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% |
|---|
