Cant be McD's so maybe 7 Eleven or ABusch? I don't see any logos missing so maybe its a project delay or relaunch?
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I was at a presentation some weeks ago and asked the question regarding the projected $10m ACMR and at that time I was advised that still on track. I would also think that given the $10m ACMR was reported thru the stock exchange (in presentation /report) if there was a material change to that status they would be duty bound to report it
Oh snap!!!! Something does look funny with ACMR.
We have ACMR @ 31/3/15 of 3.18M.
Interim report states "As at 30 September 2015, ACMR was $4,800k" https://www.nzx.com/companies/VML/announcements/274891
Investor day presentation page 25 shows ACMR was $4,800k at December 15. https://www.nzx.com/files/attachments/233608.pdf
Now did we see 0 growth in ACMR between September and December.?
No it was not, if by 'cash received' you mean revenue, revenue was up $60k in H2 over H1. Revenue increased 102% to $6.64m FY over the previous FY.
Cherry picking results that you think (hope?) paint the company in a poor light, and incorrectly stating the facts, brings into question your motivation for doing so.
VMob FY2016 results
Overall I am very happy with the FY16 results and encouraged that VMob continues to grow the business at a rapid pace.
It is easy to forget that only two short years ago the company was still a startup booking revenue of only $512k, that has shifted to high-growth now as revenue has increased over 10x to $6.64m at March 2016. Likewise ACMR has increased over 10x to $5.4m. While expenses also increased the all important expense:revenue ratio has decreased from 495% (5x) to 199% (2x). This key ratio sets the pathway to profitability.
Like others I wondered about the relatively small increase in ACMR from HY $4.8m to FY $5.4m, albeit 170% up from the previous FY. I can only attribute this to the company having completed a number of the initial major customer implementations and now working through bringing the next wave of those major customers onto subscriptions and the other new customers through pilots into subscriptions, which drives ACMR. I remain heartened that the company very recently reiterated forecast $10m ACMR by end Sept 2016 (HY). We have insufficient visibility to understand how ACMR will effectively double in the 6 months from the Mar’16 FY results.
Progress is encouraging on all fronts, with existing large customers continuing to expand, new customers coming on board and proceeding through pilots, while reporting impressive business benefits in key marketing metrics for established implementations. The important Microsoft relationship progressed to extraordinarily privileged levels by world partner standards including R&D, marketing grants and global sales force leverage. New board and management placements are particularly encouraging not only for the capability they bring to VMob, but also at the board level those that have been replaced.
The subsequent announcement of the completed capital raising continues to indicate large institutional investor financial support of and confidence in VMob, underpinning the company growth. Comments around seeking a large US funding source for future capital requirements hints at the confidence of directors that VMob is worthy of such investor attention.
All in all I am still a happy holding shareholder looking forward to the next few months in particular leading up to achieving the $10m ACMR by end-Sept. I will revaluate my position at the time should that not happen. In the meantime we continue to be presented with outstanding value in the share price, which in my opinion significantly understates the worth of the company.
Attachment 8085
Attachment 8084
I think the clue is in the relatively modest 2H increase in ACMR of $604k. Unlike the mass consumer SaaS business model (aka Xero for example) where a customer signs up and immediately contributes to ACMR and revenue, VMob's solution with such large customers has in all cases reported, a 'pilot' period where the customer tests the solution etc, prior to proceeding to an implementation and concluding that goes live, at which point the customer contributes to ACMR and in turn revenue.
My read on the 2H ACMR and low 2H growth in revenue is that it is most likely attributable to having the early large customers implementations mainly on stream but for all the new customers working through a back log of pilots. All the new McD's, IKEA, 7-Eleven, ABusch, Compass ... they're all in pilot phase during 2H and some still are, hence not contributing to ACMR and in turn revenue.
That's what I think anyway, the results of successful pilots will be sign-up to subscriptions (ACMR) which judging by the forecast of $10m ACMR by end-sept suggests a significant number of pilots conclude and go live in the 1H this FY.
Mary Meeker's annual review of the Technology world is always interesting. Her slides 175 to 177 indicate future competition/opportunities for VML's customer loyalty offerings via payment sites ??(This example is MacDonalds in China.)
Attachment 8089
Her full presentation can be found here; //www.bloomberg.com/news/articles/2016-06-01/internet-boom-times-are-over-says-mary-meeker-s-influential-report