Q2 2024 Revenue of $16.2 Million Grows 12% Versus Q2
2023
Continued Strength in Thinkific Commerce and
Thinkific Plus Which Grew at 69% and 28%
Respectively
Thinkific Forecasts Revenue Growth to
Accelerate Beginning in Q3
Thinkific reports in thousands of U.S. dollars and in
accordance with IFRS
VANCOUVER, BC, Aug. 7, 2024
/CNW/ - Thinkific Labs Inc. ("Thinkific" or the "Company") (TSX:
THNC), a leading cloud-based software platform that enables
entrepreneurs and established businesses of all sizes to create,
market, and sell digital learning products, today announced its
financial results for the quarter ended June 30, 2024.
"I am pleased with our performance in the second quarter;
demonstrating the continued success of our nearer-term growth
drivers of Plus and Commerce." said Greg
Smith, CEO of Thinkific. "Investments made to help our
customers succeed and grow their businesses are paying off as we
see increasing adoption of our Commerce solution, greater interest
levels from Corporations who are looking to transform their
businesses using Thinkific Plus, as well as strong user growth of
The Leap. In the quarter, new key executives were hired to
further drive innovation and expansion in the business. We
built momentum as we progressed through the quarter, and I believe
we are now in a position to accelerate revenue growth in the second
half of the year."
Second Quarter Financial Highlights
- Total revenue increased 12% to $16.2
million, compared with the second quarter of 2023, within
our guided range of $16.1 million -
$16.4 million.
- Commerce revenue increased 69% to $2.2
million, compared with the second quarter of 2023, building
on the success of Thinkific Payments as we benefit from
growing GMV(1) and increased penetration of Thinkific
Commerce.
- Subscription revenue increased 7% to $14.0 million, compared to the second quarter of
2023.
- On a customer group basis (inclusive of both subscription and
Commerce revenue), Thinkific Plus grew 28% to $3.7 million and Self Serve revenue increased 8%
to $12.5 million.
- Gross margin remained consistent at 75% for both the second
quarter of 2024 and 2023.
- Net income for the second quarter of 2024 was $0.9 million compared to a net loss of
$2.1 million for the second quarter
of 2023, representing an improvement of $3.1
million. Earnings per share (basic and diluted) for the
second quarter of 2024 was $0.01
compared to loss per share of $0.03
for the second quarter of 2023.
- Adjusted EBITDA(1) of $0.9
million remained positive for the fourth consecutive quarter
compared to negative Adjusted EBITDA(1) of $1.2 million in the second quarter of 2023,
representing an improvement of $2.1
million.
- ARR(2) grew 7% to $57.0
million in the second quarter of 2024 from $53.3 million in the second quarter of 2023,
driven by strong growth in Thinkific Plus tempered by Self Serve
which was relatively flat.
- ARPU(2) increased 10% to $155 per month compared with $141 per month in the second quarter of 2023 due
to strong growth in Thinkific Plus and continued success of
Thinkific Commerce.
- Total Paying Customers(2) grew 2% to 34.9 thousand
in the second quarter of 2024 compared to the same period of the
prior year.
- GPV(2) processed through Thinkific Commerce
increased 40% to $43.9 million in the
second quarter of 2024 compared to $31.4
million in the same period of the prior year. Penetration
rate increased to 40% in the second quarter of 2024 compared to 30%
in the same period of the prior year.
- GMV(2) in the second quarter of 2024 was
$111.1 million, up 4% compared to the
second quarter of 2023.
- Cash and cash equivalents were $48.6
million at June 30, 2024,
representing a $38.0 million decrease
from $86.6 million at December 31, 2023, which related to the closing
of the Substantial Issuer Bid ("SIB") to repurchase for
cancellation 12,857,795 shares for a total of $36.0 million, coupled with the repurchase and
cancellation of 1,218,028 shares for a total of $3.1 million under our Normal Course Issuer Bid
("NCIB").
