Revenue of $9.1
Million, with ARR Growth of 81% to $38.1 Million
Continuing to execute against strategy to be
the platform of choice for Course Creators by broadening feature
set and product offerings, including the Thinkific App
Store
Thinkific reports in U.S. dollars and in accordance with
IFRS
VANCOUVER, BC, Aug. 10, 2021 /PRNewswire/ - 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 online courses,
today announced its financial results for the three and six months
ended June 30, 2021.
"By delivering growth across all our key metrics in the second
quarter, including an increase of over 80% in ARR, and 68% in
Paying Customers, we continue to execute against our strategy,"
said Greg Smith, Co-Founder and CEO
of Thinkific. "I am particularly pleased with this strong
performance and outlook given the evolving behaviours of people as
we see restrictions related to COVID lift.
"We believe the growth of Thinkific and our industry is in its
early innings. Our large and growing addressable market combined
with the strength of our platform as the core operating system for
Course Creators continues to drive confidence in our significant
long-term growth opportunities," continued Mr. Smith. "The
introduction of the Thinkific App Store and Thinkific Payments
enhance the functionality available to Course Creators to help
their businesses succeed, as well as drive our growth through the
expansion of Paying Customers and ARPU."
US $ (unless
otherwise noted)
|
Second Quarter
2021
|
Second Quarter
2020
|
%
Change
|
Paying Customers
(1)
|
29.2 thousand
|
17.4 thousand
|
68
|
%
|
Average Revenue Per
User ("ARPU") (2)
|
$
|
107
|
$
|
100
|
7
|
%
|
Annual Recurring
Revenue ("ARR") (3)
|
$
|
38.1
|
million
|
$
|
21.1
|
million
|
81
|
%
|
Gross Merchandise
Volume ("GMV") (4)
|
$
|
102.5
|
million
|
$
|
69.1
|
million
|
48
|
%
|
Revenue
|
$
|
9.1
|
million
|
$
|
4.5
|
million
|
101
|
%
|
Gross
margin
|
76%
|
77%
|
(1)
|
%
|
Adjusted EBITDA
(5)
|
$
|
(4.0)
|
million
|
$
|
(0.3)
|
million
|
1412
|
%
|
Net loss
|
$
|
(5.3)
|
million
|
$
|
(0.4)
|
million
|
1276
|
%
|
(1)
|
"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.
|
(2)
|
"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.
|
(3)
|
"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.
|
(4)
|
"GMV" is the total
dollar value of all transactions of course sales, membership
subscriptions, or other products or services by Course Creators,
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.
|
(5)
|
Non-IFRS measure. See
"Non-IFRS Measures" and the reconciliation to the most directly
comparable IFRS measure.
|
"Our second quarter results underscore the strength of our
business," stated Corinne Hua, CFO
of Thinkific. "Consistent with our outlook, we continue to increase
investments in scaling our business, building our brand in the
marketplace and delivering a market leading platform for Course
Creators. We believe this will fuel our future growth, and enable
us to achieve our mission to make it simple for entrepreneurs and
established businesses to scale and generate revenue by teaching
what they know."
Second Quarter Financial Highlights
- Paying Customers grew by 68% to 29,200 compared to the second
quarter of 2020. We believe that the growth is driven by the
strength of the Thinkific platform and user experience, growing
brand awareness, and increasing popularity of online learning.
- ARPU increased by 7% to $107 per
month, compared to the second quarter of 2020, primarily due to
subscription plan upgrades from existing Paying Customers, as well
as some new Paying Customers choosing to subscribe to higher-tier
plans.
- ARR grew by 81% to $38.1 million
year-over-year, benefiting from ARPU and Paying Customers
growth.
- GMV expanded by 48% to $102.5
million year-over-year.
- Revenue was $9.1 million, an increase of 101% compared to
the second quarter of 2020, primarily due to an increase in the
number of new Paying Customers, as well as subscription plan
upgrades.
- Gross margin of 76% remained relatively stable compared to the
second quarter of 2020.
- Adjusted EBITDA loss was $4.0
million and net loss was $5.3
million, driven by increased investments across all areas of
the business, as we scale to support business growth and build the
Thinkific brand in the marketplace.
- Completed a successful initial public offering on April 27, followed by the exercise of the
over-allotment on May 5, with total
gross proceeds of CAD $184.0 million.
Thinkific issued 14,156,500 Subordinate Voting Shares at a price of
CAD $13.00 per share. As at
June 30, 2021, the Company's issued
and outstanding share capital consisted of 76,705,247 shares.
Second Quarter Operational Highlights
- Launched the Thinkific App Store on May
4 as a marketplace to support Course Creators, enabling
powerful features and greater customization. The Thinkific App
Store connects developers, who can create and sell custom
applications, to Course Creators, who are looking to further
optimize functionality beyond Thinkific's core platform. Initial
response from Course Creators to this new offering has been
consistent with conversion rates seen in other SaaS platform
marketplaces.
