Cover
Cover | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 001-39750 |
Entity Registrant Name | DOCEBO INC. |
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 |
Entity Central Index Key | 0001829959 |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 212,733 | $ 215,323 |
Trade and other receivables (Note 4) | 30,551 | 27,685 |
Income taxes receivable | 363 | 0 |
Prepaids and deposits | 6,187 | 6,992 |
Net investment in finance lease | 172 | 99 |
Contract costs, net | 2,210 | 1,390 |
Total current assets | 252,216 | 251,489 |
Non-current assets: | ||
Contract costs, net | 6,810 | 3,849 |
Net investment in finance lease | 274 | 204 |
Deferred tax asset | 125 | 0 |
Right-of-use assets, net (Note 5) | 2,048 | 3,059 |
Property and equipment, net (Note 6) | 2,540 | 2,645 |
Intangible assets, net (Note 7) | 1,132 | 1,576 |
Goodwill (Note 8) | 5,521 | 5,301 |
Total assets | 270,666 | 268,123 |
Current liabilities: | ||
Trade and other payables | 21,778 | 22,817 |
Income taxes payable | 150 | 0 |
Deferred revenue | 50,648 | 44,578 |
Contingent consideration | 1,168 | 467 |
Lease obligations (Note 5) | 1,253 | 1,311 |
Total current liabilities | 74,997 | 69,173 |
Non-current liabilities: | ||
Contingent consideration | 1,150 | 2,236 |
Deferred revenue | 604 | 116 |
Lease obligations (Note 5) | 1,848 | 2,690 |
Employee benefit obligations | 2,682 | 2,560 |
Deferred tax liability | 896 | 692 |
Total liabilities | 82,177 | 77,467 |
Shareholders’ equity | ||
Share capital (Note 10) | 267,926 | 266,119 |
Contributed surplus | 7,553 | 4,312 |
Accumulated other comprehensive (loss) income | (10,520) | 2,113 |
Deficit | (76,470) | (81,888) |
Total equity | 188,489 | 190,656 |
Total liabilities and equity | $ 270,666 | $ 268,123 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Profit or loss [abstract] | ||||
Revenue (Note 13) | $ 36,966 | $ 27,068 | $ 103,957 | $ 74,441 |
Cost of revenue (Note 14 and 15) | 7,140 | 5,683 | 20,671 | 14,699 |
Gross profit | 29,826 | 21,385 | 83,286 | 59,742 |
Operating expenses | ||||
General and administrative (Note 15) | 7,824 | 6,817 | 22,796 | 21,178 |
Sales and marketing (Note 15) | 15,523 | 11,142 | 44,150 | 30,708 |
Research and development (Note 15) | 6,105 | 5,481 | 18,401 | 14,858 |
Share-based compensation (Note 11) | 1,000 | 745 | 3,624 | 1,662 |
Foreign exchange (gain) loss | (10,213) | (4,765) | (11,676) | 375 |
Depreciation and amortization (Note 5, 6 and 7) | 564 | 501 | 1,731 | 1,464 |
Operating expenses | 20,803 | 19,921 | 79,026 | 70,245 |
Operating income (loss) | 9,023 | 1,464 | 4,260 | (10,503) |
Finance (income) expense, net (Note 9) | (1,325) | 29 | (1,677) | 103 |
Other income | (21) | (21) | (64) | (64) |
Income (loss) before income taxes | 10,369 | 1,456 | 6,001 | (10,542) |
Income tax expense | 95 | 795 | 583 | 1,631 |
Net income (loss) for the periods | 10,274 | 661 | 5,418 | (12,173) |
Item that may be reclassified subsequently to income: | ||||
Exchange loss (gain) on translation of foreign operations | 10,690 | 4,691 | 12,633 | (575) |
Comprehensive loss | $ (416) | $ (4,030) | $ (7,215) | $ (11,598) |
Income (loss) per share - basic (in USD per share) | $ 0.31 | $ 0.02 | $ 0.16 | $ (0.37) |
Income (loss) per share - diluted (in USD per share) | $ 0.30 | $ 0.02 | $ 0.16 | $ 0.37 |
Weighted average number of common shares outstanding - basic (Note 12) (in shares) | 33,044,250 | 32,834,833 | 33,024,887 | 32,809,397 |
Weighted average number of common shares outstanding - diluted (Note 12) (in shares) | 34,069,688 | 34,122,772 | 34,032,666 | 32,809,397 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY $ in Thousands | USD ($) shares | Common shares USD ($) shares | Contributed surplus USD ($) | Accumulated other comprehensive income (loss) USD ($) | Deficit USD ($) |
Balance at beginning of period (in shares) at Dec. 31, 2020 | shares | 32,630,536 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 200,306 | $ 264,357 | $ 2,537 | $ 1,699 | $ (68,287) |
Exercise of stock options (in shares) | shares | 147,025 | 147,025 | |||
Exercise of stock options (Note 10 and 11) | $ 388 | $ 548 | (160) | ||
Share-based compensation (Note 11) | 1,662 | 1,662 | |||
Share issuance under employee share purchase plan (in shares) | shares | 4,945 | ||||
Share issuance under employee share purchase plan (Note 10 and 11) | 244 | $ 292 | (48) | ||
Comprehensive income (loss) | (11,598) | 575 | (12,173) | ||
Balance at end of period (in shares) at Sep. 30, 2021 | shares | 32,782,506 | ||||
Balance at end of period at Sep. 30, 2021 | 191,002 | $ 265,197 | 3,991 | 2,274 | (80,460) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | shares | 32,857,422 | ||||
Balance at beginning of period at Dec. 31, 2021 | $ 190,656 | $ 266,119 | 4,312 | 2,113 | (81,888) |
Exercise of stock options (in shares) | shares | 9,179 | 9,179 | |||
Exercise of stock options (Note 10 and 11) | $ 88 | $ 151 | (63) | ||
Share-based compensation (Note 11) | 3,624 | 3,624 | |||
Release of RSUs (in shares) | shares | 2,800 | ||||
Release of RSUs (Note 10 and 11) | 0 | $ 194 | (194) | ||
Shares issued in connection with acquisitions (in shares) | shares | 15,364 | ||||
Shares issued related to contingent consideration | 700 | $ 700 | |||
Share issuance under employee share purchase plan (in shares) | shares | 20,814 | ||||
Share issuance under employee share purchase plan (Note 10 and 11) | 636 | $ 762 | (126) | ||
Comprehensive income (loss) | (7,215) | (12,633) | 5,418 | ||
Balance at end of period (in shares) at Sep. 30, 2022 | shares | 32,905,579 | ||||
Balance at end of period at Sep. 30, 2022 | $ 188,489 | $ 267,926 | $ 7,553 | $ (10,520) | $ (76,470) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows (used in) from operating activities | ||
Net income (loss) | $ 5,418 | $ (12,173) |
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: | ||
Depreciation and amortization | 1,731 | 1,464 |
Share-based compensation | 3,624 | 1,662 |
Loss on sale of assets | 11 | 0 |
Unrealized foreign exchange gain | (12,215) | (199) |
Income tax expense | 583 | (43) |
Finance (income) expense, net | (1,677) | 103 |
