Cash flow INSIDE Secure Liquidnet

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FR0010291245

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End-of-day quote Liquidnet			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

09-04	Verimatrix, Kaltura Enter Content Security Partnership	MT
09-03	Kaltura Inc. And Verimatrix SA Partner To Strengthen Security For OTT And Cloud TV Services	CI

223ae2f36b09a5a1a10c.05_ZvSnA8Jz9ABYmP4Xy2dmLAX6he4Q03yx_cRpvOmw.obKPxE2os9mkNkNtWsafiL3_NjTxCMV3iHMqFSMOCRak7rXbbqin2ax1Ig

Published financial data: INSIDE SECURE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	88.46M	61.01M	61.63M	57.2M	46.51M
Total Revenues	88.46M	61.01M	61.63M	57.2M	46.51M
Cost of Goods Sold, Total	23.47M	19.17M	19.09M	18.28M	16.98M
Gross Profit	64.99M	41.84M	42.54M	38.92M	29.53M
Selling General & Admin Expenses, Total	36.88M	30.23M	30.24M	24.23M	19.61M
R&D Expenses	19.64M	20.86M	19.52M	18.28M	16.12M
Other Operating Expenses	328K	-210K	-59K	300K	-250K
Other Operating Expenses, Total	56.85M	50.88M	49.7M	42.8M	35.48M
Operating Income	8.15M	-9.04M	-7.16M	-3.88M	-5.94M
Interest Expense, Total	-5.89M	-4.34M	-4.6M	-4.17M	-3.31M
Interest And Investment Income	20K	42K	711K	278K	76K
Net Interest Expenses	-5.87M	-4.3M	-3.88M	-3.89M	-3.23M
Currency Exchange Gains (Loss)	1.78M	822K	-36K	858K	-2.25M
Other Non Operating Income (Expenses)	2.7M	-647K	-1K	0	532K
EBT, Excl. Unusual Items	6.75M	-13.16M	-11.08M	-6.91M	-10.89M
Restructuring Charges	-5.71M	-1.3M	-1.16M	-1.68M	-4.15M
Merger & Related Restructuring Charges	-178K	-	-	-	-
Impairment of Goodwill	-	-	-	-	-60M
Gain (Loss) On Sale Of Assets	1.45M	-1.17M	-	-	-2.99M
Other Unusual Items	4.32M	-	-	-	-
EBT, Incl. Unusual Items	6.63M	-15.63M	-12.24M	-8.6M	-78.03M
Income Tax Expense	2.96M	1.98M	2.06M	1.73M	559K
Earnings From Continuing Operations	3.67M	-17.61M	-14.29M	-10.33M	-78.59M
Earnings Of Discontinued Operations	5K	-	-	-	-
Net Income to Company	3.68M	-17.61M	-14.29M	-10.33M	-78.59M
Net Income - (IS)	3.68M	-17.61M	-14.29M	-10.33M	-78.59M
Net Income to Common Incl Extra Items	3.68M	-17.61M	-14.29M	-10.33M	-78.59M
Net Income to Common Excl. Extra Items	3.67M	-17.61M	-14.29M	-10.33M	-78.59M
Per Share Items
Net EPS - Basic	0.04	-0.21	-0.17	-0.12	-0.9
Basic EPS - Continuing Operations	0.04	-0.21	-0.17	-0.12	-0.9
Basic Weighted Average Shares Outstanding	85.51M	85.51M	85.3M	85.54M	87.03M
Net EPS - Diluted	0.04	-0.21	-0.17	-0.12	-0.9
Diluted EPS - Continuing Operations	0.04	-0.21	-0.17	-0.12	-0.9
Diluted Weighted Average Shares Outstanding	85.51M	85.51M	85.3M	85.54M	87.03M
Normalized Basic EPS	0.05	-0.1	-0.08	-0.05	-0.08
