Victoria pays consultants $2m for possible asset sale listA video posted to social media by a Texas lieutenant in the Department of Public Safety shows a young girl at the U.S.-Mexico border standing alone. She has traveled from El Salvador, and holds just a Post-It note with a phone number on it. "How old are you?" a trooper asks. The girl holds up two fingers. A second video posted by the same lieutenant shows 60 migrant children who journeyed by themselves to the U.S. arriving in Eagle Pass, Texas. Another image shows an accused smuggler running across the border with a 5-year-old in his arms, reportedly paid to bring the girl to her mother already in the states. The Texas Department of Public Safety, under Republican Gov. Greg Abbott, openly supports President-elect Donald Trump's push to dramatically tighten immigration. Lt. Chris Olivarez began posting photos and videos of child migrants around the time Tom Homan, Trump's point-person on the border, visited Eagle Pass. "I guarantee some are in forced labor, some are in sex trades," Homan said. "We're going to save those children." RELATED STORY | Trump announces former acting ICE Director Tom Homan as new 'border czar' The arrival of unaccompanied minors is not a new phenomenon. Thousands have journeyed across the Mexican border each year, including during the first Trump term, according to a Scripps News review of data from the Department of Health and Human Services. The flow of unaccompanied minors, however, reached record highs during the first years of the Biden administration, as undocumented immigration soared. The numbers have fallen since 2022 but remain elevated today. The federal government tries to quickly place child migrants with a sponsor already in the country, usually a parent or other close family member. The sponsor pledges to care for the minor while ensuring they go through immigration proceedings. However, it is an approach that does not always work. RELATED STORY | Trump's mass deportation plan targets specific groups of immigrants A 2023 joint investigation by Scripps News and the Center for Public Integrity found many children end up disappearing from their sponsor homes. Thousands of unaccompanied minors run away, some winding up in dangerous illegal child labor jobs, or worse. "They've simply vanished into a dark underworld of sex and drug trafficking, forced labor, gang activity and crime," said Rep. Tom McClintock, R-California, during a November congressional hearing. McClintock and other Republicans say the Department of Health and Human Services is to blame for failing to properly vet sponsors. A 2023 report by a Florida grand jury obtained by Scripps News found some sponsor addresses were in fact empty lots or a strip club. One address listed 44 kids assigned to it. Health and Human Services Secretary Xavier Becerra says they are doing the best they can with a limited budget. "What we don't do is short-change the vetting process," Becerra said at a November hearing on Capitol Hill. "We make sure that we follow best practices in the child welfare field. "We do background checks on every individual," he added. RELATED STORY | The struggle to locate migrant children missing from US homes Just how many migrant children have disappeared from their sponsors is in dispute. Becerra says a frequently cited estimate of 85,000 missing kids is too high and doesn't account for many children who are safe but just not reachable by HHS officials who make three attempts to contact them. "They may be at school, they may be at a doctor's appointment, they may not have a phone working anymore," Becerra said. Homan and the rest of the Trump administration have not yet laid out what their policy will be for those children who make the perilous journey to the U.S. alone.None
NoneSaaS revenue up 34% as ARR passes $100 million MONTREAL , Dec. 4, 2024 /CNW/ -- Tecsys Inc. TCS , an industry-leading supply chain management SaaS company, today announced its results for the second quarter of fiscal 2025, ended October 31, 2024 . All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS). "Tecsys delivered strong second-quarter results, marked by major milestones in our SaaS business," said Peter Brereton , president and CEO at Tecsys. "We crossed some key thresholds as RPO surpassed $200 million and ARR exceeded $100 million , demonstrating the strength of our SaaS strategy and the trust our customers place in us. We are seeing the positive impact of our investments in innovation and customer success, positioning us well to capitalize on emerging opportunities." Mark Bentler , chief financial officer of Tecsys Inc., added, "Our fiscal 2025 