Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Cover [Abstract] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-39750 |
Entity Registrant Name | DOCEBO INC. |
Entity Incorporation, State or Country Code | A6 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 32,856,681 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001829959 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Information [Line Items] | |
Entity Address, Address Line One | 366 Adelaide St. West |
Entity Address, Address Line Two | Suite 701 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5V 1R7 |
City Area Code | (800) |
Local Phone Number | 681-4601 |
Nasdaq Global Select Market | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | DCBO |
Security Exchange Name | NASDAQ |
Toronto Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | DCBO |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Docebo NA, Inc. |
Entity Address, Address Line One | 600 N. Thomas St. |
Entity Address, Address Line Two | Suite A |
Entity Address, City or Town | Athens |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30601 |
City Area Code | (800) |
Local Phone Number | 681-4601 |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Audit Information [Abstract] | ||
Auditor Name | KPMG LLP | PricewaterhouseCoopers LLP |
Auditor Location | Vaughan, Canada | Toronto, Canada |
Auditor Firm ID | 85 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 215,323 | $ 219,658 | |
Trade and other receivables (Note 6) | 27,685 | 15,690 | |
Prepaids and deposits | 6,992 | 2,942 | |
Net investment in finance lease | 99 | 99 | |
Contract costs, net (Note 16) | 1,390 | 1,345 | |
Total current assets | 251,489 | 239,734 | |
Non-current assets: | |||
Contract costs, net (Note 16) | 3,849 | 1,456 | |
Net investment in finance lease | 204 | 270 | |
Right-of-use assets, net (Note 7) | 3,059 | 2,798 | |
Property and equipment, net (Note 8) | 2,645 | 2,290 | |
Intangible assets, net (Note 9) | 1,576 | 2,096 | |
Goodwill (Note 10) | 5,301 | 5,600 | |
Total assets | 268,123 | 254,244 | |
Current liabilities: | |||
Trade and other payables | 22,817 | 16,121 | |
Deferred revenue (Note 16) | 44,578 | 28,331 | |
Contingent consideration (Note 5) | 467 | 0 | |
Lease obligations (Note 7) | 1,311 | 1,260 | |
Borrowings | 0 | 15 | |
Total current liabilities | 69,173 | 45,727 | |
Non-current liabilities: | |||
Contingent consideration (Note 5) | 2,236 | 2,630 | |
Deferred revenue (Note 16) | 116 | 0 | |
Lease obligations (Note 7) | 2,690 | 2,544 | |
Employee benefit obligations (Note 12) | 2,560 | 2,330 | |
Deferred tax liability (Note 19) | 692 | 707 | |
Total liabilities | 77,467 | 53,938 | |
Shareholders’ equity | |||
Share capital (Note 13) | 266,119 | 264,357 | |
Contributed surplus | 4,312 | 2,537 | |
Accumulated other comprehensive income | 2,113 | 1,699 | |
Deficit | (81,888) | (68,287) | |
Total equity | 190,656 | 200,306 | |
Total liabilities and equity | $ 268,123 | $ 254,244 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | [1] | |
Profit or loss [abstract] | |||
Revenue (Note 16) | $ 104,242 | $ 62,917 | |
Cost of revenue (Note 17 and 18) | 20,786 | 11,539 | |
Gross profit | 83,456 | 51,378 | |
Operating expenses | |||
General and administrative (Note 18) | 28,443 | 16,998 | |
Sales and marketing (Note 18) | 43,346 | 24,020 | |
Research and development (Note 18) | 20,363 | 13,384 | |
Share-based compensation (Note 14) | 2,261 | 1,619 | |
Foreign exchange loss | 473 | 1,775 | |
Depreciation and amortization (Note 7, 8 and 9) | 2,019 | 1,209 | |
Operating expenses | 96,905 | 59,005 | |
Operating loss | (13,449) | (7,627) | |
Finance expense, net (Note 11) | 65 | 130 | |
Other income | (85) | (77) | |
Loss before income taxes | (13,429) | (7,680) | |
Income tax expense (Note 19) | 172 | 336 | |
Net loss for the year | (13,601) | (8,016) | |
Item that may be reclassified subsequently to income: | |||
Exchange gain on translation of foreign operations | (494) | (1,002) | |
Item not subsequently reclassified to income: | |||
Actuarial loss (Note 12) | 80 | 108 | |
Other comprehensive income | (414) | (894) | |
Comprehensive loss | $ (13,187) | $ (7,122) | |
Loss per share - basic (in USD per share) | $ (0.41) | $ (0.28) | |
Loss per share - diluted (in USD per share) | $ (0.41) | $ (0.28) | |
Weighted average number of common shares outstanding - basic (in shares) | 32,867,801 | 28,934,726 | |
Weighted average number of common shares outstanding - diluted (in shares) | 32,867,801 | 28,934,726 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY $ in Thousands | USD ($)shares | Common sharesUSD ($)shares | Contributed surplusUSD ($) | Accumulated other comprehensive incomeUSD ($) | DeficitUSD ($) | ||
Balance at beginning of period (in shares) at Dec. 31, 2019 | shares | 28,454,200 | ||||||
Equity at beginning of period at Dec. 31, 2019 | $ 31,381 | $ 89,745 | $ 1,102 | $ 805 | $ (60,271) | ||
Exercise of stock options (in shares) | shares | 192,431 | 191,429 | |||||
Exercise of stock options | $ 244 | $ 342 | (98) | ||||
Share-based compensation (Note 14) | 1,619 | 1,619 | |||||
Issuance of common shares upon bought deal offering, net of share issuance costs (Note 13) (in shares) | shares | 500,000 | ||||||
Issuance of common shares upon bought deal offering, net of share issuance costs (Note 13) | 18,106 | $ 18,106 | |||||
Release of DSUs (Note 14) (in shares) | shares | 5,883 | ||||||
Release of DSUs (Note 14) | 0 | $ 86 | (86) | ||||
Shares issued in connection with business combinations (Note 13) (in shares) | shares | 29,024 | ||||||
Shares issued in connection with business combinations (Note 13) | 1,163 | $ 1,163 | |||||
Issuance of common shares upon initial public offering on the Nasdaq, net of share issuance costs (Note 13) (in shares) | shares | 3,450,000 | ||||||
Issuance of common shares upon initial public offering on the Nasdaq, net of share issuance costs (Note 13) | 154,915 | $ 154,915 | |||||
Comprehensive income (loss) | (7,122) | [1] | 894 | (8,016) | |||
Balance at end of period (in shares) at Dec. 31, 2020 | shares | [1] | 32,630,536 | |||||
Equity at end of period at Dec. 31, 2020 | [1] | $ 200,306 | $ 264,357 | 2,537 | 1,699 | (68,287) | |
Exercise of stock options (in shares) | shares | 221,941 | 221,941 | |||||
Exercise of stock options | $ 1,032 | $ 1,470 | (438) | ||||
Share-based compensation (Note 14) | 2,261 | 2,261 | |||||
Share issuance under ESPP (Note 13 and 14) (in shares) | shares | 4,945 | ||||||
Share issuance under ESPP (Note 13 and 14) | 244 | $ 292 | (48) | ||||
Comprehensive income (loss) | (13,187) | 414 | (13,601) | ||||
Balance at end of period (in shares) at Dec. 31, 2021 | shares | 32,857,422 | ||||||
Equity at end of period at Dec. 31, 2021 | $ 190,656 | $ 266,119 | $ 4,312 | $ 2,113 | $ (81,888) | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Cash flows (used in) from operating activities | ||||
Net loss | $ (13,601) | $ (8,016) | [1] | |
Adjustments to reconcile net loss to net cash (used in) from operating activities: | ||||
Depreciation and amortization | 2,019 | 1,209 | [1] | |
Share-based compensation | 2,261 | 1,619 | [1] | |
Unrealized foreign exchange loss | 338 | 1,962 | [1] | |
Deferred tax expense | 11 | 389 | [1] | |
Finance expense, net | 65 | 130 | [1] | |
Changes in non-cash working capital items: | ||||
Trade and other receivables | (12,319) | (4,584) | [1] | |
Prepaids and deposits | (4,243) | (942) | [1] | |
Contract costs | (2,469) | (1,467) | [1] | |
Trade and other payables | 7,477 | 4,774 | [1] | |
Employee benefit obligations | 331 | 652 | [1] | |
Deferred revenue | 16,876 | 9,065 | [1] | |
Cash (used in) from operating activities | (3,254) | 4,791 | [1] | |
Cash flows used in investing activities | ||||
Purchase of property and equipment | (1,145) | (1,081) | [1] | |
Acquisition of business, net of cash acquired | 0 | (2,450) | [1] | |
Cash used in investing activities | (1,145) | (3,531) | [1] | |
Cash flows (used in) from financing activities | ||||
Payments received on net investment in finance lease | 95 | 92 | [1] | |
Repayment of lease obligations | (1,338) | (1,106) | [1] | |
Interest received | 404 | 317 | [1] | |
Proceeds from exercise of stock options | 1,032 | 244 | [1] | |
Proceeds from share issuance under ESPP | 244 | 0 | [1] | |
Proceeds from bought deal offering of common shares | 0 | 19,029 | [1] | |
Proceeds from issuance of common shares | 0 | 165,600 | [1] | |
Share issuance cost | 0 | (11,607) | [1] | |
Repayment of borrowings | (15) | (299) | [1] | |
Cash from financing activities | 422 | 172,270 | [1] | |
Net change in cash and cash equivalents during the year | (3,977) | 173,530 | [1] | |
Effect of foreign exchange on cash and cash equivalents | (358) | (150) | [1] | |
Cash and cash equivalents, beginning of the year | [1] | 219,658 | 46,278 | |
Cash and cash equivalents, end of the year | $ 215,323 | $ 219,658 | [1] | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Nature of business
Nature of business | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Nature of business | Nature of business Docebo Inc. (the “Company” or “Docebo”) is a provider of cloud-based learning management systems. The Company was incorporated on April 21, 2016 under the laws of the Province of Ontario. The Company’s head office is located at Suite 701, 366 Adelaide Street West, Toronto, Canada, M5V 1R9. The Company’s shares are listed on both the Toronto Stock Exchange (“TSX”), as of October 8, 2019, and the Nasdaq Global Select Market (“Nasdaq”), as of December 3, 2020, under the stock symbol “DCBO”. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | Basis of preparation Statement of compliance These consolidated financial statements (“financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements were approved and authorized for issuance by the Board of Directors of the Company on March 9, 2022. Basis of measurement These financial statements have been prepared on a going-concern basis under the historical cost method except for contingent consideration which is measured at fair value. Historical costs are generally based on the fair value of the consideration given in exchange for goods and services received. Basis of consolidation The financial statements comprise the financial statements of the Company and its wholly-owned subsidiaries. The Company has the following subsidiaries: Entity name Country Ownership percentage December 31, 2021 Ownership percentage December 31, 2020 % % Docebo S.p.A Italy 100 100 Docebo NA, Inc. United States 100 100 Docebo EMEA FZ-LLC Dubai 100 100 Docebo UK Limited England 100 100 Docebo France Société par Actions Simplifiée 1 (“Docebo France”) France 100 100 Docebo DACH GmbH 2 (“Docebo Germany”) Germany 100 — 1 On March 18, 2021 forMetris Société par Actions Simplifiée (“forMetris”) changed its name to Docebo France Société par Actions Simplifiée. 2 On March 23, 2021 the Company incorporated a new subsidiary, Docebo Germany. Subsidiaries are consolidated from the date of acquisition, which is the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate there are changes to one or more of the three elements of control listed above. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances, transactions, unrealized gains and losses resulting from intercompany transactions and dividends are eliminated on consolidation. Functional and presentation currency These financial statements are expressed in thousands of United States dollars, except as otherwise noted. Docebo’s functional currency is Canadian dollars (“C$”) and the functional currencies of the Company’s wholly owned subsidiaries are as follows: Docebo NA Inc. United States dollars Docebo EMEA FZ-LLC United Arab Emirates dirham Docebo S.p.A. Euros Docebo UK British pounds Docebo France Euros Docebo Germany Euros The presentation currency is different than the functional currency of the Company for industry and market comparability reasons. Use of estimates, assumptions and judgments The preparation of these financial statements in conformity with IFRS requires management to make estimates, assumptions and judgments that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from those estimates. Estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The impact of the novel coronavirus (“COVID-19”) pandemic, with its combined health toll and sharp decline in global economic output, is unprecedented and the full extent of the impact will depend on future developments. These developments are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning its severity, its duration and actions by government authorities to contain the outbreak or manage its impact. The extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance remains uncertain. total expected future net discounted cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the related assets. • Contingent consideration The Company recognizes the fair value of contingent consideration relating to acquisitions on the date the transaction closes. Contingent consideration is classified as a liability carried at fair value with changes in fair value flowing through the consolidated statements of loss and comprehensive loss. Contingent consideration is initially measured at fair value based on management’s best estimate of the probability of the attainment of specified revenue targets at the date of acquisition and is subsequently revalued at each financial reporting period-end. Management’s estimate of the probability of the attainment of specified revenue targets takes into account management’s evaluation of the revenue and earnings forecasts for the respective acquired businesses and the risks thereon. Changes in management’s estimate of the probability of achieving the specified target could have a material impact on the valuation of the contingent consideration liability. The following are the critical judgements, apart from those involving estimations, that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements: • Revenue recognition The Company derives its revenues from two main sources: software as-a-service application (“SaaS”); and professional services revenue, which includes services such as initial implementation, project management, training and integration. The Company enters into significant revenue contracts with certain large enterprise customers that contain non-standard terms and conditions, pricing and promised services. Significant management judgment can be required to assess the impact of these items on the amount and timing of revenue recognition for these contracts including the determination of performance obligations, calculation of transaction price, allocation of transaction price across performance obligations, and timing of revenue recognition. • Contract costs Contract costs include customer acquisition costs, which consist primarily of sales commissions paid to sales personnel. These costs are deferred as a contract cost asset as they are considered to be incremental costs incurred to obtain a customer contract and amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company uses judgement to determine the period of benefit by taking into consideration its customer contracts and customer life, its technology and other factors. • Trade and other receivables The recognition of trade and other receivables and loss allowances requires the Company to assess credit risk and collectability. The Company considers historical trends and any available information indicating a customer could be experiencing liquidity or going concern problems and the status of any contractual or legal disputes with customers in performing this assessment. The Company has established a provision matrix that is based on its historical credit loss experiences, adjusted for forward-looking factors specific to the debtors and the economic environment, including the potential impact of the COVID-19 pandemic. • Impairment of non-financial assets Judgement is required to assess the Company’s determination of its cash generating units for purposes of impairment testing. The Company has determined that the consolidated business is represented by a single cash generating unit (“CGU”). • Income taxes The Company computes an income tax provision in each of the tax jurisdictions in which it operates. Actual amounts of income tax expense only become final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the consolidated financial statements. Additionally, estimation of income taxes includes evaluating the recoverability of deferred tax assets against future taxable income based on an assessment of the ability to use the underlying future tax deductions before they expire. To the extent that estimates of future taxable income differ from the tax return, earnings would be affected in a subsequent period. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. • Functional currency The Company uses judgment in determining the functional currency for each entity within the consolidated group. The functional currency is determined based on an evaluation of the currency of each respective entities’ primary economic environment. This requires an evaluation of the currency that primarily influences selling prices and the currency which mainly influences expenses and cash outflows, among other factors. The Company has taken these factors into account when determining the functional currency for each entity in the consolidated group. • Segment information |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policiesThe significant accounting policies adopted in the preparation of these financial statements are set out below. The policies have been consistently applied to all periods presented, unless stated otherwise. Foreign currency translation Foreign currency transactions are translated into functional currencies at exchange rates in effect on the date of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated into functional currencies at the foreign exchange rate applicable at that period-end date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Expenses are translated at the exchange rates that approximate those in effect on the date of the transaction. Realized and unrealized exchange gains and losses are recognized in the consolidated statement of loss and comprehensive loss. On consolidation, assets and liabilities of operations with a functional currency other than US dollars are translated into US dollars at period-end foreign currency rates. Revenues and expenses of such operations are translated into US dollars at average rates for the period. Foreign currency translation gains and losses are recognized in other comprehensive income. The relevant amount in cumulative foreign currency translation adjustment is reclassified into earnings upon disposition of a foreign operation. Revenue recognition and related cost recognition The Company recognizes revenue to depict the transfer of promised products and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products and services by applying the following steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price; and • recognize revenue when, or as, the Company satisfies a performance obligation. Revenue represents the amount the Company expects to receive for products and services in its contracts with customers, net of discounts and sales taxes. The Company derives revenue from subscriptions to access its hosted SaaS platform, including related support and maintenance (“subscription revenue”), and from the provision of professional services including implementation services, technical services and training. Professional services offered by the Company do not include significant customization to, or development of, the software. The Company recognizes revenue upon transfer of control of products or services to customers. The Company’s contracts with customers often include multiple products and services. The Company evaluates these arrangements to determine the appropriate unit(s) of accounting (performance obligation(s)) for revenue recognition purposes based on whether the product or service is distinct from some or all of the other products or services in the arrangement. A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contractual arrangement with the customer. Non-distinct products and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation. Subscription revenue and professional services are generally capable of being distinct for the Company and are accounted for as separate performance obligations. The total consideration for the arrangement is allocated to the separate performance obligations based on their relative standalone selling price and the revenue is recognized for each performance obligation when the requirements for revenue recognition have been met. The Company determines the standalone selling price (“SSP”) of each performance obligation based on the normal or consistently applied selling price range when they are sold separately. We update our estimates of SSP on an ongoing basis through internal periodic reviews and as events or circumstances may require. Subscription revenue related to the provision of access to the SaaS