- Achieves Record EBITDA

MONTREAL, May 11, 2023 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX: GUD) ("Knight" or “the Company”), a leading pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2023. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q1 2023 Highlights

Financials

  • Revenues were $82,597, an increase of $18,790 or 29% over the same period in prior year.
  • Gross margin of $40,762 or 49% compared to $32,477 or 51% in the same period in prior year.
  • Adjusted EBITDA1 was $18,237, an increase of $4,925 or 37% over the same period in prior year.
  • Adjusted EBITDA per share2 of $0.17, an increase of $0.05 or 45% over the same period in prior year.
  • Net loss on financial assets measured at fair value through profit or loss of $11,847.
  • Net loss was $3,937, compared to net loss of $18,811 in the same period in prior year.
  • Cash inflow from operations was $3,711, compared to a cash inflow from operations of $12,879 in the same period in prior year.

Corporate Developments

  • Purchased 2,243,905 common shares through Knight’s NCIB at an average price of $4.83 for an aggregate cash consideration of $10,830.

Products

  • Submitted marketing authorization application for tafasitamab in combination with lenalidomide for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) who are not eligible for autologous stem cell transplantation (ASCT) to ANMAT in Argentina in Q1-23.
  • Launched Palbocil® (palbociclib) in Argentina in March 2023.
  • Obtained regulatory approval for Bapocil® (palbociclib) in Chile in March 2023.

Subsequent Events

  • Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy and Janice Murray on the Board of Directors.
  • Purchased an additional 1,144,520 common shares through NCIB for an aggregate cash consideration of $5,359.

“I am excited to report impressive Q1 revenues of over $82,000, a 29% growth compared to the same period last year, and a record adjusted EBITDA of over $18,000, representing a growth of 37%. This strong performance is a testament to the hard work and dedication of our team and the continued success of our portfolio and recent launches. I am also proud to announce that we acquired $16 million of shares under the Normal Course Issuer Bid this year, further demonstrating our commitment to delivering value to our shareholders,” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.

1Adjusted EBITDA is a non-GAAP measure, refer to section “Non-GAAP measures” and “Reconciliation to adjusted EBITDA” for additional details.
2Adjusted EBITDA per share is a non-GAAP ratio, refer to section “Non-GAAP measures” for additional details.

SELECT FINANCIAL RESULTS REPORTED UNDER IFRS
[In thousands of Canadian dollars]

     Change
  Q1-23 Q1-22 $1 %2 
      
Revenues 82,597 63,807 18,790 29%
Gross margin 40,762 32,477 8,285 26%
Gross margin % 49%51%  
Operating expenses4 35,129 32,793 (2,336)7%
Net loss (3,937)(18,811)14,874 79%
EBITDA3 18,237 13,312 4,925 37%
Adjusted EBITDA3 18,237 13,312 4,925 37%

1 A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss)
2 Percentage change is presented in absolute values
3 EBITDA and adjusted EBITDA are non-GAAP measures, refer to the definitions in section “Non-GAAP measures” for additional details
4 Operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses, amortization and impairment of intangible assets

SELECT FINANCIAL RESULTS AT CONSTANT CURRENCY
[In thousands of Canadian dollars]

  Q1-23 Q1-22 Variance
 Excluding impact of IAS 293
  Constant
Currency3		 $1 %2 
      
Revenues 82,667 66,020 16,647 25%
Gross margin 41,386 35,153 6,233 18%
Gross margin % 50%53%  
Operating expenses4 34,827 32,914 (1,913)6%
EBITDA3 18,237 14,193 4,044 28%
Adjusted EBITDA3 18,237 14,193 4,044 28%

1 A positive variance represents a positive impact to adjusted EBITDA and a negative variance represents a negative impact to adjusted EBITDA
2 Percentage change is presented in absolute values
3 Financial results at constant currency and excluding impact of IAS 29, EBITDA and adjusted EBITDA are non-GAAP measures, refer to the specific sections for additional details
4 Operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses, amortization and impairment of intangible assets

