Coveo Solutions Inc. (“Coveo” or the “Company”) (TSX: CVO), a
leader in AI-powered relevance platforms that transform search,
recommendations, and personalization within digital experiences,
today announced financial results for its fourth quarter and fiscal
year 2022, ended March 31, 2022.
“We are continuing to see strong demand for the Coveo Relevance
Cloud™ platform in the market, which helped us to deliver another
record quarter with revenue that exceeded our expectations,” said
Louis Têtu, Chairman and CEO of Coveo. “Our mission is to
accelerate the application of AI platforms in enterprises to
deliver great customer experiences while improving business
outcomes, and we believe that our performance demonstrates that
this mission is resonating in the market. As we look ahead to
fiscal year 2023 and beyond, we firmly believe in the significant
opportunity in front of us to deliver relevant digital experiences
at scale for all businesses.”
Fourth Quarter Fiscal 2022 Financial
Highlights
- SaaS Subscription Revenue grew 52% year-over-year to $23.1
million.
- Total revenue was $25.5 million, an increase of 46%
year-over-year compared to $17.4 million in the fourth quarter of
fiscal 2021.
- Gross profit (%) was 73%, a decrease of 3% year-over-year, and
product gross profit (%) was 79%, a decrease of 1% year-over-year.
Adjusted Gross Profit (%) (1) was 76%, in-line with the fourth
quarter of fiscal 2021. Adjusted Product Gross Profit (%) (1) was
81%, an increase of 1% compared to the fourth quarter of fiscal
2021.
- Operating loss was $19.4 million and Adjusted Operating Loss
(2) was $8.6 million.
- Net loss was $19.4 million, compared to a net loss of $384.9
million in the fourth quarter of fiscal 2021. Net loss per share
was $0.19, compared to a net loss per share of $20.66 in the fourth
quarter of fiscal 2021. Net loss in the fourth quarter of fiscal
2021 was impacted by a non-cash loss of $300.4 million and an
associated income tax expense of $76.1 million, each related to our
preferred shares, which were converted into multiple voting shares
immediately prior to our IPO.
- Cash flows used in operations was $11.9 million, and cash and
cash equivalents were $223.1 million as of March 31, 2022.
Full Year Fiscal 2022 Financial Highlights
- SaaS Subscription Revenue grew 41% year-over-year to $77.9
million.
- Total revenue was $86.5 million, an increase of 33%
year-over-year compared to $64.9 million in fiscal 2021.
- Current SaaS Subscription Remaining Performance Obligations of
$80.6 million as of March 31, 2022, up 52% year-over-year
compared to $53.1 million in the fourth quarter of fiscal
2021.
- Gross profit (%) was 75%, which was in-line with fiscal 2021.
Product gross profit (%) was 80%, an increase of 1% compared to
fiscal 2021. Adjusted Gross Profit (%) (1) was 77%, a 2% increase
compared to fiscal 2021. Adjusted Product Gross Profit (%) (1) was
81%, an increase of 2% compared to fiscal 2021.
- Operating loss was $57.3 million and Adjusted Operating Loss
(2) was $28.1 million.
- Net income was $418.3 million, compared to a net loss of $600.0
million in fiscal 2021. Net income per share was $8.23, compared to
a net loss per share of $32.64 in fiscal 2021. Net income in fiscal
2022 was impacted by a non-cash gain of $299.4 million and an
associated income tax recovery of $189.7 million, each related to
our preferred shares, which were converted into multiple voting
shares immediately prior to our IPO. Net loss in fiscal 2021 was
impacted by a non-cash loss of $451.9 million and an associated
income tax expense of $116.8 million, each also related to our
preferred shares.
- Cash flows used in operations was $35.4 million.
Fourth Quarter Fiscal 2022 Operational
Highlights
- Net Expansion Rate of 110% as of March 31, 2022.
- Over 600 SaaS subscription customers as of March 31, 2022,
compared to over 475 SaaS subscription customers as of September
30, 2021.
- Over 725 employees as of March 31, 2022.
