ARR Subscriptions and Revenue Subscriptions decreased 4% YoY, while EBITDA improved to DKK 0.6 million
May 07 2024 - 2:00AM
ARR Subscriptions and Revenue Subscriptions decreased 4% YoY, while
EBITDA improved to DKK 0.6 million
Announcement no. 04 2024
Copenhagen – 7 May 2024 – Agillic A/S
In Q1, ARR Subscriptions decreased 4% YoY and
10% vs. Q4 2023 due to clients’ technology consolidations and
M&A driven changes. Agillic maintains its 2024 guidance due to
expected growth from both existing clients and new sales. Cost
changes have been implemented to mitigate risk with 41 employees at
the end of Q1 versus 50 at the end of Q4 2023. A slight increase in
employees is expected towards the end of 2024 and mainly within
Sales.
Key financial and SaaS highlights
Income statement (DKK million) |
Q1 2024 |
Q1 2023 |
Change |
Q1 2024 |
Q4 2023 |
Change |
Revenue Subscriptions |
12.6 |
13.1 |
-4% |
12.6 |
12.2 |
3% |
Revenue Transactions |
2.2 |
3.2 |
-31% |
2.2 |
2.9 |
-24% |
Other revenue |
0.0 |
0.0 |
- |
0.0 |
0.3 |
- |
Total revenue |
14.8 |
16.3 |
-9% |
14.8 |
15.4 |
-4% |
Gross profit |
12.3 |
13.0 |
-5% |
12.3 |
12.6 |
-2% |
Gross margin |
83% |
80% |
- |
83% |
82% |
- |
Other operating income |
0.0 |
0.0 |
- |
0.0 |
0.6 |
- |
Employee costs |
-7.4 |
-7.4 |
0% |
-7.4 |
-13.3 |
44% |
Operational costs |
-4.3 |
-5.6 |
23% |
-4.3 |
-1.5 |
-187% |
EBITDA |
0.6 |
0.0 |
- |
0.6 |
-1.6 |
- |
Net profit |
-3.4 |
-2.9 |
-17% |
-3.4 |
-22.4 |
85% |
|
|
|
|
|
|
|
Financial position (DKK million) |
|
|
|
|
|
|
Cash |
7.2 |
26.9 |
-73% |
7.2 |
9.8 |
-27% |
|
|
|
|
|
|
|
ARR development |
|
|
|
|
|
|
ARR Subscriptions |
52.2 |
54.2 |
-4% |
52.2 |
57.8 |
-10% |
ARR Transactions |
8.9 |
17.3 |
-49% |
8.9 |
12.3 |
-28% |
Total ARR |
61.1 |
71.5 |
-15% |
61.1 |
70.1 |
-13% |
Change in ARR (DKK) |
-10.4 |
- |
- |
-9.0 |
- |
- |
Change in ARR % |
-15% |
- |
- |
-13% |
- |
- |
ARRThe decrease in Q1 ARR
subscriptions was mainly driven by clients’ technology
consolidations and M&A driven changes. Agillic expects to have
seen most of the impact for 2024 in Q1.
The decrease in transactions is mainly due to
clients’ seasonality, ARR Transactions decreased 49% YoY and 28% in
Q1 vs. Q4 2023.
Total ARR decreased 15% YoY and 13% vs. Q4
2023.
RevenueQ1 total revenue
decreased 9% YoY and 4% vs. Q4 2023, driven mainly by clients’
seasonality impacting revenue from transactions.
EBITDAEBITDA increased to DKK
0.6 million in Q1 2024 (DKK 0.0 million Q1 2023) by adapting the
cost structure to current activity level.
Business developmentHeadcount
at the end of Q1 2024 was 41 (vs. 50 at the end of Q4 2023),
reflecting that Agillic adapted the cost structure to match the ARR
activity. The number, however, is excepted to slightly increase
during the rest of 2024 and primarily by focus on investments in
the Sales organisation. Cash amounted to DKK 7.2 million at the end
of Q1 in line with expectations.
