{"id":13936,"date":"2022-08-10T12:03:02","date_gmt":"2022-08-10T12:03:02","guid":{"rendered":"https:\/\/illumin.com\/?p=13936"},"modified":"2024-10-04T04:45:59","modified_gmt":"2024-10-04T08:45:59","slug":"acuityads-reports-second-quarter-2022-financial-results","status":"publish","type":"news_and_press","link":"https:\/\/illumin.com\/news-press\/acuityads-reports-second-quarter-2022-financial-results\/","title":{"rendered":"AcuityAds Reports Second Quarter 2022 Financial Results"},"content":{"rendered":"<p style=\"text-align: center;\"><em>Generated $28.3 million in Total Revenue<\/em><br \/>\n<em>illumin Revenue Up 96% YOY to $10.2 million<\/em><\/p>\n<p><strong>TORONTO and NEW YORK \u2013 August 10, 2022<\/strong> \u2013 AcuityAds Holdings Inc. (TSX:AT) (NASDAQ:ATY) (\u201cAcuityAds\u201d or \u201cCompany\u201d), \u00a0a Journey Advertising technology company that empowers marketers to make smarter decisions about\u00a0communicating with online consumers, today announced its financial results for the three months ended June 30, 2022.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>Second Quarter 2022 Highlights<\/u><\/strong><\/p>\n<ul>\n<li>Total revenue for the three months ended June 30, 2022, was $28.3 million, up 18.6% sequentially. On a year over year basis, revenues decreased by 6.6% which was largely anticipated as we continue to build and transition our sales team from our legacy DSP product to our Journey Advertising product, illumin. As previously communicated, we believe our new sales personnel will become more productive in the second half of FY2022. However, the Company remains mindful of potential macro-economic headwinds and is monitoring the situation accordingly.<\/li>\n<li>illumin second quarter revenue rose 96.1% year over year to $10.2 million or 36% of total revenue.<\/li>\n<li>illumin self-serve revenue increased 94% sequentially to $1.0 million, while illumin self-serve clients grew 24% sequentially.<\/li>\n<li>Second quarter 2022 gross margin was 51.9%, compared to 52.2% in 2021.<\/li>\n<li>Net revenue or gross profit (revenue less media costs) for the three months ended June 30, 2022 was $14.7 million, compared to $15.8 million for the same period in 2021.<\/li>\n<li>Adjusted EBITDA was $1.5 million for the second quarter of 2022, compared to $5.4 million in the prior year.<\/li>\n<li>Q2 2022 net income was $0.9 million, compared to $3.4 million in Q2 2021, primarily due to our previously communicated strategic investments in both R&amp;D and sales.<\/li>\n<li>During the second quarter of 2022, the Company repurchased 2,269,480 of its common shares at an average price of $3.15 per share for total consideration of $7,140,296. As of August 5, 2022, the Company has\u00a0repurchased 3,525,620 of its common shares for total consideration of $11,143,292.<\/li>\n<li>At June 30, 2022, the Company had cash and cash equivalents of $92.5 million, compared to $102.2 million as of December 31, 2021, reflecting share repurchases during the quarter.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>\u201cDuring the second quarter, revenue from illumin, our Journey Advertising platform, grew 96% year-over-year, reaching $10.2 million or 36% of total revenue,\u201d said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. \u201cWhile total company revenue was lower than the prior year due to salesforce transition issues, we continue to see growing adoption of illumin-particularly in self-serve usage. Our strategic initiatives to grow illumin self-serve revenues have already begun to pay off as these revenues grew 94% sequentially, even as illumin self-serve clients grew 24%.\u00a0 This sequential growth supports our belief that illumin\u2019s tremendous ease of use naturally lends itself to self-serve operation and we expect to see continued growth.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Mr. Hayek continued, \u201cLooking ahead, we believe we will realize further benefits from our strategic investments in R&amp;D, Sales and Marketing. These initiatives will also prepare our organization for its next growth phase. Based on customer demand and our current expectations, we anticipate resuming solid year-over-year revenue growth in the third and fourth quarter of 2022, despite the challenging macro-environment. We remain confident that we are taking the right actions to generate long-term shareholder value, highlighted by our share repurchase activity in the quarter.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Elliot Muchnik, AcuityAds\u2019 Chief Financial Officer, commented, \u201cWe continued to see strong demand for illumin in the quarter, which drove over 30% of sequential illumin revenue growth. The Company repurchased 2.3 million of our common shares for $7.1 million via the normal course issuer bid (\u201cNCIB\u201d) we initiated in the quarter. The Company is permitted to purchase up to 5.5 million of the Company\u2019s common shares over the course of the year. This share buy-back underscores our confidence in our balance sheet as well as our fundamental belief in the Company\u2019s long-term prospects. In addition, our healthy balance sheet and considerable liquidity allows us to continue to explore M&amp;A opportunities that fit our corporate strategy.