New CEO

From their release:

Bill Identity Limited (ASX: BID) (BID or the Company) is pleased to announce the appointment of Michele Garra as Chief Executive Officer (CEO), effective 29 November 2021.

Most recently, Michele led Telstra’s Broadband, Voice and Connected Services business (Revenue: >$5bn), developing and executing a successful turnaround strategy to improve customer experience, enable enhanced digitisation, secure strategic partnerships and ensure broader organisational alignment. Prior to this, Michele was Managing Director of Sony Pictures Australia and New Zealand, successfully driving growth and sustained profitability whilst rolling out a range of new technologies and developing new retail channels. Michele also previously led Sony’s global strategic transformation, delivering on a global shift in strategy to digital streaming.

Not sure why they didn't just release this with the rest of their Financials yesterday

Bill Identity Quarterly Report

Below is coped from their announcement:

• Achieved total revenue of $3.8m, up 12% on prior comparable period, driven by Platform business performance
• Secured 11 new client accounts
• Appointed Marco Miranda and Darren Knihnicki as Interim Joint CEOs
• CEO recruitment process well underway with appointment expected in short term
• BID remains focused on accelerating platform growth in Australia and the UK, refocusing the US business and prioritising R&D expenditure in order to optimise growth, scalability and operating leverage

Not a great quarterly IMO and the market responded accordingly. From a cash flow perspective, almost $4m of cash outflow and only $11.5m in the bank meaning a capital raise is just around the corner.

At the current valuation, it is trading at just over 3x sales but with not much growth in revenue, US business facing challengers and lots of cash burn, the thesis is looking close to being busted.

Disc: Held IRL and on Strawman

Another lacklustre 4C in terms of organic growth. It is important to look through the impressive y-o-y growth metrics as these include the acquisition of Optima last year.

Looking at BIDs favoured EGR growth metric, Q-o-Q over the last two quarters, was 2.7% and 4.1%. So underlying annual revenue growth at the moment is in the range of 10-20%.

Looking at the cash burn, BID is not yet showing evidence of operating leverage, so it remains on my watch list. Once it looks like it can make money, then it is an interesting business and an impressive early client list and low churn looks good.

8/4/21 Bid signs Master Services Agreement with Simply Energy

Bid (Trading name for Bill Identity Limited ASX: BID) (“BID” or “the Company”) has entered into a Master Services Agreement (MSA) with Simply Energy in New Zealand (Simply), under which Bid will provide Simply with Bid’s Utility Bill Portal solution.

The MSA was entered into following a successful pilot undertaken for Simply, an energy solutions and large Commercial and Industrial energy retailer in New Zealand, and represents the first retailer portal contract secured by Bid in that country. The MSA has an initial three year term, and will provide a step change in service to a large number of Simply’s Commercial and Industrial customers in New Zealand.

Bid’s Utility Bill Portal is a cloud-based, fully orchestrated Robotic Process Automation (RPA) business customer platform for energy retailers which enables their customers to have easy access to utility bills anywhere, at any time...

8-Apr-2020:  Phillip Capital: BidEnergy (BID): Software as a Service (SaaS): March Quarterly Report: Starting to Hum - Revenue up +81% YTD

PC have raised their TP for BID from $1.26 to $1.40 and maintained their "BUY (High Risk)" call. BID is currently trading in the 70s (70c to 79c range), suggesting they could almost double if they were to reach Phillip Capital's Target Price of $1.40.

9-Sep-19:  https://www.asx.com.au/documents/products/bid-190909-phillipcapital-origin-contract-and-fy19-results.pdf

Phillip Capital Client Note (update):  BidEnergy (BID)-Software as a Service:  Break-through contract with Origin Energy and FY19 Results 

• Risk Rating: High
• 24-mth Target Price (AUD): $1.90 (was $1.60)
• Share Price (AUD): $0.625
• 12-mth Price Range: $0.45 - $1.76
• Forecast 12-mth Capital Growth: 204%
• Forecast 12-mth Dividend Yield: 0.0%
• 12-mth Total Shareholder Return: 204%
• Market cap ($m): 72.2
• Net debt (net cash) ($m)(Jun 19e): (4.2) [$4.2m net cash]
• Enterprise Value ($m): 68.0
• Gearing (Net Debt/ Equity): N/a – Net Cash
• Shares on Issue (m): 115.5
• Sector: Information Technology
• Average Daily Value Traded ($): $387,000

25 June 2019:  Phillip Capital: BID - Software as a Service (SaaS) - "Multiple Growth Drivers" - update.