Exhibit 99.1
DOCEBO INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(expressed in thousands of United States dollars)
September 30,December 31,
2022
2021
$$
Assets
Current assets:
Cash and cash equivalents212,733 215,323 
Trade and other receivables (Note 4)
30,551 27,685 
Income taxes receivable363 — 
Prepaids and deposits6,187 6,992 
Net investment in finance lease 172 99 
Contract costs, net
2,210 1,390 
252,216 251,489 
Non-current assets:
Contract costs, net
6,810 3,849 
Net investment in finance lease274 204 
Deferred tax asset125 — 
Right-of-use assets, net (Note 5)
2,048 3,059 
Property and equipment, net (Note 6)
2,540 2,645 
Intangible assets, net (Note 7)
1,132 1,576 
Goodwill (Note 8)
5,521 5,301 
270,666 268,123 
Liabilities
Current liabilities:
Trade and other payables21,778 22,817 
Income taxes payable150 — 
Deferred revenue
50,648 44,578 
Contingent consideration1,168 467 
Lease obligations (Note 5)
1,253 1,311 
74,997 69,173 
Non-current liabilities:
Contingent consideration 1,150 2,236 
Deferred revenue
604 116 
Lease obligations (Note 5)
1,848 2,690 
Employee benefit obligations
2,682 2,560 
Deferred tax liability
896 692 
82,177 77,467 
Shareholders’ equity
Share capital (Note 10)
267,926 266,119 
Contributed surplus7,553 4,312 
Accumulated other comprehensive (loss) income
(10,520)2,113 
Deficit
(76,470)(81,888)
Total equity188,489 190,656 
270,666 268,123 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

1
DOCEBO INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS
(expressed in thousands of United States dollars, except per share amounts)

Three months ended
September 30,
Nine months ended
September 30,
202220212022
2021
$$$$
Revenue (Note 13)
36,966 27,068 103,957 74,441 
Cost of revenue (Note 14 and 15)
7,140 5,683 20,671 14,699 
Gross profit29,826 21,385 83,286 59,742 
Operating expenses
General and administrative (Note 15)
7,824 6,817 22,796 21,178 
Sales and marketing (Note 15)
15,523 11,142 44,150 30,708 
Research and development (Note 15)
6,105 5,481 18,401 14,858 
Share-based compensation (Note 11)
1,000 745 3,624 1,662 
Foreign exchange (gain) loss
(10,213)(4,765)(11,676)375 
Depreciation and amortization (Note 5, 6 and 7)
564 501 1,731 1,464 
20,803 19,921 79,026 70,245 
Operating income (loss)
9,023 1,464 4,260 (10,503)
Finance (income) expense, net (Note 9)
(1,325)29 (1,677)103 
Other income
(21)(21)(64)(64)
Income (loss) before income taxes
10,369 1,456 6,001 (10,542)
Income tax expense
95 795 583 1,631 
Net income (loss) for the periods
10,274 661 5,418 (12,173)
Other comprehensive loss (income)
Item that may be reclassified subsequently to income:
Exchange loss (gain) on translation of foreign operations
10,690 4,691 12,633 (575)
Comprehensive loss
(416)(4,030)(7,215)(11,598)
Income (loss) per share - basic0.31 0.02 0.16
(0.37)
Income (loss) per share - diluted0.30 0.02 0.16(0.37)
Weighted average number of common shares outstanding - basic (Note 12)
33,044,250 32,834,833 33,024,887 32,809,397 
Weighted average number of common shares outstanding - diluted (Note 12)
34,069,688 34,122,772 34,032,666 32,809,397 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

2
DOCEBO INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(expressed in thousands of United States dollars, except number of shares)

Common sharesContributed surplus
Accumulated other comprehensive income (loss)
Deficit
Total
#$$$$$
Balance, December 31, 2020
32,630,536 264,357 2,537 1,699 (68,287)200,306 
Exercise of stock options (Note 10 and 11)
147,025 548 (160)— — 388 
Share-based compensation (Note 11)
— — 1,662 — — 1,662 
Share issuance under employee share purchase plan (Note 10 and 11)
4,945 292 (48)— — 244 
Comprehensive income (loss)— — — 575 (12,173)(11,598)
Balance, September 30, 2021
32,782,506 265,197 3,991 2,274 (80,460)191,002 
Balance, December 31, 2021
32,857,422 266,119 4,312 2,113 (81,888)190,656 
Exercise of stock options (Note 10 and 11)
9,179 151 (63)— — 88 
Share-based compensation (Note 11)
— — 3,624 — — 3,624 
Release of RSUs (Note 10 and 11)
2,800 194 (194)— — — 
Shares issued related to contingent consideration15,364 700 — — — 700 
Share issuance under employee share purchase plan (Note 10 and 11)
20,814 762 (126)— — 636 
Comprehensive loss— — — (12,633)5,418 (7,215)
Balance, September 30, 2022
32,905,579 267,926 7,553 (10,520)(76,470)188,489 