Financial guidance 2024 (unchanged)
Revenue |
DKK million |
62 to 66 |
EBITDA |
- |
0 to 2 |
ARR
Subscriptions |
- |
56 to 60 |
ARR
Transactions |
- |
10 to 14 |
Total ARR |
- |
66 to 74 |
For further information, please contact:Emre
Gürsoy, CEO+45 30 78 42 00emre.gursoy@agillic.com
Claus Boysen, CFO+45 28 49 18 46claus.boysen@agillic.com
Certified AdviserJohn Norden, Norden CEF
A/S
DisclaimerThe forward-looking
statements regarding Agillic’s future financial situation involve
factors of uncertainty and risk. which could cause actual
developments to deviate from the expectations indicated. Statements
regarding the future are subject to risks and uncertainties that
may result in considerable deviations from the presented outlook.
Furthermore. some of these expectations are based on assumptions
regarding future events. which may prove incorrect. Please also
refer to the overview of risk factors in the ‘risk management’
section of the annual report.
About Agillic A/SAgillic is a
Danish software company offering brands a platform through which
they can work with data-driven insights and content to create.
automate and send personalised communication to millions. Agillic
is headquartered in Copenhagen. Denmark. with teams in Germany.
Norway. and Romania.
For further information, please visit
www.agillic.com
Appendix: Financial development per quarter
DKK
million |
|
2024 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
Q1 |
|
FY |
Q4 |
Q3 |
Q2 |
Q1 |
|
FY |
Q4 |
Q3 |
Q2 |
Q1 |
Revenue Subscriptions |
|
12.6 |
|
52.4 |
12.2 |
13.6 |
13.5 |
13.1 |
|
49.9 |
13.5 |
13.1 |
12.2 |
11.1 |
Revenue
Transactions |
|
2.2 |
|
12.0 |
2.9 |
3.0 |
2.9 |
3.2 |
|
16.7 |
6.0 |
4.8 |
3.3 |
2.6 |
Other
revenue |
|
0.0 |
|
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
|
0.4 |
0.0 |
0.0 |
0.1 |
0.3 |
Total
revenue |
|
14.8 |
|
64.7 |
15.4 |
16.6 |
16.4 |
16.3 |
|
67.0 |
19.5 |
17.9 |
15.6 |
14.0 |
Gross
profit |
|
12.3 |
|
52.2 |
12.6 |
13.4 |
13.2 |
13.0 |
|
49.6 |
15.5 |
11.4 |
11.7 |
11.0 |
Gross
margin |
|
83% |
|
81% |
82% |
81% |
80% |
80% |
|
74% |
80% |
63% |
75% |
78% |
Other operating
income |
|
0.0 |
|
0.6 |
0.6 |
0.0 |
0.0 |
0.0 |
|
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
Employee
costs |
|
-7.4 |
|
-36.8 |
-13.3 |
-6.4 |
-9.7 |
-7.4 |
|
-32.5 |
-9.2 |
-7.3 |
-8.0 |
-8.0 |
Operational
costs |
|
-4.3 |
|
-14.1 |
-1.5 |
-4.5 |
-2.5 |
-5.6 |
|
-16.3 |
-5.1 |
-2.7 |
-3.7 |
-4.8 |
EBITDA |
|
0.6 |
|
1.9 |
-1.6 |
2.5 |
1.0 |
0.0 |
|
1.1 |
1.5 |
1.4 |
0.0 |
-1.8 |
Net profit |
|
-3.4 |
|
-27.5 |
-22.4 |
-0.4 |
-1.8 |
-2.9 |
|
-10.6 |
-2.0 |
-1.2 |
