D2L Inc. Announces First Quarter 2026 Financial Results
Total revenue increased 9% year-over-year to US$52.8 million and Constant Currency Revenue 2 increased by 11% year-over-year
Subscription and support revenue grew 11% year-over-year to US$47.7 million
Constant Currency Annual Recurring Revenue 1 reached US$206.8 million, up 9% over the prior year
Adjusted EBITDA 2 was US$9.3 million (17.6% Adjusted EBITDA Margin 2), versus US$4.0 million (8.3% Adjusted EBITDA Margin) in the prior year
Income for the period was $3.3 million, versus income of $0.6 million for the comparative period of the prior year.
TORONTO, June 10, 2025 /CNW/ - D2L Inc. (TSX: DTOL) ("D2L" or the "Company"), a leading global learning technology company, today announced financial results for its Fiscal 2026 first quarter ended April 30, 2025. All amounts are in U.S. dollars and all figures are prepared in accordance with International Financial Reporting Standards ("IFRS") unless otherwise indicated.
"We are executing successfully in the current environment, delivering efficient growth and strengthening our fundamentals, as seen in our SaaS revenue growth and further improvements in gross margins and operating leverage this quarter," said John Baker, CEO of D2L. "As organizations navigate the macroeconomic volatility, our modern, AI-first learning platform is an important solution to enhance learner engagement, drive retention, and enable new learning modalities with greater efficiency. We remain focused on balancing near-term performance with strategic investments in platform innovation and market expansion, as we work to become the leader in targeted education markets globally and establish ourselves as the next-generation learning platform for corporate upskilling."
First Quarter Fiscal 2026 Financial Highlights
Total revenue of $52.8 million, up 9% from the same period in the prior year and Constant Currency Revenue 2 increased by 11% to $53.6 million.
Subscription and support revenue was $47.7 million, an increase of 11% over the same period of the prior year.
Annual Recurring Revenue 1 ("ARR") as at April 30, 2025 increased by 8% year-over-year, from $190.3 million to $206.2 million. Constant Currency Annual Recurring Revenue 1 increased 9% to $206.8 million.
Adjusted Gross Profit 2 increased by 15% to $37.7 million (71.3% Adjusted Gross Margin 2) from $32.8 million (67.7% Adjusted Gross Margin) in the same period of the prior year.
Gross Profit increased by 13% to $37.0 million from $32.7 million in the same period of the prior year.
Gross profit margin for subscription and support revenue increased to 75.2%, up 300 basis points from 72.2% in the same period of the prior year.
Adjusted EBITDA 2 increased to $9.3 million, up from $4.0 million for the comparative period in the prior year.
Income for the period was $3.3 million, versus income of $0.6 million for the comparative period of the prior year.
Cash flows used in operating activities was $1.9 million, versus $14.8 million of cash flows used in the same period in the prior year, and Free Cash Flow 2 was negative $1.8 million, compared to Free Cash Flow of negative $15.0 million in the same period in the prior year. Cash flows from operations typically have a seasonal low in the first quarter each year and a seasonal high in the second quarter each year.
Strong balance sheet at quarter end, with cash and cash equivalents of $92.5 million and no debt.
During the quarter ended April 30, 2025, the Company repurchased and canceled 168,800 Subordinate Voting Shares under its normal course issuer bid ("NCIB").
1 Refer to "Key Performance Indicators" section of this press release.
2 A non-IFRS financial measure or non-IFRS ratio. Refer to "Non IFRS Financial Measures" section of this press release.
First Quarter Fiscal 2025 Financial Results – Selected Financial Measures
(in thousands of U.S. dollars, except for percentages)
Q1 2026
Q1 2025
Change
Change
$
$
$
%
Subscription & Support Revenue
47,735
42,954
4,781
11.1 %
Professional Services & Other Revenue
5,100
5,541
(441)
(8.0 %)
Total Revenue
52,835
48,495
4,340
8.9 %
Constant Currency Revenue 1
53,608
48,495
5,113
10.5 %
Gross Profit
37,030
32,677
4,353
13.3 %
Adjusted Gross Profit 1
37,667
32,839
4,828
14.7 %
Adjusted Gross Margin 1
71.3 %
67.7 %
Income for the period
3,268
572
2,696
471.3 %
Adjusted EBITDA 1
9,305
4,019
5,286
131.5 %
Cash Flows from (used in) Operating Activities
(1,856)
(14,826)
12,970
87.5 %
Free Cash Flow 1
(1,841)
(14,952)
13,111
87.7 %
1 A non-IFRS financial measure or non-IFRS ratio. Refer to the "Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures" section of this press release for more details.
