SIR CORP. ANNOUNCES CREDIT AGREEMENT WITH NEW SENIOR LENDERS
BURLINGTON, ON, May 15, 2025 /CNW/ - SIR Corp. (" SIR"), which has several agreements and interests related to SIR Royalty Income Fund (the "Fund") (TSX: SRV.UN), announced today that it has entered into a credit agreement (the "Credit Agreement") with new senior lenders to refinance its current credit facility. A copy of the Credit Agreement will be filed on SEDAR+ under the Fund's profile.
The Credit Agreement between SIR and Bank of Montreal as Sole Lead Arranger and Administrative Agent and a syndicate of one additional Schedule I Canadian chartered bank (together, the "Lenders") is a three-year facility for a maximum principal amount of $68.0 million, consisting of: i) a $5.0 million revolving term credit facility (the "Operating Facility"), ii) a $38.0 million revolving term loan (the "Term Facility"), and iii) a $25.0 million delayed draw term credit facility (the "Delayed Draw Facility"). The maturity date of the three facilities is May 15, 2028.
"This new credit agreement provides us with greater financial capacity and flexibility to advance our growth objectives, including the expansion of our successful Scaddabush brand and continuing to update and grow our well-established Jack Astor's brand," said Peter Fowler, CEO of SIR Corp. "We are pleased to partner with lenders that support our growth strategy."
The Operating Facility is for general corporate and operating purposes, with the principal to be repaid on the maturity date. The Term Facility was fully drawn at closing and is being used to refinance SIR's existing senior debt. The initial advance on the Term Facility is repayable in quarterly instalments of $0.8 million, with the remaining outstanding principal balance due on the maturity date. Following the initial advance, subsequent advances may be requested (subject to availability) in minimum multiples of $1.0 million to finance capital spending on restaurant renovations pursuant to SIR's annual business plan. Each subsequent advance is repayable in equal quarterly instalments based on a 12-year amortization, with the remaining outstanding principal balance due on the maturity date. Advances on the Delayed Draw Facility are interest-only for the first 12 months and shall amortize quarterly thereafter beginning the first full quarter after the 12-month period with amortization of 11 years and the remaining balance due on the maturity date. Advances on the Delayed Draw Facility may be requested (subject to availability) in minimum multiples of $0.25 million to finance capital spending on new restaurants pursuant to SIR's annual business plan. $0.9 million is currently drawn on the Delayed Draw Facility. A standby fee will be charged on the undrawn balance of all three facilities.
As part of the Credit Agreement, certain financial covenants apply to SIR, including a minimum fixed charge coverage ratio and maximum senior leverage ratio. The facilities are secured by substantially all the assets of SIR and most of its subsidiaries, which are also guarantors. The SIR Royalty Limited Partnership (the "Partnership") and the Fund have not guaranteed the Credit Agreement.
The Credit Agreement qualifies as "permitted indebtedness" within the meaning of the agreements between the Fund, the Partnership and SIR, and as a result, the Fund and the Partnership have, as contemplated in the existing agreements, subordinated and postponed their claims against SIR to the claims of the Lenders. This includes a subordination of the Partnership's rights under the License and Royalty Agreement between the Partnership and SIR, whereby the Partnership licenses to SIR the right to use trademarks and related intellectual property in return for royalty payments based on revenues and is effected pursuant to the terms of the Intercreditor Agreement. A copy of the Intercreditor Agreement will also be filed on SEDAR+ under the Fund's profile.
While the Credit Agreement has a significantly higher amount of credit available than SIR's previous loan facilities, the interest rates and scheduled principal repayments are significantly lower. SIR believes and has advised the Fund that it expects to be able to comply with the covenants under the new debt and service the new debt, as well as meet its other obligations. However, there can be no assurance of this. If SIR were to be unable to do so, this could have material adverse consequences on SIR and the Fund, and SIR in such circumstances would seek to cooperate with the Fund to protect stakeholder interests.
About SIR Corp.