platform is recognized ratably over the enforceable subscription contract term, once the customer has been provisioned access to the platform. Ratable recognition reflects its continuous obligation to stand-ready to provide access to the platform and provide technical support and maintenance including when-and-if-available software upgrades to the customer. The customer receives and consumes the benefit of access to the SaaS platform equally on a daily basis. Professional services revenue is recognized over time as services are performed based on the proportion performed to date relative to the total expected services to be performed, which is normally over the first few months of a contract with progress being measured over the implementation and training period. The Company applies labour hours expended which is an input method to measure progress towards complete satisfaction of professional services revenue performance obligations. Labour hours expended relative to the total expected labour hours to be expended provides a faithful depiction of the Company's performance towards complete satisfaction of the professional services performance obligations as it closely reflects the completion of activities based on budgeted labour hours and the value of the services transferred cannot be measured directly. The Company records contract costs which consists of two components, customer acquisition costs and costs to fulfill a contract. The Company records customer acquisition costs for selling commissions paid at the inception of a contract that are incremental costs of obtaining the contract, if the Company expects to recover those costs. Contract acquisition costs are subsequently amortized on a straight-line basis over a period consistent with the pattern of transfer of the products and services to which the asset relate, including specifically identifiable expected renewals . The amortization of customer acquisition costs is recorded as a sales and marketing expense in the consolidated statement of loss and comprehensive loss . The Company has elected to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer’s payment for these services is expected to be one year or less. Costs to fulfill a contract, or fulfillment costs, are only capitalized if they relate directly to a contract with a customer, the costs generate or enhance resources that will be used to satisfy the performance obligations in the future, and the costs are expected to be recoverable. Fulfillment costs are amortized over the term of the initial contract signed with the customer. The amortization of fulfillment costs is classified as a cost of revenue in the consolidated statement of loss and comprehensive loss . Accrued and deferred revenue Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. The timing of revenue recognition and the contractual payment schedules often differ, resulting in contractual payments being billed before contractual products or services are delivered. Generally, the payment terms are between 30 to 60 days from the date of invoice. The amounts that are billed, but not earned, are recognized as deferred revenue. When products or services have been transferred to customers and revenue has been recognized, but not billed, the Company recognizes and includes these amounts as accrued revenue within trade and other receivables. Deferred revenue primarily relates to subscription revenue agreements and professional services agreements, which have been paid for by customers prior to the performance of those services. Generally, the services will be provided in the next twelve months and are classified as current based on the length of the arrangement. Cost of revenue Cost of revenue is comprised of costs related to provisioning and hosting the learning platform and related products and the delivery of support and professional services. Significant expenses included in cost of revenue include employee wages and benefits expenses, web hosting fees, software and partner fees. Cash and cash equivalents Cash and cash equivalents include cash held at financial institutions and short-term investments in highly liquid marketable securities, having a term to maturity of three months or less. Property and equipment The Company’s property and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of an item of property and equipment includes expenditures that are directly attributable to the acquisition or construction of the asset. Depreciation is recorded on a straight-line basis over the estimated useful lives as outlined below: Electronic equipment 3 years Furniture 5 years Building 25 years Leasehold improvements Lease term Land is not depreciated. The Company assesses an asset’s residual value, useful life and depreciation method on an annual basis or more frequently if any events have indicated a change to these estimates are required and makes adjustments if appropriate. Gains and losses on disposal of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of the property and equipment and are recognized in the consolidated statement of loss and comprehensive loss. Business combinations Business combinations are accounted for using the acquisition method. In applying the acquisition method, the Company separately measures at their acquisition-date fair values, the identifiable assets acquired, the liabilities assumed, goodwill acquired and any non-controlling interest in the acquired entity. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement that does not require continued employment services. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition costs in connection with a business combination are expensed as incurred. Goodwill is measured as the excess of the fair value of the consideration transferred, less any non-controlling interest in the entity being acquired at the proportionate share of the recognized net identifiable assets acquired. Goodwill acquired through a business combination is allocated to each CGU or group of CGUs that are expected to benefit from the related business combination. A group of CGUs represents the lowest level within the entity at which the goodwill is monitored for internal management purposes, which is not higher than an operating segment. Goodwill is tested for impairment annually or more frequently if certain indicators arise that indicate goodwill is impaired. Contingent consideration The Company accounts for contingent consideration as a financial liability measured at fair value through profit or loss and subsequently re-measures fair value at the end of each reporting period. The change in the fair value of the contingent consideration, if any, is recognized as a gain or loss in the consolidated statements of loss and comprehensive loss. Intangible assets The Company’s intangible assets relate to acquired identifiable intangible assets, such as trademarks, software technology and customer relationships. Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets with a finite life are amortized over the estimated useful life on a straight-line basis as follows: Brand and trademarks 3 years Software technologies 5 - 10 years Customer relationships 5 - 10 years The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Impairment of long-lived assets, intangible assets and goodwill Property and equipment and definite life intangible assets are reviewed for indicators of impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that the carrying amount of an asset or CGU is not recoverable, the Company records an impairment loss equal to the excess of the carrying amount over the recoverable amount of the asset or CGU. The recoverable amount of the asset or CGU is equal to the higher of its fair value less costs to sell and value-in-use. The Company tests goodwill for impairment annually, during the fourth quarter of each fiscal year, and in the interim whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of a CGU exceeds its estimated recoverable amount. If the recoverable amount of the CGU, which is the higher of its fair value less costs to sell or its value-in-use, exceeds its carrying amount there is no goodwill impairment. There have been no goodwill impairments recorded during the periods presented. Government assistance Government assistance, which mainly includes research and development and other tax credits, is recognized when there is reasonable assurance it will be received and all related conditions will be complied with. Government assistance is recognized as a reduction of the related expenditure over the period necessary to match the government assistance on a systematic basis to the costs it is intended to subsidize. Research and development Expenditures on research activities, undertaken with the prospect of gaining technical knowledge and understanding, are recognized in the consolidated statement of loss and comprehensive loss as an expense as incurred. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) (a) as a result of a past event; (b) when it is more probable than not that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) when a reliable estimate can be made of the amount of the obligation. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right of control for the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset (“ROU asset”) and a lease liability at the lease commencement date, which is the date the leased asset is available for use. The ROU asset is primarily related to office leases and is initially measured based on the initial amount of the lease liability, adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The lease liabilities include the net present value of the following lease payments: • fixed payments (including any in-substance fixed payments, less any lease incentives receivable); • variable lease payments that are based on an index or a rate; • amounts expected to be payable by the lessee under residual value guarantees; • exercise price of any purchase option if the Company is reasonably certain to exercise that option; and • payments for penalties for terminating the lease, if the lease term reflects the Company exercising that option. The ROU assets are depreciated to the earlier of the end of useful life of the ROU asset or the lease term using the straight-line method as this most closely reflects the expected pattern of the consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the ROU asset can be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. ROU assets are measured at cost comprising the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. The lease liability is classified and accounted for at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU asset unless it has been reduced to zero. Any further reduction in the lease liability is then recognized in profit or loss. The Company has elected to apply the practical expedient not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of twelve months or less and for leases of low value assets. The lease payments associated with those leases is recognized as an expense on a straight-line basis over the lease term. A lease modification will be accounted for as a separate lease if the modification increases the scope of the lease and if the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope. For a modification that is not a separate lease or where the increase in consideration is not commensurate, at the effective date of the lease modification, the Company will remeasure the lease liability using the Company’s incremental borrowing rate, when the rate implicit to the lease is not readily available, with a corresponding adjustment to the ROU asset. When the Company acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. The Company assesses the lease classification of a sub-lease with reference to the ROU asset arising from the head lease, not with reference to the underlying asset. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the ROU asset. If this is the case, then the lease is accounted for as a net investment in finance lease. If not, then it is an operating lease. As part of this assessment the Company considers certain indicators such as whether the lease is for the major part of the economic life of the ROU asset. Employee benefit obligations The Company provides an employee severance indemnity, which is mandatory pursuant to the Italian Civil Code. Under this arrangement, the Company is obligated to pay deferred compensation based on the employees’ years of service and the compensation earned by the employee during the service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for a defined benefit plan. These benefits are unfunded. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise, and are not reclassified to profit or loss in subsequent periods. These obligations are valued annually. Past service costs are recognized in profit or loss on the earlier of: • the date of the plan amendment or curtailment; and • the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation: • service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and • net interest expense or income. Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from “profit before tax” as reported in the consolidated statement of loss and comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent it is probable taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each year and reduced to the extent it is not probable sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the year, to recover or settle the carrying amount of its assets and liabilities. Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive loss or directly in equity, in which case the current and deferred taxes are also recognized in other comprehensive loss or directly in equity, respectively. Share-based payments The Company has multiple components of its equity incentive plan including stock options, deferred share units (“DSUs”), restricted share units (“RSUs”), performance share units (“PSUs”), and shares issued pursuant to the employee share purchase plan (“ESPP”). These equity-settled awards are measured at fair value on the grant date. Share-based compensation is recognized over the period in which all the specified vesting conditions are met. The Company grants equity-settled stock options to purchase common shares to certain employees and officers. Stock options vest over 4 or 5 years and expire after 10 years. The fair value of the stock options is determined using the Black-Scholes option-pricing model. Estimates are required for inputs to this model including the fair value of the underlying shares, the expected life of the option, volatility, expected dividend yield and the risk-free interest rate. Variation in actual results for any of these inputs will result in a different value of the stock option realized from the original estimate. The Company’s Board of Directors may fix, from time to time, a portion of the total compensation (including annual retainer) paid by the Company to a director in a calendar year for service on the Board (the “Director Fees”) that are to be payable in the form of DSUs. Directors may elect to receive all or portion of their quarterly retainer Director Fees in the form of DSUs. The number of DSUs that a director will receive in respect of any period is calculated by dividing (a) the amount of any bonus or similar payment that is to be paid in DSUs by (b) the market price of a share on the date of the grant, with the balance, if any being paid in cash. The DSUs are treated as equity-settled instruments for accounting purposes. We expect that vested DSUs will be paid at settlement through the issuance of one common share per DSU. DSUs shall vest immediately upon grant or be subject to a one-year vesting period. The Company has granted RSUs to employees of the Company. The RSUs are treated as equity-settled instruments for accounting purposes. The Company expects that vested RSUs will be settled through the issuance of one common share per RSU. The RSUs vest over a period of four years. The fair value is determined based on the market value of the Company's shares at the time of grant. No PSUs were outstanding in any of the periods presented. Share-based compensation expense related to the ESPP is measured based on grant date at fair value of the expected discount to be provided to the employees who are registered in the plan. The Company recognizes share-based compensation expense related to shares issued pursuant to the ESPP on a straight-line basis over the offering period, which is 6 months. The ESPP allows employees to purchase shares of the Company's common stock at a 15 percent discount from the Company’s stock price on the last day of the offering period. Under the plan, employees may change their percentage election or withdraw from the plan at any time during the offering period. The ESPP does not include any buy-back provisions or price protection against reductions in share price. Loss per share Basic loss per share is calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which are comprised of additional shares from the assumed exercise or conversion of stock options, DSUs, and RSUs. Financial instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. • Financial assets On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit and loss (“FVTPL”). The classification of financial assets is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost Subsequently measured at amortized cost using the effective interest method, less any impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. • Financial liabilities The Company initially recognizes financial liabilities at fair value on the date that the Company becomes a party to the contractual provisions of the instrument. The Company classifies its financial liabilities as either financial liabilities at FVTPL or amortized cost. Subsequent to initial recognition, other liabilities are measured at amortized cost using the effective interest method. Financial liabilities at FVTPL are stated at fair value with changes in fair value being recognized in profit or loss. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. • Financial liabilities and equity instruments • Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. • Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. • Classification of financial instruments The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics and management intent as outlined below: Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Trade and other payables Amortized cost Contingent consideration Fair value through profit or loss Lease obligations Amortized cost Mortgage payable Amortized cost • Impairment of financial assets An expected credit loss (“ECL”) model applies to financial assets measured at amortized cost. The Company’s financial assets measured at amortized cost and subject to the ECL model consist primarily of trade receivables. The Company applies the simplified approach to impairment for trade and other receivables by recognizing lifetime expected losses on initial recognition through both the analysis of historical defaults and a reassessment of counterparty credit risk in revenue contracts on an annual basis. |
Changes in accounting policies
