OTTAWA, Ontario--()--Kinaxis® (TSX:KXS), the leading provider of supply chain orchestration solutions, reported results for its fourth quarter and year ended December 31, 2024. All amounts are in U.S. dollars. All figures are prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise indicated.

“Our record-breaking incremental business this quarter – balanced across all regions – reflects significant expansion activity and new customer wins, including prominent global brands. This success remains anchored in Maestro’s product leadership, which will continue to grow as we launch new revenue-generating GenAI and Agentic AI capabilities,” said Bob Courteau, interim chief executive officer at Kinaxis. “We're also encouraged by the continued positive results from our recent corporate realignment and elevated go-to-market team. Looking to 2025, we're focused on ARR growth, further progress towards our mid-term, normalized annual Adjusted EBITDA target of 25%, and the return to consistent Rule of 40 performance.”

Q4 2024 Highlights

$ USD thousands, except as otherwise indicated

Q4 2024

Q4 2023

Change

Total Revenue

123,935

111,990

11%

SaaS

81,856

69,891

17%

Subscription term licenses

1,592

2,899

(45)%

Professional services

35,092

34,318

2%

Maintenance and support

5,395

4,882

11%

Gross profit
(Expressed in thousands of USD)

 

 

 

Accumulated other comprehensive income (loss)

 

 

Share

capital

Contributed

surplus

Cash flow hedges

Currency translation adjustments

Total

Retained

earnings

Total equity

 

 

 

 

 

 

 

 

Balance, December 31, 2022

$

244,713

 

$

65,129

 

$

—

 

$

(156

)

$

(156

)

$

91,742

$

401,428

 

 

 

 

 

 

 

 

 

Profit

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

10,060

 

10,060

 

Other comprehensive income

 

—

 

 

—

 

 

441

 

 

1,075

 

 

1,516

 

 

—

 

1,516

 

Total comprehensive income

 

—

 

 

—

 

 

441

 

 

1,075

 

 

1,516

 

 

10,060

 

11,576

 

 

 

 

 

 

 

 

 

Share options exercised

 

41,545

 

 

(9,991

)

 

—

 

 

—

 

 

—

 

 

—

 

31,554

 

Restricted share units vested

 

10,676

 

 

(10,676

)

 

—

 

 

—

 

 

—

 

 

—

 

—

 

Performance share units vested

 

2,628

 

 

(2,628

)

 

—

 

 

—

 

 

—

 

 

—

 

—

 

Share-based payments

 

—

 

 

35,788

 

 

—

 

 

—

 

 

—

 

 

—

 

35,788

 

Shares issued for contingent consideration

 

11,097

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

11,097

 

Shares repurchased

 

(3,332

)

 

(33,283

)

 

—

 

 

—

 

 

—

 

 

—

 

(36,615

)

Total shareholder transactions

 

62,614

 

 

(20,790

)

 

—

 

 

—

 

 

—

 

 

—

 

41,824

 

 

 

 

 

 

 

 

 

Balance, December 31, 2023

 

307,327

 

 

44,339

 

 

441

 

 

919

 

 

1,360

 

 

101,802

 

454,828

 

 

 

 

 

 

 

 

 

Profit

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

56

 

56

 

Other comprehensive loss

 

—

 

 

—

 

 

(1,644

)

 

(3,563

)

 

(5,207

)

 

—

 

(5,207

)

Total comprehensive income (loss)

 

—

 

 

—

 

 

(1,644

)

 

(3,563

)

 

(5,207

)

 

56

 

(5,151

)

Share options exercised

 

28,065

 

 

(6,512

)

 

—

 

 

—

 

 

—

 

 

—

 

21,553

 

Restricted share units vested

 

14,992

 

 

(14,992

)

 

—

 

 

—

 

 

—

 

 

—

 

—

 

Deferred share units vested

 

(1,396

)

 

(1,396

)

 

—

 

 

—

 

 

—

 

 

—

 

—

 

Performance share units vested

 

5,533

 

 

(5,533

)

 

—

 

 

