D2l, Inc. · TSX:DTOL
D2l — Q3 2025 Earnings Presentation
23 slides from D2l's earnings presentation, January 2025
Slide 1: Transform the way the world learns
Transform the way the world learns JOHN BAKER, FOUNDER & CEO JOSH HUFF, CFO January 2025 D2L has a fiscal year ended January 31 All figures are U.S. dollar denominated, unless otherwise noted
Slide 2: Disclaimer
Disclaimer Unless otherwise stated or the context otherwise indicates, all references to “D2L”, the “Company”, “we”, “us” or “our” refer to D2L Inc., together with our subsidiaries, on a consolidated basis. Forward-Looking Information This presentation and the accompanying oral statements, including
Slide 3: Our vision is a better world where learning can be accessible, engaging, and inspiring
Our vision is a better world where learning can be accessible, engaging, and inspiring. Our mission is to transform the way the world learns. 3
Slide 4: A global learning technology leader
A global learning technology leader 25 1,310+ 40+ 20M years customers countries users transforming learning 1) Figures are as of January 31, 2024. except users which is as of September 2024. 4
Slide 5: Growth, scale, stability and strong fundamentals
Growth, scale, stability and strong fundamentals Top-Line Growth Scale 13% Growth in Subscription & Support Revenue to $46.8 million Q3-25 Subscription & Support Revenue Growth1 $202M Annual Recurring Revenue2 Advantage of scale supports our market position across Higher Ed, K-12 and Corporate Growi
Slide 6: EdTech: large market with accelerating growth
EdTech: large market with accelerating growth Key Catalysts GLOBAL EDTECH SPEND1 (US$ billions) $404 Learning Digitization of learning Environments1 +12% CAGR $268 $295 $43B in 2025 $227 Upskilling the workforce $183 Global Education & Adult Training1 Addressing learning loss and $7.3T in 2025 inequ
Slide 7: D2L Brightspace: Award-Winning Learning Platform
D2L Brightspace: Award-Winning Learning Platform ARTIFICIAL INTELLIGENCE EASE-OF-USE PURE CLOUD Learners Instructors Submit assignments Create and modify Participate in classes course content Complete quizzes/tests Moderate and submit grades Collaborate on group projects Communicate with learners Co
Slide 8: Our products and services
Our products and services D2L Brightspace Voted easiest to use LMS, Brightspace is packed with powerful ~50% tools, customizable content and best-in-class service and of customers with more than support. one core module D2L Lumi D2L Course 102% Creator+ Performance+ Merchant Achievement+ NRR1 in FY2
Slide 9: A modern learning platform uniquely serving multiple markets
A modern learning platform uniquely serving multiple markets Education Corporate Higher Education K-12 Training Employee Learning Organizations ~65% ARR1 ~15% ARR1 >20% ARR1 Southern New Hampshire University of Suffolk (ISC)2 Gay Lea Minnesota State University NYC Department of Education Canadian Ma
Slide 10: Strong and growing presence in education
Strong and growing presence in education Why we win Key Catalysts Scalable cloud platform with mobile-first experience 33% NA Higher Ed institutions on Increasing Higher Ed activity levels post-pandemic legacy platforms1 Ease of use, intuitive design and Growth in competency- advanced personalizatio
Slide 11: Growing our win rate
Growing our win rate D2L wins largest comprehensive ~50% Completed multi- year ease of use / public university win rate1 in UX redesign system in the U.S. Completed North American multi-year AWS Winning breeds Pandemic accelerates winning – sustained higher education migration digitization curve, wi
Slide 12: Market share and customer testimonials
#2 NA Higher Ed market share by #1 Canada Higher Ed market share2 LMS enrollments1 LMS "This LMS will best situate the various constituents at Villanova for success in the coming decade and enable the University to meet its strategic goals while continuing to provide an excellent educational experie
