Fiscal year revenue growth of 53% and Annual
Recurring Revenue growth of 58%
TORONTO, March 12, 2020 /CNW/ - Docebo Inc.
(TSX:DCBO) ("Docebo" or the "Company"), a global
leader in artificial intelligence-powered learning technology,
today announced financial results for the three months and fiscal
year ended December 31, 2019. All amounts are expressed in US
dollars unless otherwise stated.
![Docebo Inc. (CNW Group/Docebo Inc.) Docebo Inc. (CNW Group/Docebo Inc.)](https://mma.prnewswire.com/media/1123067/Docebo_Inc__Docebo_Reports_Fourth_Quarter_and_Fiscal_Year_2019_F.jpg)
"Growth in 2019 was led by the strength of our North American
business, as we continue to gain traction with mid market
enterprises and divisions of large global companies and now have
over 1,800 customers," said Claudio
Erba, CEO and Founder of Docebo. "This resulted in strong
year over year revenue growth of 53% in the fourth quarter, a 34%
increase in average contract values and we have added $17.3 million in annual recurring revenue since
the beginning of the year to reach $47.2
million at year end. The investments we are making to be the
innovation leader, expand our sales reach and better service our
customers are laying the foundation for our expanding global
presence."
Fourth Quarter Financial Highlights
- Revenue of $12.3 million, an
increase of 52.8% from the comparable prior year period
- Subscription revenue of $11.2
million, representing 91.5% of total revenue, and an
increase of 52.7% from the prior year period
- Gross profit of $10.0 million, or
81.4% of revenue
- Net loss of $3.3 million,
compared to $3.2 million for the
prior year period
- Adjusted EBITDA1 of ($1.1)
million, compared to ($1.9)
million for the prior year period
- Cash flow used in operating activities of $3.5 million, compared to nil for the prior year
period
- Free cash flow1 of ($3.6)
million, compared to nil for the prior year
period
1 Please refer to "Non-IFRS Measures and
Reconciliation of Non-IFRS Measures" section of this press
release.
Fiscal Year Financial Highlights
- Revenue of $41.4 million, an
increase of 53.1% from the prior year period
- Subscription revenue of $37.3
million, representing 90.0% of total revenue, and an
increase of 56.1% from the prior year period
- Annual Recurring Revenue1,2 of $47.2 million, an increase of $17.3 million from $29.9
million at the end of 2018, or an increase of 57.9%
- Net Dollar Retention Rate1 greater than 100%
- Gross profit of $33.2 million, or
80.1% of revenue
- Net loss of $11.9 million,
compared to $11.7 million for the
prior year period
- Adjusted EBITDA3 of ($6.1)
million, compared to ($7.9)
million for the prior year period
- Cash flow used in operating activities of $4.6 million, compared to $2.3 million for the prior year period
- Free cash flow3 of ($4.9)
million compared to ($2.7)
million for the prior year period
- Cash and cash equivalents of $46.3
million as at December 31,
2019
1 Please refer to "Key Performance
Indicators" section of this press release.
2 As at December 31, 2019.
3 Please refer to "Non-IFRS Measures
and Reconciliation of Non-IFRS Measures" section of this press
release.
Fiscal Year Business Highlights
- Awarded both Supreme Software 2019 and Experts Choice by
FinancesOnline.
- Awarded two golds for Best Advance in Learning Management
Technology and Best Advance in Mobile Learning Technology in the
Fall Program of the Brandon Hall Excellence in Learning Technology
Awards.
- Launched Docebo Content, providing an extensive library of
curated, off-the-shelf and mobile-ready e-learning content,
accessible directly within the Docebo Learning Platform.
- Launched Docebo 7.8 which included the addition of the Docebo
Virtual Coach, an AI-powered assistant that helps learners stay on
top of their learning deadlines and find relevant and needed
information in the flow of work; and Docebo Discover, which allows
learners to identify areas of improvement or skills they would like
to focus on.
- Completed an initial public offering ("IPO") and issued
4,687,500 common shares for a total gross consideration of
$56.3 million (C$75 million). Share issuance costs amounted to
$3.9 million resulting in net
proceeds of $52.4 million.