- Ranked #2 on the 2021 list of Best Workplaces™ in Canada (100-999 employees). The annual list is
compiled by the Great Place to Work® Institute, a global authority
on workplace culture.
- Named as a finalist in the BC Tech Association's 2021
Technology Impact Awards (TIAs) for "Company of the Year – Scale".
The winners are expected to be announced in the fourth quarter of
2021.
- Launched improvements to Thinkific product including: analytics
and reporting; our student communities; enhancements to make it
easier to build your own website around your Learning Products; our
trust engineering teams delivered performance improvements to make
Thinkific faster for all Course Creators and students; as well as
continuous improvements to the Thinkific App Store, API gateway and
developer documentation to better help partners build apps.
Highlights Subsequent to the Second Quarter
- Initiated the rollout of Thinkific Payments in July,
strengthening Thinkific's product offering and simplifying business
management for Course Creators. As anticipated, Thinkific Payments
is expected to contribute to revenue growth in 2022.
- Third Annual 'Think in Color' Summit, held on July 27-28, attracted thousands of entrepreneurs
and SMB participants. 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.
- Launched in-app live chat - an additional support channel to
provide customers with instant access to help when and where they
need it.
- Thinkific has been nominated in Canadian HR Reporter's Best
Places to Work. Results are expected to be released in October 2021.
Outlook
Thinkific's business performance accelerated materially over the
last two years, partly due to the industry's rapid evolution and
driven by changes in demographics, working ideologies, and
technology. These changes are propelling the shift towards digital
consumption, including online learning, and have further been
accelerated by the COVID-19 pandemic. While pandemic behaviours are
currently evolving, we remain optimistic for the long-term.
We believe we are just getting started, and will continue to
invest in our product, our people, and our platform, with the
long-term in mind. Thinkific anticipates revenue and adjusted
EBITDA to be in the following range for the third quarter of
2021:
- Revenue in the range of $9.6 -
$9.8 million, representing
year-over-year growth of 60% to 63%.
- Adjusted EBITDA loss in the range of $7.6 - $8.2
million.
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 2:00 PM
PT (5:00 PM ET) on
August 10, 2021 to discuss
Thinkific's second quarter financial results. To participate in the
call, please dial 1.888.664.6383 (US/Canada toll-free) or 1.416.764.8650
(International). For those unable to participate, playback will be
available commencing at 4:00 PM PT
(7:00 PM ET) on August 10, 2021 by dialing 416.764.8677 or toll
free 1.888.390.0541. The passcode is 265523#. The replay will
expire at 8:59 pm PT (11:59 pm ET) on August 17,
2021. 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 condensed interim consolidated financial
statements and accompanying notes, and Management's Discussion and
Analysis for the three and six months ended June 30, 2021 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 entrepreneurs 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 online courses and other
learning products, and to run their business seamlessly under their
own brand, on their own site. In 2020 alone, Thinkific's 50,000
active Course Creators earned hundreds of millions of dollars in
direct course sales while teaching tens of millions of students.
Thinkific is headquartered in Vancouver,
Canada, with a distributed and growing team.
For more information, please visit www.thinkific.com.
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", and "Gross Merchandise 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 gain
(loss), net finance expense, and transaction-related expenses.
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.
Industry Metrics
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" and
"Paying Customers". See the footnotes in table above for the
definitions of such industry metrics. Our key performance
indicators may be calculated in a manner different than similar key
performance indicators used by other companies.
Forward Looking Statements
This press release includes forward-looking statements and
forward–looking information within the meaning of Canadian
securities laws. Often, but not always, forward–looking information
can be identified by the use of words such as "plans", "is
expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative and grammatical variations) of such words and phrases, or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements in this press release include statements
regarding our financial position, business strategy, budgets,
operations, financial results, plans and objective, industry
trends; our growth and growth strategies; addressable markets for
our solutions; capturing market share; the impact of COVID-19 on
our operations and industry; our competitive advantage; advances in
and expansion of our offered platform service; expectations
regarding our revenue and the revenue generation potential of our
platform and other products, including Thinkific Payments; revenue;
and adjusted EBITDA.
Such statements and information are based on the current
expectations of Thinkific's management and are based on our
opinions, estimates and assumptions in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently
believe are appropriate and reasonable in the circumstances and are
subject to risks and uncertainties. Although Thinkific's management
believes that the assumptions underlying these statements and
information are reasonable, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Such assumptions include assumptions in respect of the
impact of the COVID-19 pandemic; our ability to continue investing
in infrastructure to support our growth and brand recognition; our
ability to continue maintaining and enhancing our technological
infrastructure and functionality of our platform; our ability to
maintain existing relationships with Course Creators and to
continue to expand our Course Creators' use of our platform; our
ability to acquire new Course 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 successful rollout and integration of features and
products, including the Thinkific App Store and Thinkific Payments;
our ability to retain key personnel; our ability to maintain and
expand geographic scope; our ability to execute on our expansion
and growth plans; 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 are material factors made in preparing
forward-looking information and management's expectations.
