Docebo Inc.(NASDAQ:DCBO) 
Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning materials from peer enterprises and learners into one learning m...
Website: https://www.docebo.com
Founded: 2005
Full Time Employees: 800 (Dec 2022)
Sector: Technology
Industry: Software—Application
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At a glance:
- Cloud-Based Learning Platform Focused on Enterprise Customers: Docebo Inc. provides a SaaS learning management system (LMS) aimed at large and mid-market organizations, supporting employee training, customer education, and partner enablement use cases.
- Growth Driven by Subscription Revenue and Multi-Year Contracts: Revenue is primarily recurring subscription-based, often supported by longer-term enterprise contracts, which can improve visibility but may lengthen sales cycles and increase reliance on renewals.
- Key Differentiators Include AI-Enabled Content and Learning Automation: The platform emphasizes AI and automation features (e.g., content recommendations, learning personalization, and administrative efficiencies) to increase engagement and reduce training overhead.
- Competitive Landscape Includes Large Suites and Specialist LMS Vendors: Docebo competes with broad HR/enterprise suites and dedicated learning technology providers, making product differentiation, integration capabilities, and customer success execution important.
- Execution Priorities Center on Retention, Expansion, and Efficient Scaling: Ongoing performance is closely tied to net revenue retention, upsell/cross-sell into existing accounts, and maintaining disciplined operating expense growth as the business scales.
Bull Thesis:
- Strong Revenue Growth and Expanding ARR: Docebo consistently demonstrates robust revenue growth and increasing Annual Recurring Revenue (ARR), driven by strong demand for its enterprise learning platform. This indicates a healthy market position and effective sales execution in a growing market.
- AI-Powered Product Innovation and Market Leadership: Docebo's continuous investment in AI-driven features, such as content creation, content curation, and personalized learning paths, differentiates its platform and positions it as a leader in the evolving Learning Experience Platform (LXP) market, capturing new opportunities and enhancing user engagement.
- Improving Profitability and Operating Leverage: The company has shown a clear path to profitability, achieving positive adjusted EBITDA and free cash flow. As Docebo scales, its SaaS model is expected to generate significant operating leverage, leading to expanding margins and sustainable cash generation over time.
- High Customer Retention and Upselling Potential: Docebo boasts strong net retention rates, indicating high customer satisfaction and the ability to expand relationships within existing accounts through additional modules or increased user counts. This provides a predictable revenue base and significant upsell/cross-sell opportunities.
Bear Thesis:
- Intense Competition and Potential Pricing Pressure: The corporate learning management system (LMS) market is highly competitive, with numerous established players (e.g., Cornerstone, Workday) and new entrants. This intense competition could lead to pricing pressure, impacting Docebo's margins and market share, especially for new customer acquisition.
- Premium Valuation in a Challenging Macro Environment: Docebo's stock often trades at a premium valuation based on its growth prospects. In a higher interest rate environment and with potential macroeconomic slowdowns, this valuation could be vulnerable to corrections if growth rates decelerate or profitability targets are not met as expected by the market.
- Reliance on Stock-Based Compensation for Adjusted Profitability: While Docebo reports positive adjusted EBITDA and free cash flow, these metrics often exclude significant stock-based compensation expenses. When accounting for SBC, which is a real cost to shareholders, GAAP profitability may remain negative or thin, potentially diluting shareholder value.
- Macroeconomic Headwinds Impacting Enterprise Spending: Enterprise software spending, particularly for new initiatives or expansions, can be sensitive to economic downturns. A prolonged period of economic uncertainty could lead to delayed purchasing decisions or reduced budgets among potential and existing customers, impacting Docebo's new customer acquisition and expansion rates.
Main Competitors:
- Cornerstone OnDemand (Cornerstone Learning), A long-standing leader in the enterprise learning and talent management space, Cornerstone offers a comprehensive suite that directly competes with Docebo for large enterprise clients seeking robust learning, performance, and talent development solutions. They compete on feature depth, scalability, and established market presence, though they were acquired and are no longer publicly traded.
- Workday, Inc. ($WDAY) (Workday Learning), As a major provider of cloud-based human capital management (HCM) software, Workday competes by offering Workday Learning as an integrated module within its broader HR suite. This appeals to large enterprises looking for a unified platform for HR, payroll, and learning, often leveraging existing Workday relationships and a single vendor strategy.