First Quarter Business & Operating Highlights
D2L continued to grow its customer base in education in North America, adding Knox College,
LCI Education, and Tradechology Academy.
D2L continued to grow its customer base in global education, adding University of Otago, Universidad de la Sabana, and HOGENT University of Applied Sciences and Arts.
D2L expanded its corporate customer portfolio, adding The Institute of Electrical and Electronics Engineers (IEEE) Computer Society and Pantheon Academy.
Named one of the World's Top EdTech Companies of 2025 by TIME and one of Canada's Best Diversity Employers of 2025.
Named an Innovative AI Product in the 2025 Artificial Intelligence Excellence Awards and a winner in G2's 2025 Best Software Awards for Best Education Software Products and G2's 2025 Best Software Companies in Canada.
D2L's Chief Learning Officer, Dr. Cristi Ford, was recognized as an ASU+GSV Leading Women in AI at the 2025 ASU+GSV Summit.
D2L launched its expanded partner program to deepen collaboration and enhance integration with D2L Brightspace.
Financial Outlook
The Company is maintaining its previous financial guidance for the year ended January 31, 2026 as follows:
Subscription and support revenue in the range of $194 million to $196 million, implying growth of 7-9% over Fiscal 2025, and 9-10% growth on a constant currency basis;
Total revenue in the range of $219 million to $221 million, implying growth of 7-8% over Fiscal 2025, and 8-9% growth on a constant currency basis; and
Adjusted EBITDA in the range of $32 million to $34 million, implying an Adjusted EBITDA margin of 15%.
The Company presented a Medium Term Target Operating Model that it expects to achieve by Fiscal 2028 in the Company's Management's Discussion and Analysis ("MD&A") for the years ended January 31, 2025 and 2024 (the "Annual MD&A"). This Medium Term Target Operating Model remains unchanged as of April 30, 2025.
For additional details on the Company's outlook and Medium Term Target Operating Model, including the principal underlying assumptions and risk factors regarding achievement, refer to the "Financial Outlook" section of the Company's Annual MD&A, as well as the " Forward-Looking Information" section therein and in the Company's MD&A for the three months ended April 30, 2025 (the "Interim MD&A").
Conference Call & Webcast
D2L management will host a conference call on Wednesday, June 11, 2025 at 8:30 am ET to discuss its first quarter Fiscal 2026 financial results.
Forward-Looking Information
This press release includes statements containing "forward-looking information" within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "outlook", "target", "forecasts", "projection", "potential", "prospects", "strategy", "intends", "anticipates", "seek", "believes", "opportunity", "guidance", "aim", "goal" or variations of such words and phrases or statements that certain future conditions, actions, events or results "may", "could", "would", "should", "might", "will", "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events or circumstances.
This forward-looking information relates to the Company's future financial outlook and anticipated events or results and includes, but is not limited to, statements under the heading " Financial Outlook" and information regarding the Company's financial position, financial results, business strategy, performance, achievements, prospects, objectives, opportunities, business plans and growth strategies.
Forward-looking information is based on certain assumptions, expectations and projections, and analyses made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, including the following: the Company's ability to win business from new customers and expand business from existing customers; the timing of new customer wins and expansion decisions by existing customers; the Company's ability to generate revenue and expand its business while controlling costs and expenses; the Company's ability to manage growth effectively; the Company's assumptions regarding the principal competitive factors in our markets; the Company's ability to hire and retain personnel effectively; the effects of foreign currency exchange rate fluctuations on our operations; the ability to seek out, enter into and successfully integrate acquisitions, including the acquisition of H5P Group AS ("H5P"); business and industry trends, including the success of current and future product development initiatives; positive social development and attitudes toward the pursuit of higher education; the Company's ability to maintain positive relationships with its customer base and strategic partners; the Company's ability to adapt and develop solutions that keep pace with continuing changes in technology, education and customer needs; the Company's ability to predict future learning trends and technology; the ability to patent new technologies and protect intellectual property rights; the Company's ability to comply with security, cybersecurity and accessibility laws, regulations and standards; the assumptions underlying the judgments and estimates impacting on financial statements; certain accounting matters, including the impact of changes in or the adoption of new accounting standards; the Company's ability to retain key personnel; the factors and assumptions discussed under the " Financial Outlook" section of the Annual MD&A and that the list of factors referenced in the following paragraph, collectively, do not have a material impact on the Company.
