Q4 2021 Earnings Update

Empowering course creators to create and sell

online courses & other learning products

Thinkific 2021
 Disclaimer

This presentation is dated February 23, 2022, and has been prepared in connection with the earnings reporting for the period ending December 31, 2021 of Thinkific Labs Inc. (“the
“Company”, “Thinkific”, “us” or “we”).
In this presentation, all references to “$”, “US$”, “dollars” and “U.S. dollars” are to United States dollars and all references to “C$” are to Canadian dollars.
NON-IFRS MEASURES

The information presented within this presentation includes “Adjusted EBITDA” and certain industry metrics. The “Adjusted EBITDA” is not a recognized measure under International
Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), does not have a standardized meaning prescribed by IFRS, and is therefore unlikely to
be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further
understanding of our results of operations from management’s perspective. Accordingly, it should not be considered in isolation nor as a substitute for analysis of our financial
information reported under IFRS. We also use certain industry metrics: “Annual Recurring Revenue”, “Paying Customers”, “Average Revenue per User”, and “Gross Merchandise Volume”.
These industry metrics are unaudited and are not directly derived from our financial statements. The non-IFRS measure and industry metrics are used to provide investors with
supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also
believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and industry metrics in the evaluation of issuers. Our management also uses
the non-IFRS measure and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to
determine components of management compensation.

“Adjusted EBITDA” is defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange
gain (loss), net finance expense, and transaction-related expenses. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income,
operating performance or liquidity presented in accordance with IFRS and is subject to important limitations.

See the Appendix for a reconciliation of Adjusted EBITDA.

INDUSTRY METRICS

We monitor the following industry metrics to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make
strategic decisions: “Annual Recurring Revenue” or “ARR”, “Average Revenue per User” or “ARPU”, “Gross Merchandise Volume” or “GMV” and “Paying Customers”. See the Appendix for the
definitions of such industry metrics. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Thinkific Q4 2021 2
 Disclaimer

FORWARD-LOOKING STATEMENTS

This presentation includes forward-looking statements and forward–looking information within the meaning of Canadian securities laws. Often, but not always, forward–looking
information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", “forecasts”, "believes", "proposes" or variations
(including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements in this presentation include statements regarding our financial position, business strategy, budgets, operations, financial results, plans and
objective, industry trends; our growth and growth strategies; growth levels as the pandemic abates; addressable markets for our solutions; capturing market share; our competitive
advantage; our use of the proceeds from our initial public offering; the development and success of advances in and expansion of our offered platform service; expectations regarding our
revenue and the revenue generation potential of our Platform and other products and services; revenue; and adjusted EBITDA.

Such statements and information are based on the current expectations of Thinkific's management and are based on our opinions, estimates and assumptions in light of our experience
and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the
circumstances and are subject to risks and uncertainties. Although Thinkific's management believes that the assumptions underlying these statements and information are reasonable,
there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Such assumptions include assumptions in respect of the impact of the
COVID-19 pandemic; our ability to continue investing in infrastructure to support our growth and brand recognition; our ability to continue securing, maintaining and enhancing our
technological infrastructure and functionality of our platform; our ability to maintain existing relationships with Course Creators and to continue to expand our Course Creators’ use of our
Platform; our ability to acquire new Course Creators; our ability to maintain existing material relationships on similar terms with service providers, suppliers, Partners and other third
parties; our ability to build our market share and enter new markets and industry verticals; the successful development, rollout and integration of the our new features, services and
products including, for example, the Thinkific App Store; our ability to retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion
and growth plans; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules,
regulations, and global standards are material factors made in preparing forward-looking information and management’s expectations.

In addition, forward-looking financial information with respect to potential outlook and future financial results contained in this presentation are based on assumptions about future
events including economic conditions, the assumptions noted above and proposed courses of action, based on management’s reasonable assessment of the relevant information available
as at the date of such forward-looking information. Readers are cautioned that any such forward-looking financial information should be used for purposes other than for which it is
disclosed.

