Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Trading Symbol | ALYA |
Entity Registrant Name | Alithya Group Inc |
Entity Central Index Key | 0001734520 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Class A Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 50,904,533 |
Class B Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,168,984 |
Consolidated Statements of Oper
Consolidated Statements of Operations - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Profit or loss [abstract] | |||
Revenues | $ 279,007 | $ 209,478 | $ 159,290 |
Cost of revenues | 196,033 | 155,202 | 124,597 |
Gross margin | 82,974 | 54,276 | 34,693 |
Operating expenses | |||
Selling, general and administrative expenses | 76,782 | 52,615 | 31,403 |
Business acquisitions and integration costs | 4,637 | 5,818 | 2,079 |
Depreciation | 3,368 | 980 | 870 |
Amortization of intangibles | 11,278 | 8,092 | 5,724 |
Foreign exchange expense (gain) | (161) | (144) | 58 |
Impairment of intangibles and goodwill | 28,036 | 0 | 0 |
Operating expense | 123,940 | 67,361 | 40,134 |
Operating loss | (40,966) | (13,085) | (5,441) |
Financial expenses | 2,347 | 2,241 | 2,097 |
Gain on sale of subsidiary | (681) | 0 | 0 |
Loss before income taxes | (42,632) | (15,326) | (7,538) |
Income tax expense (recovery) | |||
Current | 237 | 289 | 81 |
Deferred | (3,202) | (3,140) | (395) |
Income tax expense (recovery) | (2,965) | (2,851) | (314) |
Net loss | $ (39,667) | $ (12,475) | $ (7,224) |
Basic and diluted loss per share (in CAD per share) | $ (0.70) | $ (0.34) | $ (0.31) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets | ||
Cash | $ 8,810 | $ 12,801 |
Short-term deposits | 0 | 1,324 |
Accounts receivable and other receivables | 67,662 | 67,146 |
Income taxes receivable | 2,154 | 1,217 |
Unbilled revenue | 8,015 | 7,583 |
Tax credits receivable | 5,889 | 5,829 |
Prepaids | 3,195 | 3,166 |
Total current assets | 95,725 | 99,066 |
Non-current assets | ||
Restricted cash | 2,212 | 2,165 |
Income taxes receivable | 136 | 632 |
Tax credits receivable | 7,015 | 2,536 |
Property and equipment | 7,172 | 2,339 |
Right-of-use assets | 11,492 | |
Intangibles | 51,804 | 47,551 |
Deferred tax assets | 4,652 | 2,946 |
Goodwill | 77,608 | 79,634 |
Total assets | 257,816 | 236,869 |
Current liabilities | ||
Accounts payable and accrued liabilities | 50,327 | 48,935 |
Deferred revenue | 9,602 | 5,998 |
Current portion of lease liabilities | 1,559 | |
Current portion of long-term debt | 1,143 | 1,000 |
Total current liabilities | 62,631 | 55,933 |
Non-current liabilities | ||
Long-term debt | 52,086 | 27,305 |
Lease liabilities | 11,673 | |
Deferred lease inducements | 0 | 159 |
Deferred tax liabilities | 4,057 | 2,016 |
Total liabilities | 130,447 | 85,413 |
Shareholders' equity | ||
Share capital | 195,335 | 186,861 |
Deficit | (78,780) | (39,113) |
Accumulated other comprehensive income | 6,123 | 1,469 |
Contributed surplus | 4,691 | 2,239 |
Shareholders' equity | 127,369 | 151,456 |
Equity and liabilities | $ 257,816 | $ 236,869 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity $ in Thousands | CAD ($)shares | Matricis Informatique Inc.CAD ($)shares | Alithya Travercent LLCCAD ($)shares | Askida Inc.CAD ($)shares | Class A SharesCAD ($)shares | Class AA SharesCAD ($)shares | Subordinate Voting SharesCAD ($)shares | Subordinate Voting SharesMatricis Informatique Inc.CAD ($)shares | Subordinate Voting SharesAlithya Travercent LLCUSD ($)shares | Subordinate Voting SharesAskida Inc.CAD ($)shares | Multiple Voting SharesCAD ($)shares | Share CapitalCAD ($) | Share CapitalMatricis Informatique Inc.CAD ($) | Share CapitalAlithya Travercent LLCCAD ($) | Share CapitalAskida Inc.CAD ($) | Share CapitalClass A SharesCAD ($) | Share CapitalClass AA SharesCAD ($) | Share CapitalSubordinate Voting SharesCAD ($)shares | Share CapitalSubordinate Voting SharesMatricis Informatique Inc.CAD ($)shares | Share CapitalSubordinate Voting SharesAlithya Travercent LLCCAD ($)shares | Share CapitalSubordinate Voting SharesAskida Inc.CAD ($)shares | Share CapitalMultiple Voting SharesCAD ($)shares | DeficitCAD ($) | DeficitClass A SharesCAD ($) | Accumulated Other Comprehensive Income (loss)CAD ($) | Contributed SurplusCAD ($) | Contributed SurplusClass A SharesCAD ($) | Contributed SurplusSubordinate Voting SharesCAD ($) |
Balance at Mar. 31, 2017 | $ 33,368,000 | $ 49,384,000 | $ (16,738,000) | $ (137,000) | $ 859,000 | |||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2017 | shares | 24,601,490 | |||||||||||||||||||||||||||
Net loss | $ (7,224,000) | (7,224,000) | ||||||||||||||||||||||||||
Cumulative translation adjustment on consolidation of foreign subsidiaries | 695,000 | 695,000 | ||||||||||||||||||||||||||
Comprehensive loss | (6,529,000) | (7,224,000) | 695,000 | |||||||||||||||||||||||||
Share-based compensation | 289,000 | 289,000 | ||||||||||||||||||||||||||
Issuance of Class shares | $ 1,309,000 | $ 1,309,000 | ||||||||||||||||||||||||||
Issuance of Class shares (in shares) | shares | 344,459 | |||||||||||||||||||||||||||
Redemption of class A shares and related share redemption premium | $ (541,000) | (576,000) | $ 35,000 | |||||||||||||||||||||||||
Redemption of class A shares and related share redemption premium (in shares) | shares | (143,845) | |||||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | $ 4,000 | 8,000 | $ (4,000) | |||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options (in shares) | shares | 2,500 | |||||||||||||||||||||||||||
Share-based compensation on shares vested during the year, issued on business acquisitions | 2,701,000 | 2,701,000 | ||||||||||||||||||||||||||
Issuance of shares on business acquisition | $ 1,425,000 | 1,425,000 | ||||||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 1,146,707 | |||||||||||||||||||||||||||
Total contributions by, and distributions to, shareholders | $ 5,187,000 | 4,867,000 | 35,000 | 285,000 | ||||||||||||||||||||||||
Total contributions by, and distributions to, shareholders (in shares) | shares | 1,349,821 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2018 | $ 32,026,000 | 54,251,000 | (23,927,000) | 558,000 | 1,144,000 | |||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2018 | shares | 25,951,311 | |||||||||||||||||||||||||||
Net loss | $ (12,475,000) | (12,475,000) | ||||||||||||||||||||||||||
Cumulative translation adjustment on consolidation of foreign subsidiaries | 911,000 | 911,000 | ||||||||||||||||||||||||||
Comprehensive loss | (11,564,000) | (12,475,000) | 911,000 | |||||||||||||||||||||||||
Share-based compensation | 581,000 | 581,000 | ||||||||||||||||||||||||||
Issuance of Class shares | $ 52,812,000 | $ 309,000 | 52,812,000 | $ 309,000 | ||||||||||||||||||||||||
Issuance of Class shares (in shares) | shares | 12,191,433 | 68,615 | ||||||||||||||||||||||||||
Redemption of class A shares and related share redemption premium | $ (432,000) | $ (252,000) | $ (180,000) | |||||||||||||||||||||||||
Redemption of class A shares and related share redemption premium (in shares) | shares | (95,970) | |||||||||||||||||||||||||||
Dividends | (2,531,000) | (2,531,000) | ||||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | $ 244,000 | $ 302,000 | $ (58,000) | |||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options (in shares) | shares | 91,739 | |||||||||||||||||||||||||||
Exchange of shares of Old Alithya for shares of Alithya | $ (107,927,000) | (107,927,000) | ||||||||||||||||||||||||||
Exchange of shares of Old Alithya for shares of Alithya (in shares) | shares | (38,115,389) | |||||||||||||||||||||||||||
Share-based compensation on shares vested during the year, issued on business acquisitions | $ 1,075,000 | 1,075,000 | ||||||||||||||||||||||||||
Issuance of shares on business acquisition | $ 78,936,000 | 78,364,000 | 572,000 | |||||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 17,458,348 | |||||||||||||||||||||||||||
Issuance of Voting Shares | $ 104,412,000 | $ 3,515,000 | $ 104,412,000 | $ 3,515,000 | ||||||||||||||||||||||||
Issuance of Voting Shares (in shares) | shares | 30,946,405 | 7,168,984 | ||||||||||||||||||||||||||
Total contributions by, and distributions to, shareholders | $ 130,994,000 | 132,610,000 | (2,711,000) | 1,095,000 | ||||||||||||||||||||||||
Total contributions by, and distributions to, shareholders (in shares) | shares | 29,714,165 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2019 | $ 151,456,000 | 186,861,000 | (39,113,000) | 1,469,000 | 2,239,000 | |||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2019 | shares | 55,665,476 | 48,496,492 | 7,168,984 | 48,496,492 | 7,168,984 | |||||||||||||||||||||||
Net loss | $ (39,667,000) | (39,667,000) | ||||||||||||||||||||||||||
Cumulative translation adjustment on consolidation of foreign subsidiaries | 4,654,000 | 4,654,000 | ||||||||||||||||||||||||||
Comprehensive loss | (35,013,000) | (39,667,000) | 4,654,000 | |||||||||||||||||||||||||
Share-based compensation | 1,050,000 | 1,050,000 | ||||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | $ 165,000 | $ 201,000 | (36,000) | |||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options (in shares) | shares | 53,987 | 53,987 | ||||||||||||||||||||||||||
Share-based compensation on shares vested during the year, issued on business acquisitions | 1,868,000 | 407,000 | $ 407,000 | 1,461,000 | ||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU | $ 23,000 | $ 23,000 | $ (23,000) | |||||||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU (in shares) | shares | 5,514 | 5,514 | ||||||||||||||||||||||||||
Issuance of shares on business acquisition | $ 1,800,000 | $ 3,870,000 | $ 2,173,000 | $ 1,800,000 | $ 3,870 | $ 2,172,500 | $ 1,800,000 | $ 3,870,000 | $ 2,173,000 | $ 1,800,000 | $ 3,870,000 | $ 2,173,000 | ||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | 1,274,510 | 600,384 | 473,646 | 1,274,510 | 600,384 | 473,646 | 1,274,510 | 600,384 | |||||||||||||||||||
Total contributions by, and distributions to, shareholders | $ 10,926,000 | 8,474,000 | 2,452,000 | |||||||||||||||||||||||||
Total contributions by, and distributions to, shareholders (in shares) | shares | 2,408,041 | |||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 127,369,000 | $ 195,335,000 | $ (78,780,000) | $ 6,123,000 | $ 4,691,000 | |||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | shares | 58,073,517 | 50,904,533 | 7,168,984 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Net loss | $ (39,667) | $ (12,475) | $ (7,224) |
Items that may be classified subsequently to profit or loss | |||
Cumulative translation adjustment on consolidation of foreign subsidiaries | 4,654 | 911 | 695 |
Other comprehensive income | 4,654 | 911 | 695 |
Comprehensive loss | $ (35,013) | $ (11,564) | $ (6,529) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | |||
Net loss | $ (39,667) | $ (12,475) | $ (7,224) |
Items not affecting cash | |||
Depreciation and amortization | 14,646 | 9,072 | 6,594 |
Amortization of deferred lease inducements | 0 | (69) | (70) |
Amortization of finance costs | 231 | 144 | 28 |
Share-based compensation | 2,918 | 1,656 | 4,163 |
Unrealized foreign exchange | 354 | (171) | 0 |
Interest accretion on balances of purchase payable | 318 | 211 | 232 |
Gain on sale of subsidiary | (681) | 0 | 0 |
Impairment of intangibles and goodwill | 28,036 | 0 | 0 |
Deferred taxes | (3,202) | (3,140) | (395) |
Changes in non-cash working capital items | 5,739 | (14,801) | (1,638) |
Adjustments to reconcile profit (loss) | 48,359 | (7,098) | 8,914 |
Net cash from (used in) operating activities | 8,692 | (19,573) | 1,690 |
Investing activities | |||
Additions to property and equipment, net of disposals | (4,488) | (984) | (463) |
Additions to intangibles | (49) | (524) | (961) |
Short-term deposits | 1,324 | (1,324) | 0 |
Restricted cash | (47) | (41) | (2,124) |
Business acquisitions and divestiture, net of cash acquired | (15,166) | 24,869 | (13,396) |
Right-of-use assets | 222 | ||
Net cash from (used in) investing activities | (18,204) | 21,996 | (16,944) |
Financing activities | |||
Line of credit and demand loan drawn (repaid) | (3,153) | (40,547) | 24,066 |
Increase of long-term debt, net of related transaction costs | 64,093 | 29,459 | 0 |
Repayment of long-term debt | (54,409) | (20,422) | (2,385) |
Exercise of stock options | 165 | 244 | 0 |
Repayment of lease liabilities | (1,754) | ||
Payment of dividends and assumed dividend | 0 | (23,972) | 0 |
Share issuance, net of share issue costs | 0 | 50,047 | 8 |
Share redemption | 0 | (432) | (541) |
Net cash from (used in) financing activities | 4,942 | (5,623) | 21,148 |
Effect of exchange rate changes | 579 | 1,536 | 2 |
Net change in cash | (3,991) | (1,664) | 5,896 |
Cash, beginning of year | 12,801 | 14,465 | 8,569 |
Cash, end of year | 8,810 | 12,801 | 14,465 |
Interest paid | 1,562 | 1,789 | 897 |
Income taxes paid | $ 420 | $ 308 | $ 830 |
Governing Statutes And Nature O
Governing Statutes And Nature Of Operations | 12 Months Ended |
Mar. 31, 2020 | |
Governing Statutes And Nature Of Operations [Abstract] | |
Governing Statutes And Nature Of Operations | GOVERNING STATUTES AND NATURE OF OPERATIONS Alithya Group inc. (“Alithya” or the “Company”) (formerly 9374-8572 Québec Inc.) was incorporated on March 8, 2018 under the Business Corporations Act (Quebec). The Company was created for the purpose of the business combination (note 3) between Alithya Canada Inc. (formerly Alithya Group Inc.) (“Old Alithya”), incorporated on April 2, 1992 under the Companies Act (Québec), now the Business Corporations Act (Québec), Alithya USA, Inc. (formerly Edgewater Technology, Inc.) (“Edgewater”), a corporation governed under the laws of Delaware and previously listed on the NASDAQ Global Market and 9374-8572 Delaware Inc. (“U.S. Merger Sub”), a corporation governed under the laws of Delaware and a wholly-owned subsidiary of the Company. As of the opening of markets, on November 2, 2018, the Company’s Class A subordinate voting shares (the “Subordinate Voting Shares”) commenced trading on the Toronto Stock Exchange (“TSX”) and on the NASDAQ Capital Market (“NASDAQ”) under the symbol “ALYA”. The Company and its subsidiaries (the “Group”) are leaders in strategy and digital transformation. Alithya's integrated offering is based on four pillars of expertise: business strategy, application services, enterprise solutions and data and analytics. The Group deploys solutions, services, and skill sets to craft tools tailored to its client’s unique business needs in the financial services, manufacturing, energy, telecommunications, transportation and logistics, professional services, healthcare, and government sectors. The Company is the Group’s ultimate parent company and its head office is located at 1100, Robert-Bourassa Boulevard, Suite 400, Montréal, Quebec, Canada, H3B 3A5. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved and authorized for issue by the Board of Directors (the “Board”) on June 18, 2020. Basis of Measurement and Comparative Figures These consolidated financial statements have been prepared on an accrual basis and under the historical cost basis except for certain assets and liabilities initially recognized in connection with business combinations. Certain figures have been reclassified to conform to the current year presentation. PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed or has the right to variable returns from its relationship with the entity and is able to affect those returns through its power over the activities of the entity. The subsidiaries’ financial statements are included in these consolidated financial statements from the date of commencement of control until the date that control ceases. Subsidiaries’ accounting policies have been adjusted, when necessary, to align with the policies adopted by the Group. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) All intercompany balances and transactions, and any unrealized income and expenses arising from intra-company transactions, are eliminated on consolidation. These consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiaries. All subsidiaries have a reporting date of March 31. The Company’s primary subsidiaries are as follows: 2020 2019 Entity Jurisdiction Percentage Ownership Percentage Ownership Alithya Canada Inc. Quebec, Canada 100% 100% Alithya Consulting Inc. Quebec, Canada 100% 100% Alithya Digital Technology Corporation Ontario, Canada 100% 100% Alithya Consulting SAS France 100% 100% Pro2p Services Conseils Inc. Canada 100% 100% Alithya USA, Inc. Delaware, USA 100% 100% Alithya Financial Solutions, Inc. Delaware, USA 100% 100% Alithya Ranzal LLC Delaware, USA 100% 100% Alithya Zero2Ten, Inc. Delaware, USA 100% 100% Alithya Fullscope Solutions, Inc. Delaware, USA 100% 100% Zero2Ten EMEA Limited United Kingdom - 100% Alithya Solutions Canada Inc. Canada 100% 100% Matricis Informatique Inc. Quebec, Canada 100% - Alithya Travercent LLC Texas, USA 100% - Alithya Askida Consulting Services Inc. Quebec, Canada 100% - Alithya Askida Solutions Inc. Quebec, Canada 100% - BUSINESS COMBINATIONS The Group accounts for its business combinations using the acquisition method. Under this method the consideration transferred is measured at fair value. Acquisition-related and integration costs associated with the business combination are expensed as incurred. The Group recognizes goodwill as the excess of the cost of the acquisition over the net identifiable tangible and intangible assets acquired and liabilities assumed at their acquisition date fair values and any non-controlling interest in the acquiree. The fair value allocated to tangible and intangible assets acquired and liabilities assumed are based on management’s assumptions, including assumptions that would be made by market participants, acting in their economic best interest. These assumptions include the future expected cash flows arising from the intangible assets identified. The goodwill recognized is composed of the future economic value associated to acquired work force and any identified synergies with the Group’s operations which are primarily due to reduction of costs and new business opportunities. The determination of fair value involves making estimates relating to acquired intangible assets, property and equipment, litigation, provision for estimated losses on revenue-generating contracts, other onerous contracts, tax and other contingency reserves. Estimates include the forecasting of future cash flows and discount rates. Subsequent changes in fair values are adjusted against the cost of acquisition, if they qualify as measurement period adjustments. The measurement period is the period between the date of acquisition and the date where all significant information necessary to determine the fair values is available, not to exceed 12 months. All other subsequent changes are recognized in the consolidated statements of operations. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) TRANSLATION OF FOREIGN CURRENCIES The Group’s consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency. Each entity in the group determines its own functional currency and items included in the consolidated financial statements of each entity are measured using that functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. Foreign currency transactions and balances Revenue, expenses and non-monetary assets and liabilities denominated in foreign currencies are recorded at the rate of exchange prevailing at the transaction date, except for non-monetary items measured at fair value, which are translated using the exchange rates at the date when the fair value was determined. Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates prevailing at the reporting date. Unrealized and realized translation gains and losses, resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency, are reflected in the consolidated statements of operations. Foreign operations In the Group’s consolidated financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than the Canadian dollar are translated into Canadian dollars upon consolidation. The functional currencies of entities within the Group have remained unchanged during the reporting period. Upon consolidation, assets and liabilities have been translated into Canadian dollars at the closing rate at the reporting date. Goodwill and fair value adjustments arising from the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Canadian dollars at the closing rate. Revenue and expenses have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive income and recognized in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognized in equity are reclassified to the consolidated statements of operations and are recognized as part of the gain or loss on disposal. SEGMENTED REPORTING An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to the transactions with any of the Group’s other segments. Based on the information received and analyzed by the decision-makers on a regular basis, the Group has determined that it has a single reportable segment. REVENUE RECOGNITION, UNBILLED REVENUE AND DEFERRED REVENUE The Group generates revenue principally through the provision of consulting services in the areas of information technology including systems implementation and strategy. These services are provided under arrangements with varying pricing mechanisms. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) To determine whether to recognize revenue, the Group follows a 5-step process: • Identifying the contract with a customer; • Identifying the performance obligations; • Determining the transaction price; • Allocating the transaction price to the performance obligations; and • Recognizing revenue when/as performance obligation(s) are satisfied. The total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. Revenue is recognized either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. The Group recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognizes either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Certain of the Group’s arrangements may include client acceptance clauses. Each clause is analyzed to determine whether the earnings process is complete when the service is performed. Formal client sign-off is not always necessary to recognize revenue, provided that the Group objectively demonstrates that the criteria specified in the acceptance provisions are satisfied. Some of the criteria reviewed include historical experience with similar types of arrangements, whether the acceptance provisions are specific to the client or are included in all arrangements, the length of the acceptance term and historical experience with the specific client. Time and materials arrangements - Revenue from consulting services and systems implementations under time and materials arrangements is recognized as the services are rendered. Fixed-fee arrangements - Revenue from consulting services and systems implementations under fixed-fee arrangements where the outcome of the arrangements can be estimated reliably is recognized using the percentage-of-completion method over the service periods. The Group primarily uses labour costs or labour hours to measure the progress towards completion. This method relies on estimates of total expected labour costs or total expected labour hours to complete the service, which are compared to labour costs or labour hours incurred to date, to arrive at an estimate of the percentage of revenue earned to date. Management regularly reviews underlying estimates of total expected labour costs or hours. If the outcome of an arrangement cannot be estimated reliably, revenue is recognized to the extent of arrangement costs incurred that are likely to be recoverable. Unbilled revenue and deferred revenue - Amounts recognized as revenue in excess of billings are classified as unbilled revenue. Amounts received in advance of the performance of services are classified as deferred revenue. Retainer based arrangements - The client pays a recurring fee in exchange for a monthly recurring service (typically support). The revenue for these arrangements is recognized over time (using an hours-based input method). Revenue recognition over time is based on customer simultaneously receiving and consuming the benefit of the services provided. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Estimated losses on revenue-generating contracts - Estimated losses on revenue-generating contracts may occur due to additional contract costs which were not foreseen at the inception of the contract. Contract losses are measured at the amount by which the estimated total costs exceed the estimated total revenue from the contract. The estimated losses on revenue-generating contracts are recognized in the period when it is determined that a loss is probable. The expected loss is first applied to impair the related capitalized contract costs, if any, with the excess recorded in accounts payable and accrued liabilities. Management regularly reviews arrangement profitability and underlying estimates. Software revenue - Software revenue is generated from the resale of certain third-party off-the-shelf software and maintenance. The majority of the software sold by the Group is delivered electronically. For software that is delivered electronically, the Group considers transfer of control to have occurred when the customer either (a) takes possession of the software via a download (that is, when the customer takes possession of the electronic data on its hardware), or (b) has been provided with access codes that allow the customer to take immediate possession of the software on its hardware pursuant to an agreement or purchase order for the software. In all instances, the resale of third-party software and maintenance is recorded on a net basis. Group created software, and the associated maintenance, is reported on a gross basis, however it is immaterial in all periods presented. Third party software and maintenance revenue are recognized upon delivery of the software, as all related warranty and maintenance is performed by the primary software vendor and not the Group. The Group enters into arrangements with multiple performance obligations which typically include software, post-contract support (or maintenance), and consulting services. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis. The Group has determined standalone selling price for each of the performance obligations in connection with the evaluation of arrangements with multiple performance obligations. The Group has established standalone selling price for consulting services based on a stated and consistent rate per hour range in standalone transactions. The Group has established standalone selling price for software through consistent stated rates for software components. The Group has established standalone selling price for maintenance based on observable prices for standalone renewals. FINANCIAL INSTRUMENTS Recognition and Derecognition Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Classification and Initial Measurement of Financial Assets Except for those accounts receivables and other receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: • amortized cost; • fair value through profit or loss (FVTPL); and • fair value through other comprehensive income (FVOCI). In the years presented, the Company does not have any financial assets categorized as FVOCI or FVTPL. The classification is determined by both: • the entity’s business model for managing the financial asset; and • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss presented within financial expense, except for impairment of accounts receivables and other receivables, which is presented within selling, general and administrative expenses. Subsequent measurement of financial assets Financial assets at amortized cost Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash, restricted cash, short-term deposits and accounts receivable and other receivables fall into this category of financial instruments. Impairment of financial assets and unbilled revenues IFRS 9’s impairment requirements use forward-looking information to recognize expected credit losses – the ‘expected credit loss (ECL) model’. Instruments within the scope of IFRS 9’s impairment requirements included loans and other debt-type financial assets measured at amortized cost and FVOCI, accounts receivables and other receivables recognized and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) The Group considers a range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: • financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and • financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). ‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month expected credit losses’ are recognized for the first category while ‘lifetime expected credit losses’ are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Accounts Receivable and Other Receivables and Unbilled Revenues The Group makes use of the simplified approach in accounting for accounts receivable and other receivables and unbilled revenues and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of accounts receivables and other receivables on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. Classification and measurement of financial liabilities The Group’s financial liabilities include trade accounts payable and accrued liabilities, lease liabilities and long-term debt. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortized cost using the effective interest method and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) All interest-related charges and, if applicable, changes in an instrument’s fair value are reported in the consolidated statements of operations within financial expenses. Transaction Costs Transaction costs related to financial assets classified as fair value through profit and loss are expensed as incurred. Transaction costs related to loans and receivables and liabilities are considered as part of the carrying value of the asset or liability and are then amortized over the expected life of the instrument using the effective interest rate method. Financial Income and Expenses Financial income includes interest income on cash and short-term deposits. Interest income is recognized as it accrues in earnings, using the effective interest method. Financial expenses include interest expense on borrowings, effective interest on non-interesting bearing vendor financing arising from business combinations, amortization of unwinding of the discount on provisions, impairment losses recognized on financial assets and other interest and bank charges. EARNINGS PER SHARE Basic earnings (loss) per share is calculated by dividing the net earnings (loss) attributable to the holders of Common Shares (as defined further herein) by the weighted average number of Common Shares outstanding during the period, including the effect of stock options exercised and deferred share units. The net earnings (loss) attributable to the holders of Common Shares corresponds to the net earnings (loss) adjusted by deducting earnings allocated to preferred shares. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the weighted average number of additional Common Shares that would have been outstanding assuming the conversion of all dilutive potential equity instruments. Dilutive potential outstanding stock options include the total number of additional Common Shares that would have been issued by the Company assuming stock options with exercise prices below the average market price for the year were exercised and reduced by the number of shares that the Company could have repurchased if it had used the assumed proceeds from the exercise of stock options to repurchase them on the open market at the average share price for the period. “Common Shares” include the Subordinate Voting Shares and Multiple Voting Shares (as defined further herein) starting November 1, 2018 and Class A and Class AA shares prior to November 1, 2018. RESTRICTED CASH Restricted cash represents amounts held in trust as required by contractual obligations arising from business acquisitions. Restricted cash that is not expected to become unrestricted within the next twelve months is included in non-current assets on the statements of financial position. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) GOVERNMENT ASSISTANCE - TAX CREDITS Certain subsidiaries are eligible for research and development (“R&D”) activities and tax credits for the development of e-business. These tax credits are accounted for as government assistance, following the income approach. Under this method, tax credits are recorded when there is reasonable assurance that the assistance will be received and that the subsidiary will comply with all relevant conditions. Tax credits related to operating expenditures are then recorded as a reduction of the related expense and recognized in the period in which the related expenditures are charged to operations. Tax credits related to capital expenditures are recorded as a reduction of the cost of the related asset. The tax credits recorded are based on management's best estimates of amounts expected to be received and are subject to audit by the tax authorities. The ultimate tax treatment is only determinable once a notice of assessment is issued by the relevant taxation authority and payment has been received. Any differences arising between the final resolution and the original assumptions made may result in adjustments to the tax credits receivable and income tax expense in subsequent periods. PROPERTY AND EQUIPMENT (“P&E”) Property and equipment are recorded at cost and amortized over their estimated useful lives, using the following methods: Method Rates Furniture, fixtures and equipment Declining balance 20 % Computer equipment Declining balance 30 % Leasehold improvements Straight line Over the term of the lease The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the reporting date. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) INTANGIBLES Intangible assets consist mainly of customer relationships, non-compete agreements, internal-use business solutions and software licenses and tradenames. Internal use business solutions and software licenses (“Software”) are recorded at cost. In addition, internal-use business solutions developed internally are capitalized when they meet specific capitalization criteria related to technical and financial feasibility and when the Group demonstrates its ability and intention to use them. Amortization of internal-use business solutions commences once the solution is available for use. Customer relationships, internal-use business solutions and software licenses acquired through business combinations are initially recorded at their fair value. The Group amortizes its intangible assets using the straight-line method over their estimated useful lives, as follows : Method Period Customer relationships Straight line 3 - 10 years Non-compete agreements Straight line 3 - 10 years Software Straight line 3 years Tradenames - Indefinite The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the reporting date. GOODWILL Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary at the date of acquisition and it is measured net of accumulated impairment losses. Goodwill is not amortized, but instead tested for impairment annually, or more frequently, should events or changes in circumstances indicate that the goodwill may be impaired. IMPAIRMENT OF P&E, RIGHT-OF-USE ASSETS, INTANGIBLES AND GOODWILL Timing of impairment testing The carrying amounts of the Group's P&E, right-of-use assets, intangible assets and goodwill are reviewed for impairment when events or changes in circumstances indicate that the carrying value may be impaired. At each reporting date, the Group assesses whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the impairment is tested at least annually, typically as at March 31. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Impairment testing The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit", or "CGU"). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the CGU, or the group of CGUs, that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in consolidated earnings. Impairment losses recognized in respect of CGUs that include goodwill are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis not beyond the highest of: • The fair value less costs of disposal; and • Value in use of the individual asset, if determinable. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. PROVISIONS Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The Group’s provisions may consist of litigation and claim provisions arising in the ordinary course of business and decommissioning liabilities for operating leases of office buildings. The Group may record restructuring provisions related to business combinations and termination of employment costs incurred as part of the Group's productivity improvement initiatives. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted using a current pre-tax rate when the impact of the time value of money is material. The increase in the provision due to the passage of time is recognized as a finance cost. The accrued litigation and legal claim provisions are based on historical experience, current trends and other assumptions that are believed to be reasonable under the circumstances. Estimates include the period in which the underlying cause of the claim occurred and the degree of probability of an unfavorable outcome. In the case of decommissioning liabilities pertaining to operating leases of buildings where certain arrangements require premises to be returned to their original state at the end of the lease term, the provision is determined using the present value of the estimated future cash outflows. Restructuring provisions, consisting primarily of severance, are recognized when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs, appropriate timelines and has been communicated to those affected by it. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) INCOME TAXES Income taxes are accounted for using the liability method of accounting. Current income taxes are recognized with respect to the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are determined based on deductible or taxable temporary differences between the amounts reported for financial statement purposes and tax values of the assets and liabilities using enacted or substantively enacted tax rates that will be in effect for the year in which the differences are expected to be recovered or settled. Deferred income tax assets and liabilities are recognized in earnings, other comprehensive income or in equity based on the classification of the item to which they relate. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available ag |