Changes in non-cash working capital items: | ||
Trade and other receivables | (3,483) | (5,245) |
Prepaids and deposits | 190 | (2,859) |
Contract costs | (3,982) | (1,358) |
Trade and other payables | 1,578 | 6,877 |
Employee benefit obligations | 467 | 405 |
Deferred revenue | 8,542 | 8,194 |
Income taxes paid | (692) | (52) |
Cash from (used in) operating activities | 95 | (3,224) |
Cash flows used in investing activities | ||
Purchase of property and equipment | (860) | (999) |
Acquisition of business, net of cash acquired | (1,071) | 0 |
Cash used in investing activities | (1,931) | (999) |
Cash flows (used in) from financing activities | ||
Payments received on net investment in finance lease | 116 | 64 |
Repayment of lease obligations | (1,044) | (1,004) |
Interest received | 827 | 306 |
Proceeds from exercise of stock options | 88 | 388 |
Proceeds from share issuance under employee share purchase plan | 636 | 244 |
Payments of contingent consideration from acquisitions | 93 | 0 |
Repayment of borrowings | 0 | (15) |
Cash from (used in) financing activities | 530 | (17) |
Net change in cash and cash equivalents during the period | (1,306) | (4,240) |
Effect of foreign exchange on cash and cash equivalents | (1,284) | 89 |
Cash and cash equivalents, beginning of the period | 215,323 | 219,658 |
Cash and cash equivalents, end of the period | $ 212,733 | $ 215,507 |
Nature of business
Nature of business | 9 Months Ended |
Sep. 30, 2022 | |
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”. The Company has the following subsidiaries: Entity name Country Ownership percentage September 30, 2022 Ownership percentage December 31, 2021 % % 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 (“Docebo France”) France 100 100 Docebo DACH GmbH (“Docebo Germany”) Germany 100 100 Docebo Australia Pty Ltd 1 ("Docebo Australia") Australia 100 — Docebo Ireland Limited 2 Ireland 100 — 1 On 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. On February 2, 2022 Skillslive changed its name to Docebo Australia Pty Ltd. |
Basis of preparation
Basis of preparation | 9 Months Ended |
Sep. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | Basis of preparation Statement of compliance These unaudited condensed consolidated interim financial statements (“financial statements”) have been prepared by management using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2021. These unaudited condensed consolidated interim financial statements have been prepared in compliance with IAS 34 – Interim Financial Reporting. Accordingly, certain disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) have been omitted or condensed. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2021. These financial statements were approved and authorized for issuance by the Board of Directors of the Company on November 9, 2022. 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 continues to 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 continues to remain uncertain. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policiesIn preparing these financial statements, the significant accounting policies applied in these financial statements are the same as those applied and described in the Company’s annual audited consolidated financial statements for the year ended December 31, 2021. |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables The Company’s trade and other receivables as at September 30, 2022 and December 31, 2021 include the following: 2022 2021 $ $ Trade receivables 23,713 21,985 Accrued revenues 3,084 3,241 Tax credits receivable 2,624 2,423 Other receivables 1,130 36 30,551 27,685 Included in trade receivables is a loss allowance of $813 as at September 30, 2022 and $1,007 as at December 31, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 4,974 330 5,304 Additions 286 — 286 Disposals (315) — (315) Effects of foreign exchange (528) (41) (569) Balance – September 30, 2022 4,417 289 4,706 Premises Others Total Accumulated amortization Balance – December 31, 2021 2,037 208 2,245 Amortization 707 51 758 Disposals (42) — (42) Effects of foreign exchange (270) (33) (303) Balance – September 30, 2022 2,432 226 2,658 Carrying value Net balance – December 31, 2021 2,937 122 3,059 Net balance – September 30, 2022 1,985 63 2,048 The Company’s lease obligations are as follows: 2022 $ Balance – December 31, 2021 4,001 Additions 286 Interest accretion 207 Lease repayments (1,044) Effects of foreign exchange (349) Balance – September 30, 2022 3,101 Current 1,253 Non-current 1,848 3,101 |
Property and equipment
Property and equipment | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 2,098 1,830 359 4,287 Additions 796 64 — 860 Effects of foreign exchange (238) (153) (64) (455) Balance – September 30, 2022 2,656 1,741 295 4,692 Accumulated depreciation Balance – December 31, 2021 854 707 81 1,642 Depreciation 491 221 9 721 Effects of foreign exchange (117) (68) (26) (211) Balance – September 30, 2022 1,228 860 64 2,152 Carrying value Balance – December 31, 2021 1,244 1,123 278 2,645 Balance – September 30, 2022 1,428 881 231 2,540 |
Intangible assets
Intangible assets | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Acquired Customer relationships Technology Trademarks Total $ $ $ $ Cost Balance – December 31, 2021 1,415 532 46 1,993 Effects of foreign exchange (191) (72) (6) (269) Balance – September 30, 2022 1,224 460 40 1,724 Accumulated amortization Balance – December 31, 2021 276 124 17 417 Amortization 166 75 11 252 Effects of foreign exchange (50) (22) (5) (77) Balance – September 30, 2022 392 177 23 592 Carrying value Balance – December 31, 2021 1,139 408 29 1,576 Balance – September 30, 2022 832 283 17 1,132 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill [Abstract] | |
Goodwill | Goodwill $ Balance – December 31, 2021 5,301 Additions 1,071 Effects of foreign exchange (851) Balance – September 30, 2022 5,521 On January 21, 2022, the Company acquired all of the issued and outstanding shares of Skillslive for total consideration, including a working capital adjustment, of $1,071. 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. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Financial Instruments [Abstract] | |
