SLP Simulations Plus Inc

Fiscal 2024 revenue grew 18% year-over-year to $70 million, with diluted earnings per share (EPS) of $0.49

Provides fiscal 2025 revenue guidance of $90 to $93 million (+28% to +33%) and adjusted diluted EPS guidance of $1.07 to $1.20

Simulations Plus, Inc. (Nasdaq: SLP) (“Simulations Plus”), a leading provider of biosimulation, simulation-enabled performance and intelligence solutions, and medical communications to the biopharma industry, today reported financial results for its fourth quarter and fiscal 2024, ended August 31, 2024.

Fourth Quarter 2024 Financial Highlights (compared to fourth quarter 2023)

• Total revenue increased 19% to $18.7 million
• Software revenue increased 6% to $9.9 million, representing 53% of total revenue
• Services revenue increased 39% to $8.8 million, representing 47% of total revenue
• Gross profit of $6.8 million; gross margin was 37%
• Adjusted EBITDA of $4.1 million, representing 22% of total revenue, compared to $4.9 million, representing 31% of total revenue
• Net income of $0.8 million and diluted EPS of $0.04 versus net income of $0.5 million and diluted EPS of $0.03
• Adjusted diluted EPS of $0.06, excluding the impact of acquisition costs, versus adjusted diluted EPS of $0.18

Full Year 2024 Financial Highlights (compared to full year 2023)

• Total revenue increased 18% to $70.0 million
• Software revenue increased 12% to $41.0 million, representing 59% of total revenue
• Services revenue increased 26% to $29.0 million, representing 41% of total revenue
• Gross profit of $43.2 million; gross margin was 62%
• Adjusted EBITDA of $20.3 million, representing 29% of total revenue, compared to $20.6 million, representing 35% of total revenue
• Net income of $10.0 million and diluted EPS of $0.49, equivalent to the prior period
• Adjusted diluted EPS of $0.53, excluding the impact of acquisition costs, versus adjusted diluted EPS of $0.67

Management Commentary

“Our fiscal year 2024 results reflected strong performance in both our software and services segments,” said Shawn O’Connor, Chief Executive Officer of Simulations Plus. “Total revenue increased 18%, driven by upgrade releases that advanced our biosimulation leadership across all of our main platforms, including GastroPlus®, MonolixSuite™ and ADMET Predictor®. Organic revenue growth, excluding the fourth quarter revenue contribution from Pro-ficiency, was 14%. Software revenue increased 12%, led by our Clinical Pharmacology & Pharmacometrics (CPP) business unit with its MonolixSuite platform expanding by 20%. Our services segment delivered notable strength, increasing by 26% and exceeding our internal expectations, led by robust growth in our Quantitative Systems Pharmacology (QSP) and CPP business units.

“In June, we acquired Pro-ficiency, the largest and most significant M&A transaction in our Company’s history. This acquisition doubled our total addressable market to $8 billion and is expected to accelerate future growth by expanding our ability to support clients across clinical operations, medical affairs, and commercialization. The integration is progressing ahead of schedule, and we anticipate that our newly combined go-to-market strategies will drive additional business development opportunities. Additionally, our shared scientific and technological capabilities are expected to deliver enhanced products and services, further benefiting our clients.

“Overall, we had a successful year and furthered our leadership position with a one-of-a-kind platform that spans the drug development value chain. I want to thank our expanded team for their unwavering dedication to create value for our customers through innovative science-based software and consulting solutions that optimize treatment options and improve patient lives.

“Looking ahead, we anticipate healthy revenue growth in fiscal 2025. Based upon current market conditions, organic growth is expected to be in the range of 10% to 15%. In addition, the Pro-ficiency acquisition – which encompasses our Adaptive Learning and Insights (ALI) and Medical Communications (MC) business units – is expected to contribute $15 to $18 million. Our fiscal 2025 guidance is as follows:

Fiscal 2025 Guidance

 

 

Fiscal 2025 Guidance

Revenue

 

$90M - $93M

Revenue growth

 

28 - 33%

Software mix

 

55 - 60%

Adjusted EBITDA margin

 

31 - 33%

Adjusted diluted EPS

 

$1.07 - $1.20

“Moving on to market conditions, the funding environment in both pharma and biotech has been constrained for two consecutive years. While we are encouraged by initial budget discussions with our clients for calendar year 2025, we are maintaining our cautiously optimistic approach, consistent with the strategy we’ve employed over the past few years. Importantly, we believe that we are well-positioned to respond if there is an uptick in spending during the year.