SELECT BALANCE SHEET ITEMS
[In thousands of Canadian dollars]

      Change
  03-31-23 12-31-22 $ %1 
        
Cash, cash equivalents and marketable securities 160,469 172,674 (12,205)7%
Trade and other receivables 160,472 151,669 8,803 6%
Inventory 98,988 92,489 6,499 7%
Financial assets 164,808 176,563 (11,755)7%
Accounts payable and accrued liabilities 110,994 108,730 2,264 2%
Bank loans 75,333 70,072 5,261 8%

1 Percentage change is presented in absolute values

Revenues: For the quarter ended March 31, 2023, revenues, excluding the impact of IAS 29, was $82,667 an increase of $18,833 or 30% compared to the same prior year period. The revenues by therapeutic areas are as follows:

  Excluding impact of IAS 293
      Change
Therapeutic Area Q1-23 Q1-22 $1 %2 
Oncology/Hematology 29,141 23,816 5,325 22%
Infectious Diseases 30,848 26,682 4,166 16%
Other Specialty 22,678 13,336 9,342 70%
Total 82,667 63,834 18,833 30%

1 A positive variance represents a positive impact to net income due to the application of IAS 29 and a negative variance represents a negative impact to net income due to the application of IAS 29
2 Percentage change is presented in absolute values
3 Revenues excluding the impact of IAS 29 is a non-GAAP measure, refer to section “Non-GAAP measures” for additional details.

The change in revenues by therapeutic areas is explained by the following:

  • Oncology/Hematology: The oncology/hematology portfolio grew by approximately $7,600 due to continued growth of key promoted products including Halaven®, Lenvima® and Trelstar® and the assumption of commercial activities of Akynzeo® in Brazil, Argentina and Canada. This increase is offset by a reduction in revenues of our mature and branded generics products due to their lifecycle including the market entrance of new competitors.
  • Infectious Diseases: : The infectious disease portfolio grew by approximately $7,800, excluding the impact of the planned transition and termination of the Gilead Amendment. This growth is driven by our key promoted products and the buying patterns of certain customers. In addition, Knight recorded revenues of $2,400 in Q1-23 related to a one-time sales contract with the Ministry of Health in Brazil for Ambisome® (“2022 MOH Contract”). The 2022 MOH Contract was signed in December 2022 for a total value of $18,400 of which $7,000 was delivered in 2022, $2,400 in Q1-23 and $9,000 in April 2023.

    In addition to the full amount of the 2022 MOH Contract of $18,400, subsequent to the quarter, Knight received an order for an additional $9,000 (“2023 MOH Contract”) from the Ministry of Health of Brazil which was delivered in April 2023.
  • Other Specialty: The Other Specialty portfolio grew by approximately $6,200 excluding the impact of the change in accounting treatment of Exelon® from net profit transfer to revenues with related cost of sales. The increase is mainly due to advance purchases of Exelon® driven by the commercial transition from Novartis to Knight in certain countries as well as the purchasing patterns of certain customers.

Gross margin: Under IFRS, gross margin, as a percentage of revenues, was 49% in Q1-23 and 51% in Q1-22. Excluding the impact of IAS 29, gross margin, as a percentage of revenues, was 50% in Q1-23 and 53% in Q1-22. The decrease in gross margin, as a percentage of revenues, is due to product mix including Exelon® recorded as a net profit transfer in Q1-22 compared to revenues with related cost of sales in Q1-23.

Selling and marketing (“S&M”): For the quarter ended March 31, 2023, S&M expenses were $10,665, an increase of $975 or 10% compared to the same period in prior year. Excluding the impact of IAS 29, the increase is $1,014 or 10%.

General and administrative (“G&A”): For the quarter ended March 31, 2023, G&A expenses were $9,106, an increase of $274 or 3%, compared to the same period in prior year. Excluding the impact of IAS 29, the increase is $342 or 4%.

