Thinkific achieves key milestone two quarters
ahead of plan with Adjusted EBITDA(1) of
$0.7 million, a $6.4 million improvement year-over-year
Third quarter revenue up 13% to $15.0 million, well ahead of issued
guidance
Customer success accelerates Thinkific with
GMV(2) up 13% year-over-year to $110 million, driving Thinkific's Commerce
Revenue up 86% year over year
Thinkific reports in U.S. dollars and in accordance with
IFRS
VANCOUVER, BC, Nov. 6, 2023
/CNW/ - Thinkific Labs Inc. ("Thinkific" or the "Company") (TSX:
THNC), a leading cloud-based software platform that enables
entrepreneurs and established businesses of all sizes to create,
market, and sell digital learning products, today announced its
financial results for the quarter ended September 30,
2023.
"We are now seeing the payoff from our decisive actions over the
last 18 months, resulting in our best quarter as a public company"
said Greg Smith, CEO of Thinkific.
"The milestone of Adjusted EBITDA(1) profitability was
reached alongside strong revenue growth and a productive period for
our team, where we delivered key product updates that will set the
stage for continued profitable growth in 2024."
"I'm pleased with the early interest and feedback from our
customers and partners from recent product launches, including our
mobile app solutions, AI tools, The Leap, and valuable commerce
tools. Our priorities remain steadfast on helping our customers
succeed by making it easier to get started and earn their first
dollar, providing tools that allow them to sell more, and
supporting our larger customers' goals on Thinkific Plus."
concluded Mr. Smith.
Third Quarter Financial Highlights
The below results include enhanced disclosure with revenue split
between subscription and commerce streams, with an additional
separation at the customer level between Self Service and Thinkific
Plus customers.
- Commerce revenue increased 86% year-over-year to $1.5 million, building on the success of
Thinkific Payments and other recently launched commerce tools.
Subscription revenue increased 8% to $13.5
million.
- Total revenue increased 13% year-over-year to $15.0 million compared with the third quarter of
2022, above our guided Q3 2023 range of $14.5 - $ 14.7
million.
- On a customer basis (inclusive of both subscription and
commerce revenue), Self Service customer revenue grew 8% to
$11.8 million on a combination of
increases in Thinkific Commerce and Paying Customers. Revenue from
Plus customers increased 38% to $3.2
million with new businesses leveraging our modern learning
solution to retain and engage their customers.
- Gross margin was 77% in the third quarter of 2023, a slight
increase from 76% recorded for the third quarter last year.
Subscription margin is strong at 82% as we continue to find
efficiencies in our infrastructure costs. Commerce revenue margin
came in at 33%.
- Net loss for the third quarter of 2023 was $0.9 million, compared to a net loss of
$10.7 million in the third quarter of
2022, a 91% improvement.
- Adjusted EBITDA(1) of $0.7
million, a key milestone as we return to profitability and
an improvement of 113% or $6.4
million over the prior year.
- Total Paying Customers(2) grew 3% to 34.4 thousand
in the third quarter of 2023 compared to the prior year.
- ARPU(2) increased 9% to $145 per month compared with $133 per month in the third quarter of 2022.
- ARR(2) grew 7% to $54.2
million from $50.9 million in
the third quarter of 2022, due to improvement in ARPU(2)
and customer count.
- GPV(2) processed through Thinkific Payments was
$35.2 million compared to
$17.7 million in the prior year, a
99% increase. Thinkific Payments is the largest component of our
commerce revenue segment. GPV is the total dollar value of
transactions processed using Thinkific Payments, and represented
32% of GMV processed during the quarter.
- GMV(2) in the third quarter was $110 million, up 13% compared to the third
quarter of 2022. This is the fourth consecutive quarter of
improving YoY growth, which signals a rising demand for digital
learning products.
- Cash and cash equivalents were $87
million at September 30, 2023.
Cash earned from operations in the third quarter of 2023 totaled
$3.5 million.
"Our commitment to EBITDA profitability has paid off, and I'm
immensely proud that we achieved this ahead of schedule and in
combination with revenue growth and $3.5
million earned in cash from operations. It's a testament to
the exceptional teams we have throughout our organization," said
Corinne Hua, CFO of Thinkific. "With
our strong cash position, clear growth opportunities, and a large
and growing market - we will help more customers succeed and
continue to profitably grow our top line."
