Bluedrop Performance Learning Inc EBITDA surged on 50.0% in 2016 and Revenue surged on 17.3%
30.01.2017 • About Bluedrop Performance Learning Inc (
$BPL) • By InTwits
Bluedrop Performance Learning Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bluedrop Performance Learning Inc is a fast growth stock: FY2016 revenue growth was 17.3%, 5 year revenue CAGR was 119% at FY2016 ROIC 83.2%
- EBITDA Margin is expanding: 19.8% in FY2016 vs. 15.4% in FY2015 vs. 8.6% in FY2012
- EBITDA Margin is quite volatile: 19.8% in FY2016, 15.4% in FY2015, -1.8% in FY2014, -9.5% in FY2013, 8.6% in FY2012
- Bluedrop Performance Learning Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.6%. At the same time it's a lot of higher than industry average of 1.7%.
- CAPEX is quite volatile: 0.12 in FY2016, 0.058 in FY2015, 0.057 in FY2014, 0 in FY2013, 1.2 in FY2012
- The company has highly profitable business model: ROIC is at 83.2%
- It operates with high leverage: Net Debt/EBITDA is 1.1x while industry average is -4.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bluedrop Performance Learning Inc ($BPL) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 10.119 | 11.528 | 15.393 | 21.173 | 24.830 | 17.3% |
| Gross Profit | 5.018 | 5.392 | 5.955 | 9.273 | 11.417 | 23.1% |
| SG&A | 5.008 | 6.480 | 7.215 | 6.668 | 6.813 | 2.2% |
| EBITDA | 0.875 | -1.094 | -0.281 | 3.270 | 4.905 | 50.0% |
| Net Income | -0.020 | -1.724 | -3.828 | 0.314 | 1.042 | 232.3% |
Balance Sheet
|
|---|
| Cash | 0.015 | 0.230 | 0.004 | 3.197 | 3.111 | -2.7% |
| Short Term Debt | 0.709 | 0.547 | 3.318 | 1.427 | 1.461 | 2.4% |
| Long Term Debt | 2.005 | 2.101 | 5.206 | 5.535 | 7.094 | 28.2% |
Cash flow
|
|---|
| Capex | 1.204 | 0.000 | 0.057 | 0.058 | 0.120 | 108.6% |
Ratios
|
|---|
| Revenue growth | 1,966.4% | 13.9% | 33.5% | 37.5% | 17.3% | |
| EBITDA growth | -177.5% | -225.0% | -74.3% | -1,264.4% | 50.0% | |
| Gross Margin | 49.6% | 46.8% | 38.7% | 43.8% | 46.0% | 2.2% |
| EBITDA Margin | 8.6% | -9.5% | -1.8% | 15.4% | 19.8% | 4.3% |
| Net Income Margin | -0.2% | -15.0% | -24.9% | 1.5% | 4.2% | 2.7% |
| SG&A, % of revenue | 49.5% | 56.2% | 46.9% | 31.5% | 27.4% | -4.1% |
| CAPEX, % of revenue | 11.9% | 0.0% | 0.4% | 0.3% | 0.5% | 0.2% |
| ROIC | 10.0% | -38.2% | -29.9% | 66.5% | 83.2% | 16.7% |
| ROE | -0.8% | -41.1% | | | 94.4% | 94.4% |
| Net Debt/EBITDA | 3.1x | | | 1.2x | 1.1x | -0.0x |
Bluedrop Performance Learning Inc ($BPL) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 6 | 8 | 6 | 6 | 28.1% | 57.1% | 10.2% | -9.8% |
| EBITDA | 1 | 1 | 1 | 1 | 207.8% | 102.4% | 389.1% | -34.3% |
| Net Income | 0 | 0 | 0 | 1 | 54.7% | 2,602.5% | | -13.4% |
Balance Sheet
|
|---|
| Cash | 2 | 3 | 1 | 3 | 18,814.5% | 1,580.7% | 1,082.2% | -2.7% |
| Short Term Debt | 2 | 1 | 1 | 1 | -17.3% | 117.5% | 5.5% | 2.4% |
| Long Term Debt | 5 | 5 | 4 | 7 | -21.5% | -38.8% | -39.7% | 28.2% |
Ratios
|
|---|
| Gross Margin | 52.8% | 41.4% | 44.7% | 48.8% | 15.2% | 1.1% | 2.4% | -3.9% |
| EBITDA Margin | 21.7% | 16.7% | 18.5% | 23.2% | 12.7% | 3.7% | 14.3% | -8.6% |
| Net Income Margin | 2.9% | 4.2% | 3.5% | 9.9% | 0.5% | 4.0% | 11.5% | -0.4% |
Revenue and profitability
The company's Revenue jumped on 17.3%. Revenue growth showed slow down in FY16Q4 - it was -9.8% YoY. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.4 pp from -0.14% to -1.6% in FY2016.
Gross Margin increased on 2.2 pp from 43.8% to 46.0% in FY2016. SG&A as a % of Revenue decreased on 4.1 pp from 31.5% to 27.4% in FY2016.