The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

3
DOCEBO INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(expressed in thousands of United States dollars)


Nine months ended
September 30,
2022
2021
$$
Cash flows (used in) from operating activities
Net income (loss)
5,418 (12,173)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization1,731 1,464 
Share-based compensation3,624 1,662 
Loss on sale of assets
11 — 
Unrealized foreign exchange gain
(12,215)(199)
Income tax expense
583 (43)
Finance (income) expense, net
(1,677)103 
Changes in non-cash working capital items:
Trade and other receivables(3,483)(5,245)
Prepaids and deposits190 (2,859)
Contract costs(3,982)(1,358)
Trade and other payables1,578 6,877 
Employee benefit obligations467 405 
Deferred revenue8,542 8,194 
Income taxes paid(692)(52)
Cash from (used in) operating activities
95 (3,224)
Cash flows used in investing activities
Purchase of property and equipment(860)(999)
Acquisition of business, net of cash acquired(1,071)— 
Cash used in investing activities
(1,931)(999)
Cash flows (used in) from financing activities
Payments received on net investment in finance lease116 64 
Repayment of lease obligations(1,044)(1,004)
Interest received827 306 
Proceeds from exercise of stock options88 388 
Proceeds from share issuance under employee share purchase plan636 244 
Payments of contingent consideration from acquisitions(93)— 
Repayment of borrowings— (15)
Cash from (used in) financing activities
530 (17)
Net change in cash and cash equivalents during the period
(1,306)(4,240)
Effect of foreign exchange on cash and cash equivalents(1,284)89 
Cash and cash equivalents, beginning of the period
215,323 219,658 
Cash and cash equivalents, end of the period
212,733 215,507 


The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

4
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
1Nature of business

Docebo Inc. (the “Company” or “Docebo”) is a provider of cloud-based learning management systems. The Company was incorporated on April 21, 2016 under the laws of the Province of Ontario. The Company’s head office is located at Suite 701, 366 Adelaide Street West, Toronto, Canada, M5V 1R9.

The Company’s shares are listed on both the Toronto Stock Exchange (“TSX”), as of October 8, 2019, and the Nasdaq Global Select Market (“Nasdaq”), as of December 3, 2020, under the stock symbol “DCBO”.

The Company has the following subsidiaries:

Entity nameCountry
Ownership percentage
September 30,
2022
Ownership percentage
December 31, 2021
%%
Docebo S.p.AItaly100100
Docebo NA, Inc.United States100100
Docebo EMEA FZ-LLCDubai100100
Docebo UK LimitedEngland100100
Docebo France Société par Actions Simplifiée (“Docebo France”)France100100
Docebo DACH GmbH (“Docebo Germany”)Germany100100
Docebo Australia Pty Ltd1 ("Docebo Australia")
Australia100—
Docebo Ireland Limited2
Ireland100—

1 On January 21, 2022, the Company acquired all of the issued and outstanding shares of Skillslive Edu Pty Ltd. (“Skillslive”), an educational consulting agency located in Melbourne, Australia. On February 2, 2022 Skillslive changed its name to Docebo Australia Pty Ltd.

2 On August 9, 2022, the Company incorporated a new subsidiary, Docebo Ireland Limited.

2Basis of preparation

Statement of compliance

These unaudited condensed consolidated interim financial statements (“financial statements”) have been prepared by management using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2021. These unaudited condensed consolidated interim financial statements have been prepared in compliance with IAS 34 – Interim Financial Reporting. Accordingly, certain disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) have been omitted or condensed. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2021.

These financial statements were approved and authorized for issuance by the Board of Directors of the Company on November 9, 2022.

Use of estimates, assumptions and judgments

The preparation of these financial statements in conformity with IFRS requires management to make estimates, assumptions and judgments that affect the application of accounting policies and the reported amounts of assets and

5
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from those estimates.

Estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The impact of the novel coronavirus (“COVID-19”) pandemic, with its combined health toll and sharp decline in global economic output, is unprecedented and the full extent of the impact continues to depend on future developments. These developments are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning its severity, its duration and actions by government authorities to contain the outbreak or manage its impact. The extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance continues to remain uncertain.