"We had a strong close to the second quarter which saw record
new customer bookings in Plus, and a significant acceleration in
the adoption of Thinkific Commerce Platform at the end of the
quarter." said Corinne Hua, CFO of
Thinkific. "We expect acceleration in the top line growth
rate for Q3, and we will continue investing in our growth
initiatives while remaining committed to Thinkific's strategy of
profitable growth."
Second Quarter Operational Highlights
- Introduced The Leap Pro and Elite, which marks our initial
steps in monetizing this product after a highly successful beta
launch which has already surpassed 30,000 accounts and incorporates
AI features that allow Social-First Creators to quickly start their
online businesses.
- Released significant enhancements to "Digital Downloads", a
feature that makes it easier for Creators to start their business
by allowing them to offer a multitude of digital learning products
including eBooks, PDFs and spreadsheets.
- Included a set of new APIs that enable a suite of new use cases
and opportunities for customization, integration and
automation.
- Added AI-powered "Thinkific Funnels" to allow customers to
build and customize marketing or sales journeys and more
intuitively generate revenue and nurture their audience.
- Thinkific built SCORM (Sharable Content Object Reference Model)
functionality, a set of e-learning technical standard that ensures
content can be seamlessly integrated across various LMSs, making it
easier to migrate to Thinkific from other platforms and provides
access to content editing tools to enhance student
experiences.
Subsequent to Quarter End
- On July 3, 2024, the Company
implemented a gateway fee on third-party payment providers as a
means to begin the conversation of introducing customers to
Thinkific Commerce. The fee also covers the cost of third-party
integrations to continue providing customers with a choice.
The Company's CEO does not intend to continue his automated plan
for selling shares that commenced in June
2023 and set to expire in August
2024, He has further confirmed that he will not proceed with
a subsequent plan that was approved by securities regulators in
May 2024.
Outlook
For the third quarter of 2024, the Company expects revenue of
$17.0 - 17.3 million, which
represents 14%-16% growth in Q3. We are committed to maintain
positive Adjusted EBITDA(1), however, we do plan to
continue our growth-focused investments through the rest of the
fiscal year.
Actual results may differ materially from Thinkific's financial
outlook as a result of, among other things, the factors described
under "Forward-Looking Statements" below.
(1) Non-IFRS measure. See "Non-IFRS Measures" and
the reconciliation to the most directly comparable IFRS
measure.
(2) Key Performance Indicators. See
definition in "Key Performance Indicators".
Quarterly Conference Call and Webcast Information
A conference call will be held at 5:00 PM
ET (2:00 PM PT) on
August 7, 2024 to discuss Thinkific's first quarter financial
and operational results. To participate in the call, please dial
1.888.664.6383 (US/Canada
toll-free) or 1.416.764.8650 (International/Toronto). For those unable to participate, a
replay will be available an hour after the event by dialing
1.888.390.0541 (US/Canada
toll-free) or 1.416.764.8677 (International/Toronto). The passcode is 635430 #. The
replay will expire at midnight ET on
August 14, 2024. The conference call
will also be available via webcast on the Investor Relations
section of Thinkific's website
at investors.thinkific.com/events-and-presentations.
Thinkific's audited consolidated financial statements and
accompanying notes, and Management's Discussion and Analysis for
the year ended December 31, 2023 are
available on the Company's website at www.thinkific.com and on
SEDAR+ at www.sedarplus.ca.
About Thinkific
Thinkific (TSX:THNC) makes it simple for Creator Educators and
established businesses of any size to scale and generate revenue by
teaching what they know. Our Platform gives businesses everything
they need to build, market, and sell digital learning products -
from courses to communities - and to run their business
seamlessly under their own brand, on their own site. Thinkific's
50,000+ active customers earn hundreds of millions of dollars in
direct course, membership and community sales while teaching tens
of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed
team.
For more information, please visit www.thinkific.com.