- Recognized as a gold medalist and leader in the 2022 Enterprise
Search Data Quadrant report from SoftwareReviews, a division of IT
research and consulting firm Info-Tech Research Group. The award is
based on the collective knowledge of real users and placement is
based on satisfaction with product features, vendor experience,
capabilities, and emotional sentiment.
- Launched intent aware re-ranking that personalizes search
behavior on a website even for first-time shoppers or customers who
haven’t yet logged in. Coveo’s machine learning algorithms capture
intent after just a few clicks, resulting in product rankings that
are truly relevant and adapt to each shopper’s interactions.
- Introduced the Coveo for Slack app integration, which enables
Slack users to find relevant content from any external source. With
a simple slash command from any channel, employees can easily find
the content they need while staying in the flow of work.
- Released embedded AppExchange Chat functionality within the
Coveo AI-Powered Search & Recommendations listing on Salesforce
AppExchange, empowering customers to connect with Coveo experts in
real time and make better business decisions.
Financial Outlook
Coveo anticipates SaaS Subscription Revenue, Total Revenue,
Adjusted Operating Loss, and Weighted Average Shares Outstanding to
be in the following ranges:
|
Q1 FY’23 |
Full Year FY’23 |
SaaS Subscription Revenue |
$23.1 – $23.6 million |
$101.0 – $103.0 million |
Total Revenue |
$25.1 – $25.6 million |
$109.0 – $111.0 million |
Adjusted Operating Loss (2) |
$8.0 – $9.0 million |
$32.0 – $34.0 million |
Weighted Average Shares Outstanding |
103.7 – 104.2 million |
104.0 – 105.0 million |
These statements
are forward-looking and actual results may differ materially.
Please refer to the “Forward-Looking Information” section below for
information on the factors that could cause our actual results to
differ materially from these forward-looking statements.
Coveo’s outlook also constitutes a "financial outlook" within
the meaning of applicable securities laws and is provided for the
purposes of assisting the reader in understanding the Company's
financial performance and measuring progress toward management's
objectives and the reader is cautioned that it may not be
appropriate for other purposes.
(1) |
|
Adjusted Gross Profit (%) and Adjusted Product Gross Profit (%) are
non-IFRS ratios. Please see the “Non-IFRS Financial Measures,
Non-IFRS Ratios, and Key Performance Indicators” section
below. |
(2) |
|
Adjusted Operating Loss is a
non-IFRS financial measure. Please see the “Non-IFRS Financial
Measures, Non-IFRS Ratios, and Key Performance Indicators” section
below. |
|
|
|
Conference Call Information
Coveo will host a conference call today at 5:00 p.m. Eastern
Time today to discuss its financial results for its fourth quarter
and fiscal year 2022. The call will be hosted by Louis Têtu,
Chairman and CEO, and Jean Lavigueur, CFO.
Date: |
Tuesday, June 14, 2022 |
Time: |
5:00 p.m. Eastern Time |
Dial in number: |
Canada/US: 888-394-8218 |
|
Confirmation Code: 4551061 |
Live webcast: |
ir.coveo.com under the “News
& Events” section |
|
Webcast will be available for one
year at ir.coveo.com |
Non-IFRS Financial Measures, Non-IFRS Ratios, and Key
Performance Indicators
Coveo’s audited annual consolidated financial statements have
been prepared in accordance with IFRS as issued by the
International Accounting Standards Board. The information presented
in this press release includes non-IFRS financial measures and
ratios, namely (i) Adjusted Operating Loss; (ii) Adjusted Gross
Profit, Adjusted Product Gross Profit, and Adjusted Professional
Services Gross Profit (collectively referred to as our “Adjusted
Gross Profit Measures”); (iii) Adjusted Gross Profit (%), Adjusted
Product Gross Profit (%), and Adjusted Professional Services Gross
Profit (%) (collectively referred to as our “Adjusted Gross Profit
(%) Measures”); (iv) Adjusted Sales and Marketing Expenses,
Adjusted Research and Product Development Expenses, and Adjusted
General and Administrative Expenses (collectively referred to as
our “Adjusted Operating Expense Measures”); and (v) Adjusted Sales
and Marketing Expenses (%), Adjusted Research and Product
Development Expenses (%), and Adjusted General and Administrative
Expenses (%) (collectively referred to as our “Adjusted Operating
Expense (%) Measures”). These measures and ratios are not
recognized measures under IFRS and do not have standardized
meanings prescribed by IFRS and are therefore unlikely to be
comparable to similar measures presented by other companies.
