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EXFO Reports Fourth Quarter and Fiscal 2020 Results

Oct 07, 2020

Q4 2020

  • Sales reached US$70.6 million
  • IFRS net loss totaled US$3.6 million
  • Adjusted EBITDA amounted to US$4.9 million
  • Cash flows provided by operations attained US$14.1 million

Fiscal 2020

  • Sales reached US$265.6 million
  • IFRS net loss totaled US$9.5 million
  • Adjusted EBITDA amounted to US$18.2 million
  • Cash flows used by operations attained US$2.1 million

QUEBEC CITY, Oct. 7, 2020 /PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the communications industry's test, monitoring and analytics experts, announced today financial results for the fourth quarter and fiscal year ended August 31, 2020.

"In fiscal 2020, EXFO experienced the unprecedented impact of the coronavirus pandemic on the global economy which, in turn, adversely affected our revenues and profitability. However, I'm pleased to see EXFO close its fourth quarter on a positive note with strong revenues and cash flows from operations," said Philippe Morin, EXFO's Chief Executive Officer. "Our ongoing digital transformation allowed EXFO to quickly adapt to the virtualized selling environment and secure five new service assurance contract wins. In FY21, we will continue to strengthen our focus on high-growth drivers like fiber, 5G and cloud-native deployments, while reducing investments in lower-growth areas. These initiatives should continue to benefit EXFO's competitive position and enable profitable growth."

"Looking ahead, we are excited about the wealth of opportunities for our T&M and SASS product groups. Demand for field testing equipment should recover with major fiber deployment projects, barring the return of extensive lockdown restrictions with the second wave. We also expect continued growth from our lab and manufacturing test solutions, especially in the ultra-high-speed area with our pending acquisition of InOpticals. In addition, we expect our Nova Adaptive Service Assurance platform to benefit from the momentum of our recent contract wins, the ramp-up of cloud-native 5G architectures and heightened activity in the network core."

 Fiscal 2020 Highlights

  • Sales. Given the global pandemic, total revenue decreased 7.4% to US$265.6 million in fiscal 2020. Test and Measurement (T&M) sales dropped 3.6% year-over-year, despite a strong increase from lab and manufacturing test solutions. Service Assurance, Systems and Services (SASS) revenue fell 16.4% year-over-year, although the company secured service assurance orders totaling US$5.0 million with five new customers in the fourth quarter. Annual sales in Asia-Pacific improved 11.9%, while sales in the Americas and Europe, Middle East and Africa (EMEA) decreased 10.0% and 13.9%, respectively. EXFO's largest customer accounted for 8.3% of sales in 2020, while the company's top-three customers represented 18.1%.
     
  • Profitability. IFRS net loss totaled US$9.5 million in fiscal 2020 compared to US$2.5 million in fiscal 2019. Adjusted EBITDA amounted to US$18.2 million in 2020 compared to US$25.6 million in 2019. Cash flows used by operations totaled US$2.1 million in 2020, including cash flows provided by operations of US$14.1 million in the fourth quarter. In comparison, cash flows provided by operations amounted to US$17.2 million in 2019.

Business Outlook
Due to the uncertainty surrounding the breadth and duration of the coronavirus pandemic, and its undetermined impact on the macro-economic environment, EXFO has suspended quarterly and annual guidance indefinitely.

Selected Financial Information

(In thousands of US dollars)

 

Q4 2020

 

Q4 2019

 

FY 2020

 

FY 2019

               

T&M sales

$

53,684

 

$

50,162

 

$

197,419

 

$

204,693

SASS sales

 

17,158

 

20,202

 

69,192

 

82,788

Foreign exchange losses on forward

               

exchange contracts

 

(270)

 

(189)

 

(1,028)

 

(591)

Total sales

$

70,572

 

$

70,175

 

$

265,583

 

$

286,890

               

T&M bookings

$

43,495

 

$

50,378

 

$

197,141

 

$

210,055

SASS bookings

 

19,750

 

20,723

 

68,750

 

88,341

Foreign exchange losses on forward

               

exchange contracts

 