- SAP SE ($SAP) (SAP SuccessFactors Learning), SAP SuccessFactors provides a comprehensive human experience management (HXM) suite, including a powerful learning module. They compete with Docebo by offering an integrated solution for large global enterprises, leveraging SAP's extensive customer base and deep integration capabilities across other SAP business applications.
- Degreed, Inc. (Degreed Learning Experience Platform (LXP)), Degreed competes by focusing on the Learning Experience Platform (LXP) market, emphasizing skill development, personalized learning paths, and content curation from various sources. While Docebo has LXP-like features, Degreed's core focus on the learner experience and skills-based learning offers an alternative or complementary approach, particularly for companies prioritizing continuous upskilling and reskilling.
- 360Learning (360Learning Platform), 360Learning competes with a collaborative learning platform that emphasizes peer-to-peer learning, user-generated content, and rapid course creation. They target enterprises looking for a more agile, engaging, and decentralized approach to learning, contrasting with traditional top-down LMS models and appealing to companies fostering a culture of internal expertise sharing.
Moat:
Docebo operates in a highly competitive and fragmented enterprise learning market. Its primary moat lies in its AI-powered learning platform, strong focus on user experience, and robust capabilities for extended enterprise learning (training customers, partners, and external audiences). Competition comes from established players like Cornerstone OnDemand, who offer deep feature sets, and large HR suite providers such as Workday and SAP SuccessFactors, who leverage existing customer relationships and integrated platforms. Newer entrants like Degreed and 360Learning challenge the market with modern LXP and collaborative learning approaches, respectively. Docebo differentiates itself through its cloud-native architecture, emphasis on AI-driven personalization, and flexibility to serve diverse learning needs, but must continuously innovate to compete with the broad offerings of larger vendors and the specialized focus of niche players.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 61,622,000 | 60,732,000 | 57,296,000 | 57,041,000 | 55,433,000 | 53,054,000 | 51,403,000 | -131,509,720 | 46,506,000 | 43,594,000 | 41,459,000 | 38,955,000 | 36,966,000 | 34,936,000 | 32,055,000,000 | 27,068,000 | 25,631,000,000 | 21,742,000 | 18,756,000 | |
yoy | 11.16% | 14.47% | 11.46% | -143.37% | 19.20% | 21.70% | 23.99% | -437.59% | 25.81% | 24.78% | -99.87% | 36.57% | -99.86% | 147333.54% | ||||||
qoq | 1.47% | 6.00% | 0.45% | 2.90% | 4.48% | 3.21% | -139.09% | -382.78% | 6.68% | 5.15% | 6.43% | 5.38% | 5.81% | -99.89% | -99.89% | 117787.04% | 15.92% | |||
cost of revenue | 12,132,000 | 11,584,000 | 11,395,000 | 10,650,000 | 10,462,000 | 10,257,000 | 9,926,000 | -25,233,745 | 8,779,000 | 8,410,000 | 8,054,000 | 7,507,000 | 7,140,000 | 6,979,000 | 6,552,000,000 | 5,683,000 | 5,152,000,000 | 3,864,000 | 2,975,000 | |
gross profit | 49,490,000 | 49,148,000 | 45,901,000 | 46,391,000 | 44,971,000 | 42,797,000 | 41,477,000 | -106,275,975 | 37,727,000 | 35,184,000 | 33,405,000 | 31,448,000 | 29,826,000 | 27,957,000 | 25,503,000,000 | 21,385,000 | 20,479,000,000 | 17,878,000 | 15,781,000 | |