- Through the use of the net proceeds of the IPO, repaid in full
the committed revolving term credit facility from Toronto-Dominion
Bank.
- Docebo is now used by 1,808 customers, an increase from 1,540
customers at the end of the fiscal year ended December 31, 2018.
- Strong growth in average contract value, calculated as total
Annual Recurring Revenue divided by the number of active customers,
increasing from approximately $19,000
to $26,000.
Fourth Quarter and Fiscal Year 2019 Results
Selected Financial Measures
|
|
|
|
|
Three months ended
December 31,
|
|
Fiscal year ended
December 31,
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
$
|
|
$
|
|
$
|
|
%
|
|
$
|
|
$
|
|
$
|
|
%
|
Subscription
Revenue
|
11,247
|
|
7,365
|
|
3,882
|
|
52.7%
|
|
37,283
|
|
23,881
|
|
13,402
|
|
56.1%
|
Professional
Services
|
1,051
|
|
684
|
|
367
|
|
53.7%
|
|
4,160
|
|
3,193
|
|
967
|
|
30.3%
|
Total
Revenue
|
12,298
|
|
8,049
|
|
4,249
|
|
52.8%
|
|
41,443
|
|
27,074
|
|
14,369
|
|
53.1%
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin
|
10,012
|
|
6,526
|
|
3,486
|
|
53.4%
|
|
33,182
|
|
21,424
|
|
11,758
|
|
54.9%
|
Percentage of Total
Revenue
|
81.4%
|
|
81.1%
|
|
|
|
|
80.1%
|
|
79.1%
|
|
|
|
Key Business Indicators
|
|
|
|
|
Fiscal year ended
December 31,
|
|
|
2019
|
|
2018
|
|
Change
|
|
Change
%
|
Annual Recurring
Revenue (in millions of US dollars)
|
|
47.2
|
|
29.9
|
|
17.3
|
|
57.9%
|
Average Contract
Value (in thousands of US dollars)
|
|
26.1
|
|
19.4
|
|
6.7
|
|
34.5%
|
Customers
|
|
1,808
|
|
1,540
|
|
268
|
|
17.4%
|
Non-IFRS Metrics
|
|
|
|
|
Three months ended
December 31,
|
|
Fiscal year ended
December 31,
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
$
|
|
$
|
|
$
|
|
%
|
|
$
|
|
$
|
|
$
|
|
%
|
Adjusted
EBITDA
|
(1,120)
|
|
(1,935)
|
|
815
|
|
(42.1)%
|
|
(6,122)
|
|
(7,875)
|
|
1,753
|
|
(22.3)%
|
Free Cash
Flow
|
(3,553)
|
|
23
|
|
(3,576)
|
|
(15,547.8)%
|
|
(4,948)
|
|
(2,710)
|
|
(2,238)
|
|
82.6%
|
Conference Call
Management will host a conference call on Thursday, March 12, 2020 at 8:00 am ET to discuss these fourth quarter and
fiscal year results.
To access the conference call, please dial 416-764-8659 or
1-888-664-6392. The audited financial statements for the three
months and fiscal year ended December 31, 2019 and
Management's Discussion & Analysis for the same period have
been filed on SEDAR at www.sedar.com. Alternatively, these
documents along with a presentation in connection with the
conference call can be accessed online at
https://investors.docebo.com.
An archived recording of the conference call will be available
until March 19, 2020 and for 90 days
on our website. To listen to the recording, call 416-764-8677 or
1-888-390-0541 and enter passcode 323048.
Forward-looking information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information may relate to our financial outlook and
anticipated events or results and may include information regarding
our financial position, business strategy, growth strategies,
addressable markets, budgets, operations, financial results, taxes,
dividend policy, plans and objectives. Particularly, information
regarding our expectations of future results, performance,
achievements, prospects or opportunities or the markets in which we
operate is forward-looking information.
In some cases, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"targets", "expects", "is expected", "an opportunity exists",
"budget", "scheduled", "estimates", "outlook", "forecasts",
"projection", "prospects", "strategy", "intends",
"anticipates", "believes", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or, "will", "occur" or "be
achieved", and similar words or the negative of these terms and
similar terminology. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events or
circumstances.
