I hope that people understand that the ARR number this quarter is likely to be relatively poor to a large part driven by FX.
At Dec21 they reported 42% of revenues from EMEA, and the AUD at March had appreciated against both the EUR and GBP by 5-6.5%
Dec-21 Mar-22 1 AUD/USD 0.750 0.749 -0.2% 2 AUD/EUR 1.581 1.478 -6.5% 3 AUD/GBP 1.843 1.755 -4.8%
Perhaps the contracts are done in USD, but given their large employee base and their historical presense (incl acquisitions) in Europe, , I would imagine some if not most contracts would be struck in EUR/GBP.
Since March mth-end, the AUD has also depreciated against the USD, but EUR & GBP have also depreciated meaning that EUR/GBP converted into AUD is still similar to March mth-end.
Perhaps they will surprise on the upside (there is all the acquired ARR but I think this will be small), and potential for new deals but this is not a company that has historically been shy about promoting itself (arguably they have changed somewhat given the promotion has rarely delivered when the results are announced, so perhaps the board have chasened them?!?).
Anyway, manage expectations; the end goal here is cashflow and getting to a operating cashflow positive state over a few quarters and with plenty of cash in hand as a margin of safety (I'm hoping those small acquisitions with their contingent considerations have been well thought out).
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