Business Combinations, Divestit
Business Combinations, Divestiture and Private Placement | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Business Combinations, Divestiture and Private Placement | BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT Matricis Informatique Inc. Overview On October 1, 2019, the Company acquired 100% of the issued and outstanding shares of Matricis Informatique Inc. (“Matricis’) (the “Matricis Acquisition”), a Canadian consulting firm specializing in advanced applications and systems using techniques derived from the Internet of Things (IoT), Artificial Intelligence (AI), a combination of the aforementioned (AIoT), as well as operational intelligence in the healthcare, industrial, and financial sectors. The Matricis Acquisition was completed for total consideration of $7,200,000, consisting of $3,600,000 in cash, payable in two equal instalments on October 1, 2019, subject to working capital adjustments and other adjustments as necessary, and October 1, 2022 and $3,600,000, in aggregate, in share consideration payable by way of 947,292 Subordinate Voting Shares, of which 473,646 were issued on October 1, 2019 and 473,646 will be issued in equal portions on October 1, 2020, 2021 and 2022. The Subordinate Voting Shares to be issued on October 1, 2020 and subsequently, having a value of $1,800,000, in aggregate, will be recognized as share-based compensation over three years. The fair value of the assets acquired, liabilities assumed, and the purchase consideration is preliminary pending completion of their valuation. Should new information, obtained within one year of the date of acquisition, about the facts and circumstances that existed at the date of the Matricis Acquisition, result in adjustments to the below amounts, or require additional provisions for conditions that existed at the date of the Matricis Acquisition, the fair value will then be revised. The Matricis Acquisition is being accounted for using the acquisition method of accounting. For the year ended March 31, 2020, the Company incurred acquisition-related costs of approximately $157,000. These costs have been recorded in the consolidated statement of operations in business acquisitions and integration costs. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Purchase Price Allocation The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Matricis $ Current assets Cash 467 Accounts receivable and other receivables 584 Unbilled revenue 288 Prepaids 94 1,433 Non-current assets Property and equipment 85 Tax credits receivable 1,059 Deferred tax assets 111 Intangibles 1,820 Goodwill 2,566 Total assets acquired 7,074 Current liabilities Accounts payable and accrued liabilities 596 Deferred revenue 415 Current portion of long-term debt 544 1,555 Non-current liabilities Deferred lease inducements 6 Deferred tax liabilities 624 Total liabilities assumed 2,185 Net assets acquired 4,889 Goodwill The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, as well as its workforce. The Company does not expect any of the goodwill to be deductible for income tax purposes. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Consideration paid The following table summarizes the acquisition date fair value of each class of consideration: Acquisition of Matricis $ Cash paid 1,578 Issuance of 473,646 Subordinate Voting Shares (note 12) 1,800 Balance of purchase payable (note 10) 1,511 Total consideration 4,889 Matricis’ contribution to the Group’s results The Matricis business contributed revenues of approximately $2,497,000, a gross margin of $1,100,000 and a loss before income taxes of $84,000 to the Group for the period October 1, 2019 to March 31, 2020. If the acquisition had occurred on April 1, 2019, consolidated pro-forma revenue, gross margin and loss before income taxes for the year ended March 31, 2020 would have been $4,824,000, $2,028,000 and $144,000, respectively. These amounts have been calculated using Matricis’ results and adjusting for: • differences in accounting policies between the Group and Matricis; • the removal of transaction costs incurred by Matricis from April 1, 2019 to September 30, 2019; and • the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2019. Alithya Travercent LLC Overview On December 13, 2019, the Company acquired 100% of the issued and outstanding membership interest of Travercent LLC (the “Travercent Acquisition”), a US-based cloud-focused Enterprise Resource Planning (“ERP”) consulting group specialized in the healthcare sector, now known as Alithya Travercent LLC (“Alithya Travercent”). Alithya Travercent's competencies include implementing Oracle's cloud ERP, Human Capital Management (“HCM”), Enterprise Performance Management (“EPM”) and Business Intelligence (“BI”) applications. Alithya Travercent has also developed a cloud solution named CAPSURE RF TM , an Oracle cloud extension that optimizes material management processes, of healthcare providers, for supply chain management and point of use. The Travercent Acquisition was completed for total consideration of US$19,500,000 ($25,802,849), consisting of US$13,650,000 ($18,061,994), in cash, payable in two equal instalments on December 13, 2019, subject to working capital and other adjustments as necessary, and December 13, 2022 and US$5,850,000 ($7,740,855), in aggregate, in share consideration payable by way of Subordinate Voting Shares, of which 1,274,510 were issued on December 13, 2019 (the "Closing Share Consideration") with a value of US$2,925,000 ($3,870,427) and a number of Subordinate Voting Shares on each of December 13, 2020, 2021 and 2022 equal to US$975,000 ($1,290,142) divided by the volume weighted average trading price of Subordinate Voting Shares on the TSX prior to each such issuance as determined in the purchase agreement. If such subsequent price of the Subordinate Voting Shares is lower than the price used for the Closing Share Consideration, the Company has the option of paying each such amount in cash. The Subordinate Voting Shares to be issued on December 13, 2020 and subsequently, having a value of US$2,925,000 ($3,870,427), in aggregate, will be recognized as share-based compensation over three years. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) The fair value of the assets acquired, liabilities assumed, and the purchase consideration is preliminary pending completion of their valuation. Should new information, obtained within one year of the date of acquisition, about the facts and circumstances that existed at the date of the Travercent Acquisition, result in adjustments to the below amounts, or require additional provisions for conditions that existed at the date of the Travercent Acquisition, the fair value will then be revised. The Travercent Acquisition is being accounted for using the acquisition method of accounting. For the year ended March 31, 2020, the Company incurred acquisition-related costs of approximately $565,000. These costs have been recorded in the consolidated statement of operations in business acquisitions and integration costs. Purchase Price Allocation The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Alithya Travercent $ Current assets Cash 2,118 Accounts receivable and other receivables 1,391 Unbilled revenue 1,458 Prepaids 49 5,016 Non-current assets Intangibles 15,720 Goodwill 3,374 Total assets acquired 24,110 Current liabilities Accounts payable and accrued liabilities 1,331 Deferred revenue 2,301 Total liabilities assumed 3,632 Net assets acquired 20,478 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Goodwill The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, as well as its workforce and expertise. The amount of goodwill is expected to be deductible for income tax purposes. Consideration paid The following table summarizes the acquisition date fair value of each class of consideration: Acquisition of Alithya Travercent $ Cash paid 8,958 Issuance of 1,274,510 Subordinate Voting Shares (note 12) 3,870 Balance of purchase payable (note 10) 7,650 Total consideration 20,478 Alithya Travercent’s contribution to the Group’s results The Alithya Travercent business contributed revenues of approximately $4,833,000, a gross margin of $1,909,000 and a profit before income taxes of $1,029,000 to the Group for the period December 13, 2019 to March 31, 2020. If the acquisition had occurred on April 1, 2019, consolidated pro-forma revenue, gross margin and profit before income taxes for the year ended March 31, 2020 would have been $15,789,000, $6,329,000 and $4,319,000, respectively. These amounts have been calculated using Alithya Travercent’s results and adjusting for: • differences in accounting policies between the Group and Alithya Travercent; • the removal of transaction costs incurred by Alithya Travercent from April 1, 2019 to December 12, 2019; and • the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2019. Askida Overview On February 1, 2020, the Company acquired 100% of the issued and outstanding shares of Group Askida Inc., now known as Alithya Askida Solutions Inc., and Askida Consulting Services Inc., now known as Alithya Askida Consulting Services Inc. (collectively “Askida”) (the “Askida Acquisition”), a Canadian group with expertise in software quality assurance tools and services, as well as in development and modernization of custom applications. The Askida Acquisition was completed for total consideration of $16,000,000, consisting of $11,655,000, in cash payable in two instalments as follows: $8,396,250 on February 1, 2020, subject to working capital adjustments, and $3,258,750 on February 1, 2022, plus $4,345,000, in aggregate, in share consideration payable by way of the issuance of 1,200,765 Subordinate Voting Shares, of which 600,384 were issued on February 1, 2020 and 300,189 and 300,192 to be issued on February 1, 2021 and 2022, respectively. The Subordinate Voting Shares to be issued on February 1, 2021 and 2022, having a stated value of $2,172,500, in aggregate, will be recognized as share-based compensation over two years. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) The fair value of the assets acquired, liabilities assumed, and the purchase consideration is preliminary pending completion of their valuation. Should new information, obtained within one year of the date of acquisition, about the facts and circumstances that existed at the date of the Askida Acquisition, result in adjustments to the below amounts, or require additional provisions for conditions that existed at the date of the Askida Acquisition, the fair value will then be revised. The Askida Acquisition is being accounted for using the acquisition method of accounting. For the year ended March 31, 2020, the Company incurred acquisition-related costs of approximately $265,000. These costs have been recorded in the consolidated statement of operations in business acquisitions and integration costs. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Purchase Price Allocation The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Askida $ Current assets Cash 616 Accounts receivable and other receivables 4,324 Unbilled revenue 581 Tax credits receivable 2,709 Prepaids 229 8,459 Non-current assets Tax credits receivable 956 Property and equipment 244 Right-of-use assets 193 Intangibles 8,410 Goodwill 4,324 Total assets acquired 22,586 Current liabilities Line of credit 1,022 Demand loan 2,131 Accounts payable and accrued liabilities 1,789 Income taxes payable 62 Deferred revenue 318 Current portion of lease liabilities 84 Current portion of long-term debt 561 5,967 Non-current liabilities Lease liabilities 109 Deferred tax liabilities 3,024 Total liabilities assumed 9,100 Net assets acquired 13,486 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Goodwill The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, as well as its workforce. The Company does not expect any of the goodwill to be deductible for income tax purposes. Consideration paid The following table summarizes the acquisition date fair value of each class of consideration paid: Acquisition of Askida $ Cash paid 8,396 Issuance of 600,384 Subordinate Voting Shares (note 12) 2,173 Balance of purchase payable (note 10) 2,917 Total consideration transferred 13,486 Askida’s contribution to the Group’s results The Askida business contributed revenues of approximately $1,708,000, a gross margin of $210,000 and a loss before income taxes of $499,000 to the Group for the period February 1, 2020 to March 31, 2020. If the acquisition had occurred on April 1, 2019, consolidated pro-forma revenue, gross margin and loss before incomes taxes for the year ended March 31, 2020 would have been $12,465,000, $3,914,000 and $87,000, respectively. These amounts have been calculated using Askida’s results and adjusting for: • differences in accounting policies between the Group and Askida; • the removal of transaction costs incurred by Askida from April 1, 2019 to January 31, 2020; and • the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2019. Zero2Ten EMEA Limited On October 2, 2019, Alithya Zero2Ten, Inc. an indirect wholly-owned subsidiary of the Company, sold 100% of the issued and outstanding shares of its wholly-owned subsidiary, Zero2Ten EMEA Limited (“Alithya UK”), for total cash consideration of GBP£800,000 (approximately $1,302,000), of which GBP£350,000 (approximately $570,000) was paid on October 2, 2019, and a balance of sale receivable of GBP£450,000 (approximately $791,000 ), was due on April 1, 2020 and is recorded in accounts receivable and other receivables. The balance of sale receivable was received on April 1, 2020. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) The divestiture of Alithya UK resulted in a gain on disposal of subsidiary as follows: Divestiture of Zero2Ten EMEA Limited $ Consideration received in cash 565 Balance of sale receivable 728 Total consideration 1,293 Net assets divested 612 Gain on sale of subsidiary 681 Alithya USA, Inc. (formerly Edgewater Technology, Inc.) Overview On March 15, 2018, the Company, Old Alithya, Edgewater, and U.S. Merger Sub, entered into an arrangement agreement, as amended on September 10, 2018 and October 17, 2018 (the “Arrangement Agreement”). On November 1, 2018, and pursuant to the terms of the Arrangement Agreement, among other things, (i) the Company acquired Old Alithya, by way of a statutory plan of arrangement under the Business Corporations Act (Québec) (the “Arrangement”), and (ii) U.S. Merger Sub merged with and into Edgewater, with Edgewater being the surviving corporation (the “Merger”). The Arrangement and the Merger are, collectively referred to herein, as the “Edgewater Transaction”. As consideration for the Arrangement, former shareholders of Old Alithya received, for each common share of Old Alithya (“Old Alithya Common Shares”), held immediately prior to the Edgewater Transaction, one newly issued Subordinate Voting Share and, for each multiple voting share of Old Alithya (“Old Alithya Multiple Voting Shares”) held immediately prior to the Edgewater Transaction, one newly issued Class B multiple voting share of the Company (the “Multiple Voting Shares”). As consideration for the Merger, former shareholders of Edgewater received, for each share of common stock of Edgewater (“Edgewater Common Stock”) held immediately prior to the Edgewater Transaction, 1.1918 Subordinate Voting Shares of the Company. Following completion of the Edgewater Transaction, former shareholders of Old Alithya and Edgewater became shareholders of the Company, and each of Old Alithya and Edgewater became wholly-owned subsidiaries of the Company. In connection with the Edgewater Transaction, and pursuant to the terms of the Arrangement Agreement, Edgewater declared to the Edgewater shareholders of record immediately prior to the closing date of the Edgewater Transaction, a special dividend equal to US $1.15 per share, approximately $22,108,000 (US $16,840,000), in aggregate, in cash. In addition, the exercise price of Edgewater stock options outstanding, immediately prior to the closing date of the Edgewater Transaction, was reduced by the special dividend amount of US $1.15 per stock option and, upon completion of the Edgewater Transaction, divided by the 1.1918 equity exchange ratio. The Edgewater Transaction was approved by the respective shareholders of Old Alithya and Edgewater on October 25, 2018 and October 29, 2018, respectively. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) On October 30, 2018, Old Alithya closed a private placement, where an aggregate 11,736,055 subscription receipts were issued at a price of $4.50 per subscription receipt (the “Offering”). Each subscription receipt automatically converted into an Old Alithya common share, immediately prior to the close of the Edgewater Transaction, and then exchanged for one Subordinate Voting Share of the Company, pursuant to the Arrangement Agreement. The net proceeds of the Offering were used to reduce indebtedness, fund future growth initiatives and for general corporate purposes. Costs related to the share issuance under the private placement, for the year ended March 31, 2019 of $2,764,885, net of deferred income taxes of $714,000 have been recorded in equity as share issue costs. Purchase Price Allocation Old Alithya is considered as the acquirer of Edgewater, as the Company was formed only to issue equity instruments to effect the Edgewater Transaction. In addition, Old Alithya shareholders held the majority of the voting rights of the Company once the Edgewater Transaction was completed. The Edgewater Transaction constituted a business combination as Edgewater meets the definition of a business. Since Old Alithya was considered the acquirer, the consolidated financial statements are presented as a continuation of Old Alithya. As such, the 2018 comparative figures presented in these consolidated financial statements are those of Old Alithya. The assets acquired and the liabilities assumed were recorded at their fair value at the time of the closing of the Edgewater Transaction, being November 1, 2018. For the year ended March 31, 2019, the Company incurred acquisition-related costs of approximately $3,929,908. These costs have been recorded in the consolidated statements of operations in business acquisitions and integration costs. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) The allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Edgewater Current assets Cash 24,869 Accounts receivable and other receivables 27,705 Income taxes receivable 1,770 Unbilled revenue 1,741 Prepaids 1,076 57,161 Non-current assets Property and equipment 510 Intangibles 39,410 Goodwill 47,161 Total assets acquired 144,242 Current liabilities Line of credit 15,749 Accounts payable and accrued liabilities 22,312 Dividend payable 22,108 Deferred revenue 3,751 63,920 Non-current liabilities Deferred lease inducements 64 Deferred tax liabilities 1,322 Total liabilities assumed 65,306 Net assets acquired 78,936 Identifiable net assets The fair value of the accounts receivable and other receivables acquired as part of the acquired business amounted to $27,705,000, with a gross contractual amount of $28,500,000. As at the acquisition date, the Group’s best estimate of the contractual cash flow not expected to be collected amounted to $795,000. Goodwill The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, work force and expected synergies from integrating Edgewater into the Group’s existing business. The goodwill will not be deductible for tax purposes. 3. BUSINESS COMBINATIONS, DIVESTITURE AND PRIVATE PLACEMENT (CONT’D) Consideration transferred The following table summarizes the acquisition date fair value of each major class of consideration transferred: $ Issuance of 17,458,348 shares (note 12) 78,364 Stock-based payments 572 Total consideration transferred 78,936 The subscription receipt issue price, under the private placement, of $4.50 per subscription receipt, having been determined with third-party investors, can be a reasonable reference for the fair value of the shares issued. Following the closing of the Edgewater Transaction, the issued and outstanding stock options of Edgewater were converted (note 12) into stock options of the Company and are deemed to be issued as part of the consideration of the Edgewater Transaction. Their fair value has been estimated at $572,000 using the Black-Scholes option pricing model with the following assumptions: Weighted average assumptions Share price $4.94 Exercise price $3.52 – $7.61 Risk-free interest rate 1.72% – 2.37% Expected volatility* 30% Dividend yield — Expected option life (years) 0.04 – 3.19 * Determined on the basis of observed volatility in publicly traded companies operating in similar industries. Edgewater’s contribution to the Group’s results The Edgewater business contributed revenues of approximately $50,229,000, a gross margin of $19,401,000 and a loss before income taxes of $2,097,000 to the Group for the period November 1, 2018 to March 31, 2019. If the acquisition had occurred on April 1, 2018, consolidated pro-forma revenue and loss before income taxes for the year ended March 31, 2019 would have been $282,386,000 and $17,296,000, respectively. These amounts have been calculated using Edgewater’s results and adjusting for: • differences in the accounting policies between the Group and its subsidiaries; • the removal of results from a business segment not acquired; • the removal of transaction costs incurred by Edgewater from April 1, 2018 to November 1, 2018; and • the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2018. |
Accounts Receivable and Other R
Accounts Receivable and Other Receivables | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Trade And Other Accounts Receivables [Abstract] | |
Accounts Receivable and Other Receivables | ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES As at March 31, 2020 2019 $ $ Trade accounts receivable, net (a) 59,537 57,011 Trade accounts receivable from shareholders exercising significant influence 6,718 9,653 Other receivables 1,407 482 67,662 67,146 (a) As at March 31, 2020, amounts owing from one client represented 10% of the total trade accounts receivable (one client represented 14% of the total trade accounts receivable as at March 31, 2019). During the year ended March 31, 2020, no client generated more than 10% of total revenue. During the year ended March 31, 2019, two clients, individually, generated more than 10% of total revenue and, globally, generated 25% of total revenue (two clients individually generated more than 10% of total revenue and globally generated 32% of total revenue in 2018). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT As at March 31, 2020 March 31, 2019 Furniture, Computer Leasehold improvements Total Furniture, Computer Leasehold improvements Total $ $ $ $ $ $ $ Cost 1,435 2,800 1,844 6,079 1,234 2,062 1,262 4,558 Additions 1,313 886 3,724 5,923 196 227 584 1,007 Additions through business acquisitions 67 239 22 328 16 494 — 510 Disposals / retirements (490) (855) — (1,345) (10) (13) — (23) Foreign currency translation adjustment 8 120 21 149 (1) 30 (2) 27 Subtotal 2,333 3,190 5,611 11,134 1,435 2,800 1,844 6,079 Accumulated depreciation 866 1,874 1,000 3,740 690 1,435 612 2,737 Depreciation expense 226 543 509 1,278 179 409 392 980 Disposals / retirements (397) (762) — (1,159) (5) 2 — (3) Foreign currency translation adjustment 4 97 2 103 2 28 (4) 26 Subtotal 699 1,752 1,511 3,962 866 1,874 1,000 3,740 Net carrying amount 1,634 1,438 4,100 7,172 569 926 844 2,339 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES Right-of-use assets The following right-of-use assets relate to right-of-use real estate: As at March 31, 2020 $ Beginning balance as at April 1, 2019 6,509 Additions 7,262 Terminations (381) Depreciation (2,090) Lease inducement allowance 3 Exchange rate effect 189 Ending balance 11,492 Lease liabilities As at March 31, 2020 $ Beginning balance as at April 1, 2019 6,668 Additions 7,257 Terminations (381) Lease payments (2,129) Lease incentives 1,249 Lease interest 375 Exchange rate effect 193 Ending balance 13,232 Current portion 1,559 11,673 Contractual lease payments under the lease liabilities as at March 31, 2020 are as follows: As at March 31, 2020 $ Less than one year 2,020 One to two years 2,018 Two to five years 6,464 More than five years 5,589 Total undiscounted lease payments at period end 16,091 6. LEASES (CONT’D) Amounts recognized in net loss Year ended March 31, 2020 $ Interest on lease liabilities 375 Expenses relating to short-term leases 122 Variable lease payments 1,134 1,631 |
Intangibles
Intangibles | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangibles | INTANGIBLES As at March 31, 2020 March 31, 2019 Customer Software Tradenames Non- Total Customer Software Tradenames Non- Total $ $ $ $ $ $ $ $ $ $ Cost 55,823 1,355 12,604 316 70,098 28,348 1,256 — — 29,604 Additions, purchased — 49 — — 49 425 1 — — 426 Additions through business acquisitions 16,077 2,909 — 6,964 25,950 26,701 — 12,398 311 39,410 Additions, internally generated — — — — — — 98 — — 98 Foreign currency translation adjustment 1,822 64 732 250 2,868 349 — 206 5 560 Subtotal 73,722 4,377 13,336 7,530 98,965 55,823 1,355 12,604 316 70,098 Accumulated amortization 21,837 644 — 66 22,547 14,203 252 — — 14,455 Amortization 10,133 598 — 547 11,278 7,634 392 — 66 8,092 Impairment — — 13,336 — 13,336 — — — — — Foreign currency translation adjustment — — — — — — — — — — Subtotal 31,970 1,242 13,336 613 47,161 21,837 644 — 66 22,547 Net carrying amount 41,752 3,135 — 6,917 51,804 33,986 711 12,604 250 47,551 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Goodwill | GOODWILL The Group completed the annual impairment test as at March 31, 2020 for its CGU’s which are categorized as follows: (i) the operations in Canada excluding Alithya Digital Technology Corporation (“ADT”), (ii) the operations of ADT, (iii) the operations in France, (iv) EPM US operations and (v) ERP US operations. As at March 31, 2020 Canada ADT France EPM US ERP US Total $ $ $ $ $ $ Beginning balance 20,060 9,794 1,836 12,296 35,648 79,634 Business acquisitions (note 3) 6,890 — — 3,374 — 10,264 Divestiture of subsidiary — — — — (576) (576) Impairment — (2,100) (1,700) (6,600) (4,300) (14,700) Foreign currency translation adjustment — — 14 942 2,030 2,986 Net carrying amount 26,950 7,694 150 10,012 32,802 77,608 As at March 31, 2019 Canada ADT France EPM US ERP US Total $ $ $ $ $ $ Beginning balance 20,060 9,794 1,858 — — 31,712 Business acquisition (note 3) — — — 12,095 35,066 47,161 Foreign currency translation adjustment — — (22) 201 582 761 Net carrying amount 20,060 9,794 1,836 12,296 35,648 79,634 8. GOODWILL (CONT’D) The Company has performed its annual goodwill impairment testing, on March 31, 2020, in the context of the COVID-19 pandemic and the significantly increased uncertainty surrounding global economic conditions in general, and the outlook of the Company’s clients’ different markets and industries in particular. As a result, the Company recorded a total goodwill impairment of $14,700,000, relating to certain CGU’s as indicated in the above table. The immediate and long-term impacts of the COVID-19 pandemic, including related government and central bank interventions are unknown at this time and any estimate thereof is subject to significant uncertainty. The effects of the pandemic may therefore differ from those used in the above impairment calculations. The Group completed an annual impairment test as at March 31, 2019 and concluded no impairment occurred. In assessing whether goodwill is impaired, the carrying amount of the CGU was compared to its recoverable amount. T he recoverable amount of each CGU was determined based on the value-in-use calculations, covering a detailed three-year forecast, which reflect such increased uncertainty and risks , followed by an extrapolation of expected cash flows for the remaining useful lives using the declining growth rate determined by management. The present value of the expected cash flows of each CGU is determined by applying a suitable after tax value Weighted Average Cost of Capital (“WACC”) reflecting current market assessments of the time value of money and the CGU-specific risks. Key assumptions used in impairment testing by CGU are as follows: As at March 31, 2020 Canada ADT France EPM US ERP US % % % % % After tax WACC 14.0 14.0 16.0 16.5 17.0 Long-term growth rate of net operating cash flows* 3.0 4.0 3.0 3.0 3.0 * The long-term growth rate is based on published industry research. As at March 31, 2019 Canada ADT France EPM US ERP US % % % % % After tax WACC 12.4 12.4 14.2 13.6 13.6 Long-term growth rate of net operating cash flows* 3.5 3.5 3.5 3.5 3.5 * The long-term growth rate is based on published industry research. Two key assumptions were identified that, if changed, could cause the carrying amount to exceed its recoverable amount. Varying the assumptions in the values of the recoverable amount calculation would have the following effects for the year ended March 31, 2020, assuming all other variables remain constant: Incremental increase in after tax WACC Incremental decrease in long-term growth rate of net operating cash flows % % Canada 4.2 5.7 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at March 31, 2020 2019 $ $ Trade accounts payable 14,972 19,004 Accrued liabilities 13,998 9,158 Accrued compensation 18,411 18,182 Consumption taxes payable 2,241 1,505 Performance obligations in customer contracts 219 932 Provision 486 154 50,327 48,935 The following table summarizes the provision recorded by the Group: As at March 31, 2020 2019 $ $ Beginning balance 154 929 Paid or otherwise settled — (775) Additional provision 332 — Ending balance 486 154 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Long-term Debt | LONG-TERM DEBT The following table summarizes the Group’s long-term debt: As at March 31, 2020 2019 $ $ Senior secured revolving credit facility (the "Credit Facility") (a) 37,615 24,949 Balance of purchase payable with a nominal value of $5,100,000, non-interest bearing (5.8% effective interest rate), $1,000,000 payable April 3, 2020, and $2,100,000 payable April 3, 2022 2,877 3,765 Balance of purchase payable with a nominal value of $1,800,000, non-interest bearing (6.0% effective interest rate), payable on October 1, 2022 1,556 — Balance of purchase payable with a nominal value of $9,635,269 ($6,825,000 US), non-interest bearing (6.0% effective interest rate), payable on December 13, 2022 8,232 — Balance of purchase payable with a nominal value of $3,258,750, non-interest bearing (5.7% effective interest rate) payable on February 1, 2022 2,944 — Other 347 — Unamortized transaction costs (net of accumulated amortization of $234,858 and $11,424) (342) (409) 53,229 28,305 Current portion of long-term debt 1,143 1,000 52,086 27,305 (a) The senior secured revolving credit facility is available to a maximum amount of $60,000,000 and can be drawn in Canadian and the equivalent amount in US dollars. It is available in prime rate advances, LIBOR advances, bankers’ acceptances and letters of credit up to $2,500,000. The advances bear interest at the Canadian or US prime rate, plus an applicable margin ranging from 0.00% to 0.75%, or bankers’ acceptances or LIBOR rates, plus an applicable margin ranging from 1.00% to 2.00%, as applicable for Canadian and US advances, respectively. The applicable margin is determined based on threshold limits for certain financial ratios. As at March 31, 2020, the advance drawn on the Credit Facility amount to US$14,000,000 ($19,764,654) (2019 - US$18,550,000 ($24,749,000)), and $17,850,000 (2019 - $200,000). The US advances bear interest at the US base rate of 5.50% plus applicable margin and the Canadian advances bear interest at 3.95% plus applicable margin . As security for the Credit Facility, Alithya provided a first ranking hypothec on the universality of its assets excluding leased equipment and Investissement Quebec’s first ranking lien on tax credits receivable for the financing related to refundable tax credits, to a maximum of $7,500,000. Under the terms of the agreement, the Group is required to maintain certain financial covenants, which are measured on a quarterly basis. The Credit Facility matures in 2022 and is renewable for additional one-year periods at the lender’s discretion. The Group was in compliance with all of its financial covenants at March 31, 2020 and 2019 (note 22). On June 18, 2020, the Credit Facility was amended to reflect new covenant definitions, the Paycheck Protection Program (the “PPP”) loan received on May 5, 2020 (note 23), a temporary minimum availability test, certain other COVID-19 considerations, as well as certain other administrative clarifications. In addition, the maximum applicable margin for the Canadian and US prime rate advances increased from 0.75% to 1.50%, and maximum applicable margin for bankers’ acceptances and LIBOR advances increased from 2.00% to 2.75%. The financial covenants associated with the Credit Facility were eased as part of the amendment. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | INCOME TAXES Income tax expense (recovery) for the year is as follows: Year ended March 31, 2020 2019 2018 Current tax expense (recovery) $ $ $ Current tax expense (recovery) for the year 237 289 81 Total current tax expense (recovery) 237 289 81 Deferred tax expense (recovery) Origination and reversal of temporary differences (3,202) (3,140) (395) Total deferred tax expense (recovery) (3,202) (3,140) (395) Total tax recovery (2,965) (2,851) (314) The Group’s effective income tax rate differs from the combined Federal, US State and Provincial Canadian statutory tax rate as follows: Year ended March 31, 2020 2019 2018 % $ % $ % $ Loss before income taxes (42,632) (15,326) (7,538) Company's statutory tax rate 26.5 (11,297) 26.7 (4,092) 26.7 (2,013) Non-deductible share-based compensation expense (1.6) 689 (4.2) 642 (13.3) 1,004 Other non-deductible and tax exempt items (1.1) 490 (2.7) 409 (9.2) 695 Change in unrecognized deferred tax assets (15.9) 6,795 (2.3) 361 — — Impairment of intangibles and goodwill (0.7) 310 — — — — Other (0.1) 48 1.1 (171) — — Effective income tax rate 7.1 (2,965) 18.6 (2,851) 4.2 (314) The Group’s applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Group operates. 11. INCOME TAXES (CONT’D) Deferred income tax assets and liabilities The amounts recognized in the consolidated statement of financial position consist of: As at March 31, 2020 2019 $ $ Deferred tax liabilities (4,057) (2,016) Deferred tax assets 4,652 2,946 595 930 Movements in temporary differences during the year were as follows: As at March 31, 2020 March 31, 2019 Opening Recognized Recognized Business acquisition Total Opening Recognized Recognized Business acquisition Total $ $ $ $ $ $ $ $ Losses available for carryforward and other tax deductions 13,669 (2,884) — 267 11,052 3,395 1,141 — 9,133 13,669 Deferred financing costs 908 (211) — 3 700 39 155 714 — 908 Total deferred tax assets 14,577 (3,095) — 270 11,752 3,434 1,296 714 9,133 14,577 Intangibles and goodwill (11,499) 6,310 — (2,684) (7,873) (2,906) 1,862 — (10,455) (11,499) Tax credits (1,909) 52 — (1,125) (2,982) (1,752) (157) — — (1,909) Other (239) (65) — 2 (302) (378) 139 — — (239) Total deferred tax liability (13,647) 6,297 — (3,807) (11,157) (5,036) 1,844 — (10,455) (13,647) Net carrying amount 930 3,202 — (3,537) 595 (1,602) 3,140 714 (1,322) 930 11. INCOME TAXES (CONT’D) Losses available for carryforward for which no deferred tax asset was recognized Expiry date ( ¹ ) USA $ 2037 12,802 Indefinite 10,144 22,946 (1) Net operating losses amounting to $20,070,000 of which $12,802,000 will expire in 2037, are limited due to the U.S. tax rules applicable on the acquisition of Edgewater. In addition, the Company has i) state losses amounting to approximatively $28,280,000 (with expiry dates ranging from 2021 to 2039) and ii) deductible temporary differences totalling approximately $28,983,000 for which no deferred tax benefit has been recognized. |