(1) Non-IFRS
measure. See "Non-IFRS Measures" and the reconciliation to the most
directly comparable IFRS measure.
(2) Key Performance Indicators. See definition in "Key
Performance Indicators".
|
Third Quarter Operational Highlights
- Launched new commerce tools to help our customers sell more,
including:
- An automated sales tax solution, powered by Stripe, which
removes the complexity and confusion associated with sales taxes
for our Thinkific Payments customers, allowing them to focusing on
growing their business rather than tracking and remitting
taxes.
- Providing Buy Now, Pay Later (BNPL) credit options through
providers Affirm, Klarna and Afterpay, Thinkific's BNPL
functionality allows customers to more easily sell higher-priced
products, and provide their students with more flexible payment
options.
- Advanced analytics capabilities that provide our customers with
deeper insights into their enrollments, orders, student and course
engagement, revenue and bottom line business performance, so they
and their teams can track ROI and make smart, informed decisions to
grow and scale their businesses quickly and effectively.
- Expanded availability of our customizable App Building Solution
'Branded Mobile' to all customers. This offering provides students
with an app-based learning environment that suits their lifestyle
and is accessible on the devices they use most, which leads to
better engaged communities and higher sales, driving more revenue
for our customers.
- Recognized by The Globe and Mail publication, Report on
Business as one of Canada's Top
Growing Companies in 2023, our fourth consecutive year on this
prestigious list. Recognized by Business in Vancouver, BIV News as #7 on the Top 100
Fastest Growing Companies, a list ranked by percentage growth in
revenue between 2018 and 2022.
Subsequent to Quarter End
- Launched the The Leap by Thinkific, a powerful AI tool for
content creators and influencers that makes it easy to build,
promote and sell exceptional digital products in minutes. The Leap
has already seen more than 6,500 new accounts created.
- Hosted the Fifth annual 'Think in Color' Summit, held in
October, in LA, which attracted a host of entrepreneurs and small
and medium business participants both in person and via event
content made available online On Demand. A speaker lineup of 100%
people of color delivered personal insights on all aspects of
creating, marketing, and scaling online courses and digital
product-based businesses.
- Recognized for our strong culture and commitment to building an
exceptional team at Thinkific as a Certified Great Place to Work®
for the third year, after a thorough, independent analysis
conducted by Great Place to Work Institute® Canada. The certification is based on direct
feedback from Thinkific employees, provided as part of an extensive
and anonymous survey about our workplace experience and
culture.
- On October 27th, 2023 the Company
filled a renewal of a preliminary base-shelf prospectus to offer up
to C$300 million of subordinate
voting shares, preferred shares, debt securities, warrants,
subscription receipts, and/or units, or any such combination from
time to time over a 25-month period.
(1) Non-IFRS
measure. See "Non-IFRS Measures" and the reconciliation to the most
directly comparable IFRS measure.
(2) Key Performance Indicators. See definition in "Key
Performance Indicators".
|
Outlook
For the fourth quarter of 2023, the Company expects Revenue of
$15.2 million - $15.4 million. We expect Adjusted
EBITDA(1) to remain profitable and are not targeting an
increase to Adjusted EBITDA(1) in the near term as we
make planned investments for growth.
Actual results may differ materially from Thinkific's financial
outlook as a result of, among other things, the factors described
under "Forward-Looking Statements" below.
Quarterly Conference Call and Webcast Information
A conference call will be held at 2:30 PM
PT (5:30 PM ET) on
November 7, 2023 to discuss
Thinkific's third quarter financial and operational results. To
participate in the call, please dial 1.888.664.6383
(US/Canada toll-free) or
1.416.764.8650 (International/Toronto). For those unable to participate, a
replay will be available from 4:30 PM
PT (7:30 PM ET) on
November 7, 2023 by dialing
1.888.390.0541 (US/Canada
toll-free) or 1.416.764.8677 (International/Toronto). The passcode is 036797#. The replay
will expire at 8:59 PM PT
(11:59 PM ET) on November 14, 2023. The conference call will also
be available via webcast on the Investor Relations section of
Thinkific's website
at investors.thinkific.com/events-and-presentations.
