Locafy Reports Fiscal First Quarter 2024 Results
28 11월 2023 - 6:10AM
Locafy Limited (Nasdaq: LCFY, LCFYW)
(“Locafy” or the “Company”), a globally recognized
software-as-a-service technology company specializing in local
search engine marketing, today reported financial results for the
2024 fiscal first quarter ended September 30, 2023. All financial
results are reported in Australian Dollars (AUD).
Recent Operational Highlights
- Announced an enterprise partnership with
Method, an Australian digital marketing agency with local-scale
expertise. Method has been using Locafy’s products over several
years and has grown to enterprise partner scale through an expanded
client network and significant growth. Through this continued
partnership, Method will ramp-up its deployment of Locafy’s
Entity-Based SEO product suite to further supplement its growth and
increase its market share.
- Announced a strategic partnership with
TransUnion to expand Locafy’s publishing network. This partnership
will allow for the publication of 17 million business listings in
Hotfrog.com, a top-20 free online directory which Locafy acquired
in 2016. The collaboration will assist in increasing Locafy’s
existing publishing network by 34% to approximately 66 million
pages.
Management Commentary“Our fiscal first quarter
included several achievements that we believe position our business
for strong growth over the rest of fiscal 2024,” said Locafy CEO
Gavin Burnett. “Despite a series of billing relief extensions
granted to customers impacted by our recent platform upgrades and
transitions, we believe we made progress across our growth strategy
pillars. We confirmed an enterprise partnership, expanded our
publishing network, significantly advanced our cost-efficiency
initiatives, and continued driving successful software trials to
further validate our technology.
“Since the end of the quarter, we’ve transitioned our focus to
accelerating growth and achieving profitability in the upcoming
calendar year. We are confident that our recent enterprise
partnerships have helped us develop a strong business development
pipeline and believe in the significant tailwinds for our
technology throughout our industry. We’re encouraged by our demand
outlook and look forward to driving continued adoption of our
solutions in calendar-year 2024.”
Fiscal First Quarter 2024 Financial
ResultsResults compare the 2024 fiscal first quarter end
(September 30, 2023) to the 2023 fiscal first quarter end
(September 30, 2022) unless otherwise indicated.
- Total operating revenue decreased 24.3% to
$1.1 million from $1.4 million in the comparable year-ago period.
- Subscription revenue decreased 28.2% to
$768,000 from $1.1 million in the comparable year-ago period.
Compared to the 2023 fiscal fourth quarter, subscription revenue
decreased 15.4%. The decrease in subscription revenue was primarily
attributable to the Company’s extended billing relief to customers
whose campaigns were affected by the transition onto Locafy’s
upgraded technology platform (the “Platform”), together with the
tapering of the Company’s labor-intensive educational program and
Brand Boost products in the near term.
- Advertising revenue increased 12.2% to $97,000
from $87,000 in the comparable year-ago period. Compared to the
2023 fiscal fourth quarter, advertising revenue increased
27.0%.
- Data revenue decreased 11.0% to $214,000 from
$240,000 in the comparable year-ago period. Compared to the 2023
fiscal fourth quarter, data revenue increased 2.1%.
- Services revenue decreased 78% to $9,000 from
$40,000 in the comparable year-ago period. Compared to the 2023
fiscal fourth quarter, services revenue decreased 87.2%. These
decreases are primarily due to comparatively lower custom website
builds undertaken by the Company as it completed the transition of
its customer base to the Platform.
- Cost of sales decreased 53.2% to $205,000 from
$438,000 in the comparable year-ago period. Compared to the 2023
fiscal fourth quarter, cost of sales decreased 10.8%.
- Gross margin increased to 81.1% from 69.5% for
the comparable year-ago period. Compared to the 2023 fiscal fourth
quarter, gross margin remained steady.
- Net loss was $808,000, or $0.63 per diluted
share, compared to a net loss of $1.2 million, or $1.13 per diluted
share, in the comparable year-ago period.
Key Performance Indicators (KPIs)Unless
otherwise specified, KPI data has been recorded as of the 2024
fiscal first quarter end (September 30, 2023).
- Monthly recurring revenue (MRR) for the 2024
fiscal first quarter was $360,000, a 21.2% decrease compared to
$456,000 for the comparable year-ago period, and a 9.6% decrease
compared to $398,000 for the 2023 fiscal fourth quarter.
- Total active reseller count for the 2024
fiscal first quarter was 99 resellers, a 43.5% increase compared to
69 resellers for the comparable year-ago period, and a 7.5%
decrease compared to 107 resellers as of the 2023 fiscal fourth
quarter.
- Total end user count for the 2024 fiscal first
quarter was 1,048 end users, a 27.2% decrease compared to 1,440 end
users for the comparable year-ago period, and a 7.2% decrease
compared to 1,129 end users as of the 2023 fiscal fourth
quarter.