(270)

 

(189)

 

(1,028)

 

(591)

Total bookings

$

62,975

 

$

70,911

 

$

264,863

 

$

297,805

Book-to-bill ratio (bookings/sales)

 

0.89

 

1.01

 

1.00

 

1.04

               

Gross margin before depreciation and

                     

amortization*

$

37,999

 

$

39,915

 

$

151,025

 

$

168,213

   

53.8%

 

56.9%

 

56.9%

 

58.6%

               

Other selected information:

             

IFRS net loss

$

(3,633)

 

$

(227)

 

$

(9,540)

 

$

(2,480)

Amortization of intangible assets

$

1,442

 

$

1,870

 

$

6,467

 

$

9,012

Stock-based compensation costs

$

575

 

$

477

 

$

2,021

 

$

1,831

Restructuring charges

$

2,886

 

$

 

$

2,886

 

$

3,305

Acquisition-related deferred revenue fair

                     

value adjustment

$

 

$

 

$

 

$

1,435

Foreign exchange (gain) loss

$

(221)

 

$

894

 

$

428

 

$

949

Income tax effect of the above items

$

(760)

 

$

(281)

 

$

(656)

 

$

(1,396)

Adjusted EBITDA*

$

4,868

 

$

6,213

 

$

18,152

 

$

25,585

Quarterly and Annual Overview
Sales in the fourth quarter of fiscal 2020 reached US$70.6 million compared to US$70.2 million in the fourth quarter of 2019. Annual sales decreased 7.4% to US$265.6 million in fiscal 2020 mainly due to the negative impact of the coronavirus pandemic.

Bookings totaled US$63.0 million for a book-to-bill ratio of 0.89 in the fourth quarter of fiscal 2020 compared to US$70.9 million in the fourth quarter of 2019. For fiscal 2020, bookings decreased 11.1% to US$264.9 million for a book-to-bill ratio of 1.00 mainly due to the negative impact of the coronavirus pandemic.

Gross margin before depreciation and amortization* attained 53.8% of sales in the fourth quarter of fiscal 2020 compared 56.9% in the fourth quarter of 2019. In fiscal 2020, gross margin before depreciation and amortization reached 56.9% of sales compared to 58.6% in 2019.

Selling and administrative expenses totaled US$24.6 million, or 34.8% of sales, in the fourth quarter of fiscal 2020 compared to US$23.0 million, or 32.8% of sales, in the fourth quarter of 2019. In fiscal 2020, selling and administrative expenses amounted to US$92.3 million, or 34.8% of sales, compared to US$98.6 million, or 34.4% of sales, in 2019.

Net R&D expenses amounted to US$12.0 million, or 17.0% of sales, in the fourth quarter of fiscal 2020 compared to US$11.1 million, or 15.9% of sales, in the fourth quarter of 2019. In fiscal 2020, net R&D expenses totaled US$45.5 million, or 17.1% of sales, compared to US$50.6 million, or 17.6% of sales, in 2019.

In the fourth quarter of fiscal 2020, IFRS net loss amounted to US$3.6 million, or US$0.07 per share, compared to US$0.2 million, or US$0.00 per share, in the fourth quarter of 2019. Net loss in the fourth quarter of 2020 included net expenses totaling US$4.0 million: US$1.2 million in after-tax amortization of intangible assets, US$0.6 million in stock-based compensation costs, US$2.4 million in after-tax restructuring charges, and a foreign exchange gain of US$0.2 million.

In fiscal 2020, IFRS net loss totaled US$9.5 million, or US$0.17 per share, compared to US$2.5 million, or US$0.04 per share, in 2019. Net loss in 2020 included expenses totaling US$10.3 million: US$5.5 million in after-tax amortization of intangible assets, US$2.0 million in stock-based compensation costs, US$2.4 million in after-tax restructuring charges, and a foreign exchange loss of US$0.4 million. Net loss in fiscal 2020 also included US$2.4 million for an after-tax wage subsidy granted by the Canadian government to mitigate the impact of the coronavirus pandemic.