Normalized Diluted EPS	0.05	-0.1	-0.08	-0.05	-0.08
Supplemental Items
EBITDA	13.22M	-4.47M	-5.08M	-2.33M	-4.51M
EBITA	10.88M	-6.52M	-6.76M	-3.88M	-5.94M
EBIT	8.15M	-9.04M	-7.16M	-3.88M	-5.94M
EBITDAR	13.95M	-3.83M	-4.3M	-1.56M	-3.8M
Effective Tax Rate - (Ratio)	44.62	-12.64	-16.79	-20.16	-0.72
Normalized Net Income	4.22M	-8.23M	-6.93M	-4.32M	-6.81M
Interest on Long-Term Debt	6.28M	4.7M	4.18M	3.76M	2.87M
Non-Cash Pension Expense	60K	43K	41K	45K	-3K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Marketing Expenses	3.85M	2.6M	3.33M	1.72M	771K
Selling and Marketing Expenses	22.83M	17.27M	17.38M	13.38M	9.83M
General and Administrative Expenses	14.05M	12.96M	12.86M	10.85M	9.78M
Research And Development Expense From Footnotes	23.86M	25.26M	23.88M	22.36M	19.9M
Net Rental Expense, Total	732K	645K	785K	767K	708K
Imputed Operating Lease Interest Expense	515K	447K	687K	702K	582K
Imputed Operating Lease Depreciation	217K	198K	98.28K	64.82K	126K
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., R&D Exp. (Total)	-5K	16K	22K	37K	-13K
Stock-Based Comp., Other (Total)	78K	360K	667K	593K	302K
Total Stock-Based Compensation	73K	376K	689K	630K	289K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	45.27M	30.05M	22.63M	11.01M	7.14M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	45.27M	30.05M	22.63M	11.01M	7.14M
Accounts Receivable, Total	39.72M	32.94M	28.74M	26.85M	16.74M
Other Receivables	2.36M	1.25M	1.07M	1.09M	1.33M
Notes Receivable	1.48M	1.44M	1.55M	-	52K
Total Receivables	43.55M	35.63M	31.35M	27.94M	18.12M
Inventory	363K	338K	390K	388K	418K
Prepaid Expenses	1.42M	3.45M	2.2M	1.59M	1.36M
Other Current Assets, Total	44K	352K	64K	-	8.34M
Total Current Assets	90.65M	69.82M	56.64M	40.92M	35.38M
Net Property Plant And Equipment	8.04M	6.98M	5.7M	4.25M	2.97M
Goodwill	115M	115M	115M	115M	48.16M
Other Intangibles, Total	22.33M	16.51M	12.96M	10.46M	4.19M
Accounts Receivable Long-Term	1.87M	233K	-	-	-
Other Long-Term Assets, Total	1.11M	1.13M	1.34M	1.08M	754K
Total Assets	239M	210M	192M	172M	91.45M
Liabilities
Accounts Payable, Total	5.14M	5.35M	4.64M	4.22M	4.98M
Accrued Expenses, Total	9.54M	8.11M	6.17M	5.87M	4.79M
Current Portion of Long-Term Debt	17.57M	2.07M	24.46M	728K	18.77M
Current Portion of Leases	1.59M	1.59M	1.66M	1.67M	1.79M
Current Income Taxes Payable	431K	440K	615K	377K	1.22M
Unearned Revenue Current, Total	11.96M	13.81M	15.8M	15.24M	10.68M
Other Current Liabilities	1.17M	215K	199K	502K	2.65M
Total Current Liabilities	47.4M	31.59M	53.54M	28.61M	44.88M
Long-Term Debt	28.35M	31.79M	8.06M	25.14M	8.57M