Changes in accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Changes in accounting policies | Changes in accounting policiesIntangible assetsIn March 2021, the International Financial Reporting Interpretations Committee (“IFRIC”) finalized an agenda decision which clarified the customer’s accounting for configuration and customization in a cloud computing arrangement. As a result of this decision, in Q1 2021, the Company changed its accounting policy for costs incurred for cloud computing arrangements with retrospective application. As a result of the change, intangible assets of $362 were derecognized with a corresponding increase to deficit as of December 31, 2020. The impact of the change for the year ended December 31, 2020 was an increase to research and development costs of $384 and a decrease in depreciation and amortization expense of $22. The impact on net loss for the year ended December 31, 2020 was an increase in net loss of $362. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business combinations | Business combination On October 30, 2020, Docebo acquired all of the issued and outstanding shares of forMetris, a leading SaaS-based learning impact evaluation platform based in Paris, France. Total consideration of $6,417, which includes the estimated amounts of contingent consideration, consisted of $2,624 cash paid on the closing date and the issuance of 29,024 Common Shares of the Company for consideration of $1,163, at a fair value of C$53.38 per share at the closing date, which is based on the quoted price of the Common Shares on the Toronto Stock Exchange on the closing date. The fair value of the contingent consideration of $2,630 (maximum undiscounted payable of $2,803) is payable contingent on the performance of agreed revenue milestones in each of the three years following the closing date. In addition, potential future consideration of up to $2,447 over the three years following the closing date is owing to one employee of the acquiree based on the achievement of both yearly performance milestones and continued employment. Given the continued employment requirement, these earn-out payouts are being accounted for as compensation for post-acquisition services, and is not considered consideration in the business combination. The contingent consideration and the employee compensation expense installments are to be paid by a combination of 20% in cash and 80% in shares of the Company (subject to any required regulatory approvals). The acquisition has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method whereby the net assets acquired and the liabilities assumed are recorded at fair value. The allocation of the purchase price to assets acquired and liabilities assumed was based on management’s best estimates of the fair values as at October 30, 2020. In 2021, the Company finalized the fair value of the assets acquired and liabilities assumed at the acquisition date which led to a revised assessment of trade and other payables resulting in a reduction of $102 to goodwill compared to the previously estimated amounts reported in the 2020 financial statements. The following table summarizes the final allocations of the consideration paid and the amounts of fair value of the assets acquired and liabilities assumed at the acquisition date: Fair value recognized on acquisition $ Assets Current assets: Cash and cash equivalents 174 Trade and other receivables 763 Prepaid expenses and other current assets 61 998 Non-current assets: Property and equipment, net — Right-of-use asset, net 194 Customer relationships 1,458 Technology 548 Trade name and trademarks 47 Goodwill 5,461 Other non-current assets 71 Total assets 8,777 Liabilities Current liabilities: Trade and other payables 857 Deferred revenue 700 Finance lease liability 140 1,697 Non-current liabilities: Finance lease liability 54 Borrowings 278 Deferred tax liability 331 Total liabilities 2,360 Fair value of net assets acquired 6,417 Paid in Common Shares of the Company 1,163 Paid in cash 2,624 Contingent consideration 2,630 Total purchase consideration 6,417 The gross contractual amounts of acquired trade and other receivables is not materially different than the fair value. Goodwill arising on the acquisition reflects the benefits attributable to synergies, revenue growth, future market development and the fair value of an assembled workforce. These benefits were not recognized separately from goodwill because they did not meet the recognition criteria for identifiable intangible assets. This goodwill is not deductible for income taxes. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables The Company’s trade and other receivables as at December 31, 2021 and December 31, 2020 include the following: 2021 2020 $ $ Trade receivables 21,985 12,660 Accrued revenues 3,241 706 Tax credits receivable 2,423 1,678 Other receivables 36 646 27,685 15,690 Included in trade receivables is a loss allowance of $1,007 as at December 31, 2021 and $1,146 as at December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company’s right-of-use assets by class of assets are as follows: Premises Others Total $ $ $ Costs Balance – December 31, 2019 2,723 276 2,999 Additions 968 — 968 Disposals — — — Effects of foreign exchange 170 21 191 Balance – December 31, 2020 3,861 297 4,158 Additions 1,238 79 1,317 Disposals — (7) (7) Effects of foreign exchange (125) (39) (164) Balance – December 31, 2021 4,974 330 5,304 Accumulated amortization Balance – December 31, 2019 503 76 579 Amortization 662 82 744 Disposals — — — Effects of foreign exchange 25 12 37 Balance – December 31, 2020 1,190 170 1,360 Amortization 898 75 973 Effects of foreign exchange (51) (37) (88) Balance – December 31, 2021 2,037 208 2,245 Carrying value Net balance – December 31, 2020 2,671 127 2,798 Net balance – December 31, 2021 2,937 122 3,059 The Company’s lease obligations are as follows: 2021 2020 $ $ Balance – January 1 3,804 3,414 Additions 1,317 968 Disposals (7) — Interest accretion 337 358 Lease repayments (1,338) (1,106) Effects of foreign exchange (112) 170 Balance – December 31 4,001 3,804 Current 1,311 1,260 Non-current 2,690 2,544 4,001 3,804 As at December 31, 2021, the Company is committed under operating and finance leases, primarily relating to office space and equipment leases, for the following minimum annual rentals: $ 2022 1,473 2023 1,331 2024 1,293 2025 697 Thereafter — 4,794 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property and equipment | Property and equipment Furniture and office equipment Leasehold improvements Land and Building Total $ $ $ $ Cost Balance – December 31, 2019 580 1,118 360 2,058 Additions 534 654 — 1,188 Dispositions (107) — — (107) Effects of foreign exchange 71 84 33 188 Balance – December 31, 2020 1,078 1,856 393 3,327 Additions 1,094 51 — 1,145 Effects of foreign exchange (74) (77) (34) (185) Balance – December 31, 2021 2,098 1,830 359 4,287 Accumulated depreciation Balance – December 31, 2019 291 232 58 581 Depreciation 207 183 15 405 Effects of foreign exchange 28 17 6 51 Balance – December 31, 2020 526 432 79 1,037 Depreciation 362 298 13 673 Effects of foreign exchange (34) (23) (11) (68) Balance – December 31, 2021 854 707 81 1,642 Carrying value Balance – December 31, 2020 552 1,424 314 2,290 Balance – December 31, 2021 1,244 1,123 278 2,645 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Acquired Customer relationships Technology Trademarks Total $ $ $ $ Cost Balance – December 31, 2019 — — — — Acquired in business combination 1,458 548 47 2,053 Effects of foreign exchange 76 29 3 108 Balance – December 31, 2020 (Note 4) 1,534 577 50 2,161 Effects of foreign exchange (119) (45) (4) (168) Balance – December 31, 2021 1,415 532 46 1,993 Acquired Customer relationships Technology Trademarks Total Accumulated amortization Balance – December 31, 2019 — — — — Amortization 40 18 3 61 Effects of foreign exchange 3 1 — 4 Balance – December 31, 2020 (Note 4) 43 19 3 65 Amortization 248 109 16 373 Effects of foreign exchange (15) (4) (2) (21) Balance – December 31, 2021 276 124 17 417 Carrying value Balance – December 31, 2020 (Note 4) 1,491 558 47 2,096 Balance – December 31, 2021 1,139 408 29 1,576 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill [Abstract] | |
Goodwill | Goodwill $ Balance – December 31, 2019 — Additions 5,563 Effects of foreign exchange 37 Balance – December 31, 2020 5,600 Adjustments (Note 5) (102) Effects of foreign exchange (197) Balance – December 31, 2021 5,301 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Borrowings | Borrowings Mortgage payable Mortgage payable represents the mortgage on the Sovico property with Banca Intesa San Paolo and expired in July 2021. The original amount of the mortgage was €185 and was secured by the Sovico property and carried an interest rate of 5% per annum. The balance outstanding as at December 31, 2021 and 2020 was $nil and $15, respectively. Credit Facility On July 25, 2019, the Company secured a committed revolving term credit facility (the “Credit Facility”) from the Toronto-Dominion Bank. Upon the closing of the initial public offering on October 8, 2019, the commitment was increased to $15,000. The amount available to be drawn under the Credit Facility from time to time is equal to the lesser of (i) the commitment and (ii) an amount equal to the trailing one-month consolidated recurring revenue of the Company (“MRR”) multiplied by six multiplied by the trailing twelve month gross retention rate percentage on MRR (which rate shall not exceed 100%), minus the amount of any statutory prior claims then in existence. The Credit Facility will mature on July 25, 2022 (the “Maturity Date”). The Maturity Date may be extended for an additional 364 days, at the discretion of the lender, upon the Company providing written notice to the lender requesting such an extension. Interest on the drawn facility is set at LIBOR plus 2.75%. The standby fee on the undrawn balance is 0.50%. On June 1, 2021, the Company terminated the Credit Facility and repaid all accrued and unpaid interest. Unamortized financing costs of $64 were derecognized and expensed to finance expense during the year ended December 31, 2021. Prior to termination, the balance drawn on the facility was $nil. Finance expense, net Finance expense for the years ended December 31, 2021 and 2020 is comprised of: December 31, 2021 2020 $ $ Interest on contingent consideration 73 — Interest on lease obligations 337 358 Interest and amortization of deferred financing costs on credit facility 84 76 Interest income (437) (317) Bank fees and other 8 13 65 130 |
Employee benefit obligation
Employee benefit obligation | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Employee benefit obligation | Employee benefit obligation The Company’s employee benefit obligation relates to an employee severance indemnity, which is mandatory pursuant to the Italian Civil Code and obligates the employer to pay deferred compensation based on the employees’ years of service and the compensation earned by the employee during the service period. From January 1, 2007, Italian law gives an employee the choice of directing his or her entitlement either to a supplementary pension fund or to leave the severance indemnity as an obligation to the Company. The liability is calculated by an external actuary using the projected unit credit method. The carrying value of the benefit obligation as at December 31, 2021 and 2020 is: 2021 2020 $ $ Balance - January 1 2,330 1,443 Increases Provision for the year 635 670 Actuarial losses 80 108 Interest expense 7 12 Reductions Payments (309) (41) Foreign exchange translation (183) 138 Balance - December 31 2,560 2,330 The change in liability was recognized in statement of loss and comprehensive loss as follows: 2021 2020 $ $ Cost recognized in profit or loss Current period cost 635 670 Interest cost on defined benefit obligation 7 12 Remeasurement loss recognized in OCI 80 108 Annual weighted average assumptions Discount rate 0.98 % 0.34 % Price inflation 1.00 % 1.50 % A decrease of 50 basis points in the discount rate would result in an increase of the liability by $244; a corresponding increase in basis points would result in a reduction of liability by $199. A decrease of 50 basis points of price inflation would result in reduction of the liability by $85; a corresponding increase in basis points would result in an increase of liability by $89. Employee compensation costs were included in the following expenses for the year ended December 31: December 31, 2021 2020 $ $ Cost of revenue 13,438 8,093 General and administrative 10,496 6,173 Sales and marketing 31,178 16,658 Research and development 15,812 10,094 70,924 41,018 Research and development costs are net of investment tax credits of $938 for the year ended December 31, 2021. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | Share capital Authorized: Unlimited common shares with no par value Issued and outstanding: Number of shares Amount # $ Balance – December 31, 2019 28,454,200 89,745 Stock option exercise 191,429 342 Bought deal share offering (i) 500,000 18,106 DSU release 5,883 86 forMetris acquisition (ii) 29,024 1,163 IPO share issuance - Nasdaq (iii) 3,450,000 154,915 Balance – December 31, 2020 32,630,536 264,357 Stock option exercise 221,941 1,470 Share issuance under ESPP (iv) 4,945 292 Balance – December 31, 2021 32,857,422 266,119 (i) On August 27, 2020, the Company completed a bought deal offering comprised of 500,000 common shares issued from treasury and offered by the Company for gross proceeds of $19,029 (C$25,000). Share issuance costs for the Company amounted to $923 resulting in net proceeds of $18,106. (ii) On October 30, 2020, the Company acquired all of the issued and outstanding shares of forMetris for total consideration of $6,417 (Note 5). Consideration included the issuance of 29,024 common shares to the vendors of forMetris for consideration of $1,163. The measurement of the shares consideration was determined as the fair value of the shares of $40.07 (C$53.38) per share at the closing date. (iii) On December 7, 2020, the Company completed an IPO in the United States and concurrently listed its common shares on the Nasdaq and issued 3,450,000 common shares for a total gross consideration of $165,600. Share issuance costs amounted to $10,685 resulting in net proceeds of $154,915. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | Share-based compensationThe Company has five components within its share-based compensation plan: stock options, DSUs, RSUs, PSUs and shares issued pursuant to the ESPP. Share-based compensation expense for the year ended December 31, 2021 was $2,261 and $1,619, respectively. The expense associated with each component is as follows for the year ended December 31: December 31, 2021 2020 $ $ Stock options 1,328 1,059 DSUs 696 560 RSUs 121 — ESPP 116 — 2,261 1,619 There were no PSUs issued and outstanding for the year ended December 31, 2021 and 2020. Stock options In 2016, the Company established a stock option plan (the “Legacy Option Plan”) for directors, officers, employees and consultants of the Company. The Company’s Board of Directors has the authority to determine, among other things, the eligibility of individuals to participate in the Legacy Option Plan and the term, vesting periods and the exercise price of options granted to individuals under the Legacy Option Plan, subject to the provisions of the Legacy Option Plan. Each share option is exercisable for one common share of the Company. No amounts were paid or payable by the individual on receipt of the option. The options carry neither rights to dividends nor voting rights. In connection with the IPO on October 8, 2019, the Legacy Option Plan was amended such that no further awards can be made under the Legacy Option Plan. In connection with the IPO, the Company adopted an omnibus incentive plan (the “Omnibus Incentive Plan”) which allows the Board of Directors to grant long-term equity-based awards, including stock options, DSUs, RSUs and PSUs, to eligible participants. As determined by the Company’s Board of Directors, the Compensation Nominating and Governance Committee of the Company’s Board of Directors is the Plan Administrator (as defined in the Omnibus Incentive Plan) of the Omnibus Incentive Plan. The Plan Administrator determines, subject to full approval of the Board of Directors, which directors, officers, consultants and employees are eligible to receive awards under the Omnibus Incentive Plan, the time or times at which awards may be granted, the conditions under which awards may be granted or forfeited to the Company, the number of common shares to be covered by any award, the exercise price of any award, whether restrictions or limitations are to be imposed on the common shares issuable pursuant to grants of any award, and the nature of any such restrictions or limitations, any acceleration of exercisability or vesting, or waiver of termination regarding any award, based on such factors as the Plan Administrator may determine. The number of common shares reserved for issuance under the Omnibus Incentive Plan is 2,845,420. The changes in the number of stock options during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price # C$ # C$ Options outstanding – December 31 1,516,641 6.73 1,692,347 5.41 Options granted 1 154,414 62.09 65,050 29.04 Options forfeited (166,026) 18.54 (48,325) 10.19 Options exercised (221,941) 5.95 (192,431) 1.77 Options outstanding – December 31 1,283,088 12.00 1,516,641 6.73 Options exercisable – December 31 866,594 3.04 917,162 2.38 1 In March 2021, the Company granted stock options to certain executives. Subsequently, the Company identified an error in determining the expected life and volatility inputs used in the Black-Scholes pricing model to calculate the fair value of options, which led to the Company determining that 63,992 excess options were granted in March 2021 to six senior executives (the “Awardees”). The granting of excess options was immaterial to the Company but the error resulted in an award of options to the Awardees that was not reasonable and appropriate to grant. During 2021, the Company amended and restated the option award agreements for those affected Awardees to reflect the issuance of the appropriate number of options. The weighted average fair value of share options granted during the year ended December 31, 2021 was estimated at the date of grant using the Black-Scholes option pricing model using the following inputs: 2021 Weighted average stock price valuation $ 62.09 Weighted average exercise price $ 62.09 Risk-free interest rate 1.15 % Expected life in years 6 Expected dividend yield — % Volatility 55 % Weighted average fair value of options issued $ 32.71 The following table is a summary of the Company’s stock options outstanding as at December 31, 2021: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 784,368 5.45 0.0001 - 1.09 748,368 8.86 - 11.06 65,522 8.80 8.86 - 11.06 9,784 15.79 - 16.00 284,680 7.77 15.79 - 16.00 104,176 26.43 - 95.12 148,518 9.40 26.43 - 95.12 4,266 1,283,088 6.59 866,594 The following table is a summary of the Company’s stock options outstanding as at December 31, 2020: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 899,300 6.30 0.0001 - 1.09 810,900 8.86 - 11.06 215,420 9.96 8.86 - 11.06 36,400 15.79 - 16.00 377,089 8.78 15.79 - 16.00 69,862 26.43 - 64.19 24,832 9.89 26.43 - 64.19 — 1,516,641 7.50 917,162 DSUs The following table presents information concerning the number of DSUs granted by the Company: # DSUs – December 31, 2019 36,250 Granted (at C$26.43 per unit) 15,833 Released (at C$16.00 - 45.54 per unit) (5,883) Forfeited (at C$38.87 per unit) (2,058) DSUs – December 31, 2020 44,142 Granted (at C$51.63 - 96.99 per unit) 15,512 DSUs - December 31, 2021 59,654 RSUs The following table presents information concerning the number of RSUs granted by the Company: # RSUs – December 31, 2020 — Granted (at C$86.38 - 94.05 per unit) 46,591 RSUs - December 31, 2021 46,591 |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Loss per share | Loss per share The Company has three categories of potentially dilutive securities: stock options, DSUs and RSUs. All potentially dilutive securities have been excluded from the calculation of diluted loss per share for the periods in which the Company is in a net loss position. Including the dilutive securities in these periods would be anti-dilutive; therefore, basic and diluted number of shares used in the calculation is the same for the periods presented. The outstanding number and type of securities that could potentially dilute basic net income per share in the future but would have decreased the loss per share (anti-dilutive) for the periods in which the Company is in a net loss position are as follows: December 31, 2021 2020 # # Stock options 1,109,074 1,516,641 DSUs 41,492 44,142 RSUs — — 1,150,566 1,560,783 |
Revenue and related balances
Revenue and related balances | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue and related balances | Revenue and related balances Disaggregated revenue The Company derives its revenues from two main sources, subscription to its SaaS application, and professional services revenue, which includes services such as initial implementation, project management, and training. The following table represents disaggregation of revenue for the years ended December 31: December 31, 2021 2020 $ $ Subscription revenue 95,936 57,415 Professional services 8,306 5,502 104,242 62,917 The following table presents revenue expected to be recognized in future years related to performance obligations that are unsatisfied as at December 31: 2022 2023 2024 and thereafter $ $ $ Subscription revenue 75,330 42,697 21,911 Professional services 1,245 — — 76,575 42,697 21,911 Contract costs Prior to the fourth quarter of 2021, the Company had considered the amortization period of deferred commission cost assets to be over the term of the initial contract signed with the customer due to the fact that there was not yet an established history of customer renewals after multi-year contracts. As of October 1, 2021, t he Company determined the period of benefit to be five years by taking into consideration its customer contract renewal experience after multi-year contracts, the estimated life of the SaaS platform, customer relationships period and other factors. The change in accounting estimate was applied prospectively. As a result of the change, amortization of customer acquisition costs for the year ended December 31, 2021 decreased by $243. The amount of the effect in subsequent periods has not been disclosed as it is impracticable to estimate. The following table provides information about contract costs: 2021 2020 $ $ Balance - January 1 2,801 1,303 Contract costs 4,787 2,519 Amortization expense (2,349) (1,021) Balance - December 31 5,239 2,801 Current 1,390 1,345 Non-current 3,849 1,456 5,239 2,801 Accrued revenues The following table provides information about accrued revenues: 2021 2020 $ $ Balance - January 1 706 736 Decrease from transfers to trade receivables (162) (736) Increase from revenue recognized 2,697 706 Balance - December 31 3,241 706 Deferred revenue The following table provides information about deferred revenue: 2021 2020 $ $ Balance - January 1 28,331 17,997 Decrease from revenue recognized (102,645) (59,295) Increase due to amounts invoiced 119,522 69,341 Foreign exchange and other movements (514) 288 Balance - December 31 44,694 28,331 |