Thinkific's unaudited consolidated financial statements and
accompanying notes, and Management's Discussion and Analysis for
the three months ended September 30,
2023 are available on the Company's website at
www.thinkific.com and on SEDAR at www.sedar.com.
About Thinkific
Thinkific (TSX:THNC) makes it simple for Creator Educators and
established businesses of any size to scale and generate revenue by
teaching what they know. Our Platform gives businesses everything
they need to build, market, and sell digital learning products -
from courses to communities - and to run their business
seamlessly under their own brand, on their own site. Thinkific's
50,000+ active customers earn hundreds of millions of dollars in
direct course, membership and community sales while teaching tens
of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed
team.
For more information, please visit www.thinkific.com.
(1) Non-IFRS measure.
See "Non-IFRS Measures" and the reconciliation to the most directly
comparable IFRS measure.
|
Non-IFRS Measures
The information presented within this press release includes
"Adjusted EBITDA" and certain industry metrics. The "Adjusted
EBITDA" is not a recognized measure under International Financial
Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board, does not have a standardized meaning
prescribed by IFRS, and is therefore unlikely to be comparable to
similar measures presented by other companies. Rather, this measure
is provided as additional information to complement those IFRS
measures by providing further understanding of our results of
operations from management's perspective. Accordingly, it should
not be considered in isolation nor as a substitute for analysis of
our financial information reported under IFRS. We also use certain
industry metrics: "Annual Recurring Revenue", "Paying Customers",
"Average Revenue per User", "Gross Merchandise Volume" and "Gross
Payments Volume". These industry metrics are unaudited and are not
directly derived from our financial statements. The non-IFRS
measure and industry metrics are used to provide investors with
supplemental measures of our operating performance and thus
highlight trends in our core business that may not otherwise be
apparent when relying solely on IFRS measures. We also believe that
securities analysts, investors and other interested parties
frequently use non-IFRS measures and industry metrics in the
evaluation of issuers. Our management also uses the non-IFRS
measure and industry metrics in order to facilitate operating
performance comparisons from period to period, to prepare annual
operating budgets and forecasts and to determine components of
management compensation.
"Adjusted EBITDA" is defined as net income (loss) excluding
taxes, interest, depreciation and amortization (or EBITDA), as
adjusted for stock-based compensation, foreign exchange loss
(gain), net finance (income) expense, restructuring costs and loss
on disposal of property and equipment. Adjusted EBITDA does not
have a standardized meaning under IFRS and is not a measure of
operating income, operating performance or liquidity presented in
accordance with IFRS, and is subject to important limitations.
Please refer to "Reconciliation to IFRS from Non-IFRS measures"
in this press release for more information.
Key Performance Indicators
We monitor the following industry metrics to help us evaluate
our business, measure our performance, identify trends affecting
our business, formulate business plans and make strategic
decisions: "Annual Recurring Revenue" or "ARR", "Average Revenue
per User" or "ARPU", "Gross Merchandise Volume" or "GMV",
"Paying Customers" and "Gross Payments Volume" or "GPV". Our key
performance indicators may be calculated in a manner different than
similar key performance indicators used by other companies.
"Paying Customers" is the count of unique Thinkific
subscribers on paid plans as of period end, excluding all trial and
free customers, and including both monthly and annual
subscribers.
"ARPU" is the average monthly Revenue per Paying
Customer in the quarter. ARPU is calculated by taking the average
Revenue for each month in the quarter and dividing this by the
average number of Paying Customers for the same quarter.
"ARR" is the annual value of all current Paying
Customer subscriptions at the end of the period, with the number of
Paying Customers multiplied by 12 times the average monthly
subscription plan fee in effect on the last day of that period.
"GMV" is the total dollar value of all transactions
of course sales, membership subscriptions, or other products or
services by our customers, facilitated through our platform during
the period, net of refunds. GMV does not include transactions for
course sales, membership subscriptions, or other products or
services processed by APIs or certain apps where the Company does
not record the transaction value.
"GPV" is the total dollar value of transactions processed
using Thinkific Payments in the period, net of refunds and
inclusive of sales taxes where applicable. GPV does not represent
revenue earned by us. We believe that growth in GPV is an indicator
of success of our customers in monetizing their learning products
and of our Thinkific Payments offering. It is also a positive
growth driver of revenue, which is derived from payment processing
fees. Revenue earned from Thinkific Payments is included in our
commerce revenue.