Long-Term Leases	9.29M	8.05M	6.38M	4.72M	2.93M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	1.36M	886K	982K	958K	12K
Other Non Current Liabilities	1.3M	1.73M	1.14M	952K	454K
Total Liabilities	87.7M	74.04M	70.1M	60.38M	56.85M
Common Stock, Total	41.52M	41.52M	41.52M	41.52M	10.6M
Additional Paid In Capital	94.75M	94.75M	94.75M	94.75M	93.94M
Retained Earnings	15.26M	-398K	-14.5M	-24.72M	-69.95M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-	-	-	-	1K
Total Common Equity	152M	136M	122M	112M	34.6M
Total Equity	152M	136M	122M	112M	34.6M
Total Liabilities And Equity	239M	210M	192M	172M	91.45M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	85.39M	85.33M	85.3M	87.09M	87.26M
ECS Total Common Shares Outstanding	85.39M	85.33M	85.3M	87.09M	87.26M
Book Value / Share	1.77	1.59	1.43	1.28	0.4
Tangible Book Value	13.97M	4.13M	-6.42M	-14.14M	-17.75M
Tangible Book Value Per Share	0.16	0.05	-0.08	-0.16	-0.2
Total Debt	56.8M	43.5M	40.56M	32.27M	32.06M
Net Debt	11.54M	13.46M	17.93M	21.26M	24.92M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	5.86M	5.16M	6.28M	6.14M	5.66M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	240	260	237	244	211
Part Time Employees	12	10	9	9	8
Accumulated Allowance for Doubtful Accounts (Supple)	1.41M	1.56M	2.03M	2M	2.97M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	3.68M	-17.61M	-14.29M	-10.33M	-78.59M
Depreciation & Amortization - CF	2.34M	2.05M	1.68M	1.56M	1.43M
Amortization of Goodwill and Intangible Assets - (CF)	2.73M	2.52M	397K	-	-
Depreciation & Amortization, Total	5.07M	4.56M	2.08M	1.56M	1.43M
Amortization of Deferred Charges, Total - (CF)	4.6M	6.13M	5.66M	4.45M	4.06M
(Gain) Loss From Sale Of Asset	-	1.17M	-	-	2.99M
Asset Writedown & Restructuring Costs	3.09M	-	-	-	60M
Stock-Based Compensation (CF)	83K	373K	689K	630K	171K
Provision and Write-off of Bad Debts	856K	307K	-157K	-253K	665K
Net Cash From Discontinued Operations	5K	-	-	-	-
Other Operating Activities, Total	-5.4M	224K	529K	-320K	2.61M
Change In Accounts Receivable	350K	117K	3.73M	1.93M	8.78M
Change In Inventories	96K	25K	-51K	2K	-30K
Change In Accounts Payable	-913K	306K	-706K	-428K	769K
Change in Other Net Operating Assets	1.16M	7.3M	1.72M	1.2M	-3.15M
Cash from Operations	12.68M	2.9M	-792K	-1.56M	-289K
Capital Expenditure	-641K	-232K	-322K	-100K	-373K
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-7.65M	-3.22M	-2.5M	-2M	-1.66M
Other Investing Activities, Total	8.8M	-	-	-	1K
Cash from Investing	509K	-3.45M	-2.82M	-2.1M	-2.03M
Long-Term Debt Issued, Total	-	7.36M	-	-	-
Total Debt Issued	-	7.36M	-	-	-
Long-Term Debt Repaid, Total	-16.55M	-22.02M	-3.67M	-8.14M	-1.42M