Borrowings | Borrowings Credit Facility On June 1, 2021, the Company terminated the $15,000 committed revolving term credit facility (the “Credit Facility”) it secured from the Toronto-Dominion Bank on July 25, 2019 and repaid all accrued and unpaid interest. Unamortized financing costs of $64 were derecognized and expensed to finance (income) expense during the second quarter of 2021. Prior to termination, the balance drawn on the facility was $nil. Finance (income) expense, net Finance (income) expense for the three and nine months ended September 30, 2022 and 2021 is comprised of: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Interest on contingent consideration 28 19 83 55 Interest on lease obligations 63 83 207 258 Interest and amortization of deferred financing costs on credit facility — — — 84 Interest income (1,416) (109) (1,969) (331) Bank fees and other — 36 2 37 (1,325) 29 (1,677) 103 |
Share capital
Share capital | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 32,857,422 266,119 Stock option exercise 9,179 151 RSU release 2,800 194 Issuance of common shares related to contingent consideration (i) 15,364 700 Share issuance under employee share purchase plan 20,814 762 Balance – September 30, 2022 32,905,579 267,926 |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | Share-based compensationThe Company has five components of its share-based compensation plan: stock options, deferred share units (“DSUs”), restricted share units (“RSUs”), performance share units (“PSUs”) and employee share purchase plan (“ESPP”). Share-based compensation expense for the three and nine months ended September 30, 2022 was $1,000 and $3,624, respectively (2021 - $745 and $1,662). The expense associated with each component is as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Stock options 607 443 1,655 1,103 DSUs 233 231 632 488 RSUs 124 — 1,225 — ESPP 36 71 112 71 1,000 745 3,624 1,662 There were no PSUs issued and outstanding for the three and nine months ended September 30, 2022 and 2021. follows: 2022 2021 1 Number of options Weighted average exercise price Number of options Weighted average exercise price # C$ # C$ Options outstanding – January 1 1,283,088 12.00 1,516,641 6.73 Options granted 1 168,588 44.91 115,969 53.19 Options forfeited (63,415) 46.41 (28,736) 14.84 Options exercised (9,179) 14.52 (147,025) 3.37 Options outstanding – September 30 1,379,082 14.42 1,456,849 10.61 Options exercisable – September 30 887,779 4.06 814,367 2.54 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 following table is a summary of the Company’s stock options outstanding as at September 30, 2022: 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 4.71 0.0001 - 1.09 748,368 8.86 - 11.06 51,811 8.20 8.86 - 11.06 21,084 15.79 - 16.00 268,499 7.03 15.79 - 16.00 95,969 26.43 - 95.12 274,404 9.26 26.43 - 95.12 22,358 1,379,082 6.19 887,779 The following table is a summary of the Company’s stock options outstanding as at September 30, 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 5.70 0.0001 - 1.09 695,968 8.86 - 11.06 190,522 9.21 8.86 - 11.06 59,784 15.79 - 16.00 341,701 8.03 15.79 - 16.00 57,529 26.43 - 69.48 140,258 9.45 26.43 - 69.48 1,086 1,456,849 7.17 814,367 DSUs The following table presents information concerning the number of DSUs granted by the Company: # DSUs – December 31, 2021 59,654 Granted (at C$38.97 - $86.93 per unit) 25,372 DSUs - September 30, 2022 85,026 RSUs The following table presents information concerning the number of RSUs granted by the Company: # RSUs – December 31, 2021 46,591 Granted (at C$40.30 - $54.26 per unit) 97,816 Released (at C$94.05 per unit) (2,800) Forfeited (at C$86.38 - $94.05 per unit) (30,222) RSUs - September 30, 2022 111,385 |
Income (loss) per share
Income (loss) per share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings per share [abstract] | |
Income (loss) per share | Income (loss) per share The following table summarizes the calculation of the weighted average number of basic and diluted common shares: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 # # # # Weighted average number of basic Common Shares 33,044,250 32,834,833 33,024,887 32,809,397 Share options 815,863 1,228,881 850,888 — DSUs 84,254 59,058 68,749 — RSUs 125,321 — 88,142 — Weighted average number of diluted Common Shares 34,069,688 34,122,772 34,032,666 32,809,397 For the three and nine months ended September 30, 2022, nil and 15,991, respectively (three and nine months ended September 30, 2021 – nil and all share options and units, respectively) share options were excluded from the weighted average number of diluted common shares as their effect would have been anti-dilutive. |
Revenue and related balances
Revenue and related balances | 9 Months Ended |
Sep. 30, 2022 | |
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 three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Subscription revenue 34,279 25,057 95,323 68,476 Professional services 2,687 2,011 8,634 5,965 36,966 27,068 103,957 74,441 |
Cost of revenue
Cost of revenue | 9 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Cost of revenue | Cost of revenue The following table represents cost of revenue for the three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Employee salaries and benefits 3,873 3,615 12,149 9,567 Web hosting fees 1,329 939 3,589 2,482 Third party service fees 1,763 977 4,361 2,172 Other 175 152 572 478 7,140 5,683 20,671 14,699 |
Employee compensation
Employee compensation | 9 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Employee compensation | Employee compensationThe total employee compensation comprising salaries and benefits for the three and nine months ended September 30, 2022 was $22,954 and $67,543, respectively (2021 - $18,554 and $51,520). Employee compensation costs were included in the following expenses for the three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Cost of revenue 3,873 3,615 12,149 9,567 General and administrative 3,582 2,666 10,328 7,797 Sales and marketing 10,900 8,231 31,013 22,609 Research and development 4,599 4,042 14,053 11,547 22,954 18,554 67,543 51,520 |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2022 | |