Share Capital and Dividends
Share Capital and Dividends | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Dividends | SHARE CAPITAL AND DIVIDENDS AUTHORIZED As at March 31, 2020 and 2019, the Company had an unlimited number of shares without par value as follows: • Subordinate Voting Shares, carrying one vote per share, ranking pari passu with the Multiple Voting Shares as to the right to receive dividends and the remainder of the Company’s property in the event of a voluntary or involuntary winding-up or dissolution, or any other distribution of assets among shareholders for the purposes of winding up the Company’s affairs; • Multiple Voting Shares, carrying ten votes per share, ranking pari passu with the Subordinate Voting Shares as to the right to receive dividends and the remainder of the Company’s property in the event of a voluntary or involuntary winding-up or dissolution, or any other distribution of assets among shareholders for the purpose of winding-up the Company’s affairs, each share being convertible at the holder’s entire discretion into Subordinate Voting Shares on a share for share basis, and being automatically converted upon their transfer to a person who is not a permitted holder or upon the death of a permitted holder, unless otherwise acquired by any of the remaining permitted holders in accordance with the terms of the voting agreement entered into between permitted holders; and • Preferred Shares, issuable in series, each series ranking pari passu with other series but prior to any class ranking junior thereto, as well as prior to Subordinate Voting Shares and Multiple Voting Shares as to the right to receive dividends, and the remainder of the Company’s property in the event of a voluntary or involuntary winding-up or dissolution, or any other distribution of assets among shareholders for the purposes of winding up the Company’s affairs. If and when issued, preferred shares will have such voting rights and conversion rights as may be determined by the Company’s Board at the time of issuance thereof. 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) On October 31, 2018 the Company amended its articles in order to change its authorized capital from an unlimited number of common shares, without par value, to an unlimited number of Subordinate Voting Shares, an unlimited number of Multiple Voting Shares and an unlimited number of preferred shares, all without par value. The sole common share previously issued for cash consideration of $1.00 was cancelled. Prior to October 31, 2018, Old Alithya had an unlimited number of shares without par value as follows: • Classes A, A CRCD and A IQ shares, voting and participating, ranking pari passu; • Classes A CRCD and A IQ, convertible into Class A shares; • Class AA shares, super voting (10 votes per share) and participating; • Class B shares, non-voting and non-participating, non-cumulative, discretionary, variable dividend, retractable at the paid-up capital amount; • Class C shares, non-voting and non-participating, non-cumulative dividend from 0% to 15%, retractable at the paid-up capital amount; • Class D shares, non-voting and non-participating, non-cumulative dividend from 0% to 15%, retractable at the paid-up capital amount; • Class E shares, non-voting and non-participating, dividend payable upon death of the holder from the life insurance capital dividend account; • Class F shares, super voting (100 votes per share) and non-participating, non-cumulative dividend from 0% to 15%, retractable or upon death of the holder at the paid-up capital amount; • Class G shares, super voting (10 votes per share) and participating; • Class H shares, non-voting and non-participating, preferred cumulative dividend at an annual rate of 10%, redeemable or mandatorily retractable five years after issuance; • Class I shares, non-voting and non-participating, preferred cumulative quarterly dividend at a rate equal to the Bank of Canada prime rate effective on January 1 of each year, redeemable quarterly over a five years period as of the date of issue, at an annual rate of 20%, at the issue price, convertible into Class A shares; • Class J shares, voting and participating, preferred cumulative dividend at an annual rate of 10%, convertible into Class A shares at the holder's option; • Class K shares, voting and participating, preferred cumulative dividend at an annual rate of 4% of the paid up capital amount at the issue date, convertible into Class A shares at the holder's option; and • Class L shares, voting and participating, preferred cumulative dividend at an annual rate of 4% of the paid up capital amount at the issue date, convertible into Class A shares at the holder's option. 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) ISSUED During the year ended March 31, 2020, the following transactions occurred: • As part of the Matricis Acquisition, 473,646 Subordinate Voting Shares, with a total value of $1,800,000, were issued as partial settlement of the acquisition ; • As part of the Travercent Acquisition,1,274,510 Subordinate Voting Shares, with a total value of $3,870,000, were issued as partial settlement of the acquisition; • As part of the Askida Acquisition, 600,384 Subordinate Voting Shares, with a total value of $2,172,500, were issued as partial settlement of the acquisition; • 53,987 stock options were exercised and 53,987 Subordinate Voting Shares were issued with an approximate value of $201,000, for cash consideration of $165,000, with $36,000 reclassified from contributed surplus; and • 5,514 DSU were settled and 5,514 Subordinate Voting Shares were issued with an approximate value of $23,000, reclassified from contributed surplus. As at March 31, 2020, the issued share capital of the Company is as follows: Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ As at March 31, 2019 48,496,492 183,346 7,168,984 3,515 Share-based compensation on shares vested during the period, issued on business acquisitions — 407 — — Business acquisition of Matricis 473,646 1,800 — — Business acquisition of Alithya Travercent 1,274,510 3,870 — — Business acquisition of Askida 600,384 2,173 — — Exercise of stock options 53,987 201 — — Settlement of DSU 5,514 23 — — As at March 31, 2020 50,904,533 191,820 7,168,984 3,515 In addition, during the year ended March 31, 2020, the following share-based compensation was recognized: • In relation to the Subordinate Voting Shares, to be issued as part of the Matricis Acquisition (note 3), an amount of $550,000; • In relation to the Subordinate Voting Shares, to be issued as part of the Travercent Acquisition (note 3), an amount of $272,000; • In relation to the Subordinate Voting Shares, to be issued as part of the Askida Acquisition (note 3), an amount of $639,000; • As part of a previous year’s business acquisition, ADT, Class A shares previously issued to employees as share-based compensation on the acquisition date vested during the period. The value of the vested shares for the year ended March 31, 2020 was $326,000; and • As part of a previous year’s business acquisition, Pro2p Services Conseils Inc. (“Pro2p”), Class A shares previously issued to employees as share-based compensation on the acquisition date vested during the period. The value of the vested shares for the year ended March 31, 2020 was $81,000. 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) During the year ended March 31, 2019, the following transactions occurred: Due to restrictions imposed on Old Alithya in connection with the Edgewater Transaction, it was determined that Old Alithya could not fairly issue or repurchase securities of its share capital nor determine the fair market value thereof. The private placement (note 3), having been completed with third party investors could be a reasonable reference for the fair market value of the shares, at a price of $4.50 per share. On October 31, 2018, immediately prior to the Edgewater Transaction (note 3), Old Alithya completed the following transactions settling outstanding obligations, at a price of $4.50 per share, being the price of the private placement: • Accumulated dividends on the Class K and L shares were declared and paid through the issuance of 103,704 and 44,444 Class A shares, respectively having a stated value of $466,667 and $200,000, in the aggregate, respectively; • The issuance of 68,615 Class AA shares and 307,230 Class A shares in respect of the settlement of obligations, amounting to $308,769 and $1,384,421, respectively, owed as employee compensation, professional services rendered and employee share purchase plan; and • The repurchase, from past employees, of 95,970 Class A shares, having a stated value of $251,615 in aggregate, for cash consideration of $431,752, with the difference resulting in a premium on share redemption of $180,137 recorded to deficit. In addition, Old Alithya completed the following transactions: • Accumulated dividends, on October 31, 2018, on the Class J shares were declared and paid, in cash, for the aggregate amount of $1,864,383; and • Under the private placement (note 3), 11,736,055 Class A shares of Old Alithya were issued for cash consideration of $52,812,248. The Company incurred share issue costs in the amount of $2,764,885, net of deferred income taxes of $714,000. The transaction activity related to the Class A and AA shares of Old Alithya for the period from April 1, 2018 to October 31, 2018 is summarized as follows: As at October 31, 2018 Class A Class AA Number of shares $ Number of shares $ Beginning balance (Old Alithya balance) 12,009,378 30,948 7,100,369 3,206 Issued in relation to dividends and employee compensation 455,378 2,051 68,615 309 Issued for private placement (note 3) 11,736,055 50,761 — — Redeemed (95,970) (252) — — Share-based compensation on shares vested during the period, issued on business acquisitions — 807 — — Ending balance 24,104,841 84,315 7,168,984 3,515 On November 1, 2018, all the issued and outstanding shares of Old Alithya were cancelled and automatically exchanged on a one for one basis into Subordinate Voting Shares and Multiple Voting Shares of the Company, summarized as follows: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ Class A 24,104,841 84,315 — — Class A CRCD 1,773,212 5,250 — — Class A IQ 1,637,204 4,847 — — Class AA — — 7,168,984 3,515 Class J 1,742,342 5,000 — — Class K 1,182,164 3,500 — — Class L 506,642 1,500 — — Ending balance before business acquisition 30,946,405 104,412 7,168,984 3,515 Subordinate Voting Shares issued on business acquisition (note 3) 17,458,348 78,364 — — Ending balance 48,404,753 182,776 7,168,984 3,515 The transaction activity related to the Subordinate Voting Shares and Multiple Voting Shares of the Company for the period November 2, 2018 to March 31, 2019 is summarized as follows: Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ Beginning balance (New Alithya balance after conversion) 48,404,753 182,776 7,168,984 3,515 Share-based compensation on shares vested during the period, issued on business acquisitions — 268 — — Exercise of stock options 91,739 302 — — Ending balance 48,496,492 183,346 7,168,984 3,515 In addition, during the year ended March 31, 2019, the following share-based compensation was recognized: • As part of a previous year’s business acquisition of ADT, Class A shares previously issued to employees as share-based compensation on the acquisition date vested during the period. The value of the vested shares for the year ended March 31, 2019 was $815,000; and • As part of a previous year’s business acquisition of Pro2p, Class A shares previously issued to employees as share-based compensation on the acquisition date vested during the period. The value of the vested shares for the year ended March 31, 2019 was $260,000. Dividends The Company did not declare dividends during the year ended March 31, 2020. Old Alithya declared the following dividends during the period April 1, 2018 to October 31, 2018: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) Year ended March 31, 2019 2018 Class J 1,864 — Class K 467 — Class L 200 — Total 2,531 — As at March 31, 2018, dividends in arrears totaled $1,571,233 in connection with the Class J shares, $385,000 in connection with the Class K shares and $165,000 in connection with the Class L shares. Share purchase plan Under the Company’s share purchase plan, the Group contributes an amount equal to a percentage of the employee’s basic contribution, depending on the position held by the employee. The employee may make additional contributions, for total employee contributions, including basic contributions, of up to 10% of the annual gross salary. However, the Group does not match contributions in the case of such additional contributions. The employee and the Group’s contributions are remitted to an independent administrative agent who purchases Subordinate Voting Shares on the open market on behalf of the employee through either the TSX or NASDAQ. The Group's contribution expense is recognized as share-based compensation. Long-Term Incentive Plan (the “Plan”) The Company operates a plan which provides for awards of stock options, restricted shares, restricted share units, performance share units, DSU, and share appreciation rights to eligible employees and directors of the Company and its subsidiaries, all of which once exercised or settled result in the issuance of Subordinate Voting Shares. Stock options Under the Company’s Plan, the Board may grant, at its discretion, stock options to purchase Subordinate Voting Shares to eligible employees and directors of the Company and its subsidiaries. The Board establishes the exercise price at the time the stock options are granted, where the exercise price must in all cases be not less than the greater of the closing price of such shares on the TSX and NASDAQ on the business day immediately prior to the grant date. Stock options vest, as set out in the applicable award agreement between the participant and the Company, which may include performance-based vesting conditions. Vesting is generally four years from the date of grant and the stock options are to be exercised not later than the tenth anniversary of the grant date, except in the event of death, disability, retirement or termination of employment. The Plan provides that the aggregate number of Subordinate Voting Shares issuable pursuant to any type of awards under the Plan shall not exceed 10% of the aggregate number of Subordinate Voting Shares and Multiple Voting Shares issued and outstanding from time to time. The following table presents information concerning stock option activity for the respective years: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) As at March 31, 2020 March 31, 2019 March 31, 2018 Number of stock options Weighted average Number of stock options Weighted average Number of stock options Weighted average $ $ $ Beginning balance 2,623,542 3.80 1,296,660 2.66 1,040,160 2.36 Granted 970,500 3.63 680,000 4.48 314,000 3.80 Deemed issuance of replacement options on business acquisition (note 3) — — 910,461 5.17 — — Forfeited (137,151) 4.88 (170,946) 5.82 (55,000) 3.12 Expired (230,615) 3.66 (894) 2.66 — — Exercised (53,987) 3.10 (91,739) 2.66 (2,500) 2.21 Ending balance 3,172,289 3.72 2,623,542 3.80 1,296,660 2.66 Exercisable at year end 1,513,789 3.43 1,478,542 3.60 788,160 2.15 Included in the 1,513,789 and 1,478,542 of stock options exercisable as at March 31, 2020 and 2019, respectively, 863,160 stock options are available to purchase Multiple Voting Shares. During the year ended March 31, 2020, the Company issued the following stock options: • On June 21, 2019, Alithya issued 435,000 and 190,500 stock options, to purchase a total of 625,500 Subordinate Voting Shares, subject to terms set out in the grant letters at an exercise price of $3.64 and US$2.76, respectively; • On August 16, 2019, Alithya issued 85,000 and 95,000 stock options, to purchase a total of 180,000 Subordinate Voting Shares, subject to terms set out in the grant letters at a weighted average exercise price of $3.65 and US$2.78, respectively; and • On December 18, 2019, Alithya issued 165,000 stock options, to purchase a total of 165,000 Subordinate Voting Shares subject to terms set out in the grant letters at an exercise price of US$2.64. The weighted average share price per share of the stock options exercised was $3.85. During the year ended March 31, 2019, the Company issued the following stock options: • On November 1, 2018, concurrent with the closing of the Edgewater Transaction, and during the period, November 2, 2018 to March 31, 2019, Alithya issued 660,000 and 20,000 stock options, respectively, to purchase 660,000 and 20,000 Subordinate Voting Shares, respectively, subject to terms set out in the grant letters at an exercise price of $4.50 and $3.90, respectively. The weighted average share price per share of the stock options exercised at the date of exercise was $3.75 (2018 – $3.80). The following tables summarize the number of stock options outstanding by currency, exercise price and the weighted average remaining exercise period, expressed in number of years: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) As at March 31, 2020 March 31, 2019 March 31, 2018 Exercise price (CAD) Number of options Weighted average Number of options Weighted average Number of options Weighted average $ 1.90 363,160 2.45 363,160 3.45 363,160 4.50 1.92 100,000 2.00 100,000 3.00 100,000 4.50 2.21 115,000 4.02 115,000 5.03 115,000 6.00 2.46 100,000 3.00 100,000 4.00 100,000 5.00 2.87 120,000 5.09 120,000 6.09 120,000 7.00 2.96 186,000 6.01 188,500 7.01 192,000 8.00 3.29 2,000 6.67 4,000 7.67 4,000 8.70 3.64 418,000 9.23 — — — — 3.65 85,000 2.38 — — — — 3.80 249,500 7.14 262,500 8.16 302,500 9.16 3.90 20,000 8.88 20,000 9.89 — — 4.50 463,000 8.59 503,500 9.59 — — 2,221,660 6.12 1,776,660 6.63 1,296,660 6.52 As at March 31, 2020 March 31, 2019 Exercise price range (USD) Number of options Weighted average Number of options Weighted average $ 2.26 to 3.85 599,960 7.98 415,766 4.04 3.86 to 4.45 23,240 1.74 44,096 2.81 4.59 to 4.85 154,141 1.10 198,834 2.12 4.90 to 5.45 173,288 2.42 188,186 3.39 950,629 5.70 846,882 3.38 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) DSU Under the Plan, the Board, subject to the provisions of the Plan and such other terms and conditions, may grant DSU to obtain Subordinate Voting Shares to qualified employees and directors of the Company and its subsidiaries. The DSU shall be settled on the date as set out in the applicable award agreement, between the participant and the Company, however not earlier than the participant’s termination date. If the agreement does not establish a settlement date then it shall be the 90th day following the participant’s termination date for eligible Canadian participants and not earlier than the date that is six months after the termination date for eligible US participants. During the year ended March 31, 2020, the Company issued the following fully vested DSU: • On September 30, 2019, December 31, 2019 and March 31, 2020, 20,937, 22,299 and 53,370 fully vested DSU, respectively, in aggregate, were granted to non-employee directors of the Company at a fair value of $3.97, $3.66 and $2.63, respectively, per DSU, for an aggregate fair value of $83,120, $81,614 and $140,363, respectively. The amounts have been recorded in share-based compensation expense. During the year ended March 31, 2019, the Company issued the following fully vested DSU: • On November 1, 2018, concurrent with the closing of the Edgewater Transaction, 25,928 fully vested DSU in aggregate, were granted to non-employee directors of the Company at a fair value of $4.50 per DSU for an aggregate fair value of $116,676. The amount has been recorded in share-based compensation expense; and • On March 26, 2019, 23,865 fully vested DSU in aggregate, were granted to non-employee directors of the Company at a fair value of $3.85 per DSU for an aggregate fair value of $91,880. The amount has been recorded in share-based compensation expense. Share-Based Compensation The number of Alithya stock options granted to employees during the year, the related compensation expense recorded, and the assumptions used to determine share-based compensation expense, using the Black-Scholes stock option pricing model, were as follows: Year ended March 31, 2020 2019 2018 Compensation expense related to the options granted 318 141 289 Number of stock options granted 970,500 680,000 314,000 Weighted average fair value of options granted $1.13 $1.54 $1.50 Aggregate fair value of options granted 1,096 1,045 470 Weighted average assumptions Share price $3.63 $4.48 $3.80 Exercise price $3.63 $4.48 $3.80 Risk-free interest rate 1.79 % 2.42 % 1.07 % Expected volatility* 30 % 30 % 35 % Dividend yield — — — Expected option life (years) 5.7 6.1 7.5 Vesting conditions – time (years) 2.7 3.3 3.0 * Determined on the basis of observed volatility in publicly traded companies operating in similar industries. 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) Total share-based compensation expense for the years ended March 31, 2020, 2019 and 2018 are summarized as follows: Year ended March 31, 2020 2019 2018 $ $ $ Stock option plan 745 372 289 Share purchase plan – employer contribution 633 593 439 Share-based compensation on shares vested during the period, issued on business acquisitions 1,868 1,075 2,701 Deferred share units 305 209 — Accrued management bonuses and other compensation — — 734 3,551 2,249 4,163 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases The Company entered into a long-term lease agreement for the rental of a premise, which as at March 31, 2020, does not meet the right-of-use asset and lease liability recognition criteria. Minimum lease payments are as follows: Year ended March 31, 2020 Long-term lease agreements Total 2021 351 2022 468 2023 468 2024 468 2025 468 Thereafter 2,586 4,809 For the year ended March 31, 2019 and 2018, expenses recorded in consolidated net loss relating to these operating leases, prior to the adoption of IFRS 16 (note 2), amounted to approximately $2,922,000 and $2,440,000, respectively. The Group’s minimum contingent rental revenue, from the leasing of premises, amounts to approximately $260,000 for 2021. Contingencies From time to time, the Group may become involved in various claims and litigation as part of its normal course of business. While the final outcome thereof cannot be predicted, based on the information currently available, management believes the resolution of current pending claims and litigation will not have a material impact on the Group’s financial position and results of operations. Claims for which there is a probable unfavorable outcome are recorded in provisions. 13. COMMITMENTS AND CONTINGENCIES (CONT’D) Guarantees In 2019, the Company had issued letters of credit in the aggregate amount of $1,324,000 to secure a contract with a customer. This amount is secured by short-term deposits, consisting of guaranteed investments certificates, of an aggregate equivalent amount, bearing interest at 0.6% and have matured in January 2020. Operating commitments Operating expenditures contracted for at the end of the reporting period but not yet incurred are as follows: Year ended March 31, 2020 Technology licenses, infrastructure and other Total 2021 2,600 2022 1,193 2023 19 2024 5 Thereafter 5 3,822 |
Related Parties
Related Parties | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related Parties | RELATED PARTIES Ultimate controlling party As at March 31, 2020, the holders of Multiple Voting Shares, directly or indirectly, collectively owned or exercised control over Subordinate Voting Shares and Multiple Voting Shares representing approximately 58.70% of the total voting rights of Alithya. As of November 1, 2018, they also entered into a voting agreement, pursuant to which they agreed to, among other things, vote all of the Subordinate Voting Shares and Multiple Voting Shares under their control in accordance with decisions made by a majority of them, subject to certain exceptions. Transactions with directors and key management personnel Key management includes members of the Group’s Executive Committee. Certain key management of Alithya participate in the share purchase plan and the stock options plan. The compensation paid or payable to directors and to key management for services is shown below: Year ended March 31, 2020 2019 2018 Director compensation, and key management salaries and benefits* 3,626 2,743 2,516 Share based compensation 646 417 327 Termination benefits — 100 149 4,272 3,260 2,992 * Salaries and benefits include short-term incentive compensation. In addition to the above amounts, the Group is committed to pay incremental benefits to certain members of key management up to $4,633,000 (2019 - $3,006,000, 2018 – $2,484,000) in the event of termination without cause. 14. RELATED PARTIES (CONT’D) Operating transactions with shareholders In the normal course of operations, the Company concluded the following transactions with shareholders exercising significant influence. The transactions have been recorded at the exchange amount, which represents the contractual amount of consideration established and accepted by the related parties. Year ended March 31, 2020 2019 2018 Consulting fee revenue* 24,554 36,672 59,674 Employee benefits 41 19 634 Communications — 219 414 Professional fees — — 323 Transaction fees — 866 — * One of the shareholders exercising significant influence has committed to minimum amounts of revenue and EBITDA over a four year period ending in July 2020, which may be extended to July 2021 under certain conditions. Should the minimum contracted amounts not be met, the shareholder in question and another one of the shareholders will jointly reimburse Alithya an amount up to $4 million. As at March 31, 2020 2019 $ $ Trade accounts receivable 6,718 9,653 Trade accounts payable 153 — Other expenses concluded with shareholders exercising significant influence included employee benefits and communications expenses. However, these amounts were not significant. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Earnings per share [abstract] | |
Earnings Per Share | EARNINGS PER SHARE March 31, 2020 2019 2018 $ $ $ Net loss (39,667) (12,475) (7,224) Allocation of loss net of dividends to shareholders of preferred shares — 268 357 Net loss to shareholders of common shares (39,667) (12,207) (6,867) Weighted average number of common shares outstanding 56,399,499 36,129,647 22,292,548 Basic and diluted loss per share (0.70) (0.34) (0.31) The stock options mentioned in note 12 were not included in the calculation of diluted earnings per share since the Company suffered losses and the inclusion of these stock options would have an antidilutive effect. |
Reconciliation of Liabilities A
Reconciliation of Liabilities Arising from Financing Activities | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Reconciliation of Liabilities Arising from Financing Activities | RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Group’s liabilities arising from financing activities can be classified as follows: As at March 31, 2020 March 31, 2019 Line of credit and demand loan Current Long-term Total Line of credit and demand loan Current Long-term Total $ $ $ $ $ $ $ $ Beginning balance — 1,000 27,305 28,305 24,066 2,956 15,619 42,641 Repayment (3,153) (4,273) (50,136) (57,562) (40,547) (6,343) (14,079) (60,969) Proceeds — 2,517 61,576 64,093 — — 29,459 29,459 Total cash flow (3,153) (756) 38,745 34,836 (16,481) (3,387) 30,999 11,131 Acquisition 3,153 1,105 11,856 16,114 15,749 — — 15,749 Amortization of financing fees — — 231 231 — — 144 144 Interest accretion on balances of purchase payable — — 318 318 — — 211 211 Foreign currency translation adjustment — — 1,730 1,730 732 — 338 1,070 Reclassification — 794 (794) — — 4,387 (4,387) — Total non cash 3,153 1,899 13,341 18,393 16,481 4,387 (3,694) 17,174 Ending balance — 1,143 52,086 53,229 — 1,000 27,305 28,305 |
Additional Information on Conso
Additional Information on Consolidated Loss | 12 Months Ended |
Mar. 31, 2020 | |
Profit (loss) [abstract] | |
Additional Information on Consolidated Loss | ADDITIONAL INFORMATION ON CONSOLIDATED LOSS The following table provides additional information on the consolidated loss: March 31, As at 2020 2019 2018 $ $ $ Revenue – contingent rental (a) 1,532 1,814 1,319 Employee compensation costs 194,678 129,521 85,368 Tax credits (4,815) (3,650) (4,017) Selling expenses 44,084 20,527 9,168 General and administrative expenses 32,698 32,088 22,235 Depreciation of property and equipment 1,278 980 870 Depreciation of right-of-use assets 2,090 — — (a) The Company acts as a lessor in operating leases related to the use of premises to a shareholder exercising significant influence. |
Financial Expenses
Financial Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Financial Expense [Abstract] | |
Financial Expenses | FINANCIAL EXPENSES The following table summarizes financial expenses: March 31, As at 2020 2019 2018 $ $ $ Interest on long-term debt 1,155 687 1,156 Interest and financing charges 306 1,202 695 Interest on lease liabilities 375 — — Amortization of finance costs 231 144 28 Interest accretion on balances of purchase payable 318 211 232 Interest income (38) (3) (14) 2,347 2,241 2,097 |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Mar. 31, 2020 | |
Supplementary Cash Flow Information [Abstract] | |
Supplementary Cash Flow Information | SUPPLEMENTARY CASH FLOW INFORMATION Net change in non-cash working capital items is as follows: March 31, As at 2020 2019 2018 $ $ $ Accounts receivable and other receivables 7,622 (5,121) 2,152 Income taxes receivable (407) 716 (422) Unbilled revenue 2,200 1,072 (4,976) Tax credits receivable 185 (571) (1,158) Prepaids 377 (1,305) (118) Accounts payable and accrued liabilities (4,673) (9,760) 1,279 Deferred revenue 435 168 1,605 5,739 (14,801) (1,638) Non-cash investing and financing activities, for the year ended March 31, 2020, included the acquisition of leasehold improvements from the lessor as lease incentives in an amount of $1,249,000 (2019 – nil). |
Segment and Geographical Inform