financial performance reflects steady progress across key metrics, with year-to-date SaaS bookings up 20% over last year and our SaaS margins continuing to improve as we scale the business and continue to invest in platform optimization." Second quarter highlights : SaaS revenue increased by 34% to $16.1 million , up from $12.1 million in Q2 2024. SaaS subscription bookings i (measured on an ARR i basis) were $3.7 million , flat compared to the second quarter of fiscal 2024. SaaS Remaining Performance Obligation (RPO i ) increased by 39% to $203.8 million at October 31, 2024 , up from $146.7 million at the same time last year. Total revenue increased to $42.4 million compared to $41.5 million in Q2 2024. Net profit was $0.8 million or $0.05 per share on a fully diluted basis in Q2 2025, compared to a net loss of $0.3 million or $0.02 per share for the same period in fiscal 2024. Adjusted EBITDA ii was $2.9 million compared to $1.0 million reported in Q2 last year. In the second quarter of fiscal 2025, Tecsys acquired 51,600 of its outstanding common shares for approximately $2.1 million as part of its ongoing Normal Course Issuer Bid, compared to 25,800 shares acquired in the same period last year for approximately $0.7 million . Year-to-date performance for first half of fiscal 2025 SaaS revenue increased by 33% to $31.4 million , up from $23.6 million in the same period of fiscal 2024. SaaS subscription bookings i (measured on an ARR i basis) increased by 20% to $6.8 million , compared to $5.7 million in the same period of fiscal 2024. Total revenue increased to $84.7 million compared to $83.5 million in the same period of fiscal 2024. Net profit was $1.6 million ( $0.11 per basic share or $0.10 per fully diluted share) in the first half of fiscal 2025, compared to a net profit of $0.8 million ( $0.06 per basic and fully diluted share) for the same period in fiscal 2024. Adjusted EBITDA ii was $5.5 million compared to $4.2 million reported in the same period of fiscal 2024. In the first half of fiscal 2025, Tecsys acquired 111,200 of its outstanding common shares for approximately $4.3 million as part of its ongoing Normal Course Issuer Bid, compared to 25,800 shares acquired in the same period last year for $0.7 million . Financial guidance: Tecsys is maintaining FY25 guidance on SaaS revenue growth at 30-32% as well as FY25 and FY26 adjusted EBITDA margins at 8-9% and 10-11%, respectively. Based on the ongoing unpredictability of hardware revenue and a rapidly evolving business model that is impacting professional services, Tecsys is revising Fiscal 2025 total revenue guidance to roughly flat. On December 4, 2024 , the Company declared a quarterly dividend of $0.085 per share to be paid on January 3, 2025 to shareholders of record on December 18, 2024 . Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends. i See Key Performance Indicators in Management's Discussion and Analysis of the Q2 2025 Financial Statements. ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the Q2 2025 Financial Statements Q2 2025 Financial Results Conference Call Date: December 5, 2024 Time: 8:30 a.m. ET Phone number: 800-836-8184 or 646-357-8785 The call can be replayed until December 12, 2024 , by calling: 888-660-6345 or 646-517-4150 (access code: 91117#) About Tecsys Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys' offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable. Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit www.tecsys.com . Forward Looking Statements The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website ( www.tecsys.com ) and on SEDAR+ ( www.sedarplus.ca ). Copyright © Tecsys Inc. 2024. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners. Non-IFRS Measures Reconciliation of EBITDA and Adjusted EBITDA EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization and stock-based compensation eliminates the non-cash impact of these items. The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS. The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below. Three months ended October 31, Six months ended October 31, Trailing 12 months ended October 31, (in thousands of CAD) 2024 2023 2024 2023 2024 2023 Net profit (loss) for the period $ 758 $ (340) $ 1,556 $ 831 $ 2,574 $ 2,165 Adjustments for: Depreciation of property and equipment and right-of-use assets 377 377 748 761 1,464 1,677 Amortization of deferred development costs 198 147 395 289 689 569 Amortization of other intangible assets 328 394 662 790 1,365 1,603 Interest expense 24 53 49 91 121 200 Interest income (163) (253) (380) (522) (873) (954) Income taxes 427 (81) 863 778 726 1,988 EBITDA $ 1,949 $ 297 $ 3,893 $ 