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EXFO reports second quarter results for fiscal 2018

  • Successfully closes acquisition of publicly traded Astellia
  • Sales increase 7.8% to US$64.7 million , including US$1.8 million from Astellia
  • Bookings improve 17.3% to US$65.6 million , including US$2.5 million from Astellia

QUEBEC CITY , April 10, 2018 /CNW Telbec/ - EXFO Inc. (EXFO) (EXF.TO), the network test, monitoring and analytics experts, reported today financial results for the second quarter and first half ended February 28, 2018 .

Following a successful public tender offer, EXFO achieved majority control of Astellia's share capital on January 26, 2018 and assumed full control of the France -based company on February 28, 2018 . Astellia is recognized as a global leader in the performance analysis of mobile networks and subscriber experience.

Sales increased 7.8% year-over-year to US$64.7 million in the second quarter of fiscal 2018 and 5.2% to US$128.1 million at the halfway mark of the fiscal year. Sales, excluding the one-month contribution of Astellia, attained US$62.9 million in the second quarter of 2018 compared to US$60.0 million in the second quarter of 2017. Astellia contributed US$1.8 million in sales in the second quarter and first half of 2018. Astellia's sales were reduced by US$0.3 million to account for acquisition-related fair value adjustment of deferred revenue.

Bookings improved 17.3% year-over-year to US$65.6 million for a book-to-bill ratio of 1.01 in the second quarter of fiscal 2018 and 8.0% to US$131.5 million for a book-to-bill ratio of 1.03 at the halfway mark of the fiscal year. Bookings, excluding the one-month contribution of Astellia, reached US$63.1 million in the second quarter of 2018 compared to US$55.9 million in the same period last year. Astellia contributed US$2.5 million in bookings in the second quarter and first half of 2018.

Gross margin before depreciation and amortization* amounted to 60.9% of sales in the second quarter of fiscal 2018 compared to 61.7% in the second quarter of 2017. Gross margin before depreciation and amortization amounted to 62.1% of sales at the halfway mark of fiscal 2018 compared to 62.4% for the same period in 2017.

IFRS net loss attributable to the parent interest totaled US$4.7 million , or US$0.08 per share, in the second quarter of fiscal 2018 and US$2.0 million , or US$0.04 per share, at the halfway mark of the fiscal year. In comparison, net earnings attributable to the parent interest totaled US$1 .0 million, or US$0.02 per diluted share, in the second quarter of 2017 and US$4.3 million , or US$0.08 per diluted share, in the first half of 2017. EXFO's share of Astellia's net loss amounted to US$2.7 million in the second quarter and first half of 2018.

IFRS net loss attributable to the parent interest in the second quarter of 2018 included US$2 .7 million in after-tax amortization of intangible assets, US$0.4 million in stock-based compensation costs, US$0.6 million for the positive change in the fair value of the cash contingent consideration related to Ontology Systems, US$1.5 million in after-tax acquisition costs related to Astellia, US$0.3 million for the acquisition-related deferred revenue fair value adjustment, and US$1.5 million in income tax expenses to account for the effects of the recent US tax reform.

IFRS net loss attributable to the parent interest in the first half of 2018 included US$3.6 million in after-tax amortization of intangible assets, US$0.8 million in stock-based compensation costs, US$0.7 million for the positive change in the fair value of the cash contingent consideration related to Ontology Systems, US$2.3 million in after-tax acquisition costs related to Astellia, US$0.3 million for the acquisition-related deferred revenue fair value adjustment, and US$1.5 million in income tax expenses to account for the effects of the recent US tax reform.

Adjusted EBITDA* totaled US$2.5 million , or 3.9% of sales, in the second quarter of 2018 and US$8 .6 million, or 6.7% of sales, in the first half of the fiscal year. In comparison, adjusted EBITDA amounted to US$4 .9 million, or 8.1% of sales, in the second quarter of 2017 and US$11.2 million , or 9.2% of sales, in the first half of 2017. Astellia negatively affected adjusted EBITDA by US$1 .3 million in the second quarter and first half of 2018. In addition, adjusted EBITDA included acquisition-related costs of US$1.4 million in the second quarter of 2018 and US$2.1 million in the first half of the fiscal year.

