Computer Modelling Group Ltd. — Interim / Quarterly Report 2025

Nov 12, 2024

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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COMPUTER MODELLING GROUP ANNOUNCES SECOND QUARTER RESULTS AND QUARTERLY DIVIDEND

CALGARY, Alberta, November 12, 2024 – Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three and six months ended September 30, 2024, and the approval by its Board of Directors (the “Board”) of the payment of a cash dividend of $0.05 per Common Share for the second quarter ended September 30, 2024

SECOND QUARTER 2025 CONSOLIDATED HIGHLIGHTS

Select financial highlights for the three months ended September 30, 2024

• Closed the Company’s second major acquisition, Sharp Reflections GmbH (“SR” or “Sharp”), on November 12, 2024;

• Generated total revenue of $29.5 million in the second quarter of fiscal 2025, compared to $22.6 million in the prior year’s quarter, reflecting a 1% increase in CMG’s revenue and a 29% contribution from BHV;

• Operating profit increased to $8.4 million, an increase of 9% from the same period of the previous fiscal year, primarily due to a decrease in stock-based compensation in the quarter as a result of the decrease in share price. Adjusted operating profit decreased by 8% from the same period of the previous fiscal year, with CMG contributing to 6% and BHV contributing to 2% of the decrease;

• Adjusted EBITDA Margin was 34%, compared to 47% in the same period of the previous fiscal year with CMG generating 45% and BHV generating (2%) in Adjusted EBITDA Margin;

• Net income during the period was $3.8 million, a 42% decrease compared to the prior year’s quarter, primarily due to a change in the fair value of contingent consideration and FX loss incurred in the current year’s quarter, partially offset by increased operating profit;

• Earnings per share was $0.05, a 38% decrease compared to the prior year’s quarter;

• Reported Free Cash Flow of $0.07 per share, a decrease of 50%, primarily due to BHV generating negative cash flows.

Select financial highlights for the six months ended September 30, 2024

• Closed the Company’s second major acquisition, Sharp Reflections GmbH (“SR” or “Sharp”), on November 12, 2024;

• Generated total revenue of $60.0 million for the second quarter fiscal 2025 year-to-date period, compared to $43.4 million in the prior year-to-date period, reflecting a 6% increase in CMG’s revenue and a 32% contribution from BHV;

• Operating profit decreased to $14.1 million, a decrease of 19% from the same year-to-date period of the previous fiscal year, primarily due to increased stock-based compensation as a result of an increase in share price, as well as increased operating expenses from having a full quarter of Bluware operating expenses as compared to 5 days in the previous fiscal year-to-date period. Adjusted operating profit decreased by 6% from the same period of the previous fiscal year, with CMG contributing to 4% and BHV contributing to 2% of the decrease;

• Adjusted EBITDA Margin was 32%, compared to 48% in the same period of the previous fiscal year with CMG generating 43% and BHV generating (3%) in Adjusted EBITDA Margin;

• Net income during the period was $7.7 million, a 42% decrease compared to the prior year-to-date period;

• Earnings per share was $0.09, a 47% decrease compared to the prior year-to-date period;

• Reported Free Cash Flow of $0.14 per share, a decrease of 39%, primarily due to BHV generating negative cash flows.

MANAGEMENT COMMENTARY

Second Quarter

In the second quarter, total revenue grew by 30% from the prior fiscal year to $29.5 million, reflecting the acquisition of Bluware (“BHV”) which contributed 29%, and growth within the CMG operating segment of 1%. Adjusted EBITDA Margin was 34% compared to 47% in the prior year period, reflecting the acquisition of BHV which currently operates at a lower margin than CMG, and a decline in Adjusted EBITDA compared to the prior year period in the CMG operating segment, discussed below. Net income for the quarter declined to $3.8 million from $6.5 million in the prior year period, significantly

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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impacted by a change in the fair value of contingent consideration relating to the acquisition of Bluware and foreign exchange losses. Free Cash Flow declined from $0.14 per share in the prior period to $0.07 per share, impacted by the lower Free Cash Flow generation at BHV resulting from seasonality associated with revenue recognition. Free Cash Flow per share remained constant from the first quarter of 2025. At September 30, 2024, the cash balance was $61.4 million. The effective tax rate for the quarter increased due to the non-deductibility of the change in fair value of the acquisition earnout.