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, President and Chief Operating Officer, Chief Financial Officer, Chief Product Officer, Chief Corporate Development Officer, Chief Human Resource Officer, Chief Legal Officer and Directors. Compensation expense for the Company’s key management personnel for the three and nine months ended September 30, 2022 and 2021 is as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Salaries and benefits 954 916 3,099 2,824 Share-based compensation 425 486 2,106 1,110 1,379 1,402 5,205 3,934 |
Financial instruments and risk
Financial instruments and risk management | 9 Months Ended |
Sep. 30, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments and risk management | Financial instruments and risk management Credit 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 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. Contingent consideration is classified as a Level 3 financial instrument. The fair value of the contingent consideration was calculated using discounted cash flows. During the three and nine months ended September 30, 2022, there were no transfers of amounts between levels in the fair value hierarchy. |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2022 | |
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 in the following geographical locations for the three and nine months ended September 30, 2022 and 2021. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ North America 28,439 19,768 78,731 53,907 Rest of World 8,527 7,300 25,226 20,534 36,966 27,068 103,957 74,441 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
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 continues to 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 continues to remain uncertain. |
Nature of business (Tables)
Nature of business (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
List of subsidiaries | The Company has the following subsidiaries: Entity name Country Ownership percentage September 30, 2022 Ownership percentage December 31, 2021 % % 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 (“Docebo France”) France 100 100 Docebo DACH GmbH (“Docebo Germany”) Germany 100 100 Docebo Australia Pty Ltd 1 ("Docebo Australia") Australia 100 — Docebo Ireland Limited 2 Ireland 100 — 1 On 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. On February 2, 2022 Skillslive changed its name to Docebo Australia Pty Ltd. |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Components of trade and other receivables | The Company’s trade and other receivables as at September 30, 2022 and December 31, 2021 include the following: 2022 2021 $ $ Trade receivables 23,713 21,985 Accrued revenues 3,084 3,241 Tax credits receivable 2,624 2,423 Other receivables 1,130 36 30,551 27,685 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 4,974 330 5,304 Additions 286 — 286 Disposals (315) — (315) Effects of foreign exchange (528) (41) (569) Balance – September 30, 2022 4,417 289 4,706 Premises Others Total Accumulated amortization Balance – December 31, 2021 2,037 208 2,245 Amortization 707 51 758 Disposals (42) — (42) Effects of foreign exchange (270) (33) (303) Balance – September 30, 2022 2,432 226 2,658 Carrying value Net balance – December 31, 2021 2,937 122 3,059 Net balance – September 30, 2022 1,985 63 2,048 |
Schedule of lease obligations | The Company’s lease obligations are as follows: 2022 $ Balance – December 31, 2021 4,001 Additions 286 Interest accretion 207 Lease repayments (1,044) Effects of foreign exchange (349) Balance – September 30, 2022 3,101 Current 1,253 Non-current 1,848 3,101 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, plant and equipment [abstract] | |
Summary of property and equipment | Furniture and office equipment Leasehold improvements Land and Building Total $ $ $ $ Cost Balance – December 31, 2021 2,098 1,830 359 4,287 Additions 796 64 — 860 Effects of foreign exchange (238) (153) (64) (455) Balance – September 30, 2022 2,656 1,741 295 4,692 Accumulated depreciation Balance – December 31, 2021 854 707 81 1,642 Depreciation 491 221 9 721 Effects of foreign exchange (117) (68) (26) (211) Balance – September 30, 2022 1,228 860 64 2,152 Carrying value Balance – December 31, 2021 1,244 1,123 278 2,645 Balance – September 30, 2022 1,428 881 231 2,540 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Assets [Abstract] | |
Summary of intangible assets | Acquired Customer relationships Technology Trademarks Total $ $ $ $ Cost Balance – December 31, 2021 1,415 532 46 1,993 Effects of foreign exchange (191) (72) (6) (269) Balance – September 30, 2022 1,224 460 40 1,724 Accumulated amortization Balance – December 31, 2021 276 124 17 417 Amortization 166 75 11 252 Effects of foreign exchange (50) (22) (5) (77) Balance – September 30, 2022 392 177 23 592 Carrying value Balance – December 31, 2021 1,139 408 29 1,576 Balance – September 30, 2022 832 283 17 1,132 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill [Abstract] | |
Disclosure of reconciliation of changes in goodwill | $ Balance – December 31, 2021 5,301 Additions 1,071 Effects of foreign exchange (851) Balance – September 30, 2022 5,521 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial Instruments [Abstract] | |
Finance income, net | Finance (income) expense for the three and nine months ended September 30, 2022 and 2021 is comprised of: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Interest on contingent consideration 28 19 83 55 Interest on lease obligations 63 83 207 258 Interest and amortization of deferred financing costs on credit facility — — — 84 Interest income (1,416) (109) (1,969) (331) Bank fees and other — 36 2 37 (1,325) 29 (1,677) 103 |
Share capital (Tables)
