Caldwell Partners International : F'22 Q1 Financial Statements

THE CALDWELL PARTNERS INTERNATIONAL INC.

Consolidated Interim Financial Statements

First Quarters Ended November 30, 2021 and 2020 (unaudited)

Caldwell - Consolidated Interim Financial Statements

NOTICE OF NO AUDITOR REVIEW OF CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

Section 4.3(3)(a) of National Instrument 51-102, Continuous Disclosure Obligations, provides that if an auditor has not performed a review of the consolidated interim financial statements, the interim consolidated financial statements must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The Company's external auditors, KPMG LLP, have not performed a review of these consolidated interim financial statements of The Caldwell Partners International Inc. (the Company).

John N. Wallace	C. Christopher Beck
CHIEF EXECUTIVE OFFICER	PRESIDENT, CALDWELL AND CHIEF FINANCIAL
	OFFICER
January 12, 2022

Caldwell - Consolidated Interim Financial Statements

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THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(unaudited - in $000s Canadian)

	As at	As at
	November 30	August 31
	2021	2021
Assets
Current assets
Cash and cash equivalents	27,506	29,214
Accounts receivable	21,965	23,218
Unbilled revenue (note 13)	6,149	4,217
Prepaid expenses and other assets	2,276	2,332
	57,896	58,981
Non-current assets
Restricted cash (note 4)	2,661	2,624
Investments (notes 5 and 19)	859	242
Advances	369	506
Property and equipment	1,928	1,970
Right-of-use assets (note 9)	9,099	9,549
Intangible assets (note 4)	224	234
Goodwill (note 4)	8,710	7,960
Deferred income taxes	5,120	5,067
Total assets	86,866	87,133
Liabilities
Current liabilities
Accounts payable	4,154	4,640
Compensation payable (notes 4, 7 and 8)	35,598	36,852
Income taxes payable	1,926	3,007
Lease liability (note 10)	1,902	1,868
Loans Payable (notes 4 and 20)	179	176
	43,759	46,543
Non-current liabilities
Compensation payable (notes 4, 7 and 8)	8,131	6,278
Lease liability (note 10)	8,143	8,560
	60,033	61,381
Equity attributable to owners of the Company
Share capital (notes 4 and 16)	12,279	12,157
Contributed surplus (note 16)	15,046	15,063
Accumulated other comprehensive income	435	204
Deficit	(927)	(1,672)
Total equity	26,833	25,752
Total liabilities and equity	86,866	87,133

The accompanying notes are an integral part of these consolidated financial statements.

Signed on behalf of the Board:

Elias Vamvakas	Kathryn A. Welsh
Chair of the Board	Chair of the Audit Committee

Caldwell - Consolidated Interim Financial Statements

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THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED INTERIM STATEMENTS OF EARNINGS

(unaudited - in $000s Canadian, except per share amounts)

Three months ended November 30

2021

2020 ¹

Revenues
Professional fees (notes 12, 13 and 21)	38,314	18,053
Direct expense reimbursements	116	74
	38,430	18,127
Cost of sales expenses
Cost of sales (note 6)	30,432	13,337
Government stimulus grants (notes 6 and 11)	-	(110)
Reimbursed direct expenses	116	74
	30,548	13,301
Gross profit	7,882	4,826
Selling, general and administrative (notes 6, 7 and 8)	5,954	3,174
Acquisition-related expenses (note 4)	801	225
	6,755	3,399
Operating profit	1,127	1,427
Finance expenses (income)
Interest expense on lease liability (note 10)	112	107
Investment income (note 5)	(5)	(9)
Foreign exchange (income) loss	(123)	34
Earnings before income tax	1,143	1,295
Income tax expense (note 14)	398	361
Net earnings for the year attributable to owners of the Company	745	934
Earnings per share (note 15)
Basic and Diluted	$0.029	$0.046

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS

(unaudited - in $000s Canadian)

	Three months ended
	November 30
	2021	2020
Net earnings for the period	745	934
Other comprehensive income:
Items that may be reclassified subsequently to net earnings
(Loss) gain on marketable securities (note 5)	(26)	37
Cumulative translation adjustment	257	(75)
Comprehensive earnings for the year attributable to owners of the Company	976	896

The accompanying notes are an integral part of these consolidated financial statements.
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THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

(unaudited - in $000s Canadian)

				Accumulated Other Comprehensive
				Income (Loss)
				Cumulative	Gain/(loss) on
			Contributed	Translation	Marketable	Total
	Deficit	Share Capital	Surplus	Adjustment	Securities	Equity
Balance - August 31, 2020	(6,191)	7,515	15,013	595	(176)	16,756
Net earnings for the three month period ended
November 30, 2020	934	-	-	-	-	934
Share based payment expense (note 16)	-	-	5	-		5
Gain on marketable securities available for sale					37	37
Change in cumulative translation adjustment	-	-	-	(75)	-	(75)
Balance - November 30, 2020	(5,257)	7,515	15,018	520	(139)	17,657
Balance - August 31, 2021	(1,672)	12,157	15,063	215	(11)	25,752
Net earnings for the three month period ended
November 30, 2021	745	-	-	-	-	745
Employee share option plan share issue (note 16)	-	122	(22)	-	-	100
Share-based payment expense (note 16)	-	-	5	-	-	5
Loss on marketable securities available for sale	-	-	-	-	(26)	(26)
Change in cumulative translation adjustment	-	-	-	257	-	257
Balance - November 30, 2021	(927)	12,279	15,046	472	(37)	26,833

The accompanying notes are an integral part of these consolidated financial statements.

Caldwell - Consolidated Interim Financial Statements

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