• Total revenue in Q2 increased 8% year-over-year to US$44.5 million
  • Subscription and support revenue in Q2 increased 10% year-over-year to US$39.4 million
  • Annual Recurring Revenue1 reached US$178.5 million, up 13% over the prior year
  • Cash flow from operating activities increased to $5.9 million for the year-to-date period, up from $0.9 million in the prior year

TORONTO, Sept. 6, 2023 /CNW/ - D2L Inc. (TSX: DTOL) ("D2L" or the "Company"), a leading global learning technology company, today announced financial results for its Fiscal 2024 second quarter ended July 31, 2023. All amounts are in U.S. dollars and all figures are prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise indicated.

D2L Inc. (CNW Group/D2L Inc.)

"Our second-quarter results were highlighted by strong growth in subscription revenue, annual recurring revenue, free cash flow and gross profit margins, as our team continues to execute well on our balanced growth plan," said John Baker, CEO of D2L. "We are winning important new customers in all our markets, most notably in higher education, where we are helping more and more institutions digitally transform and build better learning experiences. At the same time, our current customers continue to grow with D2L as we enhance and expand our learning platform to solve their key challenges, from engagement with students for better progression, to getting students ready for the future, and upskilling the workforce."

Second Quarter Fiscal 2024 Financial Highlights

  • Total revenue of $44.5 million, up 8% from the same period in the prior year. Constant Currency Revenue2 grew 9% year-over-year to $44.8 million.
  • Subscription and support revenue was $39.4 million, an increase of 10% over the prior year, reflecting growth from new customers and strong revenue retention and expansion from existing customers.
  • Annual Recurring Revenue1 as at July 31, 2023 increased by 13% year-over-year, from $158.5 million to $178.5 million, and Constant Currency Annual Recurring Revenue1 reached $177.9 million, a 12% increase over the prior year.
  • Gross profit increased 12% to $29.7 million (66.7% gross profit margin) from $26.6 million (64.6% gross profit margin) in the same period of the prior year.
  • Gross profit margin for subscription and support revenue increased to 72.5%, from 68.2% in the same period of the prior year, an improvement of 430 basis points.
  • Adjusted EBITDA1 loss of $0.5 million, compared with an Adjusted EBITDA loss of $1.5 million for the comparative period in the prior year.
  • Loss for the period was $4.8 million, the same as for the comparative period of the prior year.
  • Cash flow from operating activities was $22.9 million, versus $16.2 million in the same period in the prior year, and Free Cash Flow2 was $20.5 million, compared to Free Cash Flow of $16.0 million in the same period in the prior year. Cash flows from operations generally have a seasonal low in the first quarter each year and a seasonal high in the second quarter each year.
  • Strong balance sheet at quarter end, with cash and cash equivalents of $110.3 million and no debt.

 

1 Please refer to "Key Performance Indicators" section of this press release.

2 A non-IFRS financial measure or non-IFRS ratio. Please refer to "Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures" section of this press release.


Second Quarter Fiscal 2024 Financial Results – Selected Financial Measures
(in thousands of U.S. dollars, except for percentages)


Three months ended July 31

 

Six months ended July 31

 


2023

2022

Change

Change

2023

2022

Change

Change

$

$

$

%

$

$

$

%

Subscription & Support Revenue

39,405

35,817

3,588

10.0 %

78,595

71,584

7,011

9.8 %

Professional Services & Other Revenue          

5,065

5,356

(291)

-5.4 %

10,103

11,460

(1,357)

-11.8 %

Total Revenue

44,470

41,173

3,297

8.0 %

88,698

83,044

5,654

6.8 %










Constant Currency Revenue1

44,788

41,173

3,615

8.8 %

90,313

83,044

7,269

8.8 %

Gross Profit

29,681

26,585

3,096

11.6 %

59,561

52,939

6,622

12.5 %

Adjusted Gross Profit 1

29,853

26,671

3,182

11.9 %

59,844

53,095

6,749

12.7 %

Adjusted Gross Margin1

67.1 %

64.8 %


2.3 %

67.5 %

63.9 %


3.6 %

Loss for the period

(4,828)

(4,803)

(25)

-0.5 %

(3,718)

(9,566)

5,848

61.1 %

Adjusted EBITDA (Loss)1

(534)

(1,465)

931

63.5 %

2,277

(2,969)

5,246

176.7 %

Cash Flows From Operating Activities

22,888

16,225

6,663

41.1 %

5,853

927

4,926

531.4 %

Free Cash Flow1

20,449

16,016

4,433

27.7 %

1,765

(186)

1,951

1,048.9 %


1 A non-IFRS financial measure or non-IFRS ratio.  Please refer to the "Non-IFRS Financial Measures and Reconciliation of
Non-IFRS Financial Measures" section of this press release for more details.


