Ann: FY2024 Trading Update & CEO Transition, page-8

Main elements regarding the updated guidance :
- statutory revenues up by 17 % to 20 % vs + 6 % for H1 24 and + 11 % for 10 months, showing a clear acceleration of revenues during H2 24,
- EBITDA of around 13 m AUD during H2 24 (margin of 31 %), confirming the good trend of H1 24 (11 m$ EBITDA and margin of 27 %).
H2 continues to benefit from a high level of cost cutting (- 18 % for FY 24, after - 21 % during H1 24).

Main reason for sales improvement : Americas (2/3 of total revenues) had a large revenue increase (+ 35 % to + 40 % for FY 24), driven by all the product lines, showing an acceleration during H2 (H1 : + 33 %). Sales was weaker both in Europe and Asia Pac.
Overall, sales remain weak : pro forma revenues (better indication of recurring revenues according to the company) was - 1 % to - 2 % in FY 24 after - 2 % during H1.
Due to ongoing churn for Collaborate (but also new wins for Collaborate in Americas).
Apparently, steady performance for Transact and Infrastructure which had a high level of renewals.

Unlike H1 24, when there was a weak conversion of EBITDA into cash flow from operation and free cash flow (11 m$ of EBITDA, but only 3.6 m$ of free cash flow), H2 24 saw a higher level of free cash flow given the company's indication.
During H2 23, cash (excluding restricted cash) increased by 10.4 m$. Apparently helped by a better cash collection.
This corresponds to an annualised cash generation of around 21 m$, or 18 % free cash flow yield (share price : 0.84 $).

This is obviously a high free cash flow yield for a SAAS company, but it is also distorted by the fact that the company had a very low Capex in FY 24 and it is probably not paying much taxes in the short term.