yoy | 10.05% | 14.84% | 10.67% | -143.65% | 19.20% | 21.64% | 24.16% | -437.94% | 26.49% | 25.85% | -99.87% | 39.47% | -99.86% | 142550.18% | ||||||
qoq | 0.70% | 7.07% | -1.06% | 3.16% | 5.08% | 3.18% | -139.03% | -381.70% | 7.23% | 5.33% | 6.22% | 5.44% | 6.69% | -99.89% | -99.90% | 114448.61% | 13.29% | |||
gross margin % | 80.31% | 80.93% | 80.11% | 81.33% | 81.13% | 80.67% | 80.69% | 80.81% | 81.12% | 80.71% | 80.57% | 80.73% | 80.68% | 80.02% | 79.56% | NaN% | 79.00% | 79.90% | 82.23% | 84.14% |
operating expenses | ||||||||||||||||||||
general and administrative | 9,173,000 | 8,394,000 | 8,725,000 | 7,874,000 | 8,384,000 | 8,176,000 | 8,155,000 | 6,304,500 | 8,317,000 | 9,345,000 | 7,556,000 | 7,387,000 | 7,824,000 | 7,597,000 | 7,375,000,000 | 6,817,000 | 6,924,000,000 | 7,437,000 | 5,738,000 | |
sales and marketing | 17,600,000 | 20,393,000 | 20,355,000 | 18,431,000 | 17,759,000 | 16,895,000 | 16,433,000 | 12,760,250 | 16,221,000 | 18,048,000 | 16,772,000 | 15,504,000 | 15,523,000 | 14,880,000 | 13,747,000,000 | 11,142,000 | 10,447,000,000 | 9,119,000 | 6,461,000 | |
research and development | 11,905,000 | 12,699,000 | 13,403,000 | 11,577,000 | 11,153,000 | 10,766,000 | 10,412,000 | 6,614,000 | 10,271,000 | 8,808,000 | 7,377,000 | 6,377,000 | 6,105,000 | 6,110,000 | 6,186,000,000 | 5,481,000 | 5,234,000,000 | 4,143,000 | 3,524,000 | |
share-based compensation | 1,925,000 | 1,733,000 | 789,000 | 1,660,000 | 1,815,000 | 1,923,000 | 1,932,000 | 1,109,500 | 1,845,000 | 1,326,000 | 1,267,000 | 1,089,000 | 1,000,000 | 1,530,000 | 1,094,000,000 | 745,000 | 539,000,000 | 378,000 | 302,000 | |
foreign exchange loss | 96,000 | 942,000 | 123,000 | -1,841,000 | 266,000 | -310,000 | -500,000 | 341,250 | -3,092,000 | 4,355,000 | 102,000 | 564,000 | -10,213,000 | -4,854,000 | 3,391,000,000 | -4,765,000 | 3,189,000,000 | 1,951,000 | 3,382,000 | |
depreciation and amortization | 743,000 | 847,000 | 798,000 | 865,000 | 877,000 | 824,000 | 818,000 | 646,750 | 1,056,000 | 824,000 | 707,000 | 602,000 | 564,000 | 587,000 | 580,000,000 | 501,000 | 489,000,000 | 474,000 | 460,000 | |
operating expenses - sum | 41,442,000 | 45,008,000 | 44,193,000 | 38,566,000 | 40,254,000 | 38,274,000 | 37,250,000 | 27,776,250 | 34,618,000 | 42,706,000 | 33,781,000 | 31,523,000 | 20,803,000 | 25,850,000 | 19,921,000 | 23,502,000 | ||||
operating income | 8,048,000 | 4,140,000 | 1,708,000 | 7,825,000 | 4,717,000 | 4,523,000 | 4,227,000 | -1,197,250 | 3,109,000 | -7,522,000 | -376,000 | -75,000 | 9,023,000 | 2,107,000 | -6,870,000,000 | 1,464,000 | -6,343,000,000 | -5,624,000 | -4,086,000 | |
yoy | 70.62% | -8.47% | -59.59% | -753.58% | 51.72% | -160.13% | -1224.20% | 1496.33% | -65.54% | -457.00% | -99.99% | 516.33% | -100.03% | 122055.05% | ||||||
qoq | 94.40% | 142.39% | -78.17% | 65.89% | 4.29% | 7.00% | -453.06% | -138.51% | -141.33% | 1900.53% | 401.33% | -100.83% | 328.24% | -100.03% | -100.02% | 112684.50% | 37.64% | |||
operating margin % | 13.06% | 6.82% | 2.98% | 13.72% | 8.51% | 8.53% | 8.22% | 0.91% | 6.69% | -17.25% | -0.91% | -0.19% | 24.41% | 6.03% | -21.43% | NaN% | 5.41% | -24.75% | -25.87% | -21.79% |
finance income | -198,000 | -542,000 | -648,000 | -565,000 | -623,000 | -671,000 | -545,000 | -1,626,500 | -1,933,000 | -2,406,000 | -2,167,000 | -19,000,000 | ||||||||