Forward-Looking Statements
This press release includes forward-looking statements and
forward–looking information within the meaning of applicable
securities laws in Canada.
Forward-looking statements and information may relate to our future
financial outlook and anticipated events or results and may include
information regarding our financial position, business strategy,
growth strategies, addressable markets, budgets, operations,
financial results, taxes, dividend policy, plans and objectives.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities or
the markets in which we operate is forward-looking information. In
some cases, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "targets",
"trends", "directional indicator", "indicator", "future success",
"expects", "is expected", "opportunity", "budget", "scheduled",
"estimates", "outlook", "forecasts", "projection", "scalability",
"trajectory", "prospects", "strategy", "intends", "anticipates",
"adoption", "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or, "will", "occur" or "be achieved", and similar
words, or the negative of these terms and similar terminology. In
addition, any statements that refer to expectations, intentions,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances.
Forward-looking statements in this press release include, but are
not limited to statements regarding our financial position,
management's ability to effectively invest, increase business
efficiencies necessary to build and maintain a sustainable cost
structure; business strategy, budgets, operations, investments,
financial results, our ability to retain a profitable Adjusted
EBITDA run rate, plans and objectives around growth and
profitability; industry trends; growth in our industry; our growth
rates and growth strategies including product-led growth strategy
through the introduction of additional features to support the
success of our Creators; addressable markets for our solutions;
customer acquisition improvements; the achievement of advances in
and expansion of our offered platform service (defined as
"Thinkific Platform" and "Our Platform" in the 2022 Annual
Information Form); the roll-out, development and success of new
products, features, and services; the expectations regarding our
revenue and the revenue generation potential of Our Platform and
other products; and Thinkific's commitment towards strong corporate
governance, the expected benefits from the collective experience of
the company's board directors, their experience and skill set as a
member of the board of directors and the expected benefits that
board directors may bring to position the Company for greater
success and value creation in the future; and our competitive
position in our industry.
Forward-looking statements and information are based on our
opinions, estimates and assumptions that, while considered by the
Company to be appropriate and reasonable as of the date of this
press release, are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
information, including, but not limited to, the Company's ability
to execute on its growth strategies; the impact of changing
conditions and increasing competition in the global e-learning
market in which the Company operates; the Company's ability to keep
pace with technological and marketplace changes including, but not
limited to the ethical, legal and regulatory implications in the
advancement and potential use of artificial intelligence;
fluctuations in currency exchange rates and volatility in financial
markets; changes in attitudes, financial condition and demand of
our target market; developments and changes in applicable laws and
regulations; and such other factors discussed in greater detail
under the "Risk Factors" section of our Annual Information Form
("AIF").
Forward-looking statements and information are necessarily based
upon estimates and assumptions, which are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond the Company's control and
many of which, regarding future business decisions, are subject to
change. Assumptions or factors underlying the Company's
expectations regarding forward-looking statements or information
contained in this press release include, among others: our ability
to continue investing in infrastructure to support our growth and
brand recognition; our ability to continue maintaining, innovating,
improving and enhancing our technological infrastructure and
functionality, performance, reliability, design, security and
scalability of our Platform (as defined in our AIF); our ability to
maintain existing relationships with Creators (as defined in our
AIF) and to continue to expand our Creators' use of our platform;
our ability to acquire new Creators; our ability to maintain
existing material relationships on similar terms with service
providers, suppliers, partners and other third parties; our ability
to build our market share and enter new markets and industry
verticals; the continued development, rollout, integration and
success of new products, features, and services; our ability to
retain key personnel; our ability to maintain and expand geographic
scope; our ability to execute on our expansion and growth plans;
our ability to obtain and maintain existing financing on acceptable
terms; currency exchange and interest rates; the impact of
competition; the changes and trends in our industry or the global
economy; and the changes in laws, rules, regulations, and global
standards. The foregoing list of assumptions cannot be considered
exhaustive.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information provided herein. The opinions, estimates or assumptions
referred to above are described in greater detail in "Summary of
Factors Affecting our Performance" and in the "Risk Factors"
section of our 2022 Annual Information Form, which is available
under our profile on SEDAR at www.sedar.com, should be considered
carefully by prospective investors. Although we have attempted to
identify important risk factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other risk factors not presently known to
us or that we presently believe are not material, that could also
cause actual results or future events to differ materially from
those expressed in such forward-looking information. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. No forward-looking statement is a
guarantee of future results. Accordingly, you should not place
undue reliance on forward-looking information, which speaks only as
of the date made. The forward-looking information contained in this
press release represents our expectations as of the date specified
herein, and are subject to change after such date. However, we
disclaim any intention or obligation or undertaking to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements. Readers are cautioned that any such forward-looking
information should not be used for purposes other than for which it
is disclosed.