3,018 $ 6,066 $ 7,248 Adjustments for: Stock based compensation 993 724 1,640 1,176 2,765 2,169 Restructuring costs - - - - 2,122 - Adjusted EBITDA ii $ 2,942 $ 1,021 $ 5,533 $ 4,194 $ 10,953 $ 9,417 Condensed Interim Consolidated Statements of Financial Position (Unaudited) (In thousands of Canadian dollars) October 31, 2024 April 30, 2024 Assets Current assets Cash and cash equivalents $ 16,848 $ 18,856 Short-term investments 11,496 16,713 Accounts receivable 21,846 22,090 Work in progress 4,498 4,248 Other receivables 375 134 Tax credits 8,704 6,422 Inventory 2,116 1,359 Prepaid expenses and other 8,227 9,143 Total current assets 74,110 78,965 Non-current assets Other long-term receivables and assets 545 421 Tax credits 5,748 4,737 Property and equipment 1,255 1,372 Right-of-use assets 1,044 1,251 Contract acquisition costs 4,356 4,478 Deferred development costs 3,173 2,683 Other intangible assets 7,196 7,703 Goodwill 17,570 17,363 Deferred tax assets 9,073 9,073 Total non-current assets 49,960 49,081 Total assets $ 124,070 $ 128,046 Liabilities Current liabilities Accounts payable and accrued liabilities 18,933 20,030 Deferred revenue 36,925 36,211 Lease obligations 834 812 Total current liabilities 56,692 57,053 Non-current liabilities Other long-term accrued liabilities 568 496 Deferred tax liabilities 649 826 Lease obligations 890 1,302 Total non-current liabilities 2,107 2,624 Total liabilities $ 58,799 $ 59,677 Equity Share capital $ 52,628 $ 52,256 Contributed surplus 6,970 9,417 Retained earnings 7,309 8,121 Accumulated other comprehensive loss (1,636) (1,425) Total equity attributable to the owners of the Company 65,271 68,369 Total liabilities and equity $ 124,070 $ 128,046 Condensed Interim Consolidated Statements of Income (loss) and Comprehensive Income (loss) (Unaudited) (In thousands of Canadian dollars, except per share data) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Revenue: SaaS $ 16,130 $ 12,072 $ 31,444 $ 23,567 Maintenance and Support 7,703 8,899 16,418 17,197 Professional Services 14,145 12,869 27,532 27,777 License 444 252 1,305 708 Hardware 4,020 7,397 8,019 14,215 Total revenue 42,442 41,489 84,718 83,464 Cost of revenue 21,994 23,144 44,542 45,619 Gross profit 20,448 18,345 40,176 37,845 Operating expenses: Sales and marketing 9,052 8,645 17,404 16,316 General and administration 3,199 2,971 6,177 5,930 Research and development, net of tax credits 7,205 7,133 14,536 14,245 Total operating expenses 19,456 18,749 38,117 36,491 Profit (loss) from operations 992 (404) 2,059 1,354 Other income (costs) 193 (17) 360 255 Profit (loss) before income taxes 1,185 (421) 2,419 1,609 Income tax expense (benefit) 427 (81) 863 778 Net profit (loss) $ 758 $ (340) $ 1,556 $ 831 Other comprehensive income (loss): Effective portion of changes in fair value on designated revenue hedges (513) (5,573) (533) (3,000) Exchange differences on translation of foreign operations 165 92 322 (334) Comprehensive income (loss) $ 410 $ (5,821) $ 1,345 $ (2,503) Basic earnings (loss) per common share $ 0.05 $ (0.02) $ 0.11 $ 0.06 Diluted earnings (loss) per common share $ 0.05 $ (0.02) $ 0.10 $ 0.06 Condensed Interim Consolidated Statements of Cash Flows (Unaudited) (In thousands of Canadian dollars) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Cash flows from operating activities: Net profit (loss) $ 758 $ (340) $ 1,556 $ 831 Adjustments for: Depreciation of property and equipment and right-of-use-assets 377 377 748 761 Amortization of deferred development costs 198 147 395 289 Amortization of other intangible assets 328 394 662 790 Interest (income) expense and foreign exchange (gain) loss (193) 17 (360) (255) Unrealized foreign exchange and other 206 600 83 (598) Non-refundable tax credits (505) (774) (934) (1,214) Stock-based compensation 993 724 1,640 1,176 Income taxes 184 362 187 376 Net cash from operating activities excluding changes in non-cash working capital items related to operations 2,346 1,507 3,977 2,156 Accounts receivable (2,132) 4,045 302 2,225 Work in progress 2,245 (1,390) (241) (2,219) Other receivables and assets 84 214 (436) (48) Tax credits (1,325) (1,248) (2,359) (2,319) Inventory (40) (242) (754) (1,084) Prepaid expenses 60 (358) 963 (641) Contract acquisition costs 119 137 80 140 Accounts payable and accrued liabilities 1,119 273 (2,000) (3,293) Deferred revenue 3,652 1,246 691 2,622 Changes in non-cash working capital items related to operations 3,782 2,677 (3,754) (4,617) Net cash provided by (used in) operating activities 6,128 4,184 223 (2,461) Cash flows from financing activities: Payment of lease obligations (204) (199) (402) (398) Payment of dividends (2,368) (2,208) (2,368) (2,208) Interest paid (24) (53) (49) (91) Issuance of common shares on exercise of stock options 320 881 597 2,644 Shares repurchased and cancelled (2,101) (673) (4,312) (673) Net cash used in financing activities (4,377) (2,252) (6,534) (726) Cash flows from investing activities: Interest received 3 33 27 69 Transfers from short-term investments 5,022 - 5,570 22 Acquisitions of property and equipment (200) (163) (409) (265) Deferred development costs (433) (253) (885) (500) Net cash provided by (used in) investing activities 4,392 (383) 4,303 (674) Net increase (decrease) in cash and cash equivalents during the period 6,143 1,549 (2,008) (3,861) Cash and cash equivalents - beginning of period 10,705 15,825 18,856 21,235 Cash and cash equivalents - end of period $ 16,848 $ 17,374 $ 16,848 $ 17,374 Condensed Interim Consolidated Statements of Changes in Equity (Unaudited) (In thousands of Canadian dollars, except number of shares) Share capital Contributed Surplus Accumulated other comprehensive (loss) income Retained earnings Total Number Amount Balance, May 1, 2024 14,840,150 $ 52,256 $ 9,417 $ (1,425) $ 8,121 $ 68,369 Net profit - - - - 1,556 1,556 Other comprehensive (loss) income: Effective portion of changes in fair value on designated revenue hedges - - - (533) - (533) Exchange difference on translation of foreign operations - - - 322 - 322 Total comprehensive (loss) income - - - (211) 1,556 1,345 Shares repurchased and cancelled (111,200) (394) (3,918) - - (4,312) Stock-based Compensation - - 1,640 - - 1,640 Dividends to equity owners - - - - (2,368) (2,368) Share options exercised 23,899 766 (169) - - 597 Total transactions with owners of the Company (87,301) $ 372 (2,447) $ - $ (2,368) $ (4,443) Balance, October 31, 2024 14,752,849 $ 52,628 $ 6,970 $ (1,636) $ 7,309 $ 65,271 Balance, May 1, 2023 14,582,837 $ 44,338 15,285 $ (17) $ 10,832 $ 70,438 Net profit - - - - 831 831 Other comprehensive income: - Effective portion of changes in fair value on designated revenue hedges - - - (3,000) - (3,000) Exchange difference on translation of foreign operations - - - (334) - (334) Total comprehensive (loss) income - - - (3,334) 831 (2,503) Shares repurchased and cancelled (25,800) (84) (589) - - (673) Stock-based Compensation - - 1,176 - - 1,176 Dividends to equity owners - - - - (2,208) (2,208) Share options exercised 161,249 3,388 (744) - - 2,644 Total transactions with owners of the Company 135,449 $ 3,304 (157) $ - $ (2,208) $ 939 Balance, October 31, 2023 14,718,286 $ 47,642 15,128 $ (3,351) $ 9,455 $ 68,874 SOURCE Tecsys Inc. 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OLD TRAFFORD chiefs are locked in a blame game over who was responsible for their summer shambles. Manchester United have become a laughing stock over their treatment of former boss Erik ten Hag . The club’s recruitment strategy has also faced scrutiny following another summer splurge of nearly £180million. Red Devils co-owner Sir Jim Ratcliffe and Co were set to get rid of Ten Hag after the FA Cup final. They ended up extending his contract and employing a new coaching team around him following their Wembley win over City. But the Dutchman was axed after just nine Prem games this season with United languishing down in 14th in the table. READ MORE FOOTBALL NEWS The former Ajax chief’s staff were also dismissed — all with sizeable pay-offs. It cost around £15m to sack Ten Hag alone, while they had to shell out another £10m to bring Portuguese Ruben Amorim in from Sporting Lisbon , including an extra fee so that he could cut short his notice period. It has been a bumpy start for Ratcliffe, who bought a 27.7 per cent stake in United in February and was charged with running the football side of the club. FOOTBALL FREE BETS AND SIGN UP DEALS The British billionaire, 72, appointed a new senior management team, including Sir Dave Brailsford , Omar Berrada, Dan Ashworth and Jason Wilcox. Most read in Football But so far, the jury is out on their summer transfer deals. The likes of forward Joshua Zirkzee , at £36.5m, and £38.5m centre-back Matthijs de Ligt have struggled to find their feet. Now, tough questions are being asked internally about who bears the most responsibility for what went wrong with their planned squad revamp.Post sports betting writer Dylan Svoboda is in his first season in the NFL Bettor’s Guide. Detroit Lions (-6.5) over CHICAGO BEARS The Lions are suddenly in a must-win scenario with the No. 1 seed in the NFC on the line. After the loss to the Bills last week, Detroit can’t afford a loss to the lowly Bears, who have lost eight straight. Good news for Dan Campbell & Co. The Bears appear to