Workplace productivity company LiveTiles (ASX:LVT) today unveiled a raft of encouraging figures for the latest quarter, helping to push shares back towards their 52-week high.

The company, which develops software that integrates a raft of 3rd party solutions, saw annualised recurring revenue (ARR) hit $40.1 million, a gain of 167% over the past year. As can be seen from the chart below, the acquisition of Wizdom during the year helped deliver a step-change to ARR, although excluding this LiveTiles said growth would have been 114%.

ARR is now over 10-times what it was only two short years ago.

Driving this increase was a 71% increase in customer numbers, which now sit at 919. Additionally, thanks to cross-selling, bundling and other initiatives, the average revenue per customer increased by a solid 56%, continuing the trend we’ve seen over the past few years.

LiveTiles also said that the number of transaction partners (resellers that have closed at least one transaction) grew by 89% to 178.

All of this has, of course, translated into a boost to cash receipts from customers. For the final quarter of FY2019, cash collected from customers grew 130% to $7.9 million. Still, LiveTiles remains a cash flow negative proposition once expenses are accounted for. Indeed, underlying expenses came in higher than originally forecast; $15.3 million for the quarter compared to the $14.5 million it guided for back in March. For the current quarter, LiveTiles said to expect expenses to come in around $15.9 million.

LIveTiles said this was due to efforts aimed at supporting growth and was supported by the boost in cash receipts. On a net basis, operating cash flows continue to trend towards the all-important breakeven point. With $14.8 million of cash on hand, the business will hopefully avoid another capital raise, or the need to rely on any debt.

Co-founder and CEO Karl Redenbach said the business was still on track to deliver “at least” $100 million in ARR within the next two years (which requires annual growth of approximately 58% from here).

Ranked #11 on Strawman, LiveTiles is a community favourite and continues to trade below the fair value estimate. Click below to learn more.

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