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods ended: <\/em><\/strong><\/p>\n<table width=\"598\">\n<tbody>\n<tr>\n<td width=\"215\"><\/td>\n<td colspan=\"2\" width=\"193\">Three months ended<\/td>\n<td colspan=\"2\" width=\"191\">Six months ended<\/td>\n<\/tr>\n<tr>\n<td width=\"215\"><\/td>\n<td width=\"96\">June 30, 2022<\/td>\n<td width=\"97\">June 30, 2021<\/td>\n<td width=\"101\">June 30, 2022<\/td>\n<td width=\"90\">June 30, 2021<\/td>\n<\/tr>\n<tr>\n<td width=\"215\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"97\"><\/td>\n<td width=\"101\"><\/td>\n<td width=\"90\"><\/td>\n<\/tr>\n<tr>\n<td width=\"215\">Net income (loss) for the period<\/td>\n<td width=\"96\">$910,782<\/td>\n<td width=\"97\">$3,361,572<\/td>\n<td width=\"101\">$(3,579,611)<\/td>\n<td width=\"90\">$4,725,453<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">Adjustments:<\/td>\n<td width=\"96\"><\/td>\n<td width=\"97\"><\/td>\n<td width=\"101\"><\/td>\n<td width=\"90\"><\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Finance costs<\/td>\n<td width=\"96\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 125,249<\/td>\n<td width=\"97\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 258,974<\/td>\n<td width=\"101\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 271,104<\/td>\n<td width=\"90\">533,854<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\n<p style=\"text-align: left;\">\u00a0\u00a0\u00a0 Foreign exchange gain<\/p>\n<\/td>\n<td style=\"text-align: center;\" width=\"96\">\n<p style=\"text-align: right;\">(3,183,361)<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">(1,303,044)<\/td>\n<td style=\"text-align: right;\" width=\"101\">(1,392,259)<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">(734,561)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Depreciation and amortization<\/td>\n<td width=\"96\">\n<p style=\"text-align: right;\">1,198,379<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">1,261,634<\/td>\n<td style=\"text-align: right;\" width=\"101\">\u00a02,402,378<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">2,644,660<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Income taxes<\/td>\n<td width=\"96\">\n<p style=\"text-align: right;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 101,176<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 201,357<\/td>\n<td style=\"text-align: right;\" width=\"101\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 53,635<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">231,600<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Share-based compensation<\/td>\n<td width=\"96\">\n<p style=\"text-align: right;\">\u00a0 \u00a0 \u00a02,074,988<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">\u00a0\u00a0\u00a0\u00a0\u00a0 1,624,119<\/td>\n<td style=\"text-align: right;\" width=\"101\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,553,985<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">2,488,511<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Severance expenses<\/td>\n<td width=\"96\">\n<p style=\"text-align: right;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0268,782<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34,209<\/td>\n<td style=\"text-align: right;\" width=\"101\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 282,431<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">90,758<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">\u00a0\u00a0\u00a0 Other expenses<\/td>\n<td width=\"96\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;<\/td>\n<td width=\"97\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;<\/td>\n<td width=\"101\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79,132<\/td>\n<td width=\"90\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td width=\"215\">Total adjustments<\/td>\n<td width=\"96\">\n<p style=\"text-align: right;\">585,213<\/p>\n<\/td>\n<td style=\"text-align: right;\" width=\"97\">2,077,249<\/td>\n<td style=\"text-align: right;\" width=\"101\">5,250,406<\/td>\n<td width=\"90\">\n<p style=\"text-align: right;\">5,254,822<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"215\"><strong>Adjusted EBITDA<\/strong><\/td>\n<td width=\"96\"><strong>$1,495,995<\/strong><\/td>\n<td width=\"97\"><strong>$5,438,821<\/strong><\/td>\n<td width=\"101\"><strong>$1,670,795<\/strong><\/td>\n<td width=\"90\"><strong>$9,980,275<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong>Conference Call Details:<\/strong><\/p>\n<p>Date: Wednesday, August 10, 2022<\/p>\n<p>Time: 8:30AM Eastern Time<\/p>\n<p>To register for the conference call webcast and presentation, please visit<\/p>\n<p><a href=\"https:\/\/illumin.com\/investors\/earnings-call\/\">https:\/\/illumin.com\/investors\/earnings-call\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Participant Dial-in Numbers:<\/p>\n<p>Session ID 371702<\/p>\n<p>Session PIN 4375<\/p>\n<p>Dial-in numbers<\/p>\n<p>&nbsp;<\/p>\n<p>+1 833 790 7344 US (Toll-free)<\/p>\n<p>+1 650 514 4442 US (North California)<\/p>\n<p>+1 360 244 4406 US (Tacoma)<\/p>\n<p>+1 281 394 4441 US (Texas)<\/p>\n<p>+1 619 603 4444 US (South California)<\/p>\n<p>+44 752 064 5003 United Kingdom<\/p>\n<p>&nbsp;<\/p>\n<p>Please connect at 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.