Unterehmen auf Watchlist setzen
Converge Technology
ISIN: CA21250C1068
WKN: A2PD0W
Über
Unternehmensprofil
Tipp: Investor-Alerts aktivieren
Lassen Sie sich bei neuen Publikationen informieren
Tipp: AI-Factsheet

Corporate News meets AI! 
Analyse der Inhalte und Zusammenfassung

Converge Technology · ISIN: CA21250C1068 · PR Newswire (ID: 20240808EN79117)
08 August 2024 01:15PM

Converge Reports Second Quarter 2024 Results


Gross sales organic growth1 of 11.1% and gross profit organic growth1 of 2.1%;

Returned $47.4 million in capital through dividends and share repurchases;

Announces Group CEO Transition

TORONTO and GATINEAU, QC, Aug. 8, 2024 /PRNewswire/ -- Converge Technology Solutions Corp. ("Converge" or "the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three and six months period ended June 30, 2024. All figures are in Canadian dollars unless otherwise stated.

Second Quarter 2024 Highlights (year-over-year, unless otherwise noted):

  • Gross sales1 of $1.06 billion, an increase of $106.4 million or 11.1%;
  • Gross sales organic growth1 of 11.1% and gross profit organic growth[1] of 2.1%;
  • Revenue of $651.8 million, a decrease of $14.0 million;
  • Gross profit increased 2.1% to $179.3 million, representing a gross margin of 27.5%;
  • Adjusted EBITDA1 increased 8.6% to $45.1 million;
  • Cash from operating activities was $52.4 million, an increase of $62.0 million, compared to cash used in operating activities of $9.6 million for the comparative period in the prior year;
  • Returned $47.4 million of capital to shareholders;
  • Reduced net debt1 by $194.0 million year-over-year and by $51.9 million compared to Q4 FY23 to $157.9 million, compared to $351.9 million as at Q2 FY23 and $209.8 million as at Q4 FY23.

Year-To-Date 2024 Highlights (year-over-year, unless otherwise noted):

  • Gross sales1 of $2.07 billion, an increase of $147.2 million or 7.7%;
  • Gross sales organic growth1 of 7.7% and gross profit organic growth of 2.1%;
  • Revenue of $1.28 billion, a decrease of $63.4 million;
  • Gross profit increased 2.1% to $354.6 million, representing a gross margin of 27.7%;
  • Adjusted EBITDA1 increased 5.8% to $87.3 million;
  • Net loss of $168.5 million, an increase in loss of $160.6 million, driven by the non-cash impairment charge on the Germany segment of $176.1 million;
  • Returned $51.7 million of capital to shareholders;
  • Cash from operating activities was $163.3 million, an increase of $144.2 million, compared to $19.1 million for the comparative period in the prior year.

__________________________

1  This is a Non-IFRS measure (including non-IFRS ratio) and not a recognized, defined or a standardized measure under IFRS. See the "Non-IFRS Financial Measures" section of this press release for definitions, uses and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures.

"Demand for products, software and services in our key practice areas of AI, cybersecurity and cloud drove double-digit organic growth in the second quarter, leading to our fourth consecutive quarter of billion-dollar gross sales," said Greg Berard, Converge CEO. "The team has done an incredible job adapting to the needs of our clients and demonstrating the strength and diversity of our business model. This has allowed us to return $51.7 million in capital to shareholders year-to-date and $47.4 million in Q2 alone through dividends and share repurchases."

Financial Summary

In $000s except per share amounts

3-month

Q2 2024

3-month

Q2 2023



6-month

Q2 2024

6-month

Q2 2023

Gross Sales1

1,063,667

957,240



2,069,656

1,922,498

Revenue

651,847

665,813



1,280,613

1,344,011

Gross profit (GP)

179,284

175,672



354,556

347,260

Gross profit (GP) %

27.5 %

26.4 %



27.7 %

25.8 %

Adjusted EBITDA1

45,107

41,257



87,316

82,531

Adjusted EBITDA as a % of GP1

25.2 %

23.6 %



24.6 %

23.8 %

Net Loss

(164,963)

(4,495)



(168,503)

(7,856)

Adjusted net income1

38,759

25,124



61,466

49,565

Adjusted EPS1

$0.19

$0.12



$0.30

$0.24

Subsequent to Quarter-End

  • On August 7, 2024, the Board declared a quarterly dividend of $0.015 per common share to be paid on September 10, 2024 to shareholders of record at the close of business on August 27, 2024.