"I am thrilled with the closing of the Astellia acquisition as it positions EXFO among the top five providers worldwide of service assurance solutions," said Philippe Morin , EXFO's Chief Executive Officer. "Together, we have created a strong critical mass with solutions deployed at more than 250 network operators, while our global sales organizations have been merged to maximize cross-selling opportunities. Similarly, our unique portfolio of complementary technologies will be combined to deliver unmatched capabilities in high-growth markets like NFV/SDN, IoT and 5G. Although this transformative acquisition involves a short-term financial impact, we expect the additional sales volume, cross-selling opportunities, efficiencies as well as complementary technology and service offerings will contribute to earnings growth in fiscal 2019."

"In addition, I am pleased with the strong performance from our Physical-layer product line in the second quarter of 2018," Mr. Morin added. "Despite a seasonally soft reporting period, we delivered robust sales and bookings due to our entrenched leadership position in optical testing and contributions from recent acquisitions."

 

Selected Financial Information

(In thousands of US dollars)





Q2 2018


Q2 2017


H1 2018


H1 2017














Physical-layer sales

$

43,461


$

38,038


$

85,974


$

80,054

Protocol-layer sales


20,880



22,097



41,521



42,106

Foreign exchange gains (losses) on forward exchange contracts


381



(105)



618



(345)

Total sales

$

64,722


$

60,030


$

128,113


$

121,815














Physical-layer bookings

$

41,431


$

34,031


$

89,783


$

78,121

Protocol-layer bookings


23,774



21,992



41,064



44,001

Foreign exchange gains (losses) on forward exchange contracts


381



(105)



618



(345)

Total bookings

$

65,586


$

55,918


$

131,465


$

121,777

Book-to-bill ratio (bookings/sales)


1.01



0.93



1.03



1.00

Gross margin before depreciation and amortization*

$

39,396


$

37,041


$

79,498


$

76,013




60.9%



61.7%



62.1%



62.4%














Other selected information:













IFRS net earnings (loss) attributable to the parent interest

$

(4,660)


$

1,008


$

(1,981)


$

4,311


Amortization of intangible assets

$

3,056


$

768


$

4,175


$

1,195


Stock-based compensation costs

$

438


$

353


$

840


$

611


Change in fair value of cash contingent consideration

$

(561)


$


$

(716)


$


Acquisition-related deferred revenue fair value adjustment

$

309


$


$

309


$


Income tax expense for US tax reform

$

1,528


$


$

1,528


$


Net income tax effect of the above items

$

(394)


$

(162)


$

(566)


$

(226)


Foreign exchange (gain) loss

$

(8)


$

272


$

(1,226)


$

(240)


Adjusted EBITDA*

$

2,492


$

4,875


$

8,551


$

11,196

 

Operating Expenses
Selling and administrative expenses totaled US$24.9 million , or 38.5% of sales in the second quarter of fiscal 2017 compared to US$21.3 million , or 35.4% of sales, in the same period last year. At the halfway mark of fiscal 2018, selling and administrative expenses amounted to US$48.1 million , or 37.6% of sales, compared to US$42.9 million , or 35.2% of sales, in the first half of 2017.

Net R&D expenses totaled US$13.1 million , or 20.2% of sales, in the second quarter of fiscal 2018 compared to US$11.3 million, or 18.8% of sales, in the second quarter of 2017. At the halfway mark of fiscal 2018, net R&D expenses amounted to US$24.3 million , or 19.0% of sales, compared to US$22.6 million , or 18.5% of sales, in the first half of 2017.

Second-Quarter Highlights

  • Sales. Sales increased 7.8% year-over-year due to a solid performance of the Physical-layer product line, revenue contributions from the Astellia, Yenista Optics and Ontology Systems acquisitions, and the positive impact of the decrease in the average value of the US dollar versus other currencies. Physical-layer sales accounted for 68% of total revenue in the second quarter of 2018, while Protocol-layer sales totaled 32%. Revenue distribution among the three main selling regions amounted to 49% in the Americas, 33% in Europe , Middle East and Africa (EMEA) and 18% in Asia-Pacific . EXFO's top customer accounted for 9.6% of sales, while the top three represented 16.9%.
  • Profitability. IFRS net loss attributable to the parent interest totaled US$4.7 million in the second quarter of 2018, while adjusted EBITDA amounted to US$2.5 million . The company also generated US$6.3 million in cash flows from operations in the second quarter.
  • Innovation. EXFO unveiled two key solutions in preparation for Mobile World Congress and Optical Fiber Conference, high-profile industry events held during and after the quarter-end. Major product introductions included SkyRAN, a scalable remote access monitoring solution for fiber-based fronthaul networks. Developed in collaboration with tier-1 mobile network operators, SkyRAN provides real-time, on-demand testing and 24/7 monitoring of optical networks and radio frequency spectrum. EXFO also introduced the CTP10 Component Test Platform with related modules, the fastest test system on the market for measuring insertion loss and return loss on a wide variety of passive optical components, including photonics integrated circuits.