<\/p>\n<p>&nbsp;<\/p>\n<p>A recording of the conference call webcast will be available after the call by visiting the Company\u2019s website at <a href=\"https:\/\/illumin.com\/investors\/\">https:\/\/illumin.com\/investors\/<\/a><u>.<\/u><\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>Non-IFRS Measures<\/u><\/strong><\/p>\n<p><strong><u>\u00a0<\/u><\/strong><\/p>\n<p>This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management&#8217;s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including \u201crevenue less media costs\u201d, \u201crevenue less media costs margin\u201d, \u201cAdjusted EBITDA\u201d and \u201cAdjusted Net Income (Loss)\u201d (as well as other measures discussed elsewhere in this press release).<\/p>\n<p>&nbsp;<\/p>\n<p>The term \u201crevenue less media costs margin\u201d refers to the amount that \u201crevenue less media costs\u201d represents as a percentage of total revenue for a given period, while the term \u201crevenue less media costs\u201d refers to the net amount of revenue after deducting direct media costs.\u00a0 Revenue less media costs is used for internal management purposes as an indicator of the performance of the Company\u2019s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company\u2019s margin objectives and, accordingly the Company believes it is useful supplemental information.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cAdjusted EBITDA\u201d refers to net income (loss) after adjusting for finance costs, impairment loss, fair value gain, income taxes, foreign exchange gain (loss), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company\u2019s main business activities before taking into consideration how those activities are financed and taxed and also prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company\u2019s management and board of directors to understand and evaluate the Company\u2019s operating performance, to prepare annual budgets and to help develop operating plans.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cAdjusted Net Income (Loss)\u201d refers to net income (loss) after adjusting for non-cash items such as impairment loss, fair value gain, depreciation and amortization, share-based compensation and foreign exchange gain\/loss. The Company believes that Adjusted Net Income (Loss) is useful supplemental information as it provides an indication of the results generated by the Company\u2019s main business activities on a cash basis. It is another key measure used by the Company\u2019s management and board of directors to understand and evaluate the Company\u2019s operating performance, to prepare annual budgets and to help develop operating plans.<\/p>\n<p>&nbsp;<\/p>\n<p>These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures in particular are relevant to their analysis of the Company.<\/p>\n<p><strong><u>\u00a0<\/u><\/strong><\/p>\n<p><strong><u>About AcuityAds: <\/u><\/strong><\/p>\n<p><strong><u>\u00a0<\/u><\/strong><\/p>\n<p>AcuityAds is a leading advertising technology company that empowers marketers to make smarter decisions about targeting and communicating with online consumers. Its Journey Advertising platform, illumin\u2122, offers media planning, buying and real-time intelligence from a single platform. With proprietary Artificial Intelligence, illumin\u2122 brings unique programmatic capabilities to connect the consumer journey and help marketers understand a consumer\u2019s true value to their brand. The Company brings an integrated ecosystem of privacy-protected data, inventory, brand safety and fraud prevention partners, offering trusted solutions with proven, above benchmark outcomes for the most demanding marketers.<\/p>\n<p>&nbsp;<\/p>\n<p>AcuityAds is headquartered in Toronto with offices throughout Canada, the U.S., Europe and Latin America. For more information, visit illumindevsite.wpengine.com.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>Disclaimer in regards to Forward-looking statements<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Certain statements included herein constitute \u201cforward-looking statements\u201d within the meaning of applicable securities laws. These statements may relate to the Company\u2019s future financial outlook, financial position, anticipated events, results, success of its work from home policies, the Company\u2019s strategy with respect to the illumin platform, or the effect of the COVID-19 pandemic on the Company\u2019s business and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Also, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company\u2019s clients and the business, operations and financial position of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Many factors could cause the Company\u2019s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the &#8220;Risk Factors&#8221; section of the Company&#8217;s Annual Information Form dated March 10, 2022<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a> for the fiscal year ended December 31, 2021 (the &#8220;AIF&#8221;) and the Company\u2019s Management Discussion and Analysis for the three months ended March 31, 2022 dated May [x], 2022 (the \u201cMD&amp;A\u201d). A copy of the AIF, MD&amp;A and the Company&#8217;s other publicly filed documents can be accessed under the Company&#8217;s profile on the System for Electronic Document Analysis and Retrieval (&#8220;SEDAR&#8221;) at www.sedar.com. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities\u2019 and public health officials\u2019 responses thereto may affect: the Company\u2019s actual results, performance, prospects or opportunities; domestic and global credit and capital markets and its ability to access capital on favourable terms, or at all; and the health and safety of its employees. The Company cautions that the list of risk factors and uncertainties described in the AIF and the MD&amp;A are not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information.<\/p>\n<p>&nbsp;<\/p>\n<p>Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statement to reflect, in particular, new information or future events.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>For further information, please contact: <\/strong><\/p>\n<table style=\"height: 249px;\" width=\"700\">\n<tbody>\n<tr>\n<td width=\"208\">Daniel Gordon<\/p>\n<p>Investor Relations Manager<\/p>\n<p>AcuityAds Holdings Inc.<\/p>\n<p>416-218-9888<\/p>\n<p>investors@acuityads.com<\/td>\n<td width=\"208\">Babak Pedram<\/p>\n<p>Investor Relations \u2013 Canada<\/p>\n<p>Virtus Advisory Group Inc.<\/p>\n<p>416-644-5081<\/p>\n<p>bpedram@virtusadvisory.com<\/td>\n<td width=\"208\">David Hanover<\/p>\n<p>Investor Relations \u2013 U.S.<\/p>\n<p>KCSA Strategic Communications<\/p>\n<p>212-896-1220<\/p>\n<p>dhanover@kcsa.com<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table width=\"702\">\n<tbody>\n<tr>\n<td width=\"437\"><strong>\u00a0<\/strong><\/td>\n<td width=\"17\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><strong>June 30,<\/strong><\/p>\n<p><strong>2022<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<td width=\"16\"><strong>\u00a0<\/strong><\/td>\n<td width=\"129\"><strong>December 31,<\/strong><\/p>\n<p><strong>2021<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>\u00a0<\/strong><\/td>\n<td width=\"17\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><strong>\u00a0<\/strong><\/td>\n<td width=\"16\"><strong>\u00a0<\/strong><\/td>\n<td width=\"129\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Assets<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Current assets<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Cash and cash equivalents<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">92,484,650<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">102,208,807<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Accounts receivable<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">25,911,648<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">30,972,608<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Prepaid expenses and other<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">4,006,169<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">3,278,624<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">122,402,467<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">136,460,039<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Non-current assets<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Deferred tax asset (note 16)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">81,803<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">81,803<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Property and equipment (note 3)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">5,662,542<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">5,369,619<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Intangible assets (note 4)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">4,005,329<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">3,044,278<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Goodwill<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">4,869,841<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">4,869,841<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">137,021,982<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">149,825,580<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Liabilities<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Current liabilities<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Accounts payable and accrued liabilities<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">20,332,386<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">24,853,497<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Income