Adjusted EBITDA* amounted to US$4.9 million, or 6.9% of sales, in the fourth quarter of fiscal 2020 compared US$6.2 million, or 8.9% of sales, in the fourth quarter of 2019. In fiscal 2020, adjusted EBITDA totaled US$18.2 million, or 6.8% of sales, compared to US$25.6 million, or 8.9% of sales, in 2019.

After-tax restructuring charges totaled US$2.4 million in the fourth quarter of 2020 and in fiscal 2020 compared to zero charges in the fourth quarter of 2019 and US$3.2 million in 2019.

Conference Call and Webcast
EXFO will host a conference call today at 5 p.m. (Eastern time) to review fourth quarter and year-end financial results for fiscal 2020. To listen to the conference call and participate in the question period via telephone, dial 1-929-477-0577. Please take note the following conference ID number will be required: 2685037. EXFO's Executive Chairman Germain Lamonde, CEO Philippe Morin, and Pierre Plamondon, CPA, 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 October 14, 2020. The replay number is 1-719-457-0820 and the conference ID number is 2685037. 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 (NASDAQ: EXFO) (TSX: EXF) develops smarter test, monitoring and analytics solutions for fixed and mobile network operators, webscale companies and equipment manufacturers in the global communications industry. Our customers count on us to deliver superior network performance, service reliability and subscriber insights. They count on our unique blend of equipment, software and services to accelerate digital transformations related to fiber, 4G/LTE and 5G deployments. They count on our expertise with automation, real-time troubleshooting and big data analytics, which are critical to their business performance. We've spent over 30 years earning this trust, and today 1,900 EXFO employees in over 25 countries work side by side with our customers in the lab, field, data center and beyond.

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, namely the impact of the coronavirus pandemic on our employees, customers and global operations, including the ability of our suppliers to fulfil raw material requirements and services and our ability to manufacture and deliver our products and services to our customers; the effects of emergency measures related to isolation periods for individuals in affected areas, lockdown restrictions imposed by national governments on businesses in countries where we operate and have employees, and limitations on travel to attract new customers and serve existing ones; deteriorating financial and market conditions as well as a potential recession; trade wars, and our ability to successfully integrate businesses that we acquire; capital spending and network deployment levels in the communications 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 communications test, monitoring and analytics solutions markets and increased competition among vendors; 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.

*Non-IFRS Measures
EXFO provides non-IFRS measures (gross margin before depreciation and amortization and adjusted EBITDA) as supplemental information regarding its operational performance. Gross margin before depreciation and amortization represents sales, less cost of sales, excluding depreciation and amortization. Adjusted EBITDA represents net loss before interest and other income/expense, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges, acquisition-related deferred revenue fair-value adjustment, and foreign exchange gain or loss.

These non-IFRS measures eliminate the effect on IFRS results of non-cash statement of earnings elements, restructuring charges, 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 performance relative to competitors. These non-IFRS measures are also used by financial analysts that evaluate and compare the company's performance against that of competitors and industry players in the 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 to investors, in addition to the IFRS measures, allows them 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 that of 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 adjusted EBITDA to IFRS net loss in thousands of US dollars:

Adjusted EBITDA

 

Q4 2020

 

Q4 2019

 

FY 2020

 

FY 2019

               

IFRS net loss for the period (1)

$

(3,633)

 

$

(227)

 

$

(9,540)

 

$

(2,480)

               

Add (deduct):

             
               

Depreciation and amortization

 

3,647

 

3,152

 

15,379

 

14,481

Interest and other (income) expenses

 

(19)

 

1,157

 

956

 

718

Income taxes

 

1,633

 

760

 

6,022

 

5,346

Stock-based compensation costs

 

575

 

477

 

2,021

 

1,831

Restructuring charges

 

2,886

 

 

2,886

 

3,305

Acquisition-related deferred revenue fair

               

value adjustment

 

 

 

 

1,435

Foreign exchange (gain) loss

 

(221)

 

894

 

428

 

949

Adjusted EBITDA for the period

$

4,868

 

$

6,213

 

$

18,152

 

$

25,585

                 

Adjusted EBITDA in percentage of sales

 

6.9%

 

8.9%

 

6.8%

 

8.9%

   

(1)

IFRS net loss for the three months and the year ended August 31, 2020 takes into account the impact of the adoption of IFRS 16 on September 1, 2019. The adoption of IFRS 16 on September 1, 2019 had a positive impact on adjusted EBITDA of US$0.8 million or 1.1% of sales and US$3.3 million or 1.3% of sales, respectively, for the three months and year ended August 31, 2020. Comparative figures were not adjusted.