Business Outlook
EXFO forecasts IFRS sales between US$68.0 million and US$73.0 million for the third quarter of fiscal 2018; the company anticipates that IFRS sales will be reduced by US$0.9 million to account for the acquisition-related fair value adjustment of deferred revenue.

IFRS net loss is expected to range between US$0.19 and US$0.15 per share. IFRS net loss includes US$0.09 per share in after-tax amortization of intangible assets and stock-based compensation costs.

This guidance, which is a forward-looking statement, was established by management based on existing backlog as of the date of this news release, seasonality, expected bookings for the remaining of the quarter, Astellia's preliminary purchase price allocation (PPA) as well as exchange rates as of the day of this news release.

Conference Call and Webcast
EXFO will host a conference call today at 5 p.m. (Eastern time) to review second quarter results for fiscal 2018. To listen to the conference call and participate in the question period via telephone, dial 1-323-794-2551. Please take note the following participant passcode will be required: 9600577. Germain Lamonde , founder and Executive Chairman, Philippe Morin , Chief Executive Officer, and Pierre Plamondon , Vice-President of Finance and Chief Financial Officer, will participate in the call. An audio replay of the conference call will be available two hours after the event until 8:00 p.m. on April 17, 2018 . The replay number is 1-719-457-0820 and the required participant passcode is 9600577. The audio Webcast and replay of the conference call will also be available on EXFO's Website at www.EXFO.com, under the Investors section.

About EXFO
EXFO develops smarter network test, monitoring and analytics solutions for the world's leading communications service providers, network equipment manufacturers and webscale companies. Since 1985, we've worked side by side with our customers in the lab, field, data center, boardroom and beyond to pioneer essential technology and methods for each phase of the network lifecycle. Our portfolio of test orchestration and real-time 3D analytics solutions turns complex into simple and delivers business-critical insights from the network, service and subscriber dimensions. Most importantly, we help our customers flourish in a rapidly transforming industry where "good enough" testing, monitoring and analytics just aren't good enough anymore—they never were for us, anyway. For more information, visit EXFO.com and follow us on the EXFO Blog.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, and we intend that such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are statements other than historical information or statements of current condition. Words such as may, expect, believe, plan, anticipate, intend, could, estimate, continue, or similar expressions or the negative of such expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events and circumstances are considered forward-looking statements. They are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in forward-looking statements due to various factors including, but not limited to, macroeconomic uncertainty as well as capital spending and network deployment levels in the telecommunications industry (including our ability to quickly adapt cost structures to anticipated levels of business and our ability to manage inventory levels with market demand); future economic, competitive, financial and market conditions; consolidation in the global telecommunications test, service assurance and analytics solutions markets and increased competition among vendors; our ability to successfully integrate businesses that we acquire; capacity to adapt our future product offering to future technological changes; limited visibility with regard to the timing and nature of customer orders; delay in revenue recognition due to longer sales cycles for complex systems involving customers' acceptance; fluctuating exchange rates; concentration of sales; timely release and market acceptance of our new products and other upcoming products; our ability to successfully expand international operations and to conduct business internationally; and the retention of key technical and management personnel. Assumptions relating to the foregoing involve judgments and risks, all of which are difficult or impossible to predict and many of which are beyond our control. Other risk factors that may affect our future performance and operations are detailed in our Annual Report, on Form 20-F, and our other filings with the U.S. Securities and Exchange Commission and the Canadian securities commissions. We believe that the expectations reflected in the forward-looking statements are reasonable based on information currently available to us, but we cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this document. Unless required by law or applicable regulations, we undertake no obligation to revise or update any of them to reflect events or circumstances that occur after the date of this document. This discussion and analysis should be read in conjunction with the consolidated financial statements.