Slide 13: Robust international opportunity
Robust international opportunity >60% of universities2 - NETHERLANDS 5 of the 75% top 10 of public higher ~80% of Higher Ed institutions universities2 - COLOMBIA education institutions2 - SINGAPORE on legacy systems1 MARKET SHARE BY LMS PLATFORM1 Moodle Blackboard Canvas Brightspace Europe 69% 8% 8%
Slide 14: Expanding corporate customer base
Expanding corporate customer base Why we win Scalable cloud platform with mobile-first experience 17.6% Growth in upskilling spend Key Catalysts Ease of use, intuitive design and (2019-2025)1 Growing need for advanced personalization upskilling & reskilling Desire for operational Flexibility of mult
Slide 15: Expanding corporate customer base
Expanding corporate customer base Platform for professional Platform for development at scale high-stakes training 150,000 175 4X >100,000 6-year Members Countries Completion Workers completed Customer One of the best rate course industry safety records in Canada 15
Slide 16: Track record of growth
Track record of growth TOTAL REVENUE ANNUAL RECURRING REVENUE1 ADJUSTED GROSS PROFIT2 (US$ millions) (US$ millions) (US$ millions) 12% 12% 14% $188 $123 $204.5* $168 $155 $108 $182 $168 $96 $130 $152 $112 $77 $126 $69 $109 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2020 2021 2022 2023 2
Slide 17: Q3 2025 Highlights
Q3 2025 Highlights1 TOTAL REVENUE SUBSCRIPTION AND ADJUSTED GROSS ADJUSTED CASH FLOW FROM (US$ millions) SUPPORT REVENUE PROFIT/MARGIN2 EBITDA/MARGIN2 OPERATIONS (US$ millions) (US$ millions) (US$ millions) (US$ millions) Solid execution on FY25 plan 11% 324% 32% 13% 15% 12% growth in Annual Recurri
Slide 18: Q3 2025 Financial Results
Q3 2025 Financial Results Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change $ $ % $ $ % Subscription & Support Revenue 46,752 41,450 12.8% 133,723 120,045 11.4% Professional Services & Other 7,547 4,663 61.8% 18,240 14,766 23.5% Revenue Total Revenue 54,299 46,113 17.8% 151,963 134,811 12.7% Constant
Slide 19: Strong progress on balanced growth transition
Strong progress on balanced growth transition FY23A FY24A FY25E3 Revenue $168.4M $182.4M $204M-$205M Cost of Revenue1 36.0% 33.0% Medium Term3 Low double-digit to mid-teens Operating Expenses1 73.5%4 70.9% annual revenue growth Adjusted Gross Profit Margin1,2 64.2% 67.3% Annually increase Adjusted E
Slide 20: Key growth pillars
Key growth pillars M&A Opportunistic acquisitions that reinforce mission • Drive growth within base with increased upsell • Expand target markets with additional Expand platform functionality, resources and reach Continued investments • Enable new market entry in R&D • Provide cross-sell • Enhance d
Slide 21: The learning platform for the future of work and learning
The learning platform for the future of work and learning Singular cloud platform Large addressable Success at scale with serving all education market driven by 1,310+ customers in and corporate markets long-term growth more than 40 countries1 and where they trends, including intersect corporate ups
Slide 22: Deep and experienced leadership team
Deep and experienced leadership team John Baker Stephen Laster Josh Huff Lee Poteck CEO President CFO CRO Founded D2L in 1999 at the age of 22; Joined D2L 2022; formerly Ellucian, Joined D2L 2014; formerly Joined D2L 2012; formerly RIM Business Council of Canada, past Penn Foster, McGraw Hill Educat
Slide 23: Board of directors with industry leadership
Board of directors with industry leadership J. Ian Giffen Tim Connor The Right Honourable David Johnston Tracy Edkins Lead Independent Board Member Independent Board Member C.C., C.M.M., C.D. Independent Board Member Current board member of CSA Group; Former Partner, NewView Capital, a growth equity