New CEO incoming after Wayne Arthur's resignation some weeks ago. The company also proposed to change its name to Beonic recently (which is worse than the current name and an unnecessary exercise in my view).

Given the abject performance over the past couple of years, Billy Tucker has a low bar to clear. Of course, he's being very generously compensated for the size of the company he is at the helm of - fixed rem alone is $440k p.a.

growth in share count

284.8m - 2018FY

311.1m - 2019FY

370.1m - 2020 FY

407.7m - 2021 FY

29/4/21

SKYFII MARCH QUARTERLY BUSINESS REVIEW CONFERENCE CALL & Q&A RECORDING (Q3 FY2021) (attached)

https://skyfii.io/wp-content/uploads/2021/04/q3-fy2021-quarterly-conference-call.mp3

This aligns with their Q3FY21 Presentation

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02368687-2A1295080?access_token=83ff96335c2d45a094df02a206a39ff4

It is quite long and a bit clunky but they do have a bit of info for those with the patience to listen

Disc: I hold & topped up yesterday

Skyfii delivers 104% growth in operating EBITDA

H FY21 Financial Highlights

•  1H FY21 Total Operating Revenues of $7.4m, up 9% versus 1H FY20 driven by strong underlying business performance, new customer wins across multiple verticals and the success of Skyfii’s OccupancyNow™ solution.
•  1H FY21 Operating EBITDA of $1.6m, up 104% on 1H FY20 reflecting the continued focus on profitable growth.
•  Annualised Recurring Revenue (ARR) exited 1H FY21 at 1 $11.5m.
•  Strong balance sheet with a cash at bank of $3.4m at 31 December 2020 ($2.1m at 30 June 2020) provides flexibility to continue to drive growth as well as new product development.

DISC: I hold

19-Jan-2021:  Canaccord Genuity: Skifii (SKF): Estimates Revised: North America gaining traction; A$11.5m ARR (~4x FY21e EV/Rev)

Analysts:

1. Owen Humphries | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.2.9263.2702
2. Seth Hoskin | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61 3 8688 9146

• Rating: BUY (unchanged)
• Price Target: A$0.30 (unchanged)
• SKF-ASX Price: A$0.21
• 52-Week Range (A$): 0.27 - 0.21
• Market Cap (A$M): 72.2
• Shares Out. (M): 343.8
• Dividend /Shr (A$): 0.00
• Dividend Yield (%): 0.0
• Enterprise Value (A$M): 70.1
• Cash (A$M): 2.1
• Long-Term Debt (A$): 0.0

--- click on the link above for the full CG report on SKF ---

[I do not hold SKF shares.]

1/4ly Report Q2 2021 & Conference Call

*Operating Rev $ 4M ~ Up 15% (v Q12021)

*Recurring Revenues $2.8M ~ Up 25%

*ARR ~ $11.5M ( Annual Recurring Revenue (ARR) based on contracted recurring revenues as at the end of Q1 FY21 - inclusive of temporary suspensions as a result of COVID-19 & contracted revenues from the acquisition of Blix announced 16th September 2020)

*Cash at Bank 3.4M (at 31/12/2020) ~ up 27%

*Debt Facility $2M ~ $1.5M undrawn

Disc: I hold

https://skyfii.io/investor/announcements/

Skyfii delivers 25% growth in Recurring Revenues as demand for people counting technology grows

Q2 FY21

Highlights

? Recurring Revenues for Q2 FY21 of $2.8m, up 25% vs Q1 FY21 (inclusive of the Blix acquisition)

? Total Operating Revenues for Q2 FY21 of $4.0m, up 15% on the prior quarter (Q1 FY21)

? 1H FY21 Operating EBITDA of $1.5m, representing a 13% increase when compared to 2H FY20

? Annualised Recurring Revenue (ARR) exited Q2 FY21 at $11.5m

? Total Cash Receipts of $3.4m, up 10% on Q2 FY20

? Cash at bank of $3.4m (as at 31st December 2020) up 27% on Q1 FY21, with additional access to a $2m loan facility, of which $1.5m remains undrawn