Rather, these measures and ratios are provided as additional
information to complement IFRS measures by providing further
understanding of the Company’s results of operations from
management’s perspective.
Accordingly, these measures should not be considered in
isolation nor as a substitute for analysis of the Company’s
financial information reported under IFRS. Adjusted Operating Loss,
the Adjusted Gross Profit Measures, the Adjusted Gross Profit (%)
Measures, the Adjusted Operating Expense Measures, and the Adjusted
Operating Expense (%) Measures are used to provide investors with
supplemental measures of the Company’s operating performance and
thus highlight trends in Coveo’s core business that may not
otherwise be apparent when relying solely on IFRS measures. The
Company’s management also believes that securities analysts,
investors, and other interested parties frequently use non-IFRS
measures in the evaluation of issuers. Coveo’s management uses and
intends to continue to use non-IFRS measures in order to facilitate
operating performance comparisons from period to period, and to
prepare annual operating budgets and forecasts.
See the “Non-IFRS Financial Measures and Ratios and
Reconciliation of Non-IFRS Financial Measures and Ratios” section
of our management’s discussion and analysis for the three months
and years ended March 31, 2022 and March 31, 2021, dated June 14,
2022 (the “MD&A”), which is available under our profile on
SEDAR at www.sedar.com, for a description of these measures which
is incorporated by reference hereto. See the financial tables below
for reconciliations of (i) Adjusted Operating Loss to operating
loss; (ii) Adjusted Gross Profit to gross profit; (iii) Adjusted
Product Gross Profit to product gross profit; (iv) Adjusted
Professional Services Gross Profit to professional services gross
profit; (v) Adjusted Sales and Marketing Expenses to sales and
marketing expenses; (vi) Adjusted Research and Product Development
Expenses to research and product development expenses; and (vii)
Adjusted General and Administrative Expenses to general and
administrative expenses.
This press release also refers to SaaS Subscription Revenue,
Current SaaS Subscription Remaining Performance Obligations, and
Net Expansion Rate, which are operating metrics used in Coveo’s
industry. Please refer to the “Key Performance Indicators” section
of our MD&A for a description of these metrics.
Forward-Looking Information
This press release contains “forward-looking information” within
the meaning of applicable securities laws, including Coveo’s
financial outlook on SaaS Subscription Revenue, Total Revenue,
Adjusted Operating Loss, and Weighted Average Shares Outstanding
for the three months ending on June 30, 2022 and the year ending on
March 31, 2023. This forward-looking information is identified by
the use of terms and phrases such as “may”, “would”, “should”,
“could”, “might”, “will”, “achieve”, “occur”, “expect”, “intend”,
“estimate”, “anticipate”, “plan”, “foresee”, “believe”, “continue”,
“target”, “opportunity”, “strategy”, “scheduled”, “outlook”,
“forecast”, “projection”, or “prospect”, the negative of these
terms and similar terminology, including references to assumptions,
although not all forward-looking information contains these terms
and phrases. 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.
