Coveo Solutions Inc. (“Coveo” or the “Company”) (TSX: CVO), a
leader in AI-powered relevance platforms that transform search,
recommendations, personalization, and merchandizing within digital
experiences, today announced financial results for its first
quarter of fiscal 2023, ended June 30, 2022.
“Our first quarter results reflect the strong demand we are
seeing for our AI-powered platform and the momentum we continue to
build upon following a record fiscal 2022,” said Louis Têtu,
Chairman and CEO of Coveo. “Despite a challenging macro
environment, we believe digital transformation remains a priority
for businesses worldwide, and Coveo’s solutions help to enable
these businesses to deliver relevant experiences that optimize
business outcomes. We look for this demand from our customers to
drive revenue growth while continuing to increase our operational
efficiency through our strong unit economics.”
First Quarter Fiscal 2023 Financial
Highlights(All comparisons are relative to the
three-month period ended June 30, 2021, unless otherwise
stated)
- SaaS Subscription Revenue grew 47% to $24.0 million compared to
$16.3 million.
- Total revenue was $26.5 million, an increase of 45% compared to
$18.2 million.
- Current SaaS Subscription Remaining Performance Obligations of
$84.4 million, up 49% compared to $56.7 million.
- Gross profit (%) was 75%, a decrease of 1%, and product gross
profit (%) was 80%, in-line with the prior period. Adjusted Gross
Profit (%) (1) was 76%, a decrease of 1%, and Adjusted Product
Gross Profit (%) (1) was 81%, an increase of 1%.
- Operating loss was $13.3 million and Adjusted Operating Loss
(2) was $7.4 million.
- Net loss was $12.5 million, compared to net income of $73.2
million. Net income in the comparable period was principally
impacted by a non-cash gain of $69.5 million and an associated
income tax recovery of $16.3 million, both related to the Company’s
preferred shares converted immediately prior to the IPO in November
2021.
- Cash flow generated from operations was $1.4 million, and cash
and cash equivalents were $217.7 million as of June 30,
2022.
First Quarter Fiscal 2023 Operational
Highlights
- Net Expansion Rate of 112% as of June 30, 2022.
- Recognized as Salesforce Commerce Cloud Partner of the Year for
Best Early Salesforce Commerce Win 2022 and Best
Personalization 2022. Coveo received the award for its
performance as a digital transformation commerce partner within the
Salesforce ecosystem, considering the number of new customers and
overall growth.
- Released new recommendations decisioning capabilities to allow
deployment of explicit, finer-grained strategies for specific
audiences and streamline deployment of global, multi-region
configurations. These enhancements will help generate more
engagement from merchandisers as well as increase revenue driven
through the Coveo Merchandising Hub.
- Introduced native SAP Commerce sources to simplify the
ingestion of complex catalogs. This new data source makes the
deployment of Coveo alongside SAP Commerce Cloud significantly
easier, and enables the processing of all catalog data by our
machine learning algorithms.
- Launched Simpler Builder experience for Hosted Search Pages.
This new, no-code builder enables any user to easily create and
share next-gen Coveo Atomic (Coveo’s web component library) search
page experiences with simple menus and configuration options.
- Announced a range of new capabilities to help customer service
employees deliver personalized customer experiences, including a
new library for Coveo Quantic (Coveo’s Lightning Web Component
library), guided templates for Case Submission flows, enhanced User
Actions, and visibility into Coveo machine learning models in the
admin console.
Financial Outlook
Coveo anticipates SaaS Subscription Revenue, Total Revenue,
Adjusted Operating Loss, and Weighted Average Shares Outstanding to
be in the following ranges:
|
Q2 FY’23 |
Full Year FY’23 |
SaaS Subscription Revenue |
$24.4 – $24.9 million |
$101.5 – $103.0 million |
Total Revenue |
$26.6 – $27.1 million |
$110.0 – $111.5 million |
Adjusted Operating Loss (2) |
$6.5 – $7.5 million |
$31.5 – $33.5 million |
Weighted Average Shares Outstanding |
104.0 – 104.5 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 Measures and Key Performance Indicators” section
below.(2) Adjusted Operating Loss is a non-IFRS
measure. Please see the “Non-IFRS Measures and Key Performance
Indicators” section below.
Q1 Conference Call and Webcast Information
Coveo will host a conference call today at 5:00 p.m. Eastern
Time today to discuss its financial results for its fiscal first
quarter 2022. The call will be hosted by Louis Têtu, Chairman and
CEO, and Jean Lavigueur, CFO.