Total Debt Repaid	-16.55M	-22.02M	-3.67M	-8.14M	-1.42M
Issuance of Common Stock	74K	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-16.47M	-14.65M	-3.67M	-8.14M	-1.42M
Foreign Exchange Rate Adjustments	-59K	-24K	-133K	187K	-124K
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1K
Net Change in Cash	-3.34M	-15.22M	-7.42M	-11.62M	-3.86M
Supplemental Items
Cash Income Tax Paid (Refund)	1.38M	1.68M	2.02M	1.57M	674K
Levered Free Cash Flow	9.03M	4.55M	3.52M	2.39M	-2.23M
Unlevered Free Cash Flow	12.22M	6.62M	6.39M	4.99M	-163K
Change In Net Working Capital	-6.16M	-5.29M	-5.26M	-2.88M	203K
Net Debt Issued / Repaid	-16.55M	-14.65M	-3.67M	-8.14M	-1.42M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	2.04	-2.52	-2.23	-1.33	-2.82
Return on Total Capital	2.35	-2.91	-2.62	-1.59	-3.53
Return On Equity %	2.46	-12.25	-11.09	-8.86	-107.55
Return on Common Equity	2.46	-12.25	-11.09	-8.86	-107.55
Margin Analysis
Gross Profit Margin %	73.47	68.58	69.03	68.04	63.5
SG&A Margin	41.69	49.54	49.07	42.35	42.16
EBITDA Margin %	14.94	-7.33	-8.25	-4.07	-9.69
EBITA Margin %	12.29	-10.68	-10.97	-6.79	-12.78
EBIT Margin %	9.21	-14.81	-11.62	-6.79	-12.78
Income From Continuing Operations Margin %	4.15	-28.86	-23.19	-18.06	-168.97
Net Income Margin %	4.16	-28.86	-23.19	-18.06	-168.97
Net Avail. For Common Margin %	4.15	-28.86	-23.19	-18.06	-168.97
Normalized Net Income Margin	4.77	-13.48	-11.24	-7.55	-14.63
Levered Free Cash Flow Margin	10.21	7.46	5.7	4.18	-4.79
Unlevered Free Cash Flow Margin	13.82	10.85	10.36	8.73	-0.35
Asset Turnover
Asset Turnover	0.35	0.27	0.31	0.31	0.35
Fixed Assets Turnover	8.56	8.12	9.71	11.5	12.89
Receivables Turnover (Average Receivables)	2.19	1.68	2	2.06	2.13
Inventory Turnover (Average Inventory)	57.11	54.78	52.45	47	42.12
Short Term Liquidity
Current Ratio	1.91	2.21	1.06	1.43	0.79
Quick Ratio	1.84	2.03	0.98	1.36	0.56
Operating Cash Flow to Current Liabilities	0.27	0.09	-0.01	-0.05	-0.01
Days Sales Outstanding (Average Receivables)	166.43	217.35	182.63	177.81	171.04
Days Outstanding Inventory (Average Inventory)	6.39	6.66	6.96	7.79	8.66
Average Days Payable Outstanding	88.13	99.97	95.28	88.69	98.73
Cash Conversion Cycle (Average Days)	84.69	124.04	94.31	96.91	80.98
Long Term Solvency
Total Debt/Equity	37.49	32.02	33.31	28.93	92.67
Total Debt / Total Capital	27.27	24.25	24.99	22.44	48.1
LT Debt/Equity	24.84	29.32	11.86	26.78	33.25
Long-Term Debt / Total Capital	18.07	22.21	8.89	20.77	17.26
Total Liabilities / Total Assets	36.66	35.27	36.54	35.12	62.17
EBIT / Interest Expense	1.38	-2.08	-1.56	-0.93	-1.8
EBITDA / Interest Expense	2.24	-1.03	-1.11	-0.56	-1.36