“Finally, our near-term priorities include completing the acquisition integration, expanding cross-selling opportunities, and driving towards our historical adjusted EBITDA margin target of 35-40% and corresponding profitability levels. We remain committed to executing our disciplined growth strategy and delivering long-term value for our stakeholders,” concluded O’Connor.

Webcast and Conference Call Details

Shawn O’Connor, Chief Executive Officer, and Will Frederick, Chief Financial and Operating Officer, will host a conference call and webcast today at 5 p.m. Eastern Time to discuss the details of the Company’s performance for the quarter and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 (domestic) or 1-201-389-0879 (international) or by clicking on this Call me™ link to request a return call. The webcast can be accessed on the investor relations page of the Simulations Plus website https://www.simulations-plus.com/investorscorporate-profile/corporate-profile/ where it will also be available for replay approximately one hour following the call.

Non-GAAP Definitions

This press release contains “non-GAAP financial measures,” which are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

A further explanation and reconciliation of these non-GAAP financial measures is included below and in the financial tables in this release.

The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA and Adjusted Diluted EPS represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, Adjusted EBITDA and Adjusted Diluted EPS are not measures of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income, operating income, or diluted EPS as indicators of our operating performance or to net cash provided by operating activities as a measure of our liquidity. We believe the Company’s Adjusted EBITDA and Adjusted Diluted EPS measures provide information that is directly comparable to that provided by other peer companies in our industry, but other companies may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.

Please note that the Company has not reconciled the adjusted EBITDA or adjusted diluted earnings per share forward-looking guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, financings, and employee stock compensation programs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

Adjusted EBITDA

Adjusted EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization, stock-based compensation, (gain) loss on currency exchange, any acquisition- or financial-transaction-related expenses, change in value of contingent consideration, and any asset impairment charges. Currency exchange excluded represents the exchange rate fluctuations on the foreign-currency-denominated transactions. The impact of transactions in foreign currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency.

Adjusted Diluted EPS

Adjusted Diluted EPS is calculated based on net income excluding the impact related to the previous items.

Adjusted Diluted EPS for fiscal 2024 is calculated based on net income excluding the impact of any acquisition- or financial-transaction-related expenses, any asset impairment charges, change in value of contingent consideration, and tax provisions/benefits related to the previous items.

The Company excludes the above items because they are outside of the Company’s normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

About Simulations Plus

With more than 25 years of experience serving clients globally, Simulations Plus stands as a premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery, development, research, clinical trial operations, regulatory submissions, and commercialization. Our comprehensive biosimulation solutions integrate artificial intelligence/machine learning (AI/ML), physiologically based pharmacokinetics, physiologically based biopharmaceutics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. We also deliver simulation-enabled performance and intelligence solutions alongside medical communications support for clinical and commercial drug development. Our cutting-edge technology is licensed and utilized by leading pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn | X | YouTube.

Environmental, Social, and Governance

We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our website to read our 2023 ESG update.

Forward-Looking Statements

Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like “believe,” “expect,” and “anticipate” mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to successfully integrate the Pro-ficiency business with our own as well as expenses we may incur in connection therewith, our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports and filed with the U.S. Securities and Exchange Commission.