Research and development (“R&D”): For the quarter ended March 31, 2023, R&D expenses were $4,187, an increase of $1,204 or 40%, compared to the same period in prior year. Excluding the impact of IAS 29, the increase is $1,260 or 44%. The increase is driven by compensation expense and medical initiatives related to key promoted products including Akynzeo® in-licensed in H2-22.

Amortization and impairment of intangible assets: For the quarter ended March 31, 2023, amortization and impairment of intangible assets was $11,171, a decrease of $117 or 1%.

Interest income: Interest income is the sum of interest income on financial instruments measured at amortized cost and other interest income. For the quarter ended March 31, 2023, interest income was $3,352, an increase of 126% or $1,872, compared to the same period in prior year due to higher interest rates on cash and marketable securities.

Interest expense: For the quarter ended March 31, 2023, interest expense was $2,791, an increase of $1,680 or 151%, compared to the same period in prior year due to higher average loan balance resulting from IFC loan received in December 2022 and higher variable interest rates, partially offset by principal repayments of Itaú Unibanco Brasil and Bancolombia bank loans in 2022.

Adjusted EBITDA: For the quarter ended March 31, 2023, adjusted EBITDA was $18,237, an increased of $4,925 or 37%. The decrease in adjusted EBITDA is driven by an increase in gross margin of $8,285, offset by an increase in operating expenses.

Net loss: For the quarter ended March 31, 2023, net loss was $3,937 compared to net loss of $18,811 for the same period in prior year. The variance mainly resulted from the above-mentioned items and (1) a net loss on the revaluation of financial assets measured at fair value through profit or loss of $11,847 versus a net loss of $16,363 in the same period in prior year, mainly due to unrealized revaluations of the strategic fund investments, (2) a foreign exchange gain of $73 versus a foreign exchange loss of $6,189 and (3) the income tax recovery of $1,009 in Q1-23 of driven by the recognition of certain deferred tax assets due to timing differences related to our financial assets, tax loss in certain jurisdictions and certain intercompany transactions, offset by current income tax expense due to operating income, compared to the income tax recovery of $3,501 in Q1-22 driven by the recognition of certain deferred tax assets due tax losses generated and timing differences related to our financial assets.

Cash, cash equivalents and marketable securities: As at March 31, 2023, Knight had $160,469 in cash, cash equivalents and marketable securities, a decrease of $12,205 or 7% as compared to December 31, 2022. The variance is primarily due to outflows certain regulatory and sales milestones on certain products, including AKYNZEO® and ALOXI® from Helsinn, shares repurchased through NCIB, partially offset by cash inflows from operating activities and proceeds from the disposal of Medimetriks.

Financial assets: As at March 31, 2023, financial assets were at $164,808, a decrease of $11,755 or 7%, as compared to the prior year, mainly due to negative mark-to-market adjustments of $11,522 driven by the decline in the share prices of the publicly-traded equities of our strategic fund investments, distributions of $509, offset by foreign exchange gains of $623. Given the nature of the fund investments there could be significant fluctuations in the fair value of the underlying assets.

Bank Loans: As at March 31, 2023, bank loans were at $75,333, an increase of $5,261 or 8% as compared to December 31, 2022, due to accrued interest of $2,186 and the appreciation of BRL, COP, CLP and MXN against CAD.

Product Updates

Knight launched Palbocil® (palbociclib) in Argentina in March 2023. Palbocil® / Bapocil® (palbociclib) is indicated for the treatment of patients with hormone receptor (HR) positive, human epidermal growth factor receptor 2 (HER2)-negative locally advanced or metastatic breast cancer in combination with an aromatase inhibitor as initial endocrine-based therapy in post-menopausal women; or fulvestrant in patients with disease progression after prior endocrine therapy. In addition, in March 2023, Knight obtained regulatory approval for Bapocil® (palbociclib) in Chile.