Non-IFRS Measures
The information presented within this press release includes
"Adjusted EBITDA" and certain industry metrics. The "Adjusted
EBITDA" is not a recognized measure under International Financial
Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board, does not have a standardized meaning
prescribed by IFRS, and is therefore unlikely to be comparable to
similar measures presented by other companies. Rather, this measure
is provided as additional information to complement those IFRS
measures by providing further understanding of our results of
operations from management's perspective. Accordingly, it should
not be considered in isolation nor as a substitute for analysis of
our financial information reported under IFRS. We also use certain
industry metrics: "Annual Recurring Revenue", "Paying Customers",
"Average Revenue per User", "Gross Merchandise Volume" and "Gross
Payments Volume". These industry metrics are unaudited and are not
directly derived from our financial statements. The non-IFRS
measure and industry metrics are used to 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 non-IFRS measures and industry metrics in the
evaluation of issuers. Our management also uses the non-IFRS
measure and industry metrics in order to facilitate operating
performance comparisons from period to period, to prepare annual
operating budgets and forecasts and to determine components of
management compensation.
"Adjusted EBITDA" is defined as net loss excluding taxes,
interest, depreciation and amortization (or EBITDA), as adjusted
for stock-based compensation, foreign exchange (gain) loss, finance
income, restructuring costs, and (gain) loss on disposal of
property and equipment. Adjusted EBITDA does not have a
standardized meaning under IFRS and is not a measure of operating
income, operating performance or liquidity presented in accordance
with IFRS, and is subject to important limitations.
Please refer to "Reconciliation to IFRS from Non-IFRS measures"
in this press release for more information.
Key Performance Indicators
We monitor the following industry metrics to help us evaluate
our business, measure our performance, identify trends affecting
our business, formulate business plans and make strategic
decisions: "Annual Recurring Revenue" or "ARR", "Average Revenue
per User" or "ARPU", "Gross Merchandise Volume" or "GMV",
"Paying Customers" and "Gross Payments Volume" or "GPV". Our key
performance indicators may be calculated in a manner different than
similar key performance indicators used by other companies.
"Paying Customers" is the count of unique Thinkific
subscribers on paid plans as of period end, excluding all trial and
free customers, and including both monthly and annual
subscribers.
"ARPU" is the average monthly Revenue per Paying
Customer in the quarter. ARPU is calculated by taking the average
Revenue for each month in the quarter and dividing this by the
average number of Paying Customers for the same quarter.
"ARR" is the annual value of all current Paying
Customer subscriptions at the end of the period, with the number of
Paying Customers multiplied by 12 times the average monthly
subscription plan fee in effect on the last day of that period.
"GMV" is the total dollar value of all transactions
of course sales, membership subscriptions, or other products or
services by our customers, facilitated through our platform during
the period, net of refunds. GMV does not include transactions for
course sales, membership subscriptions, or other products or
services processed by APIs or certain apps where the Company does
not record the transaction value.
"GPV" is the total dollar value of transactions processed
using Thinkific Payments in the period, net of refunds and
inclusive of sales taxes where applicable. GPV does not represent
revenue earned by us. We believe that growth in GPV is an indicator
of success of our customers in monetizing their learning products
and of our Thinkific Payments offering. It is also a positive
growth driver of revenue, which is derived from payment processing
fees. Revenue earned from Thinkific Payments is included in our
commerce revenue.
Forward-Looking Statements
This press release includes forward-looking statements and
forward–looking information within the meaning of applicable
securities laws in Canada.
Forward-looking statements and information may relate to our future
financial outlook and anticipated events or results and may include
information regarding our financial position, business strategy,
growth strategies, addressable markets, budgets, operations,
financial results, taxes, dividend policy, plans and objectives.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities or
the markets in which we operate is forward-looking information. In
some cases, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "targets",
"trends", "directional indicator", "indicator", "future success",
"expects", "is expected", "opportunity", "budget", "scheduled",
"estimates", "outlook", "forecasts", "projection", "scalability",
"trajectory", "prospects", "strategy", "intends", "anticipates",
"adoption", "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or, "will", "occur" or "be achieved", and similar
words, or the negative of these terms and similar terminology. 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.