In preparing these financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of uncertainty are the same as those applied and described in the Company’s annual audited consolidated financial statements for the year ended December 31, 2021.

3Summary of significant accounting policies

In preparing these financial statements, the significant accounting policies applied in these financial statements are the same as those applied and described in the Company’s annual audited consolidated financial statements for the year ended December 31, 2021.

4Trade and other receivables

The Company’s trade and other receivables as at September 30, 2022 and December 31, 2021 include the following:
2022
2021
$$
Trade receivables23,713 21,985 
Accrued revenues3,084 3,241 
Tax credits receivable2,624 2,423 
Other receivables1,130 36 
30,551 27,685 

Included in trade receivables is a loss allowance of $813 as at September 30, 2022 and $1,007 as at December 31, 2021.

5Leases
The Company’s right-of-use assets by class of assets are as follows:
PremisesOthersTotal
$$$
Costs
Balance – December 31, 2021
4,9743305,304
Additions286—286
Disposals(315)—(315)
Effects of foreign exchange(528)(41)(569)
Balance – September 30, 2022
4,4172894,706

6
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
PremisesOthersTotal
Accumulated amortization
Balance – December 31, 2021
2,0372082,245
Amortization70751758
Disposals(42)—(42)
Effects of foreign exchange(270)(33)(303)
Balance – September 30, 2022
2,4322262,658
Carrying value
Net balance – December 31, 2021
2,9371223,059
Net balance – September 30, 2022
1,985632,048

The Company’s lease obligations are as follows:
2022
$
Balance – December 31, 20214,001 
Additions286 
Interest accretion207 
Lease repayments(1,044)
Effects of foreign exchange(349)
Balance – September 30, 2022
3,101 
Current1,253 
Non-current1,848 
3,101 

Expenses incurred for the three and nine months ended September 30, 2022 relating to short-term leases and leases of low-value assets were $47 and $163, respectively (2021 - $76 and $234).

7
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
6Property and equipment
Furniture and office equipmentLeasehold improvementsLand and BuildingTotal
$$$$
Cost
Balance – December 31, 2021
2,098 1,830 359 4,287 
Additions796 64 — 860 
Effects of foreign exchange(238)(153)(64)(455)
Balance – September 30, 2022
2,656 1,741 295 4,692 
Accumulated depreciation
Balance – December 31, 2021
854 707 81 1,642 
Depreciation491 221 9 721 
Effects of foreign exchange(117)(68)(26)(211)
Balance – September 30, 2022
1,228 860 64 2,152 
Carrying value
Balance – December 31, 2021
1,244 1,123 278 2,645 
Balance – September 30, 2022
1,428 881 231 2,540 

7Intangible assets
Acquired
Customer relationshipsTechnologyTrademarksTotal
$$$$
Cost
Balance – December 31, 2021
1,415 532 46 1,993 
Effects of foreign exchange(191)(72)(6)(269)
Balance – September 30, 2022
1,224 460 40 1,724 
Accumulated amortization
Balance – December 31, 2021
276 124 17 417 
Amortization166 75 11 252 
Effects of foreign exchange(50)(22)(5)(77)
Balance – September 30, 2022
392 177 23 592 
Carrying value
Balance – December 31, 2021
1,139 408 29 1,576 
Balance – September 30, 2022
832 283 17 1,132 


8
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
8Goodwill

$
Balance – December 31, 2021
5,301 
Additions1,071 
Effects of foreign exchange(851)
Balance – September 30, 2022
5,521 

On January 21, 2022, the Company acquired all of the issued and outstanding shares of Skillslive for total consideration, including a working capital adjustment, of $1,071. The acquisition of Skillslive will contribute to the expansion of the Company’s footprint in Australia and accelerate time-to-market by immediately adding specialized talent and infrastructure in the Asia-Pacific (“APAC”) region.

The acquisition has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method whereby the net assets acquired and the liabilities assumed are recorded at fair value. No identifiable intangible assets were acquired in connection with the acquisition of Skillslive. Goodwill arising on the acquisition reflects the benefits attributable to synergies and the estimated fair value of an assembled workforce. These benefits were not recognized separately from goodwill because they did not meet the recognition criteria for identifiable intangible assets. This goodwill is not deductible for income taxes.