Share capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 32,857,422 266,119 Stock option exercise 9,179 151 RSU release 2,800 194 Issuance of common shares related to contingent consideration (i) 15,364 700 Share issuance under employee share purchase plan 20,814 762 Balance – September 30, 2022 32,905,579 267,926 |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Expense associated with each component | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Stock options 607 443 1,655 1,103 DSUs 233 231 632 488 RSUs 124 — 1,225 — ESPP 36 71 112 71 1,000 745 3,624 1,662 |
Changes in stock options | The changes in the number of stock options during the nine months ended September 30, 2022 and 2021 were as follows: 2022 2021 1 Number of options Weighted average exercise price Number of options Weighted average exercise price # C$ # C$ Options outstanding – January 1 1,283,088 12.00 1,516,641 6.73 Options granted 1 168,588 44.91 115,969 53.19 Options forfeited (63,415) 46.41 (28,736) 14.84 Options exercised (9,179) 14.52 (147,025) 3.37 Options outstanding – September 30 1,379,082 14.42 1,456,849 10.61 Options exercisable – September 30 887,779 4.06 814,367 2.54 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. |
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 September 30, 2022: 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 4.71 0.0001 - 1.09 748,368 8.86 - 11.06 51,811 8.20 8.86 - 11.06 21,084 15.79 - 16.00 268,499 7.03 15.79 - 16.00 95,969 26.43 - 95.12 274,404 9.26 26.43 - 95.12 22,358 1,379,082 6.19 887,779 The following table is a summary of the Company’s stock options outstanding as at September 30, 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 5.70 0.0001 - 1.09 695,968 8.86 - 11.06 190,522 9.21 8.86 - 11.06 59,784 15.79 - 16.00 341,701 8.03 15.79 - 16.00 57,529 26.43 - 69.48 140,258 9.45 26.43 - 69.48 1,086 1,456,849 7.17 814,367 |
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 September 30, 2022: 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 4.71 0.0001 - 1.09 748,368 8.86 - 11.06 51,811 8.20 8.86 - 11.06 21,084 15.79 - 16.00 268,499 7.03 15.79 - 16.00 95,969 26.43 - 95.12 274,404 9.26 26.43 - 95.12 22,358 1,379,082 6.19 887,779 The following table is a summary of the Company’s stock options outstanding as at September 30, 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 5.70 0.0001 - 1.09 695,968 8.86 - 11.06 190,522 9.21 8.86 - 11.06 59,784 15.79 - 16.00 341,701 8.03 15.79 - 16.00 57,529 26.43 - 69.48 140,258 9.45 26.43 - 69.48 1,086 1,456,849 7.17 814,367 |
Number of DSUs and RSUs granted | DSUs The following table presents information concerning the number of DSUs granted by the Company: # DSUs – December 31, 2021 59,654 Granted (at C$38.97 - $86.93 per unit) 25,372 DSUs - September 30, 2022 85,026 RSUs The following table presents information concerning the number of RSUs granted by the Company: # RSUs – December 31, 2021 46,591 Granted (at C$40.30 - $54.26 per unit) 97,816 Released (at C$94.05 per unit) (2,800) Forfeited (at C$86.38 - $94.05 per unit) (30,222) RSUs - September 30, 2022 111,385 |
Income (loss) per share (Tables
Income (loss) per share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings per share [abstract] | |
Schedule of weighted-average number of basic and diluted shares | The following table summarizes the calculation of the weighted average number of basic and diluted common shares: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 # # # # Weighted average number of basic Common Shares 33,044,250 32,834,833 33,024,887 32,809,397 Share options 815,863 1,228,881 850,888 — DSUs 84,254 59,058 68,749 — RSUs 125,321 — 88,142 — Weighted average number of diluted Common Shares 34,069,688 34,122,772 34,032,666 32,809,397 For the three and nine months ended September 30, 2022, nil and 15,991, respectively (three and nine months ended September 30, 2021 – nil and all share options and units, respectively) share options were excluded from the weighted average number of diluted common shares as their effect would have been anti-dilutive. |
Revenue and related balances (T
Revenue and related balances (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contracts With Customers [Abstract] | |
Schedule of disaggregation of revenue | The following table represents disaggregation of revenue for the three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Subscription revenue 34,279 25,057 95,323 68,476 Professional services 2,687 2,011 8,634 5,965 36,966 27,068 103,957 74,441 |
Cost of revenue (Tables)
Cost of revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Components of cost of revenue | The following table represents cost of revenue for the three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Employee salaries and benefits 3,873 3,615 12,149 9,567 Web hosting fees 1,329 939 3,589 2,482 Third party service fees 1,763 977 4,361 2,172 Other 175 152 572 478 7,140 5,683 20,671 14,699 |
Employee compensation (Tables)
Employee compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Employee compensation costs | Employee compensation costs were included in the following expenses for the three and nine months ended September 30: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Cost of revenue 3,873 3,615 12,149 9,567 General and administrative 3,582 2,666 10,328 7,797 Sales and marketing 10,900 8,231 31,013 22,609 Research and development 4,599 4,042 14,053 11,547 22,954 18,554 67,543 51,520 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party [Abstract] | |
Compensation expense of key management personnel | Compensation expense for the Company’s key management personnel for the three and nine months ended September 30, 2022 and 2021 is as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ Salaries and benefits 954 916 3,099 2,824 Share-based compensation 425 486 2,106 1,110 1,379 1,402 5,205 3,934 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Segments [Abstract] | |
Schedules of revenue by geographical locations | The following tables present details on revenues derived in the following geographical locations for the three and nine months ended September 30, 2022 and 2021. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 $ $ $ $ North America 28,439 19,768 78,731 53,907 Rest of World 8,527 7,300 25,226 20,534 36,966 27,068 103,957 74,441 |