Although the Company believes that the assumptions underlying such forward-looking information were reasonable when made, they are inherently uncertain and are subject to significant risks and uncertainties and may prove to be incorrect. The Company cautions investors that forward-looking information is not a guarantee of the future and that actual results may differ materially from those made in or suggested by the forward-looking information contained in this press release. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties and other factors, including but not limited to the risks identified herein, including " Summary of Factors Affecting Our Performance" of the Annual MD&A, or in the " Risk Factors" section of the Company's most recently filed annual information form, in each case filed under the Company's profile on SEDAR+ at www.sedarplus.com. If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results might vary materially from those anticipated in the forward-looking information.
Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking information, including any financial outlook. Any forward-looking information that is contained in this press release speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking information or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
D2L is transforming the way the world learns—helping learners of all ages achieve more than they dreamed possible. Working closely with customers all over the world, D2L is supporting millions of people learning online and in person. Our global workforce is dedicated to making the best learning products to leave the world better than they found it. Learn more at www.D2L.com.
D2L INC.
Condensed Consolidated Interim Statements of Financial Position
(In U.S. dollars)
As at April 30, 2025 and January 31, 2025
(Unaudited)
April 30, 2025
January 31, 2025
Assets
Current assets:
Cash and cash equivalents
$ 92,526,834
$ 99,184,514
Trade and other receivables
24,372,457
26,430,586
Uninvoiced revenue
2,969,131
2,756,998
Prepaid expenses
7,789,390
7,564,837
Deferred commissions
5,139,987
5,106,976
132,797,799
141,043,911
Non-current assets:
Other receivables
400,458
422,589
Prepaid expenses
314,523
308,235
Deferred income taxes
15,872,360
18,115,730
Right-of-use assets
8,026,078
7,450,545
Property and equipment
7,049,725
7,125,272
Deferred commissions
6,954,101
6,909,439
Loan receivable from associate
9,295,669
9,123,399
Intangible assets
17,852,622
17,135,529
Goodwill
27,019,307
25,286,222
Total assets
$ 225,582,642
$ 232,920,871
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$ 35,417,661
$ 30,504,085
Deferred revenue
85,411,389
97,454,306
Lease liabilities
1,545,432
1,201,604
Contingent consideration
5,005,457
4,927,193
127,379,939
134,087,188
Non-current liabilities:
Deferred income taxes
4,031,858
4,110,030
Lease liabilities
10,391,849
9,977,941
14,423,707
14,087,971
141,803,646
148,175,159
Shareholders' equity:
Share capital:
367,125,848
367,487,956
Additional paid-in capital
45,380,347
48,263,266
Accumulated other comprehensive loss
(4,696,131)
(7,456,599)
Deficit
(324,031,068)
(323,548,911)
83,778,996
84,745,712
Related party transactions
Investment in associate
Total liabilities and shareholders' equity
$ 225,582,642
$ 232,920,871
D2L INC.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In U.S. dollars)
For the three months ended April 30, 2025 and 2024
(Unaudited)
2025
2024
Revenue:
Subscription and support
$ 47,735,572
$ 42,953,475
Professional services and other
5,099,599
5,541,417
52,835,171
48,494,892
Cost of revenue:
Subscription and support
11,840,420
11,946,610
Professional services and other
3,964,545
3,870,868
15,804,965
15,817,478
Gross profit
37,030,206
32,677,414
Expenses:
Sales and marketing
13,668,739
12,904,939
Research and development
11,459,714
12,290,771
General and administrative
8,386,362
8,099,431
33,514,815
33,295,141
Income (loss) from operations
3,515,391
(617,727)
Interest and other income (expenses):
Interest expense
(220,129)
(160,660)
Interest income
717,052
1,084,045
Other income
315,059
59,476
Foreign exchange gain
1,536,516
230,781
2,348,498
1,213,642
Income before income taxes
5,863,889
595,915
Income taxes expense (recovery):
Current
571,177
50,745
Deferred
2,024,408
(27,096)
2,595,585
23,649
Income for the period
3,268,304
572,266
Other comprehensive gain (loss):
Foreign currency translation gain (loss)
2,760,468
(795,690)
Comprehensive income (loss)
$ 6,028,772
$ (223,424)
Earnings per share – basic
$ 0.06
$ 0.01
Earnings per share – diluted
0.06
0.01
Weighted average number of common shares – basic
54,689,330
54,015,602
Weighted average number of common shares – diluted
56,137,363
55,723,344
D2L INC.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(In U.S. dollars)
For the three months ended April 30, 2025 and 2024
(Unaudited)
Share Capital
Additional paid-in
capital
Accumulated other
comprehensive loss
Deficit
Total
Shares
Amount
Balance, January 31, 2025
54,653,174
$ 367,487,956
$ 48,263,266
$ (7,456,599)