other loss | ||||||||||||||||||||
income before income taxes | 8,246,000 | 4,683,000 | 2,357,000 | 8,391,000 | 5,341,000 | 5,208,000 | 4,773,000 | 384,000 | 5,044,000 | -5,116,000 | 1,608,000 | 1,781,000 | 10,369,000 | 2,462,000 | -6,830,000,000 | 1,456,000 | -6,397,000,000 | -5,601,000 | -4,159,000 | |
income tax expense | 2,137,000 | 1,607,000 | 883,000 | 382,000 | 510,000 | 479,500 | 997,000 | 558,000 | 363,000 | 181,000 | 95,000 | 359,000 | 129,000,000 | 795,000 | 793,000,000 | 43,000 | ||||
net income | 6,109,000 | 3,076,000 | 1,474,000 | 11,910,000 | 4,959,000 | 4,698,000 | 5,169,000 | |||||||||||||
yoy | 23.19% | -34.53% | -71.48% | |||||||||||||||||
qoq | 98.60% | 108.68% | -87.62% | 140.17% | 5.56% | -9.11% | ||||||||||||||
net income margin % | 9.91% | 5.06% | 2.57% | 20.88% | 8.95% | 8.86% | 10.06% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | NaN% | 0% | 0% | 0% | 0% |
other comprehensive loss | ||||||||||||||||||||
item that may be reclassified subsequently to income: | ||||||||||||||||||||
exchange loss on translation of foreign operations | 91,000 | -1,171,000 | 8,000 | 2,804,000 | -761,000 | 447,000 | 897,000 | -148,000 | 3,776,000 | -4,209,000 | -697,000 | 10,690,000 | 5,155,000 | 4,691,000 | -3,152,000,000 | -2,114,000 | ||||
comprehensive income | 6,018,000 | 4,247,000 | 1,466,000 | 9,164,000 | 5,720,000 | 4,251,000 | 4,272,000 | 52,500 | 271,000 | 1,404,000 | 2,549,000 | |||||||||
earnings per share - basic | 0.21 | 0.1 | 0.05 | 0.39 | 0.16 | 0.15 | 0.17 | |||||||||||||
earnings per share - diluted | 0.21 | 0.1 | 0.05 | 0.38 | 0.16 | 0.15 | 0.17 | |||||||||||||
weighted-average number of common shares outstanding - basic | 28,746,111 | 29,559,316 | 30,263,194 | 30,217,283 | 30,221,380 | 30,350,110 | 30,319,606 | 32,474,975 | 33,151,370 | 33,153,231 | 33,087,982 | 33,044,250 | 33,022,813 | 32,834,833 | 32,781,080 | |||||
weighted-average number of common shares outstanding - diluted | 29,460,738 | 30,227,581 | 30,927,215 | 30,944,952 | 30,940,172 | 31,059,307 | 31,044,036 | 33,513,101 | 33,151,370 | 34,159,651 | 34,064,465 | 34,069,688 | 34,019,120 | 34,122,772 | 32,781,080 | |||||
other income | -1,000 | -21,000 | -21,000 | -22,000 | -21,000,000 | -21,000 | -22,000,000 | -21,000 | -20,000 | |||||||||||
income tax (recovery) expense | -3,519,000 | -396,000 | -418,000 | |||||||||||||||||
item not subsequently reclassified to income: | ||||||||||||||||||||
actuarial loss | -58,000 | -252,000 | 108,000 | |||||||||||||||||
other comprehensive loss - sum | 2,746,000 | -949,000 | ||||||||||||||||||
other expense | -1,000 | -14,000 | -1,000 | 45,250 | -2,000 | 183,000 | ||||||||||||||
adjusted ebitda | ||||||||||||||||||||
adjusted net income | ||||||||||||||||||||
adjusted earnings per share - basic | ||||||||||||||||||||
adjusted earnings per share - diluted | ||||||||||||||||||||
working capital | ||||||||||||||||||||
free cash flow | ||||||||||||||||||||
net income for the periods | -95,500 | 4,047,000 | -5,674,000 | 1,245,000 | 10,274,000 | 2,103,000 | 661,000 | -5,644,000 | ||||||||||||
income per share - basic | -0.003 | 0.12 | -0.17 | 0.04 | 0.05 | 0.31 | 0.06 | 0.02 | -0.17 | |||||||||||
income per share - diluted | -0.003 | 0.12 | -0.17 | 0.04 | 0.05 | 0.3 | 0.06 | 0.02 | -0.17 | |||||||||||
