Ann: Chairman's Letter to Shareholders, page-20

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Maccap1986

607 Posts.

106

20/12/22

11:38

Post #: 65380181

Originally posted by SteveSage: ↑
I think you are confusing 30Jun22 vs 31Sep22; the fall in receipts was in the Sep22 quarter (reported in the 4C) and for that we do not have the receivables balance.

If you look at the receivables in each of the 4C going back a couple of years, the last 3 quarters have been poor (falling from a high of 15.3m in Dec21 quarter) and even if we smooth out some receipts not making the quarter end date, the trailing 12 month (TTM) shows that top line was slowing.

This is why I've been thinking for a while that livetiles (their core app) was struggling while reach was having to make up for that, but not quite managing to grow quick enough. This was supported by customer number reductions since ~Mar21 and dropping to its lowest in Sep21 (1026 customers), but this is not necessarily a great metric given 1 client can make an oversized (or conversely an immaterial) financial difference.

ARR growth was marginally positive in Jun22, but perhaps most of this was FX and then they did not provide Sep22 ARR (which to me points to a reduction) so hard to tell how the company is travelling.

Receipts Growth Receipts Growth
1
Quarterly Quarterly TTM TTM
2 30Sep19 8,483

3 31Dec19 10,418 23%

4 31Mar20 10,868 4%

5 30Jun20 11,199 3% 40,968
6 30Sep20 12,026 7% 44,511 9%
7 31Dec20 13,005 8% 47,098 6%
8 31Mar21 12,185 -6% 48,415 3%
9 30Jun21 14,622 20% 51,838 7%
10 30Sep21 14,574 0% 54,386 5%
11 31Dec21 15,307 5% 56,688 4%
12 31Mar22 13,936 -9% 58,439 3%
13 30Jun22 12,930 -7% 56,747 -3%
14 30Sep22 9,440 -27% 51,613 -9%
Expand
No I’m not. Receipts dropped from $15m in December (not March)to $12m in June. there was a further fall in September to less than $10m but I’m not taking about that one.

The drop in June we were told was as a result of slow collection of receivables. Funnily enough the year before as at June 2021 I remember the CFO stating they did a great job chasing up receivables.

Anyway not going to persist with my point.

Last edited by Maccap1986: 20/12/22

LVT Price at posting: 3.4¢ Sentiment: Buy Disclosure: Held

2 Upvote

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		Receipts	Growth	Receipts	Growth
1		Quarterly	Quarterly	TTM	TTM
2	30Sep19	8,483
3	31Dec19	10,418	23%
4	31Mar20	10,868	4%
5	30Jun20	11,199	3%	40,968
6	30Sep20	12,026	7%	44,511	9%
7	31Dec20	13,005	8%	47,098	6%
8	31Mar21	12,185	-6%	48,415	3%
9	30Jun21	14,622	20%	51,838	7%
10	30Sep21	14,574	0%	54,386	5%
11	31Dec21	15,307	5%	56,688	4%
12	31Mar22	13,936	-9%	58,439	3%
13	30Jun22	12,930	-7%	56,747	-3%
14	30Sep22	9,440	-27%	51,613	-9%

Ann: Chairman's Letter to Shareholders, page-20

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