In addition, forward-looking financial information with respect
to potential outlook and future financial results contained in this
press release are based on assumptions about future events
including economic conditions, the assumptions noted above and
proposed courses of action, based on management's reasonable
assessment of the relevant information available as at the date of
such forward-looking information. Readers are cautioned that any
such forward-looking financial information should be used for
purposes other than for which it is disclosed.
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, are subject
to known and unknown risks, uncertainties, assumptions 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 following: the sustainability of our growth
and our ability to attract new customers, retain revenue from
existing customers and increase revenue from existing high-volume
customers; our history of operating losses and negative cash flows;
managing our growth effectively; our limited operating history; our
ability to keep pace with technological and marketplace change and
trends; the accuracy of our estimates of market opportunity and
growth forecasts; the consistency, security and functionality of
our technological infrastructure; our dependence on the ability of
our Course Creators to achieve commercial success; our strategic
relationships with third parties; our reliance on a single cloud
service provider; our reliance on a single supplier for video
delivery; the impact of worldwide economic conditions; our ability
to increase sales of subscriptions to our platform to Course
Creators; our ability to promote our brand; our ability hire,
retain and motivate qualified personnel; competition for top
talent; our reliance on third-party hardware and licensed software;
exchange rates; our ability to set optimal pricing; competition;
risks relating to international sales and use of our platform in
various countries; market adoption of cloud-based online course
platform solutions and internet commerce; maintaining and
protecting our intellectual property; litigation and regulatory
compliance; the activities of customers or Partners; changes to
technologies on which our platform is reliant; the success of our
current research and development efforts; compatibility of our
solutions with third-party applications and systems; our dependence
on the continued services and performance of our senior management
and other key employees; our liquidity and capital resources; our
use of open-source software; changes in tax laws and their
application; our ability to realize benefits from offering free and
trial subscription plans; shifting our operations to
"digital-by-default". The purpose of the forward-looking
information is to provide the reader with a description of
management's expectations regarding our financial performance and
may not be appropriate for other purposes.
These risks are described in additional detail under "Risk
Factors" in our Final Long Form Prospectus, which is available
under our profile on SEDAR at www.sedar.com. 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. 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.
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 of this press release
(or as the date they are otherwise stated to be made), 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 in Canada. All of
the forward-looking information contained in this press release is
expressly qualified by the foregoing cautionary statements.
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Financial Position
(unaudited)
(expressed in U.S. dollars)
|
June
30,
2021
|
December
31,
2020
|
|
$
|
$
|
Assets
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
141,527,324
|
9,066,016
|
Trade and other
receivables
|
931,376
|
806,687
|
Prepaid expenses and
other assets
|
2,238,961
|
572,684
|
Investment tax
credits
|
1,138,932
|
915,413
|
Contract acquisition
assets
|
77,152
|
—
|
Total current
assets
|
145,913,745
|
11,360,800
|
|
|
|
Property and
equipment
|
373,246
|
407,268
|
Lease right-of-use
assets
|
961,144
|
1,167,969
|
Contract acquisition
assets
|
216,644
|
—
|
Intangible
assets
|
102,473
|
—
|
Total
assets
|
147,567,252
|
12,936,037
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
Accounts payable and
accrued liabilities
|
1,544,127
|
1,498,163
|
Lease
liabilities
|
516,574
|
492,611
|
Deferred
revenue
|
5,721,894
|
4,767,614
|
Total current
liabilities
|
7,782,595
|
6,758,388
|
|
|
Lease
liabilities
|
631,082
|
868,473
|
Total
liabilities
|
8,413,677
|
7,626,861