(EBITDA - Capex) / Interest Expense	2.13	-1.08	-1.18	-0.58	-1.48
Total Debt / EBITDA	4.3	-9.73	-7.98	-13.87	-7.11
Net Debt / EBITDA	0.87	-3.01	-3.53	-9.14	-5.53
Total Debt / (EBITDA - Capex)	4.52	-9.25	-7.5	-13.3	-6.57
Net Debt / (EBITDA - Capex)	0.92	-2.86	-3.32	-8.76	-5.1
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-6.77	-31.03	1.02	-7.19	-18.7
Gross Profit, 1 Yr. Growth %	-14.85	-35.63	1.68	-8.51	-24.12
EBITDA, 1 Yr. Growth %	-33.09	-133.83	13.66	-54.24	93.85
EBITA, 1 Yr. Growth %	-34.3	-159.94	3.73	-42.58	53.03
EBIT, 1 Yr. Growth %	-41.53	-210.94	-20.78	-45.76	53.03
Earnings From Cont. Operations, 1 Yr. Growth %	-370.87	-579.44	-18.84	-27.71	660.68
Net Income, 1 Yr. Growth %	-135.34	-578.79	-18.84	-27.71	660.68
Normalized Net Income, 1 Yr. Growth %	85.21	-295.05	-15.82	-37.6	57.51
Diluted EPS Before Extra, 1 Yr. Growth %	-300	-625	-18.64	-27.92	647.63
Accounts Receivable, 1 Yr. Growth %	-3.02	-17.07	-12.76	-6.58	-37.63
Inventory, 1 Yr. Growth %	-20.92	-6.63	15.38	-0.51	7.73
Net Property, Plant and Equip., 1 Yr. Growth %	-36.31	-13.13	-18.34	-25.56	-30.1
Total Assets, 1 Yr. Growth %	-8.21	-12.25	-8.6	-10.39	-46.81
Tangible Book Value, 1 Yr. Growth %	28.87	-70.46	-255.57	120.3	25.51
Common Equity, 1 Yr. Growth %	2.79	-10.33	-10.38	-8.39	-68.98
Cash From Operations, 1 Yr. Growth %	281.96	-77.11	-127.27	97.35	-81.51
Capital Expenditures, 1 Yr. Growth %	-19.47	-63.81	38.79	-68.94	273
Levered Free Cash Flow, 1 Yr. Growth %	-241.51	-49.55	-22.81	-32.02	-193.3
Unlevered Free Cash Flow, 1 Yr. Growth %	-807.57	-45.82	-3.54	-21.82	-103.26
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.07	-19.82	-16.53	-3.17	-13.13
Gross Profit, 2 Yr. CAGR %	-9.05	-25.96	-19.09	-3.55	-16.68
EBITDA, 2 Yr. CAGR %	-21.82	-52.42	-37.99	-27.88	-5.82
EBITA, 2 Yr. CAGR %	-23.08	-37.24	-21.15	-22.82	-6.26
EBIT, 2 Yr. CAGR %	-29.22	-19.46	-6.25	-34.45	-8.9
Earnings From Cont. Operations, 2 Yr. CAGR %	-21.05	260.37	97.26	-23.41	134.49
Net Income, 2 Yr. CAGR %	-63.26	30.08	97.12	-23.41	134.49
Normalized Net Income, 2 Yr. CAGR %	-15.15	90.07	28.14	-27.53	-0.87
Diluted EPS Before Extra, 2 Yr. CAGR %	-29.29	224.04	104.67	-23.42	132.15
Accounts Receivable, 2 Yr. CAGR %	3.99	-10.32	-14.94	-9.72	-23.67
Inventory, 2 Yr. CAGR %	-9.17	-14.19	3.8	7.14	3.53
Net Property, Plant and Equip., 2 Yr. CAGR %	-27.95	-25.62	-15.78	-22.03	-27.87
Total Assets, 2 Yr. CAGR %	-6.9	-10.25	-10.44	-9.5	-30.96
Tangible Book Value, 2 Yr. CAGR %	-15.46	-38.3	-32.2	85.13	66.29
Common Equity, 2 Yr. CAGR %	-1.58	-4	-10.36	-9.39	-46.7
Cash From Operations, 2 Yr. CAGR %	87.5	-6.49	-75.01	-26.64	-39.59
Capital Expenditures, 2 Yr. CAGR %	52.12	-46.01	-29.12	-34.35	7.63