Cost of revenue
Cost of revenue | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Cost of revenue | Cost of revenue The following table represents cost of revenue for the years ended December 31: December 31, 2021 2020 $ $ Employee wages and benefits 13,438 8,093 Web hosting fees 3,508 2,532 Third party service fees 3,258 532 Other 582 382 20,786 11,539 |
Employee compensation
Employee compensation | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Employee compensation | Employee benefit obligation The Company’s employee benefit obligation relates to an employee severance indemnity, which is mandatory pursuant to the Italian Civil Code and obligates the employer to pay deferred compensation based on the employees’ years of service and the compensation earned by the employee during the service period. From January 1, 2007, Italian law gives an employee the choice of directing his or her entitlement either to a supplementary pension fund or to leave the severance indemnity as an obligation to the Company. The liability is calculated by an external actuary using the projected unit credit method. The carrying value of the benefit obligation as at December 31, 2021 and 2020 is: 2021 2020 $ $ Balance - January 1 2,330 1,443 Increases Provision for the year 635 670 Actuarial losses 80 108 Interest expense 7 12 Reductions Payments (309) (41) Foreign exchange translation (183) 138 Balance - December 31 2,560 2,330 The change in liability was recognized in statement of loss and comprehensive loss as follows: 2021 2020 $ $ Cost recognized in profit or loss Current period cost 635 670 Interest cost on defined benefit obligation 7 12 Remeasurement loss recognized in OCI 80 108 Annual weighted average assumptions Discount rate 0.98 % 0.34 % Price inflation 1.00 % 1.50 % A decrease of 50 basis points in the discount rate would result in an increase of the liability by $244; a corresponding increase in basis points would result in a reduction of liability by $199. A decrease of 50 basis points of price inflation would result in reduction of the liability by $85; a corresponding increase in basis points would result in an increase of liability by $89. Employee compensation costs were included in the following expenses for the year ended December 31: December 31, 2021 2020 $ $ Cost of revenue 13,438 8,093 General and administrative 10,496 6,173 Sales and marketing 31,178 16,658 Research and development 15,812 10,094 70,924 41,018 Research and development costs are net of investment tax credits of $938 for the year ended December 31, 2021. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income taxes | Income taxes 2021 2020 $ $ Current tax expense (recovery) 161 (53) Deferred tax expense 11 389 172 336 Income tax (receivable) payable as at December 31, 2021 was $(34) (2020 - $66). During the year ended December 31, 2021, the Company paid income taxes of $252. Rate reconciliation A reconciliation of income tax expense and the product of accounting loss before income tax multiplied by the combined Canadian federal and provincial statutory income tax rate is as follows: 2021 2020 $ $ Loss before income taxes (13,429) (7,680) Statutory tax rate 26.5 % 26.5 % Tax at statutory rate (3,559) (2,035) Foreign tax rate differential 124 71 Effect of permanent differences 477 1,164 Foreign exchange 545 (865) Change in unrecognized deferred tax asset 2,585 2,001 Income tax expense 172 336 Recognized deferred tax assets and liabilities The components of deferred tax assets and liabilities are as follows: 2021 2020 $ $ Deferred tax assets Non-capital loss carry forwards 654 — Unrealized foreign exchange losses — 65 Non-deductible reserves 319 361 Property, plant and equipment and other assets 303 109 Pension 52 — Financing charges 372 247 Other 186 — 1,886 782 Deferred tax liabilities Unrealized foreign exchange gains (26) — Contract asset (1,133) (710) Intangible assets (394) (424) Property, plant and equipment and other assets (559) (288) Other (466) (67) (2,578) (1,489) Net deferred tax liabilities (692) (707) Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the following attributes because it is not probable that future taxable profit will be available against which the Company can realize the benefits: 2021 2020 $ $ Non-capital loss carry forwards 11,385 7,828 Other deductible temporary differences 5,893 6,906 Total unrecognized deferred tax assets 17,278 14,734 Tax losses carried forward Tax losses for which no deferred tax asset was recognized expire as follows: 2021 Expiry date 2020 Expiry date $ $ Expire 31,993 2036-2041 19,361 2036-2040 Never expire 12,044 Indefinite 12,002 Indefinite 44,037 31,363 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Commitments and contingencies | Commitments and contingencies Commitments Refer to Note 7 for the Company’s obligations under lease liabilities as at December 31, 2021. Contingencies In the ordinary course of business, from time to time, the Company is involved in various claims related to operations, rights, commercial, employment or other claims. Although such matters cannot be predicted with certainty, management does not consider the Company’s exposure to these claims to be material to these financial statements. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Related party transactions | Related party transactionsKey management personnel are those persons having the authority and responsibility for planning, directing and controlling activities of the Company, directly or indirectly, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technology Officer, Chief Corporate Development Officer and other senior officers and Directors. Compensation expense for the Company’s key management personnel for the years ended December 31, 2021 and 2020 is as follows: December 31, 2021 2020 $ $ Salaries and benefits 3,860 2,443 Share-based compensation 1,364 562 5,224 3,005 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Capital management | Capital management The Company’s capital management objectives are to maintain financial flexibility in order to pursue its strategy of organic and acquisition growth and to provide returns to its shareholders. The Company defines capital as the aggregate of its capital stock and borrowings. Total managed capital is as follows: 2021 2020 $ $ Borrowings — 15 Share capital 266,119 264,357 266,119 264,372 The Company manages its capital structure in accordance with changes in economic conditions. In order to maintain or adjust its capital structure, the Company may elect to issue or repay financial liabilities, issue shares, repurchase shares, pay dividends or undertake any other activities as deemed appropriate under the specific circumstances. The Company is not subject to any externally imposed capital requirements. |
Financial instruments and risk
Financial instruments and risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial instruments and risk management | Financial instruments and risk managementCredit riskCredit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from deposits with banks and outstanding receivables. The Company trades only with recognized, creditworthy third parties. Due to the Company’s diversified customer base, there is no particular concentration of credit risk related to the Company’s trade and other receivables. Trade and other receivables are monitored on an ongoing basis to ensure timely collection of amounts. Potential effects from COVID-19 on the Company’s credit risk have been considered and have resulted in increases to its allowances for expected credit losses on customer balances. The Company continues its assessment given the fluidity of COVID-19’s global impact.The Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. The aging of trade receivables is as follows: 2021 2020 $ $ Not past due 17,128 7,198 1-30 days past due 2,925 2,332 31-60 days past due 1,217 1,258 61-90 days past due 468 686 91-120 days past due 348 601 Greater than 120 days past due 906 1,731 22,992 13,806 Less: credit loss impairment 1,007 1,146 21,985 12,660 Changes in credit loss impairment was as follows: 2021 2020 $ $ Balance - January 1 1,146 474 Write-offs (1,006) (1,216) Impairment loss recognized 867 1,888 Balance - December 31 1,007 1,146 Liquidity risk Liquidity risk is the risk the Company will not be able to meet its financial obligations as they come due. The Company mitigates liquidity risk by management of working capital, cash flows, the issuance of share capital and the issuance of debt. Our trade and other payables are all due within twelve months from the date of these financial statements. If unanticipated events occur that impact the Company’s ability to meet its forecast and continue to fund customer acquisition cost, infrastructure improvement, maintenance and administrative requirements, the Company may need to take additional measures to increase its liquidity and capital resources, including obtaining additional debt or equity financing or strategically altering the business forecast and plan. In this case, there is no guarantee that the Company will obtain satisfactory financing terms or adequate financing. Failure to obtain adequate financing on satisfactory terms could have a material adverse effect on the Company’s results of operations or financial condition. Market risk Market risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk. • Foreign currency risk Foreign currency risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company’s primary exposure with respect to foreign currencies is from US dollar denominated cash, trade and other receivables, trade and other payables and borrowings in entities whose functional currency is other than US dollars. The net carrying value of these US denominated balances held in entities with Euro and Canadian dollars as their functional currency as at December 31, 2021 and 2020 presented in US dollars is as follows: 2021 2020 Euro CAD Euro CAD $ $ $ $ Cash and cash equivalents 776 187,559 976 201,467 Trade and other receivables 1,060 1,532 969 1,655 Trade and other payables (303) (206) (158) (217) 1,533 188,885 1,787 202,905 If there was a 1% strengthening of the US dollar against the Canadian dollar or the Euro, there would be a corresponding increase (decrease) in net loss of: 2021 2020 Euro CAD Euro CAD $ $ $ $ Cash and cash equivalents 8 2,387 8 2,579 Trade and other receivables 9 19 8 21 Trade and other payables (3) (3) (1) (3) 14 2,403 15 2,597 There would be an equal and opposite impact if there was a 1% weakening of the Canadian dollar or the Euro against the US dollar. • Interest rate risk Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk as at December 31, 2021 and 2020 as there are no material long-term borrowings outstanding. • Other price risk Other price risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Company is not exposed to other price risk as at December 31, 2021 and 2020. Fair values The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables and borrowings approximate fair values due to the short-term nature of these items or being carried at fair value or, for borrowings, the interest rates charged approximate current market rates. The risk of material change in fair value is not considered to be significant. The Company does not use derivative financial instruments to manage this risk. Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: • Level 1 - Unadjusted quoted prices as at the measurement date for identical assets or liabilities in active markets. • Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Significant unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. Contingent consideration is classified as a Level 3 financial instrument. The valuation method and significant assumptions used to determine the fair value of the contingent consideration has been disclosed in Note 5. During the year ended December 31, 2021, there were no transfers of amounts between levels in the fair value hierarchy. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Segment information | Segment informationThe Company reports segment information based on internal reports used by the chief operating decision maker (“CODM”) to make operating and resource allocation decisions and to assess performance. The CODM is the Chief Executive Officer. The CODM makes decisions and assesses performance of the Company on a consolidated basis such that the Company is a single reportable operating segment. The following tables present details on revenues derived and details on property and equipment domiciled in the following geographical locations as at December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021 and 2020. Revenue for the years ended December 31, 2021 and December 31, 2020 is as follows: 2021 2020 $ $ North America 76,120 44,607 Rest of World 28,122 18,310 104,242 62,917 Property and equipment as at December 31, 2021 and December 31, 2020: 2021 2020 $ $ North America 1,044 645 Rest of World 1,601 1,645 2,645 2,290 ROU asset as at December 31, 2021 and December 31, 2020: 2021 2020 $ $ North America 1,537 956 Rest of World 1,522 1,842 3,059 2,798 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent eventsOn January 21, 2022, the Company acquired all of the issued and outstanding shares of Skillslive Edu Pty Ltd. (“Skillslive”), an educational consulting agency located in Melbourne, Australia for total cash consideration of $875. The acquisition of Skillslive will contribute to the expansion of the Company’s footprint in Australia and accelerate time-to-market by immediately adding specialized talent and infrastructure in the Asia-Pacific (“APAC”) region. The acquisition will be accounted for as a business combination in accordance with IFRS 3, Business Combinations. Goodwill arising on the acquisition reflects the benefits attributable to synergies and the estimated fair value of an assembled workforce. These benefits were not recognized separately from goodwill because they did not meet the recognition criteria for identifiable intangible assets. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Foreign currency translation | Foreign currency translation Foreign currency transactions are translated into functional currencies at exchange rates in effect on the date of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated into functional currencies at the foreign exchange rate applicable at that period-end date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Expenses are translated at the exchange rates that approximate those in effect on the date of the transaction. Realized and unrealized exchange gains and losses are recognized in the consolidated statement of loss and comprehensive loss. On consolidation, assets and liabilities of operations with a functional currency other than US dollars are translated into US dollars at period-end foreign currency rates. Revenues and expenses of such operations are translated into US dollars at average rates for the period. Foreign currency translation gains and losses are recognized in other |
Revenue recognition and related cost recognition and Accrued and deferred revenue | Revenue recognition and related cost recognition The Company recognizes revenue to depict the transfer of promised products and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products and services by applying the following steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price; and • recognize revenue when, or as, the Company satisfies a performance obligation. Revenue represents the amount the Company expects to receive for products and services in its contracts with customers, net of discounts and sales taxes. The Company derives revenue from subscriptions to access its hosted SaaS platform, including related support and maintenance (“subscription revenue”), and from the provision of professional services including implementation services, technical services and training. Professional services offered by the Company do not include significant customization to, or development of, the software. The Company recognizes revenue upon transfer of control of products or services to customers. The Company’s contracts with customers often include multiple products and services. The Company evaluates these arrangements to determine the appropriate unit(s) of accounting (performance obligation(s)) for revenue recognition purposes based on whether the product or service is distinct from some or all of the other products or services in the arrangement. A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contractual arrangement with the customer. Non-distinct products and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation. Subscription revenue and professional services are generally capable of being distinct for the Company and are accounted for as separate performance obligations. The total consideration for the arrangement is allocated to the separate performance obligations based on their relative standalone selling price and the revenue is recognized for each performance obligation when the requirements for revenue recognition have been met. The Company determines the standalone selling price (“SSP”) of each performance obligation based on the normal or consistently applied selling price range when they are sold separately. We update our estimates of SSP on an ongoing basis through internal periodic reviews and as events or circumstances may require. Subscription revenue related to the provision of access to the SaaS platform is recognized ratably over the enforceable subscription contract term, once the customer has been provisioned access to the platform. Ratable recognition reflects its continuous obligation to stand-ready to provide access to the platform and provide technical support and maintenance including when-and-if-available software upgrades to the customer. The customer receives and consumes the benefit of access to the SaaS platform equally on a daily basis. Professional services revenue is recognized over time as services are performed based on the proportion performed to date relative to the total expected services to be performed, which is normally over the first few months of a contract with progress being measured over the implementation and training period. The Company applies labour hours expended which is an input method to measure progress towards complete satisfaction of professional services revenue performance obligations. Labour hours expended relative to the total expected labour hours to be expended provides a faithful depiction of the Company's performance towards complete satisfaction of the professional services performance obligations as it closely reflects the completion of activities based on budgeted labour hours and the value of the services transferred cannot be measured directly. The Company records contract costs which consists of two components, customer acquisition costs and costs to fulfill a contract. The Company records customer acquisition costs for selling commissions paid at the inception of a contract that are incremental costs of obtaining the contract, if the Company expects to recover those costs. Contract acquisition costs are subsequently amortized on a straight-line basis over a period consistent with the pattern of transfer of the products and services to which the asset relate, including specifically identifiable expected renewals . The amortization of customer acquisition costs is recorded as a sales and marketing expense in the consolidated statement of loss and comprehensive loss . The Company has elected to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer’s payment for these services is expected to be one year or less. Costs to fulfill a contract, or fulfillment costs, are only capitalized if they relate directly to a contract with a customer, the costs generate or enhance resources that will be used to satisfy the performance obligations in the future, and the costs are expected to be recoverable. Fulfillment costs are amortized over the term of the initial contract signed with the customer. The amortization of fulfillment costs is classified as a cost of revenue in the consolidated statement of loss and comprehensive loss . Accrued and deferred revenue Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. The timing of revenue recognition and the contractual payment schedules often differ, resulting in contractual payments being billed before contractual products or services are delivered. Generally, the payment terms are between 30 to 60 days from the date of invoice. The amounts that are billed, but not earned, are recognized as deferred revenue. When products or services have been transferred to customers and revenue has been recognized, but not billed, the Company recognizes and includes these amounts as accrued revenue within trade and other receivables. Deferred revenue primarily relates to subscription revenue agreements and professional services agreements, which have been paid for by customers prior to the performance of those services. Generally, the services will be provided in the next twelve months and are classified as current based on the length of the arrangement. |