Nature of business (Details)
Nature of business (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Docebo S.p.A | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo NA, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo EMEA FZ-LLC | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo France Société par Actions Simplifiée (“Docebo France”) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo DACH GmbH (“Docebo Germany”) | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 100% |
Docebo Australia Pty Ltd ("Docebo Australia") | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 0% |
Docebo Ireland Limited | ||
Disclosure of subsidiaries [line items] | ||
Ownership percentage | 100% | 0% |
Trade and other receivables - C
Trade and other receivables - Components of trade and other receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | $ 23,713 | $ 21,985 |
Accrued revenues | 3,084 | 3,241 |
Tax credits receivable | 2,624 | 2,423 |
Other receivables | 1,130 | 36 |
Trade and other receivables | $ 30,551 | $ 27,685 |
Trade and other receivables - N
Trade and other receivables - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Loss allowance | $ 813 | $ 1,007 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | $ 3,059 |
Balance – End of period | 2,048 |
Premises | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | 2,937 |
Balance – End of period | 1,985 |
Others | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | 122 |
Balance – End of period | 63 |
Costs | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | 5,304 |
Additions | 286 |
Disposals | (315) |
Effects of foreign exchange | (569) |
Balance – End of period | 4,706 |
Costs | Premises | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | 4,974 |
Additions | 286 |
Disposals | (315) |
Effects of foreign exchange | (528) |
Balance – End of period | 4,417 |
Costs | Others | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | 330 |
Additions | 0 |
Disposals | 0 |
Effects of foreign exchange | (41) |
Balance – End of period | 289 |
Accumulated amortization | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | (2,245) |
Additions | (758) |
Disposals | (42) |
Effects of foreign exchange | 303 |
Balance – End of period | (2,658) |
Accumulated amortization | Premises | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | (2,037) |
Additions | (707) |
Disposals | (42) |
Effects of foreign exchange | 270 |
Balance – End of period | (2,432) |
Accumulated amortization | Others | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance – Beginning of period | (208) |
Additions | (51) |
Disposals | 0 |
Effects of foreign exchange | 33 |
Balance – End of period | $ (226) |
Leases - Lease obligations (Det
Leases - Lease obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Balance – Beginning of period | $ 4,001 | |
Additions | 286 | |
Interest accretion | 207 | |
Lease repayments | (1,044) | |
Effects of foreign exchange | (349) | |
Balance – End of period | 3,101 | |
Current | 1,253 | $ 1,311 |
Non-current | $ 1,848 | $ 2,690 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Short-term leases and leases of low-value assets | $ 47 | $ 76 | $ 163 | $ 234 |
Property, plant and equipment_2
Property, plant and equipment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | $ 2,645 |
Balance at end of period | 2,540 |
Furniture and office equipment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 1,244 |
Balance at end of period | 1,428 |
Leasehold improvements | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 1,123 |
Balance at end of period | 881 |
Land and Building | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 278 |
Balance at end of period | 231 |
Costs | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 4,287 |
Additions | 860 |
Effects of foreign exchange | (455) |
Balance at end of period | 4,692 |
Costs | Furniture and office equipment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 2,098 |
Additions | 796 |
Effects of foreign exchange | (238) |
Balance at end of period | 2,656 |
Costs | Leasehold improvements | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 1,830 |
Additions | 64 |
Effects of foreign exchange | (153) |
Balance at end of period | 1,741 |
Costs | Land and Building | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | 359 |
Additions | 0 |
Effects of foreign exchange | (64) |
Balance at end of period | 295 |
Accumulated depreciation | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | (1,642) |
Additions | (721) |
Effects of foreign exchange | 211 |
Balance at end of period | (2,152) |
Accumulated depreciation | Furniture and office equipment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | (854) |
Additions | (491) |
Effects of foreign exchange | 117 |
Balance at end of period | (1,228) |
Accumulated depreciation | Leasehold improvements | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | (707) |
Additions | (221) |
Effects of foreign exchange | 68 |
Balance at end of period | (860) |
Accumulated depreciation | Land and Building | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Balance at beginning of period | (81) |
Additions | (9) |
Effects of foreign exchange | 26 |
Balance at end of period | $ (64) |
Intangible assets (Details)
Intangible assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | $ 1,576 |
Balance at end of period | 1,132 |
Customer relationships | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 1,139 |
Balance at end of period | 832 |
Technology | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 408 |
Balance at end of period | 283 |
Trademarks | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 29 |
Balance at end of period | 17 |
Costs | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 1,993 |
Effects of foreign exchange | (269) |
Balance at end of period | 1,724 |
Costs | Customer relationships | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 1,415 |
Effects of foreign exchange | (191) |
Balance at end of period | 1,224 |
Costs | Technology | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 532 |
Effects of foreign exchange | (72) |
