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Former Prime Minister Manmohan Singh, celebrated as the architect of India's economic reforms, passed away at the All India Institute of Medical Sciences on Thursday night, aged 92. His demise was met with profound sorrow from various political leaders and the nation. External Affairs Minister S Jaishankar expressed his condolences, recognizing Singh not only for his economic contributions but also for implementing significant 'strategic corrections' in India's foreign policy. Jaishankar, who fondly remembered working under Singh's leadership, remarked on the former PM's enduring kindness and courtesy. The news of Singh's passing comes as Jaishankar is on an official visit to the United States, highlighting the global context of Singh's legacy and India's diplomatic endeavors. (With inputs from agencies.)Subscription and support revenue grew 13% year-over-year to US$46.8 million Professional services and other revenue in the quarter increased to US$7.5 million Annual Recurring Revenue 1 reached US$201.7 million , up 12% over the prior year Adjusted EBITDA 2 of US$10.4 million and Adjusted EBITDA margin 2 of 19.2% margin in the quarter Company increases Fiscal 2025 revenue guidance to $204 million to $205 million and increases Adjusted EBITDA guidance to $25.5 million to $26.5M million TORONTO , Dec. 4, 2024 /CNW / - D2L Inc. DTOL ("D2L" or the "Company") , a leading global learning technology company, today announced financial results for its Fiscal 2025 third quarter ended October 31, 2024 . All amounts are in U.S. dollars and all figures are prepared in accordance with International Financial Reporting Standards ("IFRS") unless otherwise indicated. "Our strong third-quarter results were highlighted by healthy growth in subscription revenue and significant margin expansion, driving substantial improvement in our 'Rule of 40' performance as we successfully balance growth and market share gains with improving profitability," said John Baker , CEO of D2L. "We continue to benefit from high win rates in our target markets as we navigate the broader macroeconomic conditions. We're making disciplined investments that support our goal of long-term market leadership, and have seen strong customer response and pipeline generation from our recently expanded product portfolio, including our AI offering Lumi and Creator+. These new products make learning experiences better and easier to create for our customers, leading to improved learning outcomes and better learner retention." Third Quarter Fiscal 2025 Financial Highlights Total revenue was $54.3 million , up 18% from the same period in the prior year. Subscription and support revenue was $46.8 million , an increase of 13% over the same period of the prior year. Professional services and other revenue was $7.5 million , an increase of $2.8 million from the same period of the prior year. During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this revenue, services revenue increased by $1.6 million over the prior year, and total revenue increased by $7.1 million or 15.2% year over year. Annual Recurring Revenue 1 as at October 31, 2024 increased by 12% or $21.6 million year-over-year, from $180.1 million to $201.7 million . Cash flow from operating activities was $11.4 million , compared to $15.3 million in the same period in the prior year, and Free Cash Flow 2 was $11.3 million , compared to $14.2 million in the same period in the prior year. Cash flow from operating activities for the 9-month period ended October 31, 2024 was $28.0 million , up 32% compared with $21.2 million for the same period in the prior year. Gross profit increased 22% to $37.4 million (68.9% gross profit margin) from $30.6 million (66.4% gross profit margin) in the same period of the prior year. Gross profit margin for subscription and support revenue increased to 72.7%, up 140 basis points from 71.3% in the same period of the prior year. Adjusted EBITDA 2 increased to $10.4 million (19.2% Adjusted EBITDA margin 2 ) from $2.1 million (4.6%) for the same period in the prior year. Excluding the additional services revenue of $1.2 million recognized in the quarter, Adjusted EBITDA and Adjusted EBITDA Margin would have been $9.2 million and 17.4%, respectively, for the three months ended October 31 , 2024. Income for the period was $5.5 million , compared with a loss of $0.4 million for the comparative period of the prior year. Strong balance sheet at quarter end, with cash and cash equivalents of $108.3 million and no debt. During the third quarter, the Company repurchased and canceled 68,600 Subordinate Voting Shares under its normal course issuer bid ("NCIB"). The Company has repurchased and cancelled 348,080 shares since the inception of the NCIB on December 8, 2023 . On December 4, 2024 , the Company announced that the Toronto Stock Exchange (the "TSX") accepted the Company's notice to launch a new NCIB, commencing on December 9, 2024 . 1 Refer to "Key Performance Indicators" section of this press release. 2 A non-IFRS financial measure or non-IFRS ratio. Refer to "Non IFRS Financial Measures" section of this press release. Third Quarter Fiscal 2025 Financial Results – Selected Financial Measures (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 Change Change 2024 2023 Change Change $ $ $ % $ $ $ % Subscription & Support Revenue 46,752 41,450 5,302 12.8 % 133,723 120,045 13,678 11.4 % Professional Services & Other Revenue 7,547 4,663 2,884 61.8 % 18,240 14,766 3,474 23.5 % Total Revenue 54,299 46,113 8,186 17.8 % 151,963 134,811 17,152 12.7 % Constant Currency Revenue 1 54,106 46,113 7,993 17.3 % 152,126 134,811 17,315 12.8 % Gross Profit 37,390 30,600 6,790 22.2 % 103,441 90,161 13,280 14.7 % Adjusted Gross Profit 1 37,964 30,778 7,186 23.3 % 104,439 90,622 13,817 15.2 % Adjusted Gross Margin 1 69.9 % 66.7 % 68.7 % 67.2 % Income (Loss) for the period 5,547 (387) 5,934 1,533.3 % 5,857 (4,105) 9,962 242.7 % Adjusted EBITDA 1 10,420 2,122 8,298 391.0 % 18,652 4,399 14,253 324.0 % Cash Flows From Operating Activities 11,420 15,318 (3,898) (25.5 %) 28,037 21,171 6,866 32.4 % Free Cash Flow 1 11,296 14,244 (2,948) (20.7 %) 27,567 16,009 11,558 72.2 % 1 A non-IFRS financial measure or non-IFRS ratio. Refer to the "Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures" section of this press release for more details. Third Quarter Business & Operating Highlights D2L continued to grow its customer base in education in North America , including the additions of the Cincinnati State Technical and Community College, University of the Fraser Valley, and Prairie View A&M University . D2L continued to expand its international customer base, including XP Educação in Brazil and the main statutory body overseeing legal education and training in New Zealand . Signed new corporate customers, including Becoming Institute and the premier academic trauma surgery organization in the United States . Launched Creator+ natively integrated with H5P Group AS ("H5P"), offering an all-in-one solution for creating engaging courses with interactive content, video tools, dynamic analytics, and generative AI. Early adopters include the University of Hawaiʻi System. The Tambellini Group, the leading analyst and advisory firm focused on higher education, ranked D2L Brightspace highest among competitors for usability and innovation in the inaugural Tambellini StarChartTM 2024 for Learning Management Systems ("LMS") in higher education. Named a winner in the 2024 LMS Top 20 Company by Training Industry and a winner in the 2024 Learning Systems Awards for Best Enterprise LMS by Talented Learning. D2L Lumi was named a winner of the Tech & Learning Awards of Excellence: Back to School 2024 in the Primary and Higher Education categories. Announced a strategic partnership with Seesaw, the leading elementary Learning Experience Platform to enhance the K-12 digital learning experience. Financial Outlook D2L updated its previously issued financial guidance for the year ended January 31, 2025 ("Fiscal 2025") as follows: Subscription and support revenue in the range of $180 million to $181 million , implying growth of 11% at the midpoint over Fiscal 2024, an increase from previously issued guidance of $178 million to $181 million ; Total revenue in the range of $204 million to $205 million , implying growth of 12% at the midpoint over Fiscal 2024, an increase from previously issued guidance of $199 million to $202 million ; and Adjusted EBITDA in the range of $25.5 million to $26.5 million , implying Adjusted EBITDA margin of 13% at the midpoint, an increase from previously issued guidance of $22 million to $24 million . These guidance revisions reflect the Company's continued progress in balancing revenue growth with operating efficiency improvements. For additional details on the Company's outlook, including the principal underlying assumptions and risk factors regarding achievement, refer to the "Financial Outlook" section of the Company's Management's Discussion and Analysis for the three and 12 months ended January 31, 2024 (the "Annual MD&A"), as well as the "Forward-Looking Information" section therein, below and in the Company's Management's Discussion and Analysis for the three months ended October 31, 2024 (the "Interim MD&A"). Conference Call & Webcast D2L management will host a conference call on Thursday, December 5, 2024 at 8:30 am ET to discuss its third quarter Fiscal 2025 financial results. Date: Thursday, December 5, 2024 Time: 8:30 am (ET) Dial in number: Canada/US: 1 (833) 470-1428 International: 1 (404) 975-4839 Access code: 027545 Webcast: A live webcast will be available at ir.d2l.com/events-and-presentations/events/ The webcast will also be archived Forward-Looking Information This press release includes statements containing "forward-looking information" within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "outlook", "target", "forecasts", "projection", "potential", "prospects", "strategy", "intends", "anticipates", "seek", "believes", "opportunity", "guidance", "aim", "goal" or variations of such words and phrases or statements that certain future conditions, actions, events or results "may", "could", "would", "should", "might", "will", "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions. 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 relates to the Company's future financial outlook and anticipated events or results and includes, but is not limited to, statements under the heading "Financial Outlook" and information regarding: the Company's financial position, financial results, business strategy, performance, achievements, prospects, objectives, opportunities, business plans and growth strategies, including the Company's balance growth and profitability plan; the Company's budgets, operations and taxes; judgments and estimates impacting the financial statements; the markets in which the Company operates; industry trends and the Company's competitive position; and expansion of the Company's product offerings, including the impact of AI offerings on the Company's addressable market and revenue opportunity. Forward-looking information is based on certain assumptions, expectations and projections, and analyses made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, including the following: the Company's ability to win business from new customers and expand business from existing customers; the timing of new customer wins and expansion decisions by existing customers; the Company's ability to generate revenue and expand its business while controlling costs and expenses; the Company's ability to manage growth effectively; the Company's ability to hire and retain personnel effectively; the effects of foreign currency exchange rate fluctuations on our operations; the ability to seek out, enter into and successfully integrate acquisitions, including the acquisition of H5P; business and industry trends, including the success of current and future product development initiatives; positive social development and attitudes toward the pursuit of higher education; the Company's ability to maintain positive relationships with its customer base and strategic partners; the Company's ability to adapt and develop solutions that keep pace with continuing changes in technology, education and customer needs; the ability to patent new technologies and protect intellectual property rights; the Company's ability to comply with security, cybersecurity and accessibility laws, regulations and standards; the assumptions underlying the judgments and estimates impacting on financial statements; and the Company's ability to retain key personnel; the factors and assumptions discussed under the "Financial Outlook" section of the Annual MD&A, and that the list of factors referenced in the following paragraph, collectively, do not have a material impact on the Company. Although the Company believes that the assumptions underlying such forward-looking information were reasonable when made, they are inherently uncertain and are subject to significant risks and uncertainties and may prove to be incorrect. The Company cautions investors that forward-looking information is not a guarantee of the future and that actual results may differ materially from those made in or suggested by the forward-looking information contained in this press release. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties and other factors, including but not limited to the risks identified herein, or at "Summary of Factors Affecting Our Performance" of the Company's Interim MD&A or in the "Risk Factors" section of the Company's most recently filed annual information form, in each case filed under the Company's profile on SEDAR+ at www.sedarplus.com . If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results might vary materially from those anticipated in the forward-looking information. Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking information, including any financial outlook. Any forward-looking information that is contained in this press release speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking information or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data. About D2L Inc. DTOL D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and business at www.D2L.com . D2L Inc. Condensed Consolidated Interim Statements of Financial Position (In U.S. dollars) As at October 31, 2024 and January 31, 2024 (Unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 108,252,331 $ 116,943,499 Trade and other receivables 20,379,489 23,025,690 Uninvoiced revenue 3,896,203 3,971,861 Prepaid expenses 6,559,188 10,517,226 Deferred commissions 5,134,323 5,334,864 144,221,534 159,793,140 Non-current assets: Other receivables 480,621 537,056 Prepaid expenses 381,939 119,872 Deferred income taxes 573,268 529,674 Right-of-use assets 8,127,082 8,774,960 Property and equipment 7,402,295 8,427,734 Deferred commissions 7,449,801 7,730,724 Investment in associate 21,248 — Loan receivable from associate 5,120,885 — Intangible assets 18,073,003 770,707 Goodwill 26,379,860 10,440,091 Total assets $ 218,231,536 $ 197,123,958 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 28,615,437 $ 32,635,926 Deferred revenue 105,842,166 93,727,368 Lease liabilities 1,396,079 1,002,464 Contingent consideration 4,893,539 271,479 140,747,221 127,637,237 Non-current liabilities: Deferred income taxes 4,119,188 587,075 Lease liabilities 10,660,223 11,707,534 Contingent consideration — 311,839 14,779,411 12,606,448 155,526,632 140,243,685 Shareholders' equity: Share capital 367,288,877 364,830,884 Additional paid-in capital 48,190,065 47,485,107 Accumulated other comprehensive loss (7,333,643) (4,998,317) Deficit (345,440,395) (350,437,401) 62,704,904 56,880,273 Related party transactions Subsequent event Total liabilities and shareholders' equity $ 218,231,536 $ 197,123,958 D2L INC. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (In U.S. dollars) For the three and nine months ended October 31, 2024 and 2023 (Unaudited) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Revenue: Subscription and support $ 46,751,998 $ 41,449,926 $ 133,723,027 $ 120,045,266 Professional service and other 7,547,470 4,662,769 18,239,685 14,765,509 54,299,468 46,112,695 151,962,712 134,810,775 Cost of revenue: Subscription and support 12,777,133 11,884,640 36,651,859 33,977,839 Professional services and other 4,132,232 3,627,638 11,870,394 10,671,456 16,909,365 15,512,278 48,522,253 44,649,295 Gross profit 37,390,103 30,600,417 103,440,459 90,161,480 Expenses: Sales and marketing 12,806,266 12,807,855 40,302,476 40,209,601 Research and development 11,139,920 12,351,201 35,294,478 36,015,722 General and administrative 8,651,729 7,102,165 25,231,988 20,603,875 32,597,915 32,261,221 100,828,942 96,829,198 Income (loss) from operations 4,792,188 (1,660,804) 2,611,517 (6,667,718) Interest and other income (expense): Interest expense (235,892) (157,582) (550,438) (456,456) Interest income 870,355 1,221,704 2,899,093 2,938,216 Other income (expense) (122,043) (10,355) (122,000) 4,897 Gain on SkillsWave disposal transaction — — 917,395 — Foreign exchange gain 224,145 314,938 307,859 380,417 736,565 1,368,705 3,451,909 2,867,074 Income (loss) before income taxes 5,528,753 (292,099) 6,063,426 (3,800,644) Income taxes (recovery): Current 246,162 43,883 602,830 435,294 Deferred (264,457) 51,613 (396,134) (130,838) (18,295) 95,496 206,696 304,456 Income (loss) for the period 5,547,048 (387,595) 5,856,730 (4,105,100) Other comprehensive gain (loss): Foreign currency translation gain (loss) 137,532 (1,556,171) (2,335,326) (1,020,872) Comprehensive income (loss) $ 5,684,580 $ (1,943,766) $ 3,521,404 $ (5,125,972) Earnings (loss) per share – basic $ 0.10 $ (0.01) $ 0.11 $ (0.08) Earnings (loss) per share – diluted $ 0.10 $ (0.01) $ 0.10 $ (0.08) Weighted average number of common shares – basic 54,453,244 53,703,768 54,282,281 53,454,498 Weighted average number of common shares – diluted 56,032,694 53,703,768 55,828,067 53,454,498 D2L INC. Condensed Consolidated Interim Statements of Shareholders' Equity (In U.S. dollars) For the nine months ended October 31, 2024 and 2023 (Unaudited) Share Capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total Shares Amount Balance, January 31, 2024 53,978,085 $ 364,830,884 $ 47,485,107 $ (4,998,317) $ (350,437,401) $ 56,880,273 Issuance of Subordinate Voting Shares on exercise of options 410,397 3,443,979 (1,804,429) — — 1,639,550 Issuance of Subordinate Voting Shares on settlement of restricted share units 374,307 1,416,155 (4,602,395) — — (3,186,240) Stock-based compensation — — 7,111,782 — — 7,111,782 Repurchase of share capital for cancellation under NCIB (306,880) (2,402,141) — — — (2,402,141) Change in share repurchase commitment under ASPP — — — — (859,724) (859,724) Other comprehensive loss — — — (2,335,326) — (2,335,326) Income for the period — — — — 5,856,730 5,856,730 Balance, October 31, 2024 54,455,909 $ 367,288,877 $ 48,190,065 $ (7,333,643) $ (345,440,395) $ 62,704,904 Balance, January 31, 2023 53,146,530 357,639,824 46,084,161 (5,001,805) (344,630,902) 54,091,278 Issuance of Subordinate Voting Shares on exercise of options 381,794 3,414,019 (1,443,627) — — 1,970,392 Issuance of Subordinate Voting Shares on settlement of restricted share units 218,010 988,410 (2,474,669) — — (1,486,259) Stock-based compensation — — 7,237,274 — — 7,237,274 Other comprehensive loss — — — (1,020,872) — (1,020,872) Loss for the period — — — — (4,105,100) (4,105,100) Balance, October 31, 2023 53,746,334 $ 362,042,253 $ 49,403,139 $ (6,022,677) $ (348,736,002) $ 56,686,713 D2L INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) For the nine months ended October 31, 2024 and 2023 (Unaudited) 2024 2023 Operating activities: Income (loss) for the period $ 5,856,730 $ (4,105,100) Items not involving cash: Depreciation of property and equipment 1,285,970 1,158,782 Depreciation of right-of-use assets 945,223 927,605 Amortization of intangible assets 723,100 60,159 Gain on disposal of property and equipment (51,476) (16,194) Stock-based compensation 7,111,782 7,237,274 Net interest income (2,348,655) (2,481,760) Income tax expense 206,696 304,456 Gain on SkillsWave disposal transaction (917,395) — Loss from equity accounted investee 416,850 — Fair value gain on loan receivable from associate (120,885) — Changes in operating assets and liabilities: Trade and other receivables 3,784,969 1,041,252 Uninvoiced revenue (37,023) (440,936) Prepaid expenses 3,503,610 1,073,501 Deferred commissions 296,245 (1,105,606) Accounts payable and accrued liabilities (6,410,785) 1,952,832 Deferred revenue 11,573,770 13,243,128 Right-of-use assets and lease liabilities (44,962) (57,530) Interest received 2,878,878 2,938,216 Interest paid (19,343) (9,815) Income taxes paid (596,646) (549,475) Cash flows from operating activities 28,036,653 21,170,789 Financing activities: Payment of lease liabilities (1,344,625) (575,023) Lease incentive received 103,128 935,025 Proceeds from exercise of stock options 1,639,550 1,970,392 Taxes paid on settlement of restricted share units (3,186,240) (1,486,259) Repurchase of share capital for cancellation under NCIB (2,402,141) — Cash flows (used in) from financing activities (5,190,328) 844,135 Investing activities: Purchase of property and equipment (521,775) (5,178,461) Proceeds from disposal of property and equipment 51,476 16,537 Acquisition of business, net of cash acquired (22,308,927) (2,793,180) Payment of contingent consideration (249,436) — Transfer of cash on disposal of SkillsWave (1,483,357) — Proceeds from sale of majority ownership stake in SkillsWave 809,038 — Issuance of loan to SkillsWave (5,000,000) — Cash flows used in investing activities (28,702,981) (7,955,104) Effect of exchange rate changes on cash and cash equivalents (2,834,512) (1,701,358) (Decrease) increase in cash and cash equivalents (8,691,168) 12,358,462 Cash and cash equivalents, beginning of period 116,943,499 110,732,236 Cash and cash equivalents, end of period $ 108,252,331 $ 123,090,698 Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures The information presented within this press release refers to certain non-IFRS financial measures (including non-IFRS ratios) including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Margin, and Constant Currency Revenue. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Non-IFRS financial measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations, financial performance and liquidity from management's perspective and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of the Company. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to assess our ability to meet our capital expenditures and working capital requirements. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as net income (loss), excluding interest, taxes, depreciation and amortization (or EBITDA), adjusted for stock-based compensation, foreign exchange gains and losses, non-recurring expenses, transaction-related costs, fair value adjustment of acquired deferred revenue, income (loss) from equity accounted investee, change in fair value on the loan receivable from associate, impairment charges and other income and losses. Adjusted EBITDA Margin is calculated as Adjusted EBITDA expressed as a percentage of total revenue. For an explanation of recent changes to and management's use of Adjusted EBITDA and Adjusted EBITDA Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted EBITDA and Adjusted EBITDA Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted EBITDA to income (loss) for the period, and discloses Adjusted EBITDA Margin, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Income (loss) for the period 5,547 (387) 5,857 (4,105) Stock-based compensation 2,195 2,068 7,112 7,237 Foreign exchange gains (224) (315) (308) (380) Non-recurring expenses (1) 305 807 2,171 957 Transaction-related costs (2) 1,249 169 2,072 721 Fair value adjustment of acquired deferred revenue 500 — 639 — Change in fair value on loan receivable from associate (121) — (121) — Loss from equity accounted investee 320 — 417 — Net interest income (634) (1,064) (2,348) (2,482) Income tax (recovery) expense (18) 95 207 304 Depreciation and amortization 1,301 749 2,954 2,147 Adjusted EBITDA 10,420 2,122 18,652 4,399 Adjusted EBITDA Margin 19.2 % 4.6 % 12.3 % 3.3 % During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this increase, the Company's Adjusted EBITDA and Adjusted EBITDA Margin would have been $9.2 million and 17.4%, respectively, for the three months ended October 31, 2024 . Notes: (1) These expenses relate to non-recurring activities, such as certain legal fees incurred that are not indicative of continuing operations, and changes of workforce or technology whereby certain functions were realigned to optimize operations. (2) These expenses include certain legal and professional fees that were incurred in connection with acquisition and other strategic transactions, including the disposal of our majority ownership stake in SkillsWave Corporation ("Skillswave") and our acquisition of H5P. These expenses also include post-combination compensation costs from the acquisition of H5P. These expenses are net of a gain of $0.9 million recognized on the disposal of our majority ownership stake in SkillsWave. These expenses would not have been incurred if not for these transactions and are not considered expenses indicative of the Company's continuing operations. Adjusted Gross Profit and Adjusted Gross Margin Adjusted Gross Profit is defined as gross profit excluding related stock-based compensation expenses and amortization from recently acquired intangible assets, specifically acquired technology. Adjusted Gross Margin is calculated as Adjusted Gross Profit expressed as a percentage of total revenue. For an explanation of management's use of Adjusted Gross Profit and Adjusted Gross Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted Gross Profit and Adjusted Gross Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted Gross Margin to gross profit expressed as a percentage of revenue, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Gross profit for the period 37,390 30,600 103,441 90,161 Stock-based compensation 147 147 442 430 Acquired intangible asset amortization 427 31 556 31 Adjusted Gross Profit 37,964 30,778 104,439 90,622 Adjusted Gross Margin 69.9 % 66.7 % 68.7 % 67.2 % During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this revenue, the Company's Adjusted Gross Profit and Adjusted Gross Margin would have been $36.8 million and 69.2% respectively, for the three months ended October 31, 2024 . Free Cash Flow and Free Cash Flow Margin Free Cash Flow is defined as cash provided by (used in) operating activities less net additions to property and equipment. Free Cash Flow Margin is calculated as Free Cash Flow expressed as a percentage of total revenue. For an explanation of management's use of Free Cash Flow and Free Cash Flow Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Free Cash Flow and Free Cash Flow Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles our cash flow from (used in) operating activities to Free Cash Flow, and discloses Free Cash Flow Margin, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Cash flow from operating activities 11,420 15,318 28,037 21,171 Net addition to property and equipment (124) (1,074) (470) (5,162) Free Cash Flow 11,296 14,244 27,567 16,009 Free Cash Flow Margin 20.8 % 30.9 % 18.1 % 11.9 % Constant Currency Revenue Constant Currency Revenue is defined as foreign-currency-denominated revenues translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. For an explanation of management's use of Constant Currency Revenue see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Constant Currency Revenue" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles our Constant Currency Revenue to revenue, for the periods indicated: Three months ended October 31 Nine months ended October 31 (in thousands of U.S. dollars) 2024 2023 2024 2023 $ $ $ $ Total revenue for the period 54,299 46,113 151,963 134,811 (Positive) negative impact of foreign exchange rate changes over the prior period (193) — 163 — Constant Currency Revenue 54,106 46,113 152,126 134,811 During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this increase, the Company's constant currency revenue would have been $52.9 million for the three months ended October 31, 2024 . Key Performance Indicators Management uses a number of metrics, including the key performance indicators identified below, to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other issuers. These metrics are estimated operating metrics and not projections, nor actual financial results, and are not indicative of current or future performance. Annual Recurring Revenue and Constant Currency Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of subscription revenue from all existing customer contracts as at the date being measured, exclusive of the implementation period. Our calculation of Annual Recurring Revenue assumes that customers will renew their contractual commitments as those commitments come up for renewal. We believe Annual Recurring Revenue provides a reasonable, real-time measure of performance in a subscription-based environment and provides us with visibility for potential growth to our cash flows. We believe that increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business, and will continue to be our focus on a go-forward basis. We define Constant Currency Annual Recurring Revenue as foreign-currency-denominated Annual Recurring Revenue translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. As at October 31 ( in millions of U.S. dollars, except percentages) 2024 2023 Change $ $ % Annual Recurring Revenue 201.7 180.1 12.0 % Constant Currency Annual Recurring Revenue 200.7 180.1 11.4 % SOURCE D2L Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/04/c9449.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.S-Esposito joined Empoli on loan at the beginning of the season in search of more playing time and experience to further develop his skills. The 19-year-old has not disappointed, showcasing his goal-scoring ability and versatility on the field. His performances have been impressive, drawing praise from both fans and coaching staff at Empoli.
MARKET REPORT: Protein drink company bulks up on fresh rating By JON HOPKINS Updated: 22:00, 4 December 2024 e-mail View comments Shares in protein drink maker Applied Nutrition were given a tonic yesterday after analysts at Deutsche Bank said investors should ‘bulk up’ on the stock. The company, founded by Liverpool scaffolder Thomas Ryder, has been losing weight as it drifted lower following its market debut in October. But it was given a boost by Deutsche analysts. The German bank, whose Numis UK business was the sponsor for the Applied Nutrition offering, started the stock with a ‘buy’ rating and a 180p target. In its first ten years, Deutsche pointed out, the company grew quickly by leveraging production and innovation capabilities. And its focus on innovation is a clear differentiator, allowing it to grow ahead of the wider sports nutrition market, which is globally estimated to be worth £189billion. Having floated at 140p on October 24, shares have been on a rollercoaster ride – hitting 150p on the first day but later falling as low as 135p before see-sawing yesterday to close 0.7 per cent, or 1p, higher at 136p. Applied Nutrition, founded by Liverpool scaffolder Thomas Ryder (pictured), has been losing weight as it drifted lower following its market debut in October AIM-listed Science in Sport, which has been hoping for a re-rating based on the Applied Nutrition float, held steady at 26.5p. There was no bulking up for the FTSE 100, which closed 0.3 per cent, or 23.60 points, lower at 8335.81 although the FTSE 250 managed to gain 0.5 per cent, or 112.41 points, to 21,005.15. Broker comment supported British Airways owner IAG, up 4.1 per cent, or 10.7p, to 175.1p as analysts at JP Morgan said it was their most compelling overweight in the airline sector and added the stock to the ‘analyst focus list’. Elsewhere, soft drinks bottler Coca-Cola HBC added 1.3 per cent, or 36p, to 2854p after analysts at BNP Exane upgraded its rating to ‘outperform’, while packaging firm Bunzl gained 0.3 per cent, or 10p, to 3610p despite being downgraded to ‘hold’ by analysts at HSBC. Legal & General topped the FTSE 100 gainers, up 6 per cent, or 13.4p, to 236.3 as the insurer maintained full-year profit guidance and hinted at more returns for shareholders. Meanwhile, Vistry had a dead cat bounce, gaining 4.9 per cent, or 30.5p, to 658.5p even as the housebuilder’s demotion from the FTSE 100 was confirmed. RELATED ARTICLES Previous 1 Next Boost for FTSE as investors pile into UK shares: But £317m... Gold miner backed by property tycoon Nick Candy snaps up... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account It will be joined in the FTSE 250 next month by retailers Frasers and B&M, with Games Workshop, wealth manager St James’ Place and investment trust Alliance Witan replacing them. Victrex was the biggest riser on the FTSE 250 – up 10 per cent, or 100p, to 1104p – thanks to an upgrade to ‘buy’ from analysts at Jefferies. But trading news weighed on Zigup, the former Redde Northgate corporate vehicle hire group, which dropped 12.9 per cent, or 49.5p, to 333.5p after a drop in first-half profits and revenue. Among the small caps, Biome fell 14.3 per cent, or 0.75p, to 4.5p as the bioplastics firm warned on full-year profitability. But miner Tungsten West rose 16.7 per cent, or 0.5p, to 3.5p after appointing Stephen Harrison non-executive chairman. And Fusion Antibodies gained 39.3 per cent, or 1.65p, to 5.85p after news merged that it has had a grant application approved. Stock Watch - Scancell Scancell jumped 3.9 per cent, or 0.5p, to 13.5p after the biotech firm did a deal with US firm Genmab worth up to £497million. The agreement grants global rights to develop and commercialise an antibody from Scancell’s Glymab platform. It includes sums tied to development, regulatory and commercial goals, and follows evaluation that showed the antibody can generate highly tumour-specific antibodies for therapeutic development. 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We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.Vice President-elect JD Vance is the runaway frontrunner for the Republicans’ 2028 presidential pick, according to an AmericaFest straw poll taken at the event. In one question, the straw poll took a look beyond President-elect Donald Trump’s second term, asking attendees who they would like to see as the 2028 Republican presidential nominee. The majority, 58 percent, want to see Vance as the presidential nominee in 2028. In a distant second place is Donald Trump Jr., with 17 percent. Another six percent said they want to see Florida Gov. Ron DeSantis as the presidential nominee in 2028, and 11 percent remain undecided. On the reverse side, a plurality think California Gov. Gavin Newsom will emerge as the Democrat nominee in 2028 — 35 percent. Just 17 percent believe it will be Vice President Kamala Harris, and 16 percent believe it will be Pennsylvania Gov. Josh Shapiro. Four percent said they think it will be Rep. Alexandria Ocasio-Cortez (D-NY), and 1.6 percent said it will be Transportation Secretary Pete Buttigieg. The survey also asked respondents which Cabinet nominations they are most excited about, and a plurality pointed to Robert F. Kennedy Jr., slated to head up Health and Human Services (HHS). Another 31 percent said Kash Patel, slated to head up the FBI. “When asked to rank all of Trump’s high-profile picks, Patel rose to #1,” Charlie Kirk noted. The survey’s results came shortly after AmericaFest, which took place December 19-22, 2024. Vance remains a favorite among conservatives and has backed Trump’s Cabinet picks, including Defense Secretary Nominee Pete Hegseth, who has remained the victim of a consistent smear campaign by Democrats and the swamp. “Pete Hegseth is going to get his hearing before the Senate Armed Services Committee, not a sham hearing before the American media,” he said , defending the nominee: We believe Pete Hegseth is the right guy to lead the Department of Defense, that’s why President Trump nominated him. We’re not abandoning this nomination. We’re not going to make it easy for people to allow the media to determine who our secretary of defense is. Donald J. Trump, who just won the election by a very significant margin with the advise and consent of the United States Senate. That’s who determines who the Secretary of Defense is. “I fully support Pete. I think Pete is going to get confirmed and we are completely behind him,” Vance added. Many surmised that DeSantis blew up his 2028 chances after a nasty primary battle against Trump, but he has remained publicly supportive of the president-elect and relatively out of the spotlight.But the real highlight of the exhibition lies in the martial arts demonstrations that take place throughout the day. Skilled performers showcase a dazzling array of martial arts techniques, from graceful tai chi movements to powerful swordplay. The precision and agility of the performers are truly a sight to behold, leaving audiences in awe of their mastery and skill.
DAYTONA BEACH, Fla. (AP) — RJ Felton had 21 points in East Carolina's 71-64 victory over Stetson on Friday. Felton also added eight rebounds for the Pirates (5-1). Joran Riley scored 14 points while going 4 of 11 and 5 of 6 from the free-throw line and added five rebounds. Cam Hayes shot 3 for 7 (2 for 4 from 3-point range) and 5 of 6 from the free-throw line to finish with 13 points. The Hatters (1-5) were led in scoring by Mehki, who finished with 15 points and two steals. Abramo Canka added 14 points for Stetson. Jordan Wood had 12 points. East Carolina led Stetson at the half, 39-33, with Hayes (10 points) its high scorer before the break. East Carolina took the lead for good with 6:56 left in the second half on a free throw from Felton to make it a 60-59 game. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Performance and Powertrain:
Government weighs up next climate target under the Paris AgreementThe discovery of these wooden tablets also highlights the craftsmanship and preservation methods of ancient Koreans. The fact that these tablets have survived for over a thousand years is a testament to the advanced woodworking techniques and materials used by the people of that era.
BCRC Mentorship Program marks its 10th anniversaryThe decision to increase gold reserves is seen as a strategic move by the People's Bank of China to hedge against risks in the global financial market. Gold is often considered a safe-haven asset that can provide stability and security in times of economic uncertainty. By increasing its gold reserves, the central bank is taking proactive steps to safeguard the country's financial stability.Inter Milan goalkeeper Yann Sommer has offered his assessment of Tuesday’s UEFA Champions League heartache at Bayer Leverkusen. Speaking to Sky Sport after the match via FCInterNews , the ex-Switzerland international urged his teammates to learn a lesson from tonight’s gut-wrenching result. Despite standing firm for almost 90 minutes, a lapse of concentration saw Inter suffer a late 1-0 defeat at the BayArena. Leverkusen had Inter on the ropes for most of the game. However, Simone Inzaghi’s backline excelled in fending off the Germans’ relentless attempts to break the deadlock. That was until the 90th minute when Nordi Mukiele pounced on a fortune rebound on the edge of the six-yard box. Completely unmarked in front of Sommer, the French defender powered the ball home to end Inter’s purple patch. Indeed, the Nerazzurri entered the field on a 13-game unbeaten streak. But Inzaghi’s overly conservative approach, especially after the break, proved counterproductive at the final whistle. Yann Sommer Encourages Inter Milan to Learn from Champions League Defeat at Bayer Leverkusen Sommer was minutes away from making Champions League history. After five shutouts from as many European games this season, he was on the brink of achieving an unprecedented feat. Inter could’ve become the first team in the Champions League’s rich tradition to kick off a new season with six straight clean sheets. However, Mukiele denied the Nerazzurri a piece of continental history. Though it was a bitter pill, Sommer wants Inter to learn from their mistakes and move forward. “We had many chances and put a lot of pressure on the opponent,” Sommer said. “But Leverkusen is an incredibly strong team. “Even with the ball at our feet, it wasn’t easy. We had spaces to do better and create problems for them. “Today went as it did; we’ll take this experience and move forward.”
The former ruling party of Bangladesh, the Awami League, on Thursday denounced the request made by Bangladesh’s interim government to India for extraditing former premier Sheikh Hasina and alleged that it was part of a conspiracy to “kill” the party chief “in a farcical trial”. The Awami League accused the “unconstitutional and illegal” interim government of seizing “power illegally” and being behind several conspiracies to allegedly kill Hasina. In a statement in Bengali, the party questioned the validity of Dhaka’s extradition request by contending that “false cases for political reasons” are not covered by the 2013 extradition treaty between India and Bangladesh. Bangladesh made a formal request to India on December 23 to extradite Hasina, a move that added to the strain in relations between the two sides. There was no immediate response from the interim government to the statement by the Awami League. Hasina has been living in India since she stepped down and fled Dhaka in August. The external affairs ministry confirmed it had received the extradition request but declined to comment on the issue. The Awami League’s statement said the party was deeply concerned that the “unconstitutional and illegal so-called interim government, which has seized power illegally, is involved in one conspiracy after another to kill” Hasina. “As part of this, they have recently requested the Indian government through a diplomatic note to extradite [Hasina],” it said. “They want to kill Sheikh Hasina as part of a meticulous design in the name of justice,” the statement said. The Awami League alleged that Nahid Islam, the de facto information and broadcasting minister, and other officials of the interim government have publicly stated that “they will hang Sheikh Hasina”. The Awami League also alleged that a case of genocide was filed against Hasina because of the steps she had taken to bring to justice those accused of war crimes and mass murder during the 1971 war of liberation. “The Bangladesh Awami League thinks that this extradition request of the so-called interim government...does not have any significance under the extradition treaty between the two countries because false cases for political reasons are not covered by this agreement,” the statement said. “Moreover, this agreement does not apply if there is a risk of miscarriage of justice. Today the whole world knows that there is no rule of law or justice in Bangladesh,” it added. The statement said forces backing those involved in war crimes in 1971 want to bring Hasina back to Bangladesh “through this extradition treaty for the purpose of killing her in a farcical trial”. The Awami League described the interim government as an “evil force” and repeated an earlier allegation that it was involved in killing Awami League leaders, workers and supporters, police personnel and members of the Hindu, Buddhist and Christian minorities. “According to international law, these killings fall under the category of genocide...Their murders, oppression and torture are greater than what was witnessed even in 1971,” the statement said.The unfolding events not only exposed the elaborate scheme perpetuated by the fraudsters but also highlighted the risks associated with chasing high rebates and easy money. Ms. Li's cautionary tale serves as a stark reminder of the dangers of falling prey to scams that promise quick wealth at the expense of financial security and well-being. It also underscores the importance of vigilance, skepticism, and seeking help from authorities when faced with suspicious offers or transactions.
In addition to the Barcelona trio, Isco also highlighted two other players who have posed significant challenges for him on the field:In the end, the man's self-discipline challenge may have ended in apparent failure, but it was not without valuable lessons and insights. His journey served as a poignant reminder of the significance of self-awareness, courage, and resilience in the face of adversity. Through his struggles and perseverance, he demonstrated that true self-discipline goes beyond mere actions; it requires a willingness to confront our deepest fears and limitations, to embrace vulnerability, and to emerge stronger and more empowered on the other side.
Title: Tax Incentives for Home Buyers Showing Results, Policy Boosting Real Estate Market RecoveryIn recent years, the trend of opening hotels in county towns has been steadily increasing. Entrepreneurs and hotel owners are eyeing the potential profitability of tapping into the untapped market of smaller towns. However, the question remains: Is opening a hotel in a county town really profitable, or is it a risky business move?
Another key characteristic of enterprise-grade SSDs is their superior performance and speed compared to consumer-grade alternatives. These SSDs are designed to deliver faster data access and transfer speeds, resulting in improved overall system performance and responsiveness. Enterprise-grade SSDs often feature advanced controller technology, optimized firmware, and higher storage capacities to meet the demanding requirements of enterprise workloads. Whether it's running complex databases, handling virtualization workloads, or supporting high-performance computing tasks, enterprise-grade SSDs excel in delivering consistent and low-latency performance under heavy workloads.