Corporate Updates

NCIB

During the three-month period ended March 31, 2023, the Company purchased 2,243,905 common shares at an average price of $4.83 for aggregate cash consideration of $10,830. Subsequent to quarter-end up to May 5, 2023, the Company purchased an additional 1,144,520 common shares at an average purchase price of $4.68 for an aggregate cash consideration of $5,359.

Financial Outlook Update

Knight provides guidance on revenues1 on a non-GAAP basis. This is due to both the difficulty in predicting Argentinian inflation rates and its IAS 29 impact.

For fiscal 2023, Knight has updated its guidance and expects to generate $300 to $320 million in revenue, an increase of $20 million on the lower and upper range. The adjusted EBITDA, as a percentage of revenues is expected to be between 14% to 15% of revenues. The increase in the financial outlook is primarily due to an improvement in the forecasted LATAM currencies against the Canadian dollar and the 2023 MOH Contract for Ambisome®. The guidance is based on a number of assumptions, including but not limited to the following:

  • no revenues for business development transactions not completed as at May 10, 2023
  • discontinuation of certain distribution agreements
  • no interruptions in supply whether due to global supply chain disruptions or general manufacturing issues
  • no new generic entrants on our key pharmaceutical brands
  • no unforeseen changes to government mandated pricing regulations
  • successful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payers
  • successful execution and uptake of newly launched products
  • no significant restrictions or economic shut down due to global pandemics
  • foreign currency exchange rates remaining within forecasted ranges

Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details.

1 Revenues excluding the impact of IAS 29 is a non-GAAP measure, refer to the definitions in section “Non-GAAP measures” for additional details

Conference Call Notice 

Knight will host a conference call and audio webcast to discuss its first quarter ended March 31, 2023, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, May 11, 2023
Time: 8:30 a.m. ET
Telephone: Toll Free: 1-855-669-9657 or International 1-412-317-0790
Webcast: www.knighttx.com or Webcast
This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

Replay: An archived replay will be available for 30 days at www.knighttx.com


About Knight Therapeutics Inc. 

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.knighttx.com or www.sedar.com.

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2022 as filed on www.sedar.com. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.

CONTACT INFORMATION:

Investor Contact:  
Knight Therapeutics Inc.  
Samira Sakhia Arvind Utchanah
President & Chief Executive Officer Chief Financial Officer
T: 514.484.4483 T. +598.2626.2344
F: 514.481.4116  
Email: info@knighttx.com Email: info@knighttx.com
Website: www.knighttx.com Website: www.knighttx.com


IMPACT OF HYPERINFLATION
[In thousands of Canadian dollars]

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company's Argentine subsidiaries used the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. If the Company did not apply IAS 29, the effect on the Company's operating income would be as follows:

  Q1-23
  Reported
under IFRS
 Excluding impact
of IAS 291
 Variance
  $2 %3 
      
Revenues 82,597 82,667 (70)0%
Cost of goods sold 41,835 41,281 (554)1%
Gross margin 40,762 41,386 (624)2%
Gross margin (%) 49%50%  
      
Expenses     
Selling and marketing 10,665 10,713 48 0%
General and administrative 9,106 8,887 (219)2%
Research and development 4,187 4,102 (85)2%
Amortization and impairment of intangible assets 11,171 11,125 (46)0%
Operating income 5,633 6,559 (926)14%

1 Financial results excluding the impact of hyperinflation (IAS 29) is a non-GAAP measure. Refer to the definitions in section “Non-GAAP measures” for additional details
2 A positive variance represents a positive impact to net income due to the application of IAS 29 and a negative variance represents a negative impact to net income due to the application of IAS 29
3 Percentage change is presented in absolute values


NON-GAAP MEASURES
[In thousands of Canadian dollars]

Non-GAAP measures

The Company discloses non-GAAP measures and adjusted EBITDA per share ratio that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-GAAP financial measures and adjusted EBITDA per share ratio do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies.

