Revenue up 65% year-over-year to $9.9 million,
with ARR growth of 56% to $41.0
million
As the platform of choice for Creators to
start and grow their businesses, Thinkific is making it easier than
ever to create and sell learning products, with the launch of
Thinkific Payments in Canada and
the United States
Thinkific reports in U.S. dollars and in
accordance with IFRS
VANCOUVER, BC, Nov. 8, 2021 /CNW/ - Thinkific Labs Inc.
("Thinkific" or "the Company") (TSX: THNC), a leading cloud-based
software platform that enables entrepreneurs and established
businesses of all sizes to create, market, and sell online learning
products, today announced its financial results for the three and
nine months ended September 30,
2021.
"Thinkific's strong third quarter results were driven by the
success of our customers. We continue to make it easier for
Creators to create and sell their expertise in the form of courses,
communities, memberships and other learning products," said
Greg Smith, Co-Founder and CEO of
Thinkific. "Today's launch of Thinkific Payments in the U.S. and
Canada furthers that goal, helping
our Creators save time and sell more. Thinkific Payments also
allows us to participate in our Creators' success and will further
drive our growth going forward.
"We are encouraged to see the continued strong performance of
our 2020 and 2021 Customer cohorts, and it is clear that
entrepreneurs and businesses are embracing Thinkific to distribute
their knowledge and grow their business," continued Mr. Smith. "At
Thinkific, our singular focus is the success of our Creators, and
we are fanatical about building Thinkific to support their growth,
as well as their growing needs."
US $ (unless
otherwise noted)
|
Third
Quarter 2021
|
Third
Quarter 2020
|
|
%
Change
|
Paying Customers
(1)
|
30.7 thousand
|
21.4 thousand
|
|
43
|
%
|
Average Revenue Per
User ("ARPU") (2)
|
$
|
110
|
$
|
103
|
|
7
|
%
|
Annual Recurring
Revenue ("ARR") (3)
|
$
|
41.0 million
|
$
|
26.3 million
|
|
56
|
%
|
Gross Merchandise
Volume ("GMV") (4)
|
$
|
100.5 million
|
$
|
80.0 million
|
|
26
|
%
|
Revenue
|
$
|
9.9 million
|
$
|
6.0 million
|
|
65
|
%
|
Gross margin
|
|
76%
|
|
79%
|
|
(3)
|
%
|
Adjusted EBITDA
(5)
|
$
|
(6.3) million
|
$
|
(23) thousand
|
|
|
nm
|
Net loss
|
$
|
(10.7) million
|
$
|
(0.1) million
|
|
|
nm
|
(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 our 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 third quarter results reflect the growing adoption and
impact of our platform," stated Corinne
Hua, CFO of Thinkific. "Looking forward, we expect to
continue to deliver on our business plan, with the main drivers
being Paying Customer growth, our Creators moving to higher tier
plans, and the adoption of Thinkific Payments."
Third Quarter Financial Highlights
- Paying Customers grew by 43% to 30.7 thousand compared to the
third quarter of 2020. Growth was 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 $110 per
month, compared to the third quarter of 2020, driven by a stronger
mix of higher tier customers looking to access enhanced features
and functionalities, including both upgrades from existing
customers and new customers signing up for higher tier plans.
- ARR grew by 56% to $41.0 million
year-over-year, benefiting from ARPU and Paying Customers
growth.
- GMV expanded by 26% to $100.5
million year-over-year due to the success of our Creators in
monetizing their learning products.
- Revenue was $9.9 million, an
increase of 65% compared to the third quarter of 2020, due to a
combination of new customer acquisitions and stronger mix of higher
tier Plus customers.
- Gross margin was 76% compared with 79% the third quarter of
2020, primarily due to an increase in employee-related costs to
support customer growth.
- Adjusted EBITDA loss was $6.3
million and net loss was $10.7
million, compared with $23
thousand and $0.1 million
respectively, driven by increased investments across all areas of
the business, as the Company scales to support business growth,
build the Thinkific brand, and invest in research and
development.
Third Quarter Operational Highlights
- Increased strength and depth of the executive leadership team
with two strategic appointments of Henk
Campher as Chief Marketing Officer, and Chris McGuire as Chief Technology Officer.
Thinkific is excited to have executives of this calibre join our
team, and we look forward to them supporting us to drive marketing
strategy and support strategic growth plans.
- Introduced Spaces to Thinkific Communities. The new feature
allows Creators to run cohort-based classes and segment communities
into topics or areas of interest. Thinkific Communities enable
Creators to create their own branded communities to engage with
their customers on Thinkific. Additional Thinkific Communities
enhancements in the third quarter include engagement tools like
improved commenting and reactions.
- Expanded our product offering, launching the Thinkific Plus
Portal enabling Plus Customers to manage multiple sites in one
unified dashboard; Social sharing for students to create viral
loops and help Creators grow their audience; a new site page
interface making it easier than ever for Creators to add, remove
and edit pages and sections in their Thinkific websites; and
upgrading core technologies across the platform to better support
our Creators' success.
