Intermap Technologies Corp revenue increased on 4.7% in 2015 and EBITDA Margin surged on 55.9 pp from -151% to -95.1%
29.03.2016 • About Intermap Technologies Corp (
$IMP) • By InTwits
Intermap Technologies Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -95.1%
- Intermap Technologies Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -23.9%0
- Intermap Technologies Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.5%. At the same time it's a lot of higher than industry average of 1.6%.
- CAPEX is quite volatile: 0.050 in 2015, 0.61 in 2014, 0.78 in 2013, 0.29 in 2012, 0.10 in 2011
- It operates with high leverage: Net Debt/EBITDA is 0.3x while industry average is -2.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Intermap Technologies Corp ($IMP) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 24.067 | 27.753 | 24.442 | 8.254 | 8.642 | 4.7% |
| Gross Profit | -15.296 | -2.101 | -4.686 | -13.587 | -8.218 | -39.5% |
| EBITDA | -7.309 | 4.360 | 1.345 | -12.464 | -8.218 | -34.1% |
| Net Income | -13.596 | -2.926 | -13.529 | -12.800 | -18.154 | 41.8% |
Balance Sheet
|
|---|
| Cash | 0.597 | 2.055 | 2.420 | 0.537 | 0.000 | -100.0% |
| Short Term Debt | 0.940 | 1.154 | 1.303 | 6.612 | 10.283 | 55.5% |
| Long Term Debt | 1.986 | 0.923 | 0.192 | 0.218 | 7.508 | 3,344.0% |
Cash flow
|
|---|
| Capex | 0.102 | 0.288 | 0.780 | 0.609 | 0.050 | -91.8% |
Ratios
|
|---|
| Revenue growth | 72.7% | 15.3% | -11.9% | -66.2% | 4.7% | |
| EBITDA growth | -67.4% | -159.7% | -69.2% | -1,026.7% | -34.1% | |
| Gross Margin | -63.6% | -7.6% | -19.2% | -164.6% | -95.1% | 69.5% |
| EBITDA Margin | -30.4% | 15.7% | 5.5% | -151.0% | -95.1% | 55.9% |
| Net Income Margin | -56.5% | -10.5% | -55.4% | -155.1% | -210.1% | -55.0% |
| CAPEX, % of revenue | 0.4% | 1.0% | 3.2% | 7.4% | 0.6% | -6.8% |
| ROIC | -59.6% | -10.3% | -34.8% | -359.9% | | 359.9% |
| ROE | -58.1% | -15.1% | -112.5% | | | 0.0% |
| Net Debt/EBITDA | | 0.0x | -0.7x | | | 0.0x |
Revenue and profitability
The company's Revenue increased on 4.7% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 95.7 pp from -17.4% to -113% in FY2015.
Gross Margin jumped on 69.5 pp from -165% to -95.1% in 2015.
Net Income marign dropped on 55.0 pp from -155% to -210% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Intermap Technologies Corp had CAPEX/Revenue of 0.58%. The company showed almost no change in CAPEX/Revenue from 2012 to 2015. Average CAPEX/Revenue for the last three years was 3.7%.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.3x and Debt / EBITDA is . Net Debt / EBITDA didn't change in 2015. Debt surged on 160% in 2015 while cash dropped on 100% in 2015.
Appendix 1: Peers in Technology
Below you can find Intermap Technologies Corp benchmarking vs. other companies in Technology industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sylogist Ltd ($SYZ) | | -5.8% | 25.7% | 50.5% | 56.1% |
| ProntoForms Corp ($PFM) | | 59.9% | 75.4% | 43.9% | 46.4% |
| Bluedrop Performance Learning Inc ($BPL) | | 1,966.4% | 13.9% | 33.5% | 37.5% |
| Kinaxis Inc ($KXS) | | 22.7% | 30.3% | 15.2% | 30.3% |
| Halogen Software Inc ($HGN) | | | 22.6% | 10.1% | 28.0% |
| |
|---|
| Median (27 companies) | 17.5% | 2.4% | 11.9% | 14.4% | 12.9% |
|---|
| Intermap Technologies Corp ($IMP) | | 15.3% | -11.9% | -66.2% | 4.7% |
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 ($ABT) | 71.6% | 73.6% | 76.3% | 78.4% | 81.1% |
| |
|---|
| Median (31 companies) | 49.9% | 59.2% | 53.2% | 52.2% | 55.8% |
|---|
| Intermap Technologies Corp ($IMP) | -63.6% | -7.6% | -19.2% | -164.6% | -95.1% |
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 ($ESL) | 24.8% | 25.4% | 23.6% | 24.7% | 21.9% |
| |
|---|
| Median (34 companies) | 8.6% | 8.0% | 5.7% | 7.1% | 13.1% |
|---|
| Intermap Technologies Corp ($IMP) | -30.4% | 15.7% | 5.5% | -151.0% | -95.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sandvine Corp ($SVC) | 7.3% | 4.9% | 3.2% | 3.2% | 4.8% |
| Kinaxis Inc ($KXS) | 2.2% | 2.9% | 2.3% | 5.0% | 4.7% |
| Open Text Corp ($OTC) | 3.5% | 2.1% | 1.7% | 2.6% | 4.2% |
| Absolute Software Corp ($ABT) | 1.8% | 1.7% | 1.2% | 1.9% | 3.1% |
| Halogen Software Inc ($HGN) | | 4.9% | 9.0% | 8.4% | 2.9% |
| |
|---|
| Median (27 companies) | 1.3% | 1.6% | 1.3% | 1.2% | 1.4% |
|---|
| Intermap Technologies Corp ($IMP) | 0.4% | 1.0% | 3.2% | 7.4% | 0.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bluedrop Performance Learning Inc ($BPL) | -870.7% | 10.0% | -38.2% | -29.9% | 66.5% |
| Computer Modelling Group Ltd ($CMG) | 75.5% | 74.2% | 68.6% | 62.9% | 63.5% |
| Kinaxis Inc ($KXS) | | | 61.8% | 63.6% | 44.0% |
| SMART Technologies Inc ($SMA) | 43.2% | 21.4% | -18.9% | 28.1% | 43.8% |
| Constellation Software Inc/Canada ($CSU) | 45.8% | 45.9% | 22.4% | 24.7% | 38.5% |
| |
|---|
| Median (27 companies) | 5.9% | 4.4% | -4.5% | 0.9% | 7.4% |
|---|
| Intermap Technologies Corp ($IMP) | -59.6% | -10.3% | -34.8% | -359.9% | |
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 (20 companies) | -0.3x | -0.4x | -0.2x | -1.3x | -0.8x |
|---|