The Company uses the following non-GAAP measures:

Revenues and Financial results excluding the impact of hyperinflation under IAS 29: Revenues and financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. Impact of hyperinflation under IAS 29 is calculated by applying an appropriate general price index to express the effects of inflation. After applying the effects of translation, the statement of income is converted using the closing foreign exchange rate of the month.

Revenues/financial results at constant currency allow revenues/financial results to be viewed without the impact of fluctuations in foreign currency exchange rates thereby facilitating the comparison of results period over period. The presentation of revenues/financial results under constant currency is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

EBITDA: Operating income or loss adjusted to exclude amortization and impairment of non-current assets, depreciation, purchase price allocation accounting adjustments, and the impact of IAS 29 (accounting under hyperinflation) but to include costs related to leases.

Adjusted EBITDA: EBITDA adjusted for acquisition costs and non-recurring expenses.

Adjustments include the following:

  • With the adoption of IFRS 16, the lease payments of Knight are not reflected in operating expenses. The IFRS 16 adjustment approximates the cash outflow related to leases of Knight.
  • Acquisition costs relate to costs incurred on legal, consulting and advisory fees for the acquisitions.
  • Other non-recurring expenses relate to expenses incurred by Knight that are not due to, and are not expected to occur in, the ordinary course of business.

For the three months ended March 31, the Company calculated EBITDA and adjusted EBITDA as follows:

   Change
 Q1-23 Q1-22 $1 %2 
Operating (loss) income 5,633 (316)5,949 n/a4 
Adjustments to operating (loss) income:    
Amortization and impairment of intangible assets11,171 11,288 (117)1%
Depreciation of property, plant and equipment and ROU assets1,912 2,093 (181)9%
Lease costs (IFRS 16 adjustment)(731)(646)(85)13%
Impact of IAS 29252 893 (641)72%
EBITDA318,237 13,312 4,925 37%
Acquisition and transaction costs— — — n/a4 
Other non-recurring expenses— — — n/a4 
Adjusted EBITDA318,237 13,312 4,925 37%

1 A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss)
2Percentage change is presented in absolute values
3 EBITDA and adjusted EBITDA are non-GAAP measures, refer to the definitions in section “Non-GAAP measures” for additional details
4 Percentage change not relevant

Adjusted EBITDA per share: Adjusted EBITDA over number of common shares outstanding at the end of the respective period.

The Company calculated adjusted EBITDA per share as follows:

  Q1-23 Q1-22 
Adjusted EBITDA1 18,237 13,312 
Adjusted EBITDA per common share1 0.166 0.114 
Number of common shares outstanding at period end (in thousands)110,082 116,546 

1 Ajusted EBITDA is non-GAAP measure and adjusted EBITDA per share is a non-GAAP ratio, refer to the definition in section "Non-GAAP Measures" for additional details


INTERIM CONSOLIDATED BALANCE SHEETS
[In thousands of Canadian dollars]
[Unaudited]



As at
    
March 31, 2023 December 31, 2022 
     
ASSETS    
Current    
Cash and cash equivalents56,218 71,679 
Marketable securities89,094 85,826 
Trade receivables103,573 94,890 
Other receivables13,254 12,930 
Inventories98,988 92,489 
Prepaids and deposits1,773 1,704 
Other current financial assets38,062 33,716 
Income taxes receivable2,248 2,385 
Total current assets403,210 395,619 
     
Marketable securities15,157 15,169 
Prepaids and deposits3,927 4,355 
Right-of-use assets5,455 5,827 
Property, plant and equipment16,810 16,806 
Intangible assets331,518 338,780 
Goodwill84,797 82,274 
Other financial assets126,746 142,847 
Deferred income tax assets13,509 9,310 
Other long-term receivables43,645 43,849 
Total non-current assets641,564 659,217 
Total assets1,044,774 1,054,836 


INTERIM CONSOLIDATED BALANCE SHEETS (continued)
[In thousands of Canadian dollars]
[Unaudited]