Cost of revenue | Cost of revenue Cost of revenue is comprised of costs related to provisioning and hosting the learning platform and related products and the delivery of support and professional services. Significant expenses included in cost of revenue include employee wages and benefits expenses, web hosting fees, software and partner fees. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash held at financial institutions and short-term investments in highly liquid marketable securities, having a term to maturity of three months or less. |
Property and equipment | Property and equipment The Company’s property and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of an item of property and equipment includes expenditures that are directly attributable to the acquisition or construction of the asset. Depreciation is recorded on a straight-line basis over the estimated useful lives as outlined below: Electronic equipment 3 years Furniture 5 years Building 25 years Leasehold improvements Lease term Land is not depreciated. The Company assesses an asset’s residual value, useful life and depreciation method on an annual basis or more frequently if any events have indicated a change to these estimates are required and makes adjustments if appropriate. |
Business combinations | Business combinations Business combinations are accounted for using the acquisition method. In applying the acquisition method, the Company separately measures at their acquisition-date fair values, the identifiable assets acquired, the liabilities assumed, goodwill acquired and any non-controlling interest in the acquired entity. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement that does not require continued employment services. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition costs in connection with a business combination are expensed as incurred. |
Contingent consideration | Contingent consideration The Company accounts for contingent consideration as a financial liability measured at fair value through profit or loss and subsequently re-measures fair value at the end of each reporting period. The change in the fair value of the contingent consideration, if any, is recognized as a gain or loss in the consolidated statements of loss and comprehensive loss. |
Intangible assets | Intangible assets The Company’s intangible assets relate to acquired identifiable intangible assets, such as trademarks, software technology and customer relationships. Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets with a finite life are amortized over the estimated useful life on a straight-line basis as follows: Brand and trademarks 3 years Software technologies 5 - 10 years Customer relationships 5 - 10 years |
Impairment of long-lived assets, intangible assets and goodwill | Impairment of long-lived assets, intangible assets and goodwill Property and equipment and definite life intangible assets are reviewed for indicators of impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that the carrying amount of an asset or CGU is not recoverable, the Company records an impairment loss equal to the excess of the carrying amount over the recoverable amount of the asset or CGU. The recoverable amount of the asset or CGU is equal to the higher of its fair value less costs to sell and value-in-use. The Company tests goodwill for impairment annually, during the fourth quarter of each fiscal year, and in the interim whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of a CGU exceeds its estimated recoverable amount. If the recoverable amount of the CGU, which is the higher of its fair value less costs to sell or its value-in-use, exceeds its carrying amount there is no goodwill impairment. There have been no goodwill impairments recorded during the periods presented. |
Government assistance | Government assistance Government assistance, which mainly includes research and development and other tax credits, is recognized when there is reasonable assurance it will be received and all related conditions will be complied with. Government assistance is recognized as a reduction of the related expenditure over the period necessary to match the government assistance on a systematic basis to the costs it is intended to subsidize. |
Research and development | Research and development Expenditures on research activities, undertaken with the prospect of gaining technical knowledge and understanding, are recognized in the consolidated statement of loss and comprehensive loss as an expense as incurred. |
Provisions | ProvisionsProvisions are recognized when the Company has a present obligation (legal or constructive) (a) as a result of a past event; (b) when it is more probable than not that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) when a reliable estimate can be made of the amount of the obligation. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right of control for the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset (“ROU asset”) and a lease liability at the lease commencement date, which is the date the leased asset is available for use. The ROU asset is primarily related to office leases and is initially measured based on the initial amount of the lease liability, adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The lease liabilities include the net present value of the following lease payments: • fixed payments (including any in-substance fixed payments, less any lease incentives receivable); • variable lease payments that are based on an index or a rate; • amounts expected to be payable by the lessee under residual value guarantees; • exercise price of any purchase option if the Company is reasonably certain to exercise that option; and • payments for penalties for terminating the lease, if the lease term reflects the Company exercising that option. The ROU assets are depreciated to the earlier of the end of useful life of the ROU asset or the lease term using the straight-line method as this most closely reflects the expected pattern of the consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the ROU asset can be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. ROU assets are measured at cost comprising the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. The lease liability is classified and accounted for at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU asset unless it has been reduced to zero. Any further reduction in the lease liability is then recognized in profit or loss. The Company has elected to apply the practical expedient not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of twelve months or less and for leases of low value assets. The lease payments associated with those leases is recognized as an expense on a straight-line basis over the lease term. A lease modification will be accounted for as a separate lease if the modification increases the scope of the lease and if the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope. For a modification that is not a separate lease or where the increase in consideration is not commensurate, at the effective date of the lease modification, the Company will remeasure the lease liability using the Company’s incremental borrowing rate, when the rate implicit to the lease is not readily available, with a corresponding adjustment to the ROU asset. |
Employee benefit obligations | Employee benefit obligations The Company provides an employee severance indemnity, which is mandatory pursuant to the Italian Civil Code. Under this arrangement, the Company is obligated to pay deferred compensation based on the employees’ years of service and the compensation earned by the employee during the service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for a defined benefit plan. These benefits are unfunded. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise, and are not reclassified to profit or loss in subsequent periods. These obligations are valued annually. Past service costs are recognized in profit or loss on the earlier of: • the date of the plan amendment or curtailment; and • the date that the Company recognizes related restructuring costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation: • service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and • net interest expense or income. |
Income taxes | Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from “profit before tax” as reported in the consolidated statement of loss and comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent it is probable taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each year and reduced to the extent it is not probable sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the year, to recover or settle the carrying amount of its assets and liabilities. |
Share-based payments | Share-based payments The Company has multiple components of its equity incentive plan including stock options, deferred share units (“DSUs”), restricted share units (“RSUs”), performance share units (“PSUs”), and shares issued pursuant to the employee share purchase plan (“ESPP”). These equity-settled awards are measured at fair value on the grant date. Share-based compensation is recognized over the period in which all the specified vesting conditions are met. The Company grants equity-settled stock options to purchase common shares to certain employees and officers. Stock options vest over 4 or 5 years and expire after 10 years. The fair value of the stock options is determined using the Black-Scholes option-pricing model. Estimates are required for inputs to this model including the fair value of the underlying shares, the expected life of the option, volatility, expected dividend yield and the risk-free interest rate. Variation in actual results for any of these inputs will result in a different value of the stock option realized from the original estimate. The Company’s Board of Directors may fix, from time to time, a portion of the total compensation (including annual retainer) paid by the Company to a director in a calendar year for service on the Board (the “Director Fees”) that are to be payable in the form of DSUs. Directors may elect to receive all or portion of their quarterly retainer Director Fees in the form of DSUs. The number of DSUs that a director will receive in respect of any period is calculated by dividing (a) the amount of any bonus or similar payment that is to be paid in DSUs by (b) the market price of a share on the date of the grant, with the balance, if any being paid in cash. The DSUs are treated as equity-settled instruments for accounting purposes. We expect that vested DSUs will be paid at settlement through the issuance of one common share per DSU. DSUs shall vest immediately upon grant or be subject to a one-year vesting period. The Company has granted RSUs to employees of the Company. The RSUs are treated as equity-settled instruments for accounting purposes. The Company expects that vested RSUs will be settled through the issuance of one common share per RSU. The RSUs vest over a period of four years. The fair value is determined based on the market value of the Company's shares at the time of grant. No PSUs were outstanding in any of the periods presented. Share-based compensation expense related to the ESPP is measured based on grant date at fair value of the expected discount to be provided to the employees who are registered in the plan. The Company recognizes share-based compensation expense related to shares issued pursuant to the ESPP on a straight-line basis over the offering period, which is 6 months. The ESPP allows employees to purchase shares of the Company's common stock at a 15 percent discount from the Company’s stock price on the last day of the offering period. Under the plan, employees may change their percentage election or withdraw from the plan at any time during the offering period. The ESPP does not include any buy-back provisions or price protection against reductions in share price. |
Loss per share | Loss per share Basic loss per share is calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. |
Financial instruments | Financial instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. • Financial assets On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit and loss (“FVTPL”). The classification of financial assets is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost Subsequently measured at amortized cost using the effective interest method, less any impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. • Financial liabilities The Company initially recognizes financial liabilities at fair value on the date that the Company becomes a party to the contractual provisions of the instrument. The Company classifies its financial liabilities as either financial liabilities at FVTPL or amortized cost. Subsequent to initial recognition, other liabilities are measured at amortized cost using the effective interest method. Financial liabilities at FVTPL are stated at fair value with changes in fair value being recognized in profit or loss. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. • Financial liabilities and equity instruments • Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. • Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. • Classification of financial instruments The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics and management intent as outlined below: Cash and cash equivalents Amortized cost Trade and other receivables Amortized cost Trade and other payables Amortized cost Contingent consideration Fair value through profit or loss Lease obligations Amortized cost Mortgage payable Amortized cost • Impairment of financial assets An expected credit loss (“ECL”) model applies to financial assets measured at amortized cost. The Company’s financial assets measured at amortized cost and subject to the ECL model consist primarily of trade receivables. The Company applies the simplified approach to impairment for trade and other receivables by recognizing lifetime expected losses on initial recognition through both the analysis of historical defaults and a reassessment of counterparty credit risk in revenue contracts on an annual basis. |
Basis of measurement | Basis of measurement These financial statements have been prepared on a going-concern basis under the historical cost method except for contingent consideration which is measured at fair value. Historical costs are generally based on the fair value of the consideration given in exchange for goods and services received. |
Basis of consolidation | Basis of consolidation The financial statements comprise the financial statements of the Company and its wholly-owned subsidiaries. The Company has the following subsidiaries: Entity name Country Ownership percentage December 31, 2021 Ownership percentage December 31, 2020 % % Docebo S.p.A Italy 100 100 Docebo NA, Inc. United States 100 100 Docebo EMEA FZ-LLC Dubai 100 100 Docebo UK Limited England 100 100 Docebo France Société par Actions Simplifiée 1 (“Docebo France”) France 100 100 Docebo DACH GmbH 2 (“Docebo Germany”) Germany 100 — 1 On March 18, 2021 forMetris Société par Actions Simplifiée (“forMetris”) changed its name to Docebo France Société par Actions Simplifiée. 2 On March 23, 2021 the Company incorporated a new subsidiary, Docebo Germany. |
Functional currency and presentation currency | Functional and presentation currency These financial statements are expressed in thousands of United States dollars, except as otherwise noted. Docebo’s functional currency is Canadian dollars (“C$”) and the functional currencies of the Company’s wholly owned subsidiaries are as follows: Docebo NA Inc. United States dollars Docebo EMEA FZ-LLC United Arab Emirates dirham Docebo S.p.A. Euros Docebo UK British pounds Docebo France Euros Docebo Germany Euros The presentation currency is different than the functional currency of the Company for industry and market comparability reasons. |
Use of estimates, assumptions and judgments | Use of estimates, assumptions and judgments The preparation of these financial statements in conformity with IFRS requires management to make estimates, assumptions and judgments that affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from those estimates. Estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The impact of the novel coronavirus (“COVID-19”) pandemic, with its combined health toll and sharp decline in global economic output, is unprecedented and the full extent of the impact will depend on future developments. These developments are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning its severity, its duration and actions by government authorities to contain the outbreak or manage its impact. The extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance remains uncertain. total expected future net discounted cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the related assets. • Contingent consideration The Company recognizes the fair value of contingent consideration relating to acquisitions on the date the transaction closes. Contingent consideration is classified as a liability carried at fair value with changes in fair value flowing through the consolidated statements of loss and comprehensive loss. Contingent consideration is initially measured at fair value based on management’s best estimate of the probability of the attainment of specified revenue targets at the date of acquisition and is subsequently revalued at each financial reporting period-end. Management’s estimate of the probability of the attainment of specified revenue targets takes into account management’s evaluation of the revenue and earnings forecasts for the respective acquired businesses and the risks thereon. Changes in management’s estimate of the probability of achieving the specified target could have a material impact on the valuation of the contingent consideration liability. The following are the critical judgements, apart from those involving estimations, that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements: • Revenue recognition The Company derives its revenues from two main sources: software as-a-service application (“SaaS”); and professional services revenue, which includes services such as initial implementation, project management, training and integration. The Company enters into significant revenue contracts with certain large enterprise customers that contain non-standard terms and conditions, pricing and promised services. Significant management judgment can be required to assess the impact of these items on the amount and timing of revenue recognition for these contracts including the determination of performance obligations, calculation of transaction price, allocation of transaction price across performance obligations, and timing of revenue recognition. • Contract costs Contract costs include customer acquisition costs, which consist primarily of sales commissions paid to sales personnel. These costs are deferred as a contract cost asset as they are considered to be incremental costs incurred to obtain a customer contract and amortized on a straight-line basis over a period of benefit that the Company has determined to be five years. The Company uses judgement to determine the period of benefit by taking into consideration its customer contracts and customer life, its technology and other factors. • Trade and other receivables The recognition of trade and other receivables and loss allowances requires the Company to assess credit risk and collectability. The Company considers historical trends and any available information indicating a customer could be experiencing liquidity or going concern problems and the status of any contractual or legal disputes with customers in performing this assessment. The Company has established a provision matrix that is based on its historical credit loss experiences, adjusted for forward-looking factors specific to the debtors and the economic environment, including the potential impact of the COVID-19 pandemic. • Impairment of non-financial assets Judgement is required to assess the Company’s determination of its cash generating units for purposes of impairment testing. The Company has determined that the consolidated business is represented by a single cash generating unit (“CGU”). • Income taxes The Company computes an income tax provision in each of the tax jurisdictions in which it operates. Actual amounts of income tax expense only become final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the consolidated financial statements. Additionally, estimation of income taxes includes evaluating the recoverability of deferred tax assets against future taxable income based on an assessment of the ability to use the underlying future tax deductions before they expire. To the extent that estimates of future taxable income differ from the tax return, earnings would be affected in a subsequent period. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. • Functional currency The Company uses judgment in determining the functional currency for each entity within the consolidated group. The functional currency is determined based on an evaluation of the currency of each respective entities’ primary economic environment. This requires an evaluation of the currency that primarily influences selling prices and the currency which mainly influences expenses and cash outflows, among other factors. The Company has taken these factors into account when determining the functional currency for each entity in the consolidated group. • Segment information |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
