Coveo Reports First Quarter Fiscal 2023 Financial Results

·19 min read
Coveo Solutions Inc.
Coveo Solutions Inc.

First Quarter SaaS Subscription Revenue grew 47% year-over-year to $24.0 million
First Quarter total revenue increased 45% year-over-year to $26.5 million
Current SaaS Subscription Remaining Performance Obligations grew 49% year-over-year to $84.4 million as of June 30, 2022
Coveo to host inaugural Capital Markets Day on November 17, 2022

Coveo reports in U.S. dollars and in accordance with International Financial Reporting Standards (“IFRS”)

MONTREAL and SAN FRANCISCO, Aug. 08, 2022 (GLOBE NEWSWIRE) -- 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 first quarter of fiscal 2023, ended June 30, 2022.

“Our first quarter results reflect the strong demand we are seeing for our AI-powered platform and the momentum we continue to build upon following a record fiscal 2022,” said Louis Têtu, Chairman and CEO of Coveo. “Despite a challenging macro environment, we believe digital transformation remains a priority for businesses worldwide, and Coveo’s solutions help to enable these businesses to deliver relevant experiences that optimize business outcomes. We look for this demand from our customers to drive revenue growth while continuing to increase our operational efficiency through our strong unit economics.”

First Quarter Fiscal 2023 Financial Highlights
(All comparisons are relative to the three-month period ended June 30, 2021, unless otherwise stated)

  • SaaS Subscription Revenue grew 47% to $24.0 million compared to $16.3 million.

  • Total revenue was $26.5 million, an increase of 45% compared to $18.2 million.

  • Current SaaS Subscription Remaining Performance Obligations of $84.4 million, up 49% compared to $56.7 million.

  • Gross profit (%) was 75%, a decrease of 1%, and product gross profit (%) was 80%, in-line with the prior period. Adjusted Gross Profit (%) (1) was 76%, a decrease of 1%, and Adjusted Product Gross Profit (%) (1) was 81%, an increase of 1%.

  • Operating loss was $13.3 million and Adjusted Operating Loss (2) was $7.4 million.

  • Net loss was $12.5 million, compared to net income of $73.2 million. Net income in the comparable period was principally impacted by a non-cash gain of $69.5 million and an associated income tax recovery of $16.3 million, both related to the Company’s preferred shares converted immediately prior to the IPO in November 2021.

  • Cash flow generated from operations was $1.4 million, and cash and cash equivalents were $217.7 million as of June 30, 2022.

First Quarter Fiscal 2023 Operational Highlights

  • Net Expansion Rate of 112% as of June 30, 2022.

  • Recognized as Salesforce Commerce Cloud Partner of the Year for Best Early Salesforce Commerce Win 2022 and Best Personalization 2022. Coveo received the award for its performance as a digital transformation commerce partner within the Salesforce ecosystem, considering the number of new customers and overall growth.

  • Released new recommendations decisioning capabilities to allow deployment of explicit, finer-grained strategies for specific audiences and streamline deployment of global, multi-region configurations. These enhancements will help generate more engagement from merchandisers as well as increase revenue driven through the Coveo Merchandising Hub.

  • Introduced native SAP Commerce sources to simplify the ingestion of complex catalogs. This new data source makes the deployment of Coveo alongside SAP Commerce Cloud significantly easier, and enables the processing of all catalog data by our machine learning algorithms.

  • Launched Simpler Builder experience for Hosted Search Pages. This new, no-code builder enables any user to easily create and share next-gen Coveo Atomic (Coveo’s web component library) search page experiences with simple menus and configuration options.

  • Announced a range of new capabilities to help customer service employees deliver personalized customer experiences, including a new library for Coveo Quantic (Coveo’s Lightning Web Component library), guided templates for Case Submission flows, enhanced User Actions, and visibility into Coveo machine learning models in the admin console.

Financial Outlook

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

 

Q2 FY’23

Full Year FY’23

SaaS Subscription Revenue

$24.4 – $24.9 million

$101.5 – $103.0 million

Total Revenue

$26.6 – $27.1 million

$110.0 – $111.5 million

Adjusted Operating Loss (2)

$6.5 – $7.5 million

$31.5 – $33.5 million

Weighted Average Shares Outstanding

104.0 – 104.5 million

104.0 – 105.0 million


These statements are forward-looking and actual results may differ materially. 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.