In the CMG operating segment, total revenue was up 1%, however, annuity/maintenance (“A/M”) revenue declined compared to the second quarter of 2024. Delays occurred in the closing of a sizeable new contract which would have been accretive to A/M revenue in the second quarter. This was completed after quarter-end and is expected to be recorded starting in the third quarter. Given the timing of the new contract, it did not offset a combination of variability in short-term contracts and the non-renewal of one contract in the US which led to the modest decline.

By geography, total software revenue grew in the Eastern Hemisphere due to strong perpetual licenses, offset primarily by lower A/M licenses in South America and the US, as mentioned above.

Software revenue attributable to energy transition was 19% in the quarter, compared to 22% in the comparable prior year period and 28% in the first quarter of this year. From a trend perspective, on a year-to-date basis, software revenue attributable to energy transition was 24% compared to 22% in the same period of the previous year, evidence of ongoing demand. CMG operating segment operating profit in the second quarter increased to $8.8 million, from $7.6 million in the prior year period, driven by a reduction in stock-based compensation expense due to lower share price, partially offset by increased expenses including headcount and headcount related costs, increased amortization of acquired IP, and other corporate costs. Sequentially from Q1 2025, CMG operating segment Adjusted Operating Profit increased by 3%. CMG operating segment Adjusted EBITDA Margin in the quarter decreased to 45% from 48% in the prior fiscal year, due primarily to higher expenses described above, but represented a small sequential increase from 42% in the first quarter of 2025. Maintaining our customary high renewal rates in the fourth quarter will be critical to achieving our revenue and profitability objectives.

In the BHV operating segment, total software revenue and professional services revenue were materially unchanged from the first quarter of 2025. A small decrease in operating expenses resulted in an Adjusted EBITDA and Adjusted EBITDA Margin of ($0.1 million), or (2%), a slight improvement from ($0.3 million) and (4%) respectively compared to the first quarter of this year. We do not expect material growth in professional services revenue throughout the balance of the year, however software revenue is expected to increase in the second half of 2025, compared to the first half of 2025, as we begin contract renewals in these quarters. The impact of this revenue recognition is expected to drive a commensurate increase in profitability. This pattern of revenue recognition and profitability aligns with our reporting since acquiring BHV. We would continue to encourage shareholders to evaluate BHV operating segment profitability on a full-year basis.

SUMMARY OF FINANCIAL PERFORMANCE

	CMG	BHV	Consolidated
Three months ended September 30, ($thousands,exceptper share data)	2024 2023	2024 2023	2024 2023
Annuity/maintenance licenses Annuity license fee Perpetual licenses	16,794 17,441 - - 2,149 1,176	1,508 169 71 - - -	18,302 17,610 71 - 2,149 1,176
Total software license revenue Professional services	18,943 18,617 3,382 3,452	1,579 169 5,563 395	20,522 18,786 8,945 3,847
Total revenue Total revenue growth Annuity/maintenance licenses growth Cost of revenue Operating expenses	22,325 22,069 1% 22% (4%) 18% 2,332 2,271	7,142 564 1166%	29,467 22,633 30% 25% 4% 19% 5,692 2,493
		792%
		3,360 222

COMPUTER MODELLING GROUP LTD.

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3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