 

EXFO Inc.

Condensed Unaudited Interim Consolidated Balance Sheets 

   

(in thousands of US dollars)

       
 

As at August 31,

   

2020

   

2019

Assets

         
           

Current assets

         

Cash

$

32,818

 

$

16,518

Short-term investments

 

919

   

2,918

Accounts receivable

         

Trade

 

56,291

   

51,517

Other

 

4,055

   

3,396

Income taxes and tax credits recoverable

 

4,203

   

3,159

Inventories

 

38,865

   

38,017

Prepaid expenses

 

5,631

   

6,510

Other assets

 

5,493

   

3,083

   

148,275

   

125,118

           

Tax credits recoverable

 

48,812

   

46,704

Property, plant and equipment

 

39,722

   

39,364

Lease right-of-use assets

 

10,758

   

Intangible assets

 

17,616

   

21,654

Goodwill

 

40,290

   

38,648

Deferred income tax assets

 

3,633

   

4,821

Other assets

 

1,548

   

1,293

 

$

310,654

 

$

277,602

Liabilities

         
           

Current liabilities

         

Bank loan

$

32,737

 

$

5,000

Accounts payable and accrued liabilities

 

41,348

   

50,790

Provisions

 

3,792

   

1,065

Income taxes payable

 

43

   

704

Deferred revenue

 

25,785

   

24,422

Other liabilities

 

4,032

   

1,606

Current portion of lease liabilities

 

3,249

   

Current portion of long-term debt

 

2,076

   

2,449

   

113,062

   

86,036

           

Provisions

 

2,782

   

2,737

Deferred revenue

 

8,858

   

9,056

Lease liabilities

 

7,334

   

Long-term debt

 

2,144

   

3,293

Deferred income tax liabilities

 

3,760

   

3,598

Other liabilities

 

151

   

318

   

138,091

   

105,038

           

Shareholders' equity

         

Share capital

 

94,024

   

92,706

Contributed surplus

 

19,680

   

19,196

Retained earnings

 

102,633

   

112,173

Accumulated other comprehensive loss

 

(43,774)

   

(51,511)

   

172,563

   

172,564

           
 

$

310,654

 

$

277,602

 

EXFO Inc. 

Condensed Unaudited Interim Consolidated Statements of Earnings 

       

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

       
 

Three months

ended

August 31, 2020

 

Twelve months

ended

August 31, 2020

 

Three months

ended

August 31, 2019

 

Twelve months

ended

August 31, 2019

                       

Sales

$

70,572

 

$

265,583

 

$

70,175

 

$

286,890

                       

Cost of sales (1,2)

 

32,573

   

114,558

   

30,260

   

118,677

Selling and administrative (2)

 

24,588

   

92,293

   

23,036

   

98,646

Net research and development (2)

 

12,004

   

45,487

   

11,143

   

50,553

Depreciation of property, plant and

                     

equipment

 

1,405

   

5,563

   

1,282

   

5,469

Depreciation of lease right-of-use assets

 

800

   

3,349

   

   

Amortization of intangible assets

 

1,442

   

6,467

   

1,870

   

9,012

Interest and other (income) expense

 

(19)

   

956

   

1,157

   

718

Foreign exchange (gain) loss

 

(221)

   

428

   

894

   

949

Earnings (loss) before income taxes

 

(2,000)

   

(3,518)

   

533

   

2,866

                       

Income taxes

 

1,633

   

6,022

   

760

   

5,346

                       

Net loss for the period

$

(3,633)

 

$

(9,540)

 