Forward-looking statements in this press release include, but are
not limited to statements regarding our financial position,
management's ability to effectively invest, increase business
efficiencies necessary to build and maintain a sustainable cost
structure; business strategy, budgets, operations, investments,
financial results, our ability to retain a profitable Adjusted
EBITDA run rate, plans and objectives around growth and
profitability; industry trends; growth in our industry; our growth
rates and growth strategies including our product-led growth
strategy through the introduction of additional features to support
the success of our customers; addressable markets for our
solutions; customer acquisition improvements; the achievement of
advances in and expansion of our offered platform service (defined
as "Thinkific Platform" and "Our Platform" in the 2023 Annual
Information Form); the roll-out, development and success of new
products, features, and services; the expectations regarding our
revenue and the revenue generation potential of Our Platform and
other products including The Leap, the Spotify pilot; and
Thinkific's commitment towards strong corporate governance, the
expected benefits from the collective experience of the company's
board directors, their experience and skill set as a member of the
board of directors and the expected benefits that board directors
may bring to position the Company for greater success and value
creation in the future; and our competitive position in our
industry.
Forward-looking statements and information are based on our
opinions, estimates and assumptions that, while considered by the
Company to be appropriate and reasonable as of the date of this
press release, are subject to known and unknown risks,
uncertainties, and other factors 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 Company's ability
to execute on its growth strategies; the impact of changing
conditions and increasing competition in the global e-learning
market in which the Company operates; the Company's ability to keep
pace with technological and marketplace changes including, but not
limited to the ethical, legal and regulatory implications in the
advancement and potential use of artificial intelligence;
fluctuations in currency exchange rates and volatility in financial
markets; changes in attitudes, financial condition and demand of
our target market; developments and changes in applicable laws and
regulations; and such other factors discussed in greater detail
under the "Risk Factors" section of our Annual Information Form
("AIF").
Forward-looking statements and information are necessarily based
upon estimates and assumptions, which are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond the Company's control and
many of which, regarding future business decisions, are subject to
change. Assumptions or factors underlying the Company's
expectations regarding forward-looking statements or information
contained in this press release include, among others: our ability
to continue investing in infrastructure to support our growth and
brand recognition; our ability to continue maintaining, innovating,
improving and enhancing our technological infrastructure and
functionality, performance, reliability, design, security and
scalability of our Platform (as defined in our AIF); our ability to
maintain existing relationships with customers (as defined in our
AIF) and to continue to expand our customers' use of our platform;
our ability to acquire new customers; our ability to maintain
existing material relationships on similar terms with service
providers, suppliers, partners and other third parties; our ability
to build our market share and enter new markets and industry
verticals; the continued development, rollout, integration and
success of new products, features, and services; our ability to
retain key personnel; our ability to maintain and expand geographic
scope; our ability to execute on our expansion and growth plans;
our ability to obtain and maintain existing financing on acceptable
terms; currency exchange and interest rates; the impact of
competition; the changes and trends in our industry or the global
economy; and the changes in laws, rules, regulations, and global
standards. The foregoing list of assumptions cannot be considered
exhaustive.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information provided herein. The opinions, estimates or assumptions
referred to above are described in greater detail in "Summary of
Factors Affecting our Performance" and in the "Risk Factors"
section of our 2023 Annual Information Form, which is available
under our profile on SEDAR+ at www.sedarplus.ca, should be
considered carefully by prospective investors. 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. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. No
forward-looking statement is a guarantee of future results.
Accordingly, you should not place undue reliance on forward-looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents our expectations as of the date specified herein, and
are subject to change after such date. However, we disclaim any
intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements. Readers are cautioned that any such forward-looking
information should not be used for purposes other than for which it
is disclosed.