Thinkific Q4 2021 3
Greg Smith Corinne Hua
CEO CFO

Thinkific Q4 2021 4
Key Metrics

Our formula is working and

success is compounding

32.3K
Total Paying Customers
(+32% YoY)

$43.8M $414.8M
Annual Recurring Revenue
$114/month
Average Revenue per User
(+9% YoY)

FY 2021 Gross Merchandise Value(1)

$38.1M
2021 Revenue
(+43% YoY) (+50% YoY)
(+81% YoY)
As of December 31, 2021

(1) GMV does

Thinkific Q4not include transactions for course sales, membership subscriptions, or other products or
2021 All metrics in $USD 5
services processed by APIs or certain apps where the Company does not record the transaction value.
 About us

Thinkific Q4 2021 6
 Typeform
Overview Paypal
ActiveCampaign

Email &
Intercom
Marketing
Analytics
Custom Domain

Mailchimp

We are the core Create Course

operating system for

Membership
Sites

your knowledge business

Salesforce

Build Website

Certificates

Zoom
Communities

Student
Payments Support
Shopify
Assignments

Google
Analytics
Thinkific Q4 2021 Zapier
Wordpress 7
Our Market Health & Fitness

Business & Marketing

As a horizontal solution, Personal Development

we already serve course Arts & Entertainment

creators from virtually Career Development

every industry and

Fashion & Beauty

Software & Technology

vertical Transportation

Education

Finance

Sales

Project Management

Corporate Training

Real Estate

Thinkific Q4 2021 Legal

Our Market

Entrepreneurs and SMBs

Any entrepreneur or Enterprise

established business
can use education as a
tool for growth
Rise of the entrepreneur and creator economy

Mass adoption for online learning

The future of work

$27.9 - 34B
Thinkific TAM
(1) For businesses, we identified the propensity to develop learning content by organization size from research conducted by Emerald Works. For content creators, we applied filters based on audience size and content
type based on management expertise and existing Thinkific data to determine the addressable population of content creators. We also removed the entire number of content creators from small businesses to avoid
double counting. Finally, these market sizes were multiplied by the estimated average monthly revenue per Course Creator, which varies from $76 to $1,175 according to organization size or audience size and the platform 9
Thinkific Q4 2021 on which that audience is hosted.
2) Customer segment illustrations are not proportionate to the underlying data.
Our Approach

Premier & Plus

Larger Brands
$499-1,000+/mo

Built for entrepreneurs,

trusted by enterprise Pro + Growth $149/mo
Scaling
Entrepreneurs &
Established Businesses

Creators are able to start with Thinkific

and grow their business with us to Entrepreneurs &
nearly any size Pro $99/mo
Established Businesses

Basic $49/mo Freelancers

Freemium Accessible for anyone

Thinkific Q4 2021 All metrics in $USD 10

 Our Business Model

Thinkific succeeds when

Product & Platform Expansion
Creators succeed Thinkific App Store & Thinkific Payments

Creator Success
Plan Upgrades

Core Operating System

Monthly Subscription

Freemium

ARPU increases as
customers succeed
Thinkific Q4 2021 11
Our Strategy

Growing our Continued innovation to

customer base enhance success for our
Course Creators
Executing against
our strategy
Investing in our differentiated
Expansion of Thinkific Continued expansion of
market position Payments our partner ecosystem

Building for the

long term

Thinkific Q4 2021 12
 Amplify 2022 Reveals Growing Interest
in Knowledge Economy

Gathering top minds in

the knowledge
economy to educate
and inspire digital
creators across the
globe.

25K+ registrants

110 countries

2x Participants who
claimed core offer
compared to 2021

Thinkific Q4
Q3 2021 13
 Creators are Finding Success

Thinkific allows Creators to

monetize their audience,
and provides the operating
system to build and scale
their business.
“Thinkific made it really easy for me to
grow a 7-figure business in 12 months.
And what I love most of all is the impact
I’m able to have with my content.”
- Kat Norton, Miss Excel

Kat Norton
Chief Excel Officer
Thinkific Q4 2021 Miss-Excel 14
 Product Updates
2021