Financial Outlook

Converge is providing financial guidance for the three months ended September 30, 2024 and fiscal year ended December 31, 2024 as follows:

(expressed in millions of Canadian dollars)



Q3 2023 Actual

Q3 2024 Expected

FY 2023 Actual

FY 2024 Expected

Revenue

$710.1

$636 - $658

$2,705

$2,620 - $2,664

Gross profit

$174.1

$172 - $178

$702.9

$709 - $721

Adjusted EBITDA

$41.3

$43 - $47

$170.3

$176 - $184

Note: Q3 2023 Actual and FY 2023 Actual includes results of Portage which has been deconsolidated on June 27, 2024.

Group CEO Transition

Converge is announcing today that following the recent deconsolidation of Portage Cybertech Inc. ("Portage"), Converge will be eliminating the role of 'Group CEO' at the end of 2024.  Shaun Maine will continue in his role as Chair of Portage and continue to be an advisor to Greg Berard, currently CEO of Converge.  Greg will assume all of Mr. Maine's executive responsibilities at the beginning of 2025.

"Greg has expertly spearheaded the leadership of Converge globally since the beginning of 2023, integrating our family of acquisitions under One Converge and propelling our organic growth engine" said Shaun Maine, Group CEO. "From founding Converge in 2017 to becoming a global company with approximately 3,000 employees generating more than $4 billion in annualized gross sales, I'm immensely proud of the team's achievements.  Greg created the practices areas in 2019 and is the right person to leverage those unique capabilities to take advantage of the growth opportunities in the IT Services marketplace, particularly around AI."

"On behalf of the Board, I want to thank Shaun for his unwavering vision and leadership," said Thomas Volk, Chair of the Board. "Under Greg's leadership, Converge is the strongest it has ever been, possessing the depth and scale to become a global leader and sustain long-term value creation for our shareholders."

Conference Call Details:

Date: Thursday, August 8th, 2024

Time: 8:00 AM Eastern Standard Time

Participant Webcast Link: 

Webcast Link – https://app.webinar.net/JRKZ82MjxEQ

Participant Dial-in Details with Operator Assistance:

Conference ID: 50386

Toronto: 1-289-819-1350

North American Toll Free: 1-800-836-8184

International Toll-Free Numbers:

Germany: 498005889782

Ireland: 35315251826

Spain: 34917918582

Switzerland: 41432107274

United Kingdom: 448002797040

You may register and enter your phone number to receive an instant automated call back via https://emportal.ink/3VPeZPg

Recording Playback:

Webcast Link - https://app.webinar.net/JRKZ82MjxEQ

Toronto: 1-289-819-1450

North American Toll Free:  1-888-660-6345

Replay Code: 50386 #

Expiry Date: August 15th, 2024

Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be required to access the webcast. A live audio webcast accompanied by presentation slides and archive of the conference call and webcast will be available by visiting the Company's website at https://convergetp.com/investor-relations/.

About Converge

Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge's global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

Summary of Condensed Consolidated Interim Statements of Financial Position

(expressed in thousands of Canadian dollars)



