Coveo Solutions Inc T.CVO

Alternate Symbol(s): CVOSF

Technology Software - Application

Coveo Solutions Inc. is Canada-based company. Its software-as-a-Service (SaaS) artificial intelligence (AI) platform and suite of AI and generative AI models are designed to transform digital experiences across commerce, service, website, and workplace applications. Its AI platform connects to internal sources of content along with a variety of external sources to retrieve and index structured and unstructured content and combines this content with click-stream events and behavior patterns. The platform helps to determine what users are looking for in real-time, and learns which content delivers optimal outcomes based on a deep understanding of what worked best for others. As more data accumulates, the platform learns to better predict each user's needs, and then automatically recommends personalized content. Its Coveo Relevance Generative Answering capability integrates LLM technology with its platform to feed generative AI with a common, secured unified index and real-time content.

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Post by Betteryear2on Feb 07, 2022 4:41pm

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Third Quarter Fiscal 2022 Financial Results

SaaS Subscription Revenue grew 50% year-over-year to $21.2 million
Total revenue increased 39% percent year-over-year to $23.2 million
Current SaaS Subscription Remaining Performance Obligations grew 49% to $72.2 million

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

MONTREAL and SAN FRANCISCO, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Coveo Solutions Inc. (“Coveo” or the “Company”) (TSX: CVO), a leader in AI-powered relevance platforms that helps to transform search, recommendations, and personalization within digital experiences, today announced financial results for its third quarter of fiscal 2022, ended December 31, 2021.

“We delivered record results in the third quarter demonstrating the demand for AI-powered relevance within modern digital businesses,” said Louis Ttu, Chairman and CEO of Coveo. “People expect personalized and relevant digital experiences when interacting with businesses across commerce, websites, customer service, and in the workplace, and this can only be achieved by leveraging sophisticated AI. For more than a decade, Coveo and now the Coveo Relevance Cloud™ platform have been at the forefront of a sizeable opportunity for AI to transform business at scale. We are well positioned to capture this demand across industries and pursue our mission of democratizing AI-powered digital experiences for every business.”

Third Quarter Fiscal 2022 Financial Highlights

SaaS Subscription Revenue grew 50% year-over-year to $21.2 million.
Total revenue was $23.2 million, an increase of 39% year-over-year compared to $16.8 million in the third quarter of fiscal 2021.
Current SaaS Subscription Remaining Performance Obligations of $72.2 million as of December 31, 2021, up 49% year-over-year compared to $48.5 million in the third quarter of fiscal 2021.
Gross profit percentage was 74%, an increase of 55 basis points compared to the third quarter of fiscal 2021.
Operating loss was $23.4 million and Adjusted Operating Loss (1) was $8.1 million.
Net income was $426.3 million, compared to a net loss of $101.7 million in the third quarter of fiscal 2021. Net income in the third quarter of fiscal 2022 was impacted by a non-cash gain of $269.2 million and an associated income tax recovery of $184.4 million, each related to our preferred shares, which were converted into multiple voting shares immediately prior to our IPO.
Net income per share was $7.65, compared to a net loss per share of $5.55 in the third quarter of fiscal 2021.
Net cash used in operations was $7.9 million, and cash was $233.7 million as of December 31, 2021.

Third Quarter Fiscal 2022 Operational Highlights

Net Expansion Rate of 112% as of December 31, 2021.
Completed the acquisition of Qubit Digital Ltd, a UK-based leader in AI-powered personalization for merchandising teams, on October 14, 2021.
Raised $195.9 million in gross proceeds ($179.9 million in net proceeds) from our initial public offering of 14,340,000 subordinate voting shares and concurrent private placement of 129,996 additional subordinate voting shares, which closed on November 24, 2021, and the exercise of the over-allotment option for an additional 2,151,000 subordinate voting shares, which closed on December 1, 2021.
Released Deep Learning Case Classification model, which greatly improves the quality of support cases submitted by users through automatic prompting of relevant classification tags.
Introduced our Smart Snippets feature, which automatically extracts answer snippets from content to enable users to get direct answers to their queries without having to navigate away from the results page.
Announced a deeper integration with Adobe Experience Manager, including the release of Coveo for Adobe Experience Manager on the Adobe Exchange marketplace, to make it easier for digital leaders and developers to bring robust, relevant search experiences to Adobe-powered websites, intranets, online stores, and technical documentation.
Launched Coveo Search and Recommendations for SAP Commerce on the SAP® Store to allow retailers and manufacturers to leverage Coveo’s complementary enterprise-class AI to get even more out of SAP Commerce Cloud and deliver the buying experience today’s consumers expect.