*NON-IFRS MEASURES
EXFO provides non-IFRS measures (non-IFRS sales, gross margin before depreciation and amortization and adjusted EBITDA) as supplemental information regarding its operational performance. Non-IFRS sales represent total sales less acquisition-related deferred revenue fair value adjustment. Gross margin before depreciation and amortization represents sales, less cost of sales, excluding depreciation and amortization. Adjusted EBITDA represent net earnings (loss) attributable to the parent interest before interest, income taxes, depreciation and amortization, stock-based compensation costs, change in fair value of cash contingent consideration, acquisition-related deferred revenue fair value adjustment, share in net loss of an associate, gain on the deemed disposal of the investment in an associate, and foreign exchange gain or loss.

These non-IFRS measures eliminate the effect on IFRS results of non-cash and/or non-operating statement of earnings elements, as well as elements subject to significant volatility such as foreign exchange gain or loss. EXFO uses these measures for evaluating historical and prospective financial performance, as well as its performance relative to competitors. These non-IFRS measures are also the financial measures used by financial analysts to evaluate and compare EXFO's performance against competitors and industry players in the company's sector. Finally, these measures help EXFO plan and forecast future periods as well as make operational and strategic decisions. EXFO believes that providing this information, in addition to the IFRS measures, allows investors to see the company's results through the eyes of management, and to better understand historical and future financial performance. More importantly, it enables the comparison of EXFO's performance on a relatively similar basis against other public and private companies in the industry worldwide.

The presentation of this additional information is not prepared in accordance with IFRS. Therefore, the information may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

The following table summarizes the reconciliation of non-IFRS sales to IFRS sales, in thousands of US dollars:

 

Non-IFRS Sales














Q2 2018


Q2 2017


H1 2018


H1 2017













IFRS sales

$

64,722


$

60,030


$

128,113


$

121,815

Acquisition-related deferred revenue fair value adjustment


309



                 ‒



309



                 ‒

Non-IFRS sales

$

65,031


$

60,030


$

128,422


$

121,815

 

The following table summarizes the reconciliation of adjusted EBITDA to IFRS net earnings (loss) attributable to the parent interest, in thousands of US dollars:

 

Adjusted EBITDA














Q2 2018


Q2 2017


H1 2018


H1 2017













IFRS net earnings (loss) attributable to the parent interest for the period

$

(4,660)


$

1,008


$

(1,981)


$

4,311













Add (deduct):
























Depreciation of property, plant and equipment


1,263



962



2,417



1,865

Amortization of intangible assets


3,056



768



4,175



1,195

Interest and other (income) expense


334



(9)



672



(29)

Income taxes


2,321



1,521



4,061



3,483

Stock-based compensation costs


438



353



840



611

Change in fair value of cash contingent consideration


(561)



                 ‒



(716)



                 ‒

Acquisition-related deferred revenue fair value adjustment


309



                 ‒



309



                 ‒

Share in net loss of an associate


2,080



                 ‒



2,080



                 ‒

Gain on the deemed disposal of the investment in an associate


(2,080)



                 ‒



(2,080)



                 ‒

Foreign exchange (gain) loss


(8)



272



(1,226)



(240)

Adjusted EBITDA for the period (1)(2)

$

2,492


$

4,875


$

8,551


$

11,196













Adjusted EBITDA in percentage of sales


3.9%



9.6%



6.7%



9.2%



(1)

Astellia negatively impacted adjusted EBITDA by $1.3 million for Q2 2018 and S1 2018 (nil for Q2 2017 and S1 2017)

(2)

Includes acquisition-related costs of $1.4 million for Q2 2018 and $2.1 million for S1 2018 ($0.6 million in Q2 2017 and $0.7 million for S1 2017)

 

EXFO Inc.