Net Income marign increased on 2.7 pp from 1.5% to 4.2% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.48%. Bluedrop Performance Learning Inc showed almost no change in CAPEX/Revenue from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 0.37%.
Return on investment
The company operates at high and attractive ROIC (83.25%) and ROE (94.41%). ROIC jumped on 16.7 pp from 66.5% to 83.2% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.1x and Debt / EBITDA is 1.7x. Net Debt / EBITDA decreased on 0.041x from 1.2x to 1.1x in FY2016. Debt surged on 22.9% while cash decreased on 2.7%.
Appendix 1: Peers in Technology
Below you can find Bluedrop Performance Learning Inc 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Intrinsyc Technologies Corp ($ITC) | | -21.7% | 70.8% | 24.5% | 39.2% |
| ProntoForms Corp ($PFM) | | 75.4% | 43.9% | 46.4% | 28.2% |
| Kinaxis Inc ($KXS) | | 30.3% | 15.2% | 30.3% | 27.0% |
| NexJ Systems Inc ($NXJ) | | 4.3% | -12.6% | 19.7% | 17.3% |
| Constellation Software Inc/Canada ($CSU) | | 35.9% | 37.9% | 10.1% | 15.6% |
| |
|---|
| Median (12 companies) | | 0.3% | 13.3% | 11.5% | 12.7% |
|---|
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Constellation Software Inc/Canada ($CSU) | 86.2% | 85.5% | 86.1% | 86.2% | 87.1% |
| ProntoForms Corp ($PFM) | 96.1% | 98.1% | 98.0% | 79.4% | |
| Espial Group Inc ($ESP) | 77.5% | 81.7% | 78.5% | 74.3% | 74.7% |
| Halogen Software Inc ($HGN) | 72.0% | 74.8% | 71.8% | 73.8% | 76.2% |
| Kinaxis Inc ($KXS) | 71.8% | 70.4% | 70.4% | 71.8% | 69.1% |
| |
|---|
| Median (12 companies) | 71.8% | 55.6% | 61.9% | 61.9% | 71.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wi-LAN Inc ($WIN) | 40.9% | 12.2% | 56.2% | 53.2% | 57.8% |
| Kinaxis Inc ($KXS) | 18.7% | 23.0% | 19.2% | 28.0% | 17.6% |
| Constellation Software Inc/Canada ($CSU) | 20.9% | 20.1% | 21.8% | 25.2% | 26.0% |
| Intrinsyc Technologies Corp ($ITC) | -10.5% | -38.8% | 2.2% | 10.8% | |
| Mitel Networks Corp ($MNW) | 10.2% | 10.0% | 7.0% | 7.7% | |
| |
|---|
| Median (14 companies) | 0.9% | 3.9% | 4.4% | 0.1% | 7.1% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kinaxis Inc ($KXS) | 2.9% | 2.3% | 5.0% | 4.7% | 5.0% |
| Halogen Software Inc ($HGN) | 4.9% | 9.0% | 8.4% | 2.9% | 2.6% |
| Espial Group Inc ($ESP) | 1.6% | 0.2% | 1.9% | 2.1% | 1.5% |
| ProntoForms Corp ($PFM) | 1.1% | 0.8% | 3.6% | 1.9% | |
| Critical Control Energy Services Corp ($CCZ) | | 0.5% | 1.0% | 1.6% | |
| |
|---|
| Median (14 companies) | 1.1% | 1.1% | 1.2% | 1.2% | 1.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Constellation Software Inc/Canada ($CSU) | 45.9% | 22.4% | 24.7% | 38.5% | 40.5% |
| Kinaxis Inc ($KXS) | | 61.8% | 63.6% | 44.0% | 22.6% |
| Halogen Software Inc ($HGN) | | -28.4% | -45.9% | -40.5% | 12.6% |
| Wi-LAN Inc ($WIN) | 2.6% | -7.6% | 8.9% | 7.4% | 8.4% |
| NexJ Systems Inc ($NXJ) | | -44.6% | -19.8% | -13.9% | 4.5% |
| |
|---|
| Median (14 companies) | -7.5% | -17.5% | 0.5% | -1.2% | 8.4% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mitel Networks Corp ($MNW) | 3.7x | 3.8x | 2.6x | 6.2x | |
| Pivot Technology Solutions Inc ($PTG) | | -0.4x | 1.1x | 4.8x | |
| Constellation Software Inc/Canada ($CSU) | 0.0x | 1.6x | 0.6x | 0.4x | -0.0x |
| Wi-LAN Inc ($WIN) | -4.9x | -12.1x | -2.3x | -1.7x | -2.0x |
| Kinaxis Inc ($KXS) | 1.9x | 4.7x | -4.2x | -3.9x | -6.3x |
| |
|---|
| Median (7 companies) | 0.9x | 1.5x | -0.8x | -1.7x | -6.3x |
|---|
