Small negative cashflow, including higher product investment, lower RBA rates, and in the seasonally low Christmas quarter - not bad.
Most other things were inline with my expectations.
Revenue: in line with expectations.
Trades: couple of percent below expectations.
New Traders: in line with expectations (+9600 QoQ vs +11.4k last Q, and +2-4k historically, pre-COVID)
Client Cash: In line with expectations. $409m -> $435m. Just too bad RBA cut more.
Funds Under Admin: Strong
Client Cash Per Trader: $7.07k -> $6.45k. That is back to the long term average now. No more COVID high.
Trades per Trader per Month: 2.19 -> 1.87 QoQ or 1.22 -> 1.87 YoY vs last DecQ. Still pulling back from the COVID high. Still higher than the long term average.
Market Share: 6.4% -> 7.1% by my estimate. Fine, still up. Assuming addressable market increased from 900k -> 950k QoQ.
Advisor Platform: No numbers given again.
Cash Burn: Last Christmas, cash burn jumped from $464k to $999k. This Christmas it jumped from $309k positive, to $187k burn. Not bad.
(This also shows visually how the purple touched against the green during COVID - when client cash per trader spiked)
Expenses:
Product Operating Costs: Up. Probably from the new app, US trading etc.
Marketing: Up, but still affordable. Probably to keep the strong growth in market share going.
Staff: Stable. Good.
Admin: Up. Not sure what exactly for. The new product development?
So expenses were up fairly strongly, but some of them might actually be down in March, when revenue will also be rising.
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