Balance at end of period | 460 |
Costs | Trademarks | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | 46 |
Effects of foreign exchange | (6) |
Balance at end of period | 40 |
Accumulated depreciation | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | (417) |
Amortization | 252 |
Effects of foreign exchange | 77 |
Balance at end of period | (592) |
Accumulated depreciation | Customer relationships | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | (276) |
Amortization | 166 |
Effects of foreign exchange | 50 |
Balance at end of period | (392) |
Accumulated depreciation | Technology | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | (124) |
Amortization | 75 |
Effects of foreign exchange | 22 |
Balance at end of period | (177) |
Accumulated depreciation | Trademarks | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | (17) |
Amortization | 11 |
Effects of foreign exchange | 5 |
Balance at end of period | $ (23) |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill (Details) - Goodwill $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Balance at beginning of period | $ 5,301 |
Additions | 1,071 |
Effects of foreign exchange | (851) |
Balance at end of period | $ 5,521 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Thousands | Jan. 21, 2022 USD ($) |
Skillslive | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Paid in cash | $ 1,071 |
Borrowings - Credit facility (D
Borrowings - Credit facility (Details) - Credit facility - USD ($) $ in Thousands | Jun. 30, 2021 | Jul. 25, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowing commitment | $ 15,000 | |
Borrowings | $ 0 | |
Unamortized financing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 64 |
Borrowings - Finance income, ne
Borrowings - Finance income, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financial Instruments [Abstract] | ||||
Interest on contingent consideration | $ 28 | $ 19 | $ 83 | $ 55 |
Interest on lease obligations | 63 | 83 | 207 | 258 |
Interest and amortization of deferred financing costs on credit facility | 0 | 0 | 0 | 84 |
Interest income | (1,416) | (109) | (1,969) | (331) |
Bank fees and other | 0 | 36 | 2 | 37 |
Net finance expense | $ (1,325) | $ 29 | $ (1,677) | $ 103 |
Share capital (Details)
Share capital (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Apr. 28, 2022 $ / shares shares | Apr. 28, 2022 $ / shares shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | |
Number of shares | ||||
Stock option exercise (in shares) | shares | 9,179 | 147,025 | ||
Amount | ||||
Balance at beginning of period | $ 266,119 | |||
Stock option exercise | 88 | $ 388 | ||
RSU release | 0 | |||
Issuance of common shares related to contingent consideration | 700 | |||
Share issuance under employee share purchase plan | 636 | $ 244 | ||
Balance at end of period | $ 267,926 | |||
Common shares | ||||
Number of shares | ||||
Balance at beginning of period (in shares) | shares | 32,857,422 | 32,630,536 | ||
Stock option exercise (in shares) | shares | 9,179 | 147,025 | ||
Release of RSUs (in shares) | shares | 2,800 | |||
Issuance of common shares related to contingent consideration (in shares) | shares | 15,364 | 15,364 | 15,364 | |
Share issuance under employee share purchase plan (in shares) | shares | 20,814 | 4,945 | ||
Balance at end of period (in shares) | shares | 32,905,579 | 32,782,506 | ||
Amount | ||||
Balance at beginning of period | $ 266,119 | |||
Stock option exercise | 151 | $ 548 | ||
RSU release | 194 | |||
Issuance of common shares related to contingent consideration | 700 | |||
Share issuance under employee share purchase plan | 762 | $ 292 | ||
Balance at end of period | $ 267,926 | |||
Shares issued based on the fair value (in usd and cad per share) | (per share) | $ 45.55 | $ 58.47 |
Share-based compensation - Addi
Share-based compensation - Additional information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 shares individual | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2022 USD ($) shares component | Sep. 30, 2021 USD ($) 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 | $ | $ 1,000 | $ 745 | $ 3,624 | $ 1,662 | |
Number of options granted (in shares) | 168,588 | 115,969 | |||
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 | 0 | 0 |
Share-based compensation - Comp
Share-based compensation - Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | $ 1,000 | $ 745 | $ 3,624 | $ 1,662 |
Stock options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | 607 | 443 | 1,655 | 1,103 |
DSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | 233 | 231 | 632 | 488 |
RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | 124 | 0 | 1,225 | 0 |
ESPP | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | $ 36 | $ 71 | $ 112 | $ 71 |
Share-based compensation - Chan
Share-based compensation - Changes in stock options (Details) | 9 Months Ended | |
Sep. 30, 2022 shares $ / shares | Sep. 30, 2021 shares $ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Number of options outstanding - beginning of period (in shares) | shares | 1,283,088 | 1,516,641 |
Number of options granted (in shares) | shares | 168,588 | 115,969 |
Number of options forfeited (in shares) | shares | (63,415) | (28,736) |
Number of options exercised (in shares) | shares | (9,179) | (147,025) |
Number of options outstanding - end of period (in shares) | shares | 1,379,082 | 1,456,849 |
Number of options exercisable (in shares) | shares | 887,779 | 814,367 |
Weighted average exercise price, options outstanding - beginning of period (in cad per share) | $ / shares | $ 12 | $ 6.73 |
Weighted average exercise price, options granted (in cad per share) | $ / shares | 44.91 | 53.19 |
Weighted average exercise price, options forfeited (in cad per share) | $ / shares | 46.41 | 14.84 |
Weighted average exercise price, options exercised (in cad per share) | $ / shares | 14.52 | 3.37 |
Weighted average exercise price, options outstanding - end of period (in cad per share) | $ / shares | 14.42 | 10.61 |
Weighted average exercise price, options exercisable (in cad per share) | $ / shares | $ 4.06 | $ 2.54 |
Share-based compensation - Summ