This forward-looking information includes, but is not limited
to, statements regarding industry trends; our growth rates and
growth strategies; addressable markets for our solutions; the
achievement of advances in and expansion of our platform;
expectations regarding our revenue and the revenue generation
potential of our platform and other products; our business plans
and strategies; and our competitive position in our
industry.
This forward-looking information is based on our opinions,
estimates and assumptions that, while considered by the Company to
be appropriate and reasonable as of the date of this prospectus,
are subject to known and unknown risks, uncertainties, assumptions
and other factors that may cause the actual results, level of
activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking
information, including but not limited to:
- the Company's ability to execute on its growth
strategies;
- the impact of changing conditions in the global corporate
e-learning market;
- increasing competition in the global corporate e-learning
market in which the Company operates;
- fluctuations in currency exchange rates and volatility in
financial markets;
- changes in the attitudes, financial condition and demand of
our target market;
- developments and changes in applicable laws and regulations;
and
such other factors discussed in greater detail under the
"Risk Factors" section of our Annual Information Form.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information. The opinions, estimates or assumptions referred to
above and described in greater detail in the "Summary of Factors
Affecting our Performance" section of our MD&A for the three
months and fiscal year ended December 31, 2019 and in the
"Risk Factors" section of our Annual Information Form dated
March 11, 2020, which is available
under our profile on SEDAR at www.sedar.com,should be considered
carefully by prospective investors.
Although we have attempted to identify important risk factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other risk
factors not presently known to us or that we presently believe are
not material that could also cause actual results or future events
to differ materially from those expressed in such forward-looking
information. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. No
forward-looking statement is a guarantee of future results.
Accordingly, you should not place undue reliance on forward-looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents our expectations as of the date specified herein, and
are subject to change after such date. However, we disclaim any
intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
All of the forward-looking information contained in this
press release is expressly qualified by the foregoing cautionary
statements.
Additional information relating to Docebo, including our
Final Prospectus, can be found on SEDAR at www.sedar.com.
About Docebo
Docebo's mission is to redefine the way enterprises learn by
applying new technologies to the traditional corporate learning
management system market. Docebo provides an easy-to use, highly
configurable and affordable learning platform with the end-to-end
capabilities and critical functionality needed to train internal
and external workforces, partners and customers. This allows
customers to take control of their desired training strategies and
retain institutional knowledge, while providing efficient course
delivery, tracking of learning progress, advanced social learning
opportunities and in-depth reporting tools and analytics. Docebo's
robust platform helps its customers centralize a broad range of
learning materials from peer enterprises and learners into one
artificial intelligence powered Learning Platform to expedite and
enrich the learning process, increase productivity and grow teams
uniformly.
Results of Operations
The following table outlines our consolidated statements of loss
and comprehensive loss for the three months and fiscal years ended
December 31, 2019 and 2018:
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Fiscal year ended
December 31,
|
(In thousands of
US dollars, except per share data)
|
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
Revenue
|
|
12,298
|
|
8,049
|
|
|
41,443
|
|
27,074
|
Cost of
revenue
|
|
2,286
|
|
1,523
|
|
|
8,261
|
|
5,650
|
Gross
profit
|
|
10,012
|
|
6,526
|
|
|
33,182
|
|
21,424
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