SIMULATIONS PLUS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

 

 

Years ended August 31,

(in thousands, except per common share amounts)

 

 

2024

 

 

 

2023

 

 

 

2022

 

Revenues

 

 

 

 

 

 

Software

 

$

41,024

 

 

$

36,517

 

 

$

32,642

 

Services

 

 

28,989

 

 

 

23,060

 

 

 

21,264

 

Total revenues

 

 

70,013

 

 

 

59,577

 

 

 

53,906

 

Cost of revenues

 

 

 

 

 

 

Software

 

 

6,478

 

 

 

3,627

 

 

 

3,060

 

Services

 

 

20,384

 

 

 

8,003

 

 

 

7,762

 

Total cost of revenues

 

 

26,862

 

 

 

11,630

 

 

 

10,822

 

Gross profit

 

 

43,151

 

 

 

47,947

 

 

 

43,084

 

Operating expenses

 

 

 

 

 

 

Research and development

 

 

5,754

 

 

 

4,504

 

 

 

3,208

 

Sales and marketing

 

 

8,915

 

 

 

6,558

 

 

 

4,879

 

General and administrative

 

 

22,351

 

 

 

28,160

 

 

 

20,086

 

Total operating expenses

 

 

37,020

 

 

 

39,222

 

 

 

28,173

 

Income from operations

 

 

6,131

 

 

 

8,725

 

 

 

14,911

 

Other income

 

 

6,280

 

 

 

2,970

 

 

 

204

 

 

 

 

 

 

 

 

Income before income taxes

 

 

12,411

 

 

 

11,695

 

 

 

15,115

 

Provision for income taxes

 

 

(2,457

)

 

 

(1,734

)

 

 

(2,632

)

Net income

 

$

9,954

 

 

$

9,961

 

 

$

12,483

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.50

 

 

$

0.62

 

Diluted

 

$

0.49

 

 

$

0.49

 

 

$

0.60

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

Basic

 

 

19,987

 

 

 

20,075

 

 

 

20,196

 

Diluted

 

 

20,301

 

 

 

20,465

 

 

 

20,749

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(105

)

 

 

167

 

 

 

(265

)

Unrealized losses on available-for-sale securities

 

$

(5

)

 

$

—

 

 

$

—

 

Comprehensive income

 

$

9,844

 

 

$

10,128

 

 

$

12,218

 

SIMULATIONS PLUS, INC.

CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share and per share amounts)

 

August 31, 2024

 

August 31, 2023

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

10,311

 

 

$

57,523

 

Accounts receivable, net of allowance for credit losses of $149 and $46

 

 

9,136

 

 

 

10,201

 

Prepaid income taxes

 

 

2,197

 

 

 

804

 

Prepaid expenses and other current assets

 

 

7,753

 

 

 

3,904

 

Short-term investments

 

 

9,944

 

 

 

57,940

 

Total current assets

 

 

39,341

 

 

 

130,372

 

Long-term assets

 

 

 

 

Capitalized computer software development costs, net of accumulated amortization of $18,727 and $17,199

 

 

12,499

 

 

 

11,335

 

Property and equipment, net

 

 

812

 

 

 

671

 

Operating lease right-of-use assets

 

 

1,027

 

 

 

1,247

 

Intellectual property, net of accumulated amortization of $5,490 and $9,301

 

 

23,130

 

 

 

8,689

 

Other intangible assets, net of accumulated amortization of $3,177 and $2,107

 

 

23,210

 

 

 

12,825

 

Goodwill

 

 

96,078

 

 

 

19,099

 

Deferred tax assets

 

 

—

 

 

 

1,438

 

Other assets

 

 

542

 

 

 

425

 

Total assets

 

$

196,639

 

 

$

186,101

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

602

 

 

$

144

 

Accrued compensation

 

 

4,513

 

 

 

4,392

 

Accrued expenses

 

 

2,043

 

 

 

659

 

Contracts payable

 

 

2,440

 

 

 

3,250

 

Operating lease liability - current portion

 

 

475

 

 

 

442

 

Deferred revenue

 

 

1,996

 

 

 

3,100

 

Total current liabilities

 

 

12,069

 

 

 

11,987

 

Long-term liabilities

 

 

 

 

Deferred income taxes, net

 

 

1,608

 

 

 

—

 

Operating lease liability

 

 

531

 

 

 

755

 

Contracts payable – net of current portion

 

 

—

 

 

 

3,330

 

Total liabilities

 

 

14,208

 

 

 

16,072

 

Commitments and contingencies

 