Coveo’s outlook also constitutes a "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.

(1)   Adjusted Gross Profit (%) and Adjusted Product Gross Profit (%) are non-IFRS ratios. Please see the “Non-IFRS Measures and Key Performance Indicators” section below.
(2)   Adjusted Operating Loss is a non-IFRS measure. Please see the “Non-IFRS Measures and Key Performance Indicators” section below.

Q1 Conference Call and Webcast Information

Coveo will host a conference call today at 5:00 p.m. Eastern Time today to discuss its financial results for its fiscal first quarter 2022. The call will be hosted by Louis Têtu, Chairman and CEO, and Jean Lavigueur, CFO.

Date:

Monday, August 8, 2022

Time:

5:00 p.m. Eastern Time

Dial in number:

Canada/US: 1-888-664-6392

 

Confirmation #: 92794107

Live webcast:

ir.coveo.com under the “News & Events” section

Capital Markets Day – November 17, 2022

Coveo will host its inaugural Capital Markets Day on Thursday, November 17, 2022, at the TMX Market Centre in Toronto. During this half-day, hybrid event, beginning at 8:30 am ET, members of the senior management team will present on the Company’s differentiated AI-powered relevance platform, growth strategy, and customer success, among other topics.

The event is limited to the financial analyst and institutional investor community. Capacity is limited and attendees will be registered on a first come, first served basis. To register in advance and receive updates up to the date of the event, please visit the following page at: www.coveo.com/en/resources/events/capital-markets-day.

The event will be recorded live with replay and presentation materials available at ir.coveo.com.

Non-IFRS Measures and Key Performance Indicators

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 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 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. The Company’s management also believes that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Coveo’s management uses and intends to continue to use non-IFRS measures 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 interim management’s discussion and analysis dated August 8, 2022 (the “MD&A”), which is available under our profile on SEDAR at www.sedar.com, for a description of these measures. See the financial tables below for 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.

This press release also refers to SaaS Subscription Revenue, Current SaaS Subscription Remaining Performance Obligations, and Net Expansion Rate, which are operating metrics used in Coveo’s industry. Please refer to the “Key Performance Indicators” section of our MD&A for a description of these metrics.

Forward-Looking Information

This press release contains “forward-looking information” 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 September 30, 2022, and for the year ending March 31, 2023. 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: 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; assumptions regarding our future capital requirements; assumptions regarding 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, and our ability to execute on our expansion plans. 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 the risk factors described under “Risk Factors“ in the Company’s most recently filed Annual Information Form and 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 these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the CSA from time to time. The forward-looking statements made in this press release relate 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 statements, 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.

About Coveo Solutions Inc.

We believe that relevance is 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, reduce customer support costs, increase customer satisfaction and website engagement, and improve employee proficiency and satisfaction. Our AI powers relevant interactions for hundreds of the world’s most innovative brands and is supported by a large network of global system integrators and implementation partners.

Coveo is a trademark of Coveo Solutions, Inc.

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

Contact Information

Nick Goode
Investor Relations
investors@coveo.com

Kiyomi Harrington
PR Lead
kharrington@coveo.com

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 June 30,

 

 

 

2022

 

2021

 

 

 

$

 

$

 

Revenue

 

 

 

SaaS subscription

 

24,003

 

16,316

 

Self-managed licenses and maintenance

 

324

 

714

 

Product revenue

 

24,327

 

17,030

 

Professional services

 

2,135

 

1,194

 

Total revenue

 

26,462

 

18,224

 

 

 

 

 

Cost of revenue

 

 

 

Product

 

4,758

 

3,398

 

Professional services

 

1,977

 

958

 

Total cost of revenue

 

6,735

 

4,356

 

Gross profit

 

19,727

 

13,868

 

 

 

 

 

Operating expenses

 

 

 

Sales and marketing

 

14,561

 

10,873

 

Research and product development

 

9,132

 

4,842

 

General and administrative

 

7,093

 

4,146

 

Depreciation of property and equipment

 

692

 

649

 

Amortization of intangible assets

 

1,161

 

26

 

Depreciation of right-of-use assets

 

397

 

383

 

Total operating expenses

 

33,036

 

20,919

 

Operating loss

 

(13,309

)

(7,051

)

 

 

 

 

Change in redeemable preferred shares – conversion rights component fair value

 

-

 

(69,476

)