For more information, please see Locafy’s investor relations
website at investors.locafy.com.
About LocafyFounded in 2009, Locafy's (Nasdaq:
LCFY, LCFYW) mission is to revolutionize the US$700 billion SEO
sector. We help businesses and brands increase search engine
relevance and prominence in a specific proximity using a fast,
easy, and automated approach. For more information, please visit
www.locafy.com.
About Key Performance IndicatorsLocafy defines
MRR as the value of all recurring subscription contracts with
active entitlements as at the end of each month. MRR across a
period is the average of each month’s MRR within that period.
Locafy’s recent Platform upgrade caused a significant change to
the calculation of average page metrics, and Locafy management no
longer views these metrics as relevant indicators of the
performance of Locafy technology. The Company may introduce
additional KPIs in future quarters if deemed relevant long-term
indicators of performance.
Forward-Looking StatementsThis press release
contains “forward-looking statements” that are subject to
substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,”
“estimate,” “project,” “may,” “will,” “should,” “would,” “could,”
“can,” the negatives thereof, variations thereon and similar
expressions, or by discussions of strategy, although not all
forward-looking statements contain these words. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company’s actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors and risk factors, including those
discussed in the Company’s filings with the Securities and Exchange
Commission (the “SEC”), including the Company’s Annual Report on
Form 20-F filed with the SEC on October 11, 2023, and available on
its website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
Investor Relations ContactTom Colton or Chris
Adusei-PokuGateway Investor Relations(949)
574-3860LCFY@gateway-grp.com
-Financial Tables to Follow-
|
Locafy LimitedConsolidated Statement of
Profit or Loss and Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
| |
|
3 months to30 Sep 2023AUD
$(unaudited) |
|
|
3 months to30 Sep 2022AUD
$(unaudited) |
|
| Revenue |
|
1,087,642 |
|
|
1,436,807 |
|
| Other income |
|
43,860 |
|
|
169,952 |
|
| Technology expense |
|
(314,550 |
) |
|
(514,533 |
) |
| Employee benefits expense |
|
(927,342 |
) |
|
(1,788,103 |
) |
| Occupancy expense |
|
(17,461 |
) |
|
(16,187 |
) |
| Advertising expense |
|
(61,134 |
) |
|
(39,196 |
) |
| Consultancy expense |
|
(234,951 |
) |
|
(146,058 |
) |
| Depreciation and amortization
expense |
|
(359,639 |
) |
|
(167,065 |
) |
| Other expenses |
|
(3,144 |
) |
|
(46,299 |
) |
| Impairment of financial
assets |
|
- |
|
|
(32,602 |
) |
| Operating
profit/(loss) |
|
(786,719 |
) |
|
(1,143,284 |
) |
| Financial cost |
|
(21,373 |
) |
|
(19,948 |
) |
| Profit/(Loss) before
income tax |
|
(808,092 |
) |
|
(1,163,232 |
) |
| Income tax expense |
|
- |
|
|
- |
|
| Profit/(Loss) for the
period |
|
(808,092 |
) |
|
(1,163,232 |
) |
| |
|
|
|
|
|
|
| Other comprehensive
income |
|
|
|
|
|
|
| Items that will be
reclassified subsequently to profit and loss |
|
|
|
|
|
|
| Exchange differences on
translating foreign operations |
|
15,749 |
|
|
34,530 |
|
| Total comprehensive
profit/(loss) for the period |
|
(792,343 |
) |
|
(1,128,702 |
) |
| |
|
|
|
|
|
|
| Earnings per
share |
|
|
|
|
|
|
| Basic profit/(loss) per
share |
|
(0.63 |
) |
|
(1.13 |
) |
| Diluted profit/(loss) per
share |
|
(0.63 |
) |
|
(1.13 |
) |
|
Locafy LimitedConsolidated Statement of
Financial Position |
|
|
|
|
|
|
|
|
|
|
|
| |
As at30 Sep 2023AUD
$(unaudited) |
|
|
As at30 Jun 2023AUD
$(audited) |
|
|
As at30 Jun 2022AUD
$(audited) |
|
| Assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
1,773,145 |
|
|
3,174,700 |
|
|
4,083,735 |
|
| Trade and other
receivables |