comprehensive loss | -1,465,000 | -416,000 | -3,052,000 | -3,747,000,000 | -4,030,000 | -4,038,000,000 | -3,530,000 | -812,000 | ||||||||||||
other comprehensive income | ||||||||||||||||||||
exchange gain on translation of foreign operations | -159,000 | -3,212,000,000 | ||||||||||||||||||
finance expense | -1,835,000 | -1,325,000 | -333,000 | 29,000 | 76,000,000 | 93,000 | ||||||||||||||
net income for the year | 1,600,000 | -3,741,000 | ||||||||||||||||||
net loss for the periods | -6,959,000,000 | -7,190,000,000 | ||||||||||||||||||
loss per share - basic and diluted | -0.21 | -0.22 | -0.12 | |||||||||||||||||
weighted-average number of common shares outstanding - basic and diluted | 33,017,421 | 32,811,687 | 30,044,291 | |||||||||||||||||
common shares | ||||||||||||||||||||
# | ||||||||||||||||||||
balance, december 31, 2020 | 32,630,536 | |||||||||||||||||||
exercise of stock options | 66,100 | |||||||||||||||||||
balance, march 31, 2021 | ||||||||||||||||||||
balance, december 31, 2021 | ||||||||||||||||||||
share issuance under espp | ||||||||||||||||||||
balance, march 31, 2022 | ||||||||||||||||||||
balance, december 31, 2019 | 28,454,200 | |||||||||||||||||||
balance, june 30, 2020 | 28,520,300 | |||||||||||||||||||
balance, june 30, 2021 | 32,717,220 | |||||||||||||||||||
loss on change in fair value of convertible promissory notes | ||||||||||||||||||||
exchange (gain) loss on translation of foreign operations | -3,037,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||
current assets: | ||||||||||||||
cash and cash equivalents | 64,575,000 | 91,874,000 | 82,033,000 | 82,084,000 | 80,648,000 | 170,648,000 | 203,923,000 | 215,831,000 | 212,733,000 | 212,335,000 | 211,982,000 | 215,507,000 | 216,311,000 | 217,384,000 |
trade and other receivables | 48,761,000 | 50,992,000 | 40,282,000 | 42,244,000 | 45,046,000 | 40,886,000 | 39,414,000 | 45,481,000 | 30,551,000 | 28,779,000 | 31,627,000 | 20,647,000 | 17,631,000 | 14,278,000 |
income taxes receivable | 340,000 | 37,000 | 207,000 | 599,000 | 752,000 | 36,000 | 40,000 | 190,000 | 363,000 | 150,000 | ||||
prepaids and deposits | 11,300,000 | 10,910,000 | 10,512,000 | 8,860,000 | 7,486,000 | 7,529,000 | 9,848,000 | 8,654,000 | 6,187,000 | 7,907,000 | 7,967,000 | 5,737,000 | 7,230,000 | 7,054,000 |
net investment in finance lease | 6,000 | 24,000 | 66,000 | 81,000 | 81,000 | 81,000 | 83,000 | 81,000 | 172,000 | 182,000 | 82,000 | 82,000 | 101,000 | 100,000 |
contract costs | 11,052,000 | 7,929,000 | 7,715,000 | 7,661,000 | 6,893,000 | 5,484,000 | 5,545,000 | 4,732,000 | 2,210,000 | 2,487,000 | 2,966,000 | |||
assets - sum | 136,034,000 | 141,529,000 | 244,052,000 | 243,029,000 | 240,369,000 | |||||||||
non-current assets: | ||||||||||||||
deferred tax asset | 3,175,000 | 4,297,000 | 1,328,000 | 845,000 | 1,705,000 | 104,000 | 163,000 | 130,000 | 125,000 | 73,000 | 52,000 | |||
right-of-use assets | 1,143,000 | 798,000 | 1,538,000 | 1,647,000 | 1,624,000 | 1,563,000 | 1,790,000 | 2,082,000 | 2,048,000 | 2,412,000 | 2,920,000 | 3,321,000 | 2,635,000 | |
property and equipment | 2,188,000 | 2,074,000 | 2,161,000 | 1,939,000 | 1,959,000 | 2,120,000 | 2,339,000 | 2,469,000 | 2,540,000 | 2,541,000 | 2,695,000 | 2,743,000 | 2,323,000 | 2,260,000 |
intangible assets | 1,371,000 | 1,516,000 | 1,882,000 | 2,030,000 | 2,206,000 | 6,410,000 | 6,812,000 | 1,085,000 | 1,132,000 | 1,287,000 | 1,459,000 | 1,706,000 | 1,841,000 | 1,908,000 |