Unaudited Condensed Interim Consolidated Balance Sheets







(in thousands of US dollars)








As at

February 28,

2018


As at

August 31,

2017

Assets












Current assets






Cash

$

12,553


$

38,435

Short-term investments


1,022



775

Accounts receivable







Trade


49,837



41,130


Other


5,173



3,907

Income taxes and tax credits recoverable


9,261



4,955

Inventories


39,439



33,832

Prepaid expenses


5,253



4,202

Other assets


1,512





124,050



127,236







Tax credits recoverable


47,615



38,111

Property, plant and equipment


44,182



40,132

Intangible assets


32,567



11,183

Goodwill


41,725



35,077

Deferred income tax assets


4,754



6,555

Other assets


852



947








$

295,745


$

259,241

Liabilities












Current liabilities






Bank loan

$

2,000


$

Accounts payable and accrued liabilities


52,946



36,776

Provisions


466



3,889

Income taxes payable


689



663

Deferred revenue


18,626



11,554

Other liabilities


4,860



Current portion of long-term debt


3,021





82,608



52,882







Provisions


1,579



Deferred revenue


5,544



6,257

Long-term debt


7,675



Deferred income tax liabilities


5,156



3,116

Other liabilities


544



196



103,106



62,451







Shareholders' equity






Share capital


91,684



90,411

Contributed surplus


17,767



18,184

Retained earnings


124,827



127,160

Accumulated other comprehensive loss


(41,639)



(38,965)



192,639



196,790








$

295,745


$

259,241

 

EXFO Inc.

Unaudited Condensed Interim Consolidated Statements of Earnings













(in thousands of US dollars, except share and per share data)














Three months

ended

February 28,

2018


Six months
ended
February 28,
2018


Three months
ended
February 28,
2017


Six months
ended
February 28,
2017













Sales

$

64,722


$

128,113


$

60,030


$

121,815













Cost of sales (1)


25,326



48,615



22,989



45,802

Selling and administrative


24,916



48,109



21,255



42,850

Net research and development


13,087



24,339



11,264



22,578

Depreciation of property, plant and equipment


1,263



2,417



962



1,865

Amortization of intangible assets


3,056



4,175



768



1,195

Change in fair value of cash contingent consideration


(561)



(716)





Interest and other (income) expense


334



672



(9)



(29)

Foreign exchange (gain) loss


(8)



(1,226)



272



(240)

Share in net loss of an associate


2,080



2,080





Gain on deemed disposal of the investment in an associate


(2,080)



(2,080)





Earnings (loss) before income taxes


(2,691)



1,728



2,529



7,794













Income taxes


2,321



4,061



1,521



3,483













Net earnings (loss) for the period


(5,012)



(2,333)



1,008



4,311

Net loss for the period attributable to non-controlling interest


(352)



(352)

















Net earnings (loss) for the period attributable to parent interest

$

(4,660)


$

(1,981)


$

1,008


$

4,311













Basic and diluted net earnings (loss) attributable to parent interest per share

$

(0.08)


$

(0.04)


$

0.02


$

0.08













Basic weighted average number of shares outstanding (000's)


54,975



54,890



54,506



54,195













Diluted weighted average number of shares outstanding (000's)


54,975



54,890



55,681



55,341













(1)

The cost of sales is exclusive of depreciation and amortization, shown separately.

 

EXFO Inc.

Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)













(in thousands of US dollars)














Three months

ended

February 28,

2018


Six months

ended

February 28,

2018


Three months

ended

February 28,

2017


Six months

ended

February 28,

2017













Net earnings (loss) for the period

$

(5,012)


$

(2,333)


$

1,008


$

4,311

Other comprehensive income (loss), net of income taxes












Items that may be reclassified subsequently to net earnings













Foreign currency translation adjustment


2,286



(1,844)



2,019



(2,198)


Unrealized gains/losses on forward exchange contracts


39



(485)



326



(235)


Reclassification of realized gains/losses on forward exchange contracts in net earnings


(225)



(608)



139



320


Deferred income taxes on gains/losses on forward exchange contracts


48



263



(100)



(8)

Other comprehensive income (loss)


2,148



(2,674)



2,384



(2,121)













Comprehensive income (loss) for the period


(2,864)



(5,007)



3,392



2,190













Comprehensive loss for the period attributable to non-controlling interest


(352)



(352)

















Comprehensive income (loss) for the period attributable to parent interest

$

(2,512)


$

(4,655)


$

3,392


$

2,190

 

EXFO Inc.