General and
administrative
|
|
4,423
|
|
3,573
|
|
|
15,872
|
|
10,940
|
Sales and
marketing
|
|
4,555
|
|
3,067
|
|
|
16,266
|
|
11,630
|
Research and
development
|
|
2,776
|
|
1,980
|
|
|
8,579
|
|
6,612
|
Share-based
compensation
|
|
408
|
|
46
|
|
|
659
|
|
253
|
Foreign exchange
loss
|
|
820
|
|
284
|
|
|
922
|
|
775
|
Depreciation and
amortization
|
|
99
|
|
49
|
|
|
693
|
|
169
|
|
|
13,081
|
|
8,999
|
|
|
42,991
|
|
30,379
|
Operating
loss
|
|
(3,069)
|
|
(2,473)
|
|
|
(9,809)
|
|
(8,955)
|
|
|
|
|
|
|
|
Finance expense,
net
|
|
89
|
|
202
|
|
|
796
|
|
666
|
Loss on change in
fair value of convertible promissory notes
|
|
—
|
|
525
|
|
|
776
|
|
2,083
|
Other
income
|
|
(19)
|
|
(40)
|
|
|
(76)
|
|
(53)
|
Loss before income
taxes
|
|
(3,139)
|
|
(3,160)
|
|
|
(11,305)
|
|
(11,651)
|
Income tax
expense
|
|
160
|
|
—
|
|
|
609
|
|
—
|
Net loss for the
year
|
|
(3,299)
|
|
(3,160)
|
|
|
(11,914)
|
|
(11,651)
|
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
Item that may be
reclassified subsequently to income:
|
|
|
|
|
|
|
Exchange gain on
translation of foreign operations
|
|
(583)
|
|
(411)
|
|
|
(652)
|
|
(819)
|
Item not subsequently
reclassified to income:
|
|
|
|
|
|
|
Actuarial
loss
|
|
80
|
|
10
|
|
|
110
|
|
41
|
|
|
(503)
|
|
(401)
|
|
|
(542)
|
|
(778)
|
Comprehensive
loss
|
|
(2,796)
|
|
(2,759)
|
|
|
(11,372)
|
|
(10,873)
|
|
|
|
|
|
|
|
Net loss attributable
to:
|
|
|
|
|
|
|
Equity owners of the
Company
|
|
(3,299)
|
|
(3,160)
|
|
|
(11,914)
|
|
(11,272)
|
Non-controlling
interests (Note 10)
|
|
—
|
|
—
|
|
|
—
|
|
(379)
|
|
|
(3,299)
|
|
(3,160)
|
|
|
(11,914)
|
|
(11,651)
|
|
|
|
|
|
|
|
Loss per share -
basic and diluted
|
|
(0.12)
|
|
(0.14)
|
|
|
(0.49)
|
|
(0.52)
|
Weighted average
number of common shares outstanding - basic and diluted
(Note 13)
|
|
28,046,591
|
|
21,543,068
|
|
|
24,363,789
|
|
21,543,100
|
Key Statement of Financial Position Information
(In thousands of
US dollars, except percentages)
|
December
31,
2019
|
December
31,
2018
|
Change
|
Change
|
|
$
|
$
|
$
|
%
|
Cash and cash
equivalents
|
46,278
|
3,756
|
42,522
|
1,132.1%
|
Total
assets
|
63,860
|
13,300
|
50,560
|
380.2%
|
Total
liabilities
|
32,479
|
30,076
|
2,403
|
8.0%
|
Total long-term
liabilities
|
3,938
|
5,187
|
(1,249)
|
(24.1)%
|
Key Performance Indicators
We recognize subscription revenues ratably over the term of the
subscription period under the provisions of our agreements with
customers. The terms of our agreements, combined with high customer
retention rates, provides us with a significant degree of
visibility into our near-term revenues. Management uses a number of
metrics, including the ones identified below, to measure the
Company's performance and customer trends, which are used to
prepare financial plans and shape future strategy. Our key
performance indicators may be calculated in a manner different than
similar key performance indicators used by other companies.
- Annual Recurring Revenue. We define Annual Recurring
Revenue as the annualized equivalent value of the subscription
revenue of all existing contracts (including Original Equipment
Manufacturer ("OEM") contracts) as at the date being measured,
excluding non-recurring implementation, support and maintenance
fees. Our customers generally enter into one to three year
contracts and are non-cancelable or cancellable with penalty. All
the customer contracts, including those for one-year terms,
automatically renew unless cancelled by our customers. Accordingly,
our calculation of Annual Recurring Revenue assumes that customers
will renew the contractual commitments on a periodic basis as those
commitments come up for renewal. Subscription agreements are
subject to price increases upon renewal reflecting both
inflationary increases and the additional value provided by our
solutions. In addition to the expected increase in subscription
revenue from price increases over time, existing customers may
subscribe for additional features, learners or services during the
term. We believe that this measure provides a fair real-time
measure of performance in a subscription-based environment. Annual
Recurring Revenue provides us with visibility for consistent and
predictable growth to our cash flows. Our strong total revenue
growth coupled with increasing Annual Recurring Revenue indicates
the continued strength in the expansion of our business and will
continue to be our target on a go-forward basis.