List of subsidiaries | The Company has the following subsidiaries: Entity name Country Ownership percentage December 31, 2021 Ownership percentage December 31, 2020 % % Docebo S.p.A Italy 100 100 Docebo NA, Inc. United States 100 100 Docebo EMEA FZ-LLC Dubai 100 100 Docebo UK Limited England 100 100 Docebo France Société par Actions Simplifiée 1 (“Docebo France”) France 100 100 Docebo DACH GmbH 2 (“Docebo Germany”) Germany 100 — 1 On March 18, 2021 forMetris Société par Actions Simplifiée (“forMetris”) changed its name to Docebo France Société par Actions Simplifiée. 2 On March 23, 2021 the Company incorporated a new subsidiary, Docebo Germany. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Accounting policies on subsequent measurement of financial assets | The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost Subsequently measured at amortized cost using the effective interest method, less any impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Allocation of consideration paid and estimated fair value of assets acquired and liabilities assumed and pro forma results of operations | The following table summarizes the final allocations of the consideration paid and the amounts of fair value of the assets acquired and liabilities assumed at the acquisition date: Fair value recognized on acquisition $ Assets Current assets: Cash and cash equivalents 174 Trade and other receivables 763 Prepaid expenses and other current assets 61 998 Non-current assets: Property and equipment, net — Right-of-use asset, net 194 Customer relationships 1,458 Technology 548 Trade name and trademarks 47 Goodwill 5,461 Other non-current assets 71 Total assets 8,777 Liabilities Current liabilities: Trade and other payables 857 Deferred revenue 700 Finance lease liability 140 1,697 Non-current liabilities: Finance lease liability 54 Borrowings 278 Deferred tax liability 331 Total liabilities 2,360 Fair value of net assets acquired 6,417 Paid in Common Shares of the Company 1,163 Paid in cash 2,624 Contingent consideration 2,630 Total purchase consideration 6,417 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Components of trade and other receivables | The Company’s trade and other receivables as at December 31, 2021 and December 31, 2020 include the following: 2021 2020 $ $ Trade receivables 21,985 12,660 Accrued revenues 3,241 706 Tax credits receivable 2,423 1,678 Other receivables 36 646 27,685 15,690 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Reconciliation of right-of-use assets | The Company’s right-of-use assets by class of assets are as follows: Premises Others Total $ $ $ Costs Balance – December 31, 2019 2,723 276 2,999 Additions 968 — 968 Disposals — — — Effects of foreign exchange 170 21 191 Balance – December 31, 2020 3,861 297 4,158 Additions 1,238 79 1,317 Disposals — (7) (7) Effects of foreign exchange (125) (39) (164) Balance – December 31, 2021 4,974 330 5,304 Accumulated amortization Balance – December 31, 2019 503 76 579 Amortization 662 82 744 Disposals — — — Effects of foreign exchange 25 12 37 Balance – December 31, 2020 1,190 170 1,360 Amortization 898 75 973 Effects of foreign exchange (51) (37) (88) Balance – December 31, 2021 2,037 208 2,245 Carrying value Net balance – December 31, 2020 2,671 127 2,798 Net balance – December 31, 2021 2,937 122 3,059 |
Schedule of lease obligations | The Company’s lease obligations are as follows: 2021 2020 $ $ Balance – January 1 3,804 3,414 Additions 1,317 968 Disposals (7) — Interest accretion 337 358 Lease repayments (1,338) (1,106) Effects of foreign exchange (112) 170 Balance – December 31 4,001 3,804 Current 1,311 1,260 Non-current 2,690 2,544 4,001 3,804 |
Minimum annual rentals | As at December 31, 2021, the Company is committed under operating and finance leases, primarily relating to office space and equipment leases, for the following minimum annual rentals: $ 2022 1,473 2023 1,331 2024 1,293 2025 697 Thereafter — 4,794 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Summary of property and equipment | Furniture and office equipment Leasehold improvements Land and Building Total $ $ $ $ Cost Balance – December 31, 2019 580 1,118 360 2,058 Additions 534 654 — 1,188 Dispositions (107) — — (107) Effects of foreign exchange 71 84 33 188 Balance – December 31, 2020 1,078 1,856 393 3,327 Additions 1,094 51 — 1,145 Effects of foreign exchange (74) (77) (34) (185) Balance – December 31, 2021 2,098 1,830 359 4,287 Accumulated depreciation Balance – December 31, 2019 291 232 58 581 Depreciation 207 183 15 405 Effects of foreign exchange 28 17 6 51 Balance – December 31, 2020 526 432 79 1,037 Depreciation 362 298 13 673 Effects of foreign exchange (34) (23) (11) (68) Balance – December 31, 2021 854 707 81 1,642 Carrying value Balance – December 31, 2020 552 1,424 314 2,290 Balance – December 31, 2021 1,244 1,123 278 2,645 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Summary of intangible assets | Acquired Customer relationships Technology Trademarks Total $ $ $ $ Cost Balance – December 31, 2019 — — — — Acquired in business combination 1,458 548 47 2,053 Effects of foreign exchange 76 29 3 108 Balance – December 31, 2020 (Note 4) 1,534 577 50 2,161 Effects of foreign exchange (119) (45) (4) (168) Balance – December 31, 2021 1,415 532 46 1,993 Acquired Customer relationships Technology Trademarks Total Accumulated amortization Balance – December 31, 2019 — — — — Amortization 40 18 3 61 Effects of foreign exchange 3 1 — 4 Balance – December 31, 2020 (Note 4) 43 19 3 65 Amortization 248 109 16 373 Effects of foreign exchange (15) (4) (2) (21) Balance – December 31, 2021 276 124 17 417 Carrying value Balance – December 31, 2020 (Note 4) 1,491 558 47 2,096 Balance – December 31, 2021 1,139 408 29 1,576 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill [Abstract] | |
Disclosure of reconciliation of changes in goodwill | $ Balance – December 31, 2019 — Additions 5,563 Effects of foreign exchange 37 Balance – December 31, 2020 5,600 Adjustments (Note 5) (102) Effects of foreign exchange (197) Balance – December 31, 2021 5,301 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Net finance expense | Finance expense for the years ended December 31, 2021 and 2020 is comprised of: December 31, 2021 2020 $ $ Interest on contingent consideration 73 — Interest on lease obligations 337 358 Interest and amortization of deferred financing costs on credit facility 84 76 Interest income (437) (317) Bank fees and other 8 13 65 130 |
Employee benefit obligation (Ta
Employee benefit obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Carrying value of benefit obligation | The carrying value of the benefit obligation as at December 31, 2021 and 2020 is: 2021 2020 $ $ Balance - January 1 2,330 1,443 Increases Provision for the year 635 670 Actuarial losses 80 108 Interest expense 7 12 Reductions Payments (309) (41) Foreign exchange translation (183) 138 Balance - December 31 2,560 2,330 |
Change in liability recognized in statement of loss and comprehensive loss | The change in liability was recognized in statement of loss and comprehensive loss as follows: 2021 2020 $ $ Cost recognized in profit or loss Current period cost 635 670 Interest cost on defined benefit obligation 7 12 Remeasurement loss recognized in OCI 80 108 Annual weighted average assumptions Discount rate 0.98 % 0.34 % Price inflation 1.00 % 1.50 % |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital reconciliation | Authorized: Unlimited common shares with no par value Issued and outstanding: Number of shares Amount # $ Balance – December 31, 2019 28,454,200 89,745 Stock option exercise 191,429 342 Bought deal share offering (i) 500,000 18,106 DSU release 5,883 86 forMetris acquisition (ii) 29,024 1,163 IPO share issuance - Nasdaq (iii) 3,450,000 154,915 Balance – December 31, 2020 32,630,536 264,357 Stock option exercise 221,941 1,470 Share issuance under ESPP (iv) 4,945 292 Balance – December 31, 2021 32,857,422 266,119 (i) On August 27, 2020, the Company completed a bought deal offering comprised of 500,000 common shares issued from treasury and offered by the Company for gross proceeds of $19,029 (C$25,000). Share issuance costs for the Company amounted to $923 resulting in net proceeds of $18,106. (ii) On October 30, 2020, the Company acquired all of the issued and outstanding shares of forMetris for total consideration of $6,417 (Note 5). Consideration included the issuance of 29,024 common shares to the vendors of forMetris for consideration of $1,163. The measurement of the shares consideration was determined as the fair value of the shares of $40.07 (C$53.38) per share at the closing date. (iii) On December 7, 2020, the Company completed an IPO in the United States and concurrently listed its common shares on the Nasdaq and issued 3,450,000 common shares for a total gross consideration of $165,600. Share issuance costs amounted to $10,685 resulting in net proceeds of $154,915. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | |
Expense associated with each component | The expense associated with each component is as follows for the year ended December 31: December 31, 2021 2020 $ $ Stock options 1,328 1,059 DSUs 696 560 RSUs 121 — ESPP 116 — 2,261 1,619 |
Changes in stock options | The changes in the number of stock options during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Number of options Weighted average exercise price Number of options Weighted average exercise price # C$ # C$ Options outstanding – December 31 1,516,641 6.73 1,692,347 5.41 Options granted 1 154,414 62.09 65,050 29.04 Options forfeited (166,026) 18.54 (48,325) 10.19 Options exercised (221,941) 5.95 (192,431) 1.77 Options outstanding – December 31 1,283,088 12.00 1,516,641 6.73 Options exercisable – December 31 866,594 3.04 917,162 2.38 1 In March 2021, the Company granted stock options to certain executives. Subsequently, the Company identified an error in determining the expected life and volatility inputs used in the Black-Scholes pricing model to calculate the fair value of options, which led to the Company determining that 63,992 excess options were granted in March 2021 to six senior executives (the “Awardees”). The granting of excess options was immaterial to the Company but the error resulted in an award of options to the Awardees that was not reasonable and appropriate to grant. During 2021, the Company amended and restated the option award agreements for those affected Awardees to reflect the issuance of the appropriate number of options. |
Fair value inputs used in estimating weighted average fair value of share options granted | The weighted average fair value of share options granted during the year ended December 31, 2021 was estimated at the date of grant using the Black-Scholes option pricing model using the following inputs: 2021 Weighted average stock price valuation $ 62.09 Weighted average exercise price $ 62.09 Risk-free interest rate 1.15 % Expected life in years 6 Expected dividend yield — % Volatility 55 % Weighted average fair value of options issued $ 32.71 |
Stock options outstanding and exercisable by range of exercise prices | The following table is a summary of the Company’s stock options outstanding as at December 31, 2021: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 784,368 5.45 0.0001 - 1.09 748,368 8.86 - 11.06 65,522 8.80 8.86 - 11.06 9,784 15.79 - 16.00 284,680 7.77 15.79 - 16.00 104,176 26.43 - 95.12 148,518 9.40 26.43 - 95.12 4,266 1,283,088 6.59 866,594 The following table is a summary of the Company’s stock options outstanding as at December 31, 2020: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 899,300 6.30 0.0001 - 1.09 810,900 8.86 - 11.06 215,420 9.96 8.86 - 11.06 36,400 15.79 - 16.00 377,089 8.78 15.79 - 16.00 69,862 26.43 - 64.19 24,832 9.89 26.43 - 64.19 — 1,516,641 7.50 917,162 |
Number and weighted average remaining contractual life of stock options outstanding and exercisable | The following table is a summary of the Company’s stock options outstanding as at December 31, 2021: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 784,368 5.45 0.0001 - 1.09 748,368 8.86 - 11.06 65,522 8.80 8.86 - 11.06 9,784 15.79 - 16.00 284,680 7.77 15.79 - 16.00 104,176 26.43 - 95.12 148,518 9.40 26.43 - 95.12 4,266 1,283,088 6.59 866,594 The following table is a summary of the Company’s stock options outstanding as at December 31, 2020: Options outstanding Options exercisable Exercise price range Number outstanding Weighted average remaining contractual life (years) Exercise price range Number exercisable C$ # # C$ # 0.0001 - 1.09 899,300 6.30 0.0001 - 1.09 810,900 8.86 - 11.06 215,420 9.96 8.86 - 11.06 36,400 15.79 - 16.00 377,089 8.78 15.79 - 16.00 69,862 26.43 - 64.19 24,832 9.89 26.43 - 64.19 — 1,516,641 7.50 917,162 |
Number of DSUs and RSUs granted | DSUs The following table presents information concerning the number of DSUs granted by the Company: # DSUs – December 31, 2019 36,250 Granted (at C$26.43 per unit) 15,833 Released (at C$16.00 - 45.54 per unit) (5,883) Forfeited (at C$38.87 per unit) (2,058) DSUs – December 31, 2020 44,142 Granted (at C$51.63 - 96.99 per unit) 15,512 DSUs - December 31, 2021 59,654 RSUs The following table presents information concerning the number of RSUs granted by the Company: # RSUs – December 31, 2020 — Granted (at C$86.38 - 94.05 per unit) 46,591 RSUs - December 31, 2021 46,591 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of anti-dilutive securities | The outstanding number and type of securities that could potentially dilute basic net income per share in the future but would have decreased the loss per share (anti-dilutive) for the periods in which the Company is in a net loss position are as follows: December 31, 2021 2020 # # Stock options 1,109,074 1,516,641 DSUs 41,492 44,142 RSUs — — 1,150,566 1,560,783 |
Revenue and related balances (T
Revenue and related balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contracts With Customers [Abstract] | |
Schedule of disaggregation of revenue | The following table represents disaggregation of revenue for the years ended December 31: December 31, 2021 2020 $ $ Subscription revenue 95,936 57,415 Professional services 8,306 5,502 104,242 62,917 |
Schedule of revenue expected to be recognized in future years | The following table presents revenue expected to be recognized in future years related to performance obligations that are unsatisfied as at December 31: 2022 2023 2024 and thereafter $ $ $ Subscription revenue 75,330 42,697 21,911 Professional services 1,245 — — 76,575 42,697 21,911 |
Reconciliation of contract assets and deferred revenue | The following table provides information about contract costs: 2021 2020 $ $ Balance - January 1 2,801 1,303 Contract costs 4,787 2,519 Amortization expense (2,349) (1,021) Balance - December 31 5,239 2,801 Current 1,390 1,345 Non-current 3,849 1,456 5,239 2,801 Deferred revenue The following table provides information about deferred revenue: 2021 2020 $ $ Balance - January 1 28,331 17,997 Decrease from revenue recognized (102,645) (59,295) Increase due to amounts invoiced 119,522 69,341 Foreign exchange and other movements (514) 288 Balance - December 31 44,694 28,331 |
Reconciliation of accrued revenues | Accrued revenues The following table provides information about accrued revenues: 2021 2020 $ $ Balance - January 1 706 736 Decrease from transfers to trade receivables (162) (736) Increase from revenue recognized 2,697 706 Balance - December 31 3,241 706 |
Cost of revenue (Tables)
Cost of revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Components of cost of revenue | The following table represents cost of revenue for the years ended December 31: December 31, 2021 2020 $ $ Employee wages and benefits 13,438 8,093 Web hosting fees 3,508 2,532 Third party service fees 3,258 532 Other 582 382 20,786 11,539 |
Employee compensation (Tables)
Employee compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Employee compensation costs | Employee compensation costs were included in the following expenses for the year ended December 31: December 31, 2021 2020 $ $ Cost of revenue 13,438 8,093 General and administrative 10,496 6,173 Sales and marketing 31,178 16,658 Research and development 15,812 10,094 70,924 41,018 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Components of income taxes | 2021 2020 $ $ Current tax expense (recovery) 161 (53) Deferred tax expense 11 389 172 336 |
Schedule of rate reconciliation | A reconciliation of income tax expense and the product of accounting loss before income tax multiplied by the combined Canadian federal and provincial statutory income tax rate is as follows: 2021 2020 $ $ Loss before income taxes (13,429) (7,680) Statutory tax rate 26.5 % 26.5 % Tax at statutory rate (3,559) (2,035) Foreign tax rate differential 124 71 Effect of permanent differences 477 1,164 Foreign exchange 545 (865) Change in unrecognized deferred tax asset 2,585 2,001 Income tax expense 172 336 |
Schedule of deferred income tax | The components of deferred tax assets and liabilities are as follows: 2021 2020 $ $ Deferred tax assets Non-capital loss carry forwards 654 — Unrealized foreign exchange losses — 65 Non-deductible reserves 319 361 Property, plant and equipment and other assets 303 109 Pension 52 — Financing charges 372 247 Other 186 — 1,886 782 Deferred tax liabilities Unrealized foreign exchange gains (26) — Contract asset (1,133) (710) Intangible assets (394) (424) Property, plant and equipment and other assets (559) (288) Other (466) (67) (2,578) (1,489) Net deferred tax liabilities (692) (707) Deferred tax assets have not been recognized in respect of the following attributes because it is not probable that future taxable profit will be available against which the Company can realize the benefits: 2021 2020 $ $ Non-capital loss carry forwards 11,385 7,828 Other deductible temporary differences 5,893 6,906 Total unrecognized deferred tax assets 17,278 14,734 |
Schedule of unrecognized tax losses | Tax losses for which no deferred tax asset was recognized expire as follows: 2021 Expiry date 2020 Expiry date $ $ Expire 31,993 2036-2041 19,361 2036-2040 Never expire 12,044 Indefinite 12,002 Indefinite 44,037 31,363 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Compensation expense of key management personnel | Compensation expense for the Company’s key management personnel for the years ended December 31, 2021 and 2020 is as follows: December 31, 2021 2020 $ $ Salaries and benefits 3,860 2,443 Share-based compensation 1,364 562 5,224 3,005 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Managed capital | Total managed capital is as follows: 2021 2020 $ $ Borrowings — 15 Share capital 266,119 264,357 266,119 264,372 |
Financial instruments and ris_2
Financial instruments and risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Schedule of aging of trade receivables | The aging of trade receivables is as follows: 2021 2020 $ $ Not past due 17,128 7,198 1-30 days past due 2,925 2,332 31-60 days past due 1,217 1,258 61-90 days past due 468 686 91-120 days past due 348 601 Greater than 120 days past due 906 1,731 22,992 13,806 Less: credit loss impairment 1,007 1,146 21,985 12,660 |
Schedule of changes in credit loss impairment | Changes in credit loss impairment was as follows: 2021 2020 $ $ Balance - January 1 1,146 474 Write-offs (1,006) (1,216) Impairment loss recognized 867 1,888 Balance - December 31 1,007 1,146 |
Schedule of foreign currency risk | The net carrying value of these US denominated balances held in entities with Euro and Canadian dollars as their functional currency as at December 31, 2021 and 2020 presented in US dollars is as follows: 2021 2020 Euro CAD Euro CAD $ $ $ $ Cash and cash equivalents 776 187,559 976 201,467 Trade and other receivables 1,060 1,532 969 1,655 Trade and other payables (303) (206) (158) (217) 1,533 188,885 1,787 202,905 |