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
















(in thousands of US dollars)

















Six months ended February 28, 2017


Share

capital


Contributed
surplus


Retained
earnings


Accumulated
other
comprehensive
loss


Total
shareholders'
equity
















Balance as at September 1, 2016

$

85,516


$

18,150


$

126,309


$

(48,574)


$

181,401

Issuance of share capital


3,490









3,490

Reclassification of stock-based compensation costs


835



(835)







Stock-based compensation costs




528







528

Net earnings for the period






4,311





4,311

Other comprehensive income (loss)
















Foreign currency translation adjustment








(2,198)



(2,198)


Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $8








77



77
















Comprehensive income for the period














2,190
















Balance as at February 28, 2017

$

89,841


$

17,843


$

130,620


$

(50,695)


$

187,609



 


Six months ended February 28, 2018


Share

capital


Contributed
surplus


Retained
earnings


Accumulated
other
comprehensive
loss


Non-
controlling
interest


Total
shareholders'
equity



















Balance as at September 1, 2017

$

90,411


$

18,184


$

127,160


$

(38,965)


$


$

196,790

Reclassification of stock-based compensation costs


1,273



(1,273)









Stock-based compensation costs




856









856

Business combination










(3,662)



(3,662)

Acquisition of non-controlling interest






(352)





4,014



3,662

Net loss for the period






(1,981)





(352)



(2,333)

Other comprehensive loss



















Foreign currency translation adjustment








(1,844)





(1,844)


Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $263








(830)





(830)



















Comprehensive loss for the period

















(5,007)



















Balance as at February 28, 2018

$

91,684


$

17,767


$

124,827


$

(41,639)


$


$

192,639

 

EXFO Inc.

Unaudited Condensed Interim Consolidated Statements of Cash Flows













(in thousands of US dollars)














Three months

ended

February 28,

2018


Six months

ended

February 28,

2018


Three months

ended

February 28,

2017


Six months

ended

February 28,

2017













Cash flows from operating activities












Net earnings (loss) for the period

$

(5,012)


$

(2,333)


$

1,008


$

4,311

Add (deduct) items not affecting cash













Stock-based compensation costs


438



840



353



611


Depreciation and amortization


4,319



6,592



1,730



3,060


Write-off of capital assets


124



248






Change in fair value of cash contingent consideration


(561)



(716)






Deferred revenue


3,016



2,234



3,022



2,947


Deferred income taxes


2,384



2,144



312



459


Share in net loss of an associate


2,080



2,080






Gain on deemed disposal of the investment in an associate


(2,080)



(2,080)






Changes in foreign exchange gain/loss


611



364



107



(431)



5,319



9,373



6,532



10,957

Changes in non-cash operating items













Accounts receivable


4,255



5,340



5,160



2,602


Income taxes and tax credits


(3,018)



(2,959)



(46)



(390)


Inventories


779



(1,174)



924



(324)


Prepaid expenses


(129)



189



(156)



102


Other assets


(528)



(524)



(37)



(24)


Accounts payable, accrued liabilities and provisions


(447)



(1,816)



2,011



586


Other liabilities


22



210



1



1



6,253



8,639



14,389



13,510

Cash flows from investing activities












Additions to short-term investments


(248)



(482)



(20)



(316)

Proceeds from disposal and maturity of short-term investments


234



234



298



298

Purchases of capital assets


(2,258)



(4,249)



(1,656)



(2,893)

Investment in an associate


(2,219)



(12,530)





Business combinations, net of cash acquired


(9,580)



(19,120)





(5,000)



(14,071)



(36,147)



(1,378)



(7,911)

Cash flows from financing activities












Bank loan


2,064



2,066





Repayment of long-term debt


(200)



(270)







1,864



1,796

















Effect of foreign exchange rate changes on cash


56



(170)



271



(464)













Change in cash during the period


(5,898)



(25,882)



13,282



5,135

Cash – Beginning of the period


18,451



38,435



35,061



43,208

Cash – End of the period

$

12,553


$

12,553


$

48,343


$

48,343













Supplementary information












Income taxes paid

$

587


$

1,269


$

603


$

1,561

Additions to capital assets

$

2,699


$

5,588


$

2,483


$

3,662

 

EXFO-F

 

Cision

View original content:http://www.prnewswire.com/news-releases/exfo-reports-second-quarter-results-for-fiscal-2018-300627614.html

SOURCE EXFO Inc.


View original content: http://www.newswire.ca/en/releases/archive/April2018/10/c2952.html