tax payable<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">25,375<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">910,165<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Borrowings (note 15)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">5,223,356<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">2,946,150<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Lease obligations (note 5)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">1,963,968<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">2,058,161<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">27,545,085<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">30,767,973<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Non-current liabilities<\/strong><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Borrowings (note 15)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">253,748<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">3,852,891<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Lease obligations (note 5)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">2,805,512<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">2,148,708<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">30,604,345<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">36,769,572<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Shareholders\u2019 Equity <\/strong>(note 7)<\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">106,417,637<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">113,056,008<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\">137,021,982<\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\">149,825,580<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"17\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"16\"><\/td>\n<td width=\"129\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<table width=\"696\">\n<tbody>\n<tr>\n<td width=\"265\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><strong>Three months ended <\/strong><\/p>\n<p><strong>June 30, <\/strong><\/p>\n<p><strong>2022<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<td width=\"104\"><strong>Three months ended <\/strong><\/p>\n<p><strong>June 30, <\/strong><\/p>\n<p><strong>2021<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<td width=\"113\"><strong>Six months ended <\/strong><\/p>\n<p><strong>June 30,<\/strong><\/p>\n<p><strong>2022<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<td width=\"110\"><strong>Six months ended <\/strong><\/p>\n<p><strong>June 30, <\/strong><\/p>\n<p><strong>2021<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><strong>\u00a0<\/strong><\/td>\n<td width=\"113\"><strong>\u00a0<\/strong><\/td>\n<td width=\"110\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Revenue<\/strong><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Managed services<\/td>\n<td width=\"104\">18,148,130<\/td>\n<td width=\"104\">23,620,786<\/td>\n<td width=\"113\">33,912,859<\/td>\n<td width=\"110\">45,877,003<\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Self-service<\/td>\n<td width=\"104\">10,112,215<\/td>\n<td width=\"104\">6,664,436<\/td>\n<td width=\"113\">18,168,374<\/td>\n<td width=\"110\">11,862,811<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\">28,260,345<\/td>\n<td width=\"104\">30,285,222<\/td>\n<td width=\"113\">52,081,233<\/td>\n<td width=\"110\">57,739,814<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Media costs<\/td>\n<td width=\"104\">13,597,200<\/td>\n<td width=\"104\">14,476,192<\/td>\n<td width=\"113\">25,498,630<\/td>\n<td width=\"110\">27,566,692<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Gross profit<\/strong><\/td>\n<td width=\"104\">14,663,145<\/td>\n<td width=\"104\">15,809,030<\/td>\n<td width=\"113\">26,582,603<\/td>\n<td width=\"110\">30,173,122<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Operating expenses<\/strong><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Sales and marketing (note 17)<\/td>\n<td width=\"104\">5,453,295<\/td>\n<td width=\"104\">5,167,203<\/td>\n<td width=\"113\">10,841,727<\/td>\n<td width=\"110\">9,721,227<\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Technology (note 11 and 17)<\/td>\n<td width=\"104\">4,222,675<\/td>\n<td width=\"104\">3,342,054<\/td>\n<td width=\"113\">7,521,005<\/td>\n<td width=\"110\">7,135,424<\/td>\n<\/tr>\n<tr>\n<td width=\"265\">General and administrative (note 17)<\/td>\n<td width=\"104\">3,759,962<\/td>\n<td width=\"104\">1,895,161<\/td>\n<td width=\"113\">6,910,639<\/td>\n<td width=\"110\">3,426,954<\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Share-based compensation (note 7)<\/td>\n<td width=\"104\">2,074,988<\/td>\n<td width=\"104\">1,624,119<\/td>\n<td width=\"113\">3,553,985<\/td>\n<td width=\"110\">2,488,511<\/td>\n<\/tr>\n<tr>\n<td width=\"265\">Depreciation and amortization<\/td>\n<td width=\"104\">1,198,379<\/td>\n<td width=\"104\">1,261,634<\/td>\n<td width=\"113\">2,402,378<\/td>\n<td width=\"110\">2,644,660<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\">16,709,299<\/td>\n<td