Business & Operating Highlights

  • D2L continued to grow its customer base in education in North America, including the University of Southern California, the City University of New York (CUNY), Western University, the Northern Alberta Institute of Technology, Hartford Community College, and Niagara College.
  • Signed new education customers across multiple international regions, including Faith Lutheran College Plainland, Mangalayatan University, and Hogeschool van Arnhem en Nijmegen (HAN University of Applied Sciences).
  • Signed new corporate customers in multiple sectors, including Plante & Moran LLC and iPEC Coaching.
  • In Q2, D2L launched a redesign of its Brightspace Community platform, announced a new partnership with Copyleaks to help better detect plagiarism, and unveiled its Integration Hub, D2L LINK, a one-stop shop for access to hundreds of D2L Brightspace-integrated technologies and resources.
  • In June, D2L announced a deepening of its focus on India with additional investments in development, support operations, hiring talent, and expanded in-country cloud solutions.
  • In July, D2L hosted nearly 2,000 global registrants at its annual customer conference (Fusion) where it showcased key tools for the future of learning in areas like artificial intelligence, accessibility, ease of use, and skills development.

Financial Outlook 

Financial Guidance Fiscal 2024 

The Company is maintaining its previous financial guidance for the fiscal year ended January 31, 2024 as follows:

  • Subscription and support revenue in the range of $159 million to $161 million, implying growth of 9% to 10% over Fiscal 2023;
  • Total revenue in the range of $180 million to $182 million, implying growth of 7% to 8% over Fiscal 2023; and
  • Adjusted EBITDA in the range of $6 million to $8 million.

Conference Call & Webcast

D2L management will host a conference call on Thursday, September 7, 2023 at 8:30 am ET to discuss its second quarter Fiscal 2024 financial results.

Date:


Thursday, September 7, 2023

Time:


8:30 am (ET)

Dial in number:   


Canada/US: 1 (833) 470-1428

International: 1 (404) 975-4839

Access code: 816124




Webcast:


A live webcast will be available at ir.d2l.com/events-and-presentations/events/




Replay:


Canada/US: 1 (866) 813-9403 or International: (929) 458-6194

(replay code: 240783)

Available until September 14, 2023


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; the Company's budgets, operations and taxes; judgments and estimates impacting on financial statements; the markets in which the Company operates and investment in India; industry trends and the Company's competitive position; expansion of the Company's product offerings; the timing and pace for achieving gross profitability; and expectations regarding the growth of the Company's customer base, revenue and revenue generation potential.

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; 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, 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, including at "Summary of Factors Affecting Our Performance" of the Company's Management's Discussion and Analysis ("MD&A") for the three and six months ended July 31, 2023, or in the "Risk Factors" section of the Company's most recently filed Annual Information Form. 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. (TSX: DTOL)

D2L is transforming the way the world learns—helping learners of all ages achieve more than they dreamed possible. Working closely with customers all over the world, D2L is supporting millions of people learning online and in person. Our global workforce is dedicated to making the best learning products to leave the world better than they found it. Learn more at www.D2L.com. 

D2L Inc.
Condensed Consolidated Interim Statements of Financial Position
(In U.S. dollars)

As at July 31, 2023 and January 31, 2023
(Unaudited)


July 31, 2023

January 31, 2023

Assets






Current assets:




Cash and cash equivalents

$  110,271,362

$   110,732,236


Trade and other receivables

29,358,472

20,894,794


Uninvoiced revenue

2,789,904

2,107,015


Prepaid expenses

6,655,026

8,183,390


Deferred commissions

5,097,379

4,487,043



154,172,143

146,404,478





Non-current assets:




Other receivables

193,036


Prepaid expenses

210,675

122,469


Deferred income taxes

306,079

189,178


Right-of-use assets

10,847,680

11,205,371


Property and equipment

7,764,280

4,287,095


Deferred commissions

7,781,294

6,849,779


Intangible assets

839,331

288,099


Goodwill 

10,451,860

7,070,432




Total assets

$  192,373,342

$   176,609,937





Liabilities and Shareholders' Equity







Current liabilities:




Accounts payable and accrued liabilities                                

$    20,846,926

$     23,450,767


Deferred revenue

101,207,945

85,662,830


Lease liabilities

1,513,461

1,127,600



123,568,332

110,241,197





Non-current liabilities:




Deferred income taxes

446,876

398,906


Accounts payable and accrued liabilities                                                                    

302,333

-


Lease liabilities

11,865,574

11,878,556



12,614,783

12,277,462



136,183,115

122,518,659

Shareholders' equity:




Share capital

361,304,174

357,639,824


Additional paid-in capital

47,700,966

46,084,161


Accumulated other comprehensive loss

(4,466,506)

(5,001,805)


Deficit

(348,348,407)

(344,630,902)


56,190,227

54,091,278


Related party transactions







Total liabilities and shareholders' equity

$  192,373,342

$   176,609,937

 

D2L Inc.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In U.S. dollars)                                                                                                                             

For the three and six months ended July 31, 2023 and 2022
(Unaudited)


Three months ended July 31

Six months ended July 31


2023

2022

2023

2022






Revenue:






Subscription and support

$ 39,405,679

$  35,817,285

$ 78,595,340

$  71,583,788


Professional services and other

5,064,462

5,356,142

10,102,740

11,459,723



44,470,141

41,173,427

88,698,080

83,043,511

Cost of revenue:






Subscription and support

10,852,459

11,403,524

22,093,199

22,842,152


Professional services and other

3,936,514

3,184,484

7,043,818

7,262,849



14,788,973

14,588,008

29,137,017

30,105,001







Gross profit

29,681,168

26,585,419

59,561,063

52,938,510







Expenses:






Sales and marketing

14,961,079

14,021,773

27,401,746

27,078,863


Research and development

12,519,168

10,450,798

23,664,521

21,735,965


General and administrative

7,312,207

6,578,462

13,501,710

12,985,502



34,792,454

31,051,033

64,567,977

61,800,330







Loss from operations

(5,111,286)

(4,465,614)

(5,006,914)

(8,861,820)







Interest and other income (expenses):






Interest expense

(142,866)

(166,257)

(298,874)

(403,857)


Interest income

840,405

156,835

1,716,512

175,081


Other income (expense)

(211)

-

15,252

-


Foreign exchange gain (loss)

(364,693)

(150,140)

65,479

(178,358)



332,635

(159,562)

1,498,369

(407,134)







Loss before income taxes

(4,778,651)

(4,625,176)

(3,508,545)

(9,268,954)







Income taxes (recovery):






Current

316,769

165,580

391,411

355,096


Deferred

(267,464)

12,616

(182,451)

(58,015)



49,305

178,196

208,960

297,081







Loss for the period

(4,827,956)

(4,803,372)

(3,717,505)

(9,566,035)







Other comprehensive gain (loss):






Foreign currency translation gain (loss)

746,510

(146,590)

535,299

(200,255)

Comprehensive loss

$ (4,081,446)

$ (4,949,962)

$ (3,182,206)

$ (9,766,290)







Loss per share – basic

$          (0.09)

$          (0.09)

$  (0.07)

$          (0.18)

Loss per share – diluted

(0.09)

(0.09)

(0.07)

(0.18)






Weighted average number of common shares – basic

53,430,984

53,004,320

53,328,052

52,996,253

Weighted average number of common shares – diluted         

53,430,984

53,004,320

53,328,052

52,996,253

 

D2L Inc.
Condensed Consolidated Interim Statements of Shareholders' Equity
(In U.S. dollars)

For the six months ended July 31, 2023 and 2022
(Unaudited)


Share Capital

Additional paid-in

Accumulated other

Deficit

Total


Shares

Amount

capital

comprehensive loss










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

301,494

2,702,550

(1,146,774)

1,555,776

Issuance of Subordinate Voting
  Shares on settlement of
  restricted share units

209,695

961,800

(2,405,427)

(1,443,627)

Stock-based compensation

5,169,006

5,169,006

Other comprehensive gain (loss)                   

535,299

535,299

Loss for the period

(3,717,505)

(3,717,505)

Balance, July 31, 2023

53,657,719

$   361,304,174

$     47,700,966

$      (4,466,506)

$  (348,348,407)

$   56,190,227








Balance, January 31, 2022

52,912,502

$   354,277,986

$     41,686,794

$      (3,330,708)

$  (326,254,177)

$   66,379,895

Issuance of Subordinate Voting
  Shares on exercise of options

120,224

994,958

(368,690)

626,268

Stock-based compensation

3,643,871

3,643,871

Other comprehensive loss

(200,255)

(200,255)

Loss for the period

(9,566,035)

(9,566,035)

Balance, July 31, 2022

53,032,726

$   355,272,944

$     44,961,975

$      (3,530,963)

$  (335,820,212)

$   60,883,744

 

D2L Inc.
Condensed Consolidated Interim Statements of Cash Flows
(In U.S. dollars)

For the six months ended July 31, 2023 and 2022
(Unaudited)




2023

2022

Operating activities:




Loss for the period

$  (3,717,505)

$  (9,566,035)


Items not involving cash:





Depreciation of property and equipment

721,635

938,887



Depreciation of right-of-use assets

643,910

1,101,355



Amortization of intangible assets

32,572

208,472



Gain on disposal of property and equipment

(15,670)



Stock-based compensation

5,169,006

3,643,871



Net interest expense (income)

(1,417,638)

228,776



Income tax expense

208,960

297,081


Changes in operating assets and liabilities:





Trade and other receivables

(7,434,422)

(6,472,931)



Uninvoiced revenue

(615,095)

(115,215)



Prepaid expenses

1,573,388

505,606



Deferred commissions

(1,331,109)

(266,499)



Accounts payable and accrued liabilities

(4,182,827)

(4,129,872)



Deferred revenue

14,936,043

14,467,740



Right-of-use assets and lease liabilities

-

133,336


Interest received

1,717,429

175,081


Interest paid

-

(75,052)


Income taxes paid

(435,663)

(147,493)


Cash flows from operating activities

5,853,014

927,108

 

Financing activities:




Payment of lease liabilities

(262,024)

(1,113,960)


Proceeds from exercise of stock options

1,555,776

626,268


Taxes paid on settlement of restricted share units

(1,443,627)


Cash flows used in financing activities

(149,875)

(487,692)

 

Investing activities:




Purchase of property and equipment

(4,103,826)

(1,113,301)


Proceeds from disposal of property and equipment

15,670


Acquisition of business, net of cash acquired

(2,766,284)


Cash flows used in investing activities

(6,854,440)

(1,113,301)






Effect of exchange rate changes on cash and cash equivalents                              

690,427

(516,540)

Decrease in cash and cash equivalents

(460,874)

(1,190,425)

Cash and cash equivalents, beginning of period

110,732,236

114,675,495

Cash and cash equivalents, end of period

110,271,362

113,485,070


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, acquisition-related costs, 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 management's use of Adjusted EBITDA and Adjusted EBITDA Margin see "Non-IFRS and Other Financial Measures" section in the Company's MD&A.

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 July 31

Six months ended July 31

2023

2022

2023

2022

Loss for the period

(4,828)

(4,803)

(3,718)

(9,566)

Stock-based compensation

3,095

1,994

5,169

3,644

Foreign exchange loss (gain)

365

150

(65)

178

Non-recurring expenses

150

150

Acquisition-related costs

552

552

Interest expense net of interest income

(698)

9

(1,418)

229

Income tax expense

49

178

209

297

Depreciation and amortization

781

1,007

1,398

2,249

Adjusted EBITDA

(534)

(1,465)

2,277

(2,969)

Adjusted EBITDA Margin

-1.2 %

-3.6 %

2.6 %

-3.6 %


Adjusted Gross Profit and Adjusted Gross Margin

Adjusted Gross Profit is defined as gross profit excluding related stock-based compensation expenses. 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" section in the Company's MD&A.

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 July 31

Six months ended July 31

2023

2022

2023

2022

Gross profit for the period

29,681

26,585

59,561

52,939

Stock based compensation

172

86

283

156

Adjusted Gross Profit

29,853

26,671

59,844

53,095

Adjusted Gross Margin

67.1 %

64.8 %

67.5 %

63.9 %


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" section in the Company's MD&A.

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 July 31

Six months ended July 31

2023

2022

2023

2022

Cash flow from operating activities

22,888

16,225

5,853

927

Net purchase of property and equipment

(2,439)

(209)

(4,088)

(1,113)

Free Cash Flow

20,449

16,016

1,765

(186)

Free Cash Flow Margin

46.0 %

38.9 %

2.0 %

-0.2 %


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" section in the Company's MD&A.

The following table reconciles our Constant Currency Revenue to revenue, for the periods indicated:


Three months ended July 31

Six months ended July 31

(in thousands of U.S. dollars, except for percentages)

2023

2022

2023

2022

$

$

$

$

Total revenue for the period

44,470

41,173

88,698

83,044

Impact of foreign exchange rate changes over the prior period            

 

318

 

 

1,615

 

Constant Currency Revenue

44,788

41,173

90,313

83,044


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 July 31

(in millions of U.S. dollars, except percentages)                         

2023

2022

Change

$

$

%

Annual Recurring Revenue

178.5

158.5

12.6 %

Constant Currency Annual Recurring Revenue

177.9

158.5

12.2 %

 

SOURCE D2L Inc.

Copyright 2023 Canada NewsWire

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