The following tables set forth our selected consolidated financial data. The selected historical consolidated financial data below should be read in conjunction with our Annual Financial Statements included as Exhibit 15.3 to this Annual Report, as well as Item 4. – “Information on the Company” – of this Annual Report. We have derived the statements of operations data for the fiscal years ended March 31, 2020, 2019 and 2018 and the consolidated financial position information as at March 31, 2020 and 2019 from our Annual Financial Statements included as Exhibit 15.3 to this Annual Report. Our Annual Financial Statements have been prepared in accordance with IFRS and are presented in thousands of Canadian dollars except where otherwise indicated. Our historical results are not necessarily indicative of the results that should be expected in any future period. -10- For the fiscal year ended March 31, (In $ Thousands, Except per Share Data) 2020 2019 2018 2017 Consolidated Statements of Operations Data: $ $ $ $ Revenues 279,007 209,478 159,290 115,818 Cost of revenues 196,033 155,202 124,597 92,899 Gross margin 82,974 54,276 34,693 22,919 Operating expenses Selling, general and administrative expenses 76,782 52,615 31,403 19,048 Business acquisitions and integration costs 4,637 5,818 2,079 119 Depreciation 3,368 980 870 449 Amortization of intangibles 11,278 8,092 5,724 5,179 Foreign exchange expense (gain) (161) (144) 58 (18) Impairment of intangibles and goodwill 28,036 — — — 123,940 67,361 40,134 24,777 Operating loss (40,966) (13,085) (5,441) (1,858) Financial expenses 2,347 2,241 2,097 1,631 Gain on sale of subsidiary (681) — — — Loss before income taxes (42,632) (15,326) (7,538) (3,489) Income tax expense (recovery) Current 237 289 81 (147) Deferred (3,202) (3,140) (395) (474) (2,965) (2,851) (314) (621) Net loss (39,667) (12,475) (7,224) (2,868) Basic and diluted loss per share (0.70) (0.34) (0.31) (0.16) -11- (In $ Thousands) March 31, March 31, March 31, March 31, Consolidated Statements of Financial Position Data: 2020 2019 2018 2017 Assets Current assets Cash 8,810 12,801 14,465 8,569 Short-term deposits — 1,324 — — Accounts receivable and other receivables 67,662 67,146 33,762 30,681 Income taxes receivable 2,154 1,217 765 343 Unbilled revenue 8,015 7,583 6,884 1,096 Tax credits receivable 5,889 5,829 7,794 6,636 Prepaids 3,195 3,166 767 435 95,725 99,066 64,437 47,760 Non-current assets Restricted cash 2,212 2,165 2,124 — Income taxes receivable 136 632 — — Tax credits receivable 7,015 2,536 — — Property and equipment 7,172 2,339 1,821 1,727 Right-of-use assets 11,492 — — — Intangibles 51,804 47,551 15,149 14,167 Deferred tax assets 4,652 2,946 632 1,112 Goodwill 77,608 79,634 31,712 21,523 257,816 236,869 115,875 86,289 Liabilities and Shareholders' Equity Current liabilities Line of credit — — 24,066 — Accounts payable and accrued liabilities 50,327 48,935 36,801 34,543 Deferred revenue 9,602 5,998 2,017 303 Current portion of lease liabilities 1,559 — — — Current portion of long-term debt 1,143 1,000 2,956 2,956 62,631 55,933 65,840 37,802 Non-current liabilities Long-term debt 52,086 27,305 15,619 13,278 Lease liabilities 11,673 — — — Deferred lease inducements — 159 156 226 Deferred tax liabilities 4,057 2,016 2,234 1,615 130,447 85,413 83,849 52,921 Shareholders' equity Share capital 195,335 186,861 54,251 49,384 Deficit (78,780) (39,113) (23,927) (16,738) Accumulated other comprehensive income 6,123 1,469 558 (137) Contributed surplus 4,691 2,239 1,144 859 127,369 151,456 32,026 33,368 257,816 236,869 115,875 86,289 -12- ALITHYA GROUP INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS See the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Exhibit 15.2 to this Annual Report for a discussion of our financial condition and results of operations as of and for the fiscal years ended March 31, 2020 and 2019. A discussion of our financial condition and results of operations for the fiscal year ended March 31, 2019 as compared to the fiscal year ended March 31, 2018 can be found in our Annual Report on Form 20-F for the fiscal year ended March 31, 2019 filed with the SEC on June 19, 2019. -13-