Date: |
Monday, August 8, 2022 |
Time: |
5:00 p.m. Eastern Time |
Dial in number: |
Canada/US: 1-888-664-6392 |
|
Confirmation #: 92794107 |
Live webcast: |
ir.coveo.com under the “News
& Events” section |
Capital Markets Day – November 17, 2022
Coveo will host its inaugural Capital Markets Day on Thursday,
November 17, 2022, at the TMX Market Centre in Toronto. During this
half-day, hybrid event, beginning at 8:30 am ET, members of the
senior management team will present on the Company’s differentiated
AI-powered relevance platform, growth strategy, and customer
success, among other topics.
The event is limited to the financial analyst and institutional
investor community. Capacity is limited and attendees will be
registered on a first come, first served basis. To register in
advance and receive updates up to the date of the event, please
visit the following page at:
www.coveo.com/en/resources/events/capital-markets-day.
The event will be recorded live with replay and presentation
materials available at ir.coveo.com.
Non-IFRS Measures and Key Performance
Indicators
Coveo’s unaudited condensed interim 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 Measures” section of our interim management’s
discussion and analysis dated August 8, 2022 (the “MD&A”),
which is available under our profile on SEDAR at www.sedar.com, for
a description of these measures. See the financial tables below for
a reconciliation 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 September 30, 2022, and for the year
ending 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 and
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. The forward-looking statements made in this press release
relate only to events or information as of the date hereof, and are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, we do not assume any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
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
Condensed Interim Consolidated Statements of Income
(Loss) and Comprehensive Income (Loss)(expressed in
thousands of US dollars, except share and per share data,
unaudited)
|
|
|
|
|
Three months ended June 30, |
|
|
|
2022 |
|
2021 |
|
|
|
$ |
|
$ |
|
Revenue |
|
|
|
SaaS subscription |
|
24,003 |
|
16,316 |
|
Self-managed licenses and maintenance |
|
324 |
|
714 |
|
Product
revenue |
|
24,327 |
|
17,030 |
|
Professional services |
|
2,135 |
|
1,194 |
|
Total
revenue |
|
26,462 |
|
18,224 |
|
|
|
|
|
Cost of
revenue |
|
|
|
Product |
|
4,758 |
|
3,398 |
|
Professional services |
|
1,977 |
|
958 |
|
Total cost of
revenue |
|
6,735 |
|
4,356 |
|
Gross
profit |
|
19,727 |
|
13,868 |
|
|
|
|
|
Operating
expenses |
|
|
|
Sales and marketing |
|
14,561 |
|
10,873 |
|
Research and product development |
|
9,132 |
|
4,842 |
|
General and administrative |
|
7,093 |
|
4,146 |
|
Depreciation of property and equipment |
|
692 |
|
649 |
|
Amortization of intangible assets |
|
1,161 |
|
26 |
|
Depreciation of right-of-use assets |
|
397 |
|
383 |
|
Total operating
expenses |
|
33,036 |
|
20,919 |
|
Operating
loss |
|
(13,309 |
) |
(7,051 |
) |
|
|
|
|
Change in redeemable preferred shares – conversion
rights component fair value |
|
- |
|
(69,476 |
) |
Net financial expenses (income) |
|
(399 |
) |
4,804 |
|
Foreign exchange loss (gain) |
|
(500 |
) |
433 |
|
Income (loss) before
income tax expense (recovery) |
|
(12,410 |
) |
57,188 |
|
Income tax expense
(recovery) |
|
109 |
|
(16,048 |
) |
Net income
(loss) |
|
(12,519 |
) |
73,236 |
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
Items that may be reclassified to the consolidated statements of
income (loss): |
|
|
|
Foreign currency differences on translation to presentation
currency |
|
(8,602 |
) |
(16,074 |
) |
Total comprehensive
income (loss) |
|
(21,121 |
) |
57,162 |
|
Net income (loss) per
share |
|
|
|
Basic |
|
(0.12 |
) |
3.27 |
|
Diluted |
|
(0.12 |
) |
(0.08 |
) |
|
|
|
|
Weighted average number of
shares outstanding |
|
|
|
Basic |
|
103,829,091 |
|
22,365,663 |
|
Diluted |
|
103,829,091 |
|
93,765,676 |
|
Condensed Interim Consolidated
Statements of Income (Loss) and Comprehensive Income
(Loss)(expressed in thousands of US dollars, except share
and per share data, unaudited)
The following table presents share-based payment
and related expenses recognized by the Company:
|
|
|
|
|
Three months ended June 30, |
|
|
2022 |
2021 |
|
|
$ |
$ |
Product cost of revenue |
|
182 |
46 |
Professional services cost of revenue |
|
144 |
31 |
Sales and marketing |
|
1,531 |
218 |
Research and product development |
|
1,433 |
199 |
General and administrative |
|
1,185 |
210 |
|
|
4,475 |
704 |
Reconciliation of Adjusted Operating Loss to Operating
Loss(expressed in thousands of US dollars, unaudited)
|
|
|
|
|
Three months ended June 30, |
|
|
|
2022 |
|
2021 |
|
|
|
$ |
|
$ |
|
Operating
loss |
|
(13,309 |
) |
(7,051 |
) |
Share-based payment and related expenses (1) |
|
4,475 |
|
704 |
|
Amortization of acquired intangible assets (2) |
|
1,160 |
|
- |
|
Acquisition-related compensation (3) |
|
211 |
|
121 |
|
Charitable contributions |
|
46 |
|
31 |
|
Adjusted Operating
Loss |
|
(7,417 |
) |
(6,195 |
) |
(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 Qubit
acquisition. 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.