Coveo’s financial outlook on SaaS Subscription Revenue, Total
Revenue, Adjusted Operating Loss, and Weighted Average Shares
Outstanding also constitutes “financial outlook” within the meaning
of applicable securities laws and is provided for the purposes of
assisting the reader in understanding the Company’s financial
performance and measuring progress toward management’s objectives
and the reader is cautioned that it may not be appropriate for
other purposes.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that we considered appropriate
and reasonable as of the date such statements are made. Although
the forward-looking information contained herein is based upon what
we believe are reasonable assumptions, actual results may vary from
the forward-looking information contained herein. Certain
assumptions made in preparing the forward-looking information
contained in herein include: our ability to capitalize on growth
opportunities and implement our growth strategy; our ability to
attract new customers, both domestically and internationally; the
success of our efforts to expand our product portfolio and market
reach; our ability to maintain successful strategic relationships
with partners and other third parties; assumptions regarding our
future capital requirements; assumptions regarding available
liquidity under our revolving credit facility; the accuracy of our
estimates of market opportunity and growth forecasts; our success
in identifying and evaluating, as well as financing and
integrating, any acquisitions, partnerships, or joint ventures; and
our ability to execute on our expansion plans. Moreover,
forward-looking information is subject to known and unknown risks,
uncertainties, and other factors, many of which are beyond our
control, 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 risk factors described under “Risk Factors”
in the Company’s most recently filed Annual Information Form, which
is available under our profile on SEDAR at www.sedar.com. There can
be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
prospective investors should not place undue reliance on
forward-looking information, which speaks only as of the date
made.
Moreover, we operate in a very competitive and rapidly changing
environment. 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.
You should not rely on these forward-looking statements, as
actual outcomes and results may differ materially from those
contemplated by these forward-looking statements as a result of
such risks and uncertainties. Additional information will also be
set forth in other filings that we make with the CSA from time to
time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
About Coveo Solutions Inc.
We believe that relevance is critical for businesses to win in
the new digital experience economy, to serve people the way they
expect, and that applied AI is an imperative. Coveo is a
market-leading AI-powered relevance platform. Our SaaS-native,
multi-tenant platform injects search, recommendations, and
personalization solutions into digital experiences. We provide
solutions for commerce, service, website, and workplace
applications. Our solutions are designed to provide tangible value
to our customers by helping drive conversion and revenue growth,
reduce customer support costs, increase customer satisfaction and
website engagement, and improve employee proficiency and
satisfaction. Our AI powers relevant interactions for hundreds of
the world’s most innovative brands and is supported by a large
network of global system integrators and implementation
partners.
Coveo is a trademark of Coveo Solutions, Inc.
Stay up to date on the latest Coveo news and content by
subscribing to the Coveo blog, and following Coveo
on LinkedIn, Twitter, and YouTube.
Contact InformationNick GoodeInvestor
Relationsinvestors@coveo.comKiyomi HarringtonPR
Leadkharrington@coveo.com
|
Consolidated Statements of Income or Loss and Comprehensive
Income or Loss(expressed in thousands of US dollars,
except share and per share data, audited) |
|
|
|
Three months endedMarch 31, |
|
Year endedMarch 31, |
|
|
|
2022$ |
|
2021$ |
|
2022$ |
|
2021$ |
|
Revenue |
|
|
|
|
|
SaaS subscription |
|
23,071 |
|
15,217 |
|
77,853 |
|
55,274 |
|
Self-managed licenses and
maintenance |
|
333 |
|
1,012 |
|
2,375 |
|
5,014 |
|
Product
revenue |
|
23,404 |
|
16,229 |
|
80,228 |
|
60,288 |
|
Professional services |
|
2,105 |
|
1,205 |
|
6,260 |
|
4,569 |
|
Total
revenue |
|
25,509 |
|
17,434 |
|
86,488 |
|
64,857 |
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
|
|
|
|
|
|
|
Product |
|
4,878 |
|
3,236 |
|
16,093 |
|
12,791 |
|
Professional services |
|
1,957 |
|
996 |
|
5,363 |
|
3,611 |
|
Total cost of
revenue |
|
6,835 |