$ (323,548,911)
$ 84,745,712
Issuance of Subordinate Voting Shares on exercise of options
13,734
120,279
(88,253)
—
—
32,026
Issuance of Subordinate Voting Shares on settlement of restricted share units
370,200
1,328,952
(5,292,603)
—
—
(3,963,651)
Stock-based compensation
—
—
3,213,041
—
—
3,213,041
Reduction in excess tax benefit on stock-based compensation
—
—
(715,104)
—
—
(715,104)
Repurchase of share capital for cancellation under NCIB
(168,800)
(1,811,339)
—
—
—
(1,811,339)
Share repurchase commitment under the ASPP
—
—
—
—
(3,750,461)
(3,750,461)
Other comprehensive income
—
—
—
2,760,468
—
2,760,468
Income for the period
—
—
—
—
3,268,304
3,268,304
Balance, April 30, 2025
54,868,308
$ 367,125,848
$ 45,380,347
$ (4,696,131)
$ (324,031,068)
$ 83,778,996
Balance, January 31, 2024
53,978,085
$ 364,830,884
$ 47,485,107
$ (4,998,317)
$ (350,437,401)
$ 56,880,273
Issuance of Subordinate Voting Shares on exercise of options
206,299
1,739,261
(900,761)
—
—
838,500
Issuance of Subordinate Voting Shares on settlement of restricted share units
194,483
965,967
(2,587,799)
—
—
(1,621,832)
Stock-based compensation
—
—
2,332,754
—
—
2,332,754
Repurchase of share capital for cancellation under NCIB
(131,380)
(1,021,919)
—
—
—
(1,021,919)
Share repurchase commitment under the ASPP
—
—
—
—
284,181
284,181
Other comprehensive loss
—
—
—
(795,690)
—
(795,690)
Income for the period
—
—
—
—
572,266
572,266
Balance, April 30, 2024
54,247,487
$ 366,514,193
$ 46,329,301
$ (5,794,007)
$ (349,580,954)
$ 57,468,533
D2L INC.
Condensed Consolidated Interim Statements of Cash Flows
(In U.S. dollars)
For the three months ended April 30, 2025 and 2024
(Unaudited)
2025
2024
Operating activities:
Income for the period
$ 3,268,304
$ 572,266
Items not involving cash:
Depreciation of property and equipment
392,558
436,493
Depreciation of right-of-use assets
347,334
286,692
Amortization of intangible assets
557,631
27,967
Gain on disposal of property and equipment
(16,825)
(45,803)
Stock-based compensation
3,213,041
2,332,754
Net interest income
(496,923)
(923,385)
Income tax expense
2,595,585
23,649
Fair value gain on loan receivable from associate
(172,270)
—
Changes in operating assets and liabilities:
Trade and other receivables
3,684,970
(2,528,272)
Uninvoiced revenue
(133,791)
168,438
Prepaid expenses
153,112
2,116,314
Deferred commissions
369,573
(191,409)
Accounts payable and accrued liabilities
(1,189,037)
(6,008,716)
Deferred revenue
(14,399,467)
(12,109,523)
Right-of-use assets and lease liabilities
—
(43,743)
Interest received
710,627
1,077,425
Interest paid
(1,633)
(12,633)
Income taxes paid
(738,303)
(4,239)
Cash flows used in operating activities
(1,855,514)
(14,825,725)
Financing activities:
Payment of lease liabilities
(487,522)
(405,727)
Proceeds from exercise of stock options
32,026
838,500
Taxes paid on settlement of restricted share units
(3,963,651)
(1,621,832)
Repurchase of share capital for cancellation under NCIB
(1,811,339)
(1,021,919)
Cash flows used in financing activities
(6,230,486)
(2,210,978)
Investing activities:
Purchase of property and equipment
(1,737)
(171,869)
Proceeds from disposal of property and equipment
16,825
45,803
Cash flows from (used in) investing activities
15,088
(126,066)
Effect of exchange rate changes on cash and cash equivalents
1,413,232
(929,583)
Decrease in cash and cash equivalents
(6,657,680)
(18,092,352)
Cash and cash equivalents, beginning of period
99,184,514
116,943,499
Cash and cash equivalents, end of period
$ 92,526,834
$ 98,851,147
Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures
The information presented within this press release refers to certain non-IFRS financial measures (including non-IFRS ratios) including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Margin, and Constant Currency Revenue. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Non-IFRS financial measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations, financial performance and liquidity from management's perspective and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of the Company. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to assess our ability to meet our capital expenditures and working capital requirements.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is defined as income (loss), excluding interest, taxes, depreciation and amortization (or EBITDA), adjusted for stock-based compensation, foreign exchange gains and losses, non-recurring expenses, transaction-related costs, fair value adjustment of acquired deferred revenue, income (loss) from equity accounted investee, change in fair value on the loan receivable from associate, impairment charges and other income and losses. Adjusted EBITDA Margin is calculated as Adjusted EBITDA expressed as a percentage of total revenue. For an explanation of management's use of Adjusted EBITDA and Adjusted EBITDA Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted EBITDA and Adjusted EBITDA Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein.
