| Kinaxis Inc ($KXS) | 2.2% | 2.9% | 2.3% | 5.0% | 4.7% |
| BlackBerry Ltd ($BB) | 5.2% | 4.9% | 3.8% | 4.2% | 2.6% |
| ProntoForms Corp ($PFM) | 1.3% | 1.1% | 0.8% | 3.6% | 1.9% |
| |
|---|
| Median (34 companies) | 1.2% | 1.6% | 1.5% | 1.2% | 1.4% |
|---|
| Intrinsyc Technologies Corp ($ITC) | 1.3% | 0.9% | 0.3% | 0.4% | 0.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kinaxis Inc ($KXS) | | | 61.8% | 63.6% | 44.0% |
| Computer Modelling Group Ltd ($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% | 38.5% |
| Sandvine Corp ($SVC) | -1.7% | -4.9% | 16.9% | 20.2% | 21.7% |
| |
|---|
| Median (34 companies) | 5.9% | 4.4% | -4.5% | 0.2% | 7.4% |
|---|
| Intrinsyc Technologies Corp ($ITC) | -4.3% | -7.5% | -22.7% | 0.9% | 12.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mad Catz Interactive Inc ($MCZ) | 0.7x | 32.2x | 1.2x | | 9.4x |
| Mitel Networks Corp ($MNW) | 4.9x | 3.7x | 3.8x | 2.6x | 6.2x |
| BlackBerry Ltd ($BB) | -0.3x | -0.5x | -2.3x | | 1.7x |
| Open Text Corp ($OTC) | 0.0x | 0.1x | 0.2x | 1.8x | 1.5x |
| SMART Technologies Inc ($SMA) | 1.4x | 2.1x | | 1.2x | 1.3x |
| |
|---|
| Median (19 companies) | -0.2x | -0.4x | -0.4x | -1.3x | -0.2x |
|---|
| Intrinsyc Technologies Corp ($ITC) | -45.9x | | | -19.5x | -4.4x |
