Another good 4CCouple of things to note from my perspective;Hong...

Another good 4C

Couple of things to note from my perspective;

• Hong Kong install go/live with HSBC bank has/is dragging.
• Integrations with payroll service providers progressing. Trent has spoken before about having to fit into these potential clients platform development calendar. It's not something we should expect will happen overnight, but having an end date (PayDay Super) will push these potential integrations along sooner rather than later over say the coming 9-12 months.
• Integrations with HCM (Human Capital Management) software I read as being providers other than WorkDay.
• The couple of customers expected to be onboarded this quarter, I expect will be WorkDay clients via the KPMG relationship.
• Note the reference to a new fund onboarding tools being developed. Be interesting to see who this is.
• I also note the REST pilot is ready with newrequirements in test. REST have been slower to move into the pilot phase than I had expected.
• Upgrades to Wrkr platform to accommodate features for accountants and advisors will not only be good for SB operators looking for a replacement service for the ATO Small Business Clearing House but also general accounting software providers like MYOB, Xero, Reckon etc. Think bigger picture with this upgrade to the platform people
• Revenue up 21% pcp. This is a great effort considering there has been no boost in services revenue for platform development and onboarding of any new MUFG super clients (yet).
• Almost net cash flow positive again this quarter -$57k (84% on pcp).
• $8.6M in the bank.
• Almost debt free except loan funding for insurances, which is more about cash flow management than a structured P&I debt. I would expect Wrkr to continue to use this insurance loan service into the future.

Here is a thought, I have wondered why Trent continues to reference HESTA in market communications as a client of MUFG. HESTA has told the market they are moving to another administrator but could HESTA be looking to engage Wrkr directly for their client onboarding services???

Ian