|
4,232 |
|
21,456 |
|
16,402 |
|
|
|
|
|
|
|
Gross
profit |
|
18,674 |
|
13,202 |
|
65,032 |
|
48,455 |
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Sales and marketing |
|
14,121 |
|
11,231 |
|
47,771 |
|
33,606 |
|
Research and product
development |
|
10,653 |
|
5,624 |
|
30,099 |
|
16,078 |
|
General and
administrative |
|
9,820 |
|
4,290 |
|
36,759 |
|
13,369 |
|
Depreciation of property and
equipment |
|
692 |
|
605 |
|
2,677 |
|
2,008 |
|
Amortization of intangible
assets |
|
2,369 |
|
21 |
|
3,467 |
|
203 |
|
Depreciation of right-of-use
assets |
|
379 |
|
416 |
|
1,517 |
|
1,577 |
|
|
|
|
|
|
|
Total operating
expenses |
|
38,034 |
|
22,187 |
|
122,290 |
|
66,841 |
|
|
|
|
|
|
|
Operating
loss |
|
(19,360 |
) |
(8,985 |
) |
(57,258 |
) |
(18,386 |
) |
|
|
|
|
|
|
Change in redeemable preferred
shares – conversion rights component fair value |
|
- |
|
300,357 |
|
(299,428 |
) |
451,914 |
|
Net financial expenses |
|
(59 |
) |
4,515 |
|
12,501 |
|
16,403 |
|
Foreign exchange loss |
|
81 |
|
623 |
|
362 |
|
2,155 |
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
(19,382 |
) |
(314,480 |
) |
229,307 |
|
(488,858 |
) |
|
|
|
|
|
|
Income tax expense
(recovery) |
|
3 |
|
70,451 |
|
(188,969 |
) |
111,167 |
|
|
|
|
|
|
|
Net income
(loss) |
|
(19,385 |
) |
(384,931 |
) |
418,276 |
|
(600,025 |
) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
|
|
|
Items that may be reclassified
to the consolidated statements of income (loss) |
|
|
|
|
|
|
|
|
|
Foreign currency differences
on translation to presentation currency |
|
2,251 |
|
(10,895 |
) |
(386 |
) |
(58,194 |
) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss) |
|
(17,134 |
) |
(395,826 |
) |
417,890 |
|
(658,219 |
) |
|
|
|
|
|
|
Net income (loss) per
share |
|
|
|
|
|
Basic |
|
(0.19 |
) |
(20.66 |
) |
8.23 |
|
(32.64 |
) |
Diluted |
|
(0.19 |
) |
(20.66 |
) |
(0.59 |
) |
(32.64 |
) |
|
|
|
|
|
|
Weighted average number of
shares outstanding |
|
|
|
|
|
Basic |
|
103,591,904 |
|
18,587,100 |
|
50,811,216 |
|
18,381,991 |
|
Diluted |
|
103,591,904 |
|
18,587,100 |
|
100,361,285 |
|
18,381,991 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income or Loss and Comprehensive
Income or Loss(expressed in thousands of US dollars,
except share and per share data, audited) |
|
The following table presents share-based compensation and related
expenses recognized by the Company: |
|
|
Three months endedMarch 31, |
|
Year endedMarch 31, |
|
|
2022$ |
|
2021$ |
|
2022$ |
|
2021$ |
|
|
|
|
|
|
Product cost of revenue |
282 |
|
21 |
|
512 |
|
73 |
|
Professional services cost of
revenue |
262 |
|
55 |
|
468 |
|
88 |
|
Sales and marketing |
1,746 |
|
243 |
|
2,899 |
|
555 |
|
Research and product
development |
2,692 |
|
505 |
|
4,229 |
|
791 |
|
General and
administrative |
4,140 |
|
899 |
|
5,341 |
|
1,401 |
|
|
9,122 |
|
1,723 |
|
13,449 |
|
2,908 |
|
|
Reconciliation of Adjusted Operating Loss to Operating
Loss(expressed in thousands of US dollars) |
|
|
Three months endedMarch 31, |
|
Year endedMarch 31, |
|
|
2022$ |
|
2021$ |
|
2022$ |
|
2021$ |
|
|
|
|
|
|
Operating
loss |
(19,360 |
) |
(8,985 |
) |
(57,258 |
) |
(18,386 |
) |
Share-based compensation and related expenses (1) |
9,122 |
|
1,723 |
|
13,449 |
|
2,908 |
|
Amortization of acquired intangible assets (2) |
1,204 |
|
42 |
|
2,207 |
|
125 |
|
Acquisition-related compensation (3) |
243 |
|
121 |
|
987 |
|
483 |
|
Transaction-related expenses (4) |
140 |
|
- |
|
1,979 |
|
- |
|
Charitable contributions (5) |
64 |
|
32 |
|
10,544 |
|
91 |
|
Adjusted Operating
Loss |
(8,587 |
) |
(7,067 |
) |
(28,092 |
) |
(14,779 |
) |
(1) |
|
These expenses represent non-cash expenditures recognized in
connection with issued stock options, restricted shares units, and
other awards under share-based plans to our employees and directors
as well as related payroll taxes that are directly attributable to
the share-based payments. These costs are included in product and
professional services cost of revenue, and sales and marketing,
research and product development, and general and administrative
expenses. |
(2) |
|
These expenses represent the amortization of intangible assets
acquired through the Tooso, Inc. and Qubit acquisitions. These
costs are included in amortization of intangible assets. |
(3) |
|
These expenses relate to non-recurring acquisition-related
compensation in connection with the Tooso, Inc. and Qubit
acquisitions. These costs are included in product and professional
services cost of revenue, and sales and marketing, research and
product development, and general and administrative expenses. |
(4) |
|
These expenses include professional, legal, consulting, and
accounting fees related to the IPO and the acquisition of Qubit.
