- LiveTiles (LVT) achieves record cash receipts in the June quarter which total $14.6 million — a 30 per cent increase on the prior corresponding period (pcp)
- The workplace solutions company also reached $62.8 million in annualised recurring revenue (ARR) which marks a 17 per cent growth on the pcp
- LiveTiles signed several contracts with companies across a variety of industries as well as a $2.1 million deal with top Fortune 100 company, Nestlé, in early July
- The company spent $220,000 on operating activities which marks a notable decrease from the $2.2 million used in the March quarter
- By the end of the period, LiveTiles had a healthy cash balance of $16.67 million
- Company shares are down 3.23 per cent to trade at 15 cents at 11:50 am AEST
LiveTiles (LVT) has announced record cash receipts and a 17 per cent increase in annual recurring revenue (ARR) for the June quarter.
LiveTiles is a workplace solutions company whose software aims to improve employee productivity, engagement and communication.
ARR reached $62.8 million by June 30 which marks a 17 per cent growth on the prior corresponding period (end of June 2020 quarter) and a 7 per cent increase on the March 2021 quarter.
Customer numbers did decrease by 3 per cent to 1078 at the end of the quarter — most of which were from the small and mid-market customer segment.
Positively however, the average ARR per customer grew by 18 per cent to $58,300 compared to the prior corresponding period (pcp). On a constant currency basis, the average ARR per customer increased by 22 per cent to $60,000.
Some key customer contracts signed over the June quarter include a global manufacturing firm with over 10,000 employees, a US state government transport department, a German beverage manufacturer with 17,000 employees, an Australian property investment fund, and a Singaporean sports stadium and entertainment complex.
In terms of cash receipts, LiveTiles experienced a record quarter with $14.6 million. This marks a 30 per cent increase on the June 2020 quarter and a 20 per cent rise on the March quarter. Positively, this took LiveTiles total cash receipts for FY21 to $51.8 million — a 26 per cent growth on the prior year.
Co-Founder and CEO Karl Redenbach commented on the quarterly results.
"We are very pleased to be finishing FY21 with these Q4 results, including a record cash receipts of $14.6m and continuing to reduce our operating cash outflows, with a 71 per cent improvement in normalised cash outflows on a trailing twelve months basis."
In terms of expenditure, the company spent $220,000 on operating activities which is a significant decrease from the $2.2 million used in the March quarter. However, non-recurring legal fees totalling $727,000 contributed to that.
By the end of the quarter, LiveTiles had $16.67 million in cash.
Subsequent to the June quarter, LiveTiles signed a significant deal with Fortune 100 company, Nestlé. The $2.1 million agreement will see the company deliver its employee experience solution to an initial 125,000 of Nestlé's employees.
LiveTiles believes it's well-positioned to become a leader in the employee experience market and deliver growth over the next 12 months.
Company shares were down 3.23 per cent to trade at 15 cents at 11:50 am AEST.