—

 

 

—

 

 

—

 

—

 

Share-based payments

 

—

 

 

40,723

 

 

—

 

 

—

 

 

—

 

 

—

 

40,723

 

Shares repurchased

 

(53,727

)

 

(44,551

)

 

—

 

 

—

 

 

—

 

 

—

 

(98,278

)

Obligations related to shares repurchased

 

(18,164

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

(18,164

)

Total shareholder transactions

 

(21,905

)

 

(32,261

)

 

—

 

 

—

 

 

—

 

 

—

 

(54,166

)

 

 

 

 

 

 

 

 

Balance, December 31, 2024

 

285,422

 

 

12,078

 

 

(1,203

)

 

(2,644

)

 

(3,847

)

 

101,858

395,511

Kinaxis Inc.
Consolidated Statements of Cash Flows
(Expressed in thousands of USD)

 

 

Three months ended December 31,

Year ended December 31,

 

2024

2023

2024

2023

 

 

 

 

 

Cash flows from (used in) operating activities:

 

 

 

 

 

 

 

 

 

Profit (loss)

$

(16,316

)

$

4,021

 

$

56

 

$

10,060

 

Items not affecting cash:

 

 

 

 

Depreciation of property and equipment and right-of-use assets

 

4,726

 

 

5,093

 

 

19,614

 

 

20,880

 

Amortization of intangible assets

 

1,320

 

 

1,331

 

 

5,314

 

 

5,404

 

Impairment loss on intangible assets

 

4,521

 

 

—

 

 

4,521

 

 

—

 

Share-based payments

 

10,228

 

 

8,388

 

 

39,581

 

 

34,507

 

Net finance income

 

(2,757

)

 

(3,100

)

 

(11,508

)

 

(8,842

)

Change in fair value of contingent consideration

 

—

 

 

—

 

 

—

 

 

1,951

 

Income tax expense

 

17,068

 

 

4,791

 

 

25,096

 

 

9,676

 

Investment tax credits recoverable

 

11,271

 

 

1,463

 

 

8,362

 

 

(771

)

Change in operating assets and liabilities

 

(8,814

)

 

4,633

 

 

900

 

 

5,369

 

Interest received

 

3,750

 

 

2,508

 

 

14,137

 

 

7,853

 

Interest paid

 

(437

)

 

(393

)

 

(1,714

)

 

(1,640

)

Income taxes paid

 

(443

)

 

(766

)

 

(5,146

)

 

(5,090

)

 

 

24,117

 

 

27,969

 

 

99,213

 

 

79,357

 

Cash flows from (used in) investing activities:

 

 

 

 

 

 

 

 

 

Purchase of property and equipment and intangible assets

 

(2,268

)

 

(289

)

 

(4,515

)

 

(2,299

)

Purchase of short-term investments

 

(103,316

)

 

(32,955

)

 

(342,076

)

 

(205,679

)

Redemption of short-term investments

 

87,855

 

 

45,501

 

 

332,972

 

 

140,666

 

 

 

(17,729

)

 

12,257

 

 

(13,619

)

 

(67,312

)

Cash flows used in financing activities:

 

 

 

 

 

 

 

 

 

Payment of lease obligations

 

(1,603

)

 

(1,729

)

 

(6,963

)

 

(6,974

)

Repurchase of shares

 

(19,996

)

 

(36,615

)

 

(98,278

)

 

(36,615

)

Proceeds from exercise of stock options

 

7,969

 

 

10,839

 

 

21,553

 

 

31,554

 

 

 

(13,630

)

 

(27,505

)

 

(83,688

)

 

(12,035

)

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

(7,242

)

 

12,721

 

 

1,906

 

 

10

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

183,228

 

 

160,303

 

 

174,844

 

 

175,347

 

 

 

 

 

 

Effects of exchange rates on cash and cash equivalents

$

(3,794

)

$

1,820

 

$

(4,558

)

$

(513

)

Cash and cash equivalents, end of year

 

172,192

 

 

174,844

 

 

172,192

 

 

174,844