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SLI Systems

More routes to market

Update | Technology | 26 Sep 2017

A recovery in growth remains stubbornly elusive, with falling revenues and rising losses in line with our forecasts. SLI Systems is treading water from a momentum perspective. However, operational metrics provide signs of encouragement, with ARR increasing slightly, and a substantial uptick in client retention rates. As of H218, SLI will employ a more indirect sales strategy, which could improve uptake of the solutions available. Double-digit revenue growth and 10% margins would imply 20% upside.

SLI Systems

Pathway to profitability

Update | Technology | 20 Mar 2016

SLI Systems had a strong half in the six months to 31 December 2015, with annualised recurring revenue growing 23% (10% on a constant currency basis) to a record NZ$35.6m. Significantly, gross margin increased to 76.4% from 74.7% year-on-year (y-o-y), while the retention rate by value remained steady at 87%. SLI has mapped out a pathway to profitability, noting that it had been cash flow neutral in the first half and that its NZ$5.6m cash on hand was sufficient to bring the company to cash flow break-even.

Vista Group International

NZ - Edison talks tech

Sector Commentary: | Technology | 23 Mar 2015

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Redflex Holdings

AUS - Edison talks tech

Sector Commentary: | Consumer Support Services | 23 Mar 2015

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SLI Systems

Strong H1 lays foundations for transition

Outlook | Technology | 13 Mar 2018

SLI Systems has substantially outperformed our expectations, delivering its maiden H1 period of profitability, driven by outstanding net revenue retention and substantial cost savings. The company’s imminent shift to a more indirect business model is likely to compress near-term margins and success is crucial to longer-term prospects. Nevertheless, the depressed share price does not demand steep growth assumptions for investors to see a return.

SLI Systems

Quality over quantity

Outlook | Technology | 14 Mar 2017

SLI's financial performance in H1 reflected its current transitional phase with ARR remaining flat as the business is realigned to focus on value over volume through a number of initiatives. The key customer retention rate is reverting to historical levels and with an operationally geared model, we believe that only a modest recovery in new business momentum should support robust upside. Net cash stands at NZ$6m.

SLI Systems

New CRO, H116 revenues expected to rise 29%

Flash note | Technology | 05 Nov 2015

SLI Systems has announced that it expects to report H116 revenues of NZ$17.3m, up 29% year-on-year, in line with our forecasts. The company also announced it has appointed Martin Onofrio as chief revenue officer (CRO), with immediate effect. Mr Onofrio brings 25 years' sales and executive leadership experience. He was most recently chief revenue officer at Silicon Valley-based Attensity Corporation. His recruitment closely follows Silicon Valley-based CEO Chris Brennan's appointment last month.

SLI Systems

SaaS e-commerce exposure at industrials pricing

Outlook | Technology | 01 Oct 2015

SLI Systems is a fast-growing SaaS company operating in the hot field of e-commerce, but seemingly priced at EV/Sales multiples closer to those of mature industrials. It is currently in the investment phase and therefore pre-profit, but its revenue base is sustainable, high-margin and recurring, and should therefore generate substantial returns provided it can reach profitable scale. The company has recruited a new CEO, Silicon Valley executive Chris Brennan, who brings a consistent track record of growing early-stage companies. Founding CEO Dr Shaun Ryan will move to the new role of chief innovation officer and remains an executive director with his interests aligned with the company.

SLI Systems

New Zealand talks tech September 2015

Comment | Technology | 07 Sep 2015

SLI Systems' (SLI) search and navigation products power the website search functionality for some of the world's highest-profile companies. Its subscription model provides a recurring revenue stream that should generate significant returns for shareholders when it reaches profitable scale. The Company reported 27% growth in operating revenue to A$28.1m in FY15 and a gross margin of 74.4%. The company reported a 39% lift in annualised recurring revenue to NZ$34.6m in FY15. SLI had NZ$5.6m in cash at year end.

SLI Systems

Short-term headwinds, positive long-term outlook

Update | Technology | 12 May 2015

SLI's trading update has indicated that it expects H2 annualised recurring revenue growth to be lower than H1 due to a combination of disruption caused by the new sales team structure and the economic weakness in Brazil slowing uptake. Despite this apparent slowdown, growth expectations remain high, with management giving guidance for 27% operating revenue growth to NZ$28m for the year. We have lowered our revenue estimates to be in line with guidance, but maintain our gross margin, FY16e growth rate and positive long-term outlook.

SLI Systems

Global growth with high client retention

Update | Technology | 10 Mar 2015

SLI had another strong half with annualised recurring revenue (ARR) growing by 34% y-o-y (28% constant currency) to NZ$28.9m and operating revenue growing by 26%. Importantly, retention rate and gross margin have also remained stable at 90% and 75% respectively. Growth was broadly spread across geographies, which reflects the global opportunity. We have slightly lowered (by 3%) our revenue estimates and gross margins (75% vs 77%) since our last published forecasts. Due to the high operating leverage this results in FY15e loss before tax increasing by 26%, but we remain optimistic about the long-term outlook.

SLI Systems

Results broadly in line

Update | Technology | 29 Aug 2014

On 26 August SLI Systems reported its full FY14 results, following the trading update on 28 July. As reported in the update, annual recurring revenue (ARR) and growth costs (sales, marketing and engineering expense for new clients) were lower than management's forecasts as a result of it taking longer than expected to find and train appropriate sales and marketing staff. The net effect was a NZ$1.2m (16.5%) better than forecast loss before tax. In our opinion, the difference between forecast and actual ARR does not alter the long-term outlook so we have not changed our forecasts. Unwinding our DCF valuation by a year and improved cash flow in FY14 as a result of lower expenditures means our DCF valuation increases from NZ$2.62/share to NZ$2.96/share.