Levered Free Cash Flow, 2 Yr. CAGR %	98.86	-15.51	-37.6	-27.56	-20.36
Unlevered Free Cash Flow, 2 Yr. CAGR %	41.48	95.79	-27.71	-13.16	-84.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	69.63	-14.66	-13.4	-13.53	-8.65
Gross Profit, 3 Yr. CAGR %	57.02	-18.95	-17.7	-15.71	-10.96
EBITDA, 3 Yr. CAGR %	51.25	-40.87	-36.4	-43.97	0.28
EBITA, 3 Yr. CAGR %	39.63	-29.22	-25.8	-29.06	-3.04
EBIT, 3 Yr. CAGR %	11.69	-17.79	-19.9	-21.88	-13.04
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.24	44.04	119.25	41.16	64.64
Net Income, 3 Yr. CAGR %	2.47	-13.55	11.15	41.09	64.64
Normalized Net Income, 3 Yr. CAGR %	41.4	11.98	44.88	0.81	-6.13
Diluted EPS Before Extra, 3 Yr. CAGR %	-32.29	37.95	103.1	44.54	63.67
Accounts Receivable, 3 Yr. CAGR %	55.84	-3.56	-11.14	-12.24	-20.19
Inventory, 3 Yr. CAGR %	120.2	-8.42	-5.29	2.34	7.34
Net Property, Plant and Equip., 3 Yr. CAGR %	89.32	-23.32	-23.27	-19.17	-24.82
Total Assets, 3 Yr. CAGR %	31.78	-8.72	-9.7	-10.43	-24.19
Tangible Book Value, 3 Yr. CAGR %	-26.4	-40.45	-16.02	0.42	62.64
Common Equity, 3 Yr. CAGR %	29.08	-4.59	-6.17	-9.71	-36.62
Cash From Operations, 3 Yr. CAGR %	65.86	-6.98	-37.99	-50.24	-53.66
Capital Expenditures, 3 Yr. CAGR %	28.37	-5.74	-26.04	-46.17	17.15
Levered Free Cash Flow, 3 Yr. CAGR %	67.45	25.88	-18.02	-35.79	-21.18
Unlevered Free Cash Flow, 3 Yr. CAGR %	55.99	2.74	54.63	-25.79	-70.93
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.11	9.47	27.74	-10.24	-13.29
Gross Profit, 5 Yr. CAGR %	9.66	3.31	20.44	-13.11	-17.3
EBITDA, 5 Yr. CAGR %	6.95	-8.18	5.87	-35.98	-25.58
EBITA, 5 Yr. CAGR %	5.66	-0.42	11.1	-26.73	-18.53
EBIT, 5 Yr. CAGR %	5.17	21.83	4.14	-24.91	-15.67
Earnings From Cont. Operations, 5 Yr. CAGR %	69.18	85.67	25.44	11.88	125.23
Net Income, 5 Yr. CAGR %	-21.51	74.9	33.13	-17.64	49.83
Normalized Net Income, 5 Yr. CAGR %	5.04	40.15	35.94	-5.91	24.48
Diluted EPS Before Extra, 5 Yr. CAGR %	31.95	60.04	5.39	8.59	114.25
Accounts Receivable, 5 Yr. CAGR %	35.71	16.23	22.32	-6.08	-16.38
Inventory, 5 Yr. CAGR %	41.06	9.07	62.9	-2.48	-1.85
Net Property, Plant and Equip., 5 Yr. CAGR %	39.48	40.65	36.93	-22.81	-25.14
Total Assets, 5 Yr. CAGR %	23.12	14.6	12.92	-9.03	-18.9
Tangible Book Value, 5 Yr. CAGR %	-18.3	-32.2	-28.78	-6.26	10.37
Common Equity, 5 Yr. CAGR %	18.94	15.24	11.57	-6.54	-25.17
Cash From Operations, 5 Yr. CAGR %	24.57	3.23	-22.21	-15.41	-38.63
Capital Expenditures, 5 Yr. CAGR %	31.34	-1.48	1.22	-18.44	-14.07
Levered Free Cash Flow, 5 Yr. CAGR %	-11.57	2.72	12.82	0.92	-18.96
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6.33	15.65	14.68	-3.94	-37.65