Very interesting point @@stunt driver ; I'd love to know more...

Very interesting point @@stunt driver ; I'd love to know more about why they don't treat owners well. @Tom4017 makes a good point though that they seem to be telling a different story. Hiring through them has been a fine experience on the other side...

I posted my notes in my substack. Copied here below as well:

It’s always nice to see a percentage growth with 3 digits that begins with a 2.

The ‘AirBnB of campervans’, Camplify started its announcement with such a figure: “Combined global revenue of $12.5m (unaudited) representing a pcp growth rate of 204%”.

To grow the size and power of its network effect, Camplify has been acquisitive in the last few years. In the last 12 months it acquired:

1. Mighway (NZ)

2. SHAREaCAMPER (NZ)

3. PaulCamper (Germany)

So to get to organic growth one would have to remove all the above. They mention: “PaulCamper markets represented a Revenue of $3.6m”, but don’t clearly divide revenue from prior acquisitions considering they’ve now been truly integrated.

Removing PaulCamper alone then, (organic-ish) growth comes in at 116%, which remains very strong, and might be a good showcase of Camplify actually growing its network effect.

Other quick observations:

• Another positive was Camplify recording a small, but still positive cashflow for the quarter. If you tweak it to remove transaction cost and the government grant, they are up ~$2M.

• They also mentioned the UK region is back to growth, although with no details provided.

• More details on this branded fleet project will be interesting (“As previously reported, CHL is focussing on branded built fleets for customers and a shift to higher margin products.”)

All in all, I consider this a very strong quarter, with Camplify showing that sustainability in cash management can still lead to strong growth.

It will be interesting to see if they can make the next quarter their 3rd consecutive quarter of cashflow positivity. If they do, they may be close to applying for relief from quarterly reporting.