The following table reconciles Adjusted EBITDA to income for the period, and discloses Adjusted EBITDA Margin, for the periods indicated:
Notes:
(1)
These expenses relate to non-recurring activities, such as certain legal fees incurred that are not indicative of continuing operations, and changes of workforce or technology whereby certain functions were realigned to optimize operations.
(2)
These expenses include post-combination compensation costs from the acquisition of H5P, and was partially offset by a gain recognized from the reduction in the second anniversary payment owed to the selling shareholders of Connected Shopping Ltd ("Connected Shopping"), a company acquired in Fiscal 2024, which was recorded through Other income. In the prior fiscal year, these expenses included post-combination compensation, legal, professional and other fees related to the acquisition activities of H5P, Connected Shopping, and the divestiture of our majority ownership stake in SkillsWave. These expenses would not have been incurred if not for these transactions and are not considered to be indicative of expenses associated with the Company's continuing operations.
(3)
At the date of acquisition, the Company recognized a fair value adjustment on the opening deferred revenue balance acquired as part of the H5P acquisition as required under IFRS 3, Business Combinations. This adjustment is not reflective of ordinary operations and is expected to be substantially completed by the end of Fiscal 2026.
(4)
On a quarterly basis, the Company determines the fair value of the loan advanced to SkillsWave. The adjustments to the fair value of the loan are not reflective of the Company's main business operations and will not impact the Company's future results beyond the maturity date of the loan on June 28, 2029.
Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit is defined as gross profit excluding related stock-based compensation expenses and amortization from acquired intangible assets, specifically acquired technology. Adjusted Gross Margin is calculated as Adjusted Gross Profit expressed as a percentage of total revenue. For an explanation of management's use of Adjusted Gross Profit and Adjusted Gross Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted Gross Profit and Adjusted Gross Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein.
The following table reconciles Adjusted Gross Profit to gross profit, and discloses Adjusted Gross Margin, for the periods indicated:
Free Cash Flow and Free Cash Flow Margin
Free Cash Flow is defined as cash flows from (used in) operating activities less net additions to property and equipment. Free Cash Flow Margin is calculated as Free Cash Flow expressed as a percentage of total revenue. For an explanation of management's use of Free Cash Flow and Free Cash Flow Margin see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Free Cash Flow and Free Cash Flow Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein.
The following table reconciles Free Cash Flow to cash flow used in operating activities, and discloses Free Cash Flow Margin, for the periods indicated:
Constant Currency Revenue
Constant Currency Revenue is defined as our total revenue with foreign-currency-denominated revenues translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. For an explanation of management's use of Constant Currency Revenue see " Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Constant Currency Revenue" section in the Company's Interim MD&A, which section is incorporated by reference herein.
The following table reconciles our Constant Currency Revenue to revenue, for the periods indicated:
Key Performance Indicators
Management uses a number of metrics, including the key performance indicators identified below, to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other issuers. These metrics are estimated operating metrics and not projections, nor actual financial results, and are not indicative of current or future performance.
Annual Recurring Revenue and Constant Currency Annual Recurring Revenue: We define Annual Recurring Revenue ("ARR") as the annualized equivalent value of subscription revenue from all existing customer contracts as at the date being measured, exclusive of the implementation period. Our calculation of ARR assumes that customers will renew their contractual commitments as those commitments come up for renewal. We believe ARR provides a reasonable, real-time measure of performance in a subscription-based environment and provides us with visibility for potential growth in our cash flows. We believe that increasing ARR reflects the continued strength of our business and the successful execution of our strategy. Increasing ARR will continue to be our focus on a go-forward basis. We define Constant Currency Annual Recurring Revenue as foreign-currency-denominated ARR translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency.
SOURCE D2L Inc.
