Okay a pretty pleasing update overall.
Positives
-Core business remains profitable albeit small with four consecutive quarters of EBITDA growth
-700 paying RentPay customers with at least 1500 more to come on-line this quarter via agent partners
-Conversion rate of customers downloading the App has doubled
-App functionality and take up: 70% using Score Builder, 30% using the Buffer which is a great sign.
-Rent Bond - $3M financed in the last quarter!
-Working with 40 Property Agents and transitioning from legacy system to RentPay is well advanced
-$800k in advertising pre booked for next year underpinning core EBITDA growth
-15% Qtr on QTR growth in renter products
-Transparency and honesty of CEO....Its so refreshing! He is very bullish about the outlook.
-Cash on hand and item 8.5 below suggests the bulk of the software development costs ($698k last QTR) have already been incurred.
Negatives
-They should have raised capital when the SP was above 25 cents to fund their upcoming advertising and marketing campaign
-Optimisation is great, but they need to accelerate, they are up against 1000lb gorilla's and its a land grab race
-Surprised the scheduling feature of the App uptake is only 13% and perhaps this functionality and insight was misplaced? However, that's what it is all about, test, refine, deploy and build the customer experience and stickiness of the product.
A good report card!
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