As at
 
March 31, 2023 December 31, 2022 
     
LIABILITIES AND EQUITY    
Current    
Accounts payable and accrued liabilities107,989 106,061 
Lease liabilities2,132 2,578 
Other liabilities1,687 5,793 
Bank loans20,293 17,674 
Income taxes payable2,252 2,274 
Other balances payable1,099 6,941 
Total current liabilities135,452 141,321 
     
Accounts payable and accrued liabilities3,005 2,669 
Lease liabilities5,172 5,050 
Bank loan55,040 52,398 
Other balances payable21,903 23,176 
Deferred income tax liabilities5,333 4,365 
Total liabilities225,905 228,979 
     
Shareholders’ Equity    
Share capital587,173 599,055 
Warrants117 117 
Contributed surplus24,447 23,664 
Accumulated other comprehensive loss48,154 41,266 
Retained earnings158,978 161,755 
Total shareholders’ equity818,869 825,857 
Total liabilities and shareholders’ equity1,044,774 1,054,836 


INTERIM CONSOLIDATED STATEMENTS OF LOSS
[In thousands of Canadian dollars, except for share and per share amounts]
[Unaudited]

 Three months ended March 31,
 
 2023 2022 
   
Revenues82,597 63,807 
Cost of goods sold41,835 31,330 
Gross margin40,762 32,477 
   
Expenses  
Selling and marketing10,665 9,690 
General and administrative9,106 8,832 
Research and development4,187 2,983 
Amortization and impairment of intangible assets11,171 11,288 
Operating (loss) income5,633 (316)
   
Interest income on financial instruments measured at amortized cost(2,179)(346)
Other interest income(1,173)(1,134)
Interest expense2,791 1,111 
Other expense94 90 
Net loss on financial instruments measured at fair value through profit or loss11,847 16,363 
Foreign exchange (gain) loss(73)6,189 
Gain on hyperinflation(728)(277)
Income (loss) before income taxes(4,946)(22,312)
   
Income tax  
Current2,106 173 
Deferred(3,115)(3,674)
Income tax recovery(1,009)(3,501)
Net loss for the period(3,937)(18,811)
   
Basic and diluted net loss per share(0.04)(0.16)
Basic and diluted weighted average number of common shares outstanding111,518,305 117,173,258 


INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
[In thousands of Canadian dollars]
[Unaudited]

 Three months ended
March 31,
 
 2023 2022 
OPERATING ACTIVITIES  
Net loss for the period(3,937)(18,811)
Adjustments reconciling net income to operating cash flows:  
Depreciation and amortization13,083 13,381 
Net gain on financial instruments11,847 16,363 
Unrealized foreign exchange loss(1,253)6,650 
Other operating activities(1,104)(2,811)
 18,636 14,772 
Changes in non-cash working capital and other items(14,925)(1,893)
Cash inflow from operating activities3,711 12,879 
   
INVESTING ACTIVITIES  
Purchase of marketable securities(109,216)(15,808)
Proceeds on maturity of marketable securities105,968 36,546 
Investment in funds(22)(40)
Purchase of intangible assets(7,667)(234)
Other investing activities2,223 354 
Cash (outflow) inflow from investing activities(8,714)20,818 
   
FINANCING ACTIVITIES  
Repurchase of common shares through Normal Course Issuer Bid(10,514)(6,663)
Principal repayment on bank loans(587)— 
Proceeds from bank loans647 422 
Other financing activities(813)(571)
Cash outflow from financing activities(11,267)(6,812)
   
Increase (decrease) in cash and cash equivalents during the period(16,270)26,885 
Cash and cash equivalents, beginning of the period71,679 85,963 
Net foreign exchange difference809 609 
Cash and cash equivalents, end of the period56,218 113,457 
   
Cash and cash equivalents56,218 113,457 
Marketable securities104,251 42,939 
Total cash, cash equivalents and marketable securities160,469 156,396