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Anna Ridler and Sofia Crespo win the Artists of the Year category of the Arab Bank Switzerland's Digital Art Prize 2025
The ABS Digital Art Prize was founded in 2023 as the first award by a major institution to recognize and celebrate on-chain digital artists. Artist of the Year 2025 category has been won jointly by Anna Ridler and Sofia Crespo. Emerging Artist of the Year 2025 is announced as Cezar Mocan. GENEVA, June 12, 2025 /CNW/ -- The creative partnership between Anna Ridler and Sofia Crespo has won the Artist of the Year Category of the ABS Digital Art Prize. The winners have been selected by the judges to reflect the artistic journey and impact on digital art that has been created by these two established artists over the course of their careers. They will be offered significant networking and visibility opportunities with a solo show or an exhibition at a cultural institution within the next 12 months. The Emerging Artist of the Year category has been won by Cezar Mocan for his artwork World Upstream. Cezar's piece will be included in the Arab Bank Switzerland: Art Collection. The prize is the first of its kind to recognize digital artists. It's all star jury in the digital art world includes Alejandro Cartegena, an international leading curator for digital art; Eleonora Brizi founder of Breezy Art; Marlène Corbun, Head of Contemporary Art for LaCollection; Mimi Nguyen, PhD a lecturer at Central Saint Martins; Rani Jabban, Managing Director of Arab Bank Switzerland and Sébastien Montabone l President of the third ABS Digital Art Prize and a leading curator of digital art working with museums and major collectors globally. Rani Jabban, Managing Director of Arab Bank Switzerland, added: "As a patron of the arts, closely involved in the digital asset space, we are proud to establish a global art prize that supports and promotes digital artists whilst raising awareness of this fast-evolving art sector. The extraordinary quality of the beautiful and thought-provoking work shared with us by the competing artists and the rapidly growing interest in Digital Art from our younger clients all send a clear message: Digital Art is the future of Art." Artist of the Year 2025 The winning collaboration between Anna Ridler and Sofia Crespo commenced in 2023 to combine analog photography and AI to explore the interplay between nature and technology. Well-known works include Snapshots Orchids (pictured) which employs AI-generated imagery to provoke reflection on our interactions with nature framed increasingly through lenses and screens. Their work has been showcased at prominent venues, including Paris Photo 2023 and the Frieze Gallery in London, underscoring the partnership's impact on the digital art scene. Anna Ridler is a British artist and researcher renowned for her pioneering work at the intersection of art, data, and machine learning. She is celebrated for creating visually rich works that examine the biases and ethical implications of these technologies. Ridler's work has been exhibited at prestigious institutions worldwide, including the V&A, the Barbican Centre, Centre Pompidou, HeK Basel, the ZKM Karlsruhe, and Ars Electronica. Sofia Crespo is an Argentine artist based in Lisbon, Portugal, who explores the convergence of AI and biological systems. Her work examines humanity's evolving relationship with technology across time. She has exhibited globally at prestigious venues including Art Basel, Ars Electronica, the V&A and MAC Lyon. Sebastien Montabonel, President of the Jury, commented: "Congratulations to our Artist of the Year prize winners, Anna, and Sofia. The explosion of creativity we are seeing in Digital Art makes this competition tougher every year, yet their contribution to the space stands out with concepts and execution that are not just visually elegant and emotive but also at the cutting edge of innovation." Emerging Artist of the Year Cezar Mocan wins the first ever Emerging Artist of the Year award with his work, World Upstream. Set in a fictional future World Upstream asks what remains once labour becomes obsolete due to AI. The work exists in a game engine and presents as a film which edits itself in real time and never ends. Mocan is a Lisbon-based artist and computer programmer interested in the interplay between technology and the natural landscape. His work has already been displayed in top tier galleries around the world. Sebastien Montabonel, President of the Jury, commented: "Congratulations to our Emerging Artist of the Year prize winner, Cezar Mocan. The international entrants and finalists in this category showcased the extraordinary new talent that is shaping the future of digital art, yet with work that creates an intersection of contemporary art, game design, and media theory to ask profound questions about our future relationship with technology, Cezar is a clear winner." Arab Bank Switzerland, a long-time patron of the arts, launched the world's first Digital Art Prize to recognize and celebrate Digital art and creators involved in the emergence of this emerging artistic (r)evolution in 2023.