Segment and Geographical Information | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Segment and Geographical Information | SEGMENT AND GEOGRAPHICAL INFORMATION The Company has examined its activities and has determined that, based on information received on a regular basis by the decision-makers, that it has a single reportable segment. Revenues by geographic location The following table presents total external revenues by geographic location: March 31, 2020 2019 2018 $ % $ % $ % Canada 147,821 53.0 149,064 71.1 148,768 93.4 USA 118,125 42.3 45,982 22.0 — — Europe 13,061 4.7 14,432 6.9 10,522 6.6 279,007 100.0 209,478 100.0 159,290 100.0 20. SEGMENT AND GEOGRAPHICAL INFORMATION (CONT’D) Long-lived assets by geographic location The following table presents the total net book value of the Group’s long-lived assets by geographic location: As at March 31, 2020 2019 $ % $ % Canada 61,743 41.7 40,451 31.3 USA 82,607 55.8 86,454 66.7 Europe 3,726 2.5 2,619 2.0 148,076 100.0 129,524 100.0 For the year ended March 31, 2020, no client generated more than 10% of total revenue (2019 - two customers for approximately $52,144,000; 2018 – two customers for approximately $50,760,000). An analysis of the Group’s revenue from customers for each major service category is as follows: March 31, 2020 2019 2018 $ % $ % $ % System integration and consulting services 270,345 96.9 204,526 97.6 157,561 98.9 Payrolling services 1,289 0.5 1,461 0.7 1,721 1.1 Software revenue 7,373 2.6 3,491 1.7 8 — 279,007 100.0 209,478 100.0 159,290 100.0 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS The Group's financial instruments consist of cash, short-term deposits, restricted cash, accounts receivable and other receivables, trade accounts payable and accrued liabilities and long-term debt and lease liabilities. The Group, through its financial assets and liabilities, has exposure to the following risks from its use of financial instruments: interest rate risk, credit risk, liquidity risk and currency risk. Senior management and Board are responsible for setting risk levels and reviewing risk management activities as they determine necessary. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to fluctuations in interest rates with respect to its variable rate on its Credit Facility. The interest rate risk profile of the Group's interest-bearing financial instruments was as follows: 21. FINANCIAL INSTRUMENTS (CONT’D) As at March 31, 2020 2019 $ $ Variable rate financial instruments Credit Facility (note 10) 37,615 24,949 Other long-term debt (note 10) 347 — 37,962 24,949 For the year ended March 31, 2020, the Group has determined that a reasonably possible increase or decrease of 100 basis point in interest rates of the above variable-rate financial liabilities would not have a significant impact on equity and profit or loss. This analysis assumes that all other variables remain constant, in particular foreign currency exchange rates. It has been performed on the same basis for the year ended March 31, 2019. The Group does not account for any fixed rate financial liabilities at FVPTL. Therefore, a change in interest rates at the reporting date would not affect equity and profit or loss. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s activities are financed through a combination of cash flows from operations, borrowings under existing credit facilities, issuance of debt and issuance of equity. As a result of the effect of COVID-19, unanticipated pressures may occur on liquidity. In order to manage its exposure to liquidity risk, the Group’s primary goal is to maintain an optimal level of liquidity through an active management of assets and liabilities as well as cash flows. Despite the pandemic, the Group continues to be in regular contact with customers. Also, as at March 31, 2020, the Group has an unused capacity of approximately $22,000,000 under its authorized secured senior revolving credit facility of $60,000,000. The following table summarizes the carrying amount and the contractual maturities of both the interest and principal portion of significant financial liabilities. As at March 31, 2020 Carrying amount Total Less than 1 year 1-2 years 2-5 years More than 5 years $ $ $ $ $ $ Accounts payable and accrued liabilities 28,970 28,970 28,970 — — — Credit Facility 37,615 39,775 1,178 38,597 — — Balances of purchase payable, non-interest bearing 15,609 17,006 1,000 3,259 12,747 — Other (included in long-term debt) 347 347 126 101 120 — Lease liabilities 13,232 16,091 2,020 2,018 6,464 5,589 95,773 102,189 33,294 43,975 19,331 5,589 21. FINANCIAL INSTRUMENTS (CONT’D) As at March 31, 2019 Carrying amount Total 1 year or less 1-2 years 2-5 years More than 5 years $ $ $ $ $ $ Accounts payable and accrued liabilities 28,162 28,162 28,162 — — — Credit Facility 24,949 29,149 1,493 1,493 26,163 — Balance of purchase payable, non-interest bearing 3,765 4,100 1,000 1,000 2,100 — 56,876 61,411 30,655 2,493 28,263 — Credit risk Credit risk is the risk of loss due to a counterparty's inability to meet its obligations. At March 31, 2020 and 2019, the Group's credit risk exposure consists mainly of the carrying amounts of cash and short-term deposits held with major Canadian banks, accounts receivable and other receivables, and unbilled revenue. The carrying amounts of financial assets and unbilled revenue represent the maximum credit exposure. Impairment losses recognized in profit or loss is not significant both in 2020 and 2019. The credit risk in respect of cash balances and short-term deposits is minimal as they are held with reputable financial institutions. With respect to accounts receivable and unbilled revenue, the Group is exposed to a concentration of credit risk on significant customers operating in Canada, as identified in n ote 4. However, this credit risk exposure is mitigated by the relative size and nature of the business carried on by such customers. Also, the Group has a large and diversified client base from clients engaged in various industries, including banks with high credit-rating, government agencies, telecommunications and retails. Historically, the Group has not made any significant write-offs. Notwithstanding the impact of COVID-19, the Group’s credit risk exposure remains relatively low. A substantial portion of accounts receivable and unbilled revenues are with customers who operate in industries for which credit risk has not increased significantly following the pandemic. However, if a key customer experiences financial difficulties or fails to comply with its contractual obligations which may occur as the pandemic continues, this could result in a significant financial loss to the Group. In order to manage its exposure to credit risk and assess credit quality, the Group established a credit policy under which collection of account receivable is a priority. Each new customer is analyzed individually for creditworthiness before the Group enters into contract. The financial stability and liquidity of customers are assessed on a regular basis, which included the review of default risk associated with the industry in which customers operate. The Group also limits its exposure by setting credit limits when deemed necessary. No significant adjustments were made to allowance for doubtful accounts in connection with this assessment. For both 2020 and 2019, allowance for doubtful accounts was not significant. 21. FINANCIAL INSTRUMENTS (CONT’D) Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which cash, accounts receivables and other receivables, accounts payables and accrued liabilities and borrowings are denominated and the respective functional currencies of Group’s companies. The currencies in which these financial instruments are mainly denominated is USD. Other currencies have no significant impact on the Group’s exposure to currency risk. The summary quantitative data about the Group’s exposure to currency risk for the significant exchange rates is as follow. As at March 31, 2020 2019 USD USD Cash 891 1,004 Accounts receivable and other receivables 377 80 Accounts payable and accrued liabilities (944) (110) Credit Facility (14,000) (18,550) Net statement of financial position exposure (13,676) (17,576) The following table illustrates the sensitivity of profit and equity in regards to the Group’s financial assets and financial liabilities and the USD/Canadian dollars exchange rate ‘all other things being equal’. It assumes a +/- 8% change of the USD/Canadian dollars exchange rate for the year ended March 31, 2020 (2019: +/-6%). This percentage has been determined based on the average market volatility in exchange rate in the previous twelve months. The sensitivity analysis is based on the Group’s foreign currency financial instruments held at each reporting date Profit or loss Effect in Canadian dollar Strengthening Weakening As at March 31, 2020 USD 8% Movement (1,087) 1,087 As at March 31, 2019 USD 6% Movement (1,115) 1,115 Fair Value of Financial Instruments Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Level 1 - Valuation based on quoted prices observed in active markets for identical assets or liabilities. • Level 2 - Valuation techniques based on inputs that are quoted prices of similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices used in a valuation model that are observable for that instrument; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 - Valuation techniques with significant unobservable market inputs. A financial instrument is classified at the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. 21. FINANCIAL INSTRUMENTS (CONT’D) The fair value of the long-term debt is estimated by discounting expected cash flows at rates that would be currently offered to the Group for debts of the same remaining maturities and conditions (level 2). For both 2020 and 2019, the Group has determined that the fair value of the Credit Facility and the balance of purchase payable are not significantly different than their carrying amount of approximately $37,615,000 and $15,609,000 as at March 31, 2020, respectively ($24,949,000 and $3,765,000 as at March 31, 2019, respectively). |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Capital Disclosures [Abstract] | |
Capital Disclosure | CAPITAL DISCLOSURES The Group's capital consists of cash, short-term deposits, restricted cash, long-term debt and total shareholders’ equity. The Group's main objectives when managing capital are: • to provide a strong capital base in order to maintain shareholder, creditor and stakeholder confidence and to sustain future growth development of the business; • to maintain a flexible capital structure that optimizes the cost of capital at acceptable risk and preserves the ability to meet financial obligations; • to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions; and • to provide a rewarding return on investment to shareholders. In managing its capital structure, the Group monitors performance throughout the year to ensure anticipated working capital requirements and maintenance capital expenditures are funded from operations, available cash and, where applicable, bank borrowings. Alithya manages its capital structure and may make adjustments to it, in order to support the broader corporate strategy or in response to changes in economic conditions and risk. In order to maintain or adjust its capital structure, the Group may purchase shares from existing shareholders, issue new shares, issue new debt, issue new debt to replace existing debt (with different characteristics), or reduce the amount of existing debt. Total capital as at March 31, 2020 and 2019 is calculated as follows: As at March 31, 2020 2019 $ $ Cash (8,810) (12,801) Short-term deposits — (1,324) Restricted cash (2,212) (2,165) Current portion of long-term debt 1,143 1,000 Long-term debt 52,086 27,305 Share capital 195,335 186,861 Deficit (78,780) (39,113) Accumulated other comprehensive income 6,123 1,469 Contributed surplus 4,691 2,239 169,576 163,471 22. CAPITAL DISCLOSURES (CONT’D) The Group monitors capital using a number of financial metrics, including but not limited to: • the senior debt to adjusted EBITDA (as defined further herein) ratio, defined as senior debt to 12-month trailing adjusted EBITDA (as defined in the Credit Facility); • the total debt to adjusted EBITDA ratio, defined as total debt to 12-month trailing adjusted EBITDA; and • the fixed charge coverage ratio, defined as adjusted EBITDA minus taxes, distributions and capital expenditures to aggregate interest expense and regular scheduled principal repayments. The Group uses Operating income, Adjusted EBITDA (defined as earnings before interest, income taxes, depreciation, amortization, share-based compensation and non-recurring costs) and Free Cash Flow (defined as operating cash flows less additions to P&E and additions to intangibles other than business combinations) as measurements to monitor operating performance. EBITDA and Free Cash Flow, as presented, are not recognized for financial statement presentation purposes under IFRS, and do not have a standardized meaning. Therefore, they are not likely to be comparable to similar measures presented by other entities. The continued availability of the Credit Facility is subject to the Group’s ability to maintain certain senior debt, debt service and fixed charge coverage covenants, as well as other affirmative and negative covenants, including certain limitations of distributions in the form of dividends or equity repayments in any given fiscal year, as set out in the credit agreement. The Group is subject to financial covenants pursuant to the credit facility agreement, which are measured on a quarterly basis. The covenants are senior debt to adjusted EBITDA, total debt to adjusted EBITDA and fixed charge coverage ratios. The Group was in compliance with all such covenants at March 31, 2020 and 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Events After Reporting Period Explanatory [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS COVID-19 COVID-19 has created unprecedented uncertainty in the global economy and to Alithya’s business, most of its customers not being much impacted while others facing significant challenges. Of note, the Group and many of its customers operate in sectors which have been declared to be essential or priority services by the Quebec and Ontario governments. The Group continues to take measures to protect the health and safety of its employees, work with its customers to minimize potential disruptions and address the challenges and opportunities posed by this global pandemic. The Group and its employees have transitioned to working remotely, relatively seamlessly, allowing Alithya to continue supporting its customers without material disruption. This outbreak has had impacts on Alithya’s business, with disruptions to its operations, including temporary office closures, reduced activity with certain clients, slower procurement decisions in some cases, and possible changes to customers’ spending and investment priorities. While the extent and the duration of the impacts of COVID-19 remain uncertain, the Group has to date implemented several measures to protect its financial position and preserve liquidity, and strict cost containment measures including management salary reductions, and reduced work weeks and temporary layoffs for a limited number of employees, some of which have returned to normal as of today. 23. SUBSEQUENT EVENTS (CONT’D) Government programs As a result of the COVID-19 pandemic, on May 5th, 2020, certain US subsidiaries of the Company were accepted under the PPP of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") administered by the U.S. Small Business Administration ("SBA") and entered into unsecured promissory notes (the "Notes") in the aggregate principal amount of US$6,300,000 ($8,900,000). The Notes have a term of five years at an interest rate of 1% per annum, with a deferral of payments for the initial six months of the loan, with respect to any portion of the Notes which is not forgiven as described below. Under the terms of the CARES Act, PPP loan recipients can apply for forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations and ongoing rule making by the SBA, based on the timely use of loan proceeds for payroll costs, including payments required to continue group health care benefits, and certain rent, utility, and mortgage interest costs and the maintenance of employee and compensation levels. While there is no assurance the Company will obtain forgiveness of the PPP loan in whole or in part, the Company intends to use the proceeds of the Notes for qualifying expenses. Certain subsidiaries within the Group have applied for COVID-19 financial relief in Canada under the Canada Emergency Wage Subsidy (“CEWS”) program. The CEWS program is a wage subsidy program launched by the Canadian federal government to qualifying employers to subsidize payroll costs during the COVID-19 pandemic. The qualified subsidy amounts received under the CEWS program are non-repayable. In June 2020, the subsidiaries applied for $1,471,000 of subsidy funding under the CEWS program for the period of March 15, 2020 to May 9, 2020, of which $446,000 was recorded as of March 31, 2020. Alithya Consulting SAS, a subsidiary located in France, received approximately €170,000 ($260,000) pursuant to the French government’s partial activity program, representing two months of salary assistance. The program is subject to certain annual limits per employee. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | BASIS OF PREPARATION Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved and authorized for issue by the Board of Directors (the “Board”) on June 18, 2020. Basis of Measurement and Comparative Figures These consolidated financial statements have been prepared on an accrual basis and under the historical cost basis except for certain assets and liabilities initially recognized in connection with business combinations. Certain figures have been reclassified to conform to the current year presentation. |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed or has the right to variable returns from its relationship with the entity and is able to affect those returns through its power over the activities of the entity. The subsidiaries’ financial statements are included in these consolidated financial statements from the date of commencement of control until the date that control ceases. Subsidiaries’ accounting policies have been adjusted, when necessary, to align with the policies adopted by the Group. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) All intercompany balances and transactions, and any unrealized income and expenses arising from intra-company transactions, are eliminated on consolidation. These consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiaries. All subsidiaries have a reporting date of March 31. The Company’s primary subsidiaries are as follows: 2020 2019 Entity Jurisdiction Percentage Ownership Percentage Ownership Alithya Canada Inc. Quebec, Canada 100% 100% Alithya Consulting Inc. Quebec, Canada 100% 100% Alithya Digital Technology Corporation Ontario, Canada 100% 100% Alithya Consulting SAS France 100% 100% Pro2p Services Conseils Inc. Canada 100% 100% Alithya USA, Inc. Delaware, USA 100% 100% Alithya Financial Solutions, Inc. Delaware, USA 100% 100% Alithya Ranzal LLC Delaware, USA 100% 100% Alithya Zero2Ten, Inc. Delaware, USA 100% 100% Alithya Fullscope Solutions, Inc. Delaware, USA 100% 100% Zero2Ten EMEA Limited United Kingdom - 100% Alithya Solutions Canada Inc. Canada 100% 100% Matricis Informatique Inc. Quebec, Canada 100% - Alithya Travercent LLC Texas, USA 100% - Alithya Askida Consulting Services Inc. Quebec, Canada 100% - Alithya Askida Solutions Inc. Quebec, Canada 100% - |
Business Combinations | BUSINESS COMBINATIONS The Group accounts for its business combinations using the acquisition method. Under this method the consideration transferred is measured at fair value. Acquisition-related and integration costs associated with the business combination are expensed as incurred. The Group recognizes goodwill as the excess of the cost of the acquisition over the net identifiable tangible and intangible assets acquired and liabilities assumed at their acquisition date fair values and any non-controlling interest in the acquiree. The fair value allocated to tangible and intangible assets acquired and liabilities assumed are based on management’s assumptions, including assumptions that would be made by market participants, acting in their economic best interest. These assumptions include the future expected cash flows arising from the intangible assets identified. The goodwill recognized is composed of the future economic value associated to acquired work force and any identified synergies with the Group’s operations which are primarily due to reduction of costs and new business opportunities. The determination of fair value involves making estimates relating to acquired intangible assets, property and equipment, litigation, provision for estimated losses on revenue-generating contracts, other onerous contracts, tax and other contingency reserves. Estimates include the forecasting of future cash flows and discount rates. Subsequent changes in fair values are adjusted against the cost of acquisition, if they qualify as measurement period adjustments. The measurement period is the period between the date of acquisition and the date where all significant information necessary to determine the fair values is available, not to exceed 12 months. All other subsequent changes are recognized in the consolidated statements of operations. |
Translation of Foreign Currencies | TRANSLATION OF FOREIGN CURRENCIES The Group’s consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency. Each entity in the group determines its own functional currency and items included in the consolidated financial statements of each entity are measured using that functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. Foreign currency transactions and balances Revenue, expenses and non-monetary assets and liabilities denominated in foreign currencies are recorded at the rate of exchange prevailing at the transaction date, except for non-monetary items measured at fair value, which are translated using the exchange rates at the date when the fair value was determined. Monetary assets and liabilities denominated in foreign currencies are translated at exchange rates prevailing at the reporting date. Unrealized and realized translation gains and losses, resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency, are reflected in the consolidated statements of operations. Foreign operations In the Group’s consolidated financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than the Canadian dollar are translated into Canadian dollars upon consolidation. The functional currencies of entities within the Group have remained unchanged during the reporting period. Upon consolidation, assets and liabilities have been translated into Canadian dollars at the closing rate at the reporting date. Goodwill and fair value adjustments arising from the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Canadian dollars at the closing rate. Revenue and expenses have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive income and recognized in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognized in equity are reclassified to the consolidated statements of operations and are recognized as part of the gain or loss on disposal. |
Segmented Reporting | SEGMENTED REPORTING An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to the transactions with any of the Group’s other segments. Based on the information received and analyzed by the decision-makers on a regular basis, the Group has determined that it has a single reportable segment. |
Revenue Recognition, Unbilled Revenue And Deferred Revenue | REVENUE RECOGNITION, UNBILLED REVENUE AND DEFERRED REVENUE The Group generates revenue principally through the provision of consulting services in the areas of information technology including systems implementation and strategy. These services are provided under arrangements with varying pricing mechanisms. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) To determine whether to recognize revenue, the Group follows a 5-step process: • Identifying the contract with a customer; • Identifying the performance obligations; • Determining the transaction price; • Allocating the transaction price to the performance obligations; and • Recognizing revenue when/as performance obligation(s) are satisfied. The total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. Revenue is recognized either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. The Group recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognizes either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Certain of the Group’s arrangements may include client acceptance clauses. Each clause is analyzed to determine whether the earnings process is complete when the service is performed. Formal client sign-off is not always necessary to recognize revenue, provided that the Group objectively demonstrates that the criteria specified in the acceptance provisions are satisfied. Some of the criteria reviewed include historical experience with similar types of arrangements, whether the acceptance provisions are specific to the client or are included in all arrangements, the length of the acceptance term and historical experience with the specific client. Time and materials arrangements - Revenue from consulting services and systems implementations under time and materials arrangements is recognized as the services are rendered. Fixed-fee arrangements - Revenue from consulting services and systems implementations under fixed-fee arrangements where the outcome of the arrangements can be estimated reliably is recognized using the percentage-of-completion method over the service periods. The Group primarily uses labour costs or labour hours to measure the progress towards completion. This method relies on estimates of total expected labour costs or total expected labour hours to complete the service, which are compared to labour costs or labour hours incurred to date, to arrive at an estimate of the percentage of revenue earned to date. Management regularly reviews underlying estimates of total expected labour costs or hours. If the outcome of an arrangement cannot be estimated reliably, revenue is recognized to the extent of arrangement costs incurred that are likely to be recoverable. Unbilled revenue and deferred revenue - Amounts recognized as revenue in excess of billings are classified as unbilled revenue. Amounts received in advance of the performance of services are classified as deferred revenue. Retainer based arrangements - The client pays a recurring fee in exchange for a monthly recurring service (typically support). The revenue for these arrangements is recognized over time (using an hours-based input method). Revenue recognition over time is based on customer simultaneously receiving and consuming the benefit of the services provided. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Estimated losses on revenue-generating contracts - Estimated losses on revenue-generating contracts may occur due to additional contract costs which were not foreseen at the inception of the contract. Contract losses are measured at the amount by which the estimated total costs exceed the estimated total revenue from the contract. The estimated losses on revenue-generating contracts are recognized in the period when it is determined that a loss is probable. The expected loss is first applied to impair the related capitalized contract costs, if any, with the excess recorded in accounts payable and accrued liabilities. Management regularly reviews arrangement profitability and underlying estimates. Software revenue - Software revenue is generated from the resale of certain third-party off-the-shelf software and maintenance. The majority of the software sold by the Group is delivered electronically. For software that is delivered electronically, the Group considers transfer of control to have occurred when the customer either (a) takes possession of the software via a download (that is, when the customer takes possession of the electronic data on its hardware), or (b) has been provided with access codes that allow the customer to take immediate possession of the software on its hardware pursuant to an agreement or purchase order for the software. In all instances, the resale of third-party software and maintenance is recorded on a net basis. Group created software, and the associated maintenance, is reported on a gross basis, however it is immaterial in all periods presented. Third party software and maintenance revenue are recognized upon delivery of the software, as all related warranty and maintenance is performed by the primary software vendor and not the Group. The Group enters into arrangements with multiple performance obligations which typically include software, post-contract support (or maintenance), and consulting services. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis. The Group has determined standalone selling price for each of the performance obligations in connection with the evaluation of arrangements with multiple performance obligations. The Group has established standalone selling price for consulting services based on a stated and consistent rate per hour range in standalone transactions. The Group has established standalone selling price for software through consistent stated rates for software components. The Group has established standalone selling price for maintenance based on observable prices for standalone renewals. |
Financial Instruments | FINANCIAL INSTRUMENTS Recognition and Derecognition Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Classification and Initial Measurement of Financial Assets Except for those accounts receivables and other receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: • amortized cost; • fair value through profit or loss (FVTPL); and • fair value through other comprehensive income (FVOCI). In the years presented, the Company does not have any financial assets categorized as FVOCI or FVTPL. The classification is determined by both: • the entity’s business model for managing the financial asset; and • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss presented within financial expense, except for impairment of accounts receivables and other receivables, which is presented within selling, general and administrative expenses. Subsequent measurement of financial assets Financial assets at amortized cost Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash, restricted cash, short-term deposits and accounts receivable and other receivables fall into this category of financial instruments. Impairment of financial assets and unbilled revenues IFRS 9’s impairment requirements use forward-looking information to recognize expected credit losses – the ‘expected credit loss (ECL) model’. Instruments within the scope of IFRS 9’s impairment requirements included loans and other debt-type financial assets measured at amortized cost and FVOCI, accounts receivables and other receivables recognized and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) The Group considers a range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: • financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and • financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). ‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month expected credit losses’ are recognized for the first category while ‘lifetime expected credit losses’ are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Accounts Receivable and Other Receivables and Unbilled Revenues The Group makes use of the simplified approach in accounting for accounts receivable and other receivables and unbilled revenues and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of accounts receivables and other receivables on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. Classification and measurement of financial liabilities The Group’s financial liabilities include trade accounts payable and accrued liabilities, lease liabilities and long-term debt. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortized cost using the effective interest method and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) All interest-related charges and, if applicable, changes in an instrument’s fair value are reported in the consolidated statements of operations within financial expenses. Transaction Costs Transaction costs related to financial assets classified as fair value through profit and loss are expensed as incurred. Transaction costs related to loans and receivables and liabilities are considered as part of the carrying value of the asset or liability and are then amortized over the expected life of the instrument using the effective interest rate method. Financial Income and Expenses Financial income includes interest income on cash and short-term deposits. Interest income is recognized as it accrues in earnings, using the effective interest method. Financial expenses include interest expense on borrowings, effective interest on non-interesting bearing vendor financing arising from business combinations, amortization of unwinding of the discount on provisions, impairment losses recognized on financial assets and other interest and bank charges. |
Earnings per Share | EARNINGS PER SHARE Basic earnings (loss) per share is calculated by dividing the net earnings (loss) attributable to the holders of Common Shares (as defined further herein) by the weighted average number of Common Shares outstanding during the period, including the effect of stock options exercised and deferred share units. The net earnings (loss) attributable to the holders of Common Shares corresponds to the net earnings (loss) adjusted by deducting earnings allocated to preferred shares. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the weighted average number of additional Common Shares that would have been outstanding assuming the conversion of all dilutive potential equity instruments. Dilutive potential outstanding stock options include the total number of additional Common Shares that would have been issued by the Company assuming stock options with exercise prices below the average market price for the year were exercised and reduced by the number of shares that the Company could have repurchased if it had used the assumed proceeds from the exercise of stock options to repurchase them on the open market at the average share price for the period. “Common Shares” include the Subordinate Voting Shares and Multiple Voting Shares (as defined further herein) starting November 1, 2018 and Class A and Class AA shares prior to November 1, 2018. |
Restricted Cash | RESTRICTED CASH Restricted cash represents amounts held in trust as required by contractual obligations arising from business acquisitions. Restricted cash that is not expected to become unrestricted within the next twelve months is included in non-current assets on the statements of financial position. |
Government Assistance - Tax Credits | GOVERNMENT ASSISTANCE - TAX CREDITS Certain subsidiaries are eligible for research and development (“R&D”) activities and tax credits for the development of e-business. These tax credits are accounted for as government assistance, following the income approach. Under this method, tax credits are recorded when there is reasonable assurance that the assistance will be received and that the subsidiary will comply with all relevant conditions. Tax credits related to operating expenditures are then recorded as a reduction of the related expense and recognized in the period in which the related expenditures are charged to operations. Tax credits related to capital expenditures are recorded as a reduction of the cost of the related asset. The tax credits recorded are based on management's best estimates of amounts expected to be received and are subject to audit by the tax authorities. |
Property and Equipment ("P&E") | PROPERTY AND EQUIPMENT (“P&E”) Property and equipment are recorded at cost and amortized over their estimated useful lives, using the following methods: Method Rates Furniture, fixtures and equipment Declining balance 20 % Computer equipment Declining balance 30 % Leasehold improvements Straight line Over the term of the lease The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the reporting date. |
Intangibles | INTANGIBLES Intangible assets consist mainly of customer relationships, non-compete agreements, internal-use business solutions and software licenses and tradenames. Internal use business solutions and software licenses (“Software”) are recorded at cost. In addition, internal-use business solutions developed internally are capitalized when they meet specific capitalization criteria related to technical and financial feasibility and when the Group demonstrates its ability and intention to use them. Amortization of internal-use business solutions commences once the solution is available for use. Customer relationships, internal-use business solutions and software licenses acquired through business combinations are initially recorded at their fair value. The Group amortizes its intangible assets using the straight-line method over their estimated useful lives, as follows : Method Period Customer relationships Straight line 3 - 10 years Non-compete agreements Straight line 3 - 10 years Software Straight line 3 years Tradenames - Indefinite The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the reporting date. |
Goodwill | GOODWILL Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary at the date of acquisition and it is measured net of accumulated impairment losses. Goodwill is not amortized, but instead tested for impairment annually, or more frequently, should events or changes in circumstances indicate that the goodwill may be impaired. |
Impairment of P&E, Right-of-use Assets, Intangibles and Goodwill | IMPAIRMENT OF P&E, RIGHT-OF-USE ASSETS, INTANGIBLES AND GOODWILL Timing of impairment testing The carrying amounts of the Group's P&E, right-of-use assets, intangible assets and goodwill are reviewed for impairment when events or changes in circumstances indicate that the carrying value may be impaired. At each reporting date, the Group assesses whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the impairment is tested at least annually, typically as at March 31. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Impairment testing The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit", or "CGU"). For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to the CGU, or the group of CGUs, that is expected to benefit from the synergies of the combination. This allocation is subject to an operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal reporting purposes. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in consolidated earnings. Impairment losses recognized in respect of CGUs that include goodwill are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis not beyond the highest of: • The fair value less costs of disposal; and • Value in use of the individual asset, if determinable. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Provisions | PROVISIONS Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The Group’s provisions may consist of litigation and claim provisions arising in the ordinary course of business and decommissioning liabilities for operating leases of office buildings. The Group may record restructuring provisions related to business combinations and termination of employment costs incurred as part of the Group's productivity improvement initiatives. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted using a current pre-tax rate when the impact of the time value of money is material. The increase in the provision due to the passage of time is recognized as a finance cost. The accrued litigation and legal claim provisions are based on historical experience, current trends and other assumptions that are believed to be reasonable under the circumstances. Estimates include the period in which the underlying cause of the claim occurred and the degree of probability of an unfavorable outcome. In the case of decommissioning liabilities pertaining to operating leases of buildings where certain arrangements require premises to be returned to their original state at the end of the lease term, the provision is determined using the present value of the estimated future cash outflows. Restructuring provisions, consisting primarily of severance, are recognized when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs, appropriate timelines and has been communicated to those affected by it. |
