Bemusing that the 90% reduction in 'off-the-shelf dataset revenue' for MetroMap is not far off the gain in subscription revenue. I imagine much of the ARR growth in MetroMap came from a change in contractual terms with clients forcing them off a non-recurring model. Positive to see LiDAR growing, though I suspect AeroMetrex is trapped by their lack of aerial imagery scale and lack of financial means to grow coverage foot-print.
I fail to see the upside in AeroMetex:
Revenue down YoY;
No meaningful adjustment to cost base;
Likely increase in depreciation volumes due to PPE increase YoY (maybe more FCF?)
Seems the business needs to further rationalise its offering and profitable business units.
AMX Price at posting:
32.0¢ Sentiment: Hold Disclosure: Not Held
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Bemusing that the 90% reduction in 'off-the-shelf dataset revenue' for MetroMap is not far off the gain in subscription revenue. I imagine much of the ARR growth in MetroMap came from a change in contractual terms with clients forcing them off a non-recurring model. Positive to see LiDAR growing, though I suspect AeroMetrex is trapped by their lack of aerial imagery scale and lack of financial means to grow coverage foot-print.
(20min delay)