-2.7 |
-4.7 |
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
7.2 |
|
9.8 |
9.8 |
11.5 |
18.3 |
26.9 |
|
7.4 |
7.4 |
1.8 |
12.6 |
7.5 |
Total
assets |
|
51.5 |
|
47.1 |
47.1 |
64.9 |
69.0 |
75.8 |
|
52.8 |
52.8 |
54.0 |
58.7 |
55.4 |
Equity |
|
-23.6 |
|
-20.2 |
-20.2 |
1.5 |
1.8 |
3.4 |
|
-15.0 |
-15.0 |
-13.2 |
-12.0 |
-9.6 |
Borrowings |
|
24.3 |
|
23.7 |
23.7 |
23.0 |
24.2 |
25.7 |
|
24.3 |
24.3 |
23.7 |
26.1 |
26.4 |
CASH FLOW |
|
|
|
|
|
|
Cash flow from operations |
|
0.0 |
|
-6.5 |
-0.6 |
-2.8 |
-4.3 |
1.2 |
|
3.1 |
7.3 |
-4.9 |
9.0 |
-8.3 |
Cash flow from
investments |
|
-3.0 |
|
-11.7 |
-2.1 |
-3.1 |
-3.2 |
-3.3 |
|
-13.5 |
-3.3 |
-3.3 |
-3.7 |
-3.2 |
Cash flow from
financing |
|
0.4 |
|
20.6 |
1.0 |
-0.9 |
-1.1 |
21.6 |
|
-2.8 |
1.6 |
-2.6 |
-0.2 |
-1.6 |
Net cash
flow |
|
-2.6 |
|
2.4 |
-1.7 |
-6.8 |
-8.6 |
19.5 |
|
-13.2 |
5.6 |
-10.8 |
5.1 |
-13.1 |
EMPLOYEES & CLIENTS |
|
|
|
|
|
|
Employees end of period |
|
41 |
|
50 |
50 |
50 |
50 |
46 |
|
48 |
48 |
47 |
51 |
47 |
Clients end of
period |
|
116 |
|
122 |
122 |
120 |
120 |
118 |
|
118 |
118 |
111 |
108 |
105 |
ARR & SAAS METRICS |
|
|
|
|
|
|
ARR Subscriptions |
|
52.2 |
|
57.8 |
57.8 |
56.8 |
54.9 |
54.2 |
|
54.1 |
54.1 |
50.3 |
49.6 |
48.5 |
ARR
Transactions |
|
8.9 |
|
12.3 |
12.3 |
12.1 |
11.5 |
17.3 |
|
22.6 |
22.6 |
19.6 |
14.6 |
10.3 |
Total ARR |
|
61.1 |
|
70.1 |
70.1 |
68.9 |
66.4 |
71.5 |
|
76.7 |
76.7 |
69.9 |
64.2 |
58.8 |
Change in ARR
(DKK) |
|
-9.0 |
|
-6.6 |
1.2 |
2.5 |
-5.1 |
-5.2 |
|
21.0 |
6.8 |
5.7 |
5.4 |
3.1 |
Change in ARR
% |
|
-13% |
|
-9% |
2% |
4% |
-7% |
-7% |
|
38% |
10% |
9% |
9% |
6% |
Average
ARR |
|
0.5 |
|
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
Yearly CAC |
|
- |
|
0.2 |
- |
- |
- |
- |
|
0.1 |
- |
- |
- |
- |
Months to
recover CAC |
|
- |
|
6 |
- |
- |
- |
- |
|
3 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
- Cash is defined as available funds less bank overdraft
withdrawals.
- ARR, i.e. the annualised value of subscription agreements and
transactions at the end of the actual reporting period.
- Average ARR, i.e. the average Total ARR per client.
- Customer Acquisition Costs (CAC), i.e. the sales and marketing
cost (inclusive salaries, commissions, direct and share of costs of
office) divided by the number of new clients. CAC is calculated end
of year.
- Months to recover CAC, i.e. the period in months it takes to
generate sufficient gross profit from a client to cover the
acquisition cost.
- Reclassification between cash flow from investments and cash
flow from finance has been updated.
- Agillic_CA 04-24_Q1 Interim Report