Sensitivity analysis for foreign currency risk | If there was a 1% strengthening of the US dollar against the Canadian dollar or the Euro, there would be a corresponding increase (decrease) in net loss of: 2021 2020 Euro CAD Euro CAD $ $ $ $ Cash and cash equivalents 8 2,387 8 2,579 Trade and other receivables 9 19 8 21 Trade and other payables (3) (3) (1) (3) 14 2,403 15 2,597 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Schedules of revenue, property and equipment and right-of-use assets by geographical locations | The following tables present details on revenues derived and details on property and equipment domiciled in the following geographical locations as at December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021 and 2020. Revenue for the years ended December 31, 2021 and December 31, 2020 is as follows: 2021 2020 $ $ North America 76,120 44,607 Rest of World 28,122 18,310 104,242 62,917 Property and equipment as at December 31, 2021 and December 31, 2020: 2021 2020 $ $ North America 1,044 645 Rest of World 1,601 1,645 2,645 2,290 ROU asset as at December 31, 2021 and December 31, 2020: 2021 2020 $ $ North America 1,537 956 Rest of World 1,522 1,842 3,059 2,798 |
Basis of preparation (Details)
Basis of preparation (Details) - revenue_source | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Number of sources of revenues | 2 | |
Disclosure of subsidiaries [line items] | ||
Contract costs, amortization period | 5 years | |
Docebo S.p.A | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 100.00% |
Docebo NA, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 100.00% |
Docebo EMEA FZ-LLC | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 100.00% |
Docebo UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 100.00% |
Docebo France Société par Actions Simplifiée1 (“Docebo France”) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 100.00% |
Docebo DACH GmbH2 (“Docebo Germany”) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100.00% | 0.00% |
Summary of significant accoun_4
Summary of significant accounting policies - Accrued and deferred revenue (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Payment terms | 30 days |
Maximum | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Payment terms | 60 days |
Summary of significant accoun_5
Summary of significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Electronic equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 3 years |
Furniture | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Building | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 25 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 3 years |
Software technologies | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 5 years |
Software technologies | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 10 years |
Customer relationships | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 5 years |
Customer relationships | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 10 years |
Summary of significant accoun_7
Summary of significant accounting policies - Impairment of long-lived assets, intangible assets and goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Goodwill impairment | $ 0 | $ 0 |
Summary of significant accoun_8
Summary of significant accounting policies - Share-based payments (Details) | 12 Months Ended | ||
Dec. 31, 2021shares | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expiration period | 10 years | ||
Stock options | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 4 years | ||
Stock options | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 5 years | ||
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 1 year | ||
Number of common share per unit vested | 1 | ||
Number of units outstanding (in shares) | 59,654 | 44,142 | 36,250 |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 4 years | ||
Number of common share per unit vested | 1 | ||
Number of units outstanding (in shares) | 46,591 | 0 | |
PSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units outstanding (in shares) | 0 | 0 |
Changes in accounting policies
Changes in accounting policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of voluntary change in accounting policy [line items] | |||
Research and development costs | $ 20,363 | $ 13,384 | [1] |
Depreciation and amortization expense | (2,019) | (1,209) | [1] |
Net loss | $ 13,601 | 8,016 | [1] |
Change in Accounting Policy for Costs Incurred for Cloud Computing Arrangements | |||
Disclosure of voluntary change in accounting policy [line items] | |||
Research and development costs | 384 | ||
Depreciation and amortization expense | 22 | ||
Net loss | 362 | ||
Change in Accounting Policy for Costs Incurred for Cloud Computing Arrangements | Intangible assets other than goodwill | |||
Disclosure of voluntary change in accounting policy [line items] | |||
Intangible assets | $ 362 | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Business combinations - Additio
Business combinations - Additional information (Details) $ / shares in Units, $ in Thousands | Oct. 30, 2020USD ($)shares$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 30, 2020$ / shares | |
Disclosure of detailed information about business combination [line items] | |||||
Current contingent consideration | $ 467 | $ 0 | [1] | ||
Interest on contingent consideration | 73 | 0 | |||
forMetris | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total purchase consideration | $ 6,417 | ||||
Paid in cash | $ 2,624 | ||||
Number of shares issued | shares | 29,024 | ||||
Paid in common shares | $ 1,163 | ||||
Fair value price per share (in cad per share) | (per share) | $ 40.07 | $ 53.38 | |||
Fair value of contingent consideration at acquisition | $ 2,630 | ||||
Maximum undiscounted payable | $ 2,803 | ||||
Deferred cash consideration payable, performance period | 3 years | ||||
Percentage of cash payment for contingent consideration and employee compensation expense | 20.00% | ||||
Percentage of payment in shares for contingent consideration and employee compensation expense | 80.00% | ||||
Earn-out payments, period | 3 years | ||||
Contingent consideration | 2,703 | 2,630 | |||
Current contingent consideration | 467 | 0 | |||
Interest on contingent consideration | 73 | $ 0 | |||
forMetris | Goodwill | |||||
Disclosure of detailed information about business combination [line items] | |||||
Measurement period adjustment | $ 102 | ||||
forMetris | Maximum | |||||
Disclosure of detailed information about business combination [line items] | |||||
Additional potential future consideration | $ 2,447 | ||||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Business combinations - Assets
Business combinations - Assets acquired and liabilities assumed (Details) - forMetris $ in Thousands | Oct. 30, 2020USD ($) |
Current assets: | |
Cash and cash equivalents | $ 174 |
Trade and other receivables | 763 |
Prepaid expenses and other current assets | 61 |
Current assets | 998 |
Non-current assets: | |
Property and equipment, net | 0 |
Right-of-use asset, net | 194 |
Customer relationships | 1,458 |
Technology | 548 |
Trade name and trademarks | 47 |
Goodwill | 5,461 |
Other non-current assets | 71 |
Total assets | 8,777 |
Current liabilities: | |
Trade and other payables | 857 |
Deferred revenue | 700 |
Finance lease liability | 140 |
Current liabilities | 1,697 |
Non-current liabilities: | |
Finance lease liability | 54 |
Borrowings | 278 |
Deferred tax liability | 331 |
Total liabilities | 2,360 |
Fair value of net assets acquired | 6,417 |
Paid in Common Shares of the Company | 1,163 |
Paid in cash | 2,624 |
Contingent consideration | 2,630 |
Total purchase consideration | $ 6,417 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Trade receivables | $ 21,985 | $ 12,660 | ||
Accrued revenues | 3,241 | 706 | $ 736 | |
Tax credits receivable | 2,423 | 1,678 | ||
Other receivables | 36 | 646 | ||
Trade and other receivables | 27,685 | 15,690 | [1] | |
Trade receivables | ||||
Disclosure of financial assets [line items] | ||||
Loss allowance | $ (1,007) | $ (1,146) | $ (474) | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | [1] | $ 2,798 | ||
Balance – End of period | 3,059 | $ 2,798 | [1] | |
Premises | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | 2,671 | |||
Balance – End of period | 2,937 | 2,671 | ||
Others | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | 127 | |||
Balance – End of period | 122 | 127 | ||
Costs | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | 4,158 | 2,999 | ||
Additions | 1,317 | 968 | ||
Disposals | (7) | 0 | ||
Effects of foreign exchange | (164) | 191 | ||
Balance – End of period | 5,304 | 4,158 | ||
Costs | Premises | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | 3,861 | 2,723 | ||
Additions | 1,238 | 968 | ||
Disposals | 0 | 0 | ||
Effects of foreign exchange | (125) | 170 | ||
Balance – End of period | 4,974 | 3,861 | ||
Costs | Others | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | 297 | 276 | ||
Additions | 79 | 0 | ||
Disposals | (7) | 0 | ||
Effects of foreign exchange | (39) | 21 | ||
Balance – End of period | 330 | 297 | ||
Accumulated amortization | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | (1,360) | (579) | ||
Additions | (973) | (744) | ||
Disposals | 0 | |||
Effects of foreign exchange | 88 | (37) | ||
Balance – End of period | (2,245) | (1,360) | ||
Accumulated amortization | Premises | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | (1,190) | (503) | ||
Additions | (898) | (662) | ||
Disposals | 0 | |||
Effects of foreign exchange | 51 | (25) | ||
Balance – End of period | (2,037) | (1,190) | ||
Accumulated amortization | Others | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance – Beginning of period | (170) | (76) | ||
Additions | (75) | (82) | ||
Disposals | 0 | |||
Effects of foreign exchange | 37 | (12) | ||
Balance – End of period | $ (208) | $ (170) | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Leases - Lease obligations (Det
Leases - Lease obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | |||
Balance – January 1 | $ 3,804 | $ 3,414 | |
Additions | 1,317 | 968 | |
Disposals | (7) | 0 | |
Interest accretion | 337 | 358 | |
Lease repayments | (1,338) | (1,106) | |
Effects of foreign exchange | (112) | 170 | |
Balance – December 31 | 4,001 | 3,804 | |
Current | 1,311 | 1,260 | [1] |
Non-current | $ 2,690 | $ 2,544 | [1] |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Leases - Minimum annual rentals
Leases - Minimum annual rentals (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | $ 4,794 |
2022 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | 1,473 |
2023 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | 1,331 |
2024 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | 1,293 |
2025 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | 697 |
Thereafter | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum annual rental | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Short-term leases and leases of low-value assets | $ 307 | $ 238 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | [1] | $ 2,290 | ||
Balance at end of period | 2,645 | $ 2,290 | [1] | |
Furniture and office equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 552 | |||
Balance at end of period | 1,244 | 552 | ||
Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 1,424 | |||
Balance at end of period | 1,123 | 1,424 | ||
Land and Building | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 314 | |||
Balance at end of period | 278 | 314 | ||
Costs | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 3,327 | 2,058 | ||
Additions | 1,145 | 1,188 | ||
Dispositions | (107) | |||
Effects of foreign exchange | (185) | 188 | ||
Balance at end of period | 4,287 | 3,327 | ||
Costs | Furniture and office equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 1,078 | 580 | ||
Additions | 1,094 | 534 | ||
Dispositions | (107) | |||
Effects of foreign exchange | (74) | 71 | ||
Balance at end of period | 2,098 | 1,078 | ||
Costs | Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 1,856 | 1,118 | ||
Additions | 51 | 654 | ||
Dispositions | 0 | |||
Effects of foreign exchange | (77) | 84 | ||
Balance at end of period | 1,830 | 1,856 | ||
Costs | Land and Building | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | 393 | 360 | ||
Additions | 0 | 0 | ||
Dispositions | 0 | |||
Effects of foreign exchange | (34) | 33 | ||
Balance at end of period | 359 | 393 | ||
Accumulated depreciation | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | (1,037) | (581) | ||
Additions | (673) | (405) | ||
Effects of foreign exchange | 68 | (51) | ||
Balance at end of period | (1,642) | (1,037) | ||
Accumulated depreciation | Furniture and office equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | (526) | (291) | ||
Additions | (362) | (207) | ||
Effects of foreign exchange | 34 | (28) | ||
Balance at end of period | (854) | (526) | ||
Accumulated depreciation | Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | (432) | (232) | ||
Additions | (298) | (183) | ||
Effects of foreign exchange | 23 | (17) | ||
Balance at end of period | (707) | (432) | ||
Accumulated depreciation | Land and Building | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Balance at beginning of period | (79) | (58) | ||
Additions | (13) | (15) | ||
Effects of foreign exchange | 11 | (6) | ||
Balance at end of period | $ (81) | $ (79) | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | [1] | $ 2,096 | ||
Balance at end of period | 1,576 | $ 2,096 | [1] | |
Customer relationships | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 1,491 | |||
Balance at end of period | 1,139 | 1,491 | ||
Technology | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 558 | |||
Balance at end of period | 408 | 558 | ||
Trademarks | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 47 | |||
Balance at end of period | 29 | 47 | ||
Costs | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 2,161 | 0 | ||
Acquired in business combination | 2,053 | |||
Effects of foreign exchange | (168) | 108 | ||
Balance at end of period | 1,993 | 2,161 | ||
Costs | Customer relationships | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 1,534 | 0 | ||
Acquired in business combination | 1,458 | |||
Effects of foreign exchange | (119) | 76 | ||
Balance at end of period | 1,415 | 1,534 | ||
Costs | Technology | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 577 | 0 | ||
Acquired in business combination | 548 | |||
Effects of foreign exchange | (45) | 29 | ||
Balance at end of period | 532 | 577 | ||
Costs | Trademarks | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | 50 | 0 | ||
Acquired in business combination | 47 | |||
Effects of foreign exchange | (4) | 3 | ||
Balance at end of period | 46 | 50 | ||
Accumulated depreciation | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | (65) | 0 | ||
Amortization | 373 | 61 | ||
Effects of foreign exchange | 21 | (4) | ||
Balance at end of period | (417) | (65) | ||
Accumulated depreciation | Customer relationships | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | (43) | 0 | ||
Amortization | 248 | 40 | ||
Effects of foreign exchange | 15 | (3) | ||
Balance at end of period | (276) | (43) | ||
Accumulated depreciation | Technology | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | (19) | 0 | ||
Amortization | 109 | 18 | ||
Effects of foreign exchange | 4 | (1) | ||
Balance at end of period | (124) | (19) | ||
Accumulated depreciation | Trademarks | ||||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Balance at beginning of period | (3) | 0 | ||
Amortization | 16 | 3 | ||
Effects of foreign exchange | 2 | 0 | ||
Balance at end of period | $ (17) | $ (3) | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment charge | $ 0 | $ 0 |
Cost to sell | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Significant unobservable input | 0.05 | |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of period | $ 5,600,000 | 0 |
Additions | 5,563,000 | |
Adjustments (Note 5) | (102,000) | |
Effects of foreign exchange | (197,000) | 37,000 |
Balance at end of period | $ 5,301,000 | $ 5,600,000 |
Borrowings - Mortgage payable (
Borrowings - Mortgage payable (Details) € in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 0 | $ 15 | |
Mortgage payable | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 185 | ||
Borrowings | $ 0 | $ 15 | |
Mortgage payable | Fixed interest rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.00% | 5.00% |
Borrowings - Credit facility (D
Borrowings - Credit facility (Details) $ in Thousands | Jul. 25, 2019 | Dec. 31, 2021USD ($) | Jun. 01, 2021USD ($) | May 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 08, 2019USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 0 | $ 15 | ||||
Credit facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowing commitment | $ 15,000 | |||||
MRR, multiplier number | 6 | |||||
Maturity extension term | 364 days | |||||
Standby fee rate (as a percent) | 0.50% | |||||
Borrowings | $ 0 | |||||
Credit facility | Unamortized financing costs | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 64 | |||||
Credit facility | LIBOR | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis (as a percent) | 2.75% | |||||
Credit facility | Maximum | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Gross retention rate (as a percent) | 100.00% |
Borrowings - Net finance expens
Borrowings - Net finance expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about borrowings [line items] | |||
Interest on contingent consideration | $ 73 | $ 0 | |
Interest on lease obligations | 337 | 358 | |
Interest and amortization of deferred financing costs on credit facility | 84 | 76 | |
Interest income | (437) | (317) | |
Bank fees and other | 8 | 13 | |
Net finance expense | $ 65 | $ 130 | [1] |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Employee benefit obligation - C
Employee benefit obligation - Carrying value of benefit obligations (Details) - Benefit obligation - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||
Balance at beginning of period | $ 2,330 | $ 1,443 |
Increases | ||
Provision for the year | 635 | 670 |
Actuarial losses | 80 | 108 |
Interest expense | 7 | 12 |
Reductions | ||
Payments | (309) | (41) |
Foreign exchange translation | (183) | 138 |
Balance at end of period | $ 2,560 | $ 2,330 |
Employee benefit obligation - R
Employee benefit obligation - Recognized in statement of loss and comprehensive loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cost recognized in profit or loss | ||
Remeasurement loss recognized in OCI | $ 80 | $ 108 |
Annual weighted average assumptions | ||
Discount rate (as a percent) | 0.98% | 0.34% |
Price inflation (as a percent) | 1.00% | 1.50% |
Employee benefit obligation - A
Employee benefit obligation - Additional information (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Discount rate | |
Disclosure of defined benefit plans [line items] | |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) due to a decrease in basis points | $ 244 |
Increase (decrease) due to an increase in basis points | $ (199) |
Price inflation | |
Disclosure of defined benefit plans [line items] | |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Increase (decrease) due to a decrease in basis points | $ (85) |
Increase (decrease) due to an increase in basis points | $ 89 |
Share capital - Reconciliation
Share capital - Reconciliation (Details) $ in Thousands | Jul. 15, 2021shares | Dec. 07, 2020USD ($)shares | Aug. 27, 2020USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | |||
Number of shares | ||||||||
Stock option exercise (in shares) | shares | 221,941 | 192,431 | ||||||
Bought deal share offering (in shares) | shares | 500,000 | |||||||
IPO share issuance - Nasdaq (in shares) | shares | 3,450,000 | |||||||
Amount | ||||||||
Balance at beginning of period | [1] | $ 264,357 | ||||||
Stock option exercise | 1,032 | $ 244 | ||||||
Bought deal share offering | $ 18,106 | 18,106 | ||||||
DSU release | 0 | |||||||
forMetris acquisition | 1,163 | |||||||
IPO share issuance - Nasdaq | $ 154,915 | 154,915 | ||||||
Share issuance under ESPP | 244 | |||||||
Balance at end of period | $ 266,119 | $ 264,357 | [1] | |||||
Common shares | ||||||||
Number of shares | ||||||||
Balance at beginning of period (in shares) | shares | 32,630,536 | [1] | 28,454,200 | |||||
Stock option exercise (in shares) | shares | 221,941 | 191,429 | ||||||
Bought deal share offering (in shares) | shares | 500,000 | |||||||
DSU release (in shares) | shares | 5,883 | |||||||
forMetris acquisition (in shares) | shares | 29,024 | |||||||
IPO share issuance - Nasdaq (in shares) | shares | 3,450,000 | |||||||
Share issuance under ESPP (in shares) | shares | 4,945 | 4,945 | ||||||
Balance at end of period (in shares) | shares | 32,857,422 | 32,630,536 | [1] | |||||
Amount | ||||||||
Balance at beginning of period | $ 264,357 | $ 89,745 | ||||||
Stock option exercise | 1,470 | 342 | ||||||
Bought deal share offering | 18,106 | |||||||
DSU release | 86 | |||||||
forMetris acquisition | 1,163 | |||||||
IPO share issuance - Nasdaq | 154,915 | |||||||
Share issuance under ESPP | 292 | |||||||
Balance at end of period | $ 266,119 | $ 264,357 | ||||||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Share capital - Reconciliation,
Share capital - Reconciliation, Additional information (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | Jul. 15, 2021shares | Dec. 07, 2020USD ($)shares | Oct. 30, 2020USD ($)$ / sharesshares | Aug. 27, 2020USD ($)shares | Aug. 27, 2020CAD ($)shares | Dec. 31, 2021shares | Dec. 31, 2020USD ($)shares | Oct. 30, 2020$ / shares |