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Financial Position
(unaudited)
(expressed in U.S. dollars)
|
September
30,
2023
|
December 31,
2022
|
|
$
|
$
|
Assets
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
86,590,830
|
93,846,091
|
Trade and other
receivables
|
3,535,509
|
2,712,671
|
Prepaid expenses and
other assets
|
3,718,860
|
1,797,108
|
Contract acquisition
assets
|
451,887
|
322,643
|
Lease
receivable
|
164,987
|
—
|
Total current
assets
|
94,462,073
|
98,678,513
|
|
|
|
Property and
equipment
|
956,879
|
1,507,600
|
Lease right-of-use
assets
|
909,851
|
2,005,835
|
Contract acquisition
assets
|
762,333
|
660,185
|
Intangible
assets
|
111,716
|
118,275
|
Lease
receivable
|
40,648
|
—
|
Total
assets
|
97,243,500
|
102,970,408
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
Current
liabilities
|
|
|
Accounts payable and
accrued liabilities
|
5,094,182
|
4,927,349
|
Lease
liabilities
|
536,830
|
443,928
|
Deferred
revenue
|
9,755,792
|
8,238,516
|
Total current
liabilities
|
15,386,804
|
13,609,793
|
|
|
|
Lease
liabilities
|
601,928
|
1,512,180
|
Total
liabilities
|
15,988,732
|
15,121,973
|
|
|
|
Shareholders'
equity
|
|
|
Share
capital
|
148,249,091
|
146,179,189
|
Contributed
surplus
|
8,342,973
|
6,925,869
|
Accumulated other
comprehensive loss
|
(38,113)
|
(38,113)
|
Accumulated
deficit
|
(75,299,183)
|
(65,218,510)
|
Total shareholders'
equity
|
81,254,768
|
87,848,435
|
Total liabilities
and shareholders' equity
|
97,243,500
|
102,970,408
|
|
|
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Loss and
Comprehensive Loss (unaudited)
(expressed in U.S. dollars)
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
|
2023
|
2022
|
2023
|
2022
|
|
$
|
$
|
$
|
$
|
Revenue
|
14,951,456
|
13,262,961
|
43,480,537
|
37,668,080
|
Cost of
revenue
|
3,460,731
|
3,173,436
|
10,587,284
|
9,317,792
|
Gross
profit
|
11,490,725
|
10,089,525
|
32,893,253
|
28,350,288
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Sales and
marketing
|
4,890,013
|
6,831,695
|
15,920,421
|
19,534,728
|
Research and
development
|
4,485,449
|
6,434,427
|
14,668,258
|
21,512,386
|
General and
administrative
|
3,325,937
|
3,771,793
|
11,736,164
|
12,872,112
|
Restructuring
|
(184,534)
|
—
|
3,001,432
|
2,287,885
|
Total operating
expenses
|
12,516,865
|
17,037,915
|
45,326,275
|
56,207,111
|
|
|
|
|
|
Operating
loss
|
(1,026,140)
|
(6,948,390)
|
(12,433,022)
|
(27,856,823)
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
Foreign exchange gain
(loss)
|
(698,871)
|
(4,107,695)
|
(78,410)
|
(5,623,753)
|
Finance income
(expense)
|
913,058
|
398,319
|
2,580,385
|
725,197
|
Loss on disposal of
property and equipment
|
(119,921)
|
—
|
(149,626)
|
—
|
Total other income
(expenses)
|
94,266
|
(3,709,376)
|
2,352,349
|
(4,898,556)
|
|
|
|
|
|
Net loss and
comprehensive loss
|
(931,874)
|
(10,657,766)
|
(10,080,673)
|
(32,755,379)
|
|
|
|
|
|
Weighted average number
of
common shares
outstanding -
basic and
diluted
|
81,014,982
|
79,492,994
|
80,281,620
|
78,403,453