- Net Dollar Retention Rate: We believe that our ability
to retain and expand a customer relationship is an indicator of the
stability of our revenue base and long-term value of our customers.
We assess our performance in this area using a metric we refer to
as Net Dollar Retention Rate. We compare the aggregate subscription
fees contractually committed for a full month under all customer
agreements (the "Total Contractual Monthly Subscription Revenue")
of our total customer base (excluding OEM partners) as of the
beginning of each month to the Total Contractual Monthly
Subscription Revenue of the same group at the end of the month. Net
Dollar Retention Rate is calculated on a weighted average annual
basis by first dividing the Total Contractual Monthly Subscription
Revenue at the end of the month by the Total Contractual Monthly
Subscription Revenue at the start of the month for the same group
of customers.
Net Dollar Retention Rate and Annual Recurring Revenue for the
fiscal years ended at December 31,
2019 and 2018 was as follows:
|
|
2019
|
2018
|
Net Dollar Retention
Rate
|
|
Greater than
100%
|
Greater than
100%
|
Annual Recurring
Revenue (in millions of US dollars)(1)
|
|
47.2
|
29.9
|
Note:
- Historically, subscription revenue from OEM contracts ("OEM
Subscription Revenue") was excluded from our calculation of Annual
Recurring Revenue. For the fourth quarter of the fiscal year ended
December 31, 2019 and going forward,
OEM Subscription Revenue will be included in Annual Recurring
Revenue to provide a more comprehensive representation of our
subscription revenue. The following table outlines our Annual
Recurring Revenue for the last four quarters including OEM
Subscription Revenue:
|
|
|
|
|
2019
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Annual Recurring
Revenue (in millions of US dollars)
|
|
33.5
|
36.9
|
41.7
|
47.2
|
Non-IFRS Measures and Reconciliation of Non-IFRS
Measures
This press release makes reference to certain non-IFRS measures
including key performance indicators used by management and
typically used by our competitors in the software-as-a-service
("SaaS") industry. These measures are not recognized measures under
IFRS and do not have a standardized meaning prescribed by IFRS and
are therefore not necessarily comparable to similar measures
presented by other companies. Rather, these measures are provided
as additional information to complement those IFRS measures by
providing further understanding of our results of operations from
management's perspective. Accordingly, these measures should not be
considered in isolation nor as a substitute for analysis of our
financial information reported under IFRS. These non-IFRS measures
and SaaS metrics are used to provide investors with supplemental
measures of our operating performance and liquidity and thus
highlight trends in our business that may not otherwise be apparent
when relying solely on IFRS measures. We also believe that
securities analysts, investors and other interested parties
frequently use non-IFRS measures, including SaaS industry metrics,
in the evaluation of companies in the SaaS industry. Management
also uses non-IFRS measures and SaaS industry metrics in order to
facilitate operating performance comparisons from period to period,
the preparation of annual operating budgets and forecasts and to
determine components of executive compensation. The non-IFRS
measures and SaaS industry metrics referred to in this press
release include "Adjusted EBITDA" and "Free Cash Flow".
Adjusted EBITDA
Adjusted EBITDA is used by management as a supplemental measure
to review and assess operating performance and, in conjunction with
the financial statements, provides a more comprehensive picture of
factors and trends affecting our business. Management believes that
Adjusted EBITDA is a useful measure of operating performance and
our ability to generate cash-based earnings, as it provides a
useful view of operating results by excluding the effects of
financing and investing activities which removes the effects of
interest, depreciation and amortization expenses as non-cash items
that are not reflective of our underlying business performance, and
other one-time or non-recurring expenses. The Company defines
Adjusted EBITDA as net loss excluding taxes (if applicable), net
finance expense, depreciation and amortization, loss on change in
fair value of convertible promissory notes, loss on disposal of
assets (if applicable), share based compensation, transaction
related expenses and foreign exchange gains and losses. Management
believes that these adjustments are appropriate in making Adjusted
EBITDA an approximation of cash-based earnings from operations
before capital replacement, financing, and income tax charges.