1,326,451 |
|
|
1,288,513 |
|
|
1,203,249 |
|
| Other assets |
301,836 |
|
|
356,782 |
|
|
230,094 |
|
| Current
assets |
3,401,432 |
|
|
4,819,995 |
|
|
5,517,078 |
|
| Property, plant and
equipment |
348,818 |
|
|
380,018 |
|
|
395,999 |
|
| Right of use assets |
291,577 |
|
|
314,596 |
|
|
406,673 |
|
| Intangible assets |
3,764,232 |
|
|
3,720,272 |
|
|
2,235,180 |
|
| Non-current
assets |
4,404,627 |
|
|
4,414,886 |
|
|
3,037,852 |
|
| Total
assets |
7,806,059 |
|
|
9,234,881 |
|
|
8,554,930 |
|
| |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
| Trade and other payables |
2,177,510 |
|
|
2,507,573 |
|
|
1,454,241 |
|
| Borrowings |
271,600 |
|
|
301,600 |
|
|
308,100 |
|
| Provisions |
215,450 |
|
|
214,465 |
|
|
473,006 |
|
| Accrued expenses |
259,830 |
|
|
512,611 |
|
|
511,848 |
|
| Lease liabilities |
105,222 |
|
|
85,165 |
|
|
32,672 |
|
| Contract and other
liabilities |
153,143 |
|
|
152,211 |
|
|
137,342 |
|
| Current
liabilities |
3,182,755 |
|
|
3,773,625 |
|
|
2,917,209 |
|
| Lease liabilities |
301,345 |
|
|
332,578 |
|
|
417,744 |
|
| Provisions |
52,291 |
|
|
48,271 |
|
|
25,988 |
|
| Accrued expenses |
90,450 |
|
|
90,450 |
|
|
76,504 |
|
| Non-current
liabilities |
444,086 |
|
|
471,299 |
|
|
520,236 |
|
| Total
liabilities |
3,626,841 |
|
|
4,244,924 |
|
|
3,437,445 |
|
| Net
assets/(liabilities) |
4,179,218 |
|
|
4,989,957 |
|
|
5,117,485 |
|
| |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Issued capital |
47,835,074 |
|
|
47,930,486 |
|
|
45,038,037 |
|
| Reserves |
2,375,089 |
|
|
2,404,933 |
|
|
5,306,475 |
|
| Accumulated losses |
(46,030,945 |
) |
|
(45,345,462 |
) |
|
(45,227,027 |
) |
| Total
equity/(deficiency) |
4,179,218 |
|
|
4,989,957 |
|
|
5,117,485 |
|
|
Locafy LimitedConsolidated Statement of
Cash Flows(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
3 months to30 Sep 2023AUD
$(unaudited) |
|
|
FY2023AUD
$(audited) |
|
|
FY2022AUD
$(audited) |
|
| Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
| Receipts from customers
(inclusive of GST) |
|
939,249 |
|
|
4,463,725 |
|
|
3,038,044 |
|
| Payments to suppliers and
employees (inclusive of GST) |
|
(1,624,006 |
) |
|
(7,005,510 |
) |
|
(7,999,866 |
) |
| R&D Tax Incentive and
government grants |
|
- |
|
|
386,181 |
|
|
803,042 |
|
| Financial cost |
|
(21,373 |
) |
|
(105,367 |
) |
|
(81,656 |
) |
| Net cash used by
operating activities |
|
(706,130 |
) |
|
(2,260,971 |
) |
|
(4,240,436 |
) |
| |
|
|
|
|
|
|
|
|
|
| Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
| Purchase of intellectual
property |
|
(486,955 |
) |
|
(1,617,446 |
) |
|
(1,615,192 |
) |
| Purchase of property, plant
and equipment |
|
- |
|
|
(2,170 |
) |
|
(390,339 |
) |
| Net cash used by
investing activities |
|
(486,955 |
) |
|
(1,619,616 |
) |
|
(2,005,531 |
) |
| |
|
|
|
|
|
|
|
|
|
| Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
| Proceeds from issue of
shares |
|
- |
|
|
3,295,822 |
|
|
9,979,861 |
|
| Payment for share issue
costs |
|
(199,668 |
) |
|
(403,373 |
) |
|
(639,429 |
) |
| Repayment of borrowings |
|
(30,000 |
) |
|
(6,500 |
) |
|
(97,500 |
) |
| Leasing liabilities |
|
(11,176 |
) |
|
(32,673 |
) |
|
(59,419 |
) |
| Net cash from
financing activities |
|
(240,844 |
) |
|
2,853,276 |
|
|
9,183,513 |
|
| |
|
|
|
|
|
|
|
|
|
| Net increase/(decrease) in
cash and cash equivalents |
|
(1,433,929 |
) |
|
(1,027,311 |
) |
|
2,937,546 |
|
| Net foreign exchange
difference |
|
32,374 |
|
|
118,276 |
|
|
495,458 |
|
| Cash and cash equivalents at
the beginning of the period |
|
3,174,700 |
|
|
4,083,735 |
|
|
650,731 |
|
| Cash and cash
equivalents at the end of the period |
|
1,773,145 |
|
|
3,174,700 |
|
|
4,083,735 |
|
Locafy (NASDAQ:LCFY)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Locafy (NASDAQ:LCFY)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