- Continued to attract new partners to Thinkific App Store
steadily during the quarter. These partners are developing Apps for
Creators to broaden learning product offerings and functionality.
Early indications in our data show that customers who adopt Apps
achieve more student enrollments on average than customers without
Apps.
- Strengthened our partner ecosystem with the launch of the
first-of-its-kind store on Fiverr Marketplace - a place where our
Creators can be matched with digital freelancers, skilled in
design, branding, email marketing, SEO, social media and other key
disciplines integral to building and scaling successful
businesses.
Highlights Subsequent to the Third Quarter
- Announced earlier today the launch of Thinkific Payments to all
customers in the United States and
Canada. Thinkific Payments is an
embedded payment processing service in the Company's platform and
an impactful tool built to help Creators sell more while spending
less time on administration. The addition of Thinkific Payments is
expected to support the ongoing success of our Creators, while
accelerating the Company's growth in the mid- to long-term.
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. We believe we are just getting started, and continue to
invest in our product, our people, and our platform, with the
long-term in mind, and remain optimistic about our long-term
sustained growth.
Thinkific anticipates revenue and Adjusted EBITDA for the fourth
quarter and 2021 to be in the range of:
- Revenue of $10.5 - $10.7 million, representing year-over-year growth
of 45% - 48%, bringing the full year revenue to approximately
$37.9 million, representing growth of
approximately 80%.
- Adjusted EBITDA loss in the range of $7.8 million to $8.4
million, bringing the Adjusted EBITDA loss for 2021 to
approximately $18.8 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 2:30 PM
PT (5:30 PM ET) on
November 8, 2021 to discuss
Thinkific's third quarter financial and operational results. To
participate in the call, please dial 1.888.390.0546
(US/Canada toll-free) or
1.416.764.8688 (International). For those unable to participate,
playback will be available commencing at 4:30 PM PT (7:30 PM
ET) on November 8, 2021 by
dialing 1.888.390.0541 (US/Canada
toll-free) or 1.416.764.8677 (International). The passcode is
692260#. The replay will expire at 8:59 pm
PT (11:59 pm ET) on
November 15, 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 nine months ended September 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 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; growth in our industry; 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; the development and success of new products, features, and
services; expectations regarding our revenue and the revenue
generation potential of our platform and other products, including
Thinkific Payments, Thinkific App Store, and Thinkific Communities;
the potential impact of new members of our growing team, including
the executive leadership team; 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 Creators and to continue to
expand our Creators' use of our platform; our ability to acquire
new Creators; our ability to maintain existing material
relationships on similar terms with service providers, suppliers,
Partners and other third parties; our ability to build our market
share and enter new markets and industry verticals; the successful
development, rollout and integration of new features, services and
products, including the Thinkific App Store and Thinkific Payments;
our ability to attract and 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 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 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)
|
|
September
30,
2021
|
|
December
31,
2020
|
|
|
$
|
|
$
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
132,587,303
|
|
9,066,016
|
Trade and other
receivables
|
|
1,142,782
|
|
806,687
|
Prepaid expenses and
other assets
|
|
3,255,411
|
|
572,684
|
Investment tax
credits
|
|
399,840
|
|
915,413
|
Contract acquisition
assets
|
|
119,746
|
|
—
|
Total current
assets
|
|
137,505,082
|
|
11,360,800
|
|
|
|
|
|
Property and
equipment
|
|
543,744
|
|
407,268
|
Lease right-of-use
assets
|
|
857,732
|
|
1,167,969
|
Contract acquisition
assets
|
|
322,250
|
|
—
|
Intangible
assets
|
|
100,729
|
|
—
|
Total
assets
|
|
139,329,537
|
|
12,936,037
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
2,367,213
|
|
1,498,163
|
Lease
liabilities
|
|
507,747
|
|
492,611
|
Deferred
revenue
|
|