Adjusted EBITDA does not have a standardized meaning under IFRS and
is not a measure of operating income, operating performance or
liquidity presented in accordance with IFRS and is subject to
important limitations. The Company's definition of Adjusted EBITDA
may be different than similarly titled measures used by other
companies.
The following table reconciles Adjusted EBITDA to net loss for
the periods indicated:
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Fiscal year ended
December 31,
|
(In thousands of
US dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
$
|
|
$
|
|
$
|
Net
loss
|
(3,299)
|
|
(3,160)
|
|
(11,914)
|
|
(11,651)
|
Finance expense,
net(1)
|
89
|
|
202
|
|
796
|
|
666
|
Depreciation and
amortization(2)
|
99
|
|
49
|
|
693
|
|
169
|
Loss on change in
fair value of convertible promissory notes(3)
|
—
|
|
525
|
|
776
|
|
2,083
|
IPO issuance
costs(4)
|
705
|
|
—
|
|
1,946
|
|
—
|
Share based
compensation(5)
|
408
|
|
46
|
|
659
|
|
253
|
Foreign exchange
loss(6)
|
878
|
|
403
|
|
922
|
|
605
|
Adjusted
EBITDA
|
(1,120)
|
|
(1,935)
|
|
(6,122)
|
|
(7,875)
|
Notes:
(1)
|
Finance expense is
primarily related to interest and accretion expense on the
revolving credit facility, secured debentures and convertible
promissory notes. In addition, finance expense for the three months
and fiscal year ended December 31, 2019 also includes net finance
expense of $71 and $278, respectively, on lease obligations as a
result of the adoption of IFRS 16 - Leases effective January
1, 2019.
|
|
|
(2)
|
Depreciation and
amortization expense is primarily related to depreciation expense
on right-of-use assets and property and equipment. As a
result of the adoption of IFRS 16 - Leases effective January
1, 2019, depreciation and amortization expense for the three months
and fiscal year ended December 31, 2019 includes amortization
expense on right-of-use assets of $138 and $570,
respectively.
|
|
|
(3)
|
These costs are
related to the change in valuation of our convertible promissory
notes from period to period, which is a non-cash expense and is
thus not indicative of our operating profitability. These costs
should be adjusted for in accordance with management's view of
Adjusted EBITDA as an approximation of cash-based earnings from
operations before capital replacement, financing, and income tax
charges. In May 2019, these convertible promissory notes were
converted into common shares. There will be no further impact on
our results of operations from such convertible promissory notes
and the Company does not currently intend to issue any additional
convertible promissory notes.
|
|
|
(4)
|
These expenses are
related to our IPO and include professional, legal, consulting and
accounting fees that are non-recurring and would otherwise not have
been incurred and are not considered an expense indicative of
continuing operations.
|
|
|
(5)
|
These expenses
represent non-cash expenditures recognized in connection with the
issuance of share-based compensation to our employees and
directors.
|
|
|
(6)
|
These non-cash losses
relate to foreign exchange translation.
|
Free Cash Flow
Free Cash Flow is defined as cash used in operating activities
less additions to property and equipment. The following table
reconciles our cash flow used in operating activities to Free Cash
Flow:
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Fiscal year ended
December 31,
|
(In thousands of
US dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
$
|
|
$
|
|
$
|
Cash flow used in
operating activities
|
(3,493)
|
|
23
|
|
(4,582)
|
|
(2,300)
|
Purchase of property
and equipment
|
(60)
|
|
—
|
|
(366)
|
|
(410)
|
Free Cash
Flow
|
(3,553)
|
|
23
|
|
(4,948)
|
|
(2,710)
|
SOURCE Docebo Inc.