$

(227)

 

$

(2,480)

                       

Basic and diluted net loss per share

$

(0.07)

 

$

(0.17)

 

$

(0.00)

 

$

(0.04)

                       

Basic and diluted weighted average number

                     

of shares outstanding (000's)

 

55,698

   

55,604

   

55,379

   

55,325

 

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

(2)  Restructuring charges included in:

 

Cost of sales

$

898

 

$

898

 

$

 

$

304

Selling and administrative

 

1,882

   

1,882

   

   

495

Net research and development

 

106

   

106

   

   

2,506

Income taxes

 

(533)

   

(533)

   

   

(63)

 

$

2,353

 

$

2,353

 

$

 

$

3,242

 

EXFO Inc. 

Condensed Unaudited Interim Consolidated Statements of Comprehensive Income (Loss)

                       

(in thousands of US dollars)

                       
 

Three months

ended

August 31, 2020

 

Twelve months

ended

August 31, 2020

 

Three months

ended

August 31, 2019

 

Twelve months

ended

August 31, 2019

                       

Net loss for the period

$

(3,633)

 

$

(9,540)

 

$

(227)

 

$

(2,480)

Other comprehensive income (loss), net of

                     

income taxes

                     

Items that may be reclassified subsequently

                     

to net earnings

                     

Foreign currency translation adjustment

 

10,069

   

5,994

   

1,983

   

(4,177)

Unrealized gains/losses on forward

                     

exchange contracts

 

3,026

   

1,221

   

442

   

(795)

Reclassification of realized gains/losses

                     

on forward exchange contracts

                     

in net earnings

 

493

   

1,100

   

534

   

744

Deferred income tax effect of

                     

gains/losses on forward exchange

                     

contracts

 

(900)

   

(578)

   

(289)

   

67

Other comprehensive income (loss)

 

12,688

   

7,737

   

2,670

   

(4,161)

                       

Comprehensive income (loss) for the period 

$

9,055

 

$

(1,803)

 

$

2,443

 

$

(6,641)

 

EXFO Inc.

Condensed Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity

             

(in thousands of US dollars)

             
   

Year ended August 31, 2019

 

Share
capital

 

Contributed
surplus

 

Retained
earnings

 

Accumulated
other
comprehensive
loss

 

Total
shareholders'
equity

                             

Balance as at August 31, 2018

$

91,937

 

$

18,428

 

$

114,906

 

$

(47,350)

 

$

177,921

Adoption of IFRS 9

 

   

   

(253)

   

   

(253)

Adjusted balance as at September 1, 2018

 

91,937

   

18,428

   

114,653

   

(47,350)

   

177,668

Reclassification of stock-based compensation costs

 

1,106

   

(1,106)

   

   

   

Redemption of share capital

 

(337)

   

25

   

   

   

(312)

Stock-based compensation costs

 

   

1,849

   

   

   

1,849

Net loss for the year

 

   

   

(2,480)

   

   

(2,480)

Other comprehensive income (loss)

                           

Foreign currency translation adjustment

 

   

   

   

(4,177)

   

(4,177)

Changes in unrealized gains/losses on forward

                           

exchange contracts, net of deferred income taxes

                           

of $67

 

   

   

   

16

   

16

Total comprehensive loss for the year

                         

(6,641)

Balance as at August 31, 2019

$

92,706

 

$

19,196

 

$

112,173

 

$

(51,511)

 

$

172,564

             
   

Year ended August 31, 2020

 

Share
capital

 

Contributed
surplus

 

Retained
earnings

 

Accumulated
other
comprehensive
loss

 

Total
shareholders'
equity

                             

Balance as at September 1, 2019

$

92,706

 

$

19,196

 

$

112,173

 

$

(51,511)

 

$

172,564

Reclassification of stock-based compensation costs

 

1,530

   

(1,530)

   

   

   

Redemption of share capital

 

(212)

   

(13)

   

   

   

(225)

Stock-based compensation costs

 

   

2,027

   

   

   

2,027

Net loss for the year

 

   

   

(9,540)

   

   

(9,540)

Other comprehensive income

                           

Foreign currency translation adjustment

 

   

   

   

5,994

   

5,994

Changes in unrealized gains/losses on forward

                           

exchange contracts, net of deferred income taxes

                           

of $578

 

   

   

   

1,743

   

1,743

Total comprehensive loss for the year

                         

(1,803)

Balance as at August 31, 2020

$

94,024

 

$

19,680

 

$

102,633

 

$

(43,774)

 

$

172,563

 

 

EXFO Inc. 