Thinkific Q4 2021 15
 Q4 2021

Thinkific Payments helping creators

scale and manage their businesses $6.4M
of payments processed using
Thinkific Payments in Q4 2021

representing

6%
of Q4 Gross Merchandise Value

Launched in November 2021

Thinkific Q4 2021 16
The Thinkific App Store
is empowering Creators
to connect and customize
their learning products

Launched in May 2021

Thinkific Q4 2021 17
 Results
Q4 2021

Thinkific Q4 2021 18
 Key Metrics

Strong growth across metrics

Paying Customers ARPU Revenue GMV(1)
+73% 2019-2021 CAGR +10% 2019-2021 CAGR +97% 2019-2021 CAGR +93% 2019-2021 CAGR
$38.1M
$114
32.3K $105 $415M
$94
24.6K
$276M
$21.1M

10.9K
$9.8M $112M

(1) GMV does

Thinkific Q4not include transactions for course sales, membership subscriptions, or other products or
2021 All metrics in $USD 19
services processed by APIs or certain apps where the Company does not record the transaction value.
 Financial Performance

Paying Customers (1)

Large & growing market
Innovative & attractive platform
+73% 2019-2021 CAGR

(1) “Paying Customers” is the count of unique Thinkific subscribers on paid plans as of period end, excluding all trial and free customers, and including both monthly and annual 20
Thinkific Q4 2021
subscribers.
All metrics in $USD
 Financial Performance

ARPU (monthly) (1)

Customer upgrades to higher

paid plans
New Thinkific Plus customers
Launch of Thinkific Payments
in November 2021

+10% 2019-2021 CAGR

(1) “Average Revenue Per User” or “ARPU” is the average monthly Revenue per Paying Customer in the quarter. ARPU is calculated by taking the average Revenue for each month in the 21
Thinkific Q4 2021
quarter (calculated in accordance with IFRS) and dividing this by the average number of Paying Customers for the same quarter.
All metrics in $USD
 Financial Performance

ARR
New Creators on platform
Upgrades to higher paid plans
+89% 2019-2021 CAGR

(1) “Annual Recurring Revenue” or “ARR” “Annual Recurring Revenue” or “ARR” is the annual value of all current Paying Customer subscriptions at the end of the period, with the number of 22
Thinkific Q4 2021
Paying Customers multiplied by 12 times the average monthly subscription plan fee in effect on the last day of that period.
All metrics in $USD
 Financial Performance

GMV (1)
Growing number of Creators
Increasing customer success
+93% 2019-2021 CAGR

(1) “Gross Merchandise Volume” or “GMV” is the total dollar value of all transactions of course sales, membership subscriptions, or other products or services by Course Creators, 23
Thinkific Q4 2021
facilitated through our Platform during the period, net of refunds. GMV does not include transactions for course sales, membership subscriptions, or other products or services processed
All metrics in $USD
by APIs or certain apps where the Company does not record the transaction value.
Financial Performance

Revenue
Low touch, scalable, product led growth
+97% 2019-2021 CAGR

Thinkific Q4 2021 All metrics in $USD 24

Financial Performance

Gross Margin
Investing in Best-in-Class
support

Thinkific Q4 2021 All metrics in $USD 25

Financial Performance

Operating Expenses
Building for the future
R&D and S&M focus

Thinkific Q4 2021 All metrics in $USD 26

 Financial Performance

Adjusted
EBITDA (1)
Upfront investment in growth

(1) “Adjusted EBITDA” is a Non-GAAP measure defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based 27
Thinkific Q4 2021
compensation, foreign exchange gain (loss), net finance expense, and transaction-related expenses. Please refer to the Appendix for a reconciliation to Net Loss
All metrics in $USD
A strong foundation to build on

Delivered strong results in 2021…

Delivered growth Continued product Scaling to support

across all KPIs innovation future growth

2019-2021 CAGRs
Paying Customers +73% Thinkific Payments Enhanced Executive Team
ARR +89% Thinkific App Store Significant investment across
ARPU +10% New Thinkific Plus Features all areas of the business
Revenue +97% Continuous Platform Innovation

…building on exceptional 2020 growth

Thinkific Q4 2021 28
Positioned for further success

Our market is large and growing, and we are

positioned for long-term success

Product innovation driven growth

Evolving go-to-market strategy

The right mindset, team, and culture

Thinkific Q4 2021 29
 Q1 Guidance Discussion

Thinkific is at the centre of the knowledge economy, and gives businesses everything they need to build,
market, and sell online courses and other learning products, and to run their business seamlessly under their
own brand, on their own site.