Sales & marketing Research and development General & administrative	3,363 3,362 4,463 4,651 3,389 4,214	866 22 1,965 116 1,299 49	4,229 3,384 6,428 4,767 4,688 4,263
Operatingexpenses	11,215 12,227	4,130 187	15,345 12,414
Operating profit	8,778 7,571	(348) 155	8,430 7,726
Operating Margin Acquisition related expenses Amortization of acquired intangible assets Stock-based compensation	39% 34% 395 573 575 124 232 2,291	(5%) 27% 181 - 89 5 - -	29% 34% 576 573 664 129 232 2,291
Adjusted operating profit(1) Adjusted Operating Margin(1) Net income (loss) Adjusted EBITDA(1) Adjusted EBITDA Margin(1) Earnings per share – basic Free Cash Flowper share – basic(1)	9,980 10,559 45% 48% 4,630 6,423 10,069 10,584 45% 48%	(78) 160 (1%) 28% (867) 93 (132) 134 (2%) 24%	9,902 10,719 34% 47% 3,763 6,516 9,937 10,718 34% 47% 0.05 0.08 0.07 0.14
	CMG	BHV	Consolidated
Six months ended September 30, ($thousands,exceptper share data)	2024 2023	2024 2023	2024 2023
Annuity/maintenance licenses Annuity license fee Perpetual licenses	34,551 33,048 - - 4,259 3,025	3,086 169 249 - - -	37,637 33,217 249 - 4,259 3,025
Total software license revenue Professional services	38,810 36,073 6,662 6,744	3,335 169 11,183 395	42,145 36,242 17,845 7,139
Total revenue Total revenue growth Annuity/maintenance licenses growth Cost of revenue Operating expenses Sales & marketing Research and development General & administrative	45,472 42,817 6% 25% 5% 17% 4,952 4,176 7,504 5,717 10,514 8,703 7,533 6,886	14,518 564 2474% 1726% 6,932 222 1,656 22 4,159 116 2,644 49	59,990 43,381 38% 27% 13% 17% 11,884 4,398 9,160 5,739 14,673 8,819 10,177 6,935
Operatingexpenses	25,551 21,306	8,459 187	34,010 21,493
Operating profit	14,969 17,335	(873) 155	14,096 17,490
Operating Margin Acquisition related expenses Amortization of acquired intangible assets Stock-based compensation	33% 40% 395 573 1,151 181 3,138 2,395	(6%) 27% 369 - 178 5 - -	23% 40% 764 573 1,329 186 3,138 2,395
Adjusted operating profit(1) Adjusted Operating Margin(1) Net income (loss) Adjusted EBITDA(1) Adjusted EBITDA Margin(1)	19,653 20,484 43% 48%	(325) 160 (2%) 28%	19,327 20,644 32% 48% 7,727 13,420 19,374 20,666 32% 48%
	9,995 13,327	(2,268) 93
	19,771 20,532 43% 48%	(397) 134 (3%) 24%

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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Earnings per share – basic	0.09	0.17
Free Cash Flowper share – basic(1)	0.14	0.23

(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section of the MD&A.

Q2 2025 Dividend

Computer Modelling Group’s Board approved a cash dividend of $0.05 per Common Share. The dividend will be paid on December 13, 2024, to shareholders of record at the close of business on December 5, 2024.

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES

Free Cash Flow Reconciliation to Funds Flow from Operations

Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing free cash flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses free cash flow and free cash flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.

Fiscal 2023 Fiscal 2024Fiscal 2025	Fiscal 2023 Fiscal 2024Fiscal 2025
($ thousands, unless otherwise stated) Q3 Q4 Q1 Q2 Q3 Q4 Q1	Q2
Funds flow from operations 8,169 7,656 7,920 11,491 8,477 10,367 6,515 Capital expenditures(1) (211) (1,707) (45) (51) (459) (95) (93) Repayment of lease liabilities (413) (553) (412) (412) (728) (803) (743)	7,101
	(236)
	(769)
Free Cash Flow 7,545 5,396 7,463 11,028 7,290 9,469 5,679	6,096
Weighted average shares – basic(thousands) 80,511 80,603 80,685 80,834 81,067 81,314 81,476
	81,887
Free Cash Flowper share - basic 0.09 0.07 0.09 0.14 0.09 0.12 0.07	0.07

(1) Capital expenditures include cash consideration for USI acquisition in Q4 2023.

Free Cash Flow per share has decreased by 50% and 39%, respectively, for the three and six months ended September 30, 2024, compared to the same periods of the previous fiscal year. The decrease in Free Cash Flow is primarily a result of negative cash flow generated in the BHV segment, which primarily relates to reduced net income in the period due to revenue recognition being skewed towards the third and fourth quarters of the fiscal year. Additionally, the repayment of lease liabilities has increased compared to the prior year comparative quarter as a result of the acquisition of BHV, resulting in a further decrease in free cash flow for the three and six months ended September 30, 2024, compared to the same periods of the previous fiscal year.