Condensed Unaudited Interim Consolidated Statements of Cash Flows

 

(in thousands of US dollars)

 
 

Three months
ended
August 31, 2020

 

Twelve months
ended
August 31, 2020

 

Three months
ended
August 31, 2019

 

Twelve months
ended
August 31, 2019

                       

Cash flows from operating activities

                     

Net loss for the period

$

(3,633)

 

$

(9,540)

 

$

(227)

 

$

(2,480)

Add (deduct) items not affecting cash

                     

Stock-based compensation costs

 

575

   

2,021

   

477

   

1,831

Depreciation and amortization

 

3,647

   

15,379

   

3,152

   

14,481

Gain on disposal of capital assets

 

(340)

   

(340)

   

   

(1,732)

Write-off of capital assets

 

7

   

223

   

1,125

   

1,386

Deferred revenue

 

3,545

   

401

   

(1,142)

   

10,477

Deferred income taxes

 

818

   

657

   

192

   

(2,103)

Changes in foreign exchange gain/loss

 

(314)

   

1,436

   

264

   

(46)

   

4,305

   

10,237

   

3,841

   

21,814

Changes in non-cash operating items

                     

Accounts receivable

 

5,251

   

(1,623)

   

2,252

   

(4,786)

Income taxes and tax credits

 

(253)

   

(2,871)

   

(93)

   

1,536

Inventories

 

6,188

   

(45)

   

534

   

(134)

Prepaid expenses

 

247

   

462

   

(927)

   

(1,307)

Other assets

 

(1,251)

   

(1,963)

   

(456)

   

(1,459)

Accounts payable, accrued liabilities

                     

and provisions

 

(362)

   

(6,382)

   

1,171

   

3,184

Other liabilities

 

(47)

   

48

   

(79)

   

(1,606)

   

14,078

   

(2,137)

   

6,243

   

17,242

Cash flows from investing activities

                     

Additions to short-term investments

 

(500)

   

(2,574)

   

(1,301)

   

(1,879)

Proceeds from disposal and maturity of short-

                     

term investments

 

3,052

   

4,316

   

   

1,168

Purchases of capital assets

 

(1,580)

   

(7,646)

   

(1,180)

   

(7,498)

Proceeds from disposal of capital assets

 

230

   

230

   

   

3,318

   

1,202

   

(5,674)

   

(2,481)

   

(4,891)

Cash flows from financing activities

                     

Bank loan

 

(1,772)

   

26,532

   

(143)

   

(5,195)

Other liabilities

 

2,355

   

2,355

   

   

Repayment of lease liabilities

 

(800)

   

(3,334)

   

   

Repayment of long-term debt

 

(240)

   

(1,847)

   

(652)

   

(2,817)

Redemption of share capital

 

   

(225)

   

(207)

   

(312)

   

(457)

   

23,481

   

(1,002)

   

(8,324)

Effect of foreign exchange rate changes on cash 

 

925

   

630

   

135

   

(267)

                       

Change in cash 

 

15,748

   

16,300

   

2,895

   

3,760

Cash – Beginning of the period

 

17,070

   

16,518

   

13,623

   

12,758

                       

Cash – End of the period

$

32,818

 

$

32,818

 

$

16,518

 

$

16,518

EXFO-F

Cision View original content:http://www.prnewswire.com/news-releases/exfo-reports-fourth-quarter-and-fiscal-2020-results-301148041.html

SOURCE EXFO Inc.

Michelle O'Brodovich, Corporate Communications Manager, (418) 683-0913, Ext. 23443, michelle.obrodovich@exfo.com