Net financial expenses (income)

 

(399

)

4,804

 

Foreign exchange loss (gain)

 

(500

)

433

 

Income (loss) before income tax expense (recovery)

 

(12,410

)

57,188

 

Income tax expense (recovery)

 

109

 

(16,048

)

Net income (loss)

 

(12,519

)

73,236

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

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

 

 

 

Foreign currency differences on translation to presentation currency

 

(8,602

)

(16,074

)

Total comprehensive income (loss)

 

(21,121

)

57,162

 



Net income (loss) per share

 

 

 

Basic

 

(0.12

)

3.27

 

Diluted

 

(0.12

)

(0.08

)

 

 

 

 

Weighted average number of shares outstanding

 

 

 

Basic

 

103,829,091

 

22,365,663

 

Diluted

 

103,829,091

 

93,765,676

 

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

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

 

 

 

 

 

Three months ended June 30,

 

 

2022

2021

 

 

$

$

Product cost of revenue

 

182

46

Professional services cost of revenue

 

144

31

Sales and marketing

 

1,531

218

Research and product development

 

1,433

199

General and administrative

 

1,185

210

 

 

4,475

704

Reconciliation of Adjusted Operating Loss to Operating Loss
(expressed in thousands of US dollars, unaudited)

 

 

 

 

 

Three months ended June 30,

 

 

 

2022

 

2021

 

 

 

$

 

$

 

Operating loss

 

(13,309

)

(7,051

)

Share-based payment and related expenses (1)

 

4,475

 

704

 

Amortization of acquired intangible assets (2)

 

1,160

 

-

 

Acquisition-related compensation (3)

 

211

 

121

 

Charitable contributions

 

46

 

31

 

Adjusted Operating Loss

 

(7,417

)

(6,195

)

(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, and sales and marketing, research and product development, and general and administrative expenses.

(2)   These expenses represent the amortization of intangible assets acquired through the Qubit acquisition. 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.

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

 

 

 

 

 

 

Three months ended June 30,

 

 

 

2022

 

2021

 

 

 

$

 

$

 

Total revenue

 

26,462

 

18,224

 

Gross profit

 

19,727

 

13,868

 

Gross profit (%)

 

75

%

76

%

Add: Share-based payment and related expenses

 

326

 

77

 

Add: Acquisition-related compensation

 

81

 

-

 

Adjusted Gross Profit

 

20,134

 

13,945

 

Adjusted Gross Profit (%)

 

76

%

77

%

 

 

 

 

Product revenue

 

24,327

 

17,030

 

Product cost of revenue

 

4,758

 

3,398

 

Product gross profit

 

19,569

 

13,632

 

Product gross profit (%)

 

80

%

80

%

Add: Share-based payment and related expenses

 

182

 

46

 

Add: Acquisition-related compensation

 

60

 

-

 

Adjusted Product Gross Profit

 

19,811

 

13,678

 

Adjusted Product Gross Profit (%)

 

81

%

80

%

 

 

 

 

Professional services revenue

 

2,135

 

1,194

 

Professional services cost of revenue

 

1,977

 

958

 

Professional services gross profit

 

158

 

236

 

Professional services gross profit (%)

 

7

%

20

%

Add: Share-based payment and related expenses

 

144

 

31

 

Add: Acquisition-related compensation

 

21

 

-

 

Adjusted Professional Services Gross Profit

 

323

 

267

 

Adjusted Professional Services Gross Profit (%)

 

15

%

22

%

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

 

 

 

 

 

 

Three months ended June 30,

 

 

 

2022

 

2021

 

 

 

$

 

$

 

Sales and marketing expenses

 

14,561

 

10,873

 

Sales and marketing expenses (%)

 

55

%

60

%

Less: Share-based payment and related expenses

 

1,531

 

218

 

Less: Acquisition-related compensation

 

34

 

-

 

Adjusted Sales and Marketing Expenses

 

12,996

 

10,655

 

Adjusted Sales and Marketing Expenses (%)

 

49

%

58

%

 

 

 

 

Research and product development expenses

 

9,132

 

4,842

 

Research and product development expenses (%)

 

35

%

27

%

Less: Share-based payment and related expenses

 

1,433

 

199

 

Less: Acquisition-related compensation

 

88

 

121

 

Adjusted Research and Product Development Expenses

 

7,611

 

4,522

 

Adjusted Research and Product Development Expenses (%)