Share-based compensation - Summary of share options outstanding (Details) | 9 Months Ended | |||
Sep. 30, 2022 shares $ / shares | Sep. 30, 2021 shares $ / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of options outstanding (in shares) | 1,379,082 | 1,456,849 | 1,283,088 | 1,516,641 |
Weighted average remaining contractual life of options outstanding | 6 years 2 months 8 days | 7 years 2 months 1 day | ||
Number of options exercisable (in shares) | 887,779 | 814,367 | ||
0.0001 - 1.09 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of options outstanding (in shares) | 784,368 | 784,368 | ||
Weighted average remaining contractual life of options outstanding | 4 years 8 months 15 days | 5 years 8 months 12 days | ||
Number of options exercisable (in shares) | 748,368 | 695,968 | ||
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) | 51,811 | 190,522 | ||
Weighted average remaining contractual life of options outstanding | 8 years 2 months 12 days | 9 years 2 months 15 days | ||
Number of options exercisable (in shares) | 21,084 | 59,784 | ||
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) | 268,499 | 341,701 | ||
Weighted average remaining contractual life of options outstanding | 7 years 10 days | 8 years 10 days | ||
Number of options exercisable (in shares) | 95,969 | 57,529 | ||
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) | 140,258 | |||
Weighted average remaining contractual life of options outstanding | 9 years 5 months 12 days | |||
Number of options exercisable (in shares) | 1,086 | |||
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 | $ 69.48 | |||
26.43 - 95.12 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of options outstanding (in shares) | 274,404 | |||
Weighted average remaining contractual life of options outstanding | 9 years 3 months 3 days | |||
Number of options exercisable (in shares) | 22,358 | |||
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) | 9 Months Ended |
Sep. 30, 2022 shares $ / shares | |
DSUs | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units - beginning of period (in shares) | 59,654 |
Number of units granted (in shares) | 25,372 |
Number of units - end of period (in shares) | 85,026 |
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 | $ 38.97 |
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 | $ 86.93 |
RSUs | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units - beginning of period (in shares) | 46,591 |
Number of units granted (in shares) | 97,816 |
Number of units released (in shares) | (2,800) |
Number of units forfeited (in shares) | (30,222) |
Number of units - end of period (in shares) | 111,385 |
Weighted average exercise price of units released (in cad per share) | $ / shares | $ 94.05 |
RSUs | 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 | 40.30 |
Weighted average exercise price of units forfeited (in cad per share) | $ / shares | 86.38 |
RSUs | 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 | 54.26 |
Weighted average exercise price of units forfeited (in cad per share) | $ / shares | $ 94.05 |
Income (loss) per share (Detail
Income (loss) per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share [line items] | ||||
Weighted average number of basic Common Shares (in shares) | 33,044,250 | 32,834,833 | 33,024,887 | 32,809,397 |
Share options (in shares) | 815,863 | 1,228,881 | 850,888 | 0 |
DSU's (in shares) | 84,254 | 59,058 | 68,749 | 0 |
RSU's (in shares) | 125,321 | 0 | 88,142 | 0 |
Weighted average number of diluted Common Shares (in shares) | 34,069,688 | 34,122,772 | 34,032,666 | 32,809,397 |
Antidilutive securities (in shares) | 0 | 0 | 15,991 | 0 |
Revenue and related balances -
Revenue and related balances - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 revenue_source | |
Revenue From Contracts With Customers [Abstract] | |
Number of sources of revenues | 2 |
Revenue and related balances _2
Revenue and related balances - Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 36,966 | $ 27,068 | $ 103,957 | $ 74,441 |
Subscription revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 34,279 | 25,057 | 95,323 | 68,476 |
Professional services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 2,687 | $ 2,011 | $ 8,634 | $ 5,965 |
Cost of revenue (Details)
Cost of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Analysis of income and expense [abstract] | ||||
Employee salaries and benefits | $ 3,873 | $ 3,615 | $ 12,149 | $ 9,567 |
Web hosting fees | 1,329 | 939 | 3,589 | 2,482 |
Third party service fees | 1,763 | 977 | 4,361 | 2,172 |
Other | 175 | 152 | 572 | 478 |
Cost of revenue | $ 7,140 | $ 5,683 | $ 20,671 | $ 14,699 |
Employee compensation (Details)
Employee compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||||
Total employee compensation | $ 22,954 | $ 18,554 | $ 67,543 | $ 51,520 |
Cost of revenue | ||||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||||
Total employee compensation | 3,873 | 3,615 | 12,149 | 9,567 |
General and administrative | ||||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||||
Total employee compensation | 3,582 | 2,666 | 10,328 | 7,797 |
Sales and marketing | ||||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||||
Total employee compensation | 10,900 | 8,231 | 31,013 | 22,609 |
Research and development | ||||
Disclosure of Analysis of Employee Benefits Expense [Line Items] | ||||
Total employee compensation | $ 4,599 | $ 4,042 | $ 14,053 | $ 11,547 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party [Abstract] | ||||
Salaries and benefits | $ 954 | $ 916 | $ 3,099 | $ 2,824 |
Share-based compensation | 425 | 486 | 2,106 | 1,110 |
Compensation expense | $ 1,379 | $ 1,402 | $ 5,205 | $ 3,934 |
Segment information (Details)
Segment information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of geographical areas [line items] | ||||
Revenue | $ 36,966 | $ 27,068 | $ 103,957 | $ 74,441 |
North America | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 28,439 | 19,768 | 78,731 | 53,907 |
Rest of World | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 8,527 | $ 7,300 | $ 25,226 | $ 20,534 |