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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Adjusted EBITDA and Adjusted EBITDA Margin

	CMG	BHV	Consolidated
Three months ended September 30, ($thousands)	2024 2023	2024 2023	2024 2023
Net income (loss) Add (deduct): Depreciation and amortization Stock-based compensation Acquisition related expenses Loss on contingent consideration Income and other tax expense Interest income Foreign exchange loss (gain) Repayment of lease liabilities	4,630 6,423 1,539 1,014 232 2,291 395 573 2,112 - 1,802 2,239 (680) (692) 453 (856) (414) (408)	(867) 93 408 7 - - 181 - - - 442 38 (81) - 140 - (355) (4)	3,763 6,516 1,947 1,021 232 2,291 576 573 2,112 - 2,244 2,277 (761) (692) 593 (856) (769) (412)
Adjusted EBITDA(1)	10,069 10,584	(132) 134	9,937 10,718
Adjusted EBITDA Margin (1)	45% 48%	(2%) 24%	34% 47%
(1)This is a non-IFRS financial measure. Refer to definition	of the measures above.
	CMG	BHV	Consolidated
Six months ended September 30, ($thousands)	2024 2023	2024 2023	2024 2023
Net income (loss) Add (deduct): Depreciation and amortization Stock-based compensation Acquisition related expenses Loss on contingent consideration Income and other tax expense Interest income Foreign exchange loss (gain) Repayment of lease liabilities	9,995 13,327 3,037 1,975 3,138 2,395 395 573 1,913 - 3,416 4,483 (1,460) (1,452) 198 51 (861) (820)	(2,268) 93 793 7 - - 369 - - - 1,316 38 (179) - 223 - (651) (4)	7,727 13,420 3,830 1,982 3,138 2,395 764 573 1,913 - 4,732 4,521 (1,639) (1,452) 421 51 (1,512) (824)
Adjusted EBITDA(1)	19,771 20,532	(397) 134	19,374 20,666
Adjusted EBITDA Margin (1)	43% 48%	(3%) 24%	32% 48%

(1) This is a non-IFRS financial measure. Refer to definition of the measures above.

Adjusted EBITDA Margin was 34% and 32% for both the three and six months ended September 30, 2024, respectively, a decrease from 47% and 48%, respectively for the three and six months ended September 30, 2023.

CMG’s Adjusted EBITDA Margin is 45% and 43% for the three and six months ended September 30, 2024, respectively, compared to 48% for both the three and six months ended September 30, 2023, primarily due to an increase in operating expenses as a result of an increase in headcount and headcount related costs and other corporate costs. Refer to the “Operating Expenses” section of the MD&A for further detail on the increase in operating expenses by category.

BHV’s Adjusted EBITDA Margin for the three and six months ended September 30, 2024, is (2%) and (3%), respectively, compared to 24% for the three and six months ended September 30, 2023. Contract renewals at BHV typically occur in the third and fourth quarters, resulting in Adjusted EBITDA fluctuation on a quarterly basis. As a result of annuity license fee revenue recognition being skewed towards the last two quarters of the fiscal year, Adjusted EBITDA is expected to be lower in the first and second quarters of the fiscal year.

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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Condensed Consolidated Statements of Financial Position

UNAUDITED (thousands of Canadian $)	September 30, 2024 March 31, 2024 April 1, 2023
Assets Current assets: Cash Restricted cash Trade and other receivables Prepaid expenses Prepaid income taxes	61,373 63,083 66,850 96 142 - 34,704 36,550 23,910 2,213 2,321 1,060 986 3,841 444
Intangible assets Right-of-use assets Property and equipment Goodwill Deferred tax asset	99,372 105,937 92,264 22,354 23,683 1,321 29,628 29,072 30,733 9,496 9,877 10,366 4,426 4,399 - 136 - 2,444
Total assets	165,412 172,968 137,128
Liabilities and shareholders’ equity Current liabilities: Trade payables and accrued liabilities Income taxes payable Acquisition holdback payable Acquisition earnout Deferred revenue Lease liabilities	13,920 18,551 11,126 1,422 2,136 33 2,288 2,292 - 3,416 - - 32,274 41,120 34,797 2,263 2,566 1,829
Lease liabilities Stock-based compensation liabilities Acquisition earnout Other long-term liabilities Deferred tax liabilities	55,583 66,665 47,785 35,521 34,395 36,151 253 624 742 - 1,503 - 200 305 - 1,776 1,661 -
Total liabilities	93,333 105,153 84,678
Shareholders’ equity: Share capital Contributed surplus Cumulative translation adjustment Deficit	91,083 87,304 81,820 15,892 15,667 15,471 343 (367) - (35,239) (34,789) (44,841)
Total shareholders’ equity	72,079 67,815 52,450
Total liabilities and shareholders' equity	165,412 172,968 137,128

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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Condensed Consolidated Statements of Operations and Comprehensive Income