 

—

 

 

 

—

 

Shareholders' equity

 

 

 

 

Preferred stock, $0.001 par value - 10,000,000 shares authorized; no shares issued and outstanding

 

$

—

 

 

$

—

 

Common stock, $0.001 par value and additional paid-in capital —50,000,000 shares authorized; 20,051,134 and 19,937,961 shares issued and outstanding

 

 

152,328

 

 

 

144,974

 

Retained earnings

 

 

30,354

 

 

 

25,196

 

Accumulated other comprehensive loss

 

 

(251

)

 

 

(141

)

Total shareholders' equity

 

 

182,431

 

 

 

170,029

 

Total liabilities and shareholders' equity

 

$

196,639

 

 

$

186,101

 

SIMULATIONS PLUS, INC.

Trended Financial Information*

(Unaudited)

(in millions except earnings per share amounts)

 

 

 

FY 2023

 

FY 2024

 

FY 2022

 

FY 2023

 

FY 2024

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Full Year

 

Full Year

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

$

6.1

 

 

$

10.5

 

 

$

10.6

 

 

$

9.3

 

 

$

7.6

 

 

$

11.6

 

 

$

11.9

 

 

$

9.9

 

 

$

32.7

 

 

$

36.5

 

 

$

41.0

 

Services

 

$

5.9

 

 

$

5.3

 

 

$

5.6

 

 

$

6.3

 

 

$

6.9

 

 

$

6.7

 

 

$

6.6

 

 

$

8.8

 

 

$

21.2

 

 

$

23.1

 

 

$

29.0

 

Total

 

$

12.0

 

 

$

15.8

 

 

$

16.2

 

 

$

15.6

 

 

$

14.5

 

 

$

18.3

 

 

$

18.5

 

 

$

18.7

 

 

$

53.9

 

 

$

59.6

 

 

$

70.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

85.4

%

 

 

92.0

%

 

 

91.5

%

 

 

89.4

%

 

 

86.9

%

 

 

88.4

%

 

 

88.2

%

 

 

72.4

%

 

 

90.6

%

 

 

90.1

%

 

 

84.2

%

Services

 

 

69.7

%

 

 

66.2

%

 

 

63.4

%

 

 

62.1

%

 

 

47.0

%

 

 

44.2

%

 

 

41.4

%

 

 

-4.0

%

 

 

63.5

%

 

 

65.3

%

 

 

29.7

%

Total

 

 

77.7

%

 

 

83.4

%

 

 

81.8

%

 

 

78.4

%

 

 

67.9

%

 

 

72.2

%

 

 

71.5

%

 

 

36.6

%

 

 

79.9

%

 

 

80.5

%

 

 

61.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

0.9

 

 

$

4.0

 

 

$

4.1

 

 

$

(0.3

)

 

$

1.0

 

 

$

4.4

 

 

$

1.9

 

 

$

(1.2

)

 

$

14.9

 

 

$

8.7

 

 

$

6.1

 

Operating Margin

 

 

7.3

%

 

 

25.6

%

 

 

25.2

%

 

 

-1.8

%

 

 

6.6

%

 

 

24.3

%

 

 

10.1

%

 

 

-6.2

%

 

 

27.7

%

 

 

14.6

%

 

 

8.8

%

Net Income

 

$

1.2

 

 

$

4.2

 

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

 

$

4.0

 

 

$

3.1

 

 

$

0.8

 

 

$

12.5

 

 

$

10.0

 

 

$

10.0

 

Diluted Earnings Per Share

 

$

0.06

 

 

$

0.20

 

 

$

0.20

 

 

$

0.03

 

 

$

0.10

 

 

$

0.20

 

 

$

0.15

 

 

$

0.04

 

 

$

0.60

 

 

$

0.49

 

 

$

0.49

 

Adjusted EBITDA

 

$

3.0

 

 

$

6.2

 

 

$

6.5

 

 

$

4.9

 

 

$

3.4

 

 

$

7.1

 

 

$

5.6

 

 

$

4.1

 

 

$

21.5

 

 

$

20.6

 

 

$

20.3

 