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
Basic and
diluted
|
$
(0.01)
|
$
(0.13)
|
$
(0.13)
|
$
(0.42)
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in U.S. dollars)
|
|
Nine months
ended
September
30,
|
|
|
2023
|
2022
|
|
|
$
|
$
|
Cash from (used
in):
|
|
|
|
Operating
activities
|
|
|
|
Net loss
|
|
(10,080,673)
|
(32,755,379)
|
Items not affecting
cash and cash equivalents:
|
|
|
|
Depreciation and
amortization
|
|
1,023,069
|
867,961
|
Loss on disposal of
property and equipment
|
|
149,626
|
—
|
Stock-based
compensation
|
|
4,349,942
|
2,122,753
|
Unrealized foreign
exchange loss
|
|
67,151
|
5,664,802
|
Finance
expense
|
|
73,679
|
71,402
|
|
|
|
|
Changes in non-cash
working capital:
|
|
|
|
Trade and other
receivables
|
|
(822,838)
|
(1,483,091)
|
Prepaid expenses and
other assets
|
|
(2,002,761)
|
280,157
|
Contract acquisition
assets
|
|
(516,970)
|
(496,498)
|
Accounts payable and
accrued liabilities
|
|
(198,243)
|
496,949
|
Deferred
revenue
|
|
1,517,276
|
1,827,846
|
Cash used in
operating activities
|
|
(6,440,742)
|
(23,403,098)
|
|
|
|
|
Investing
activities
|
|
|
|
Proceeds on disposal of
property and equipment
|
|
70,974
|
—
|
Investment in property
and equipment
|
|
(17,604)
|
(1,229,571)
|
Investment in
intangible assets
|
|
—
|
(11,984)
|
Cash from (used in)
investing activities
|
|
53,370
|
(1,241,555)
|
|
|
|
|
Financing
activities
|
|
|
|
Operating lease
payments
|
|
(390,208)
|
(396,436)
|
Payments received on
net investment in finance lease
|
|
40,107
|
—
|
Exercise of stock
options
|
|
211,162
|
267,885
|
Tax remittances on
stock based compensation
|
|
(704,368)
|
—
|
Cash used in
financing activities
|
|
(843,307)
|
(128,551)
|
|
|
|
|
Effect of foreign
exchange on cash and cash equivalents
|
|
(24,582)
|
(5,923,297)
|
Decrease in cash and
cash equivalents
|
|
(7,255,261)
|
(30,696,501)
|
Cash and cash
equivalents, beginning of period
|
|
93,846,091
|
126,054,833
|
Cash and cash
equivalents, end of period
|
|
86,590,830
|
95,358,332
|
Reconciliation from IFRS to Non-IFRS Measures
(unaudited)
(expressed in thousands of U.S. dollars)
|
Three months
ended
September
30,
|
Nine months
ended
September
30,
|
|
2023
$
|
2022
$
|
2023
$
|
2022
$
|
|
(In thousands of
U.S. dollars)
|
Net loss and
comprehensive loss
|
(932)
|
(10,658)
|
(10,081)
|
(32,755)
|
Stock-based
compensation
|
1,624
|
956
|
4,350
|
2,123
|
Depreciation and
amortization
|
326
|
317
|
1,023
|
868
|
Foreign exchange (gain)
loss
|
699
|
4,108
|
78
|
5,624
|
Finance
income
|
(913)
|
(398)
|
(2,580)
|
(725)
|
Restructuring costs
(1)
|
(185)
|
—
|
3,496
|
2,875
|
Loss on disposal of
property and equipment
|
120
|
—
|
150
|
—
|
Adjusted
EBITDA
|
740
|
(5,675)
|
(3,564)
|
(21,991)
|
(1) Represents
employee compensation for severance amounts for Company wide
restructurings in the first quarters of 2023 and 2022. Credit
relates to accrual reversal due to employees with termination dates
in the third quarter of 2023 being retained by the
Company.
|
SOURCE Thinkific Labs Inc.