I'm not sure how this will turn around exactly. I have seen no evidence that IRI isn't providing a product that is being superceded in many instances. Seems to be more a case of the market gradually moving on. SAAS just assists this transition perhaps, but is being used as an excuse. The receipts reinforce this, and don't really demonstrate any improvement occurring in demand. Instead we get a bizarre journey playing around with EBITDA figures in the presentation. The clients still pay at least every year whether they are SAAS or on contracts I believe. Looks like more a case of managing decline.
"New business closed on a year-to-date basis represents 37% of Total Contract Value1 (TCV). The Company now anticipates TCV to decline on the prior year, against previous guidance for growth." This means they are losing existing clients, does it not?
I don't think they told us what TCV was last year, only for the HY. What is the point of mngment referring to this metric, while keeping it a secret? Seems like a case of management not wanting to tell us everything and hoping for the best. There are many metrics provided where there is no continuity or ability to use these metrics to evaluate the business.
It will take a lot of convince me to buy this on past performance, and I'll assume the moat is drying up until I see some continuity of key metrics, and a recovery in receipts.
A question I have - somebody may know the answer. Are IRI wearing implementation (initial maintenance - lol) costs on the SAAS, or have they managed to actually eliminate this work for those who choose SAAS, or are implementation costs under SAAS still being billed?
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Ann: FY2022 - Half Year Financial Results Briefing, page-27
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