width=\"104\">13,290,171<\/td>\n<td width=\"113\">31,229,734<\/td>\n<td width=\"110\">25,416,776<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Income<\/strong><strong> (<\/strong><strong>loss<\/strong><strong>) <\/strong><strong>from operations<\/strong><\/td>\n<td width=\"104\">(2,046,154)<\/td>\n<td width=\"104\">2,518,859<\/td>\n<td width=\"113\">(4,647,131)<\/td>\n<td width=\"110\">4,756,346<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Finance costs <\/strong>(note 8)<\/td>\n<td width=\"104\">125,249<\/td>\n<td width=\"104\">258,974<\/td>\n<td width=\"113\">271,104<\/td>\n<td width=\"110\">533,854<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Foreign exchange gain <\/strong><\/td>\n<td width=\"104\">(3,183,361)<\/td>\n<td width=\"104\">(1,303,044)<\/td>\n<td width=\"113\">(1,392,259)<\/td>\n<td width=\"110\">(734,561)<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\">(3,058,112)<\/td>\n<td width=\"104\">(1,044,070)<\/td>\n<td width=\"113\">(1,121,155)<\/td>\n<td width=\"110\">(200,707)<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Net income (loss) before income taxes<\/strong><\/td>\n<td width=\"104\">1,011,958<\/td>\n<td width=\"104\">3,562,929<\/td>\n<td width=\"113\">(3,525,976)<\/td>\n<td width=\"110\">4,957,053<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Income taxes <\/strong>(note 16)<\/td>\n<td width=\"104\">101,176<\/td>\n<td width=\"104\">201,357<\/td>\n<td width=\"113\">53,635<\/td>\n<td width=\"110\">231,600<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Net income (loss) for the period<\/strong><\/td>\n<td width=\"104\">910,782<\/td>\n<td width=\"104\">3,361,572<\/td>\n<td width=\"113\">(3,579,611)<\/td>\n<td width=\"110\">4,725,453<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Basic net income (loss) per share<\/strong><\/p>\n<p>(note 9)<\/td>\n<td width=\"104\">0.02<\/td>\n<td width=\"104\">0.06<\/td>\n<td width=\"113\">(0.06)<\/td>\n<td width=\"110\">0.08<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Diluted net income (loss) per share<\/strong><\/p>\n<p>(note 9)<\/td>\n<td width=\"104\">0.02<\/td>\n<td width=\"104\">0.06<\/td>\n<td width=\"113\">(0.06)<\/td>\n<td width=\"110\">0.08<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Exchange loss on translating foreign operations<\/strong><\/td>\n<td width=\"104\">244<\/td>\n<td width=\"104\">248,433<\/td>\n<td width=\"113\">234,335<\/td>\n<td width=\"110\">1,002,764<\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>\u00a0<\/strong><\/td>\n<td width=\"104\"><\/td>\n<td width=\"104\"><\/td>\n<td width=\"113\"><\/td>\n<td width=\"110\"><\/td>\n<\/tr>\n<tr>\n<td width=\"265\"><strong>Comprehensive income (loss) for the period<\/strong><\/td>\n<td width=\"104\">910,538<\/td>\n<td width=\"104\">3,113,139<\/td>\n<td width=\"113\">(3,813,946)<\/td>\n<td width=\"110\">3,722,689<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table width=\"686\">\n<tbody>\n<tr>\n<td width=\"437\"><strong>\u00a0<\/strong><\/td>\n<td width=\"29\"><strong>\u00a0<\/strong><\/td>\n<td width=\"96\"><strong>2022<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<td width=\"29\"><strong>\u00a0<\/strong><\/td>\n<td width=\"96\"><strong>2021<\/strong><\/p>\n<p><strong>$<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>\u00a0<\/strong><\/td>\n<td width=\"29\"><strong>\u00a0<\/strong><\/td>\n<td width=\"96\"><strong>\u00a0<\/strong><\/td>\n<td width=\"29\"><strong>\u00a0<\/strong><\/td>\n<td width=\"96\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Cash provided by (used in)<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Operating activities<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Income (loss) for the period<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(3,579,611)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">4,725,453<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Adjustments to reconcile net income to net cash flows<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Depreciation and amortization<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">2,402,378<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">2,644,660<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Finance costs (note 8)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">271,104<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">533,854<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Share-based compensation (note 7(c))<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">3,553,985<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">2,488,511<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Foreign exchange gain<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,392,259)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(734,561)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Change in non-cash operating working capital<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Accounts receivable<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">5,060,960<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">829,380<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Prepaid