Adjusted Diluted EPS

 

$

0.07

 

 

$

0.21

 

 

$

0.21

 

 

$

0.18

 

 

$

0.09

 

 

$

0.22

 

 

$

0.17

 

 

$

0.06

 

 

$

0.63

 

 

$

0.67

 

 

$

0.53

 

Cash Flow from Operations

 

$

4.7

 

 

$

5.5

 

 

$

8.5

 

 

$

3.1

 

 

$

0.2

 

 

$

5.8

 

 

$

5.7

 

 

$

1.6

 

 

$

17.9

 

 

$

21.9

 

 

$

13.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Breakdown by Region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

8.5

 

 

$

10.6

 

 

$

10.8

 

 

$

11.0

 

 

$

10.9

 

 

$

12.5

 

 

$

12.4

 

 

$

14.7

 

 

$

37.7

 

 

$

40.8

 

 

$

50.4

 

EMEA

 

 

2.1

 

 

 

3.6

 

 

 

3.4

 

 

 

2.6

 

 

 

2.3

 

 

 

4.7

 

 

 

4.5

 

 

 

2.6

 

 

 

10.4

 

 

 

11.7

 

 

 

14.1

 

Asia Pacific

 

 

1.3

 

 

 

1.5

 

 

 

2.1

 

 

 

2.1

 

 

 

1.3

 

 

 

1.2

 

 

 

1.6

 

 

 

1.4

 

 

 

5.8

 

 

 

7.0

 

 

 

5.5

 

Total

 

$

12.0

 

 

$

15.8

 

 

$

16.2

 

 

$

15.6

 

 

$

14.5

 

 

$

18.3

 

 

$

18.5

 

 

$

18.7

 

 

$

53.9

 

 

$

59.6

 

 

$

70.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Revenue per Customer (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

68.0

 

 

$

110.0

 

 

$

97.0

 

 

 

88.0

 

 

$

79.0

 

 

$

113.0

 

 

$

97.0

 

 

$

89.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog (in millions)

 

$

15.8

 

 

$

15.4

 

 

$

15.7

 

 

$

19.5

 

 

$

18.9

 

 

$

18.0

 

 

$

19.6

 

 

$

14.1

 

 

 

 

 

 

 

 

*Numbers may not add due to rounding

SIMULATIONS PLUS, INC.

Reconciliation of Adjusted EBITDA to Net Income*

(Unaudited)

(in millions)

 

 

FY 2023

 

FY 2024

FY 2022

 

FY 2023

 

FY 2024

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

Full Year

 

Full Year

 

Full Year

Net Income

 

$

1.2

 

 

$

4.2

 

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

 

$

4.0

 

 

$

3.1

 

 

$

0.8

 

$

12.5

 

 

$

10.0

 

 

$

10.0

 

Excluding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and expense, net

 

 

(0.8

)

 

 

(1.0

)

 

 

(1.1

)

 

 

(1.3

)

 

 

(1.3

)

 

 

(1.3

)

 

 

(1.5

)

 

 

(0.2

)

 

(0.7

)

 

 

(4.1

)

 

 

(4.4

)

Provision for income taxes

 

 

0.4

 

 

 

0.9

 

 

 

0.9

 

 

 

(0.5

)

 

 

0.5

 

 

 

1.2

 

 

 

0.8

 

 

 

—

 

 

2.6

 

 

 

1.7

 

 

 

2.5

 

Depreciation and amortization

 

 

0.9

 

 

 

0.9

 

 

 

0.9

 

 

 

1.1

 

 

 

1.1

 

 

 

1.1

 

 

 

1.3

 

 

 

2.2

 

 

3.6

 

 

 

3.9

 

 

 

5.7

 

Stock-based compensation

 

 

0.9

 

 

 

1.2

 

 

 

1.1

 

 

 

1.1

 

 

 

1.3

 

 

 

1.6

 

 

 

1.7

 

 

 

1.4

 

 

2.7

 

 

 

4.2

 

 

 

5.9

 

(Gain) loss on currency exchange

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.2

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

(0.4

)

 

0.2

 

 