goodwill | 14,511,000 | 14,048,000 | 14,320,000 | 14,075,000 | 14,045,000 | 9,858,000 | 10,039,000 | 6,059,000 | 5,521,000 | 5,874,000 | 6,272,000 | 5,429,000 | 5,562,000 | 5,485,000 |
liabilities | ||||||||||||||
current liabilities: | ||||||||||||||
trade and other payables | 39,464,000 | 33,793,000 | 30,946,000 | 33,738,000 | 29,201,000 | 30,576,000 | 31,498,000 | 29,430,000 | 21,778,000 | 23,756,000 | 23,808,000 | 22,234,000 | 19,996,000 | 17,270,000 |
automatic share repurchase plan liability | 5,025,000 | 15,996,000 | 18,170,000 | 17,727,000 | 12,763,000 | 41,958,000 | ||||||||
income taxes payable | 849,000 | 797,000 | 289,000 | 274,000 | 237,000 | 210,000 | 171,000 | 151,000 | 150,000 | 65,000 | 207,000 | |||
deferred revenue | 83,148,000 | 84,543,000 | 72,912,000 | 72,714,000 | 76,890,000 | 64,612,000 | 61,294,000 | 60,593,000 | 50,648,000 | 49,986,000 | 51,189,000 | 36,117,000 | 34,014,000 | 30,688,000 |
provisions | 992,000 | 3,537,000 | ||||||||||||
lease obligations | 1,009,000 | 1,052,000 | 1,703,000 | 1,861,000 | 1,807,000 | 1,513,000 | 1,544,000 | 1,626,000 | 1,253,000 | 1,364,000 | 1,321,000 | 1,318,000 | 1,305,000 | 1,327,000 |
acquisition holdback payables | 603,000 | 848,000 | 826,000 | 816,000 | 250,000 | 1,034,000 | 1,022,000 | |||||||
liabilities - sum | 131,090,000 | 127,130,000 | 60,136,000 | 55,784,000 | 49,760,000 | |||||||||
non-current liabilities: | ||||||||||||||
employee benefit obligations | 3,608,000 | 3,560,000 | 3,755,000 | 3,468,000 | 3,305,000 | 2,857,000 | 2,794,000 | 2,652,000 | 2,682,000 | 2,642,000 | 2,622,000 | 2,595,000 | 2,565,000 | 2,396,000 |
deferred tax liability | 440,000 | 359,000 | 2,094,000 | 1,523,000 | 1,358,000 | 896,000 | 856,000 | 710,000 | 645,000 | 688,000 | 587,000 | |||
shareholders’ equity | ||||||||||||||
share capital | 243,715,000 | 252,287,000 | 250,108,000 | 248,948,000 | 249,274,000 | 261,643,000 | 268,701,000 | 268,889,000 | 267,926,000 | 267,281,000 | 266,514,000 | 265,197,000 | 264,621,000 | 264,500,000 |
contributed surplus | 18,864,000 | 18,211,000 | 18,517,000 | 17,493,000 | 16,830,000 | 11,637,000 | 10,291,000 | 9,394,000 | 7,553,000 | 6,831,000 | 5,335,000 | 3,991,000 | 3,374,000 | 2,875,000 |
accumulated other comprehensive loss | -8,112,000 | -9,283,000 | -6,529,000 | -7,290,000 | -6,843,000 | -8,979,000 | -5,203,000 | -9,412,000 | ||||||
deficit | -219,783,000 | -208,782,000 | -217,040,000 | -216,691,000 | -199,620,000 | -128,601,000 | -129,251,000 | -73,625,000 | -76,470,000 | -86,744,000 | -88,847,000 | -80,460,000 | -81,121,000 | -73,931,000 |
total equity | 34,684,000 | 52,433,000 | 45,056,000 | 42,460,000 | 59,641,000 | 135,700,000 | 144,538,000 | 195,246,000 | 188,489,000 | 187,538,000 | 188,327,000 | 191,002,000 | 193,839,000 | 197,257,000 |
current assets: - sum | 140,815,000 | 140,906,000 | 224,664,000 | 258,853,000 | 274,969,000 | 252,216,000 | 251,840,000 | 254,624,000 | ||||||
current liabilities: - sum | 124,846,000 | 108,385,000 | 110,827,000 | 137,601,000 | 92,883,000 | 74,997,000 | 76,339,000 | 76,992,000 | ||||||
contingent consideration | 1,153,000 | 1,136,000 | 1,083,000 | 1,168,000 | 1,168,000 | 467,000 | 467,000 | 467,000 | 467,000 | |||||
accumulated other comprehensive income | -10,520,000 | 170,000 | 5,325,000 | 2,274,000 | 6,965,000 | 3,813,000 | ||||||||