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Financial Position
(unaudited)
(expressed in thousands of U.S. dollars)
|
June 30,
2024
|
December 31,
2023
|
|
$
|
$
|
Assets
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
48,565
|
86,611
|
Trade and other
receivables
|
4,908
|
4,097
|
Prepaid expenses and
other assets
|
3,929
|
3,174
|
Contract acquisition
assets
|
601
|
528
|
Lease
receivable
|
78
|
165
|
Derivative
asset
|
—
|
570
|
Total current
assets
|
58,081
|
95,145
|
|
|
|
Property and
equipment
|
765
|
853
|
Lease right-of-use
assets
|
617
|
812
|
Contract acquisition
assets
|
889
|
875
|
Intangible
assets
|
144
|
110
|
Total
assets
|
60,496
|
97,795
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
Current
liabilities
|
|
|
Accounts payable and
accrued liabilities
|
7,314
|
5,294
|
Lease
liabilities
|
496
|
555
|
Deferred
revenue
|
10,581
|
9,529
|
Total current
liabilities
|
18,391
|
15,378
|
|
|
|
Lease
liabilities
|
237
|
477
|
Total
liabilities
|
18,628
|
15,855
|
|
|
|
Shareholders'
equity
|
|
|
Share
capital
|
109,372
|
147,739
|
Contributed
surplus
|
7,704
|
8,667
|
Accumulated other
comprehensive income
|
(71)
|
532
|
Accumulated
deficit
|
(75,137)
|
(74,998)
|
Total shareholders'
equity
|
41,868
|
81,940
|
Total liabilities
and shareholders' equity
|
60,496
|
97,795
|
|
|
|
THINKIFIC LABS INC.
Consolidated Statements of Net Income (Loss) and Comprehensive
Income (Loss)
(expressed in thousands of U.S. dollars, except share and per share
amounts)
|
Three months ended
June
30,
|
Six months ended
June
30,
|
|
2024
|
2023
|
2024
|
2023
|
|
$
|
$
|
$
|
$
|
Revenue
|
16,211
|
14,436
|
32,175
|
28,529
|
Cost of
revenue
|
4,006
|
3,638
|
8,094
|
7,127
|
Gross
profit
|
12,205
|
10,798
|
24,081
|
21,402
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Sales and
marketing
|
4,890
|
5,505
|
9,878
|
11,030
|
Research and
development
|
4,335
|
4,930
|
8,979
|
10,183
|
General and
administrative
|
3,060
|
3,957
|
6,841
|
8,410
|
Restructuring
|
—
|
—
|
—
|
3,186
|
Total operating
expenses
|
12,285
|
14,392
|
25,698
|
32,809
|
|
|
|
|
|
Operating
loss
|
(80)
|
(3,594)
|
(1,617)
|
(11,407)
|
|
|
|
|
|
Other
income
|
|
|
|
|
Finance
income
|
1,106
|
947
|
2,010
|
1,638
|
Foreign exchange (loss)
gain
|
(96)
|
505
|
(532)
|
620
|
Total other
income
|
1,010
|
1,452
|
1,478
|
2,258
|
|
|
|
|
|
Net income
(loss)
|
930
|
(2,142)
|
(139)
|
(9,149)
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
Unrealized loss on
derivatives
|
(106)
|
—
|
(603)
|
—
|
|
|
|
|
|
Total comprehensive
loss
|
824
|
(2,142)
|
(742)
|
(9,149)
|
|
|
|
|
|
Weighted average
number of common shares outstanding - basic
|
79,618,425
|
80,652,067
|
80,342,751
|
79,908,862
|
Weighted average
number of common shares outstanding - diluted
|
81,149,250
|
80,652,067
|
80,342,751
|
79,908,862
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
Basic and
diluted
|
$
0.01
|
$
(0.03)
|
$
(0.00)
|