? Blix acquisition, completed 14th September 2020, has delivered new business wins with Asics, Good Feet & Jo Mercer retail apparel brands

? Strategic partnership with Boingo delivered a five year deal with Metro Washington Airports Authority (USA)

? Strong North America growth securing new contracts with Omaha Zoo, Retail Business Services, Mark Anthony Group & Trent University

? Strong customer retention with key renewals completed with David Jones (AU), The Kooples (FRA), McArthurGlen Retail Outlets (UK), SFMOMA (USA); JCPM Group (BZL), Nuffield Health (UK); AB Nordiska Kompaniet (EU)

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02331632-2A1275653?access_token=83ff96335c2d45a094df02a206a39ff4

DISC : I hold in RW & Strawman

18-Sep-2020:  Canaccord Genuity: Estimates Revised: Skyfii Limited: Tuck-in acquisition of Blix ($1m ARR), and return to pre-COVID growth (>+10% qoq revg)

Analysts:  

• Owen Humphries | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.2.9263.2702
• Seth Hoskin | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61 3 8688 9146

Rating: BUY (unchanged), Price Target: A$0.30 (unchanged), Share Price: A$0.20

Tuck-in acquisition of Blix ($1m ARR), and return to pre-COVID growth (>+10% qoq revg)

• SKF announced the acquisition of Blix, an Australia-based venue analytics business that specialises in servicing SMB-format retail venues (primarily auto dealerships). Blix has ~50 customers, including Porsche, Volkswagen, Hyundai, Toyota, Country Road, Swarovski, and Watches of Switzerland. SKF expects Blix to report a post-covid annual recurring revenue (ARR) of ~$1.1m and EBITDA to be positive in 12 months, representing an all-in acquisition cost of ~1x ARR ($0.3m upfront, $0.7m deferred [cash or scrip]). While highly accretive at face value, SKF is expecting to crosssell various parts of Blix’s CountSmart technology to its existing global customer footprint.
• As with all enterprise sales, SKF’s sales momentum slowed in 4Q20a with its key customer segments (shopping malls, airports, stadiums and QSR’s) materially impacted by covid lockdowns. However, the company is expecting to return to its previous growth trajectory (pre-COVID 16x quarters of sequential +10% qoq organic growth) and recently noted its sales pipeline has returned to pre-covid levels (Mar-20 qualified/advanced pipeline $19.3m). We expect this growth to be complemented by further strategic bolt-on acquisitions, with SKF retaining an active global M&A pipeline.
• The company released OccupancyNow, which enables customers to leverage SKF’s technology to manage covid/re-opening. It is an automated occupancy and social distancing management tool and has already secured a major North American grocery chain as its first customer (>2000 potential venues).
• SKF's outlook remains positive and it is expecting to deliver “significant double-digit [organic] growth and a positive operating EBITDA result” with “FY21 starting with significant momentum”. SKF exited 4Q20a ARR with >$10m, which is derived from customers (>900x paying customers, >10k venues, >40k devices) subscribing to SKF's IO platform, which currently incorporates information from over 25 data sources (WiFi, people counters, thermal imagery, infrared, POS, etc.) to provide information on visitor information, sales conversion, staff optimization, customer flow and weather impacts on sales.
• In our view, SKF generates software-like margins and, as such, we believe the stock should be compared to its domestic software peers. On a 3.8x EV/FY21e revenue multiple, the stock remains an outlier, as cloud technology/growth stocks multiples continue to expand globally (US SaaS peers, 11x FY21e EV/rev, +18% revg [CapitalIQ]). Aproaching and passing the critical $20m ARR milestone (FY22), coupled with potentially further accretive bolt-on acquisition in FY21, should see a continued multiple rerating in our view. BUY rating and $0.30ps target price reiterated.

--- click on link above for more ---

Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (TSX: CF)  The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein.