November 7, 2022 | Montreal, QC and San Francisco, CA

Coveo Reports Second Quarter Fiscal 2023 Financial Results

Second quarter SaaS Subscription Revenue grew 47% year-over-year to $25.5 million Second quarter total revenue increased 43% year-over-year to $27.9 million Current SaaS Subscription Remaining Performance Obligations grew 51% year-over-year to $88.7 million as of September 30, 2022 Coveo reports in U.S. dollars and in accordance with International Financial Reporting Standards (“IFRS”)

Coveo Solutions Inc. (“Coveo” or the “Company”) (TSX: CVO), a leader in AI-powered relevance platforms that transform search, recommendations, personalization, and merchandizing within digital experiences, today announced financial results for its second quarter of fiscal 2023, ended September 30, 2022.

“Our solid second quarter results reflect our strong relationships with enterprise customers who view Coveo as a mission-critical component of their digital experiences that help to optimize business outcomes," said Louis Têtu, Chairman and CEO of Coveo. “As we near our one-year anniversary as a public company, we believe the investments we have made in our people and technology to date have built a firm foundation to help us execute on our growth plans while also allowing us to continue to improve our operational efficiency."

Second Quarter Fiscal 2023 Financial Highlights

(All comparisons are relative to the three-month period ended September 30, 2021, unless otherwise stated)

  • SaaS Subscription Revenue(1) grew 47% to $25.5 million compared to $17.3 million.
  • Total revenue was $27.9 million, an increase of 43% compared to $19.5 million.
  • Current SaaS Subscription Remaining Performance Obligations(1) of $88.7 million as of September 30, 2022, up 51% compared to $58.9 million as of September 30, 2021.
  • Gross profit (%) was 76%, a decrease of 2%, and product gross profit (%) was 82%, in-line with the prior period. Adjusted Gross Profit (%)(2) was 78%, a decrease of 1%, and Adjusted Product Gross Profit (%)(2) was 83%, an increase of 1%.
  • Operating loss was $11.6 million and Adjusted Operating Loss(3) was $4.7 million.
  • Net loss was $9.9 million, compared to net loss of $61.9 million. Net loss in the comparable period was principally impacted by a non-cash loss of $39.2 million and an associated income tax expense of $10.9 million, both related to the Company’s preferred shares converted immediately prior to the initial public offering of the Company in November 2021.
  • Cash and cash equivalents were $204.8 million as of September 30, 2022.

Second Quarter Fiscal 2023 Operational Highlights

  • Net Expansion Rate(1) of 111% as of September 30, 2022.
  • Coveo named the champion in the 2022 Enterprise Search Awards from SoftwareReviews, a division of IT research and consulting firm Info-Tech Research Group. The award is based on the collective knowledge of real users and placement is based on user sentiment, alongside the ‘value index’ which captures user satisfaction given the costs they are paying.
  • Announced release of new enhancements to the Coveo Merchandising Hub to allow social proofing (badging) to be easily and scalably deployed on product listing pages. Enabling social proofing at scale has the potential to generate significant increases in conversion rates given these pages are often among the most visited on commerce sites.
  • Launched Quantic Insight Panel component to enable administrators to easily deploy a next-generation Coveo Hosted Insight Panel in Salesforce. This new capability can help to drive rapid time-to-value and innovation, as managers can easily update the Insight Panel configuration and functionality in real-time via the Coveo Admin console.
  • Made first round of donations of equity, time and technology as part of Coveo’s Pledge 1% contribution and broader ESG initiatives. Through this program, the Company contributes time, products, expertise, and money to support programs and organizations that provide learning and growth opportunities, including knowledge-sharing and mentoring, technical access, and financial assistance for young people (12-18 years old) in vulnerable social groups.

Financial Outlook

Coveo anticipates SaaS Subscription Revenue(1), Total Revenue, Adjusted Operating Loss(3), and Weighted Average Shares Outstanding to be in the following ranges:

 

Q3 FY’23

Full Year FY’23

SaaS Subscription Revenue(1)

$25.6 – $26.1 million

$101.5 – $103.0 million

Total Revenue

$27.6 – $28.1 million

$110.0 – $111.5 million

Adjusted Operating Loss(3)

$5.0 – $6.0 million

$23.0 – $25.0 million

Weighted Average Shares Outstanding

104.8 – 105.3 million

104.0 – 105.0 million

These statements are forward-looking and actual results may differ materially. Coveo’s outlook constitutes “financial outlook” within the meaning of applicable securities laws and is provided for the purpose of, among other things, assisting the reader in understanding the Company’s financial performance and measuring progress toward management’s objectives, and the reader is cautioned that it may not be appropriate for other purposes. Please refer to the “Forward-Looking Information” section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements and a description of the assumptions thereof.

* * * * *

  • SaaS Subscription Revenue, Current SaaS Subscription Remaining Performance Obligations, and Net Expansion Rate are Key Performance Indicators of Coveo. Please see the “Key Performance Indicators” section below.
  • Adjusted Gross Profit (%) and Adjusted Product Gross Profit (%) are non-IFRS ratios. Please see the “Non-IFRS Measures and Ratios” section below and the reconciliation tables at the end of this release.
  • Adjusted Operating Loss is a non-IFRS measure. Please see the “Non-IFRS Measures and Ratios” section below and the reconciliation tables at the end of this release.

Q2 Conference Call and Webcast Information

Coveo will host a conference call today at 5:00 p.m. Eastern Time to discuss its financial results for its fiscal second quarter 2023. The call will be hosted by Louis Têtu, Chairman and CEO, and Jean Lavigueur, CFO.

Dial-in number: 1-888-664-6392; Confirmation #: 89869371
Live webcast: https://app.webinar.net/EwjxLzldzA9
Replay: ir.coveo.com under the “News & Events” section
Non-IFRS Measures and Ratios

Coveo’s unaudited condensed interim financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes non-IFRS financial measures and ratios, namely (i) Adjusted Operating Loss;
(ii) Adjusted Gross Profit, Adjusted Product Gross Profit, and Adjusted Professional Services Gross Profit (collectively referred to as our “Adjusted Gross Profit Measures”); (iii) Adjusted Gross Profit (%), Adjusted Product Gross Profit (%), and Adjusted Professional Services Gross Profit (%) (collectively referred to as our “Adjusted Gross Profit (%) Measures”); (iv) Adjusted Sales and Marketing Expenses, Adjusted Research and Product Development Expenses, and Adjusted General and Administrative Expenses (collectively referred to as our “Adjusted Operating Expense Measures”); and (v) Adjusted Sales and Marketing Expenses (%), Adjusted Research and Product Development Expenses (%), and Adjusted General and Administrative Expenses (%) (collectively referred to as our “Adjusted Operating Expense (%) Measures”). These measures and ratios are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures and ratios are provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective.

Accordingly, these measures and ratios should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Adjusted Operating Loss, the Adjusted Gross Profit Measures, the Adjusted Gross Profit (%) Measures, the Adjusted Operating Expense Measures, and the Adjusted Operating Expense (%) Measures are used to provide investors with supplemental measures and ratios of the Company’s operating performance and thus highlight trends in Coveo’s core business that may not otherwise be apparent when relying solely on IFRS measures and ratios. The Company’s management also believes that securities analysts, investors, and other interested parties frequently use non-IFRS measures and ratios in the evaluation of issuers. Coveo’s management uses and intends to continue to use non-IFRS measures and ratios in order to facilitate operating performance comparisons from period to period, and to prepare annual operating budgets and forecasts.

See the “Non-IFRS Measures” section of our latest MD&A, which is available under our profile on SEDAR at www.sedar.com, for a description of these measures. Please also see the financial tables below for a description of such measures and a reconciliation of (i) Adjusted Operating Loss to operating loss; (ii) Adjusted Gross Profit to gross profit; (iii) Adjusted Product Gross Profit to product gross profit; (iv) Adjusted Professional Services Gross Profit to professional services gross profit; (v) Adjusted Sales and Marketing Expenses to sales and marketing expenses; (vi) Adjusted Research and Product Development Expenses to research and product development expenses; and (vii) Adjusted General and Administrative Expenses to general and administrative expenses.

Key Performance Indicators

This press release refers to “SaaS Subscription Revenue”, “Current SaaS Subscription Remaining Performance Obligations” and “Net Expansion Rate”, which are operating metrics used in Coveo’s industry. We monitor such key performance indicators to help us evaluate our business, measure our performance, identify trends, formulate business plans and make strategic decisions. These key performance indicators provide investors with supplemental measures of our operating performance and thus highlight trends in our core 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 industry metrics in the evaluation of issuers. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. 

“SaaS Subscription Revenue” means Coveo’s SaaS subscription revenue, as presented in our financial statements in accordance with IFRS.

“Current SaaS Subscription Remaining Performance Obligations” is a forward-looking indicator of anticipated future revenue under contract that has not yet been recognized as revenue but that is expected to be recognized over the next 12 months, as presented in our financial statements in accordance with IFRS.

“Net Expansion Rate” is calculated by considering a cohort of customers at the end of the period 12 months prior to the end of the period selected and dividing the SaaS Annualized Contract Value (as defined below) attributable to that cohort at the end of the current period selected, by the SaaS Annualized Contract Value attributable to that cohort at the beginning of the period 12 months prior to the end of the period selected. Expressed as a percentage, the ratio (i) excludes any SaaS Annualized Contract Value from new customers added during the 12 months preceding the end of the period selected; (ii) includes incremental SaaS Annualized Contract Value made to the cohort over the 12 months preceding the end of the period selected; (iii) is net of the SaaS Annualized Contract Value from any customers whose subscriptions terminated or decreased over the 12 months preceding the end of the period selected; and (iv) includes customers who converted from self-managed (on-premise) licenses and maintenance services to SaaS subscriptions during the 12 months preceding the end of the period selected.

“SaaS Annualized Contract Value” means the SaaS annualized contract value of a customer’s commitments calculated based on the terms of that customer’s subscriptions, and represents the committed annualized subscription amount as of the measurement date. 

Please also refer to the “Key Performance Indicators” section of our latest MD&A, which is available under our profile on SEDAR at www.sedar.com, for additional details on the abovementioned key performance indicators.

Forward-Looking Information 

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including Coveo’s financial outlook on SaaS Subscription Revenue, Total Revenue, Adjusted Operating Loss, and Weighted Average Shares Outstanding for the three months ending on December 31, 2022, and for the year ending March 31, 2023 (collectively, “forward-looking information”). This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, ”could”, “might”, “will”, “achieve”, “occur”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “target”, “opportunity”, “strategy”, “scheduled”, “outlook”, “forecast”, “projection”, or “prospect”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. 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.

Coveo’s financial outlook on SaaS Subscription Revenue, Total Revenue, Adjusted Operating Loss, and Weighted Average Shares Outstanding also constitutes “financial outlook” within the meaning of applicable securities laws and is provided for the purposes of assisting the reader in understanding the Company’s financial performance and measuring progress toward management’s objectives and the reader is cautioned that it may not be appropriate for other purposes.

Forward-looking information is necessarily based on a number of opinions, estimates, and assumptions that we considered appropriate and reasonable as of the date such statements are made. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, actual results may vary from the forward-looking information contained herein. Certain assumptions made in preparing the forward-looking information contained in herein include, without limitation: our ability to capitalize on growth opportunities and implement our growth strategy; our ability to attract new customers, both domestically and internationally; the success of our efforts to expand our product portfolio and market reach; our ability to maintain successful strategic relationships with partners and other third parties; our future capital requirements; the available liquidity under our revolving credit facility; the accuracy of our estimates of market opportunity and growth forecasts; our success in identifying and evaluating, as well as financing and integrating, any acquisitions, partnerships, or joint ventures; our ability to execute on our expansion plans; and the future impact of the COVID-19 pandemic. Moreover, forward-looking information is subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, 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 macro-economic uncertainties and the risk factors described under “Risk Factors” in the Company’s most recently filed Annual Information Form (“AIF”) available under our profile on SEDAR at www.sedar.com. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made.

Moreover, we operate in a very competitive and rapidly changing environment. 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.

You should not rely on this forward-looking information, as actual outcomes and results may differ materially from those contemplated by this forward-looking information as a result of such risks and uncertainties. Additional information will also be set forth in other public filings that we make available under our profile on SEDAR at www.sedar.com from time to time. The forward-looking information provided in this press release relates only to events or information as of the date hereof, and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(expressed in thousands of US dollars, except share and per share data, unaudited)

 

 

 

Three months ended
September 30,

Six months ended
September 30,

 

2022

2021

2022

2021

 

$

$

$

$

Revenue

 

 

 

 

SaaS subscription

25,469

17,313

49,472

33,629

Self-managed licenses and maintenance

290

841

614

1,555

Product revenue

25,759

18,154

50,086

35,184

Professional services

2,174

1,358

4,309

2,552

Total revenue

27,933

19,512

54,395

37,736

 

 

 

 

 

Cost of revenue

 

 

 

 

Product

4,749

3,341

9,507

6,739

Professional services

1,822

882

3,799

1,840

Total cost of revenue

6,571

4,223

13,306

8,579

Gross profit

21,362

15,289

41,089

29,157

 

 

 

 

 

Operating expenses

 

 

 

 

Sales and marketing

14,161

10,595

28,722

21,468

Research and product development

8,963

5,528

18,095

10,370

General and administrative

7,722

5,516

14,815

9,662

Depreciation of property and equipment

660

652

1,352

1,301

Amortization of intangible assets

1,104

30

2,265

56

Depreciation of right-of-use assets

396

378

793

761

Total operating expenses

33,006

22,699

66,042

43,618

Operating loss

(11,644)

(7,410)

(24,953)

(14,461)

 

 

 

 

 

Change in redeemable preferred shares – conversion rights component fair value

-

39,248

-

(30,228)

Net financial expenses (income)

(1,020)

4,826

(1,419)

9,630

Foreign exchange gain

(816)

(780)

(1,316)

(347)

Income (loss) before income tax expense (recovery)

(9,808)

(50,704)

(22,218)

6,484

Income tax expense (recovery)

125

11,184

234

(4,864)

Net income (loss)

(9,933)

(61,888)

(22,452)

11,348

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

Items that may be reclassified to the consolidated statements of income (loss):

 

 

 

 

Foreign currency differences on translation to presentation currency

(13,961)

20,426

(22,563)

4,352

Total comprehensive income (loss)

(23,894)

(41,462)

(45,015)

15,700

 

Net income (loss) per share

 

 

 

 

Basic

(0.10)

(2.76)

(0.22)

0.51

Diluted

(0.10)

(2.76)

(0.22)

(0.16)

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

Basic

104,350,739

22,423,629

104,091,340

22,394,967

Diluted

104,350,739

22,423,629

104,091,340

93,631,464

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(expressed in thousands of US dollars, unaudited)

The following table presents share-based payments and related expenses recognized by the Company:

 

Three months ended September 30,


Six months ended September 30,


2022

2021


2022

2021

 

$

$


$

$

Share-based payments and related expenses

 

 

 

 

 

Product cost of revenue

210

44

 

392

90

Professional services cost of revenue

165

43

 

309

74

Sales and marketing

1,539

240

3,070

458

Research and product development

1,688

238

3,121

437

General and administrative

2,058

205

3,243

415

Share-based payments and related expenses

5,660

770


10,135

1,474

 

Reconciliation of Adjusted Operating Loss to Operating Loss

(expressed in thousands of US dollars, unaudited)

 

 

 

Three months ended September 30,

Six months ended September 30,

2022

2021

2022

2021

 

$

$


$

$

Operating loss

(11,644)

(7,410)

(24,953)

(14,461)

Share-based payments and related expenses (1)

5,660

770

10,135

1,474

Amortization of acquired intangible assets (2)

1,103

-

2,263

-

Acquisition-related compensation (3)

175

121

 

386

242

Transaction-related expenses (4)

-

1,330

-

1,330

Charitable contributions

53

28

99

59

Adjusted Operating Loss

(4,653)

(5,161)

(12,070)

(11,356)

 

 

(1)  These expenses represent non-cash expenditures recognized in connection with issued stock options, restricted shares units, and other awards under share-based plans to our employees and directors as well as related payroll taxes that are directly attributable to the share-based      payments. These costs are included in product and professional services cost of revenue, sales and marketing, research and product development, and general and administrative expenses.
(2)   These expenses represent the amortization of intangible assets acquired through the acquisition of Qubit Digital Ltd (“Qubit”). These costs are included in amortization of intangible assets.
(3)   These expenses relate to non-recurring acquisition-related compensation in connection with the Tooso, Inc. and Qubit acquisitions. These costs are included in product and professional services cost of revenue, and sales and marketing, research and product development, and general and administrative expenses.
(4)    These expenses include professional, legal, consulting, and accounting fees related to the acquisition of Qubit. These costs are included in general and administrative expenses.

Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Profit (%) Measures
(expressed in thousands of US dollars, unaudited)

 

Three months ended September 30,


Six months ended September 30,

2022

2021

2022

2021


$

$


$

$

Total revenue

27,933

19,512


54,395

37,736

Gross profit

21,362

15,289


41,089

29,157

Gross profit (%)

76%

78%

 

76%

77%

Add: Share-based payments and related expenses

375

87

 

701

164

Add: Acquisition-related compensation

85

-

 

166

-

Adjusted Gross Profit

21,822

15,376


41,956

29,321

Adjusted Gross Profit (%)

78%

79%

 

77%

78%

 

 

 

 

 

 

Product revenue

25,759

18,154


50,086

35,184

Product cost of revenue

4,749

3,341


9,507

6,739

Product gross profit

21,010

14,813


40,579

28,445

Product gross profit (%)

82%

82%

 

81%

81%

Add: Share-based payments and related expenses

210

44

 

392

90

Add: Acquisition-related compensation

70

-

 

130

-

Adjusted Product Gross Profit

21,290

14,857


41,101

28,535

Adjusted Product Gross Profit (%)

83%

82%

 

82%

81%

 

 

 

 

 

 

Professional services revenue

2,174

1,358


4,309

2,552

Professional services cost of revenue

1,822

882


3,799

1,840

Professional services gross profit

352

476


510

712

Professional services gross profit (%)

16%

35%

 

12%

28%

Add: Share-based payments and related expenses

165

43

 

309

74

Add: Acquisition-related compensation

15

-

 

36

-

Adjusted Professional Services Gross Profit

532

519


855

786

Adjusted Professional Services Gross Profit (%)

24%

38%

 

20%

31%

Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures
(expressed in thousands of US dollars, unaudited)             

 

 

Three months ended September 30,


Six months ended September 30,

2022

2021

2022

2021


$

$


$

$

Sales and marketing expenses

14,161

10,595


28,722

21,468

Sales and marketing expenses (%)

51%

54%

 

53%

57%

Less: Share-based payments and related expenses

1,539

240

 

3,070

458

Less: Acquisition-related compensation

37

-

 

71

-

Adjusted Sales and Marketing Expenses

12,585

10,355


25,581

21,010

Adjusted Sales and Marketing Expenses (%)

45%

53%

 

47%

56%

 

 

 

 

 

 

Research and product development expenses

8,963

5,528


18,095

10,370

Research and product development expenses (%)

32%

28%

 

33%

27%

Less: Share-based payments and related expenses

1,688

238

 

3,121

437

Less: Acquisition-related compensation

47

121

 

135

242

Adjusted Research and Product Development Expenses

7,228

5,169


14,839

9,691

Adjusted Research and Product Development Expenses (%)

26%

26%

 

27%

26%

 

 

 

 

 

 

General and administrative expenses

7,722

5,516


14,815

9,662

General and administrative expenses (%)

28%

28%

 

27%

26%

Less: Share-based payments and related expenses

2,058

205

 

3,243

415

Less: Acquisition-related compensation

6

-

 

14

-

Less: Transaction-related expenses

-

1,330

 

-

1,330

Less: Charitable contributions

53

28

 

99

59

Adjusted General and Administrative Expenses

5,605

3,953


11,459

7,858

Adjusted General and Administrative Expenses (%)

20%

20%

 

21%

21%

 

Condensed Interim Consolidated Statements of Financial Position

(expressed in thousands of US dollars, unaudited)

 

 

September 30,

2022

March 31,

2022


$

$

Assets



Current assets

 

 

Cash and cash equivalents

204,817

223,072

Trade and other receivables

25,327

25,476

Refundable tax credits

5,923

10,443

Prepaid expenses

4,940

5,861

 

241,007

264,852

Non-current assets

 

 

Contract acquisition costs

10,572

10,858

Property and equipment

7,185

8,704

Intangible assets

16,012

20,605

Right-of-use assets

7,911

9,255

Deferred tax assets

4,079

4,616

Goodwill

24,114

26,610

Total assets

310,880

345,500

 

 

 

 

Liabilities



Current liabilities

 

 

Trade payable and accrued liabilities

20,287

22,910

Current portion of deferred revenue

53,047

49,879

Current portion of lease obligations

1,803

1,916

 

75,137

74,705

Non-current liabilities

 

 

Deferred revenue

398

513

Lease obligations

9,453

11,169

Deferred tax liabilities

2,806

3,677

Total liabilities

87,794

90,064

Shareholders' equity

 

 

Share capital

862,742

859,944

Contributed surplus

25,162

15,295

Deficit

(614,708)

(592,256)

Accumulated other comprehensive loss

(50,110)

(27,547)

Total shareholders' equity

223,086

255,436

Total liabilities and shareholders' equity

310,880

345,500

 

Condensed Interim Consolidated Statements of Cash Flows

(expressed in thousands of US dollars, unaudited)

 

 

Six months ended September 30,

 

2022

2021

 

$

$

Cash flows from (used in) operating activities

 

 

Net income (loss)

(22,452)

11,348

Items not affecting cash

 

 

Amortization of contract acquisition costs

2,199

1,810

Depreciation of property and equipment

1,352

1,301

Amortization of intangible assets

2,265

56

Depreciation of right-of-use assets

793

761

Interest accretion

-

9,153

Change in redeemable preferred shares – conversion rights
component fair value

-

(30,228)

Share-based payments

11,138

1,474

Interest on lease obligations

331

374

Change in fair value of short-term investments

-

91

Variation of deferred tax assets and liabilities

196

(4,944)

Unrealized foreign exchange gain

(1,316)

(447)

 

 

 

Changes in non-cash working capital items

4,579

(6,394)

 

(915)

(15,645)

 

 

 

Cash flows from (used in) investing activities

 

 

Proceeds from disposal of short-term investments

-

29,872

Additions to property and equipment

(709)

(667)

Additions to intangible assets

(5)

(601)

 

(714)

28,604

 

 

 

Cash flows from (used in) financing activities

 

 

Proceeds from exercise of stock options

1,527

122

Payments on lease obligations

(1,265)

(1,132)

 

262

(1,010)

 

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

(16,888)

(171)

 

 

 

Increase (decrease) in cash and cash equivalents during the period

(18,255)

11,778

 

 

 

Cash and cash equivalents – beginning of period

223,072

55,399

 

 

 

Cash and cash equivalents – end of period

204,817

67,177

About Coveo Solutions

We believe that relevance and personalization are critical for businesses to win in the new digital experience economy, to serve people the way they expect, and that applied AI is an imperative. Coveo is a market-leading AI-powered relevance platform. Our SaaS-native, multi-tenant platform injects search, recommendations, and personalization solutions into digital experiences. We provide solutions for commerce, service, website, and workplace applications. Our solutions are designed to provide tangible value to our customers by helping drive conversion and revenue growth, increase profitability, reduce customer support costs, increase customer satisfaction and website engagement, and improve employee proficiency and satisfaction. 

 

Stay up to date on the latest Coveo news and content by subscribing to the Coveo blog, and following Coveo on LinkedInTwitter, and YouTube.

Paul Moon
Investor Relations
investors@coveo.com

Kiyomi Harrington
PR Lead, Coveo
kharrington@coveo.com

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