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued in bought deal share offering | shares | 500,000 | 500,000 | ||||||
Gross proceeds from issuance of shares in bought deal offering | $ 19,029 | $ 25,000 | ||||||
Proceeds from bought deal offering | 18,106 | $ 18,106 | ||||||
Share issuance costs | $ 10,685 | $ 923 | ||||||
Consideration issued in acquisition | 1,163 | |||||||
Number of shares issued in IPO | shares | 3,450,000 | |||||||
Gross consideration on issuance of shares through IPO | $ 165,600 | |||||||
Value of shares issued in IPO | $ 154,915 | $ 154,915 | ||||||
Common shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued in bought deal share offering | shares | 500,000 | |||||||
Proceeds from bought deal offering | $ 18,106 | |||||||
Number of shares issued in acquisition | shares | 29,024 | |||||||
Consideration issued in acquisition | $ 1,163 | |||||||
Number of shares issued in IPO | shares | 3,450,000 | |||||||
Value of shares issued in IPO | $ 154,915 | |||||||
Number of shares issued under ESPP | shares | 4,945 | 4,945 | ||||||
forMetris | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Total purchase consideration | $ 6,417 | |||||||
Number of shares issued in acquisition | shares | 29,024 | |||||||
Consideration issued in acquisition | $ 1,163 | |||||||
Fair value price per share (in cad per share) | (per share) | $ 40.07 | $ 53.38 |
Share-based compensation - Addi
Share-based compensation - Additional information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2021sharesindividual | Dec. 31, 2021USD ($)sharescomponent | Dec. 31, 2020USD ($)shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of components of share-based compensation plan | component | 5 | |||
Share-based compensation | $ | $ 2,261 | $ 1,619 | [1] | |
Number of common shares exercisable for each share option | 1 | |||
Number of common shares reserved for issuance | 2,845,420 | |||
Number of options granted (in shares) | 154,414 | 65,050 | ||
Senior Executive | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options granted (in shares) | 63,992 | |||
Number of individuals granted with excess options | individual | 6 | |||
PSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of units outstanding (in shares) | 0 | 0 | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Share-based compensation - Comp
Share-based compensation - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | $ 2,261 | $ 1,619 | [1] |
Stock options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 1,328 | 1,059 | |
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 696 | 560 | |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 121 | 0 | |
ESPP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | $ 116 | $ 0 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Share-based compensation - Chan
Share-based compensation - Changes in stock options (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Number of options outstanding - beginning of period (in shares) | shares | 1,516,641 | 1,692,347 |
Number of options granted (in shares) | shares | 154,414 | 65,050 |
Number of options forfeited (in shares) | shares | (166,026) | (48,325) |
Number of options exercised (in shares) | shares | (221,941) | (192,431) |
Number of options outstanding - end of period (in shares) | shares | 1,283,088 | 1,516,641 |
Number of options exercisable (in shares) | shares | 866,594 | 917,162 |
Weighted average exercise price, options outstanding - beginning of period (in cad per share) | $ / shares | $ 6.73 | $ 5.41 |
Weighted average exercise price, options granted (in cad per share) | $ / shares | 62.09 | 29.04 |
Weighted average exercise price, options forfeited (in cad per share) | $ / shares | 18.54 | 10.19 |
Weighted average exercise price, options exercised (in cad per share) | $ / shares | 5.95 | 1.77 |
Weighted average exercise price, options outstanding - end of period (in cad per share) | $ / shares | 12 | 6.73 |
Weighted average exercise price, options exercisable (in cad per share) | $ / shares | $ 3.04 | $ 2.38 |
Share-based compensation - Fair
Share-based compensation - Fair value inputs (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangements [Abstract] | ||
Weighted average stock price valuation (in cad per share) | $ 62.09 | |
Weighted average exercise price (in cad per share) | $ 62.09 | $ 29.04 |
Risk free interest rate (as a percent) | 1.15% | |
Expected life in years | 6 | |
Expected dividend yield (as a percent) | 0.00% | |
Volatility (as a percent) | 55.00% | |
Weighted average fair value of options issued (in cad per share) | $ 32.71 |
Share-based compensation - Summ
Share-based compensation - Summary of share options outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 1,283,088 | 1,516,641 | 1,692,347 |
Weighted average remaining contractual life of options outstanding | 6 years 7 months 2 days | 7 years 6 months | |
Number of options exercisable (in shares) | 866,594 | 917,162 | |
0.0001 - 1.09 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 784,368 | 899,300 | |
Weighted average remaining contractual life of options outstanding | 5 years 5 months 12 days | 6 years 3 months 18 days | |
Number of options exercisable (in shares) | 748,368 | 810,900 | |
0.0001 - 1.09 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
0.0001 - 1.09 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 1.09 | $ 1.09 | |
8.86 - 11.06 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 65,522 | 215,420 | |
Weighted average remaining contractual life of options outstanding | 8 years 9 months 18 days | 9 years 11 months 15 days | |
Number of options exercisable (in shares) | 9,784 | 36,400 | |
8.86 - 11.06 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 8.86 | $ 8.86 | |
8.86 - 11.06 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 11.06 | $ 11.06 | |
15.79 - 16.00 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 284,680 | 377,089 | |
Weighted average remaining contractual life of options outstanding | 7 years 9 months 7 days | 8 years 9 months 10 days | |
Number of options exercisable (in shares) | 104,176 | 69,862 | |
15.79 - 16.00 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 15.79 | $ 15.79 | |
15.79 - 16.00 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 16 | $ 16 | |
26.43 - 64.19 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 24,832 | ||
Weighted average remaining contractual life of options outstanding | 9 years 10 months 20 days | ||
Number of options exercisable (in shares) | 0 | ||
26.43 - 64.19 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 26.43 | ||
26.43 - 64.19 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 64.19 | ||
26.43 - 95.12 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding (in shares) | 148,518 | ||
Weighted average remaining contractual life of options outstanding | 9 years 4 months 24 days | ||
Number of options exercisable (in shares) | 4,266 | ||
26.43 - 95.12 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 26.43 | ||
26.43 - 95.12 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price range (in cad per share) | $ / shares | $ 95.12 |
Share-based compensation - DSUs
Share-based compensation - DSUs and RSUs granted (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of units granted (in cad per share) | $ / shares | $ 86.38 | |
Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of units granted (in cad per share) | $ / shares | $ 94.05 | |
DSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units - beginning of period (in shares) | shares | 44,142 | 36,250 |
Number of units granted (in shares) | shares | 15,512 | 15,833 |
Number of units released (in shares) | shares | (5,883) | |
Number of units forfeited (in shares) | shares | (2,058) | |
Number of units - end of period (in shares) | shares | 59,654 | 44,142 |
Weighted average exercise price of units granted (in cad per share) | $ / shares | $ 26.43 | |
Weighted average exercise price of units forfeited (in cad per share) | $ / shares | 38.87 | |
DSUs | Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of units granted (in cad per share) | $ / shares | $ 51.63 | |
Weighted average exercise price of units released (in cad per share) | $ / shares | 16 | |
DSUs | Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of units granted (in cad per share) | $ / shares | $ 96.99 | |
Weighted average exercise price of units released (in cad per share) | $ / shares | $ 45.54 | |
RSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units - beginning of period (in shares) | shares | 0 | |
Number of units granted (in shares) | shares | 46,591 | |
Number of units - end of period (in shares) | shares | 46,591 | 0 |
Loss per share (Details)
Loss per share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | ||
Antidilutive securities | 1,150,566 | 1,560,783 |
Stock options | ||
Earnings per share [line items] | ||
Antidilutive securities | 1,109,074 | 1,516,641 |
DSUs | ||
Earnings per share [line items] | ||
Antidilutive securities | 41,492 | 44,142 |
RSUs | ||
Earnings per share [line items] | ||
Antidilutive securities | 0 | 0 |
Revenue and related balances -
Revenue and related balances - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)revenue_source | |
Revenue From Contracts With Customers [Abstract] | |
Number of sources of revenues | revenue_source | 2 |
Disclosure of changes in accounting estimates [line items] | |
Contract costs, amortization period | 5 years |
Amortization of customer acquisition costs | |
Disclosure of changes in accounting estimates [line items] | |
Contract costs, amortization period | 5 years |
Decrease in accounting estimate | $ | $ 243 |
Revenue and related balances _2
Revenue and related balances - Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 104,242 | $ 62,917 | [1] |
Subscription revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 95,936 | 57,415 | |
Professional services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 8,306 | $ 5,502 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Revenue and related balances _3
Revenue and related balances - Performance obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | |
Disclosure of performance obligations [line items] | |
Performance obligations | $ 76,575 |
2023 | |
Disclosure of performance obligations [line items] | |
Performance obligations | 42,697 |
2024 and thereafter | |
Disclosure of performance obligations [line items] | |
Performance obligations | 21,911 |
Subscription revenue | 2022 | |
Disclosure of performance obligations [line items] | |
Performance obligations | 75,330 |
Subscription revenue | 2023 | |
Disclosure of performance obligations [line items] | |
Performance obligations | 42,697 |
Subscription revenue | 2024 and thereafter | |
Disclosure of performance obligations [line items] | |
Performance obligations | 21,911 |
Professional services | 2022 | |
Disclosure of performance obligations [line items] | |
Performance obligations | 1,245 |
Professional services | 2023 | |
Disclosure of performance obligations [line items] | |
Performance obligations | 0 |
Professional services | 2024 and thereafter | |
Disclosure of performance obligations [line items] | |
Performance obligations | $ 0 |
Revenue and related balances _4
Revenue and related balances - Contract costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue From Contracts With Customers [Abstract] | ||||
Beginning balance | $ 5,239 | $ 2,801 | $ 1,303 | |
Contract costs | 4,787 | 2,519 | ||
Amortization expense | (2,349) | (1,021) | ||
Ending balance | 5,239 | 2,801 | ||
Current | 1,390 | 1,345 | [1] | |
Non-current | 3,849 | 1,456 | [1] | |
Contract assets | $ 5,239 | $ 2,801 | $ 1,303 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Revenue and related balances _5
Revenue and related balances - Unbilled trade receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contracts With Customers [Abstract] | ||
Balance, beginning of period | $ 706 | $ 736 |
Decrease from transfers to trade receivables | (162) | (736) |
Increase from revenue recognized | 2,697 | 706 |
Balance, end of period | $ 3,241 | $ 706 |
Revenue and related balances _6
Revenue and related balances - Deferred revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contracts With Customers [Abstract] | ||
Balance at beginning of period | $ 28,331 | $ 17,997 |
Decrease from revenue recognized | (102,645) | (59,295) |
Increase due to amounts invoiced | 119,522 | 69,341 |
Foreign exchange and other movements | (514) | 288 |
Balance at end of period | $ 44,694 | $ 28,331 |
Cost of revenue (Details)
Cost of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Analysis of income and expense [abstract] | |||
Employee wages and benefits | $ 13,438 | $ 8,093 | |
Web hosting fees | 3,508 | 2,532 | |
Third party service fees | 3,258 | 532 | |
Other | 582 | 382 | |
Cost of revenue | $ 20,786 | $ 11,539 | [1] |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Employee compensation (Details)
Employee compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Total employee compensation | $ 70,924 | $ 41,018 |
Italian Investment Tax Credit | ||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Tax credits | 938 | |
Cost of revenue | ||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Total employee compensation | 13,438 | 8,093 |
General and administrative | ||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Total employee compensation | 10,496 | 6,173 |
Sales and marketing | ||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Total employee compensation | 31,178 | 16,658 |
Research and development | ||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||
Total employee compensation | $ 15,812 | $ 10,094 |
Income taxes - Components of in
Income taxes - Components of income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Taxes [Abstract] | |||
Current tax expense (recovery) | $ 161 | $ (53) | |
Deferred tax expense | 11 | 389 | |
Income tax expense | 172 | 336 | [1] |
Income tax receivable | (34) | ||
Income tax payable | $ 66 | ||
Income taxes paid | $ 252 | ||
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Income taxes - Rate reconciliat
Income taxes - Rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Taxes [Abstract] | |||
Loss before income taxes | $ (13,429) | $ (7,680) | [1] |
Statutory tax rate (as a percent) | 26.50% | 26.50% | |
Tax at statutory rate | $ (3,559) | $ (2,035) | |
Foreign tax rate differential | 124 | 71 | |
Effect of permanent differences | 477 | 1,164 | |
Foreign exchange | 545 | (865) | |
Change in unrecognized deferred tax asset | 2,585 | 2,001 | |
Income tax expense | $ 172 | $ 336 | [1] |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Income taxes - Deferred income
Income taxes - Deferred income tax (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 1,886 | $ 782 |
Deferred tax liabilities | (2,578) | (1,489) |
Net deferred tax liabilities | (692) | (707) |
Non-capital loss carry forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 654 | 0 |
Unrealized foreign exchange losses (gains) | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 65 |
Deferred tax liabilities | (26) | 0 |
Non-deductible reserves | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 319 | 361 |
Property, plant and equipment and other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 303 | 109 |
Deferred tax liabilities | (559) | (288) |
Pension | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 52 | 0 |
Financing charges | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 372 | 247 |
Contract asset | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | (1,133) | (710) |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | (394) | (424) |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 186 | 0 |
Deferred tax liabilities | $ (466) | $ (67) |
Income taxes - Unrecognized def
Income taxes - Unrecognized deferred income tax (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognized deferred tax assets | $ 17,278 | $ 14,734 |
Non-capital loss carry forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognized deferred tax assets | 11,385 | 7,828 |
Other deductible temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognized deferred tax assets | $ 5,893 | $ 6,906 |
Income taxes - Unrecognized tax
Income taxes - Unrecognized tax losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 44,037 | $ 31,363 |
2036-2041 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 31,993 | |
2036-2040 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 19,361 | |
Indefinite | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 12,044 | $ 12,002 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | ||
Salaries and benefits | $ 3,860 | $ 2,443 |
Share-based compensation | 1,364 | 562 |
Compensation expense | $ 5,224 | $ 3,005 |
Capital management (Details)
Capital management (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Borrowings | $ 0 | $ 15 | |
Share capital | 266,119 | 264,357 | [1] |
Managed capital | $ 266,119 | $ 264,372 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Financial instruments and ris_3
Financial instruments and risk management - Aging of trade receivables (Details) - Trade receivables - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | $ 21,985 | $ 12,660 |
Gross carrying amount | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 22,992 | 13,806 |
Gross carrying amount | Not past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 17,128 | 7,198 |
Gross carrying amount | 1-30 days past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 2,925 | 2,332 |
Gross carrying amount | 31-60 days past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 1,217 | 1,258 |
Gross carrying amount | 61-90 days past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 468 | 686 |
Gross carrying amount | 91-120 days past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 348 | 601 |
Gross carrying amount | Greater than 120 days past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | 906 | 1,731 |
Credit loss impairment | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Current financial assets | $ 1,007 | $ 1,146 |
Financial instruments and ris_4
Financial instruments and risk management - Changes in credit loss impairment (Details) - Trade receivables - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Beginning balance | $ 1,146 | $ 474 |
Write-offs | (1,006) | (1,216) |
Impairment loss recognized | 867 | 1,888 |
Ending balance | $ 1,007 | $ 1,146 |
Financial instruments and ris_5
Financial instruments and risk management - Foreign currency risk (Details) - Foreign currency risk - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Euro | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 1,533 | $ 1,787 |
Euro | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (303) | (158) |
Euro | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 776 | 976 |
Euro | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,060 | 969 |
CAD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 188,885 | 202,905 |
CAD | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (206) | (217) |
CAD | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 187,559 | 201,467 |
CAD | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 1,532 | $ 1,655 |
Financial instruments and ris_6
Financial instruments and risk management - Sensitivity analysis for foreign currency risk (Details) - Foreign currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, percent | 1.00% | |
Reasonably possible decrease in risk variable, percent | 1.00% | |
Euro | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | $ 14 | $ 15 |
Euro | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | (3) | (1) |
Euro | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | 8 | 8 |
Euro | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | 9 | 8 |
CAD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | 2,403 | 2,597 |
CAD | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | (3) | (3) |
CAD | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | 2,387 | 2,579 |
CAD | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on net loss | $ 19 | $ 21 |
Segment information (Details)
Segment information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of geographical areas [line items] | |||
Revenue | $ 104,242 | $ 62,917 | [1] |
Property and equipment | 2,645 | 2,290 | [1] |
ROU asset | 3,059 | 2,798 | [1] |
North America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 76,120 | 44,607 | |
Property and equipment | 1,044 | 645 | |
ROU asset | 1,537 | 956 | |
Rest of World | |||
Disclosure of geographical areas [line items] | |||
Revenue | 28,122 | 18,310 | |
Property and equipment | 1,601 | 1,645 | |
ROU asset | $ 1,522 | $ 1,842 | |
[1] | Please refer to Note 4 for retrospective change of accounting policy. |
Subsequent events (Details)
Subsequent events (Details) $ in Thousands | Jan. 21, 2022USD ($) |
Business combination | Skillslive | |
Disclosure of non-adjusting events after reporting period [line items] | |
Cash consideration | $ 875 |