|
|
|
|
Shareholders'
equity
|
|
|
Share
capital
|
145,475,728
|
6,702,059
|
Contributed
surplus
|
2,436,687
|
1,067,037
|
Accumulated other
comprehensive loss
|
(38,113)
|
(38,113)
|
Accumulated
deficit
|
(8,720,727)
|
(2,421,807)
|
Total
shareholders' equity
|
139,153,575
|
5,309,176
|
Total liabilities
and shareholders' equity
|
147,567,252
|
12,936,037
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive
Loss (unaudited)
(expressed in U.S. dollars)
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
2021
|
2020
|
2021
|
2020
|
|
$
|
$
|
$
|
$
|
Revenue
|
9,127,936
|
4,546,640
|
17,431,210
|
7,844,833
|
Cost of
revenue
|
2,147,939
|
1,028,552
|
3,816,726
|
1,714,252
|
Gross
profit
|
6,979,997
|
3,518,088
|
13,614,484
|
6,130,581
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Sales and
marketing
|
4,558,608
|
1,691,323
|
7,657,762
|
2,840,370
|
Research and
development
|
4,565,565
|
1,407,841
|
7,100,922
|
2,480,296
|
General and
administrative
|
3,160,433
|
923,892
|
5,138,604
|
1,587,530
|
Total operating
expenses
|
12,284,606
|
4,023,056
|
19,897,288
|
6,908,196
|
|
|
|
|
|
Operating
loss
|
(5,304,609)
|
(504,968)
|
(6,282,804)
|
(777,615)
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
Foreign exchange gain
(loss)
|
(58,958)
|
126,476
|
(56,011)
|
(19,302)
|
Finance income
(expense)
|
50,300
|
(7,574)
|
39,895
|
(8,492)
|
Total other income
(expenses)
|
(8,658)
|
118,902
|
(16,116)
|
(27,794)
|
Net loss and
comprehensive loss
|
(5,313,267)
|
(386,066)
|
(6,298,920)
|
(805,409)
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
Basic and
diluted
|
$
|
(0.11)
|
$
|
(0.01)
|
$
|
(0.14)
|
$
|
(0.02)
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in U.S. dollars)
|
Six months
ended
June
30,
|
|
2021
|
2020
|
|
$
|
$
|
Cash from (used
in):
|
|
|
Operating
activities
|
|
|
Net loss
|
(6,298,920)
|
(805,409)
|
Items not affecting
cash and cash equivalents:
|
|
|
Depreciation
|
284,317
|
207,845
|
Stock-based
compensation
|
1,405,659
|
205,450
|
Unrealized foreign
exchange loss (gain)
|
81,958
|
(207,996)
|
Finance
expense
|
20,738
|
21,297
|
|
|
|
Changes in non-cash
working capital:
|
|
|
Trade and other
receivables
|
(124,689)
|
(276,195)
|
Prepaid expenses and
other assets
|
(1,762,435)
|
(187,128)
|
Investment tax credits,
net
|
(242,311)
|
245,959
|
Contract acquisition
assets
|
(293,796)
|
—
|
Accounts payable and
accrued liabilities
|
85,388
|
585,547
|
Deferred
revenue
|
954,280
|
1,288,505
|
Cash from (used
in) operating activities
|
(5,889,811)
|
1,077,875
|
|
|
|
Investing
activities
|
|
|
Investment in
property and equipment
|
(41,283)
|
(163,908)
|
Investment in
intangible assets
|
(104,660)
|
—
|
Cash used in
investing activities
|
(145,943)
|
(163,908)
|
|
|
|
Financing
activities
|
|
|
Proceeds from
issuance of shares upon IPO
|
148,616,696
|
—
|
Share issuance
costs
|
(9,829,901)
|
—
|
Operating lease
payments
|
(265,362)
|
(208,295)
|
Exercise of equity
compensation units
|
7,599
|
5,152
|
Cash from (used
in) financing activities
|
138,529,032
|
(203,143)
|
|
|
Effect of foreign
exchange on cash and cash equivalents
|
(31,970)
|
129,832
|
Increase in cash and
cash equivalents
|
132,461,308
|
840,656
|
Cash and cash
equivalents, beginning of period
|
9,066,016
|
3,691,875
|
Cash and cash
equivalents, end of period
|
141,527,324
|
4,532,531
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in U.S. dollars)
Reconciliation from IFRS to Non-IFRS Measures
(unaudited)
(expressed in thousands of U.S. dollars)
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
2021
$
|
2020
$
|
2021
$
|
2020
$
|
Net loss and
comprehensive loss
|
(5,313)
|
(386)
|
(6,299)
|
(805)
|
Stock-based
compensation (1)
|
1,146
|
124
|
1,406
|
205
|
Depreciation
|
144
|
117
|
284
|
208
|
Foreign exchange loss
(gain) (2)
|
59
|
(126)
|
56
|
19
|
Finance (income)
expense (3)
|
(50)
|
8
|
(40)
|
8
|
Transaction-related
costs (4)
|
21
|
—
|
115
|
—
|
Adjusted
EBITDA
|
(3,994)
|
(264)
|
(4,478)
|
(364)
|
(1)
|
Represents non-cash
expenditures recognized in connection with equity compensation
units granted to our officers, employees, and
consultants.
|
(2)
|
Represents gains and
losses due to foreign exchange translation.
|
(3)
|
Represents interest
income less finance expense on lease obligations.
|
(4)
|
Represents costs
related to our IPO, and consists of professional, legal,
consulting, and accounting fees that are non-recurring, would
otherwise not have been incurred, and are not indicative of
continuing operations.
|
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SOURCE Thinkific Labs Inc.