June 30, 2024

$

December 31, 2023

$

Assets





Current







 Cash

173,820

169,872



 Restricted cash

267

547



 Trade and other receivables

882,385

803,652



 Inventories

82,664

73,166



 Prepaid expenses and other assets

33,265

26,528





1,172,401

1,073,765

Non-current







Investment in associates

29,877

-



Unbilled receivables and other assets

115,349

64,158



Property, equipment and right-of-use assets, net

68,880

75,488



Intangible assets, net

290,550

375,181



Goodwill

387,573

564,770

 Total assets

2,064,630

2,153,362









Liabilities





Current







Trade and other payables

1,055,632

853,655



Other financial liabilities

32,341

54,095



Deferred revenue

66,617

59,325



Borrowings

12,141

1,664



Income taxes payable

-

9,286





1,166,731

978,025

Non-current







Trade and other payables

104,030

60,339



Other financial liabilities

42,875

57,668



Borrowings

319,538

378,007



Deferred tax liabilities

47,766

67,168

 Total liabilities

1,680,940

1,541,207









Shareholders' equity







Common shares

574,155

599,434



Contributed surplus

12,586

10,970



Accumulated other comprehensive income 

15,997

3,963



Deficit

(219,048)

(28,167)

Total equity attributable to shareholders of Converge

383,690

586,200

Non-controlling interest ("NCI")

-

25,955



383,690

612,155

Total liabilities and shareholders' equity

2,064,630

2,153,362

Summary of Condensed Consolidated Interim Statements of Income and Comprehensive Income

(expressed in thousands of Canadian dollars)



Three months ended

June 30,



Six months ended

June 30,



2024



2023



2024



2023

Revenue















Product

516,448



511,597



1,002,558



1,048,286

Service

135,399



154,216



278,055



295,725

Total revenue

651,847



665,813



1,280,613



1,344,011

Cost of sales

472,563



490,141



926,057



996,751

Gross profit

179,284



175,672



354,556



347,260

Selling, general and administrative expenses 

135,943



136,699



271,836



268,732

Income before the following

43,341



38,973



82,720



78,528

















Depreciation and amortization

25,208



26,893



49,421



52,783

Finance expense, net

7,328



10,652



15,755



20,002

Acquisition, integration, restructuring and other

4,868



4,083



8,456



8,367

Change in fair value of contingent consideration

1,129



9,209



3,273



9,209

Share-based compensation expense

1,140



1,117



1,912



1,965

Other (income) expense, net

48



(6,529)



255



(4,060)

Loss on loss of control of Portage

117



-



117



-

Impairment loss- Germany segment

176,124



-



176,124



-

(Loss) Income before income taxes

(172,621)



(6,452)



(172,593)



(9,738)

Income tax recovery

(7,658)



(1,957)



(4,090)



(1,882)

Net (loss) income

(164,963)



(4,495)



(168,503)



(7,856)

Net (loss) income attributable to:















Shareholders of Converge

(163,315)



(3,548)



(165,230)



(5,505)

Non-controlling interest

(1,644)



(947)



(3,273)



(2,351)



(164,963)



(4,495)



(168,503)



(7,856)

Other comprehensive (loss) income















Exchange gain (loss) on translation of foreign operations

3,895



(15,725)



12,034



(13,552)

Comprehensive (loss) income                       

(161,068)



(20,220)



(156,469)



(21,408)

Comprehensive (loss) income attributable to:















Shareholders of Converge

(159,423)



(19,273)



(153,196)



(19,057)

Non-controlling interest

(1,645)



(947)



(3,273)



(2,351)



(161,068)



(20,220)



(156,469)



(21,408)

















Adjusted EBITDA                                         

45,107



41,527



87,316



82,531

Adjusted EBITDA as a % of Gross profit

25.2 %



23.6 %



24.6 %



23.8 %

Adjusted EBITDA as a % of Revenue

6.9 %



6.2 %



6.8 %



6.2 %

Summary of Condensed Consolidated Interim Statements of Cash Flows

(expressed in thousands of Canadian dollars)



For the three months ended

June 30,

For the six months ended

June 30,



2024



2023



2024



2023

















Cash flows (used in) from operating activities















Net (loss) income

(164,963)



(4,495)



(168,503)



(7,856)

Adjustments to reconcile net (loss) income to cash from operating activities















Depreciation and amortization

26,973



29,235



54,017



56,785

Unrealized foreign exchange (gains) losses

-



(5,281)



-



(2,818)

Share-based compensation expense

1,140



1,117



1,912



1,965

    Finance expense, net

7,328



10,652



15,755



20,002

    Gain on sale of property and equipment

8



(598)