Comprehensive Income
	Three months ended		Six	months ended
	September 30			September 30
UNAUDITED (thousands of Canadian $ except per share	2024	2023	2024		2023
amounts)
Revenue	29,467	22,633	59,990		43,381
Cost of revenue	**5,692 **	2,493	**11,884 **		4,398
Gross profit	23,775	20,140	48,106		38,983
Operating expenses
Sales and marketing	4,229	3,384	9,160		5,739
Research and development	6,428	4,767	14,673		8,819
General and administrative	4,688	4,263	10,177		6,935
	15,345	12,414	34,010		21,493
Operating profit	8,430	7,726	14,096		17,490
Finance income	761	1,548	1,639		1,452
Finance costs	(1,072)	(481)	(1,363)		(1,001)
Change in fair value of contingent consideration	(2,112)	-	(1,913)		-
Profit before income and other taxes	6,007	8,793	12,459		17,941
Income and other taxes	2,244	2,277	4,732		4,521
Net income for the period	3,763	6,516	7,727		13,420
Other comprehensive income:
Foreign currency translation adjustment	(189)	4	710		4
Other comprehensive income	(189)	4	710		4
Total comprehensive income	3,574	6,520	8,437		13,424
Net income per share – basic	0.05	0.08	0.09		0.17
Net income per share – diluted	0.05	0.08	0.09		0.16
Dividendper share	0.05	0.05	0.10		0.10

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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Condensed Consolidated Statements of Cash Flows

Three months ended September 30	Six months ended September 30 2024 2023
UNAUDITED(thousands of Canadian$) 2024 2023
Operating activities Net income 3,763 6,516 Adjustments for: Depreciation and amortization of property, equipment, right- of use assets 1,283 892 Amortization of intangible assets 664 129 Deferred income tax expense (recovery) 575 2,028 Stock-based compensation (2,106) 1,604 Foreign exchange and other non-cash items 810 322 Change in fair value of contingent consideration 2,112 -	7,727 13,420 2,501 1,796 1,329 186 (78) 1,978 (214) 1,709 438 322 1,913 -
Funds flow from operations 7,101 11,491 Movement in non-cash working capital: Trade and other receivables (11,965) (581) Trade payables and accrued liabilities 264 405 Prepaid expenses and other assets 74 291 Income taxes receivable (payable) 687 (1,612) Deferred revenue 1,384 3,044	13,616 19,411 1,846 3,301 (3,067) (2,389) 108 290 2,111 (1,251) (8,846) (5,137)
Changein non-cash working capital (9,556) 1,547	(7,848) (5,186)
Net cash provided by (used in) operating activities (2,455) 13,038	5,768 14,225
Financing activities Repayment of acquired line of credit - (2,012) Proceeds from issuance of common shares 480 512 Repayment of lease liabilities (769) (412) Dividends paid (4,101) (4,042)	- (2,012) 2,729 1,213 (1,512) (824) (8,177) (8,081)
Net cash used in financing activities (4,390) (5,954)	(6,960) (9,704)
Investing activities Corporate acquisition, net of cash acquired - (23,050) Property and equipment additions (236) (51)	- (23,050) (329) (96)
Net cash used in investing activities (236) (23,101)	(329) (23,146)
Increase (decrease) in cash (7,081) (16,017) Effect of foreign exchange on cash (638) - Cash, beginning of period 69,092 64,242	(1,521) (18,625) (189) - 63,083 66,850
Cash, end ofperiod 61,373 48,225	61,373 48,225
Supplementary cash flow information Interest received 761 692 Interest paid 479 481 Income taxespaid 4,229 2,580	1,639 1,452 942 950 5,725 4,358

COMPUTER MODELLING GROUP LTD.

3710 33 Street NW, Calgary, AB, T2L 2M1, Canada T: +1.403.531.1300 F: +1.403.289.8502 W: cmgl.ca E: cmgl@cmgl.ca

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CORPORATE PROFILE

CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.

QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION

Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and six months ended September 30, 2024, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR profile www.sedarplus.ca.

For further information, please contact:

Pramod Jain or Sandra Balic Chief Executive Officer Vice President, Finance & CFO (403) 531-1300 (403) 531-1300 pramod.jain@cmgl.ca sandra.balic@cmgl.ca

For investor inquiries, please contact: Kim MacEachern Director, Investor Relations cmg-investors@cmgl.ca

For media inquiries, please contact: marketing@cmgl.ca

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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