expenses and other<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(727,573)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(549,210)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Accounts payable and accrued liabilities<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(4,469,629)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,008,800)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Income tax payable<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(884,790)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Interest paid \u2013 net<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(203,621)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(466,497)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">30,944<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">8,462,790<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Investing activities<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Additions to property and equipment (note 3)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,922,440)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(129,570)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Additions to intangible assets (note 4)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,733,912)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(3,656,352)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(129,570)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Financing activities<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Repayment of term loans principal (note 15)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,227,584)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,213,020)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Additions to international loans (note 15)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">1,074,905<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">159,168<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Repayment of international loans (note 15)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,204,845)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(994,941)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Additions to leases<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">1,780,790<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">57,020<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Repayment of leases<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,134,566)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(1,661,907)<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Net proceeds from equity financing (note 7)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">&#8211;<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">64,293,097<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Repurchase of shares for cancellation (note 7 (f))<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(7,140,297)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Proceeds from the exercise of warrants<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">&#8211;<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">61,723<\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Proceeds from the exercise of stock options<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">293,217<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">992,141<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(7,558,380)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">61,693,281<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Increase (decrease) in cash and cash equivalents<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">(11,183,788)<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">70,026,501<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Foreign exchange impact on cash <\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">1,459,631<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">734,561<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Cash and cash equivalents \u2013 Beginning of period<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">102,208,807<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">22,638,300<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Cash and cash equivalents \u2013 End of period<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">92,484,650<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">93,399,362<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><strong>Supplemental disclosure of non-cash transactions<\/strong><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<tr>\n<td width=\"437\">Additions to property and equipment under leases<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">1,780,790<\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\">71,556<\/td>\n<\/tr>\n<tr>\n<td width=\"437\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<td width=\"29\"><\/td>\n<td width=\"96\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"#_ftnref1\" 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