69



(598)

    Change in fair value of contingent consideration

1,129



6,551



3,273



6,551

Impairment loss – Germany segment

176,124



-



176,124



-

Loss on loss of control of Portage

117



-



117



-

   Income tax expense (recovery)

(7,658)



(1,957)



(4,090)



(1,882)



40,198



35,224



78,674



72,149

Changes in non-cash working capital

36,231



(40,349)



109,353



(41,585)



76,429



(5,125)



188,027



30,564

Income taxes paid

(24,045)



(4,520)



(24,708)



(11,446)

Cash from operating activities

52,384



(9,645)



163,319



19,118

















Cash flows used in investing activities















Purchase of property, equipment and intangible assets

(2,003)



(2,091)



(3,861)



(7,197)

Proceeds on disposal of property and equipment 

-



3,681



-



3,749

Payment of contingent consideration

(16,164)



(975)



(19,328)



(9,935)

Payment of deferred consideration

(4,002)



(4,066)



(11,867)



(29,720)

Payment of NCI liability

-



-



-



(29,994)

Cash used in investing activities

(22,169)



(3,451)



(35,056)



(73,097)

















Cash flows (used in) from financing activities















Transfers from restricted cash

296



2,371



293



2,587

Interest paid

(5,556)



(7,365)



(12,329)



(15,242)

Dividends paid

(2,969)



(2,067)



(5,003)



(2,067)

Payment of lease liabilities

(5,028)



(5,089)



(10,116)



(10,224)

Repurchase of common shares

(44,425)



(14,230)



(46,721)



(14,230)

Stock options exercised

875



-



875



-

Repayment of notes payable

-



(40)



(39)



(80)

Net proceeds from (repayment of) borrowings

41,799



(22,815)



(54,472)



11,384

Cash (used in) from financing activities

(15,008)



(49,235)



(127,512)



(27,872)

















Net change in cash during the period

15,207



(62,331)



751



(81,851)

Effect of foreign exchange on cash

1,631





 

Non-IFRS Financial Measures

This press release refers to certain performance indicators including Adjusted EBITDA, gross profit, gross sales, gross sales organic growth, net debt, adjusted net income ("Adjusted Net Income") and adjusted earnings per share ("Adjusted EPS") that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.  Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company's operating results and can highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.

Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS. Investors are encouraged to review the Company's financial statements and disclosures in their entirety, are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.

Please see "Non-IFRS Financial & Supplementary Financial Measures" and "Summary of Consolidated Financial Results" in the Company's most recent Management's Discussion and Analysis, which is available on the Company's profile on SEDAR+ at www.sedarplus.ca, for further details on certain non-IFRS measures, which information is incorporated by reference herein.

Adjusted EBITDA

Adjusted EBITDA represents net income or loss adjusted to exclude amortization, depreciation, interest expense and net finance expense, foreign exchange gains and losses, other expenses and income, share-based compensation expense, income tax expense, change in fair value of contingent consideration, impairment loss, gain or loss on loss of control of subsidiary and acquisition, integration, restructuring and other expenses.  Acquisition and transaction related costs primarily consists of acquisition-related compensation tied to continued employment of pre-existing shareholders of the acquiree not included in the total purchase consideration and professional fees. Integration costs primarily consist of professional fees incurred related to integration of acquisitions completed. Restructuring costs mainly represent employee exit costs as a result of synergies created from acquisitions and organizational changes. 

Adjusted EBITDA is not a recognized, defined, or standardized measure under IFRS. The Company's definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. 

Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS.

The IFRS measure most directly comparable to Adjusted EBITDA presented in the Company's financial statements is net (loss) income before taxes.