9Borrowings

Credit Facility

On June 1, 2021, the Company terminated the $15,000 committed revolving term credit facility (the “Credit Facility”) it secured from the Toronto-Dominion Bank on July 25, 2019 and repaid all accrued and unpaid interest. Unamortized financing costs of $64 were derecognized and expensed to finance (income) expense during the second quarter of 2021. Prior to termination, the balance drawn on the facility was $nil.

Finance (income) expense, net

Finance (income) expense for the three and nine months ended September 30, 2022 and 2021 is comprised of:
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Interest on contingent consideration28 19 83 55 
Interest on lease obligations63 83 207 258 
Interest and amortization of deferred financing costs on credit facility— — — 84 
Interest income(1,416)(109)(1,969)(331)
Bank fees and other— 36 2 37 
(1,325)29 (1,677)103 


9
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
10Share capital
Authorized:
Unlimited common shares with no par value
Issued and outstanding:
Number of shares
Amount
#$
Balance – December 31, 2021
32,857,422 266,119 
Stock option exercise9,179 151 
RSU release2,800 194 
Issuance of common shares related to contingent consideration (i)
15,364 700 
Share issuance under employee share purchase plan20,814 762 
Balance – September 30, 2022
32,905,579 267,926 

(i)    On April 28, 2022, the Company issued a total of 15,364 common shares from treasury as part of the contingent consideration earn-out payments due to the sellers of forMetris Société par Actions Simplifiée for meeting certain revenue conditions in the first year following the date of acquisition. The shares were issued based on the fair value thereof, which was determined to be $45.55 (C$58.47). The equity settlement resulted in a reduction to the contingent consideration balance as at September 30, 2022.

11Share-based compensation

The Company has five components of its share-based compensation plan: stock options, deferred share units (“DSUs”), restricted share units (“RSUs”), performance share units (“PSUs”) and employee share purchase plan (“ESPP”). Share-based compensation expense for the three and nine months ended September 30, 2022 was $1,000 and $3,624, respectively (2021 - $745 and $1,662). The expense associated with each component is as follows:

Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Stock options607 443 1,655 1,103 
DSUs233 231 632 488 
RSUs124 — 1,225 — 
ESPP36 71 112 71 
1,000 745 3,624 1,662 

There were no PSUs issued and outstanding for the three and nine months ended September 30, 2022 and 2021.


The changes in the number of stock options during the nine months ended September 30, 2022 and 2021 were as

10
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
follows:
2022
20211
Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
#C$#C$
Options outstanding – January 11,283,088 12.00 1,516,641 6.73 
Options granted1
168,588 44.91 115,969 53.19 
Options forfeited(63,415)46.41 (28,736)14.84 
Options exercised(9,179)14.52 (147,025)3.37 
Options outstanding – September 30
1,379,082 14.42 1,456,849 10.61 
Options exercisable – September 30
887,779 4.06 814,367 2.54 

1 In March 2021, the Company granted stock options to certain executives. Subsequently, the Company identified an error in determining the expected life and volatility inputs used in the Black-Scholes pricing model to calculate the fair value of options, which led to the Company determining that 63,992 excess options were granted in March 2021 to six senior executives (the “Awardees”). The granting of excess options was immaterial to the Company but the error resulted in an award of options to the Awardees that was not reasonable and appropriate to grant. During 2021, the Company amended and restated the option award agreements for those affected Awardees to reflect the issuance of the appropriate number of options.

The following table is a summary of the Company’s stock options outstanding as at September 30, 2022:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 4.71
0.0001 - 1.09
748,368 
8.86 - 11.06
51,811 8.20
8.86 - 11.06
21,084 
15.79 - 16.00
268,499 7.03
15.79 - 16.00
95,969 
26.43 - 95.12
274,404 9.26
26.43 - 95.12
22,358 
1,379,082 6.19887,779 

The following table is a summary of the Company’s stock options outstanding as at September 30, 2021:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 5.70
0.0001 - 1.09
695,968 
8.86 - 11.06
190,522 9.21
8.86 - 11.06
59,784 
15.79 - 16.00
341,701 8.03
15.79 - 16.00
57,529 
26.43 - 69.48
140,258 9.45
26.43 - 69.48
1,086 
1,456,849 7.17814,367 



11
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
DSUs

The following table presents information concerning the number of DSUs granted by the Company:
#
DSUs – December 31, 2021
59,654 
Granted (at C$38.97 - $86.93 per unit)
25,372 
DSUs - September 30, 2022
85,026 