contract acquisition costs | 2,079,000 | 1,756,000 | 1,553,000 | |||||||||||
borrowings | 2,000 | 8,000 | ||||||||||||
right-of-use asset | 2,851,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||
net income | 3,076,000 | 1,474,000 | 4,959,000 | 4,698,000 | 5,169,000 | 1,245,000 | -5,644,000 | |||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
depreciation and amortization | 847,000 | 798,000 | 877,000 | 824,000 | 818,000 | 1,056,000 | 824,000 | 707,000 | 564,000 | 587,000 | 580,000 | 501,000 | 489,000 | 474,000 |
share-based compensation | 1,733,000 | 789,000 | 1,815,000 | 1,923,000 | 1,932,000 | 1,845,000 | 1,326,000 | 1,267,000 | 1,000,000 | 1,530,000 | 1,094,000 | 745,000 | 539,000 | 378,000 |
loss on disposal of asset | 0 | -29,000 | 19,000 | 0 | 0 | 197,000 | ||||||||
unrealized foreign exchange loss | 389,000 | -537,000 | -1,083,000 | -3,685,000 | 4,282,000 | 126,000 | -4,577,000 | 3,194,000 | 3,107,000 | 1,694,000 | ||||
income tax expense | 382,000 | 510,000 | -396,000 | 997,000 | 558,000 | 363,000 | 95,000 | 359,000 | 129,000 | |||||
finance income | -542,000 | -648,000 | -623,000 | -671,000 | -545,000 | -1,933,000 | -2,406,000 | -2,167,000 | -19,000 | |||||
changes in non-cash working capital items: | ||||||||||||||
trade and other receivables | 3,522,000 | -4,786,000 | 2,716,000 | 2,756,000 | -3,479,000 | -1,409,000 | 6,353,000 | -7,265,000 | -1,643,000 | 2,247,000 | -4,087,000 | -3,225,000 | -3,280,000 | 1,260,000 |
prepaids and deposits | 37,000 | -2,146,000 | -1,492,000 | -1,399,000 | -1,605,000 | 2,183,000 | -1,144,000 | -2,217,000 | 1,365,000 | -207,000 | -968,000 | 1,350,000 | -32,000 | -4,177,000 |
contract costs | -2,040,000 | -854,000 | -270,000 | -1,841,000 | -543,000 | -598,000 | -1,357,000 | -2,233,000 | -226,000 | -741,000 | -3,015,000 | |||
trade and other payables | 604,000 | 1,785,000 | -3,550,000 | 4,633,000 | -1,902,000 | -374,000 | 2,397,000 | 3,178,000 | 545,000 | -187,000 | 1,220,000 | 2,690,000 | 2,616,000 | 1,519,000 |
employee benefit obligations | -245,000 | 56,000 | 147,000 | 177,000 | 106,000 | 126,000 | 151,000 | 184,000 | 183,000 | 174,000 | 110,000 | 92,000 | 141,000 | 172,000 |
deferred revenue | -2,826,000 | 10,916,000 | -770,000 | -4,283,000 | 9,956,000 | 4,294,000 | 443,000 | 4,434,000 | 2,126,000 | -333,000 | 6,749,000 | 2,427,000 | 3,170,000 | 2,597,000 |
income taxes paid | -1,152,000 | -133,000 | -245,000 | 0 | -21,000 | -1,151,000 | ||||||||
cash from operating activities | 6,244,000 | 7,945,000 | 4,335,000 | 6,761,000 | 8,426,000 | 6,215,000 | 5,454,000 | -2,181,000 | 975,000 | 1,092,000 | -1,972,000 | -410,000 | -631,000 | -2,183,000 |
capital expenditures | -288,000 | -298,000 | -471,000 | -284,000 | -203,000 | -120,000 | -159,000 | -107,000 | -351,000 | -206,000 | -303,000 | -628,000 | -200,000 | -171,000 |
free cash flows | 5,956,000 | 7,647,000 | 3,864,000 | 6,477,000 | 8,223,000 | 6,095,000 | 5,295,000 | -2,288,000 | 624,000 | 886,000 | -2,275,000 | -1,038,000 | -831,000 | -2,354,000 |
cash flows from investing activities | ||||||||||||||
purchase of property and equipment | -288,000 | -298,000 | -471,000 | -284,000 | -203,000 | -120,000 | -159,000 | -107,000 | -351,000 | -206,000 | -303,000 | -628,000 | -200,000 | -171,000 |
payments related to acquisitions | 0 | |||||||||||||
