The ARR is only the recurring portion of revenue. If they’ve added $350k of ARR just in May alone then its a run-rate of $4.2m of incremental ARR per annum.
You probably can’t simply annualise that as it will fluctuate month to month with new client wins, but to put that growth in context, on a current ARR base of $11m (going by this announcement) that’s 38% growth in annual ARR run-rate. Impressive.
I think an important part of understanding this announcement is that the above growth was in what was seasonally a fairly slow month. Look at May job ads data from ANZ out this week. It was unusually slow due to Easter and then the federal election, with a big pick up in the last week of May post election and the expectation for a strong rebound in June.
So they managed to get ~38% run-rate ARR growth in a seasonally slow month. That is a lot better than I was expecting. Those recently on-boarded clients will likely increase their annual spend with CV1 over time too.
Would have to assume that with the expected job ads rebound and doubling the size of the sales team that they look to be pretty well positioned for growth as they go in to FY20.
This is particularly encouraging:
“With tendering activity in the B2B segment currently running at record levels, we will continue building high quality B2B revenue streams.”
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