Income Taxes | INCOME TAXES Income taxes are accounted for using the liability method of accounting. Current income taxes are recognized with respect to the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are determined based on deductible or taxable temporary differences between the amounts reported for financial statement purposes and tax values of the assets and liabilities using enacted or substantively enacted tax rates that will be in effect for the year in which the differences are expected to be recovered or settled. Deferred income tax assets and liabilities are recognized in earnings, other comprehensive income or in equity based on the classification of the item to which they relate. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Share Capital | SHARE CAPITAL Common Shares and preferred shares that are not redeemable or are redeemable only at the Group's option are classified as equity. Incremental costs directly attributable to the issue of Common Shares and preferred shares and stock options are recognized as a deduction from equity, net of any tax effects. Dividends payable by the Company to its Common Shares and preferred shareholders, which are determined at the discretion of the Board and in accordance with the terms of each category of preferred shares (notes 12), are recorded when declared. Dividends on Common Shares and preferred shares are recognized as distributions within equity. When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from share capital for the shares' assigned value, any excess being allocated to contributed surplus to the extent that contributed surplus was created by a net excess of proceeds over cost on cancellation or resale of shares of the same class (charged to retained earnings if no contributed surplus for the same class of shares exists), and any discount being assigned to contributed surplus. Repurchased shares are made available to eligible employees for purchase at the price (fair value) then in effect, in the context of the share purchase plan described in note 12. |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS Share purchase plan The Company operates a share purchase plan for eligible employees of the Company and its subsidiaries. Under this plan, the Group matches the contributions made by employees up to a maximum percentage of the employee's salary. The Group’s contributions to the plan are recognized in salaries within cost of revenues and selling, general and administrative. Long-term incentive plan The Company operates a long-term incentive plan for eligible employees and directors of the Company and its subsidiaries which provides for various types of awards. Stock options Stock option expense is based on the grant date fair value of the stock option expected to vest over the vesting period. Forfeitures are estimated at the time of the grant and are included in the measurement of the expense and are subsequently adjusted to reflect actual events. For stock options with graded vesting, the fair value of each tranche is recognized on a straight-line basis over its vesting period. Any consideration paid by participants on exercise of stock options is credited to capital stock together with any related share-based compensation expense originally recorded in contributed surplus. If the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense for stock options, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the Company recognizes the excess of the associated current or deferred tax to contributed surplus prior to an award being exercised, and any such amounts are transferred to capital stock upon exercise of the stock options. Deferred share units (“DSU”) DSU are settled in Subordinate Voting Shares of the Company and the expense is based on the grant date fair value of the awards with a corresponding adjustment through contributed surplus. |
Significant Management Judgement in Applying Accounting Policies and Estimation Uncertainty | SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the amounts reported as assets, liabilities, income and expenses in the consolidated financial statements. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which they occur and in any future periods affected. Assessment of COVID-19 impact As a result of the continued and uncertain economic and business impact of the COVID-19 pandemic, the Group has reviewed its estimates, judgments and assumptions used in the preparation of its consolidated financial statements, including the determination of whether indicators of impairment exist for its tangible and intangible assets, including goodwill, the credit risk of its counterparties, and the estimates and judgments used for the measurement of its deferred tax assets. Due to the pandemic and the significantly increased uncertainty surrounding global economic conditions in general, and the outlook of the Company’s clients’ different markets and industries in particular, the Group has made revisions to estimates and assumptions used in the determination of impairment of goodwill (note 8) to reflect the increased uncertainty and risks. As the situation is dynamic and the impact of COVID-19 on the Group’s operations and financial conditions will be impacted by the duration of government-mandated measures and overall customer demand, revisions may be required in future periods to estimates and assumptions. Although management expects COVID-19 related disruptions to continue during fiscal 2021, management believes that the Group’s long-term estimates and assumptions do not require further revisions, however we continue to monitor and evaluate the situation and its impact on the Group’s business. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Information related to critical judgements required in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following note: • Revenue recognition – please refer to Fixed-fee arrangements ; • Determination of the aggregation of operating segments - the Group uses judgment in the aggregation of operating segments for financial reporting and disclosure purposes. The Group has examined its activities and has determined that it has one single reportable segment due to similar characteristics including the nature of services provided to its customers, types of customers comprising its customer base and the regulatory environment in which the Group operates (note 20); and • Income taxes (note 11); Information related to assumptions and estimation uncertainties described below with a significant risk of resulting in material adjustments within the next year are included within the following notes: • Tax credits – please refer to GOVERNMENT ASSISTANCE - TAX CREDITS; • Impairment considerations on long-lived assets and goodwill, particularly future cash flows and cost of capital (notes 5 to 8); • Fair value measurement – management uses valuation techniques to determine the fair value of financial instruments and non-financial assets, where active market quotes are not available. These techniques involve the development of estimates and assumptions to determine how a market participant would price the instrument. Management bases its assumptions on observable data to the extent available. In the absence of observable data, management uses the best information available. Estimated fair values may vary from actual prices obtained in an arm’s length transaction at the reporting date; • Business combinations, divestiture and private placement (note 3); • Useful lives of depreciable assets (notes 5, 6 and 7); • Right-of-use assets and lease liabilities (note 6); • Deferred tax assets (note 11); • Share-based compensation (note 12); and • Provisions (note 9). NEW STANDARDS AND INTERPRETATIONS ADOPTED AS AT APRIL 1, 2019 IFRS 16 – Leases Adoption IFRS 16 - Leases replaces IAS 17 - Leases along with three interpretations (IFRIC 4 - Determining whether an Arrangement Contains a Lease, SIC 15 - Operating Leases - Incentives and SIC 27 - Evaluating the Substance of Transactions Involving the Legal Form of a Lease). The new standard has been applied using the modified retrospective approach, with the cumulative effect of adopting IFRS 16, if any, being recognized in equity as an adjustment to the opening balance of deficit for the current period. Prior periods have not been restated. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) In applying IFRS 16 – Leases for the first time, the Group has used the following practical expedients permitted by the standard: • applying the definition of a lease from IAS 17 and IFRIC 4, for contracts in place at the date of the initial application, and has not applied IFRS 16 to arrangements that were previously not identified as leases under IAS 17 and IFRIC 4; • excluding initial direct costs from the measurement of the right-of-use assets at the date of initial application; • measuring the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments that existed at the date of transition; • relying on the assessment of whether leases are onerous immediately before the date of initial application as an alternative to performing an impairment review; • excluding from the recognition of right-of-use assets all leases previously accounted for as operating leases with a remaining lease term of less than 12 months and all leases of low-value assets but to account for the lease expense on a straight-line basis over the remaining lease term; • using hindsight, such as in determining the lease term if the contract contains options to extend or terminate the lease; and • applying a single discount rate to a portfolio of leases with reasonably similar characteristics. On transition to IFRS 16, the weighted average incremental borrowing rate applied to lease liabilities recognized under IFRS 16 was 4.16%. The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 as at April 1, 2019. Carrying amount as at March 31, 2019 Reclassification Remeasurement IFRS 16 carrying amount as at April 1, 2019 $ $ $ $ Right-of-use assets — (159) 6,668 6,509 Deferred lease inducements (159) 159 — — Lease liabilities — — (6,668) (6,668) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) The following is a reconciliation of total operating lease commitments as at March 31, 2019 to the lease liabilities recognized as at April 1, 2019. $ Total operating lease commitments disclosed as at March 31, 2019 14,228 Recognition exemptions: Variable payments (6,426) Leases with remaining lease term of less than 12 months (119) Operating lease liabilities before discounting 7,683 Discounted using incremental borrowing rate (1,015) Total lease liabilities recognized under IFRS 16 as at April 1, 2019 6,668 Policy applicable from April 1, 2019 The Group as a lessee For any new contracts entered into on or after April 1, 2019, the Group considers whether a contract is, or contains a lease. A lease is defined as a “contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration”. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: • the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; • the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and • the Group has the right to direct the use of the identified asset throughout the period of use. The Group assesses whether it has the right to direct “how and for what purpose” the asset is used throughout the period of use. Measurement and recognition of leases as a lessee At lease commencement date, the Group recognizes a right-of-use asset and a lease liability on the statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-substance fixed payments), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. The Group has elected not to recognize separately non-lease components of leases for office space (buildings). Accordingly, lease payments and the lease liability include payments relating to lease and non-lease components. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or net loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are recognized as an expense in the consolidated statements of operations on a straight-line basis over the lease term. The Group as a lessor The accounting policy under IFRS 16 for lessors has not changed. As a lessor, the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Policy applicable before April 1, 2019 The Group as a lessee Leases were classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases were classified as operating leases. Lease payments under operating leases were charged to the consolidated statements of operations on a straight-line basis over the lease term. Operating lease incentives, typically for premises, were recognized as a reduction in the rental expense over the lease term and recorded on the statements of financial position as deferred lease inducements. Rental income, including contingent rent, from operating leases is recognized over the term of the contract and is reflected in revenue. Contingent rent may arise when payments due under contracts are not fixed in amount but vary based on future amount of usage. |
Future Accounting Standards | FUTURE ACCOUNTING STANDARDS At the date of authorization of these consolidated financial statements, certain new standards, amendments and interpretations, and improvements to existing standards have been published by the IASB but are not yet effective and have not been adopted early by the Group. Management anticipates that all the relevant pronouncements will be adopted in the first reporting period following the date of application. Information on new standards, amendments and interpretations, and improvements to existing standards, which could potentially impact the Group’s consolidated financial statements, are detailed as follows: Classification of Liabilities as Current or Non-current (Amendments to IAS 1) On January 23, 2020, the IASB issued amendments to IAS 1 - Presentation of Financial Statements, to clarify the classification of liabilities as current or non-current. The amendments are effective for annual periods beginning on or after January 1, 2022. Early adoption is permitted. For the purposes of non-current classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments state that: • settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and • when classifying liabilities as current or non-current a company can ignore only those conversion options that are recognized as equity. Management is currently assessing but has not yet determined the impact of this new standard on the Group’s consolidated financial statements. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Group’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Primary Subsidiaries | These consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiaries. All subsidiaries have a reporting date of March 31. The Company’s primary subsidiaries are as follows: 2020 2019 Entity Jurisdiction Percentage Ownership Percentage Ownership Alithya Canada Inc. Quebec, Canada 100% 100% Alithya Consulting Inc. Quebec, Canada 100% 100% Alithya Digital Technology Corporation Ontario, Canada 100% 100% Alithya Consulting SAS France 100% 100% Pro2p Services Conseils Inc. Canada 100% 100% Alithya USA, Inc. Delaware, USA 100% 100% Alithya Financial Solutions, Inc. Delaware, USA 100% 100% Alithya Ranzal LLC Delaware, USA 100% 100% Alithya Zero2Ten, Inc. Delaware, USA 100% 100% Alithya Fullscope Solutions, Inc. Delaware, USA 100% 100% Zero2Ten EMEA Limited United Kingdom - 100% Alithya Solutions Canada Inc. Canada 100% 100% Matricis Informatique Inc. Quebec, Canada 100% - Alithya Travercent LLC Texas, USA 100% - Alithya Askida Consulting Services Inc. Quebec, Canada 100% - Alithya Askida Solutions Inc. Quebec, Canada 100% - |
Summary of Depreciation Method of Property and Equipment | Property and equipment are recorded at cost and amortized over their estimated useful lives, using the following methods: Method Rates Furniture, fixtures and equipment Declining balance 20 % Computer equipment Declining balance 30 % Leasehold improvements Straight line Over the term of the lease As at March 31, 2020 March 31, 2019 Furniture, Computer Leasehold improvements Total Furniture, Computer Leasehold improvements Total $ $ $ $ $ $ $ Cost 1,435 2,800 1,844 6,079 1,234 2,062 1,262 4,558 Additions 1,313 886 3,724 5,923 196 227 584 1,007 Additions through business acquisitions 67 239 22 328 16 494 — 510 Disposals / retirements (490) (855) — (1,345) (10) (13) — (23) Foreign currency translation adjustment 8 120 21 149 (1) 30 (2) 27 Subtotal 2,333 3,190 5,611 11,134 1,435 2,800 1,844 6,079 Accumulated depreciation 866 1,874 1,000 3,740 690 1,435 612 2,737 Depreciation expense 226 543 509 1,278 179 409 392 980 Disposals / retirements (397) (762) — (1,159) (5) 2 — (3) Foreign currency translation adjustment 4 97 2 103 2 28 (4) 26 Subtotal 699 1,752 1,511 3,962 866 1,874 1,000 3,740 Net carrying amount 1,634 1,438 4,100 7,172 569 926 844 2,339 |
Summary of Amortization Method of Intangible Assets | The Group amortizes its intangible assets using the straight-line method over their estimated useful lives, as follows : Method Period Customer relationships Straight line 3 - 10 years Non-compete agreements Straight line 3 - 10 years Software Straight line 3 years Tradenames - Indefinite As at March 31, 2020 March 31, 2019 Customer Software Tradenames Non- Total Customer Software Tradenames Non- Total $ $ $ $ $ $ $ $ $ $ Cost 55,823 1,355 12,604 316 70,098 28,348 1,256 — — 29,604 Additions, purchased — 49 — — 49 425 1 — — 426 Additions through business acquisitions 16,077 2,909 — 6,964 25,950 26,701 — 12,398 311 39,410 Additions, internally generated — — — — — — 98 — — 98 Foreign currency translation adjustment 1,822 64 732 250 2,868 349 — 206 5 560 Subtotal 73,722 4,377 13,336 7,530 98,965 55,823 1,355 12,604 316 70,098 Accumulated amortization 21,837 644 — 66 22,547 14,203 252 — — 14,455 Amortization 10,133 598 — 547 11,278 7,634 392 — 66 8,092 Impairment — — 13,336 — 13,336 — — — — — Foreign currency translation adjustment — — — — — — — — — — Subtotal 31,970 1,242 13,336 613 47,161 21,837 644 — 66 22,547 Net carrying amount 41,752 3,135 — 6,917 51,804 33,986 711 12,604 250 47,551 |
Reconciliation from IAS 17 to IFRS 16 | The following is a reconciliation of the financial statement line items from IAS 17 to IFRS 16 as at April 1, 2019. Carrying amount as at March 31, 2019 Reclassification Remeasurement IFRS 16 carrying amount as at April 1, 2019 $ $ $ $ Right-of-use assets — (159) 6,668 6,509 Deferred lease inducements (159) 159 — — Lease liabilities — — (6,668) (6,668) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) The following is a reconciliation of total operating lease commitments as at March 31, 2019 to the lease liabilities recognized as at April 1, 2019. $ Total operating lease commitments disclosed as at March 31, 2019 14,228 Recognition exemptions: Variable payments (6,426) Leases with remaining lease term of less than 12 months (119) Operating lease liabilities before discounting 7,683 Discounted using incremental borrowing rate (1,015) Total lease liabilities recognized under IFRS 16 as at April 1, 2019 6,668 |
Business Combinations, Divest_2
Business Combinations, Divestiture and Private Placement (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |
Gain on Disposal of Subsidiary | The divestiture of Alithya UK resulted in a gain on disposal of subsidiary as follows: Divestiture of Zero2Ten EMEA Limited $ Consideration received in cash 565 Balance of sale receivable 728 Total consideration 1,293 Net assets divested 612 Gain on sale of subsidiary 681 |
Matricis Informatique Inc. | |
Disclosure of detailed information about business combination [line items] | |
Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Matricis $ Current assets Cash 467 Accounts receivable and other receivables 584 Unbilled revenue 288 Prepaids 94 1,433 Non-current assets Property and equipment 85 Tax credits receivable 1,059 Deferred tax assets 111 Intangibles 1,820 Goodwill 2,566 Total assets acquired 7,074 Current liabilities Accounts payable and accrued liabilities 596 Deferred revenue 415 Current portion of long-term debt 544 1,555 Non-current liabilities Deferred lease inducements 6 Deferred tax liabilities 624 Total liabilities assumed 2,185 Net assets acquired 4,889 |
Summary of Acquisition Date Fair Value of Each Major Class of Consideration Transferred | The following table summarizes the acquisition date fair value of each class of consideration: Acquisition of Matricis $ Cash paid 1,578 Issuance of 473,646 Subordinate Voting Shares (note 12) 1,800 Balance of purchase payable (note 10) 1,511 Total consideration 4,889 |
Alithya Travercent LLC | |
Disclosure of detailed information about business combination [line items] | |
Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Alithya Travercent $ Current assets Cash 2,118 Accounts receivable and other receivables 1,391 Unbilled revenue 1,458 Prepaids 49 5,016 Non-current assets Intangibles 15,720 Goodwill 3,374 Total assets acquired 24,110 Current liabilities Accounts payable and accrued liabilities 1,331 Deferred revenue 2,301 Total liabilities assumed 3,632 Net assets acquired 20,478 |
Summary of Acquisition Date Fair Value of Each Major Class of Consideration Transferred | Consideration paid The following table summarizes the acquisition date fair value of each class of consideration: Acquisition of Alithya Travercent $ Cash paid 8,958 Issuance of 1,274,510 Subordinate Voting Shares (note 12) 3,870 Balance of purchase payable (note 10) 7,650 Total consideration 20,478 |
Askida Inc. | |
Disclosure of detailed information about business combination [line items] | |
Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Askida $ Current assets Cash 616 Accounts receivable and other receivables 4,324 Unbilled revenue 581 Tax credits receivable 2,709 Prepaids 229 8,459 Non-current assets Tax credits receivable 956 Property and equipment 244 Right-of-use assets 193 Intangibles 8,410 Goodwill 4,324 Total assets acquired 22,586 Current liabilities Line of credit 1,022 Demand loan 2,131 Accounts payable and accrued liabilities 1,789 Income taxes payable 62 Deferred revenue 318 Current portion of lease liabilities 84 Current portion of long-term debt 561 5,967 Non-current liabilities Lease liabilities 109 Deferred tax liabilities 3,024 Total liabilities assumed 9,100 Net assets acquired 13,486 |
Summary of Acquisition Date Fair Value of Each Major Class of Consideration Transferred | Consideration paid The following table summarizes the acquisition date fair value of each class of consideration paid: Acquisition of Askida $ Cash paid 8,396 Issuance of 600,384 Subordinate Voting Shares (note 12) 2,173 Balance of purchase payable (note 10) 2,917 Total consideration transferred 13,486 |
Edgewater | |
Disclosure of detailed information about business combination [line items] | |
Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed | The allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of Edgewater Current assets Cash 24,869 Accounts receivable and other receivables 27,705 Income taxes receivable 1,770 Unbilled revenue 1,741 Prepaids 1,076 57,161 Non-current assets Property and equipment 510 Intangibles 39,410 Goodwill 47,161 Total assets acquired 144,242 Current liabilities Line of credit 15,749 Accounts payable and accrued liabilities 22,312 Dividend payable 22,108 Deferred revenue 3,751 63,920 Non-current liabilities Deferred lease inducements 64 Deferred tax liabilities 1,322 Total liabilities assumed 65,306 Net assets acquired 78,936 |
Summary of Acquisition Date Fair Value of Each Major Class of Consideration Transferred | The following table summarizes the acquisition date fair value of each major class of consideration transferred: $ Issuance of 17,458,348 shares (note 12) 78,364 Stock-based payments 572 Total consideration transferred 78,936 |
Summary of Weighted Average Assumptions of Options | Their fair value has been estimated at $572,000 using the Black-Scholes option pricing model with the following assumptions: Weighted average assumptions Share price $4.94 Exercise price $3.52 – $7.61 Risk-free interest rate 1.72% – 2.37% Expected volatility* 30% Dividend yield — Expected option life (years) 0.04 – 3.19 * Determined on the basis of observed volatility in publicly traded companies operating in similar industries. |
Accounts Receivable and Other_2
Accounts Receivable and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Trade And Other Accounts Receivables [Abstract] | |
Summary of Accounts Receivable and Other Receivables | As at March 31, 2020 2019 $ $ Trade accounts receivable, net (a) 59,537 57,011 Trade accounts receivable from shareholders exercising significant influence 6,718 9,653 Other receivables 1,407 482 67,662 67,146 (a) As at March 31, 2020, amounts owing from one client represented 10% of the total trade accounts receivable (one client represented 14% of the total trade accounts receivable as at March 31, 2019). |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Depreciation Method of Property and Equipment | Property and equipment are recorded at cost and amortized over their estimated useful lives, using the following methods: Method Rates Furniture, fixtures and equipment Declining balance 20 % Computer equipment Declining balance 30 % Leasehold improvements Straight line Over the term of the lease As at March 31, 2020 March 31, 2019 Furniture, Computer Leasehold improvements Total Furniture, Computer Leasehold improvements Total $ $ $ $ $ $ $ Cost 1,435 2,800 1,844 6,079 1,234 2,062 1,262 4,558 Additions 1,313 886 3,724 5,923 196 227 584 1,007 Additions through business acquisitions 67 239 22 328 16 494 — 510 Disposals / retirements (490) (855) — (1,345) (10) (13) — (23) Foreign currency translation adjustment 8 120 21 149 (1) 30 (2) 27 Subtotal 2,333 3,190 5,611 11,134 1,435 2,800 1,844 6,079 Accumulated depreciation 866 1,874 1,000 3,740 690 1,435 612 2,737 Depreciation expense 226 543 509 1,278 179 409 392 980 Disposals / retirements (397) (762) — (1,159) (5) 2 — (3) Foreign currency translation adjustment 4 97 2 103 2 28 (4) 26 Subtotal 699 1,752 1,511 3,962 866 1,874 1,000 3,740 Net carrying amount 1,634 1,438 4,100 7,172 569 926 844 2,339 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Right of Use Assets | The following right-of-use assets relate to right-of-use real estate: As at March 31, 2020 $ Beginning balance as at April 1, 2019 6,509 Additions 7,262 Terminations (381) Depreciation (2,090) Lease inducement allowance 3 Exchange rate effect 189 Ending balance 11,492 |
Summary of Lease Liabilities | Lease liabilities As at March 31, 2020 $ Beginning balance as at April 1, 2019 6,668 Additions 7,257 Terminations (381) Lease payments (2,129) Lease incentives 1,249 Lease interest 375 Exchange rate effect 193 Ending balance 13,232 Current portion 1,559 11,673 |
Contractual Lease Payments Under Lease Liabilities | Contractual lease payments under the lease liabilities as at March 31, 2020 are as follows: As at March 31, 2020 $ Less than one year 2,020 One to two years 2,018 Two to five years 6,464 More than five years 5,589 Total undiscounted lease payments at period end 16,091 |
Amounts Recognized in Net Loss | Amounts recognized in net loss Year ended March 31, 2020 $ Interest on lease liabilities 375 Expenses relating to short-term leases 122 Variable lease payments 1,134 1,631 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Amortization Method of Intangible Assets | The Group amortizes its intangible assets using the straight-line method over their estimated useful lives, as follows : Method Period Customer relationships Straight line 3 - 10 years Non-compete agreements Straight line 3 - 10 years Software Straight line 3 years Tradenames - Indefinite As at March 31, 2020 March 31, 2019 Customer Software Tradenames Non- Total Customer Software Tradenames Non- Total $ $ $ $ $ $ $ $ $ $ Cost 55,823 1,355 12,604 316 70,098 28,348 1,256 — — 29,604 Additions, purchased — 49 — — 49 425 1 — — 426 Additions through business acquisitions 16,077 2,909 — 6,964 25,950 26,701 — 12,398 311 39,410 Additions, internally generated — — — — — — 98 — — 98 Foreign currency translation adjustment 1,822 64 732 250 2,868 349 — 206 5 560 Subtotal 73,722 4,377 13,336 7,530 98,965 55,823 1,355 12,604 316 70,098 Accumulated amortization 21,837 644 — 66 22,547 14,203 252 — — 14,455 Amortization 10,133 598 — 547 11,278 7,634 392 — 66 8,092 Impairment — — 13,336 — 13,336 — — — — — Foreign currency translation adjustment — — — — — — — — — — Subtotal 31,970 1,242 13,336 613 47,161 21,837 644 — 66 22,547 Net carrying amount 41,752 3,135 — 6,917 51,804 33,986 711 12,604 250 47,551 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Annual Impairment Test of Five CGU's | As at March 31, 2020 Canada ADT France EPM US ERP US Total $ $ $ $ $ $ Beginning balance 20,060 9,794 1,836 12,296 35,648 79,634 Business acquisitions (note 3) 6,890 — — 3,374 — 10,264 Divestiture of subsidiary — — — — (576) (576) Impairment — (2,100) (1,700) (6,600) (4,300) (14,700) Foreign currency translation adjustment — — 14 942 2,030 2,986 Net carrying amount 26,950 7,694 150 10,012 32,802 77,608 As at March 31, 2019 Canada ADT France EPM US ERP US Total $ $ $ $ $ $ Beginning balance 20,060 9,794 1,858 — — 31,712 Business acquisition (note 3) — — — 12,095 35,066 47,161 Foreign currency translation adjustment — — (22) 201 582 761 Net carrying amount 20,060 9,794 1,836 12,296 35,648 79,634 |
Key Assumptions Used in Impairment Testing by CGU | Key assumptions used in impairment testing by CGU are as follows: As at March 31, 2020 Canada ADT France EPM US ERP US % % % % % After tax WACC 14.0 14.0 16.0 16.5 17.0 Long-term growth rate of net operating cash flows* 3.0 4.0 3.0 3.0 3.0 * The long-term growth rate is based on published industry research. As at March 31, 2019 Canada ADT France EPM US ERP US % % % % % After tax WACC 12.4 12.4 14.2 13.6 13.6 Long-term growth rate of net operating cash flows* 3.5 3.5 3.5 3.5 3.5 * The long-term growth rate is based on published industry research. Two key assumptions were identified that, if changed, could cause the carrying amount to exceed its recoverable amount. Varying the assumptions in the values of the recoverable amount calculation would have the following effects for the year ended March 31, 2020, assuming all other variables remain constant: Incremental increase in after tax WACC Incremental decrease in long-term growth rate of net operating cash flows % % Canada 4.2 5.7 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | As at March 31, 2020 2019 $ $ Trade accounts payable 14,972 19,004 Accrued liabilities 13,998 9,158 Accrued compensation 18,411 18,182 Consumption taxes payable 2,241 1,505 Performance obligations in customer contracts 219 932 Provision 486 154 50,327 48,935 |
Summary of Provision | The following table summarizes the provision recorded by the Group: As at March 31, 2020 2019 $ $ Beginning balance 154 929 Paid or otherwise settled — (775) Additional provision 332 — Ending balance 486 154 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Long Term Debt | The following table summarizes the Group’s long-term debt: As at March 31, 2020 2019 $ $ Senior secured revolving credit facility (the "Credit Facility") (a) 37,615 24,949 Balance of purchase payable with a nominal value of $5,100,000, non-interest bearing (5.8% effective interest rate), $1,000,000 payable April 3, 2020, and $2,100,000 payable April 3, 2022 2,877 3,765 Balance of purchase payable with a nominal value of $1,800,000, non-interest bearing (6.0% effective interest rate), payable on October 1, 2022 1,556 — Balance of purchase payable with a nominal value of $9,635,269 ($6,825,000 US), non-interest bearing (6.0% effective interest rate), payable on December 13, 2022 8,232 — Balance of purchase payable with a nominal value of $3,258,750, non-interest bearing (5.7% effective interest rate) payable on February 1, 2022 2,944 — Other 347 — Unamortized transaction costs (net of accumulated amortization of $234,858 and $11,424) (342) (409) 53,229 28,305 Current portion of long-term debt 1,143 1,000 52,086 27,305 (a) The senior secured revolving credit facility is available to a maximum amount of $60,000,000 and can be drawn in Canadian and the equivalent amount in US dollars. It is available in prime rate advances, LIBOR advances, bankers’ acceptances and letters of credit up to $2,500,000. The advances bear interest at the Canadian or US prime rate, plus an applicable margin ranging from 0.00% to 0.75%, or bankers’ acceptances or LIBOR rates, plus an applicable margin ranging from 1.00% to 2.00%, as applicable for Canadian and US advances, respectively. The applicable margin is determined based on threshold limits for certain financial ratios. As at March 31, 2020, the advance drawn on the Credit Facility amount to US$14,000,000 ($19,764,654) (2019 - US$18,550,000 ($24,749,000)), and $17,850,000 (2019 - $200,000). The US advances bear interest at the US base rate of 5.50% plus applicable margin and the Canadian advances bear interest at 3.95% plus applicable margin . As security for the Credit Facility, Alithya provided a first ranking hypothec on the universality of its assets excluding leased equipment and Investissement Quebec’s first ranking lien on tax credits receivable for the financing related to refundable tax credits, to a maximum of $7,500,000. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense (Recovery) | Income tax expense (recovery) for the year is as follows: Year ended March 31, 2020 2019 2018 Current tax expense (recovery) $ $ $ Current tax expense (recovery) for the year 237 289 81 Total current tax expense (recovery) 237 289 81 Deferred tax expense (recovery) Origination and reversal of temporary differences (3,202) (3,140) (395) Total deferred tax expense (recovery) (3,202) (3,140) (395) Total tax recovery (2,965) (2,851) (314) |
Summary of Effective Income Tax Rate Differs from Federal and Provincial Statutory Tax Rate | The Group’s effective income tax rate differs from the combined Federal, US State and Provincial Canadian statutory tax rate as follows: Year ended March 31, 2020 2019 2018 % $ % $ % $ Loss before income taxes (42,632) (15,326) (7,538) Company's statutory tax rate 26.5 (11,297) 26.7 (4,092) 26.7 (2,013) Non-deductible share-based compensation expense (1.6) 689 (4.2) 642 (13.3) 1,004 Other non-deductible and tax exempt items (1.1) 490 (2.7) 409 (9.2) 695 Change in unrecognized deferred tax assets (15.9) 6,795 (2.3) 361 — — Impairment of intangibles and goodwill (0.7) 310 — — — — Other (0.1) 48 1.1 (171) — — Effective income tax rate 7.1 (2,965) 18.6 (2,851) 4.2 (314) |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | The amounts recognized in the consolidated statement of financial position consist of: As at March 31, 2020 2019 $ $ Deferred tax liabilities (4,057) (2,016) Deferred tax assets 4,652 2,946 595 930 |
Summary of Movements in Temporary Differences | Movements in temporary differences during the year were as follows: As at March 31, 2020 March 31, 2019 Opening Recognized Recognized Business acquisition Total Opening Recognized Recognized Business acquisition Total $ $ $ $ $ $ $ $ Losses available for carryforward and other tax deductions 13,669 (2,884) — 267 11,052 3,395 1,141 — 9,133 13,669 Deferred financing costs 908 (211) — 3 700 39 155 714 — 908 Total deferred tax assets 14,577 (3,095) — 270 11,752 3,434 1,296 714 9,133 14,577 Intangibles and goodwill (11,499) 6,310 — (2,684) (7,873) (2,906) 1,862 — (10,455) (11,499) Tax credits (1,909) 52 — (1,125) (2,982) (1,752) (157) — — (1,909) Other (239) (65) — 2 (302) (378) 139 — — (239) Total deferred tax liability (13,647) 6,297 — (3,807) (11,157) (5,036) 1,844 — (10,455) (13,647) Net carrying amount 930 3,202 — (3,537) 595 (1,602) 3,140 714 (1,322) 930 11. INCOME TAXES (CONT’D) Losses available for carryforward for which no deferred tax asset was recognized Expiry date ( ¹ ) USA $ 2037 12,802 Indefinite 10,144 22,946 (1) Net operating losses amounting to $20,070,000 of which $12,802,000 will expire in 2037, are limited due to the U.S. tax rules applicable on the acquisition of Edgewater. In addition, the Company has i) state losses amounting to approximatively $28,280,000 (with expiry dates ranging from 2021 to 2039) and ii) deductible temporary differences totalling approximately $28,983,000 for which no deferred tax benefit has been recognized. |
