Solid quarter. Standouts for me:
- 2nd straight quarter of positive operating cash flow ($0.7m).
- $17.2m net cash and now consistently cash flow positive, so a good cash buffer in place to invest for growth.
- Established AUS marketplaces generated $4.1m of EBITDA in the quarter (>30% EBITDA margin which is very strong).
- This line was probably the standout for me as it addresses my core concern of platform leakage:
"This strong revenue result was driven by successful funnel optimisation programs including theintroduction of a revised cancellation policy designed to improve platform reliability and addresstask leakage. These programs saw cancellations reduce by 22.5% on pcp resulting in the take rate improving by 3.4 percentage points to 20.0%."
Concerns:
- Overseas marketplace growth has decelerated much more than I would've expected at such an early stage. Is there more competition in US/UK than in AUS?
- GMV down high single digits YoY - cannot rely on expanding take rate forever for revenue growth.
- Where does the next leg of growth come from? Any more acquisitions on the horizon?
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- Ann: Quarterly Activities/Appendix 4C Cash Flow Report
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-3
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