The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:





For the three months ended

June 30,

For the six months ended

June 30,



2024

2023

2024

2023



Net (loss) income before taxes

(172,621)

(6,452)

(172,593)

(9,738)



Depreciation and amortization

25,208

26,893

49,421

52,783



Depreciation included in cost of sales

1,766

2,342

4,596

3,798



Finance expense, net

7,328

10,652

15,755

20,002



Acquisition, integration, restructuring and other

4,868

4,083

8,456

8,367



Change in fair value of contingent consideration

1,129

9,209

3,273

9,209



Share-based compensation expense

1,140

1,117

1,912

1,965



Other expense, net

48

(6,317)

255

(3,855)



Loss on loss of control on Portage

117

-

117

-



Impairment loss- Germany segment

176,124

-

176,124

-



Adjusted EBITDA

45,107

41,527

87,316

82,531













Adjusted EBITDA as a % of Gross Profit1

The Company believes that Adjusted EBITDA as a % of gross profit is a useful measure of the Company's operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by gross profit.

Adjusted Net Income and Adjusted EPS 1

Adjusted Net Income represents net income (loss) adjusted to exclude acquisition, integration, restructuring and other expenses, change in fair value of contingent consideration, impairment loss, gain or loss on loss of control of subsidiary, amortization of acquired intangible assets, unrealized foreign exchange gain/loss, and share-based compensation. The Company believes that Adjusted Net Income is a more useful measure than net income as it excludes the impact of one-time, non-cash and/or non-recurring items that are not reflective of Converge's underlying business performance. Adjusted EPS is calculated by dividing Adjusted Net Income by the total weighted average shares outstanding on a basic and diluted basis. The IFRS measure most directly comparable to Adjusted Net Income presented in the Company's financial statements is net income (loss) and net income (loss) per share.

The Company has provided a reconciliation to the most comparable IFRS financial measure as follows:



For the three months

For the six months

ended June 30,

ended June 30,



2024

2023

2024

2023

Net income (loss)

(164,963)

(4,495)

(168,503)

(7,856)

Acquisition, integration, restructuring and other

4,868

4,083

8,456

8,367

Change in fair value of contingent consideration

1,129

9,209

3,273

9,209

Amortization on intangibles

20,271

21,527

39,857

41,735

Foreign exchange (loss) gain

73

(6,317)

230

(3,855)

Share-based compensation

1,140

1,117

1,912

1,965

Loss on loss of control or Portage

117

-

117

-

Impairment loss- Germany segment

176,124

-

176,124

-

Adjusted Net Income

38,759

25,124

61,466

49,565

Adjusted EPS -Basic

$0.19

$0.12

$0.30

$0.24

Leverage Ratio

The Company defines leverage ratio as net debt (current and non-current borrowings less cash) divided by trailing twelve months Adjusted EBITDA.

Gross sales and gross sales organic growth

Gross sales, which is a non-IFRS measure, reflects the gross amount billed to customers, adjusted for amounts deferred or accrued. The Company believes gross sales is a useful alternative financial metric to net revenue, the IFRS measure, as it better reflects volume fluctuations as compared to net revenue. Under the applicable IFRS 15 'principal vs agent' guidance, the principal records revenue on a gross basis and the agent records commission on a net basis. In transactions where Converge is acting as an agent between the customer and the vendor, net revenue is calculated by reducing gross sales by the cost of sale amount. 

The Company has provided a reconciliation of gross sales to revenue, which is the most comparable IFRS financial measure, as follows:



For the three months

For the six months

ended June 30,

ended June 30,



2024

2023

2024

2023

Product

716,692

640,017

1,418,144

1,305,327

Managed services and professional services

112,026

135,977

234,279

255,444

Maintenance, support and cloud solutions

234,949

181,246

417,233

361,727

Gross sales

1,063,667

957,240

2,069,656

1,922,498

Less: adjustment for sales transacted as agent

(411,820)

(291,427)

(789,043)

(578,487)

Revenue

651,847

665,813

1,280,613

1,344,011

Organic Growth

The Company measures organic growth at the gross sales and gross profit levels, and includes the contributions under Converge ownership in the current and comparative period(s). In calculating organic growth, the Company therefore deducts gross sales and gross profit generated from all corresponding prior comparable pre-acquisition period(s) from the current reporting period(s) included in the consolidated results.