Share Capital and Dividends (Ta
Share Capital and Dividends (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Summary of Issued Share Capital | As at March 31, 2020, the issued share capital of the Company is as follows: Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ As at March 31, 2019 48,496,492 183,346 7,168,984 3,515 Share-based compensation on shares vested during the period, issued on business acquisitions — 407 — — Business acquisition of Matricis 473,646 1,800 — — Business acquisition of Alithya Travercent 1,274,510 3,870 — — Business acquisition of Askida 600,384 2,173 — — Exercise of stock options 53,987 201 — — Settlement of DSU 5,514 23 — — As at March 31, 2020 50,904,533 191,820 7,168,984 3,515 |
Summary of Transaction Activity Related to Class of Shares | The transaction activity related to the Class A and AA shares of Old Alithya for the period from April 1, 2018 to October 31, 2018 is summarized as follows: As at October 31, 2018 Class A Class AA Number of shares $ Number of shares $ Beginning balance (Old Alithya balance) 12,009,378 30,948 7,100,369 3,206 Issued in relation to dividends and employee compensation 455,378 2,051 68,615 309 Issued for private placement (note 3) 11,736,055 50,761 — — Redeemed (95,970) (252) — — Share-based compensation on shares vested during the period, issued on business acquisitions — 807 — — Ending balance 24,104,841 84,315 7,168,984 3,515 The transaction activity related to the Subordinate Voting Shares and Multiple Voting Shares of the Company for the period November 2, 2018 to March 31, 2019 is summarized as follows: Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ Beginning balance (New Alithya balance after conversion) 48,404,753 182,776 7,168,984 3,515 Share-based compensation on shares vested during the period, issued on business acquisitions — 268 — — Exercise of stock options 91,739 302 — — Ending balance 48,496,492 183,346 7,168,984 3,515 |
Summary of Shares Converted After Acquisition | On November 1, 2018, all the issued and outstanding shares of Old Alithya were cancelled and automatically exchanged on a one for one basis into Subordinate Voting Shares and Multiple Voting Shares of the Company, summarized as follows: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ Class A 24,104,841 84,315 — — Class A CRCD 1,773,212 5,250 — — Class A IQ 1,637,204 4,847 — — Class AA — — 7,168,984 3,515 Class J 1,742,342 5,000 — — Class K 1,182,164 3,500 — — Class L 506,642 1,500 — — Ending balance before business acquisition 30,946,405 104,412 7,168,984 3,515 Subordinate Voting Shares issued on business acquisition (note 3) 17,458,348 78,364 — — Ending balance 48,404,753 182,776 7,168,984 3,515 |
Summary of Dividends Declared | Old Alithya declared the following dividends during the period April 1, 2018 to October 31, 2018: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) Year ended March 31, 2019 2018 Class J 1,864 — Class K 467 — Class L 200 — Total 2,531 — |
Summary of Option Activity | As at March 31, 2020 March 31, 2019 March 31, 2018 Number of stock options Weighted average Number of stock options Weighted average Number of stock options Weighted average $ $ $ Beginning balance 2,623,542 3.80 1,296,660 2.66 1,040,160 2.36 Granted 970,500 3.63 680,000 4.48 314,000 3.80 Deemed issuance of replacement options on business acquisition (note 3) — — 910,461 5.17 — — Forfeited (137,151) 4.88 (170,946) 5.82 (55,000) 3.12 Expired (230,615) 3.66 (894) 2.66 — — Exercised (53,987) 3.10 (91,739) 2.66 (2,500) 2.21 Ending balance 3,172,289 3.72 2,623,542 3.80 1,296,660 2.66 Exercisable at year end 1,513,789 3.43 1,478,542 3.60 788,160 2.15 |
Schedule of Share Options Outstanding and Exercisable | The following tables summarize the number of stock options outstanding by currency, exercise price and the weighted average remaining exercise period, expressed in number of years: 12. SHARE CAPITAL AND DIVIDENDS (CONT’D) As at March 31, 2020 March 31, 2019 March 31, 2018 Exercise price (CAD) Number of options Weighted average Number of options Weighted average Number of options Weighted average $ 1.90 363,160 2.45 363,160 3.45 363,160 4.50 1.92 100,000 2.00 100,000 3.00 100,000 4.50 2.21 115,000 4.02 115,000 5.03 115,000 6.00 2.46 100,000 3.00 100,000 4.00 100,000 5.00 2.87 120,000 5.09 120,000 6.09 120,000 7.00 2.96 186,000 6.01 188,500 7.01 192,000 8.00 3.29 2,000 6.67 4,000 7.67 4,000 8.70 3.64 418,000 9.23 — — — — 3.65 85,000 2.38 — — — — 3.80 249,500 7.14 262,500 8.16 302,500 9.16 3.90 20,000 8.88 20,000 9.89 — — 4.50 463,000 8.59 503,500 9.59 — — 2,221,660 6.12 1,776,660 6.63 1,296,660 6.52 As at March 31, 2020 March 31, 2019 Exercise price range (USD) Number of options Weighted average Number of options Weighted average $ 2.26 to 3.85 599,960 7.98 415,766 4.04 3.86 to 4.45 23,240 1.74 44,096 2.81 4.59 to 4.85 154,141 1.10 198,834 2.12 4.90 to 5.45 173,288 2.42 188,186 3.39 950,629 5.70 846,882 3.38 |
Summary of Weighted Average Assumptions Used for Valuation of Share Options Granted | The number of Alithya stock options granted to employees during the year, the related compensation expense recorded, and the assumptions used to determine share-based compensation expense, using the Black-Scholes stock option pricing model, were as follows: Year ended March 31, 2020 2019 2018 Compensation expense related to the options granted 318 141 289 Number of stock options granted 970,500 680,000 314,000 Weighted average fair value of options granted $1.13 $1.54 $1.50 Aggregate fair value of options granted 1,096 1,045 470 Weighted average assumptions Share price $3.63 $4.48 $3.80 Exercise price $3.63 $4.48 $3.80 Risk-free interest rate 1.79 % 2.42 % 1.07 % Expected volatility* 30 % 30 % 35 % Dividend yield — — — Expected option life (years) 5.7 6.1 7.5 Vesting conditions – time (years) 2.7 3.3 3.0 * Determined on the basis of observed volatility in publicly traded companies operating in similar industries. |
Summary of Share based Compensation | Total share-based compensation expense for the years ended March 31, 2020, 2019 and 2018 are summarized as follows: Year ended March 31, 2020 2019 2018 $ $ $ Stock option plan 745 372 289 Share purchase plan – employer contribution 633 593 439 Share-based compensation on shares vested during the period, issued on business acquisitions 1,868 1,075 2,701 Deferred share units 305 209 — Accrued management bonuses and other compensation — — 734 3,551 2,249 4,163 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Schedule of Payments of Long Term Lease Arrangements | Minimum lease payments are as follows: Year ended March 31, 2020 Long-term lease agreements Total 2021 351 2022 468 2023 468 2024 468 2025 468 Thereafter 2,586 4,809 |
Schedule of Operating Commitments | Operating expenditures contracted for at the end of the reporting period but not yet incurred are as follows: Year ended March 31, 2020 Technology licenses, infrastructure and other Total 2021 2,600 2022 1,193 2023 19 2024 5 Thereafter 5 3,822 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Compensation Paid or Payable to Directors and to Key Management for Services | The compensation paid or payable to directors and to key management for services is shown below: Year ended March 31, 2020 2019 2018 Director compensation, and key management salaries and benefits* 3,626 2,743 2,516 Share based compensation 646 417 327 Termination benefits — 100 149 4,272 3,260 2,992 * Salaries and benefits include short-term incentive compensation. |
Summary of Operating Transactions with Shareholders | The transactions have been recorded at the exchange amount, which represents the contractual amount of consideration established and accepted by the related parties. Year ended March 31, 2020 2019 2018 Consulting fee revenue* 24,554 36,672 59,674 Employee benefits 41 19 634 Communications — 219 414 Professional fees — — 323 Transaction fees — 866 — * One of the shareholders exercising significant influence has committed to minimum amounts of revenue and EBITDA over a four year period ending in July 2020, which may be extended to July 2021 under certain conditions. Should the minimum contracted amounts not be met, the shareholder in question and another one of the shareholders will jointly reimburse Alithya an amount up to $4 million. As at March 31, 2020 2019 $ $ Trade accounts receivable 6,718 9,653 Trade accounts payable 153 — |
Earnings Per Share (Table)
Earnings Per Share (Table) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings per share [abstract] | |
Earnings Per Share | March 31, 2020 2019 2018 $ $ $ Net loss (39,667) (12,475) (7,224) Allocation of loss net of dividends to shareholders of preferred shares — 268 357 Net loss to shareholders of common shares (39,667) (12,207) (6,867) Weighted average number of common shares outstanding 56,399,499 36,129,647 22,292,548 Basic and diluted loss per share (0.70) (0.34) (0.31) |
Reconciliation of Liabilities_2
Reconciliation of Liabilities Arising from Financing Activities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Reconciliation of Liabilities Arising from Financing Activities | The changes in the Group’s liabilities arising from financing activities can be classified as follows: As at March 31, 2020 March 31, 2019 Line of credit and demand loan Current Long-term Total Line of credit and demand loan Current Long-term Total $ $ $ $ $ $ $ $ Beginning balance — 1,000 27,305 28,305 24,066 2,956 15,619 42,641 Repayment (3,153) (4,273) (50,136) (57,562) (40,547) (6,343) (14,079) (60,969) Proceeds — 2,517 61,576 64,093 — — 29,459 29,459 Total cash flow (3,153) (756) 38,745 34,836 (16,481) (3,387) 30,999 11,131 Acquisition 3,153 1,105 11,856 16,114 15,749 — — 15,749 Amortization of financing fees — — 231 231 — — 144 144 Interest accretion on balances of purchase payable — — 318 318 — — 211 211 Foreign currency translation adjustment — — 1,730 1,730 732 — 338 1,070 Reclassification — 794 (794) — — 4,387 (4,387) — Total non cash 3,153 1,899 13,341 18,393 16,481 4,387 (3,694) 17,174 Ending balance — 1,143 52,086 53,229 — 1,000 27,305 28,305 |
Additional Information on Con_2
Additional Information on Consolidated Loss (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Profit (loss) [abstract] | |
Schedule Of Additional Information On Consolidated Income Loss Explanatory | The following table provides additional information on the consolidated loss: March 31, As at 2020 2019 2018 $ $ $ Revenue – contingent rental (a) 1,532 1,814 1,319 Employee compensation costs 194,678 129,521 85,368 Tax credits (4,815) (3,650) (4,017) Selling expenses 44,084 20,527 9,168 General and administrative expenses 32,698 32,088 22,235 Depreciation of property and equipment 1,278 980 870 Depreciation of right-of-use assets 2,090 — — |
Financial Expenses (Tables)
Financial Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Financial Expense [Abstract] | |
Summary of Financial Expenses | The following table summarizes financial expenses: March 31, As at 2020 2019 2018 $ $ $ Interest on long-term debt 1,155 687 1,156 Interest and financing charges 306 1,202 695 Interest on lease liabilities 375 — — Amortization of finance costs 231 144 28 Interest accretion on balances of purchase payable 318 211 232 Interest income (38) (3) (14) 2,347 2,241 2,097 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Supplementary Cash Flow Information [Abstract] | |
Summary of Net Change In Non-Cash Working Capital Items | Net change in non-cash working capital items is as follows: March 31, As at 2020 2019 2018 $ $ $ Accounts receivable and other receivables 7,622 (5,121) 2,152 Income taxes receivable (407) 716 (422) Unbilled revenue 2,200 1,072 (4,976) Tax credits receivable 185 (571) (1,158) Prepaids 377 (1,305) (118) Accounts payable and accrued liabilities (4,673) (9,760) 1,279 Deferred revenue 435 168 1,605 5,739 (14,801) (1,638) |
Segment and Geographical Info_2
Segment and Geographical Information - (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Summary of External Revenues and Long-lived Assets by Geographic Location | The following table presents total external revenues by geographic location: March 31, 2020 2019 2018 $ % $ % $ % Canada 147,821 53.0 149,064 71.1 148,768 93.4 USA 118,125 42.3 45,982 22.0 — — Europe 13,061 4.7 14,432 6.9 10,522 6.6 279,007 100.0 209,478 100.0 159,290 100.0 20. SEGMENT AND GEOGRAPHICAL INFORMATION (CONT’D) Long-lived assets by geographic location The following table presents the total net book value of the Group’s long-lived assets by geographic location: As at March 31, 2020 2019 $ % $ % Canada 61,743 41.7 40,451 31.3 USA 82,607 55.8 86,454 66.7 Europe 3,726 2.5 2,619 2.0 148,076 100.0 129,524 100.0 |
Summary of Revenue from Customers for Major Service Category | An analysis of the Group’s revenue from customers for each major service category is as follows: March 31, 2020 2019 2018 $ % $ % $ % System integration and consulting services 270,345 96.9 204,526 97.6 157,561 98.9 Payrolling services 1,289 0.5 1,461 0.7 1,721 1.1 Software revenue 7,373 2.6 3,491 1.7 8 — 279,007 100.0 209,478 100.0 159,290 100.0 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Interest Rate Risk Profile of Borrowings | The interest rate risk profile of the Group's interest-bearing financial instruments was as follows: 21. FINANCIAL INSTRUMENTS (CONT’D) As at March 31, 2020 2019 $ $ Variable rate financial instruments Credit Facility (note 10) 37,615 24,949 Other long-term debt (note 10) 347 — 37,962 24,949 |
Summary of Quantitative Data About Exposure to Currency Risk | The summary quantitative data about the Group’s exposure to currency risk for the significant exchange rates is as follow. As at March 31, 2020 2019 USD USD Cash 891 1,004 Accounts receivable and other receivables 377 80 Accounts payable and accrued liabilities (944) (110) Credit Facility (14,000) (18,550) Net statement of financial position exposure (13,676) (17,576) |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Capital Disclosures [Abstract] | |
Summary of Total Capital | Total capital as at March 31, 2020 and 2019 is calculated as follows: As at March 31, 2020 2019 $ $ Cash (8,810) (12,801) Short-term deposits — (1,324) Restricted cash (2,212) (2,165) Current portion of long-term debt 1,143 1,000 Long-term debt 52,086 27,305 Share capital 195,335 186,861 Deficit (78,780) (39,113) Accumulated other comprehensive income 6,123 1,469 Contributed surplus 4,691 2,239 169,576 163,471 |
Governing Statutes And Nature_2
Governing Statutes And Nature of Operations - Additional Information (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Governing Statutes And Nature Of Operations [Abstract] | |
Description of nature of entity's operations and principal activities | The Company and its subsidiaries (the “Group”) are leaders in strategy and digital transformation. Alithya's integrated offering is based on four pillars of expertise: business strategy, application services, enterprise solutions and data and analytics. The Group deploys solutions, services, and skill sets to craft tools tailored to its client’s unique business needs in the financial services, manufacturing, energy, telecommunications, transportation and logistics, professional services, healthcare, and government sectors. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Primary Subsidiaries (Details) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Alithya Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Canada Inc. | |
Name of subsidiary Jurisdiction | Quebec, Canada | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Consulting Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Consulting Inc. | |
Name of subsidiary Jurisdiction | Quebec, Canada | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Digital Technology Corporation | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Digital Technology Corporation | |
Name of subsidiary Jurisdiction | Ontario, Canada | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Consulting SAS | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Consulting SAS | |
Name of subsidiary Jurisdiction | France | |
Percentage Ownership | 10000.00% | 10000.00% |
Pro2p Services Conseils Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Pro2p Services Conseils Inc. | |
Name of subsidiary Jurisdiction | Canada | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya USA, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya USA, Inc. | |
Name of subsidiary Jurisdiction | Delaware, USA | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Financial Solutions, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Financial Solutions, Inc. | |
Name of subsidiary Jurisdiction | Delaware, USA | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Ranzal LLC | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Ranzal LLC | |
Name of subsidiary Jurisdiction | Delaware, USA | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Zero2Ten, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Zero2Ten, Inc. | |
Name of subsidiary Jurisdiction | Delaware, USA | |
Percentage Ownership | 10000.00% | 10000.00% |
Alithya Fullscope Solutions, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Fullscope Solutions, Inc. | |
Name of subsidiary Jurisdiction | Delaware, USA | |
Percentage Ownership | 10000.00% | 10000.00% |
Zero2Ten EMEA Limited | ||
Disclosure of subsidiaries [line items] | ||
Entity | Zero2Ten EMEA Limited | |
Name of subsidiary Jurisdiction | United Kingdom | |
Percentage Ownership | 10000.00% | |
Alithya Solutions Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Solutions Canada Inc. | |
Name of subsidiary Jurisdiction | Canada | |
Percentage Ownership | 10000.00% | 10000.00% |
Matricis Informatique Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Matricis Informatique Inc. | |
Name of subsidiary Jurisdiction | Quebec, Canada | |
Percentage Ownership | 10000.00% | |
Alithya Travercent LLC | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Travercent LLC | |
Name of subsidiary Jurisdiction | Texas, USA | |
Percentage Ownership | 10000.00% | |
Alithya Askida Consulting Services Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Askida Consulting Services Inc. | |
Name of subsidiary Jurisdiction | Quebec, Canada | |
Percentage Ownership | 10000.00% | |
Alithya Askida Solutions Inc. | ||
Disclosure of subsidiaries [line items] | ||
Entity | Alithya Askida Solutions Inc. | |
Name of subsidiary Jurisdiction | Quebec, Canada | |
Percentage Ownership | 10000.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Depreciation Method of Property and Equipment (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Furniture, fixtures and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method of property plant and equipment | Declining balance |
Depreciation Rates | 20.00% |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method of property plant and equipment | Declining balance |
Depreciation Rates | 30.00% |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method of property plant and equipment | Straight line |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Amortization Method of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Amortisation method of intangible assets | Straight line |
Customer relationships | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives of intangible assets | 3 years |
Customer relationships | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives of intangible assets | 10 years |
Non-compete agreements | |
Disclosure of detailed information about intangible assets [line items] | |
Amortisation method of intangible assets | Straight line |
Non-compete agreements | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives of intangible assets | 3 years |
Non-compete agreements | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives of intangible assets | 10 years |
Software | |
Disclosure of detailed information about intangible assets [line items] | |
Amortisation method of intangible assets | Straight line |
Estimated useful lives of intangible assets | 3 years |
Tradenames | |
Disclosure of detailed information about intangible assets [line items] | |
Amortisation method of intangible assets | Indefinite |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 |
Disclosure Of Significant Accounting Policies [Abstract] | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.16% | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use assets | $ 11,492 | $ 6,509 |
Lease liabilities | $ 13,232 | $ 6,668 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reconciliation from IAS 17 to IFRS 16 (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | $ 11,492 | $ 6,509 | |
Deferred lease inducements | 0 | $ (159) | |
Lease liabilities | (13,232) | (6,668) | |
Total operating lease commitments disclosed as at March 31, 2019 | $ 14,228 | ||
Operating lease liabilities before discounting | 16,091 | ||
Total lease liabilities recognized under IFRS 16 as at April 1, 2019 | $ 13,232 | 6,668 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | 6,509 | ||
Lease liabilities | (6,668) | ||
Variable payments | (6,426) | ||
Leases with remaining lease term of less than 12 months | (119) | ||
Operating lease liabilities before discounting | 7,683 | ||
Discounted using incremental borrowing rate | (1,015) | ||
Total lease liabilities recognized under IFRS 16 as at April 1, 2019 | 6,668 | ||
Reclassification | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | (159) | ||
Deferred lease inducements | 159 | ||
Remeasurement | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | 6,668 | ||
Lease liabilities | (6,668) | ||
Total lease liabilities recognized under IFRS 16 as at April 1, 2019 | $ 6,668 |
Business Combinations, Divest_3
Business Combinations, Divestiture and Private Placement - Matricis Informatique Inc. (Details) $ in Thousands | Oct. 01, 2019CAD ($)installmentshares | Mar. 31, 2020CAD ($) | Mar. 31, 2020CAD ($)shares | Mar. 31, 2019shares | Oct. 01, 2022shares |
Disclosure of detailed information about business combination [line items] | |||||
Issuance of shares on business acquisition (in shares) | shares | 17,458,348 | ||||
Matricis Informatique Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Interests acquired | 100.00% | ||||
Consideration paid | $ 7,200 | ||||
Cash payable | $ 3,600 | ||||
Number of equal installments | installment | 2 | ||||
Equity interest issued or issuable | $ 3,600 | ||||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | ||||
Acquisition related costs | $ 157 | ||||
Revenue from business acquired | $ 2,497 | ||||
Gross margin from business acquired | 1,100 | ||||
Profit (loss) from business acquired | $ (84) | ||||
Proforma revenue | 4,824 | ||||
Proforma gross margin | 2,028 | ||||
Proforma profit (loss) before income taxes | $ (144) | ||||
Matricis Informatique Inc. | Subordinate Voting Shares | |||||
Disclosure of detailed information about business combination [line items] | |||||
Share consideration payable (in shares) | shares | 947,292 | 473,646 | |||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | 473,646 | |||
Aggregate value | $ 1,800 |
Business Combinations, Divest_4
Business Combinations, Divestiture and Private Placement - Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed (Details) - CAD ($) $ in Thousands | Feb. 01, 2020 | Dec. 13, 2019 | Oct. 01, 2019 | Nov. 01, 2018 |
Matricis Informatique Inc. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash | $ 467 | |||
Accounts receivable and other receivables | 584 | |||
Unbilled revenue | 288 | |||
Prepaids | 94 | |||
Current assets | 1,433 | |||
Property and equipment | 85 | |||
Tax credits receivable | 1,059 | |||
Deferred tax assets | 111 | |||
Intangibles | 1,820 | |||
Goodwill | 2,566 | |||
Total assets acquired | 7,074 | |||
Accounts payable and accrued liabilities | 596 | |||
Deferred revenue | 415 | |||
Current portion of long-term debt | 544 | |||
Current liabilities | 1,555 | |||
Deferred lease inducements | 6 | |||
Deferred tax liabilities | 624 | |||
Total liabilities assumed | 2,185 | |||
Net assets acquired | $ 4,889 | |||
Alithya Travercent LLC | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash | $ 2,118 | |||
Accounts receivable and other receivables | 1,391 | |||
Unbilled revenue | 1,458 | |||
Prepaids | 49 | |||
Current assets | 5,016 | |||
Intangibles | 15,720 | |||
Goodwill | 3,374 | |||
Total assets acquired | 24,110 | |||
Accounts payable and accrued liabilities | 1,331 | |||
Deferred revenue | 2,301 | |||
Total liabilities assumed | 3,632 | |||
Net assets acquired | $ 20,478 | |||
Edgewater | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash | $ 24,869 | |||
Accounts receivable and other receivables | 27,705 | |||
Income taxes receivable | 1,770 | |||
Unbilled revenue | 1,741 | |||
Prepaids | 1,076 | |||
Current assets | 57,161 | |||
Property and equipment | 510 | |||
Intangibles | 39,410 | |||
Goodwill | 47,161 | |||
Total assets acquired | 144,242 | |||
Line of credit | 15,749 | |||
Accounts payable and accrued liabilities | 22,312 | |||
Deferred revenue | 3,751 | |||
Dividend payable | 22,108 | |||
Current liabilities | 63,920 | |||
Deferred lease inducements | 64 | |||
Deferred tax liabilities | 1,322 | |||
Total liabilities assumed | 65,306 | |||
Net assets acquired | $ 78,936 | |||
Askida Inc. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash | $ 616 | |||
Accounts receivable and other receivables | 4,324 | |||
Unbilled revenue | 581 | |||
Tax credits receivable | 2,709 | |||
Prepaids | 229 | |||
Current assets | 8,459 | |||
Property and equipment | 244 | |||
Tax credits receivable | 956 | |||
Right-of-use assets | 193 | |||
Intangibles | 8,410 | |||
Goodwill | 4,324 | |||
Total assets acquired | 22,586 | |||
Line of credit | 1,022 | |||
Demand loan | 2,131 | |||
Accounts payable and accrued liabilities | 1,789 | |||
Income taxes payable | 62 | |||
Deferred revenue | 318 | |||
Current portion of lease liabilities | 84 | |||
Current portion of long-term debt | 561 | |||
Current liabilities | 5,967 | |||
Lease liabilities | 109 | |||
Deferred tax liabilities | 3,024 | |||
Total liabilities assumed | 9,100 | |||
Net assets acquired | $ 13,486 |
Business Combinations, Divest_5
Business Combinations, Divestiture and Private Placement - Summary of Acquisition Date Fair Value of Each Major Class of Consideration Transferred (Details) | Feb. 01, 2022CAD ($) | Feb. 01, 2020CAD ($)shares | Dec. 13, 2019CAD ($)shares | Oct. 01, 2019CAD ($)shares | Mar. 31, 2019CAD ($) | Nov. 01, 2018CAD ($)shares |
Disclosure of detailed information about business combination [line items] | ||||||
Issuance of shares | $ 78,364,000 | |||||
Total consideration transferred | 78,936,000 | |||||
Matricis Informatique Inc. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Cash paid | $ 1,578,000 | |||||
Issuance of shares | 1,800,000 | |||||
Balance of purchase payable (note 10) | 1,511,000 | |||||
Total consideration transferred | $ 4,889,000 | |||||
Number of instruments issued (in shares) | shares | 473,646 | |||||
Alithya Travercent LLC | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Cash paid | $ 8,958,000 | |||||
Issuance of shares | 3,870,000 | |||||
Balance of purchase payable (note 10) | 7,650,000 | |||||
Total consideration transferred | $ 20,478,000 | |||||
Number of instruments issued (in shares) | shares | 1,274,510 | |||||
Askida Inc. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Cash paid | $ 3,258,750 | $ 8,396,250 | ||||
Issuance of shares | 2,173,000 | |||||
Balance of purchase payable (note 10) | 2,917,000 | |||||
Total consideration transferred | $ 13,486,000 | |||||
Number of instruments issued (in shares) | shares | 600,384 | |||||
Edgewater | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Stock-based payments | $ 572,000 | $ 572,000 | ||||
Number of instruments issued (in shares) | shares | 17,458,348 |
Business Combinations, Divest_6
Business Combinations, Divestiture and Private Placement - Alithya Travercent LLC (Details) $ in Thousands | Dec. 13, 2019CAD ($)Clientshares | Dec. 13, 2019USD ($)Clientshares | Mar. 31, 2020CAD ($) | Mar. 31, 2020CAD ($)shares | Mar. 31, 2019shares | Dec. 13, 2022CAD ($) | Dec. 13, 2022USD ($) | Dec. 13, 2019USD ($) | Nov. 01, 2018CAD ($) |
Disclosure of detailed information about business combination [line items] | |||||||||
Issuance of shares on business acquisition (in shares) | shares | 17,458,348 | ||||||||
Issuance of shares | $ 78,364,000 | ||||||||
Alithya Travercent LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Interests acquired | 100.00% | 100.00% | |||||||
Consideration paid | $ 25,802,849 | $ 19,500 | |||||||
Cash payable | $ 18,061,994 | $ 13,650 | |||||||
Number of equal installments | Client | 2 | 2 | |||||||
Aggregate value | $ 7,740,855 | 5,850 | |||||||
Issuance of shares on business acquisition (in shares) | shares | 1,274,510 | ||||||||
Issuance of shares | $ 3,870,000 | ||||||||
Acquisition related costs | $ 565,000 | ||||||||
Revenue from business acquired | $ 4,833,000 | ||||||||
Gross margin from business acquired | 1,909,000 | ||||||||
Profit (loss) from business acquired | $ 1,029,000 | ||||||||
Proforma revenue | 15,789,000 | ||||||||
Proforma gross margin | 6,329,000 | ||||||||
Proforma profit (loss) before income taxes | $ 4,319,000 | ||||||||
Alithya Travercent LLC | Subordinate Voting Shares | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Issuance of shares on business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | 1,274,510 | ||||||
Issuance of shares | $ 3,870,427 | $ 2,925 | |||||||
Equity interest issued or issuable | $ 1,290,142 | $ 975 |
Business Combinations, Divest_7
Business Combinations, Divestiture and Private Placement - Askida (Details) | Feb. 01, 2022CAD ($)shares | Feb. 01, 2021shares | Feb. 01, 2020CAD ($)installmentshares | Mar. 31, 2020CAD ($) | Mar. 31, 2020CAD ($)shares | Mar. 31, 2019shares |
Disclosure of detailed information about business combination [line items] | ||||||
Issuance of shares on business acquisition (in shares) | shares | 17,458,348 | |||||
Askida Inc. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Interests acquired | 100.00% | |||||
Consideration paid | $ 16,000,000 | |||||
Cash payable | $ 11,655,000 | |||||
Number of equal installments | installment | 2 | |||||
Cash consideration for acquisition | $ 3,258,750 | $ 8,396,250 | ||||
Aggregate value | 4,345,000 | |||||
Issuance of shares on business acquisition (in shares) | shares | 600,384 | |||||
Acquisition related costs | $ 265,000 | |||||
Revenue from business acquired | $ 1,708,000 | |||||
Gross margin from business acquired | 210,000 | |||||
Profit (loss) from business acquired | $ (499,000) | |||||
Proforma revenue | 12,465,000 | |||||
Proforma gross margin | 3,914,000 | |||||
Proforma profit (loss) before income taxes | $ (87,000) | |||||
Askida Inc. | Subordinate Voting Shares | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Aggregate value | $ 2,172,500 | |||||
Share consideration payable (in shares) | shares | 1,200,765 | |||||
Issuance of shares on business acquisition (in shares) | shares | 300,192 | 300,189 | 600,384 | 600,384 |
Business Combinations, Divest_8
Business Combinations, Divestiture and Private Placement - Summary of Weighted Average Assumptions of Options (Details) - Edgewater | 12 Months Ended |
Mar. 31, 2019Year$ / shares | |
Disclosure of detailed information about business combination [line items] | |
Share price | $ 4.94 |
Expected volatility | 3000.00% |
Dividend yield | 0.00% |
Bottom of range | |
Disclosure of detailed information about business combination [line items] | |
Exercise price | $ 3.52 |
Risk-free interest rate | 1.72% |
Expected option life (years) | Year | 0.04 |
Top of range | |
Disclosure of detailed information about business combination [line items] | |
Exercise price | $ 7.61 |
Risk-free interest rate | 2.37% |
Expected option life (years) | Year | 3.19 |
Business Combinations, Divest_9
Business Combinations, Divestiture and Private Placement - Zero2Ten EMEA Limited (Details) - Zero2Ten EMEA Limited £ in Thousands, $ in Thousands | Oct. 02, 2019CAD ($) | Oct. 02, 2019GBP (£) | Mar. 31, 2020CAD ($) | Mar. 31, 2020GBP (£) | Oct. 02, 2019GBP (£) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations1 [Line Items] | |||||
Percentage of voting equity sold | 100.00% | 100.00% | |||
Total consideration | $ 1,293 | £ 800 | |||
Consideration received in cash | 565 | £ 350 | |||
Revalued consideration | 1,302 | ||||
Balance of sale receivable | $ 728 | $ 791 | £ 450 |
Business Combinations, Dives_10
Business Combinations, Divestiture and Private Placement - Gain on Disposal of Subsidiary (Details) £ in Thousands, $ in Thousands | Oct. 02, 2019CAD ($) | Oct. 02, 2019GBP (£) | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2020GBP (£) | Oct. 02, 2019GBP (£) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations1 [Line Items] | |||||||
Gain on disposal of subsidiary | $ 681 | $ 0 | $ 0 | ||||
Zero2Ten EMEA Limited | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations1 [Line Items] | |||||||
Consideration received in cash | $ 565 | £ 350 | |||||
Balance of sale receivable | 728 | $ 791 | £ 450 | ||||
Total consideration | 1,293 | £ 800 | |||||
Assets (liabilities) | 612 | ||||||
Gain on disposal of subsidiary | $ 681 |
Business Combinations, Dives_11
Business Combinations, Divestiture and Private Placement - Alithya USA Inc. (formally Edgewater Technologies Inc.) (Details) | Oct. 31, 2018USD ($)$ / sharesshares | Oct. 30, 2018CAD ($)subscription_receipt | Mar. 31, 2019CAD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Nov. 01, 2018CAD ($)shares | Oct. 31, 2018CAD ($) | Oct. 31, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |||||||||
Deferred income tax | $ (3,202,000) | $ (3,140,000) | $ (395,000) | ||||||
Private Placement | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Number of instruments issued | subscription_receipt | 11,736,055 | ||||||||
Subscription receipt price | $ 4.50 | ||||||||
Share issue costs | 2,764,885 | ||||||||
Deferred income tax | 714,000 | ||||||||
Edgewater | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Number of subordinate voting shares | shares | 1.1918 | ||||||||
Special dividend | $ / shares | $ 1.15 | ||||||||
Dividend payable | $ 22,108,000 | $ 16,840,000 | |||||||
Reduction in exercise price per stock option | $ 1.15 | ||||||||
Equity exchange ratio | 1.1918 | ||||||||
Number of instruments issued | shares | 17,458,348 | ||||||||
Acquisition related costs | 3,929,908 | ||||||||
Accounts receivable and other receivables | $ 27,705,000 | ||||||||
Gross contractual amount | 28,500,000 | ||||||||
Estimated contractual cash flow not expected to be collected | 795,000 | ||||||||
Stock-based payments | $ 572,000 | 572,000 | $ 572,000 | ||||||
Revenue from business acquired | 50,229,000 | ||||||||
Gross margin from business acquired | 19,401,000 | ||||||||
Profit (loss) from business acquired | $ (2,097,000) | ||||||||
Proforma revenue | 282,386,000 | ||||||||
Proforma profit (loss) before income taxes | $ 17,296,000 |
Accounts Receivable And Other_3
Accounts Receivable And Other Receivables - Summary of Accounts Receivable and Other Receivable (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Concentration Risk1 [Line Items] | ||
Trade accounts receivable, net | $ 59,537 | $ 57,011 |
Trade accounts receivable from shareholders exercising significant influence | 6,718 | 9,653 |
Other receivables | 1,407 | 482 |
Trade and other current receivables | $ 67,662 | $ 67,146 |
Trade accounts receivable | One customer | ||
Concentration Risk1 [Line Items] | ||
Concentration percentage | 10.00% | 14.00% |
Accounts Receivable And Other_4
Accounts Receivable And Other Receivables - Additional Information (Details) - Revenues - Two customers | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Concentration Risk1 [Line Items] | ||
Concentration percentage | 10.00% | 10.00% |
Globally | ||
Concentration Risk1 [Line Items] | ||
Concentration percentage | 25.00% | 32.00% |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | $ 2,339 | ||
Depreciation | 1,278 | $ 980 | $ 870 |
Subtotal | 7,172 | 2,339 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 6,079 | 4,558 | |
Additions | 5,923 | 1,007 | |
Additions through business acquisitions | 328 | 510 | |
Disposals / retirements | (1,345) | (23) | |
Foreign currency translation adjustment | 149 | 27 | |
Subtotal | 11,134 | 6,079 | 4,558 |
Accumulated Depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | (3,740) | (2,737) | |