Cision Canada
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Nuveen Australian Real Estate Debt Strategy Reaches A$650 Million with CPP Investments Commitment
SYDNEY, /CNW/ - Nuveen, one of the largest asset managers globally with over US$1.3 trillion AUM*, has reached second close of its commingled Australian commercial real estate debt strategy with commitments of over A$650 million. Canada Pension Plan Investment Board (CPP Investments), through its subsidiary CPPIB Credit Investments Inc., invested A$300 million, joining Teachers Insurance and Annuity Association of America (TIAA) and Temasek as strategic partners of Nuveen for this strategy. Total AUM are expected to exceed A$1 billion including capital approved for co-investments. The strategy is already more than 40% deployed via committed loan investments focusing on institutional senior and junior loans secured by prime real estate in Australia. Preferred sectors for the strategy are industrial / logistics and residential, with a selective approach to retail, office and alternatives across major cities in Australia. The strategy leverages both Nuveen Real Estate's global debt platform, which currently has over 55 dedicated specialists, and the team of more than 60 at Nuveen Real Estate in Asia. The strategy is led by Dugald Marr, Nuveen's Head of Debt Australia and New Zealand, and the support of an experienced team with a long track record of originating and structuring high-quality loan investments in this market. Investments are also aligned to Nuveen Real Estate's comprehensive responsible investment processes and ESG factor analysis. This includes waste reduction and energy consumption, climate risk analysis and social aspects with the ability to structure Green Loans or Sustainable Linked Loans where applicable to incentivise ESG targets on behalf of clients. The investment comes at a time when Australian commercial real estate debt offers the potential for a compelling blend of stability, attractive yields, and strong collateral protection, all of which are increasingly important to investors concerned about global volatility. Australia's mature market, supported by robust economic foundations, strict regulatory requirements for banks and the need for more alternative capital sources provides a good foundation for long-term investment in this space. The strategy will continue to focus on repeat institutional borrowers, conservative lending parameters and prime assets in sectors that benefit most from Australia's high population growth and limited supply. Andrew Kleinig, Head of Australia and the Global Client Group for South East Asia at Nuveen, said: "This is another milestone for the strategy. With CPP Investments' commitment, we will continue our focus on strategic, in-depth partnerships with the highest calibre of investors. We are excited to work with a like-minded partner who also shares a high conviction on the asset class. CPP Investments has provided significant value-add as a strategic investor, ensuring long-term success and growth of the partnership. It showcases Nuveen's pedigree in real estate investment and our ability to bring regionally tailored solutions across both equity and debt platforms. We believe Nuveen's offering across real assets more broadly is well-positioned to help clients across Asia navigate volatility alongside managing their responsible investment goals." Raymond Chan, Managing Director & Head of APAC Credit at CPP Investments, said: "Australia is one of our key markets in Asia Pacific and this transaction marks an important milestone for our credit strategy in the region. The investment builds upon our extensive market research and insights from our successful investments in Australia. Leveraging Nuveen's strong local network and capabilities, this partnership enables us to tap into attractive real estate debt investments in Australia and further augment our credit program in the region. These opportunities offer stability and attractive yields amid global volatility, contributing to long-term returns for the CPP Fund." *Top 20 largest global asset manager based on Pensions & Investments, 12 Jun 2023. Rankings based on total worldwide assets as of 31 Dec 2022 reported by each responding asset manager, with 434 firms responding; updated annually. TIAA is the parent company of Nuveen. About Nuveen Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 30 September 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit Nuveen Real Estate is one of the largest investment managers in the world with US$142 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 90 years of real estate investing experience and more than 770 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, providing investors access to high quality investments across the private real estate investment landscape. For further information, please visit us at *Includes 360+ real estate investment professionals, supported by a further 411 Nuveen employees. Source: Nuveen, 31 March 2025. About CPP Investments Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2025, the Fund totalled C$714.4 billion. For more information, please visit or follow us on LinkedIn, Instagram or on X @CPPInvestments.