Gross sales organic growth is calculated by deducting prior period gross sales, from current period gross sales for the same portfolio of companies. Gross sales organic growth percentage is calculated by dividing organic growth by prior period reported gross sales.



For the three months

For the six months

ended June 30,

ended June 30,



2024

2023

2024

2023

Gross sales

1,063,667

957,240

2,069,656

1,922,498

Less: gross sales from companies not owned in comparative period

-

214,227

-

459,857

Gross sales of companies owned in comparative period

1,063,667

743,013

2,069,656

1,462,641

Prior period gross sales

957,240

729,678

1,922,498

1,403,607

Organic Growth - $

106,427

13,335

147,158

59,034

Organic Growth - %

11.1 %

1.8 %

7.7 %

4.2 %

Gross profit organic growth is calculated by deducting prior period gross profit, from current period gross profit for the same portfolio of companies. Gross profit organic growth percentage is calculated by dividing organic growth by prior period reported gross profit.



For the three months

For the six months

ended June 30,

ended June 30,



2024

2023

2024

2023

Gross profit

179,284

175,672

354,556

347,260

Less: gross profit from companies not owned in comparative period

-

39,239

-

83,836

Gross profit of companies owned in comparative period

179,284

136,433

354,556

263,424

Prior period gross profit

175,672

133,152

347,260

242,197

Organic Growth - $

3,612

3,281

7,296

21,227

Organic Growth - %

2.1 %

2.5 %

2.1 %

8.8 %

Forward-Looking Information

This press release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts". "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Specifically, statements regarding Converge's forecast on gross profit and Adjusted EBITDA, expectations of future results, performance, prospects, the markets in which it operates, or about any future intention with regard to its business and acquisition strategies are considered forward-looking information. The foregoing demonstrates Converge's objectives, which are not forecasts or estimates of its financial position, but are based on the implementation of its strategic goals, growth prospects, and growth initiatives. The forward-looking information, including management's assessments of, and outlook for,  gross profit and Adjusted EBITDA, are based on management's opinions, estimates and assumptions, including, but not limited to: (i) Converge's results of operations will continue as expected, (ii) the Company will continue to effectively execute against its key strategic growth priorities, (iii) the Company will continue to retain and grow its existing customer base and market share, (iv) the Company will be able to take advantage of future prospects and opportunities, and realize on synergies, including with respect of acquisitions, (v) there will be no changes in legislative or regulatory matters that negatively impact the Company's business, (vi) current tax laws will remain in effect and will not be materially changed, (vii) economic conditions will remain relatively stable throughout the period, (vii) the industries Converge operates in will continue to grow consistent with past experience, and (ix) those assumptions described under the heading "About Forward-Looking Information" in the Company's Management's Discussion and Analysis for the three months ended March 31, 2024. While these opinions, estimates and assumptions are considered by the Company to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.

The forward looking information, including the achievement of target gross profit and Adjusted EBITDA set out above, are subject to significant risks including, without limitation: that the Company will be unable to effectively execute against its key strategic growth priorities, including in respect of acquisitions; the Company will be unable to continue to retain and grow its existing customer base and market share; risks related to the Company's business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks related to economic and political uncertainty; income tax related risks; and those risk factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form and under the heading "Risks and Uncertainties" in the Company's most recent Management's Discussion and Analysis, which are each available under the Company's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company's results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the company's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information contact: Converge Technology Solutions Corp., Email:  investors@convergetp.com, Phone:  416-360-1495For further information contact: Converge Technology Solutions Corp., Email:  investors@convergetp.com, Phone:  416-360-1495

Cision View original content:https://www.prnewswire.co.uk/news-releases/converge-reports-second-quarter-2024-results-302217163.html

Visuelle Wertentwicklung / Kursverlauf · Converge Technology
Smarte Analyse- und Recherchewerkzeuge finden Sie hier.
This publication was provided by our content partner PR Newswire
PR Newswire
via PR Newswire - Newsfeed
Cision ©2024
PR Newswire
Kontakt:
300 S Riverside Plaza, Chicago, Illinois, USA
+001 (0) 888-776-0942