Depreciation | 1,278 | 980 | |
Disposals / retirements | 1,159 | 3 | |
Foreign currency translation adjustment | (103) | (26) | |
Subtotal | (3,962) | (3,740) | (2,737) |
Furniture, fixtures and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 569 | ||
Subtotal | 1,634 | 569 | |
Furniture, fixtures and equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 1,435 | 1,234 | |
Additions | 1,313 | 196 | |
Additions through business acquisitions | 67 | 16 | |
Disposals / retirements | (490) | (10) | |
Foreign currency translation adjustment | 8 | (1) | |
Subtotal | 2,333 | 1,435 | 1,234 |
Furniture, fixtures and equipment | Accumulated Depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | (866) | (690) | |
Depreciation | 226 | 179 | |
Disposals / retirements | 397 | 5 | |
Foreign currency translation adjustment | (4) | (2) | |
Subtotal | (699) | (866) | (690) |
Computer equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 926 | ||
Subtotal | 1,438 | 926 | |
Computer equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 2,800 | 2,062 | |
Additions | 886 | 227 | |
Additions through business acquisitions | 239 | 494 | |
Disposals / retirements | (855) | (13) | |
Foreign currency translation adjustment | 120 | 30 | |
Subtotal | 3,190 | 2,800 | 2,062 |
Computer equipment | Accumulated Depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | (1,874) | (1,435) | |
Depreciation | 543 | 409 | |
Disposals / retirements | 762 | (2) | |
Foreign currency translation adjustment | (97) | (28) | |
Subtotal | (1,752) | (1,874) | (1,435) |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 844 | ||
Subtotal | 4,100 | 844 | |
Leasehold improvements | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | 1,844 | 1,262 | |
Additions | 3,724 | 584 | |
Additions through business acquisitions | 22 | 0 | |
Disposals / retirements | 0 | 0 | |
Foreign currency translation adjustment | 21 | (2) | |
Subtotal | 5,611 | 1,844 | 1,262 |
Leasehold improvements | Accumulated Depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost | (1,000) | (612) | |
Depreciation | 509 | 392 | |
Disposals / retirements | 0 | 0 | |
Foreign currency translation adjustment | (2) | 4 | |
Subtotal | $ (1,511) | $ (1,000) | $ (612) |
Leases - Right-of-use Assets (D
Leases - Right-of-use Assets (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020CAD ($) | |
Leases [Abstract] | |
Additions | $ 7,262 |
Terminations | (381) |
Depreciation | (2,090) |
Lease inducement allowance | 3 |
Exchange rate effect | 189 |
Ending balance | $ 11,492 |
Leases - Lease Liabilities (Det
Leases - Lease Liabilities (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020CAD ($) | |
Leases [Abstract] | |
Additions | $ 7,257 |
Terminations | (381) |
Lease payments | (2,129) |
Lease incentives | 1,249 |
Lease interest | 375 |
Exchange rate effect | 193 |
Ending balance | 13,232 |
Current portion | 1,559 |
Non-current portion | $ 11,673 |
Leases - Contractual Lease Paym
Leases - Contractual Lease Payments (Details) $ in Thousands | Mar. 31, 2020CAD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | $ 16,091 |
Less than one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | 2,020 |
One to two years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | 2,018 |
Two to five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | 6,464 |
Thereafter | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | $ 5,589 |
Leases - Amounts Recognized in
Leases - Amounts Recognized in Net Loss (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020CAD ($) | |
Leases [Abstract] | |
Interest on lease liabilities | $ 375 |
Expenses relating to short-term leases | 122 |
Variable lease payments | 1,134 |
Amounts recognized in net loss | 1,631 |
Total cash outflow for leases | $ 3,385 |
Intangibles - Summary of Intang
Intangibles - Summary of Intangible Assets (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | $ 51,804,000 | $ 47,551,000 | |
Amortization of intangibles | 11,278,000 | 8,092,000 | $ 5,724,000 |
Impairment | 13,336,000 | 0 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 70,098,000 | 29,604,000 | |
Additions, purchased | 49,000 | 426,000 | |
Additions through business acquisitions | 25,950,000 | 39,410,000 | |
Additions, internally generated | 0 | 98,000 | |
Foreign currency translation adjustment | 2,868,000 | 560,000 | |
Subtotal | 98,965,000 | 70,098,000 | |
Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 22,547,000 | 14,455,000 | |
Amortization Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 11,278,000 | 8,092,000 | |
Accumulated Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 13,336,000 | 0 | |
Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 47,161,000 | 22,547,000 | |
Foreign currency translation adjustment | 0 | 0 | |
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 41,752,000 | 33,986,000 | |
Customer relationships | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 55,823,000 | 28,348,000 | |
Additions, purchased | 0 | 425,000 | |
Additions through business acquisitions | 16,077,000 | 26,701,000 | |
Additions, internally generated | 0 | 0 | |
Foreign currency translation adjustment | 1,822,000 | 349,000 | |
Subtotal | 73,722,000 | 55,823,000 | |
Customer relationships | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 21,837,000 | 14,203,000 | |
Customer relationships | Amortization Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 10,133,000 | 7,634,000 | |
Customer relationships | Accumulated Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 0 | 0 | |
Customer relationships | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 31,970,000 | 21,837,000 | |
Foreign currency translation adjustment | 0 | 0 | |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 3,135,000 | 711,000 | |
Software | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 1,355,000 | 1,256,000 | |
Additions, purchased | 49,000 | 1,000 | |
Additions through business acquisitions | 2,909,000 | 0 | |
Additions, internally generated | 0 | 98,000 | |
Foreign currency translation adjustment | 64,000 | 0 | |
Subtotal | 4,377,000 | 1,355,000 | |
Software | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 644,000 | 252,000 | |
Software | Amortization Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 598,000 | 392,000 | |
Software | Accumulated Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 0 | 0 | |
Software | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 1,242,000 | 644,000 | |
Foreign currency translation adjustment | 0 | 0 | |
Tradename | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 0 | 12,604,000 | |
Tradename | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 12,604,000 | 0 | |
Additions, purchased | 0 | 0 | |
Additions through business acquisitions | 0 | 12,398,000 | |
Additions, internally generated | 0 | 0 | |
Foreign currency translation adjustment | 732,000 | 206,000 | |
Subtotal | 13,336,000 | 12,604,000 | |
Tradename | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 0 | 0 | |
Tradename | Amortization Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 0 | 0 | |
Tradename | Accumulated Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 13,336,000 | 0 | |
Tradename | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 13,336,000 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Non-competition Agreements | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 6,917,000 | 250,000 | |
Non-competition Agreements | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 316,000 | 0 | |
Additions, purchased | 0 | 0 | |
Additions through business acquisitions | 6,964,000 | 311,000 | |
Additions, internally generated | 0 | 0 | |
Foreign currency translation adjustment | 250,000 | 5,000 | |
Subtotal | 7,530,000 | 316,000 | |
Non-competition Agreements | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 66,000 | 0 | |
Non-competition Agreements | Amortization Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangibles | 547,000 | 66,000 | |
Non-competition Agreements | Accumulated Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 0 | 0 | |
Non-competition Agreements | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangibles | 613,000 | 66,000 | |
Foreign currency translation adjustment | $ 0 | $ 0 |
Intangibles - Additional Inform
Intangibles - Additional Information (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | ||
Impairment | $ 13,336,000 | $ 0 |
Goodwill - Annual Impairment Te
Goodwill - Annual Impairment Test of Five CGU's (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 79,634 | |
Net carrying amount | 77,608 | $ 79,634 |
Cash Generating Units | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 79,634 | 31,712 |
Business acquisitions (note 3) | 10,264 | 47,161 |
Divestiture of subsidiary | (576) | |
Impairment | (14,700) | |
Foreign currency translation adjustment | 2,986 | 761 |
Net carrying amount | 77,608 | 79,634 |
Cash Generating Units | Canada | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 20,060 | 20,060 |
Business acquisitions (note 3) | 6,890 | 0 |
Divestiture of subsidiary | 0 | |
Impairment | 0 | |
Foreign currency translation adjustment | 0 | 0 |
Net carrying amount | 26,950 | 20,060 |
Cash Generating Units | ADT | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 9,794 | 9,794 |
Business acquisitions (note 3) | 0 | 0 |
Divestiture of subsidiary | 0 | |
Impairment | (2,100) | |
Foreign currency translation adjustment | 0 | 0 |
Net carrying amount | 7,694 | 9,794 |
Cash Generating Units | France | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,836 | 1,858 |
Business acquisitions (note 3) | 0 | 0 |
Divestiture of subsidiary | 0 | |
Impairment | (1,700) | |
Foreign currency translation adjustment | 14 | (22) |
Net carrying amount | 150 | 1,836 |
Cash Generating Units | US | EPM US | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 12,296 | 0 |
Business acquisitions (note 3) | 3,374 | 12,095 |
Divestiture of subsidiary | 0 | |
Impairment | (6,600) | |
Foreign currency translation adjustment | 942 | 201 |
Net carrying amount | 10,012 | 12,296 |
Cash Generating Units | US | ERP US | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 35,648 | 0 |
Business acquisitions (note 3) | 0 | 35,066 |
Divestiture of subsidiary | (576) | |
Impairment | (4,300) | |
Foreign currency translation adjustment | 2,030 | 582 |
Net carrying amount | $ 32,802 | $ 35,648 |
Goodwill - Key Assumptions Used
Goodwill - Key Assumptions Used in Impairment Testing by CGU (Details) - Cash Generating Units | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Canada | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
After tax WACC | 14.00% | 12.40% |
Long-term growth rate of net operating cash flows | 3.00% | 3.50% |
Incremental increase in after tax WACC | 4.20% | |
Incremental decrease in long-term growth rate of net operating cash flows | 5.70% | |
ADT | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
After tax WACC | 14.00% | 12.40% |
Long-term growth rate of net operating cash flows | 4.00% | 3.50% |
France | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
After tax WACC | 16.00% | 14.20% |
Long-term growth rate of net operating cash flows | 3.00% | 3.50% |
US | EPM US | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
After tax WACC | 16.50% | 13.60% |
Long-term growth rate of net operating cash flows | 3.00% | 3.50% |
US | ERP US | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
After tax WACC | 17.00% | 13.60% |
Long-term growth rate of net operating cash flows | 3.00% | 3.50% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | |||
Trade accounts payable | $ 14,972 | $ 19,004 | |
Accrued liabilities | 13,998 | 9,158 | |
Accrued compensation | 18,411 | 18,182 | |
Consumption taxes payable | 2,241 | 1,505 | |
Performance obligations in customer contracts | 219 | 932 | |
Provision | 486 | 154 | $ 929 |
Accounts payable and accrued liabilities | $ 50,327 | $ 48,935 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Summary of Provision (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure Of Detailed Information About Accounts Payable And Accrued Liabilities [Abstract] | ||
Beginning balance | $ 154 | $ 929 |
Paid or otherwise settled | 0 | (775) |
Additional provision | 332 | 0 |
Ending balance | $ 486 | $ 154 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long Term Debt (Details) $ in Thousands | Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Balance of purchase payable with a nominal value | $ 15,609,000 | $ 3,765,000 | |
Other | 347,000 | 0 | |
Unamortized transaction costs (net of accumulated amortization of $234,858 and $11,424) | (342,000) | (409,000) | |
Borrowings | 53,229,000 | 28,305,000 | |
Current portion of long-term debt | 1,143,000 | 1,000,000 | |
Long-term debt | 52,086,000 | 27,305,000 | |
Accumulated amortization | 234,858 | 11,424 | |
Senior secured revolving credit facility (the "Credit Facility") | |||
Disclosure of detailed information about borrowings [line items] | |||
Senior secured revolving credit facility (the “Credit Facility”) | 37,615,000 | 24,949,000 | |
Maturity April 3, 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance of purchase payable with a nominal value | 2,877,000 | 3,765,000 | |
Borrowings, nominal value | $ 5,100,000 | ||
Interest rate | 5.80% | 5.80% | |
Maturity April 3, 2022 | Non Interest Bearing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, nominal value | $ 2,100,000 | ||
Maturity April 3, 2020 | Non Interest Bearing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, nominal value | 1,000,000 | ||
Maturity October 1, 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance of purchase payable with a nominal value | 1,556,000 | 0 | |
Borrowings, nominal value | $ 1,800,000 | ||
Interest rate | 6.00% | 6.00% | |
Maturity December 13, 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance of purchase payable with a nominal value | $ 8,232,000 | 0 | |
Borrowings, nominal value | $ 9,635,269 | $ 6,825 | |
Interest rate | 6.00% | 6.00% | |
Maturity February 1, 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance of purchase payable with a nominal value | $ 2,944,000 | $ 0 | |
Borrowings, nominal value | $ 3,258,750 | ||
Interest rate | 5.70% | 5.70% |
Long-term Debt - Schedule of _2
Long-term Debt - Schedule of Long Term Debt Footnotes (Details) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2020CAD ($) | Jun. 18, 2020 | Jun. 17, 2020 | Mar. 31, 2020USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | |
LIBOR Advances | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Maximum amount available | $ 60,000,000 | |||||
Letters Of Credit | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Maximum amount available | 2,500,000 | |||||
Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Maximum tax credits receivable for financing related to refundable tax credits | $ 7,500,000 | |||||
Credit Facility | Canadian or US prime rate | Bottom of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 0.00% | 0.00% | ||||
Credit Facility | Canadian or US prime rate | Top of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 0.75% | 1.50% | 0.75% | 0.75% | ||
Credit Facility | Bankers’ acceptances or LIBOR rates | Bottom of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 1.00% | 1.00% | ||||
Credit Facility | Bankers’ acceptances or LIBOR rates | Top of range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 2.00% | 2.75% | 2.00% | 2.00% | ||
Credit Facility | US base rate | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 5.50% | 5.50% | ||||
Credit Facility | Canadian advance applicable margin | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Percentage added to reference rate | 3.95% | 3.95% | ||||
USD | Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Advance drawn amount | $ 19,764,654 | $ 14,000 | $ 24,749,000 | $ 18,550 | ||
CAD | Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Advance drawn amount | $ 17,850,000 | $ 200,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Recovery) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Current tax expense (recovery) | |||
Current tax expense (recovery) for the year | $ 237 | $ 289 | $ 81 |
Total current tax expense (recovery) | 237 | 289 | 81 |
Deferred tax expense (recovery) | |||
Origination and reversal of temporary differences | (3,202) | (3,140) | (395) |
Total deferred tax expense (recovery) | (3,202) | (3,140) | (395) |
Income tax expense (recovery) | $ (2,965) | $ (2,851) | $ (314) |
Income Taxes - Disclosure of Ef
Income Taxes - Disclosure of Effective Income Tax Rate Differs from Federal and Provincial Statutory Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Percent | |||
Company's statutory tax rate | 26.50% | 26.70% | 26.70% |
Non-deductible share-based compensation expense | (1.60%) | (4.20%) | (13.30%) |
Other non-deductible and tax exempt items | (1.10%) | (2.70%) | (9.20%) |
Change in unrecognized deferred tax assets | (15.90%) | (2.30%) | 0.00% |
Impairment of intangibles and goodwill | (0.70%) | 0.00% | 0.00% |
Other | (0.10%) | 1.10% | 0.00% |
Total average effective tax rate | 7.10% | 18.60% | 4.20% |
Amount | |||
Loss before income taxes | $ (42,632) | $ (15,326) | $ (7,538) |
Company's statutory tax rate | (11,297) | (4,092) | (2,013) |
Non-deductible share-based compensation expense | 689 | 642 | 1,004 |
Other non-deductible and tax exempt items | 490 | 409 | 695 |
Change in unrecognized deferred tax assets | 6,795 | 361 | 0 |
Impairment of intangibles and goodwill | 310 | 0 | 0 |
Other | 48 | (171) | 0 |
Income tax expense (recovery) | $ (2,965) | $ (2,851) | $ (314) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Major components of tax expense (income) [abstract] | ||
Deferred tax liabilities | $ (4,057) | $ (2,016) |
Deferred tax assets | 4,652 | 2,946 |
Total | $ 595 | $ 930 |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movements in Temperory Differences (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | $ 930 | ||
Recognized in equity | (3,202) | $ (3,140) | $ (395) |
Total | 595 | 930 | |
Deferred Tax Assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | 14,577 | 3,434 | |
Recognized in earning | (3,095) | 1,296 | |
Recognized in equity | 0 | 714 | |
Business acquisition | 270 | 9,133 | |
Total | 11,752 | 14,577 | 3,434 |
Deferred Tax Assets | Losses available for carryforward and other tax deductions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | 13,669 | 3,395 | |
Recognized in earning | (2,884) | 1,141 | |
Recognized in equity | 0 | 0 | |
Business acquisition | 267 | 9,133 | |
Total | 11,052 | 13,669 | 3,395 |
Deferred Tax Assets | Deferred financing costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | 908 | 39 | |
Recognized in earning | (211) | 155 | |
Recognized in equity | 0 | 714 | |
Business acquisition | 3 | 0 | |
Total | 700 | 908 | 39 |
Deferred Tax Liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | (13,647) | (5,036) | |
Recognized in earning | 6,297 | 1,844 | |
Recognized in equity | 0 | 0 | |
Business acquisition | (3,807) | (10,455) | |
Total | (11,157) | (13,647) | (5,036) |
Deferred Tax Liabilities | Intangibles and goodwill | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | (11,499) | (2,906) | |
Recognized in earning | 6,310 | 1,862 | |
Recognized in equity | 0 | 0 | |
Business acquisition | (2,684) | (10,455) | |
Total | (7,873) | (11,499) | (2,906) |
Deferred Tax Liabilities | Tax credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | (1,909) | (1,752) | |
Recognized in earning | 52 | (157) | |
Recognized in equity | 0 | 0 | |
Business acquisition | (1,125) | 0 | |
Total | (2,982) | (1,909) | (1,752) |
Deferred Tax Liabilities | Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | (239) | (378) | |
Recognized in earning | (65) | 139 | |
Recognized in equity | 0 | 0 | |
Business acquisition | 2 | 0 | |
Total | (302) | (239) | (378) |
Net Carrying Amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Opening balance | 930 | (1,602) | |
Recognized in earning | 3,202 | 3,140 | |
Recognized in equity | 0 | 714 | |
Business acquisition | (3,537) | (1,322) | |
Total | $ 595 | $ 930 | $ (1,602) |
Income Taxes - Summary of Losse
Income Taxes - Summary of Losses Available for Carryforward (Details) $ in Thousands | Mar. 31, 2020CAD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | $ 20,070 |
US | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | 22,946 |
2037 | US | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | 12,802 |
Indefinite | US | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | $ 10,144 |
Income Taxes - Summary of Los_2
Income Taxes - Summary of Losses Available for Carryforward (Parentheticals) (Details) $ in Thousands | Mar. 31, 2020CAD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | $ 20,070 |
Deductible temporary differences for which no deferred tax asset is recognized | 28,983 |
US | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | 22,946 |
US | 2037 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | 12,802 |
State | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognized | $ 28,280 |
Share Capital and Dividends - A
Share Capital and Dividends - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Thousands | Feb. 01, 2022shares | Feb. 01, 2021shares | Mar. 31, 2020CAD ($)shares | Feb. 01, 2020shares | Dec. 31, 2019CAD ($)shares | Dec. 18, 2019$ / sharesshares | Dec. 13, 2019shares | Oct. 01, 2019shares | Sep. 30, 2019CAD ($)shares | Aug. 16, 2019$ / sharesshares | Jun. 21, 2019$ / sharesshares | Mar. 26, 2019CAD ($)shares | Nov. 01, 2018CAD ($)shares$ / shares | Oct. 31, 2018CAD ($)shares$ / shares | Oct. 30, 2018Vote | Mar. 31, 2019shares$ / shares | Mar. 31, 2020CAD ($)sharesVote$ / shares | Mar. 31, 2020USD ($)sharesVote | Mar. 31, 2019CAD ($)sharesVote$ / shares | Mar. 31, 2018CAD ($)shares$ / shares | Aug. 16, 2019$ / sharesshares | Jun. 21, 2019$ / sharesshares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Common stock, cancelled | $ 1 | |||||||||||||||||||||
Quarterly redemption period | 5 years | |||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 17,458,348 | |||||||||||||||||||||
Issuance of shares on business acquisition | $ 78,936,000 | |||||||||||||||||||||
Number of share options exercised in share-based payment arrangement (in shares) | shares | 53,987 | 53,987 | ||||||||||||||||||||
Exercise of stock options | $ 165,000 | 244,000 | $ 0 | |||||||||||||||||||
Private placement offer price (in CAD per share) | $ / shares | $ 4.50 | |||||||||||||||||||||
Accumulated dividends declared and paid | 2,531,000 | |||||||||||||||||||||
Share issuance, net of share issue costs | $ 0 | $ 50,047,000 | $ 8,000 | |||||||||||||||||||
Options issued (in shares) | shares | 660,000 | 20,000 | 20,000 | |||||||||||||||||||
Number of subordinated voting shares purchased (in shares) | shares | 165,000 | 180,000 | 625,500 | 660,000 | 20,000 | |||||||||||||||||
Exercise price (in CAD per option) | (per share) | $ 2.64 | $ 3.65 | $ 3.64 | $ 4.50 | $ 3.90 | $ 3.90 | $ 2.78 | $ 2.76 | ||||||||||||||
Weighted average exercise price of share options exercised (in CAD per option) | $ / shares | $ 3.85 | $ 3.75 | $ 3.80 | |||||||||||||||||||
CAD | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Stock options exercisable (in shares) | shares | 2,221,660 | 1,776,660 | 2,221,660 | 1,776,660 | 1,296,660 | |||||||||||||||||
Options issued (in shares) | shares | 85,000 | 435,000 | 85,000 | 435,000 | ||||||||||||||||||
USD | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Stock options exercisable (in shares) | shares | 950,629 | 846,882 | 950,629 | 846,882 | ||||||||||||||||||
Options issued (in shares) | shares | 165,000 | 95,000 | 190,500 | 95,000 | 190,500 | |||||||||||||||||
DSU | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of other equity instruments settled in share-based payment arrangement | shares | 5,514 | 5,514 | ||||||||||||||||||||
Settlement period, Canadian participants | 90 days | 90 days | ||||||||||||||||||||
Settlement period, US Participants | 6 months | 6 months | ||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares | 53,370 | 22,299 | 20,937 | 23,865 | 25,928 | |||||||||||||||||
Fair value of other equity instruments granted (in CAD per share) | $ 2.63 | $ 3.66 | $ 3.97 | $ 3.85 | $ 4.50 | $ 2.63 | ||||||||||||||||
Aggregate fair value of other equity instruments granted | $ 140,363 | $ 81,614 | $ 83,120 | $ 91,880 | $ 116,676 | |||||||||||||||||
Contributed Surplus | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition | $ 572,000 | |||||||||||||||||||||
Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition | 78,364,000 | |||||||||||||||||||||
Matricis Informatique Inc. | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | 473,646 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 1,800,000 | |||||||||||||||||||||
Value of vested shares | 550,000 | |||||||||||||||||||||
Number of instruments issued (in shares) | shares | 473,646 | |||||||||||||||||||||
Matricis Informatique Inc. | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition | $ 1,800,000 | |||||||||||||||||||||
Alithya Travercent LLC | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 3,870,000 | |||||||||||||||||||||
Value of vested shares | 272,000 | |||||||||||||||||||||
Number of instruments issued (in shares) | shares | 1,274,510 | |||||||||||||||||||||
Alithya Travercent LLC | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition | $ 3,870,000 | |||||||||||||||||||||
Askida Inc. | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 600,384 | 600,384 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 2,173,000 | |||||||||||||||||||||
Value of vested shares | 639,000 | |||||||||||||||||||||
Number of instruments issued (in shares) | shares | 600,384 | |||||||||||||||||||||
Askida Inc. | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition | 2,173,000 | |||||||||||||||||||||
Alithya Digital Technology Corporation | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Value of vested shares | 326,000 | 815,000 | ||||||||||||||||||||
Pro2p | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Value of vested shares | $ 81,000 | $ 260,000 | ||||||||||||||||||||
Private Placement | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Market value of private placement offer price (in CAD per share) | $ / shares | $ 4.50 | |||||||||||||||||||||
Class A | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued as settlement of obligations (in share) | shares | 307,230 | |||||||||||||||||||||
Value of shares issued as settlement of obligations | $ 1,384,421 | |||||||||||||||||||||
Aggregate stated number of shares repurchased (in shares) | shares | 95,970 | |||||||||||||||||||||
Aggregate stated value of shares repurchased | $ 251,615 | |||||||||||||||||||||
Cash consideration for repurchase | 431,752 | |||||||||||||||||||||
Premium on share redemption recorded to deficit | $ 180,137 | |||||||||||||||||||||
Number of instruments issued (in shares) | shares | 11,736,055 | |||||||||||||||||||||
Share issuance, net of share issue costs | $ 52,812,248 | |||||||||||||||||||||
Share issue costs incurred | 2,764,885 | |||||||||||||||||||||
Net deferred tax liabilities | 714,000 | |||||||||||||||||||||
Class F Shares Super Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of votes per share | Vote | 100 | |||||||||||||||||||||
Class G Shares Super Voting and Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of votes per share | Vote | 10 | |||||||||||||||||||||
Class H Non Voting And Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 10.00% | |||||||||||||||||||||
Mandatory retractable period | 5 years | |||||||||||||||||||||
Class I Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 20.00% | |||||||||||||||||||||
Class J Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 10.00% | |||||||||||||||||||||
Class K Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 4.00% | |||||||||||||||||||||
Class L Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 4.00% | |||||||||||||||||||||
Class K Shares | Class A | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued in lieu of accumulated dividend (in shares) | shares | 103,704 | |||||||||||||||||||||
Stated value of shares for dividends declared | $ 466,667 | |||||||||||||||||||||
Class L Shares | Class A | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued in lieu of accumulated dividend (in shares) | shares | 44,444 | |||||||||||||||||||||
Stated value of shares for dividends declared | $ 200,000 | |||||||||||||||||||||
Class AA | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued as settlement of obligations (in share) | shares | 68,615 | |||||||||||||||||||||
Value of shares issued as settlement of obligations | $ 308,769 | |||||||||||||||||||||
Class J Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Accumulated dividends declared and paid | $ 1,864,383 | |||||||||||||||||||||
Subordinate Voting Shares and Multiple Voting Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Stock conversion ratio | 1 | |||||||||||||||||||||
Bottom of range | Class D Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 0.00% | |||||||||||||||||||||
Bottom of range | Class F Shares Super Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 0.00% | |||||||||||||||||||||
Top of range | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Employee’s basic contribution | 10.00% | 10.00% | ||||||||||||||||||||
Top of range | Class D Shares Non Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 15.00% | |||||||||||||||||||||
Top of range | Class F Shares Super Voting and Non Participating | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 15.00% | |||||||||||||||||||||
Subordinate Voting Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of votes per share | Vote | 1 | 1 | 1 | |||||||||||||||||||
Number of share options exercised in share-based payment arrangement (in shares) | shares | 91,739 | |||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options (in shares) | shares | 53,987 | 53,987 | 91,739 | |||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | $ 165,000 | $ 244,000 | ||||||||||||||||||||
Exercise of stock options | $ 165,000 | |||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU (in shares) | shares | 5,514 | 5,514 | ||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU | $ 23,000 | |||||||||||||||||||||
Subordinate Voting Shares | Contributed Surplus | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | (36,000) | (58,000) | ||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU | $ (23,000) | |||||||||||||||||||||
Subordinate Voting Shares | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options (in shares) | shares | 53,987 | 53,987 | ||||||||||||||||||||
Issuance of Subordinate Voting Shares from exercise of stock options | $ 201,000 | $ 302,000 | ||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU (in shares) | shares | 5,514 | 5,514 | ||||||||||||||||||||
Issuance of Subordinate Voting Shares from settlement of DSU | $ 23,000 | |||||||||||||||||||||
Subordinate Voting Shares | Matricis Informatique Inc. | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | 473,646 | 473,646 | |||||||||||||||||||
Issuance of shares on business acquisition | $ 1,800,000 | |||||||||||||||||||||
Subordinate Voting Shares | Matricis Informatique Inc. | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 473,646 | 473,646 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 1,800,000 | |||||||||||||||||||||
Subordinate Voting Shares | Alithya Travercent LLC | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | 1,274,510 | |||||||||||||||||||
Issuance of shares on business acquisition | $ 3,870 | |||||||||||||||||||||
Subordinate Voting Shares | Alithya Travercent LLC | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 3,870,000 | |||||||||||||||||||||
Subordinate Voting Shares | Askida Inc. | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 300,192 | 300,189 | 600,384 | 600,384 | 600,384 | |||||||||||||||||
Issuance of shares on business acquisition | $ 2,172,500 | |||||||||||||||||||||
Subordinate Voting Shares | Askida Inc. | Share Capital | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Issuance of shares on business acquisition (in shares) | shares | 600,384 | 600,384 | ||||||||||||||||||||
Issuance of shares on business acquisition | $ 2,173,000 | |||||||||||||||||||||
Multiple Voting Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of votes per share | Vote | 10 | 10 | 10 | |||||||||||||||||||
Number of share options exercised in share-based payment arrangement (in shares) | shares | 0 | |||||||||||||||||||||
Number of stock options available to purchase of shares (in shares) | shares | 863,160 | 863,160 | 863,160 | |||||||||||||||||||
Class AA | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of votes per share | Vote | 10 | |||||||||||||||||||||
Class C Shares Non Voting and Non Participating | Bottom of range | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 0.00% | |||||||||||||||||||||
Class C Shares Non Voting and Non Participating | Top of range | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of dividends | 15.00% | |||||||||||||||||||||
Class J Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Dividends in arrears | $ 1,571,233 | |||||||||||||||||||||
Class K Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Dividends in arrears | 385,000 | |||||||||||||||||||||
Class L Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Dividends in arrears | $ 165,000 | |||||||||||||||||||||
Long Term Incentive Plan | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of share options exercised in share-based payment arrangement (in shares) | shares | 53,987 | 53,987 | 91,739 | 2,500 | ||||||||||||||||||
Vesting period | 4 years | 4 years | ||||||||||||||||||||
Stock options exercisable (in shares) | shares | 1,513,789 | 1,478,542 | 1,513,789 | 1,478,542 | 788,160 | |||||||||||||||||
Weighted average exercise price of share options exercised (in CAD per option) | $ / shares | $ 3.10 | $ 2.66 | $ 2.21 | |||||||||||||||||||
Long Term Incentive Plan | Subordinate Voting Shares and Multiple Voting Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of aggregate number of shares issued and outstanding | 10.00% | 10.00% |
Share Capital and Dividends - S
Share Capital and Dividends - Summary of Issued Share Capital (Details) $ in Thousands | Feb. 01, 2022shares | Feb. 01, 2021shares | Feb. 01, 2020shares | Dec. 13, 2019shares | Oct. 01, 2019shares | Mar. 31, 2020CAD ($)shares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares |
Disclosure of classes of share capital [line items] | |||||||||
Balance (in shares) | shares | 55,665,476 | 55,665,476 | 25,951,311 | 24,601,490 | |||||
Business acquisition (in shares) | shares | 17,458,348 | ||||||||
Balance (in shares) | shares | 58,073,517 | 58,073,517 | 55,665,476 | 25,951,311 | |||||
Share-based compensation on shares vested during the year, issued on business acquisitions | $ 1,868,000 | $ 1,075,000 | $ 2,701,000 | ||||||
Business acquisition | 78,936,000 | ||||||||
Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share-based compensation on shares vested during the year, issued on business acquisitions | $ 407,000 | 1,075,000 | $ 2,701,000 | ||||||
Business acquisition | $ 78,364,000 | ||||||||
Matricis Informatique Inc. | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 473,646 | 473,646 | |||||||
Business acquisition | $ 1,800,000 | ||||||||
Matricis Informatique Inc. | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition | $ 1,800,000 | ||||||||
Alithya Travercent LLC | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | |||||||
Business acquisition | $ 3,870,000 | ||||||||
Alithya Travercent LLC | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition | $ 3,870,000 | ||||||||
Askida Inc. | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 600,384 | 600,384 | |||||||
Business acquisition | $ 2,173,000 | ||||||||
Askida Inc. | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition | $ 2,173,000 | ||||||||
Subordinate Voting Shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Balance (in shares) | shares | 48,496,492 | 48,496,492 | |||||||
Exercise of stock options (in shares) | shares | 53,987 | 53,987 | 91,739 | ||||||
Settlement of DSU (in shares) | shares | 5,514 | 5,514 | |||||||
Balance (in shares) | shares | 48,496,492 | ||||||||
Beginning balance | $ 183,346,000 | ||||||||
Exercise of stock options | 165,000 | $ 244,000 | |||||||
Settlement of DSU | $ 23,000 | ||||||||
Ending balance | $ 183,346,000 | ||||||||