Reconciliation of Adjusted Gross Profit
Measures and Adjusted Gross Profit (%) Measures(expressed
in thousands of US dollars, unaudited)
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
2022 |
|
2021 |
|
|
|
$ |
|
$ |
|
Total
revenue |
|
26,462 |
|
18,224 |
|
Gross
profit |
|
19,727 |
|
13,868 |
|
Gross profit (%) |
|
75 |
% |
76 |
% |
Add: Share-based payment and
related expenses |
|
326 |
|
77 |
|
Add:
Acquisition-related compensation |
|
81 |
|
- |
|
Adjusted Gross Profit |
|
20,134 |
|
13,945 |
|
Adjusted Gross Profit (%) |
|
76 |
% |
77 |
% |
|
|
|
|
Product
revenue |
|
24,327 |
|
17,030 |
|
Product cost of
revenue |
|
4,758 |
|
3,398 |
|
Product gross
profit |
|
19,569 |
|
13,632 |
|
Product gross profit (%) |
|
80 |
% |
80 |
% |
Add: Share-based payment and
related expenses |
|
182 |
|
46 |
|
Add:
Acquisition-related compensation |
|
60 |
|
- |
|
Adjusted Product Gross Profit |
|
19,811 |
|
13,678 |
|
Adjusted Product Gross Profit (%) |
|
81 |
% |
80 |
% |
|
|
|
|
Professional services
revenue |
|
2,135 |
|
1,194 |
|
Professional services
cost of revenue |
|
1,977 |
|
958 |
|
Professional services
gross profit |
|
158 |
|
236 |
|
Professional services gross
profit (%) |
|
7 |
% |
20 |
% |
Add: Share-based payment and
related expenses |
|
144 |
|
31 |
|
Add:
Acquisition-related compensation |
|
21 |
|
- |
|
Adjusted Professional Services Gross Profit |
|
323 |
|
267 |
|
Adjusted Professional Services Gross Profit (%) |
|
15 |
% |
22 |
% |
Reconciliation of Adjusted Operating Expense Measures
and Adjusted Operating Expense (%) Measures(expressed in
thousands of US dollars, unaudited)
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
2022 |
|
2021 |
|
|
|
$ |
|
$ |
|
Sales and marketing
expenses |
|
14,561 |
|
10,873 |
|
Sales and marketing expenses
(%) |
|
55 |
% |
60 |
% |
Less: Share-based payment and
related expenses |
|
1,531 |
|
218 |
|
Less:
Acquisition-related compensation |
|
34 |
|
- |
|
Adjusted Sales and Marketing Expenses |
|
12,996 |
|
10,655 |
|
Adjusted Sales and Marketing Expenses (%) |
|
49 |
% |
58 |
% |
|
|
|
|
Research and product
development expenses |
|
9,132 |
|
4,842 |
|
Research and product
development expenses (%) |
|
35 |
% |
27 |
% |
Less: Share-based payment and
related expenses |
|
1,433 |
|
199 |
|
Less:
Acquisition-related compensation |
|
88 |
|
121 |
|
Adjusted Research and Product Development
Expenses |
|
7,611 |
|
4,522 |
|
Adjusted Research and Product Development Expenses (%) |
|
29 |
% |
25 |
% |
|
|
|
|
General and
administrative expenses |
|
7,093 |
|
4,146 |
|
General and administrative
expenses (%) |
|
27 |
% |
23 |
% |
Less: Share-based payment and
related expenses |
|
1,185 |
|
210 |
|
Less: Acquisition-related
compensation |
|
8 |
|
- |
|
Less:
Charitable contributions |
|
46 |
|
31 |
|
Adjusted General and Administrative Expenses |
|
5,854 |
|
3,905 |
|
Adjusted General and Administrative Expenses (%) |
|
22 |
% |
21 |
% |
Condensed Interim Consolidated Statements of Financial
Position(expressed in thousands of US dollars,
unaudited)
|
|
|
|
|
|
June 30,2022 |
March 31,2022 |
|
|
$ |
$ |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
217,668 |
|
223,072 |
|
Trade and other receivables |
|
19,896 |
|
25,476 |
|
Refundable tax credits |
