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28/02/20

11:23

Post #: 43209753
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Originally posted by Vmk Research: ↑

A colleague of mine attended the presentation in NYC today. He came away deeply impressed. I would need more time to assemble the detail but here is the 10,000 feet over view. Caveat _ We are not responsible for accuracy of our notes. This is our general impressions and should not be relied upon as research or a precise or even approximate transcript of what management said..
Product Integration and Positioning is very good. They have pulled the various components into three compelling vertical offerings.
The core Wizdom/Page Design intranet (the 2 products are now fully integrated into a market leading product). It is a sophisticated enterprise sale. Long lead times but large contracts. Partners can earn revenue through installation fees.
A power panel product. Shorter lead time. Aimed at Enterprise customers but the customer does not have to choose to transfer their intranet to the LVT platform or MSFT platform to provide the intranet. This is an intranet enhancement that can be plugged onto most existing intranet configurations. Solves a lot of problems with legacy intranets without moving to a new platform. Its a great sale for partners who can enhance their customers existing platform and decide if they want to convert to a low -code intranet later.
Lightweight + Condense. At first glance a simpler offering than #1. More plug and play. But at second glance this will be a product that can be sold alongside #1 for enterprises which have a combination of office employees who need the full suite of SAAS and othe employees who have a simple need for basic intranet access without the organization incurring the expense of paying for a sharepoint/teams/office subscription for each employee. This impressed my colleague more than anything else. Lightbulb moment why they acquired CYCL. Unique competitive advantage to combine #1 and #2 . More on this later . See slide 10. But its more interesting than the slide conveys.
The key KPI for the management team is getting to cash flow neutral. This trumps everything including the $100m ARR. They think they will get to $100 ARR but the timing is all about getting to cash flow neutral. Slide 20 and 21 were the keystone to the meeting. Management are measuring themselves by these metrics. Shareholders can hold them accountable to these metrics. Revenues will grow faster than costs and annualized cash burn will fall . CEO is determined not to return to the market for capital.
Partner channel. The products are right. Partners are getting accredited. They have hired key partner resources. It will grow and accelerate but not overnight. In meantime direct sales force continues to get more efficient. Pleased with progress. Asked to guess which quarter will see direct sales and partner sales firing on all cylinders to provide highest growth for the year... December 1/4 . Whatever growth rate we see in next two quarters it will accelerate into end of year.....obviously not going to give guidance in a meeting.Reiterated that by end of calendar year they want shareholders to see that the cash burn and existing cash resources give them runway to cash flow neutral without having to go to market.
Asked if they felt vulnerable at this valuation. They believe they can create value for shareholders as independent company. Reiterated cash flow targets.

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Accumulated this morning at 24.5 cents.
LVT Price at posting: 24.5¢ Sentiment: Buy Disclosure: Held
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