be imploding after a dreadful “Monday Night Football” loss to the Vikings. The Bears kept it close in their last matchup in Detroit, but that was a wonky, short-week Thanksgiving game that I’m not putting much stock in. It won’t be as close this week. This is the perfect bounce-back spot for the Lions. Tampa Bay Buccaneers (-4) over DALLAS COWBOYS Coming off an impressive 40-17 win over the Chargers, the Buccaneers need a win to keep control of the NFC South. Baker Mayfield is playing some of the best football of his career, and the Cowboys may be a little overvalued after recent wins over the Giants and Panthers. Tampa Bay is a different animal. Betting on the NFL? The Bucs have been a strong 4-2 against the spread as a favorite and 9-5 overall. With the playoffs to play for, bet on a relatively stress-free win for the NFC South hopefuls. LAST WEEK: 0-2: Steelers (L), Panthers (L) SEASON: 4-10. Why Trust New York Post Betting Dylan Svoboda is a versatile writer and analyst across many sports. He’s particularly knowledgeable about the big three — MLB, the NFL and the NBA.
The dollar fell and Bitcoin’s rally stalled as traders viewed Donald Trump’s pick of Scott Bessent for Treasury Secretary as a measured choice, tempering some of the more fevered bets spurred by the president-elect’s victory. The greenback declined against major peers with the Aussie and euro leading gains, while Bitcoin fell below $97,000 before paring losses. Equity futures in Australia and Japan point to early gains Monday after US stocks rose 0.4% on Friday. Contracts in Hong Kong were steady. The early moves indicate elements of the so-called Trump Trade are cooling after the incoming president named Bessent, who runs macro hedge fund Key Square Group, to oversee the US government debt market, tax collection and economic sanctions. While Bessent indicated he’ll back Trump’s tariff and tax cut plans, investors expect he will prioritize economic and market stability over scoring political points. “Following his other nominations, and the drawn-out battle among the contenders for the Treasury job, you could literally hear the sigh of relief from financial markets participants in the US when Bessent was announced,” Erik Nielsen, chief economics advisor at UniCredit Bank GmbH wrote in a note to clients. Bessent’s nomination may ease some concerns over Trump’s impact on other countries’ economies and currencies around the world. The dollar has now climbed for eight straight weeks, the longest advance in more than a year, as traders continued to price Trump’s fiscal policies including sweeping trade tariffs and persistent economic growth. The euro fell to a two-year low and the Swiss franc slid to the weakest against the greenback since July as speculative investors turned the most bullish on the dollar since late June. US stocks rose on Friday, with the S&P 500 gaining 0.4% as beneficiaries of the incoming administration’s looser regulation and business-friendly stance climbed. The Treasury curve flattened, with yields on 2-year notes climbing after strong US business activity data. Benchmark 10-year yields edged lower. Australia’s equivalent fell seven basis points in early Monday trading. The ongoing conflict in Ukraine helped to push West Texas Intermediate crude above $71 a barrel while gold traded at over $2,700 an ounce, and had its best week since March 2023. This week, traders in Asia will be closely monitoring Japan’s inflation data after Bank of Japan Governor Kazuo Ueda last week indicated the December policy meeting is live. The Reserve Bank of New Zealand is expected to cut its key rate on Wednesday. Elsewhere, a swath of inflation and growth readings in Europe are due. The Federal Reserve’s November meeting minutes, consumer confidence and personal consumption expenditure data, the central bank’s preferred gauge of inflation, will be closely parsed to help assess the outlook for rate cuts next year. “Equity bulls will want to see a healthy bounce in the consumer data, married with a below consensus read on PCE inflation,” said Chris Weston, head of research at Pepperstone Group in Melbourne. “With US swaps now implying a 36% chance of a 25 basis point cut from the Fed on 18 Dec, weaker US data would see pricing for a 25 basis point cut rise back above 50%, which should support equity risk and be a headwind for the US dollar.” Some of the main moves in markets: Currencies Cryptocurrencies Bonds Stocks This story was produced with the assistance of Bloomberg Automation. This article was generated from an automated news agency feed without modifications to text.ASX avoids Christmas trading blunder as markets set for soft open