 

29

%

25

%

 

 

 

 

General and administrative expenses

 

7,093

 

4,146

 

General and administrative expenses (%)

 

27

%

23

%

Less: Share-based payment and related expenses

 

1,185

 

210

 

Less: Acquisition-related compensation

 

8

 

-

 

Less: Charitable contributions

 

46

 

31

 

Adjusted General and Administrative Expenses

 

5,854

 

3,905

 

Adjusted General and Administrative Expenses (%)

 

22

%

21

%

Condensed Interim Consolidated Statements of Financial Position
(expressed in thousands of US dollars, unaudited)

 

 

 

 

 

 

June 30,
2022

March 31,
2022

 

 

$

$

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

217,668

 

223,072

 

Trade and other receivables

 

19,896

 

25,476

 

Refundable tax credits

 

6,020

 

10,443

 

Prepaid expenses

 

5,560

 

5,861

 

 

 

249,144

 

264,852

 

Non-current assets

 

 

 

Contract acquisition costs

 

10,760

 

10,858

 

Property and equipment

 

7,989

 

8,704

 

Intangible assets

 

18,262

 

20,605

 

Right-of-use assets

 

8,777

 

9,255

 

Deferred tax assets

 

4,357

 

4,616

 

Goodwill

 

25,386

 

26,610

 

Total assets

 

324,675

 

345,500

 

 

 

 

 

Liabilities

 

 

 

Current liabilities

 

 

 

Trade payable and accrued liabilities

 

20,585

 

22,910

 

Current portion of deferred revenue

 

47,710

 

49,879

 

Current portion of lease obligations

 

1,868

 

1,916

 

 

 

70,163

 

74,705

 

Non-current liabilities

 

 

 

Deferred revenue

 

319

 

513

 

Lease obligations

 

10,559

 

11,169

 

Deferred tax liabilities

 

3,232

 

3,677

 

Total liabilities

 

84,273

 

90,064

 

Shareholders' equity

 

 

 

Share capital

 

860,774

 

859,944

 

Contributed surplus

 

20,552

 

15,295

 

Deficit

 

(604,775

)

(592,256

)

Accumulated other comprehensive loss

 

(36,149

)

(27,547

)

Total shareholders' equity

 

240,402

 

255,436

 

Total liabilities and shareholders' equity

 

324,675

 

345,500

 

Condensed Interim Consolidated Statements of Cash Flows
(expressed in thousands of US dollars, unaudited)

 

 

 

 

 

Three months ended June 30,

 

 

2022 

2021 

 

 

$

$

Cash flows from (used in) operating activities

 

 

 

Net income (loss)

 

(12,519

)

73,236

 

Items not affecting cash

 

 

 

Amortization of contract acquisition costs

 

1,077

 

887

 

Depreciation of property and equipment

 

692

 

649

 

Amortization of intangible assets

 

1,161

 

26

 

Depreciation of right-of-use assets

 

397

 

383

 

Interest accretion

 

-

 

4,556

 

Change in redeemable preferred shares – conversion rights component fair value

 

-

 

(69,476

)

Share-based payments

 

5,796

 

704

 

Interest on lease obligations

 

170

 

191

 

Change in fair value of short-term investments

 

-

 

52

 

Variation of deferred tax assets and liabilities

 

83

 

(16,075

)

Unrealized foreign exchange loss (gain)

 

(500

)

337

 

 

 

 

 

Changes in non-cash working capital items

 

5,048

 

(1,989

)

 

 

1,405

 

(6,519

)

 

 

 

 

Cash flows from (used in) investing activities

 

 

 

Proceeds from disposal of short-term investments

 

-

 

13,845

 

Additions to property and equipment

 

(527

)

(368

)

Additions to intangible assets

 

(5

)

(226

)

 

 

(532

)

13,251

 

 

 

 

 

Cash flows from (used in) financing activities

 

 

 

Proceeds from exercise of stock options

 

291

 

63

 

Payments on lease obligations net of lease incentives received

 

(633

)

(527

)

 

 

(342

)

(464

)

 

 

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

(5,935

)

97

 

 

 

 

 

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

 

(5,404

)

6,365

 

 

 

 

 

Cash and cash equivalents – beginning of period

 

223,072

 

55,399

 

 

 

 

 

Cash and cash equivalents – end of period

 

217,668

 

61,764