Subordinate Voting Shares | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Balance (in shares) | shares | 48,496,492 | 48,496,492 | |||||||
Exercise of stock options (in shares) | shares | 53,987 | 53,987 | |||||||
Settlement of DSU (in shares) | shares | 5,514 | 5,514 | |||||||
Balance (in shares) | shares | 50,904,533 | 50,904,533 | 48,496,492 | ||||||
Beginning balance | $ 183,346,000 | ||||||||
Share-based compensation on shares vested during the year, issued on business acquisitions | 407,000 | ||||||||
Exercise of stock options | 201,000 | $ 302,000 | |||||||
Settlement of DSU | 23,000 | ||||||||
Ending balance | $ 191,820,000 | $ 183,346,000 | |||||||
Subordinate Voting Shares | Matricis Informatique Inc. | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 473,646 | 473,646 | 473,646 | ||||||
Business acquisition | $ 1,800,000 | ||||||||
Subordinate Voting Shares | Matricis Informatique Inc. | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 473,646 | 473,646 | |||||||
Business acquisition | $ 1,800,000 | ||||||||
Subordinate Voting Shares | Alithya Travercent LLC | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | 1,274,510 | ||||||
Business acquisition | $ 3,870 | ||||||||
Subordinate Voting Shares | Alithya Travercent LLC | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 1,274,510 | 1,274,510 | |||||||
Business acquisition | $ 3,870,000 | ||||||||
Subordinate Voting Shares | Askida Inc. | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 300,192 | 300,189 | 600,384 | 600,384 | 600,384 | ||||
Business acquisition | $ 2,172,500 | ||||||||
Subordinate Voting Shares | Askida Inc. | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Business acquisition (in shares) | shares | 600,384 | 600,384 | |||||||
Business acquisition | $ 2,173,000 | ||||||||
Multiple Voting Shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Balance (in shares) | shares | 7,168,984 | 7,168,984 | |||||||
Balance (in shares) | shares | 7,168,984 | ||||||||
Beginning balance | $ 3,515,000 | ||||||||
Ending balance | $ 3,515,000 | ||||||||
Multiple Voting Shares | Share Capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Balance (in shares) | shares | 7,168,984 | 7,168,984 | |||||||
Balance (in shares) | shares | 7,168,984 | 7,168,984 | 7,168,984 | ||||||
Beginning balance | $ 3,515,000 | ||||||||
Ending balance | $ 3,515,000 | $ 3,515,000 |
Share Capital and Dividends - T
Share Capital and Dividends - Transaction Activity Related to Class of Shares (Details) - CAD ($) $ in Thousands | 5 Months Ended | 7 Months Ended |
Mar. 31, 2019 | Oct. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||
Balance (in shares) | 55,665,476 | |
Class A | ||
Disclosure of classes of share capital [line items] | ||
Balance (in shares) | 12,009,378 | |
Issued in relation to dividends and employee compensation (in shares) | 455,378 | |
Issued for private placement (in shares) | 11,736,055 | |
Redeemed (in shares) | (95,970) | |
Share-based compensation on shares vested during the period, issued on business acquisitions (in shares) | 0 | |
Balance (in shares) | 24,104,841 | |
Beginning balance | $ 30,948 | |
Issued in relation to dividends and employee compensation | 2,051 | |
Issued for private placement (Note 3) | 50,761 | |
Redeemed | (252) | |
Share-based compensation on shares vested during the period, issued on business acquisitions | 807 | |
Ending balance | $ 84,315 | |
Class AA | ||
Disclosure of classes of share capital [line items] | ||
Balance (in shares) | 7,100,369 | |
Issued in relation to dividends and employee compensation (in shares) | 68,615 | |
Issued for private placement (in shares) | 0 | |
Redeemed (in shares) | 0 | |
Share-based compensation on shares vested during the period, issued on business acquisitions (in shares) | 0 | |
Balance (in shares) | 7,168,984 | |
Beginning balance | $ 3,206 | |
Issued in relation to dividends and employee compensation | 309 | |
Issued for private placement (Note 3) | 0 | |
Redeemed | 0 | |
Share-based compensation on shares vested during the period, issued on business acquisitions | 0 | |
Ending balance | $ 3,515 |
Share Capital and Dividends -_2
Share Capital and Dividends - Summary of Shares Converted After Acquisition (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Nov. 02, 2018 | Nov. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Disclosure of classes of share capital [line items] | ||||||
Ending balance (in shares) | 58,073,517 | 55,665,476 | 25,951,311 | 24,601,490 | ||
Subordinate Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 30,946,405 | |||||
Subordinate Voting Shares issued on business acquisition (in shares) | 17,458,348 | |||||
Ending balance (in shares) | 48,496,492 | 48,404,753 | 48,404,753 | |||
Ending balance before business acquisition | $ 104,412 | |||||
Subordinate Voting Shares issued on business acquisition (note 3) | 78,364 | |||||
Ending balance | $ 182,776 | |||||
Subordinate Voting Shares | Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 24,104,841 | |||||
Ending balance before business acquisition | $ 84,315 | |||||
Subordinate Voting Shares | Class A CRCD | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 1,773,212 | |||||
Ending balance before business acquisition | $ 5,250 | |||||
Subordinate Voting Shares | Class A IQ | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 1,637,204 | |||||
Ending balance before business acquisition | $ 4,847 | |||||
Subordinate Voting Shares | Class AA | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Subordinate Voting Shares | Class J | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 1,742,342 | |||||
Ending balance before business acquisition | $ 5,000 | |||||
Subordinate Voting Shares | Class K | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 1,182,164 | |||||
Ending balance before business acquisition | $ 3,500 | |||||
Subordinate Voting Shares | Class L | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 506,642 | |||||
Ending balance before business acquisition | $ 1,500 | |||||
Multiple Voting Shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 7,168,984 | |||||
Subordinate Voting Shares issued on business acquisition (in shares) | 0 | |||||
Ending balance (in shares) | 7,168,984 | 7,168,984 | 7,168,984 | |||
Ending balance before business acquisition | $ 3,515 | |||||
Subordinate Voting Shares issued on business acquisition (note 3) | 0 | |||||
Ending balance | $ 3,515 | |||||
Multiple Voting Shares | Class A | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Multiple Voting Shares | Class A CRCD | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Multiple Voting Shares | Class A IQ | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Multiple Voting Shares | Class AA | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 7,168,984 | |||||
Ending balance before business acquisition | $ 3,515 | |||||
Multiple Voting Shares | Class J | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Multiple Voting Shares | Class K | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 | |||||
Multiple Voting Shares | Class L | ||||||
Disclosure of classes of share capital [line items] | ||||||
Ending balance before business acquisition (in shares) | 0 | |||||
Ending balance before business acquisition | $ 0 |
Share Capital and Dividends -_3
Share Capital and Dividends - Summary of Transaction Activity Related to Subordinate Voting Shares and Multiple Voting Shares (Details) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Mar. 31, 2019CAD ($)shares | Mar. 31, 2020CAD ($)shares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018shares | |
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 55,665,476 | 25,951,311 | 24,601,490 | |
Exercise of stock options (in shares) | 53,987 | |||
Balance (in shares) | 55,665,476 | 58,073,517 | 55,665,476 | 25,951,311 |
Subordinate Voting Shares | ||||
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 48,404,753 | 48,496,492 | ||
Share-based compensation on shares vested during the period, issued on business acquisitions (in shares) | 0 | |||
Exercise of stock options (in shares) | 91,739 | |||
Balance (in shares) | 48,496,492 | 48,496,492 | ||
Beginning balance | $ | $ 182,776 | $ 183,346 | ||
Share-based compensation on shares vested during the period, issued on business acquisitions | $ | 268 | |||
Exercise of stock options | $ | 302 | |||
Ending balance | $ | $ 183,346 | $ 183,346 | ||
Multiple Voting Shares | ||||
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 7,168,984 | 7,168,984 | ||
Share-based compensation on shares vested during the period, issued on business acquisitions (in shares) | 0 | |||
Exercise of stock options (in shares) | 0 | |||
Balance (in shares) | 7,168,984 | 7,168,984 | ||
Beginning balance | $ | $ 3,515 | $ 3,515 | ||
Share-based compensation on shares vested during the period, issued on business acquisitions | $ | 0 | |||
Exercise of stock options | $ | 0 | |||
Ending balance | $ | $ 3,515 | $ 3,515 |
Share Capital and Dividends -_4
Share Capital and Dividends - Summary of Dividends Declared (Details) - Old Alithya - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Dividend [Line Items] | ||
Dividends declared | $ 2,531 | $ 0 |
Class J Shares | ||
Disclosure Of Dividend [Line Items] | ||
Dividends declared | 1,864 | 0 |
Class K Shares | ||
Disclosure Of Dividend [Line Items] | ||
Dividends declared | 467 | 0 |
Class L Shares | ||
Disclosure Of Dividend [Line Items] | ||
Dividends declared | $ 200 | $ 0 |
Share Capital and Dividends -_5
Share Capital and Dividends - Summary of Option Activity (Details) | 12 Months Ended | ||
Mar. 31, 2020shares$ / shares | Mar. 31, 2019shares$ / shares | Mar. 31, 2018shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercised (in shares) | shares | (53,987) | ||
Weighted average exercise price of share options exercised (in CAD per option) | $ / shares | $ 3.85 | $ 3.75 | $ 3.80 |
Long Term Incentive Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance (in shares) | shares | 2,623,542 | 1,296,660 | 1,040,160 |
Granted (in shares) | shares | 970,500 | 680,000 | 314,000 |
Deemed issuance of replacement stock options on business acquisition (note 3) (in shares) | shares | 0 | 910,461 | 0 |
Forfeited (in shares) | shares | (137,151) | (170,946) | (55,000) |
Expired (in shares) | shares | (230,615) | (894) | 0 |
Exercised (in shares) | shares | (53,987) | (91,739) | (2,500) |
Ending balance (in shares) | shares | 3,172,289 | 2,623,542 | 1,296,660 |
Exercisable at year end (in shares) | shares | 1,513,789 | 1,478,542 | 788,160 |
Beginning balance (in CAD per option) | $ / shares | $ 3.80 | $ 2.66 | $ 2.36 |
Granted (in CAD per option) | $ / shares | 3.63 | 4.48 | 3.80 |
Deemed issuance of replacement stock options on business acquisition (note 3) (in CAD per option) | $ / shares | 0 | 5.17 | 0 |
Forfeited (in CAD per option) | $ / shares | 4.88 | 5.82 | 3.12 |
Expired (in CAD per option) | $ / shares | 3.66 | 2.66 | 0 |
Weighted average exercise price of share options exercised (in CAD per option) | $ / shares | 3.10 | 2.66 | 2.21 |
Ending balance (in CAD per option) | $ / shares | 3.72 | 3.80 | 2.66 |
Exercisable at year end (in CAD per option) | $ / shares | $ 3.43 | $ 3.60 | $ 2.15 |
Share Capital and Dividends -_6
Share Capital and Dividends - Schedule of Share Options Outstanding and Exercisable (Details) | 12 Months Ended | ||||||||
Mar. 31, 2020shares$ / shares | Mar. 31, 2019shares$ / shares | Mar. 31, 2018shares | Dec. 18, 2019$ / shares | Aug. 16, 2019$ / shares | Aug. 16, 2019$ / shares | Jun. 21, 2019$ / shares | Jun. 21, 2019$ / shares | Nov. 01, 2018$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | (per share) | $ 3.90 | $ 2.64 | $ 3.65 | $ 2.78 | $ 3.64 | $ 2.76 | $ 4.50 | ||
CAD | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 2,221,660 | 1,776,660 | 1,296,660 | ||||||
Weighted average remaining exercise period (in years) | 6 years 1 month 13 days | 6 years 7 months 17 days | 6 years 6 months 7 days | ||||||
CAD | Exercise Price, 1.90 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 1.90 | ||||||||
Stock options exercisable (in shares) | shares | 363,160 | 363,160 | 363,160 | ||||||
Weighted average remaining exercise period (in years) | 2 years 5 months 12 days | 3 years 5 months 12 days | 4 years 6 months | ||||||
CAD | Exercise Price, 1.92 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 1.92 | ||||||||
Stock options exercisable (in shares) | shares | 100,000 | 100,000 | 100,000 | ||||||
Weighted average remaining exercise period (in years) | 2 years | 3 years | 4 years 6 months | ||||||
CAD | Exercise Price, 2.21 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 2.21 | ||||||||
Stock options exercisable (in shares) | shares | 115,000 | 115,000 | 115,000 | ||||||
Weighted average remaining exercise period (in years) | 4 years 7 days | 5 years 10 days | 6 years | ||||||
CAD | Exercise Price, 2.46 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 2.46 | ||||||||
Stock options exercisable (in shares) | shares | 100,000 | 100,000 | 100,000 | ||||||
Weighted average remaining exercise period (in years) | 3 years | 4 years | 5 years | ||||||
CAD | Exercise Price, 2.87 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 2.87 | ||||||||
Stock options exercisable (in shares) | shares | 120,000 | 120,000 | 120,000 | ||||||
Weighted average remaining exercise period (in years) | 5 years 1 month 2 days | 6 years 1 month 2 days | 7 years | ||||||
CAD | Exercise Price, 2.96 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 2.96 | ||||||||
Stock options exercisable (in shares) | shares | 186,000 | 188,500 | 192,000 | ||||||
Weighted average remaining exercise period (in years) | 6 years 3 days | 7 years 3 days | 8 years | ||||||
CAD | Exercise Price, 3.29 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.29 | ||||||||
Stock options exercisable (in shares) | shares | 2,000 | 4,000 | 4,000 | ||||||
Weighted average remaining exercise period (in years) | 6 years 8 months 1 day | 7 years 8 months 1 day | 8 years 8 months 12 days | ||||||
CAD | Exercise Price, 3.64 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.64 | ||||||||
Stock options exercisable (in shares) | shares | 418,000 | 0 | 0 | ||||||
Weighted average remaining exercise period (in years) | 9 years 2 months 23 days | 0 years | 0 years | ||||||
CAD | Exercise Price, 3.65 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.65 | ||||||||
Stock options exercisable (in shares) | shares | 85,000 | 0 | 0 | ||||||
Weighted average remaining exercise period (in years) | 2 years 4 months 17 days | 0 years | 0 years | ||||||
CAD | Exercise Price, 3.80 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.80 | ||||||||
Stock options exercisable (in shares) | shares | 249,500 | 262,500 | 302,500 | ||||||
Weighted average remaining exercise period (in years) | 7 years 1 month 20 days | 8 years 1 month 28 days | 9 years 1 month 28 days | ||||||
CAD | Exercise Price, 3.90 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.90 | ||||||||
Stock options exercisable (in shares) | shares | 20,000 | 20,000 | 0 | ||||||
Weighted average remaining exercise period (in years) | 8 years 10 months 17 days | 9 years 10 months 20 days | 0 years | ||||||
CAD | Exercise Price, 4.50 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 4.50 | ||||||||
Stock options exercisable (in shares) | shares | 463,000 | 503,500 | 0 | ||||||
Weighted average remaining exercise period (in years) | 8 years 7 months 2 days | 9 years 7 months 2 days | 0 years | ||||||
USD | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 950,629 | 846,882 | |||||||
Weighted average remaining exercise period (in years) | 5 years 8 months 12 days | 3 years 4 months 17 days | |||||||
USD | 2.26 to 3.85 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 599,960 | 415,766 | |||||||
Weighted average remaining exercise period (in years) | 7 years 11 months 23 days | 4 years 14 days | |||||||
USD | 2.26 to 3.85 | Bottom of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 2.26 | ||||||||
USD | 2.26 to 3.85 | Top of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.85 | ||||||||
USD | 3.86 to 4.45 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 23,240 | 44,096 | |||||||
Weighted average remaining exercise period (in years) | 1 year 8 months 26 days | 2 years 9 months 21 days | |||||||
USD | 3.86 to 4.45 | Bottom of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 3.86 | ||||||||
USD | 3.86 to 4.45 | Top of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 4.45 | ||||||||
USD | 4.59 to 4.85 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 154,141 | 198,834 | |||||||
Weighted average remaining exercise period (in years) | 1 year 1 month 6 days | 2 years 1 month 13 days | |||||||
USD | 4.59 to 4.85 | Bottom of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 4.59 | ||||||||
USD | 4.59 to 4.85 | Top of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 4.85 | ||||||||
USD | 4.90 to 5.45 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options exercisable (in shares) | shares | 173,288 | 188,186 | |||||||
Weighted average remaining exercise period (in years) | 2 years 5 months 1 day | 3 years 4 months 20 days | |||||||
USD | 4.90 to 5.45 | Bottom of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 4.90 | ||||||||
USD | 4.90 to 5.45 | Top of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Exercise price (in CAD per option) | $ 5.45 |
Share Capital and Dividends -_7
Share Capital and Dividends - Summary of Weighted Average Assumptions Used for Valuation of Share Options Granted (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020CAD ($)yr$ / sharesshares | Mar. 31, 2019CAD ($)yr$ / sharesshares | Mar. 31, 2018CAD ($)yr$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense related to the options granted | $ | $ 3,551 | $ 2,249 | $ 4,163 |
Black Scholes Model [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense related to the options granted | $ | $ 318 | $ 141 | $ 289 |
Number of stock options granted (in shares) | shares | 970,500 | 680,000 | 314,000 |
Weighted average fair value of options granted (in CAD per option) | $ / shares | $ 1.13 | $ 1.54 | $ 1.50 |
Aggregate fair value of options granted | $ | $ 1,096 | $ 1,045 | $ 470 |
Share price (in CAD per option) | $ / shares | $ 3.63 | $ 4.48 | $ 3.80 |
Exercise price (in CAD per option) | $ / shares | $ 3.63 | $ 4.48 | $ 3.80 |
Risk-free interest rate | 1.79% | 2.42% | 1.07% |
Expected volatility | 30.00% | 30.00% | 35.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life (years) | yr | 5.7 | 6.1 | 7.5 |
Vesting conditions – time (years) | 2 years 8 months 12 days | 3 years 3 months 18 days | 3 years |
Share Capital and Dividends -_8
Share Capital and Dividends - Summary of Share based Compensation (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |||
Stock option plan | $ 745 | $ 372 | $ 289 |
Share purchase plan – employer contribution | 633 | 593 | 439 |
Share-based compensation on shares vested during the period, issued on business acquisitions | 1,868 | 1,075 | 2,701 |
Deferred share units | 305 | 209 | 0 |
Accrued management bonuses and other compensation | 0 | 0 | 734 |
Expense from share-based payment transactions with employees | $ 3,551 | $ 2,249 | $ 4,163 |
Commitments - Schedule of Payme
Commitments - Schedule of Payments of Long Term Lease Agreements (Details) - Long-term lease agreements $ in Thousands | Mar. 31, 2020CAD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | $ 4,809 |
2021 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | 351 |
2022 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | 468 |
2023 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | 468 |
2024 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | 468 |
2025 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | 468 |
Thereafter | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments | $ 2,586 |
Commitments - Additional Inform
Commitments - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Commitments And Contingency Line Tems | |||
Operating lease expense | $ 2,922 | $ 2,440 | |
Aggregate amount of letter of credit issued | $ 1,324 | ||
Interest rate | 0.60% | ||
Less than one year | |||
Disclosure Of Commitments And Contingency Line Tems | |||
Minumum contingent rental revenue from leasing of premises | $ 260 |
Commitments - Schedule of Opera
Commitments - Schedule of Operating Expenditures Contracted but not Incurred (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | $ 123,940 | $ 67,361 | $ 40,134 |
Technology licenses, infrastructure and other | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | 3,822 | ||
Technology licenses, infrastructure and other | 2021 | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | 2,600 | ||
Technology licenses, infrastructure and other | 2022 | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | 1,193 | ||
Technology licenses, infrastructure and other | 2023 | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | 19 | ||
Technology licenses, infrastructure and other | 2024 | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | 5 | ||
Technology licenses, infrastructure and other | Thereafter | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating commitments | $ 5 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Payments of incremental benefit in the event of termination | $ 41 | $ 19 | $ 634 |
Related parties | |||
Disclosure of transactions between related parties [line items] | |||
Voting right percentage | 58.70% | ||
Related parties | Top of range | |||
Disclosure of transactions between related parties [line items] | |||
Payments of incremental benefit in the event of termination | $ 4,633 | $ 3,006 | $ 2,484 |
Related Parties - Summary of Co
Related Parties - Summary of Compensation Paid or Payable to Directors and to Key Management for Services (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |||
Director compensation, and key management salaries and benefits | $ 3,626 | $ 2,743 | $ 2,516 |
Share based compensation | 646 | 417 | 327 |
Termination benefits | 0 | 100 | 149 |
Key management personnel compensation | $ 4,272 | $ 3,260 | $ 2,992 |
Related Parties - Summary of Op
Related Parties - Summary of Operating Transactions with Shareholders (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |||
Consulting fee revenue | $ 24,554 | $ 36,672 | $ 59,674 |
Employee benefits | 41 | 19 | 634 |
Communications | 0 | 219 | 414 |
Professional fees | 0 | 0 | 323 |
Transaction fees | 0 | 866 | $ 0 |
Consulting fee revenue reimbursement (up to) | 4,000 | ||
Trade accounts receivable | 6,718 | 9,653 | |
Trade accounts payable | $ 153 | $ 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings per share [abstract] | |||
Net loss | $ (39,667) | $ (12,475) | $ (7,224) |
Allocation of loss net of dividends to shareholders of preferred shares | 0 | 268 | 357 |
Net loss to shareholders of common shares | $ (39,667) | $ (12,207) | $ (6,867) |
Weighted average number of common shares outstanding (in shares) | 56,399,499 | 36,129,647 | 22,292,548 |
Basic and diluted loss per share (in CAD per share) | $ (0.70) | $ (0.34) | $ (0.31) |
Reconciliation of Liabilities_3
Reconciliation of Liabilities Arising from Financing Activities - Summary of Changes in Company's Liabilities Arising from Financing Activities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | $ 28,305 | $ 42,641 |
Repayment | (57,562) | (60,969) |
Proceeds | 64,093 | 29,459 |
Total cash flow | 34,836 | 11,131 |
Acquisition | 16,114 | 15,749 |
Amortization of financing fees | 231 | 144 |
Interest accretion on balances of purchase payable | 318 | 211 |
Foreign currency translation adjustment | 1,730 | 1,070 |
Reclassification | 0 | 0 |
Total non cash | 18,393 | 17,174 |
Ending balance | 53,229 | 28,305 |
Line of credit and demand loan | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 0 | 24,066 |
Repayment | (3,153) | (40,547) |
Proceeds | 0 | 0 |
Total cash flow | (3,153) | (16,481) |
Acquisition | 3,153 | 15,749 |
Amortization of financing fees | 0 | 0 |
Interest accretion on balances of purchase payable | 0 | 0 |
Foreign currency translation adjustment | 0 | 732 |
Reclassification | 0 | 0 |
Total non cash | 3,153 | 16,481 |
Ending balance | 0 | 0 |
Current portion of long-term debt | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 1,000 | 2,956 |
Repayment | (4,273) | (6,343) |
Proceeds | 2,517 | 0 |
Total cash flow | (756) | (3,387) |
Acquisition | 1,105 | 0 |
Amortization of financing fees | 0 | 0 |
Interest accretion on balances of purchase payable | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Reclassification | 794 | 4,387 |
Total non cash | 1,899 | 4,387 |
Ending balance | 1,143 | 1,000 |
Long-term debt | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 27,305 | 15,619 |
Repayment | (50,136) | (14,079) |
Proceeds | 61,576 | 29,459 |
Total cash flow | 38,745 | 30,999 |
Acquisition | 11,856 | 0 |
Amortization of financing fees | 231 | 144 |
Interest accretion on balances of purchase payable | 318 | 211 |
Foreign currency translation adjustment | 1,730 | 338 |
Reclassification | (794) | (4,387) |
Total non cash | 13,341 | (3,694) |
Ending balance | $ 52,086 | $ 27,305 |
Additional Information on Con_3
Additional Information on Consolidated Loss - Schedule of Additional Information on Consolidated Loss (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Profit (loss) [abstract] | |||
Revenue – contingent rental | $ 1,532 | $ 1,814 | $ 1,319 |
Employee compensation costs | 194,678 | 129,521 | 85,368 |
Tax credits | (4,815) | (3,650) | (4,017) |
Selling expenses | 44,084 | 20,527 | 9,168 |
General and administrative expenses | 32,698 | 32,088 | 22,235 |
Depreciation of property and equipment | 1,278 | $ 980 | $ 870 |
Depreciation of right-of-use assets | $ 2,090 |
Financial Expenses - Summary of
Financial Expenses - Summary of Financial Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Financial Expense [Abstract] | |||
Interest on long-term debt | $ 1,155 | $ 687 | $ 1,156 |
Interest and financing charges | 306 | 1,202 | 695 |
Interest on lease liabilities | 375 | ||
Amortization of finance costs | 231 | 144 | 28 |
Interest accretion on balances of purchase payable | 318 | 211 | 232 |
Interest income | (38) | (3) | (14) |
Finance costs | $ 2,347 | $ 2,241 | $ 2,097 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information - Summary of Net Change In Non-Cash Working Capital Items (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Supplementary Cash Flow Information [Abstract] | |||
Accounts receivable and other receivables | $ 7,622 | $ (5,121) | $ 2,152 |
Income taxes receivable | (407) | 716 | (422) |
Unbilled revenue | 2,200 | 1,072 | (4,976) |
Tax credits receivable | 185 | (571) | (1,158) |
Prepaids | 377 | (1,305) | (118) |
Accounts payable and accrued liabilities | (4,673) | (9,760) | 1,279 |
Deferred revenue | 435 | 168 | 1,605 |
Net change in non-cash working capital items | 5,739 | $ (14,801) | $ (1,638) |
Lease incentives | $ 1,249 |
Segment and Geographical Info_3
Segment and Geographical Information - Summary of External Revenues by Geographic Location (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Revenues | $ 279,007 | $ 209,478 | $ 159,290 |
Revenue percentage | 100.00% | 100.00% | 100.00% |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 147,821 | $ 149,064 | $ 148,768 |
Revenue percentage | 53.00% | 71.10% | 93.40% |
USA | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 118,125 | $ 45,982 | $ 0 |
Revenue percentage | 42.30% | 22.00% | 0.00% |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 13,061 | $ 14,432 | $ 10,522 |
Revenue percentage | 4.70% | 6.90% | 6.60% |
Segment and Geographical Info_4
Segment and Geographical Information - Summary of Long-lived Assets by Geographic Location (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Long lived assets | $ 148,076 | $ 129,524 |
Long lived assets percentage | 100.00% | 100.00% |
Canada | ||
Disclosure of geographical areas [line items] | ||
Long lived assets | $ 61,743 | $ 40,451 |
Long lived assets percentage | 41.70% | 31.30% |
USA | ||
Disclosure of geographical areas [line items] | ||
Long lived assets | $ 82,607 | $ 86,454 |
Long lived assets percentage | 55.80% | 66.70% |
Europe | ||
Disclosure of geographical areas [line items] | ||
Long lived assets | $ 3,726 | $ 2,619 |
Long lived assets percentage | 2.50% | 2.00% |
Segment and Geographical Info_5
Segment and Geographical Information - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 279,007 | $ 209,478 | $ 159,290 |
Two customers | |||
Disclosure of operating segments [line items] | |||
Revenues | $ 52,144 | $ 50,760 |
Segment and Geographical Info_6
Segment and Geographical Information - Summary of Revenue from Customers for Major Service Category (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of major customers [line items] | |||
Revenues | $ 279,007 | $ 209,478 | $ 159,290 |
Revenue percentage | 100.00% | 100.00% | 100.00% |
System integration and consulting services | |||
Disclosure of major customers [line items] | |||
Revenues | $ 270,345 | $ 204,526 | $ 157,561 |
Revenue percentage | 96.90% | 97.60% | 98.90% |
Payrolling services | |||
Disclosure of major customers [line items] | |||
Revenues | $ 1,289 | $ 1,461 | $ 1,721 |
Revenue percentage | 0.50% | 0.70% | 1.10% |
Software revenue | |||
Disclosure of major customers [line items] | |||
Revenues | $ 7,373 | $ 3,491 | $ 8 |
Revenue percentage | 2.60% | 1.70% | 0.00% |
Financial Instruments - Schedul
Financial Instruments - Schedule of Interest Rate Risk Profile of Borrowings (Details) - CAD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Other long-term debt | $ 347,000 | $ 0 |
Borrowings | 53,229,000 | 28,305,000 |
Credit Facility | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line of credit | 37,615,000 | 24,949,000 |
Interest Rate Risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Borrowings | $ 37,962,000 | $ 24,949,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Percentage change in interest rate on variable rate borrowings | 0.10% | |
Standby letter of credit | $ 22,000,000 | |
Balance of purchase payable with a nominal value | 15,609,000 | $ 3,765,000 |
LIBOR Advances | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum amount available | 60,000,000 | |
Credit Facility | ||
Disclosure of detailed information about financial instruments [line items] | ||
Senior secured revolving credit facility (the “Credit Facility”) | $ 37,615,000 | $ 24,949,000 |
Canadian Dollars/USD Exchange Rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate to foreign currencies | 8.00% | 6.00% |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amount and Contractual Maturities of Financial Liabilities (Details) - Liquidity risk - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | $ 95,773 | $ 56,876 |
Financial liabilities | 102,189 | 61,411 |
Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 33,294 | 30,655 |
One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 43,975 | 2,493 |
Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 19,331 | 28,263 |
More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 5,589 | 0 |
Accounts payable and accrued liabilities | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | 28,970 | 28,162 |
Financial liabilities | 28,970 | 28,162 |
Accounts payable and accrued liabilities | Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 28,970 | 28,162 |
Accounts payable and accrued liabilities | One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and accrued liabilities | Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Accounts payable and accrued liabilities | More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Credit Facility | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | 37,615 | 24,949 |
Financial liabilities | 39,775 | 29,149 |
Credit Facility | Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 1,178 | 1,493 |
Credit Facility | One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 38,597 | 1,493 |
Credit Facility | Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | 26,163 |
Credit Facility | More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Balances of purchase payable, non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | 15,609 | 3,765 |
Financial liabilities | 17,006 | 4,100 |
Balances of purchase payable, non-interest bearing | Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 1,000 | 1,000 |
Balances of purchase payable, non-interest bearing | One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 3,259 | 1,000 |
Balances of purchase payable, non-interest bearing | Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 12,747 | 2,100 |
Balances of purchase payable, non-interest bearing | More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | $ 0 |
Other (included in long-term debt) | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | 347 | |
Financial liabilities | 347 | |
Other (included in long-term debt) | Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 126 | |
Other (included in long-term debt) | One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 101 | |
Other (included in long-term debt) | Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 120 | |
Other (included in long-term debt) | More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 0 | |
Lease liabilities | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Carrying amount | 13,232 | |
Financial liabilities | 16,091 | |
Lease liabilities | Less than one year | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 2,020 | |
Lease liabilities | One to two years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 2,018 | |
Lease liabilities | Two to five years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | 6,464 | |
Lease liabilities | More than 5 years | ||
Disclosure Of Contractual Maturities Of Financial Liabilities [Line Items] | ||
Financial liabilities | $ 5,589 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Quantitative Data About Exposure to Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Financial Instruments Measured At Fair Value [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | $ 13,676 | $ 17,576 |
Accounts payable and accrued liabilities | ||
Financial Instruments Measured At Fair Value [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | 944 | 110 |
Credit Facility | ||
Financial Instruments Measured At Fair Value [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | 14,000 | 18,550 |
Cash | ||
Financial Instruments Measured At Fair Value [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | 891 | 1,004 |
Accounts receivable and other receivables | ||
Financial Instruments Measured At Fair Value [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | $ 377 | $ 80 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Sensitivity Analysis Based on Group's Foreign Currency Financial Instruments (Details) - Canadian Dollars/USD Exchange Rate - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in exchange rate to foreign currencies | 8.00% | 6.00% |
USD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Profit or loss strengthening | $ (1,087) | $ (1,115) |
Profit or loss weakening | $ 1,087 | $ 1,115 |
Capital Disclosures - Summary o
Capital Disclosures - Summary of Total Capital (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure Of Capital Disclosures [Abstract] | ||
Cash | $ (8,810) | $ (12,801) |
Short-term deposits | 0 | (1,324) |
Restricted cash | (2,212) | (2,165) |
Current portion of long-term debt | 1,143 | 1,000 |
Long-term debt | 52,086 | 27,305 |
Share capital | 195,335 | 186,861 |
Deficit | (78,780) | (39,113) |
Accumulated other comprehensive income | 6,123 | 1,469 |
Contributed surplus | 4,691 | 2,239 |
Capital | $ 169,576 | $ 163,471 |
Subsequent Events (Details)
Subsequent Events (Details) € in Thousands, $ in Thousands, $ in Millions | May 05, 2020CAD ($) | Jun. 19, 2020CAD ($) | Jun. 19, 2020EUR (€) | May 05, 2020USD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Unsecured promissory notes | $ 53,229 | $ 28,305 | ||||
Partial Activity Payment | $ 260 | € 170 | ||||
CEWS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Wage subsidy, amount recorded | $ 446 | |||||
Government Programs | CARES Act, PPP | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Unsecured promissory notes | $ 8,900 | $ 6.3 | ||||
Term | 5 years | |||||
Interest rate | 1.00% | 1.00% | ||||
Deferral term | 6 months | |||||
Government Programs | CEWS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Wage subsidy applied | $ 1,471 |