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Canada risks missing out on billions in critical mineral investment without swift policy changes: report
Governments can attract investment, accelerate development, and capture opportunities arising from the global energy transition by sharing financial risks while upholding Indigenous rights and environmental protections OTTAWA, ON, June 12, 2025 /CNW/ - New research from the Canadian Climate Institute finds governments should act swiftly to de-risk critical minerals investment and accelerate project timelines—without cutting corners on Indigenous rights and environmental protections—to avoid missing out on a multi-billion dollar economic opportunity. Six priority critical minerals—copper, nickel, lithium, graphite, cobalt, and rare earth elements—form the building blocks of clean technologies like renewable energy and electric vehicles, among others. Canada's current production levels have barely scratched the surface of existing reserves, and demand is growing for these minerals that are essential to enhancing Canada's energy security and enabling the global transition to clean technologies. A report published today by the Canadian Climate Institute, Critical Path: Securing Canada's place in the global critical minerals race, finds that investment in these six priority critical minerals in Canada would have to grow substantially to keep pace with domestic and global demand. In fact, by 2040, Canada risks losing out on $12 billion a year in critical minerals production unless mining ramps up to meet demand from domestic industry alone. Amid increased competition for critical minerals, geopolitical turmoil, and rapidly evolving trade relationships, new investment of $30 billion would have to flow into Canada over the next 15 years to fully meet domestic critical minerals potential. To meet the growth in global demand—which is expected to double by 2040—investment in Canadian critical minerals would have to increase to $65 billion in that time frame. Yet investment into critical mineral projects hinges on expectations about future market prices—some of which are extremely volatile and can be overly affected by the actions of a few powerful players. To give investors more certainty, governments should act swiftly to share risks through targeted policies and programs, such as equity investments, offtake agreements, or contracts for difference. The report underscores that successful critical mineral projects require strong partnerships with Indigenous nations and communities, ongoing respect and recognition of Indigenous rights and self-determination, and robust environmental protections. It recommends governments streamline and accelerate project review processes by reducing inefficiencies, but warns that cutting corners when it comes to Indigenous rights and protecting the environment has been proven to backfire and lead to further delays. Specifically, the report recommends the federal, provincial, and territorial governments de-risk critical mineral mining projects by: Developing agreements between government and private companies to share the financial risk of investment in critical mineral projects. Providing more funding for Indigenous communities to participate and partner on mining projects and enhance access to capital for ownership opportunities. Strengthening mining regulations to reduce environmental risks and liabilities for communities that build on existing voluntary standards. Improving the efficiency of project reviews and decision making processes across multiple jurisdictions, without cutting back environmental safeguards or Indigenous consultation. The Climate Institute also commissioned three companion papers exploring related topics, including: Indigenous participation in the critical minerals sector, the emissions impact of ramping up critical minerals mining in Canada, and measures to reduce the environmental risks of increased mining activities. QUOTES "Critical minerals represent a multi-billion dollar opportunity for Canada in a global energy transition that continues to pick up pace. But Canada's critical minerals sector is struggling to attract enough investment to keep up with demand. As competition heats up and trade relationships evolve, Canadian governments should make haste to adopt policies to unlock private investment and bring resources to market faster—all while forming respectful partnerships with Indigenous communities and reducing environmental risks." — Rick Smith, President, Canadian Climate Institute "Securing Canada's place in the global critical minerals race requires swift action to unlock public and private investment that can power Canada's energy transition with the building blocks of clean technologies. Our Critical Path report offers a clear blueprint for the steps governments can take to seize this opportunity." — Marisa Beck, Director, Clean Growth, Canadian Climate Institute "All clean growth projects will be built on treaty lands, land claim areas, traditional territories, or within close proximity to an Indigenous community. This unique moment in time can affirm Indigenous rights to land and self-determination and encourage meaningful partnership between Indigenous nations, industry, and government. The Canadian Climate Institute's report provides a clear path on how Canada can grow its critical minerals sector in full partnership with Indigenous Peoples." — JP Gladu, Founder and Principal, Mokwateh "Canada has an opportunity to lead the transition to cleaner energy sources, but seizing that opportunity requires accelerating the development of a secure and circular domestic value chain for Canada's battery industry, from mine to market to recovery. Investing in Canadian critical minerals mining and processing will create jobs, grow the economy, and ensure Canada secures its place as a global leader in the battery value chain." — Sean de Vries, Executive Director, Battery Metals Association of Canada "Canada has a significant opportunity at hand to develop our critical mineral reserves, which among other imperatives are critical for a lower-emissions economy. This report clearly demonstrates the importance of making it easier for mining projects to secure financing to make this happen. By deploying loan guarantees and other financial risk-sharing instruments to de-risk projects, federal and provincial governments in Canada can crowd-in private capital, and keep projects on track despite market uncertainty." — , Senior Vice President, Office of the CEO, Royal Bank of Canada CONTACTS Claudine Brulé (Eastern Time) Lead, Communications and External Affairs Canadian Climate Institute (226) 212-9883 Krystal Northey (Pacific Time) Public Affairs Lead Canadian Climate Institute (226) 212-9883 About the Canadian Climate Institute The Canadian Climate Institute is Canada's leading climate change policy research organization. The Institute produces rigorous analysis, economic modelling, and in-depth research focused on incentivizing clean economic growth and low-carbon competitiveness, reducing emissions and accelerating Canada's net zero energy transition, and making our economy and infrastructure more resilient to a warming climate.