6,250,737
|
|
4,767,614
|
Total current
liabilities
|
|
9,125,697
|
|
6,758,388
|
|
|
|
|
|
Lease
liabilities
|
|
486,924
|
|
868,473
|
Total
liabilities
|
|
9,612,621
|
|
7,626,861
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
|
145,548,192
|
|
6,702,059
|
Contributed
surplus
|
|
3,602,747
|
|
1,067,037
|
Accumulated other
comprehensive loss
|
|
(38,113)
|
|
(38,113)
|
Accumulated
deficit
|
|
(19,395,910)
|
|
(2,421,807)
|
Total shareholders'
equity
|
|
129,716,916
|
|
5,309,176
|
Total liabilities
and shareholders' equity
|
|
139,329,537
|
|
12,936,037
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive
Loss (unaudited)
(expressed in U.S. dollars)
|
|
Three months
ended
September
30,
|
Nine months
ended
September
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Revenue
|
|
9,915,701
|
|
6,000,907
|
|
27,346,911
|
|
13,845,740
|
Cost of
revenue
|
|
2,333,321
|
|
1,231,537
|
|
6,150,047
|
|
2,945,789
|
Gross
profit
|
|
7,582,380
|
|
4,769,370
|
|
21,196,864
|
|
10,899,951
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
5,847,814
|
|
2,376,813
|
|
13,505,576
|
|
5,217,183
|
Research and
development
|
|
5,550,703
|
|
1,748,541
|
|
12,651,625
|
|
4,228,837
|
General and
administrative
|
|
3,835,173
|
|
985,046
|
|
8,973,777
|
|
2,572,576
|
Total operating
expenses
|
|
15,233,690
|
|
5,110,400
|
|
35,130,978
|
|
12,018,596
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(7,651,310)
|
|
(341,030)
|
|
(13,934,114)
|
|
(1,118,645)
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
Foreign exchange gain
(loss)
|
|
(3,134,760)
|
|
237,621
|
|
(3,190,771)
|
|
218,319
|
Finance income
(expense)
|
|
110,887
|
|
(8,921)
|
|
150,782
|
|
(17,413)
|
Total other income
(expenses)
|
|
(3,023,873)
|
|
228,700
|
|
(3,039,989)
|
|
200,906
|
Net loss and
comprehensive loss
|
|
(10,675,183)
|
|
(112,330)
|
|
(16,974,103)
|
|
(917,739)
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.14)
|
|
$
|
0.00
|
|
$
|
(0.28)
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in U.S. dollars)
|
|
Nine months
ended
September
30,
|
|
|
2021
|
|
2020
|
|
|
$
|
|
$
|
Cash from (used
in):
|
|
|
|
|
Operating
activities
|
|
|
|
|
Net loss
|
|
(16,974,103)
|
|
(917,739)
|
Items not affecting
cash and cash equivalents:
|
|
|
|
|
Depreciation
|
|
430,173
|
|
342,727
|
Stock-based
compensation
|
|
2,653,304
|
|
388,418
|
Unrealized foreign
exchange loss (gain)
|
|
3,196,293
|
|
(31,909)
|
Finance
expense
|
|
29,523
|
|
33,153
|
|
|
|
|
|
Changes in non-cash
working capital:
|
|
|
|
|
Trade and other
receivables
|
|
(336,095)
|
|
(377,556)
|
Prepaid expenses and
other assets
|
|
(2,682,727)
|
|
(347,113)
|
Investment tax credits,
net
|
|
525,233
|
|
6,624
|
Contract acquisition
assets
|
|
(441,996)
|
|
—
|
Accounts payable and
accrued liabilities
|
|
816,325
|
|
525,898
|
Deferred
revenue
|
|
1,483,123
|
|
2,104,406
|
Cash from (used in)
operating activities
|
|
(11,300,947)
|
|
1,726,909
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Investment in property
and equipment
|
|
(252,481)
|
|
(297,467)
|
Investment in
intangible assets
|
|
(104,660)
|
|
—
|
Cash used in
investing activities
|
|
(357,141)
|
|
(297,467)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Proceeds from issuance
of shares upon IPO
|
|
148,616,696
|
|
—
|
Proceeds from Equity
Financing and
conversion of SAFE
Agreement
|
|
—
|
|
3,035,985
|
Share issuance
costs
|
|
(9,891,051)
|
|
(53,846)
|
Operating lease
payments
|
|
(403,014)
|
|
(327,198)
|
Exercise of equity
compensation units
|
|
55,619
|
|
27,081
|
Cash from financing
activities
|
|
138,378,250
|
|
2,682,022
|
|
|
|
|
|
Effect of foreign
exchange on cash and cash equivalents
|
|
(3,198,875)
|
|
(42,654)
|
Increase in cash and
cash equivalents
|
|
123,521,287
|
|
4,068,810
|
Cash and cash
equivalents, beginning of period
|
|
9,066,016
|
|
3,691,875
|
Cash and cash
equivalents, end of period
|
|
132,587,303
|
|
7,760,685
|
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
September
30,
|
Nine months
ended
September
30,
|
|
2021
$
|
|
2020
$
|
|
2021
$
|
|
2020
$
|
Net loss and
comprehensive loss
|
(10,675)
|
|
(112)
|
|
(16,974)
|
|
(918)
|
Stock-based
compensation
|
1,248
|
|
183
|
|
2,653
|
|
388
|
Depreciation
|
146
|
|
135
|
|
430
|
|
343
|
Foreign exchange loss
(gain)
|
3,135
|
|
(238)
|
|
3,191
|
|
(218)
|
Finance (income)
expense
|
(111)
|
|
9
|
|
(151)
|
|
17
|
Transaction-related
costs (1)
|
—
|
|
—
|
|
115
|
|
—
|
Adjusted
EBITDA
|
(6,258)
|
|
(23)
|
|
(10,735)
|
|
(387)
|
(1)
|
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.