RSUs

The following table presents information concerning the number of RSUs granted by the Company:
#
RSUs – December 31, 2021
46,591 
Granted (at C$40.30 - $54.26 per unit)
97,816 
Released (at C$94.05 per unit)
(2,800)
Forfeited (at C$86.38 - $94.05 per unit)
(30,222)
RSUs - September 30, 2022
111,385 

12Income (loss) per share

The following table summarizes the calculation of the weighted average number of basic and diluted common shares:
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
####
Weighted average number of basic Common Shares33,044,250 32,834,833 33,024,887 32,809,397 
Share options815,863 1,228,881 850,888 — 
DSUs84,254 59,058 68,749 — 
RSUs125,321 — 88,142 — 
Weighted average number of diluted Common Shares34,069,688 34,122,772 34,032,666 32,809,397 

For the three and nine months ended September 30, 2022, nil and 15,991, respectively (three and nine months ended September 30, 2021 – nil and all share options and units, respectively) share options were excluded from the weighted average number of diluted common shares as their effect would have been anti-dilutive.

13Revenue and related balances

Disaggregated revenue

The Company derives its revenues from two main sources, subscription to its SaaS application, and professional services revenue, which includes services such as initial implementation, project management, and training.


12
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
The following table represents disaggregation of revenue for the three and nine months ended September 30:
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Subscription revenue34,279 25,057 95,323 68,476 
Professional services2,687 2,011 8,634 5,965 
36,966 27,068 103,957 74,441 

14Cost of revenue

The following table represents cost of revenue for the three and nine months ended September 30:
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Employee salaries and benefits3,873 3,615 12,149 9,567 
Web hosting fees1,329 939 3,589 2,482 
Third party service fees1,763 977 4,361 2,172 
Other175 152 572 478 
7,140 5,683 20,671 14,699 

15Employee compensation

The total employee compensation comprising salaries and benefits for the three and nine months ended September 30, 2022 was $22,954 and $67,543, respectively (2021 - $18,554 and $51,520).

Employee compensation costs were included in the following expenses for the three and nine months ended September 30:    
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Cost of revenue3,873 3,615 12,149 9,567 
General and administrative3,582 2,666 10,328 7,797 
Sales and marketing10,900 8,231 31,013 22,609 
Research and development4,599 4,042 14,053 11,547 
22,954 18,554 67,543 51,520 

16Related party transactions

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling activities of the Company, directly or indirectly, including the Chief Executive Officer, President and

13
DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
September 30, 2022
(expressed in thousands of US dollars, except share amounts)
Chief Operating Officer, Chief Financial Officer, Chief Product Officer, Chief Corporate Development Officer, Chief Human Resource Officer, Chief Legal Officer and Directors.

Compensation expense for the Company’s key management personnel for the three and nine months ended September 30, 2022 and 2021 is as follows:
Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
Salaries and benefits954 916 3,099 2,824 
Share-based compensation425 486 2,106 1,110 
1,379 1,402 5,205 3,934 


17Financial instruments and risk management

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from deposits with banks and outstanding receivables. The Company trades only with recognized, creditworthy third parties. Due to the Company’s diversified customer base, there is no particular concentration of credit risk related to the Company’s trade and other receivables. Trade and other receivables are monitored on an ongoing basis to ensure timely collection of amounts. Potential effects from COVID-19 on the Company’s credit risk have been considered and have resulted in increases to its allowances for expected credit losses on customer balances. The Company continues its assessment given the fluidity of COVID-19’s global impact.

The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables and borrowings approximate fair values due to the short-term nature of these items or being carried at fair value or, for borrowings, the interest rates charged approximate current market rates. The risk of material change in fair value is not considered to be significant. The Company does not use derivative financial instruments to manage this risk.

Contingent consideration is classified as a Level 3 financial instrument. The fair value of the contingent consideration was calculated using discounted cash flows. During the three and nine months ended September 30, 2022, there were no transfers of amounts between levels in the fair value hierarchy.

18Segment information

The Company reports segment information based on internal reports used by the chief operating decision maker (“CODM”) to make operating and resource allocation decisions and to assess performance. The CODM is the Chief Executive Officer. The CODM makes decisions and assesses performance of the Company on a consolidated basis such that the Company is a single reportable operating segment.

The following tables present details on revenues derived in the following geographical locations for the three and nine months ended September 30, 2022 and 2021.

Three months ended September 30,
Nine months ended September 30,
2022
2021
2022
2021
$$$$
North America28,439 19,768 78,731 53,907 
Rest of World
8,527 7,300 25,226 20,534 
36,966 27,068 103,957 74,441 


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