cash from investing activities | -544,000 | -298,000 | -471,000 | -534,000 | -203,000 | -120,000 | -9,046,000 | -107,000 | -351,000 | -206,000 | -1,374,000 | -628,000 | -200,000 | -171,000 |
cash flows from financing activities | ||||||||||||||
payments received on net investment in finance lease | 18,000 | 19,000 | 18,000 | 24,000 | 20,000 | 20,000 | 20,000 | 44,000 | 46,000 | 49,000 | 21,000 | 21,000 | 18,000 | 25,000 |
repayment of lease obligations | -520,000 | -434,000 | -511,000 | -475,000 | -474,000 | -469,000 | -399,000 | -451,000 | -344,000 | -355,000 | -345,000 | |||
interest received | 633,000 | 574,000 | 640,000 | 729,000 | 426,000 | 1,580,000 | 2,318,000 | 1,738,000 | 290,000 | 434,000 | 103,000 | 101,000 | 115,000 | 90,000 |
proceeds from exercise of stock options | 101,000 | 213,000 | 965,000 | 4,000 | 286,000 | 600,000 | 0 | 100,000 | 35,000 | 33,000 | 20,000 | 204,000 | 81,000 | 103,000 |
proceeds from share issuance under employee share purchase plan | 0 | 236,000 | 259,000 | 0 | 263,000 | 260,000 | 0 | 264,000 | 332,000 | |||||
shares repurchased for cancellation | -34,208,000 | -9,407,000 | -5,942,000 | |||||||||||
cash from financing activities | -4,571,000 | -4,799,000 | 521,000 | 1,695,000 | 359,000 | 68,000 | 103,000 | -152,000 | -97,000 | |||||
net change in cash and cash equivalents during the period | -28,276,000 | -1,152,000 | -707,000 | 1,428,000 | 8,744,000 | -32,923,000 | -11,889,000 | -593,000 | 983,000 | 954,000 | -3,243,000 | -806,000 | -983,000 | -2,451,000 |
effect of foreign exchange on cash and cash equivalents | 977,000 | 486,000 | 656,000 | 8,000 | -46,000 | -352,000 | -19,000 | 131,000 | -585,000 | -601,000 | -98,000 | 3,000 | -91,000 | 177,000 |
cash and cash equivalents, beginning of the period | 0 | 92,540,000 | 0 | 0 | 71,950,000 | 0 | 0 | 216,293,000 | 0 | 0 | 215,323,000 | 0 | 0 | 219,658,000 |
cash and cash equivalents, end of the period | -27,299,000 | 91,874,000 | -51,000 | 1,436,000 | 80,648,000 | -33,275,000 | -11,908,000 | 215,831,000 | 398,000 | 353,000 | 211,982,000 | -803,000 | -1,074,000 | 217,384,000 |
unrealized foreign exchange gain | -189,000 | |||||||||||||
income tax (recovery) expense | 883,000 | |||||||||||||
cash (used in) from financing activities | -8,799,000 | -39,018,000 | ||||||||||||
acquisition of business, net of cash acquired | 0 | 0 | 0 | -1,071,000 | ||||||||||
cash flows (used in) from financing activities | ||||||||||||||
income taxes received | -334,000 | |||||||||||||
payments of contingent consideration from acquisitions | 0 | 0 | ||||||||||||
shares repurchased for cancellation under normal course issuer bid | -41,009,000 | |||||||||||||
net loss | 2,103,000 | -6,959,000 | 661,000 | |||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||
cash flows (used in) from operating activities | ||||||||||||||
loss on sale of assets | 0 | |||||||||||||
finance expense | -1,325,000 | 29,000 | ||||||||||||
repayment of borrowings | -2,000 | |||||||||||||
proceeds from share issuance under espp | 304,000 | |||||||||||||
deferred tax recovery | -105,000 | |||||||||||||
contract acquisition costs | -644,000 | -365,000 | -349,000 | |||||||||||
repayment of lease obligation | -336,000 | -360,000 | -308,000 | |||||||||||
proceeds from bought deal offering of common shares | ||||||||||||||
share issuance cost |