In 2021, Thinkific achieved growth across all our KPIs, driven by the continued adoption of its platform, and
customers finding success with their learning products.

Our expectations for Q1 2022 are:

● Revenue of $11.6 - $11.8 million, representing year-over-year growth of 40% - 42%
● Adjusted EBITDA(1) loss in the range of $10.2 million to $10.8 million

In 2022 and beyond, Thinkific believes its growth will also be fueled by:
● our large and growing TAM
● broadening and deepening our ecosystem
● the launch of new products
● increasing adoption of Thinkific Payments, as well as
● increased effectiveness in sales and marketing.

Please see commentary and disclaimers in future looking information in the MD&A and press release.

(1)Thinkific Q4 2021
“Adjusted EBITDA” is a Non-GAAP measure defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based
compensation, foreign exchange gain (loss), net finance expense, and transaction-related expenses.
Appendix

KPI Definitions
“Annual Recurring Revenue” or “ARR” is twelve times the monthly value of all current Paying Customer subscriptions at the
end of the period, with the number of Paying Customers multiplied by the average monthly subscription plan fee in effect on
the last day of that period.

“Average Revenue Per User” or “ARPU” is the average monthly Revenue per Paying Customer in the quarter. ARPU is
calculated by taking the average Revenue for each month in the quarter (calculated in accordance with IFRS) and dividing this
by the average number of Paying Customers for the same quarter.

“Gross Merchandise Volume” or “GMV” is the total dollar value of all transactions of course sales, membership subscriptions,
or other products or services by Course Creators, facilitated through our Platform during the period, net of refunds. GMV does
not include transactions for course sales, membership subscriptions, or other products or services processed by APIs or
certain apps where the Company does not record the transaction value.

“Paying Customers” is the count of unique Thinkific subscribers on paid plans as of period end, excluding all trial and free
customers, and including both monthly and annual subscribers.

DATES OF PRESENTED METRICS

Unless otherwise indicated, financial metrics contained in this presentation are for the three and twelve months ended
December 31, 2021.

31
 Appendix

Definitions (cont’d)
“Adjusted EBITDA” is a Non-GAAP measure defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as
adjusted for stock-based compensation, foreign exchange gain (loss), net finance expense, and transaction-related expenses. The following table
reconciles Adjusted EBITDA to net (loss) income for the periods indicated:
Quarter Summary Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21
Net loss (113K) (376K) (987K) (5,313K) (10,675K) (9,401K)
Stock-based compensation (1) 183K 213K 259K 1,146K 1,248K 1,470K
Depreciation 135K 140K 141K 144K 146K 180K
Foreign exchange (gain) loss (2) (238K) 12K (3K) 59K 3,135K (878K)
Finance expense (3) 9K 10K 10K (50K) (111K) (94K)
Transaction-related costs (4) 0K 0K 94K 21K 0K 0K
Adjusted EBITDA (24K) (1K) (485K) (3,994K) (6,258K) (8,723K)
(1) Represents non-cash expenditures recognized in connection with stock options granted to our officers and employees.
(2) Represents unrealized gains and losses due to foreign exchange translation.
(3) Represents finance expense on lease obligations. Q4 2019 also includes a gain of $10K resulting from a change in the fair value of the embedded derivatives of our convertible debentures, which is a non-cash item. As our
convertible debentures were converted in 2019 and reduced to nil, there has been no further impact on our results of operations post Fiscal 2019.
(4) Represents costs related to our Initial Public Offering, and consists of professional, legal, consulting, and accounting fees that are non-recurring and that would otherwise not have been incurred and are not indicative of
continuing operations.

Thinkific Q4 2021 All metrics in $USD 32

 Contact
Media: Josh Stanbury press@thinkific.com
IR: Janet Craig IR@thinkific.com

Thinkific Q4 2021 33