$
(0.11)
|
THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in thousands of U.S. dollars)
|
|
Six months
ended
June
30,
|
|
|
2024
|
2023
|
|
|
$
|
$
|
Cash from (used
in):
|
|
|
|
Operating
activities
|
|
|
|
Net loss
|
|
(139)
|
(9,149)
|
Items not affecting
cash and cash equivalents:
|
|
|
|
Depreciation and
amortization
|
|
671
|
697
|
Stock-based
compensation
|
|
2,060
|
2,726
|
Unrealized foreign
exchange loss (gain)
|
|
528
|
(632)
|
Finance
income
|
|
(2,010)
|
(1,638)
|
Interest
received
|
|
2,369
|
973
|
Changes in non-cash
working capital:
|
|
|
|
Trade and other
receivables
|
|
(972)
|
(284)
|
Prepaid expenses and
other assets
|
|
(775)
|
(3,089)
|
Contract acquisition
assets
|
|
(353)
|
(401)
|
Accounts payable and
accrued liabilities
|
|
828
|
(287)
|
Deferred
revenue
|
|
1,052
|
1,168
|
Cash from (used in)
operating activities
|
|
3,259
|
(9,916)
|
|
|
|
|
Investing
activities
|
|
|
|
Proceeds on disposal of
property and equipment
|
|
77
|
62
|
Investment in property
and equipment
|
|
(193)
|
(3)
|
Investment in
intangible assets
|
|
(40)
|
—
|
Cash (used in) from
investing activities
|
|
(156)
|
59
|
|
|
|
|
Financing
activities
|
|
|
|
Operating lease
payments
|
|
(285)
|
(246)
|
Payments received on
net investment in finance lease
|
|
65
|
—
|
Exercise of stock
options
|
|
67
|
208
|
Tax remittances on
stock based compensation
|
|
(1,942)
|
—
|
Shares repurchased for
cancellation under normal course issuer bid
|
|
(3,147)
|
—
|
Shares repurchased for
cancellation under substantial issuer bid
|
|
(35,339)
|
—
|
Cash used in
financing activities
|
|
(40,581)
|
(38)
|
|
|
|
|
Effect of exchange rate
fluctuations on cash and cash equivalents held
|
|
(568)
|
720
|
Decrease in cash and
cash equivalents
|
|
(38,046)
|
(9,175)
|
Cash and cash
equivalents, beginning of period
|
|
86,611
|
93,846
|
Cash and cash
equivalents, end of period
|
|
48,565
|
84,671
|
|
|
|
|
Non-cash
transactions:
|
|
|
|
Taxes accrued on share
repurchases included in accounts payable and accrued
liabilities
|
|
762
|
—
|
THINKIFIC LABS INC.
Condensed Interim Consolidated
Statements of Cash Flows (unaudited)
(expressed in thousands
of U.S. dollars)
Reconciliation from IFRS to Non-IFRS Measures
(unaudited)
(expressed in thousands of U.S. dollars)
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
2024
$
|
2023
$
|
2024
$
|
2023
$
|
|
(In thousands of
U.S. dollars)
|
Net income
(loss)
|
930
|
(2,142)
|
(139)
|
(9,149)
|
Stock-based
compensation
|
615
|
2,021
|
2,060
|
2,726
|
Depreciation and
amortization
|
339
|
354
|
671
|
697
|
Foreign exchange loss
(gain)
|
96
|
(505)
|
532
|
(620)
|
Finance
income
|
(1,106)
|
(947)
|
(2,010)
|
(1,638)
|
Restructuring
costs(1)
|
—
|
—
|
—
|
3,681
|
Adjusted
EBITDA
|
874
|
(1,219)
|
1,114
|
(4,303)
|
(1)
|
Represents employee
compensation for severance amounts for Company wide restructuring
in the first quarter of 2023.
|
SOURCE Thinkific Labs Inc.