 

0.5

 

 

 

(0.4

)

Impairment of other intangibles

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

0.5

 

 

 

—

 

Change in value of contingent consideration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

(0.1

)

 

 

0.4

 

 

 

(0.6

)

 

 

(1.4

)

 

0.3

 

 

 

0.7

 

 

 

(1.6

)

Mergers & Acquisitions expense

 

 

0.3

 

 

 

0.1

 

 

 

0.4

 

 

 

2.5

 

 

 

—

 

 

 

—

 

 

 

0.9

 

 

 

1.7

 

 

0.3

 

 

 

3.3

 

 

 

2.6

 

Adjusted EBITDA

 

$

3.0

 

 

$

6.2

 

 

$

6.5

 

 

$

4.9

 

 

$

3.4

 

 

$

7.1

 

 

$

5.6

 

 

$

4.1

 

$

21.5

 

 

$

20.6

 

 

$

20.3

 

 

*Numbers may not add due to rounding

SIMULATIONS PLUS, INC.

Reconciliation of Adjusted Diluted EPS to Diluted EPS*

(Unaudited)

(in millions, except Diluted EPS and Adjusted Diluted EPS)

 

 

FY 2023

 

FY 2024

 

FY 2022

 

FY 2023

 

FY 2024

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Full Year

 

Full Year

Net Income (GAAP)

 

$

1.2

 

 

$

4.2

 

$

4.0

 

 

$

0.5

 

 

$

1.9

 

 

$

4.0

 

 

$

3.1

 

 

$

0.8

 

 

$

12.5

 

 

$

10.0

 

 

$

10.0

 

Excluding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mergers & Acquisitions expense

 

 

0.3

 

 

 

0.1

 

 

0.4

 

 

 

0.9

 

 

 

—

 

 

 

—

 

 

 

0.9

 

 

 

1.7

 

 

 

0.3

 

 

 

1.7

 

 

 

2.6

 

Immunetrics transaction costs

 

 

—

 

 

 

—

 

 

—

 

 

 

1.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.6

 

 

 

—

 

Change in value of contingent consideration

 

 

—

 

 

 

—

 

 

—

 

 

 

0.7

 

 

 

(0.1

)

 

 

0.4

 

 

 

(0.6

)

 

 

(1.4

)

 

 

0.3

 

 

 

0.7

 

 

 

(1.6

)

Cognigen trade name write-off

 

 

—

 

 

 

—

 

 

—

 

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Tax effect on above adjustments

 

 

(0.1

)

 

 

—

 

 

(0.1

)

 

 

(0.5

)

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.7

)

 

 

(0.2

)

Adjusted Net income (Non-GAAP)

 

$

1.5

 

 

$

4.2

 

$

4.3

 

 

$

3.7

 

 

$

1.8

 

 

$

4.4

 

 

$

3.4

 

 

$

1.1

 

 

$

13.0

 

 

$

13.8

 

 

$

10.8

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

20.8

 

 

 

20.5

 

 

20.4

 

 

 

20.4

 

 

 

20.3

 

 

 

20.3

 

 

 

20.4

 

 

 

20.3

 

 

 

20.7

 

 

 

20.5

 

 

 

20.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS (GAAP)

 

$

0.06

 

 

$

0.20

 

$

0.20

 

 

$

0.03

 

 

$

0.10

 

 

$

0.20

 

 

$

0.15

 

 

$

0.04

 

 

$

0.60

 

 

$

0.49

 

 

$

0.49

 

Adjusted Diluted EPS (Non-GAAP)

 

$

0.07

 

 

$

0.21

 

$

0.21

 

 

$

0.18

 

 

$

0.09

 

 

$

0.22

 

 

$

0.17

 

 

$

0.06

 

 

$

0.63

 

 

$

0.67

 

 

$

0.53

 

 

*Numbers may not add due to rounding

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023227418/en/

Investor Relations Contacts: Lisa Fortuna Financial Profiles 310-622-8251 slp@finprofiles.com

Renee Bouche Simulations Plus Investor Relations 661-723-7723 renee.bouche@simulations-plus.com