|
6,020 |
|
10,443 |
|
Prepaid expenses |
|
5,560 |
|
5,861 |
|
|
|
249,144 |
|
264,852 |
|
Non-current
assets |
|
|
|
Contract acquisition costs |
|
10,760 |
|
10,858 |
|
Property and equipment |
|
7,989 |
|
8,704 |
|
Intangible assets |
|
18,262 |
|
20,605 |
|
Right-of-use assets |
|
8,777 |
|
9,255 |
|
Deferred tax assets |
|
4,357 |
|
4,616 |
|
Goodwill |
|
25,386 |
|
26,610 |
|
Total
assets |
|
324,675 |
|
345,500 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Trade payable and accrued liabilities |
|
20,585 |
|
22,910 |
|
Current portion of deferred revenue |
|
47,710 |
|
49,879 |
|
Current portion of lease obligations |
|
1,868 |
|
1,916 |
|
|
|
70,163 |
|
74,705 |
|
Non-current
liabilities |
|
|
|
Deferred revenue |
|
319 |
|
513 |
|
Lease obligations |
|
10,559 |
|
11,169 |
|
Deferred tax liabilities |
|
3,232 |
|
3,677 |
|
Total liabilities |
|
84,273 |
|
90,064 |
|
Shareholders'
equity |
|
|
|
Share capital |
|
860,774 |
|
859,944 |
|
Contributed surplus |
|
20,552 |
|
15,295 |
|
Deficit |
|
(604,775 |
) |
(592,256 |
) |
Accumulated other comprehensive loss |
|
(36,149 |
) |
(27,547 |
) |
Total shareholders' equity |
|
240,402 |
|
255,436 |
|
Total liabilities and
shareholders' equity |
|
324,675 |
|
345,500 |
|
Condensed Interim Consolidated Statements of Cash
Flows(expressed in thousands of US dollars, unaudited)
|
|
|
|
|
Three months ended June 30, |
|
|
2022 |
2021 |
|
|
$ |
$ |
Cash flows from (used
in) operating activities |
|
|
|
Net income (loss) |
|
(12,519 |
) |
73,236 |
|
Items not affecting cash |
|
|
|
Amortization of contract acquisition costs |
|
1,077 |
|
887 |
|
Depreciation of property and equipment |
|
692 |
|
649 |
|
Amortization of intangible assets |
|
1,161 |
|
26 |
|
Depreciation of right-of-use assets |
|
397 |
|
383 |
|
Interest accretion |
|
- |
|
4,556 |
|
Change in redeemable preferred shares – conversion
rights component fair value |
|
- |
|
(69,476 |
) |
Share-based payments |
|
5,796 |
|
704 |
|
Interest on lease obligations |
|
170 |
|
191 |
|
Change in fair value of short-term investments |
|
- |
|
52 |
|
Variation of deferred tax assets and liabilities |
|
83 |
|
(16,075 |
) |
Unrealized foreign exchange loss (gain) |
|
(500 |
) |
337 |
|
|
|
|
|
Changes in non-cash working capital items |
|
5,048 |
|
(1,989 |
) |
|
|
1,405 |
|
(6,519 |
) |
|
|
|
|
Cash flows from (used
in) investing activities |
|
|
|
Proceeds from disposal of short-term investments |
|
- |
|
13,845 |
|
Additions to property and equipment |
|
(527 |
) |
(368 |
) |
Additions to intangible assets |
|
(5 |
) |
(226 |
) |
|
|
(532 |
) |
13,251 |
|
|
|
|
|
Cash flows from (used
in) financing activities |
|
|
|
Proceeds from exercise of stock options |
|
291 |
|
63 |
|
Payments on lease obligations net of lease incentives received |
|
(633 |
) |
(527 |
) |
|
|
(342 |
) |
(464 |
) |
|
|
|
|
Effect of foreign exchange
rate changes on cash and cash equivalents |
|
(5,935 |
) |
97 |
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents during the period |
|
(5,404 |
) |
6,365 |
|
|
|
|
|
Cash and cash equivalents –
beginning of period |
|
223,072 |
|
55,399 |
|
|
|
|
|
Cash and cash
equivalents – end of period |
|
217,668 |
|
61,764 |
|
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