SIR Corp. ("SIR") is a privately held Canadian corporation that owns a portfolio of 53 restaurants in Canada. SIR's Concept brands include Jack Astor's Bar and Grill ® with 35 locations, and Scaddabush Italian Kitchen & Bar ® with 13 locations. SIR also operates one-of-a-kind "Signature" brands including The Loose Moose ®, Reds ® Square One and Edna + Vita TM. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership. SIR also owns two Duke's Refresher ® + Bar locations, which are currently not part of the Royalty Pool. For more information on SIR or the SIR Royalty Income Fund, please visit www.sircorp.com.
About SIR Royalty Income Fund
The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis.
Caution concerning forward-looking information
Certain statements contained in this report, or incorporated herein by reference, including the information set forth as to the future financial or operating performance of the Fund or SIR, that are not current or historical factual statements may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning the objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Fund, the SIR Holdings Trust (the "Trust"), the SIR Royalty Limited Partnership (the "Partnership"), SIR, the SIR Restaurants or industry results, are forward-looking statements. The words "may", "will", "should", "would", 'could", "expect", "believe", "plan", "anticipate", "intend", "estimate" and other similar terminology and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund, the Trust, the Partnership, SIR, the SIR Restaurants or industry results, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. These statements reflect Management's current expectations, estimates and projections regarding future events and operating performance and speak only as of the date of this document. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. Risks related to forward-looking statements include, among other things, challenges presented by a number of factors, including: market conditions at the time of this filing; competition; changes in demographic trends; weather; changing consumer preferences and discretionary spending patterns; changes in consumer confidence; changes in national and local business and economic conditions; pandemics or other material outbreaks of disease or safety issues affecting humans or animals or food products; the ability to maintain staffing levels; the impact of inflation, including on input prices and wages; the impact of the war in the Ukraine; changes in tariffs and international trade; changes in foreign exchange and interest rates; changes in availability of credit; legal proceedings and challenges to intellectual property rights; dependence of the Fund on the financial condition of SIR; legislation and governmental regulation, including the cost and/or availability of labour as it relates to changes in minimum wage rates or other changes to labour legislation and forced closures of or other limits placed on restaurants and bars; laws affecting the sale and use of alcohol (including availability and enforcement); changes in cannabis laws; changes in environmental laws; privacy matters; accounting policies and practices; changes in tax laws; the impact of cybersecurity breaches; and the results of operations and financial condition of SIR. The foregoing list of factors is not exhaustive. Many of these issues can affect the Fund's or SIR's actual results and could cause their actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Fund or SIR. There can be no assurance that SIR will remain compliant in the future with all of its financial covenants under the Credit Agreement and imposed by the lender. Given these uncertainties, readers are cautioned that forward-looking statements are not guarantees of future performance and should not place undue reliance on them. The Fund and SIR expressly disclaim any obligation or undertaking to publicly disclose or release any updates or revisions to any forward-looking statements. Forward-looking statements are based on Management's current plans, estimates, projections, beliefs and opinions, and the Fund and SIR do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as expressly required by applicable securities laws.
All of the forward-looking statements made herein are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Fund or SIR. For more information concerning risks and uncertainties, please refer to the 'Risk Factors' in the Fund's March 13, 2025 Annual Information Form, for the period ended December 31, 2024, and the Fund and SIR's most recent interim and / or annual filings, which are available under the Fund's profile at www.sedarplus.ca.

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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 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 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.


Cision Canada
30 minutes ago
- Cision Canada
BTB Announces the Results of the 2025 Election of Trustees Français
MONTRÉAL, June 10, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: (" BTB" or the " REIT") is proud to announce that each of the Trustees nominated in the Management Information Circular dated May 5 th, 2025, were elected as Trustees of BTB during the Annual General Meeting held in Montréal today. The details of the election are as follows: The results of the final votes regarding all matters subject to a vote during the Annual General Meeting of the Unitholders are available on the SEDAR+ website ( About BTB BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB REIT invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet. People and their stories are at the heart of our success. SOURCE BTB Real Estate Investment Trust