These costs are included in general and administrative
expenses. |
(5) |
|
These expenses represent charitable contributions of the Company,
including the one-time 1% pledge of our equity. These costs are
included in general and administrative expenses. |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Gross Profit Measures and
Adjusted Gross Profit (%) Measures(expressed in thousands
of US dollars) |
|
|
|
|
|
|
|
|
|
|
Three months endedMarch 31, |
|
Year endedMarch 31, |
|
|
2022$ |
|
2021$ |
|
2022$ |
|
2021$ |
|
|
|
|
|
|
|
|
|
|
Total
revenue |
25,509 |
|
17,434 |
|
86,488 |
|
64,857 |
|
Gross
profit |
18,674 |
|
13,202 |
|
65,032 |
|
48,455 |
|
Gross profit (%) |
73 |
% |
76 |
% |
75 |
% |
75 |
% |
Add: Share-based payment and
related expenses |
544 |
|
76 |
|
980 |
|
161 |
|
Add:
Acquisition-related compensation |
84 |
|
- |
|
247 |
|
- |
|
Adjusted Gross
Profit |
19,302 |
|
13,278 |
|
66,259 |
|
48,616 |
|
Adjusted Gross Profit (%) |
76 |
% |
76 |
% |
77 |
% |
75 |
% |
|
|
|
|
|
Product
revenue |
23,404 |
|
16,229 |
|
80,228 |
|
60,288 |
|
Product cost of
revenue |
4,878 |
|
3,236 |
|
16,093 |
|
12,791 |
|
Product gross
profit |
18,526 |
|
12,993 |
|
64,135 |
|
47,497 |
|
Product gross profit (%) |
79 |
% |
80 |
% |
80 |
% |
79 |
% |
Add: Share-based payment and
related expenses |
282 |
|
21 |
|
512 |
|
73 |
|
Add:
Acquisition-related compensation |
57 |
|
- |
|
94 |
|
- |
|
Adjusted Product Gross
Profit |
18,865 |
|
13,014 |
|
64,741 |
|
47,570 |
|
Adjusted Product Gross Profit (%) |
81 |
% |
80 |
% |
81 |
% |
79 |
% |
|
|
|
|
|
Professional services
revenue |
2,105 |
|
1,205 |
|
6,260 |
|
4,569 |
|
Professional services
cost of revenue |
1,957 |
|
996 |
|
5,363 |
|
3,611 |
|
Professional services
gross profit |
148 |
|
209 |
|
897 |
|
958 |
|
Professional Services gross
profit (%) |
7 |
% |
17 |
% |
14 |
% |
21 |
% |
Add: Share-based payment and
related expenses |
262 |
|
55 |
|
468 |
|
88 |
|
Add:
Acquisition-related compensation |
27 |
|
- |
|
153 |
|
- |
|
Adjusted Professional
Services Gross Profit |
437 |
|
264 |
|
1,518 |
|
1,046 |
|
Adjusted Professional Services Gross Profit (%) |
21 |
% |
22 |
% |
24 |
% |
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Operating Expense Measures and
Adjusted Operating Expense (%) Measures(expressed in
thousands of US dollars) |
|
|
|
|
|
|
|
|
|
|
Three months endedMarch 31, |
|
Year endedMarch 31, |
|
|
2022$ |
|
2021$ |
|
2022$ |
|
2021$ |
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
14,121 |
|
11,231 |
|
47,771 |
|
33,606 |
|
Sales and marketing expenses
(%) |
55 |
% |
64 |
% |
55 |
% |
52 |
% |
Less: Share-based payment and
related expenses |
1,746 |
|
243 |
|
2,899 |
|
555 |
|
Less:
Acquisition-related compensation |
51 |
|
- |
|
118 |
|
- |
|
Adjusted Sales and Marketing Expenses |
12,324 |
|
10,988 |
|
44,754 |
|
33,051 |
|
Adjusted Sales and Marketing Expenses (%) |
48 |
% |
63 |
% |
52 |
% |
51 |
% |
|
|
|
|
|
Research and product
development expenses |
10,653 |
|
5,624 |
|
30,099 |
|
16,078 |
|
Research and product
development expenses (%) |
42 |
% |
32 |
% |
35 |
% |
25 |
% |
Less: Share-based payment and
related expenses |
2,692 |
|
505 |
|
4,229 |
|
791 |
|
Less:
Acquisition-related compensation |
99 |
|
121 |
|
604 |
|
483 |
|
Adjusted Research and Product Development
Expenses |
7,862 |
|
4,998 |
|
25,266 |
|
14,804 |
|
Adjusted Research and Product Development Expenses (%) |
31 |
% |
29 |
% |
29 |
% |
23 |
% |
|
|
|
|
|
General and
administrative expenses |
9,820 |
|
4,290 |
|
36,759 |
|
13,369 |
|
General and administrative
expenses (%) |
38 |
% |
25 |
% |
43 |
% |
21 |
% |
Less: Share-based payment and
related expenses |
4,140 |
|
899 |
|
5,341 |
|
1,401 |
|
Less: Acquisition-related
compensation |
9 |
|
- |
|
18 |
|
- |
|
Less: Transaction-related
expenses |
140 |
|
- |
|
1,979 |
|
- |
|
Less:
Charitable contributions |
64 |
|
32 |
|
10,544 |
|
91 |
|
Adjusted General and Administrative Expenses |
5,467 |
|
3,359 |
|
18,877 |
|
11,877 |
|
Adjusted General and Administrative Expenses (%) |
21 |
% |
19 |
% |
22 |
% |
18 |
% |
|
Consolidated Statements of Financial
Position(expressed in thousands of US dollars,
audited) |
|
|
March 31,2022$ |
|
|
March 31,2021$ |
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash |
223,072 |
|
|
55,399 |
|
Short-term investments |
- |
|
|
76,472 |
|
Trade and other
receivables |
25,476 |
|
|
18,056 |
|
Government assistance and
refundable tax credits |
10,443 |
|
|
4,189 |
|
Prepaid expenses |
5,861 |
|
|
3,953 |
|
|
264,852 |
|
|
158,069 |
|
|
|
|
|
Non-current
assets |
|
|
|
Contract acquisition
costs |
10,858 |
|
|
8,624 |
|
Property and equipment |
8,704 |
|
|
9,577 |
|
Intangible assets |
20,605 |
|
|
584 |
|
Right-of-use assets |
9,255 |
|
|
10,268 |
|
Deferred tax assets |
4,616 |
|
|
5,672 |
|
Goodwill |
26,610 |
|
|
1,247 |
|
|
|
|
|
Total
assets |
345,500 |
|
|
194,041 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Trade payable and accrued
liabilities |
22,910 |
|
|
16,550 |
|
Current portion of deferred
revenue |
49,879 |
|
|
37,144 |
|
Current portion of lease
obligations |
1,916 |
|
|
1,555 |
|
|
74,705 |
|
|
55,249 |
|
|
|
|
|
Non-current
liabilities |
|
|
|
Deferred revenue |
513 |
|
|
680 |
|
Lease obligations |
11,169 |
|
|
12,588 |
|
Redeemable preferred
shares |
|
|
|
Debt component |
- |
|
|
195,701 |
|
Conversion rights component |
- |
|
|
742,653 |
|
Deferred tax liabilities |
3,677 |
|
|
186,249 |
|
Total liabilities |
90,064 |
|
|
1,193,120 |
|
|
|
|
|
Shareholders' Equity
(Deficiency) |
|
|
|
|
|
|
|
Share capital |
859,944 |
|
|
16,957 |
|
Conversion rights – Series
A |
- |
|
|
1,105 |
|
Contributed surplus |
15,295 |
|
|
5,794 |
|
Deficit |
(592,256 |
) |
|
(995,774 |
) |
Accumulated other
comprehensive loss |
(27,547 |
) |
|
(27,161 |
) |
Total shareholders' equity
(deficiency) |
255,436 |
|
|
(999,079 |
) |
|
|
|
|
Total liabilities and
shareholders' equity (deficiency) |
345,500 |
|
|
194,041 |
|
|
|
|
|
|
Consolidated Statements of Cash Flows(expressed in
thousands of US dollars, audited) |
|
|
Year endedMarch 31, |
|
|
2022$ |
|
2021$ |
|
|
|
|
|
|
Cash flows from (used
in) operating activities |
|
|
|
|
Net income (loss) |
418,276 |
|
(600,025 |
) |
Items not affecting cash |
|
|
|
|
|
Amortization of contract acquisition costs |
3,839 |
|
3,315 |
|
Depreciation of property and equipment |
2,677 |
|
2,008 |
|
Amortization of intangible assets |
3,467 |
|
203 |
|
Depreciation of right-of-use assets |
1,517 |
|
1,577 |
|
Interest accretion |
11,906 |
|
15,869 |
|
Change in redeemable preferred shares – conversion
rights component fair value |
(299,428 |
) |
451,914 |
|
Donation of shares |
10,379 |
|
- |
|
Share-based compensation |
10,261 |
|
1,840 |
|
Change in fair value of short-term investments |
103 |
|
(145 |
) |
Interest on lease obligations |
722 |
|
727 |
|
Variation of deferred tax assets and liabilities |
(189,211 |
) |
111,106 |
|
Unrealized foreign exchange loss |
293 |
|
2,179 |
|
|
|
|
Changes in non-cash working
capital items |
(10,225 |
) |
15,210 |
|
|
|
|
|
(35,424 |
) |
5,778 |
|
|
|
|
Cash flows from (used
in) investing activities |
|
|
Business combination, net of
cash acquired |
(37,591 |
) |
- |
|
Proceeds from disposal of
short-term investments |
76,351 |
|
34,300 |
|
Additions to property and
equipment |
(1,385 |
) |
(3,091 |
) |
Proceeds from disposal of
property and equipment |
- |
|
4 |
|
Additions to intangible
assets |
(757 |
) |
(499 |
) |
|
|
|
|
36,618 |
|
30,714 |
|
|
|
|
Cash flows from (used
in) financing activities |
|
|
Share capital issued |
195,920 |
|
- |
|
Share capital issuance
costs |
(16,299 |
) |
- |
|
Consideration to a
shareholder |
(14,758 |
) |
- |
|
Proceeds from exercise of
stock options |
848 |
|
3,065 |
|
Payments on lease obligations
net of lease incentives received |
(2,309 |
) |
(883 |
) |
|
|
|
|
163,402 |
|
2,182 |
|
|
|
|
Effect of foreign exchange
rate changes on cash |
3,077 |
|
634 |
|
|
|
|
Increase in cash
during the period |
167,673 |
|
39,308 |
|
|
|
|
Cash – beginning of
period |
55,399 |
|
16,091 |
|
|
|
|
Cash – end of
period |
223,072 |
|
55,399 |
|
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