Only when you stir it up my fiend.>>>>>>>> Hey either Frankie looks really really good or they have a new frontman. cause I know i look a lot older.
Richard Mills:Thanks, Will. Good morning, everybody. Thank you for joining the call. For fiscal 2023, we posted record quarterly and annual results in almost every aspect with which we measure our company today. I want to thank everybody at CRI for making it happen day in and day out. Let's get started. I'm really pleased to report the following. For Q4 2023, an all-time quarterly record revenue of $14.5 million, an all-time quarterly record gross profit of $7.5 million, an all-time quarterly record of adjusted EBITDA of $2.8 million, and for fiscal year 2023, all-time annual record revenue of $45.2 million, all-time annual record gross profit of $22.2 million. I know it sounds like a broken record all-time annual, but we're achieving great results. Operating income of $1.3 million, which marks the first time that the company has posted a positive result on an annual basis. All-time annual record of adjusted EBITDA of $5.1 million and an all-time annual record of 11.2% of revenue for the EBITDA, growth of annual recurring revenue or ARR to an all-time record $16.3 million run rate exiting 2023. Additionally, our ARR run rate as we sit today here in middle of March now stands at an all-time high of $17.7 million. This is an important metric as it provides enhanced visibility into our high-margin revenues as well as the increasing trust our customers are placing in our enhanced solutions. I hope everyone can see the spectacular performance, tremendous execution, and continued focus on profitability and debt reductions. Well done, team. I will turn it back over to Will for a few notes on our business activity. Will Logan:Thanks, Rick. I'd like to add some additional context and information about our financial statements and position. First, with respect to cash, as of December 31, 2023, the company had cash on hand of approximately $2.9 million. As of the date of this earnings release, the company has cash on hand of approximately $4.5 million despite repayment of approximately $1 million in additional debt principal since January 1, 2024, driven in part by customers with annual SaaS billings at the start of each calendar year. As we stated when we completed our equity offering last August, we believe the company has sufficient cash to continue to repay its currently amortizing debt obligation until such time as the company generates free cash flows on a net basis. Next, I'll cover our net debt position. As of December 31, 2023, the company had outstanding principal debt of approximately $15.1 million, resulting in net debt of approximately $12.2 million as of that date. This represents a reduction of approximately $7 million in net debt as compared to December 31, 2022, at which point net debt was $19 million. The company continues to repay approximately $370,000 in debt principal monthly with a focus to reduce its leverage ratio to between 1.0 and 1.5 times by December 31, 2024. As of the date of this earnings release, the company's net debt position is approximately $9.5 million. We continue to focus on strengthening our balance sheet by increasing revenue, improving profitability, and managing our debt leverage. We entered 2023 with net debt of $19 million and a leverage ratio of approximately 5 times. As of the end of the two of 2023, our leverage ratio has reduced to approximately 2.4 times on trailing 12-month adjusted EBITDA. We believe the risk profile of the company has substantially altered and will continue to significantly improve throughout 2024. In connection with entering into a significant new multiyear media sales contract during the fourth quarter of 2023, the company modified its accounting for media sales to be recorded at net rather than gross beginning in Q4 2023 and in forward periods. This change has and will continue to have the effect of recognizing revenues at a lower value than under previous reporting for similar transactions. (could be a fly in the ointment) Revenues were reduced by $0.9 million for Q4 2023 and fiscal 2023, respectively as a result of this change. While this change will not impact gross profit, operating income, adjusted EBITDA, or net income in terms of absolute dollars over the life of the contracts, the percentage of such metrics as a factor of sales in the reporting period, their book does change. In a manner, management believes it's more appropriate depiction of the actual profitability of the company. The results reported in Q4 2023 are records under either reporting methodology and the company's calculation of ARR is completely unaffected by these contract amendments. I'll turn it back to Rick for additional comments on our results and customer activities. Richard Mills:Thanks, Will. There is no doubt that 2023 was another transformable year for the company and the performance that we have reported for Q4 and fiscal year 2023 are a solid foundation for ongoing growth going forward. I'd like to address certain results in more detail, how they tie into our strategy and value creation plan and how this represents momentum for our performance in 2024. As we have detailed previously, due to significant new customer acquisitions, we have projected a step function increase in revenue beginning with Q4 2023. This has been achieved, and we see this continuing in 2024 and beyond. While we are not revising our revenue guidance for 2024 at this point in time, we project between 20% and 40% revenue growth for each year-over-year quarter in 2024. This allows us to account for seasonality as Q1 is our traditionally slowest quarter with budget approvals happening and then project ramp-ups then comes Q2 in Q3, where things tend to be moving at full speed. And finally, Q4, where you have a slowing of projects as Thanksgiving and Christmas appear on the horizon. Exceptions to Q4 can occur when customers have money to spend on equipment at year end and occasionally do... In 2022, there were four customers that accounted for 54% of the total revenue of the company. With additional customer acquisition throughout 2022 and 2023, no single customer exceeded 10% of the company's revenue in 2023. Customer retention on a dollar-for-dollar basis is in excess of 100% for 2023, all trending in the right direction for a company like us is focused on the enterprise marketplace. Okay, some other activities channel program, we launched a channel program formally on February 1, starting small, but we're already approaching 100 licenses. It's all pure SaaS play from SMBs that CRI would not otherwise penetrate. Goal is to ramp up to 1,000 licenses quickly generating additional SaaS revenue. Bowling or BCTV, we did absorb some start-up costs in 2023, it was $400,000, primarily consisting of onboarding and training of the team prior to installations beginning. We performed eight installations in 2023 at an average sale price of $27,000 per location. Q1 2024 looks to be 50 to 60 locations installed with acceleration happening throughout Q2 and Q3. Our new retail media network, we landed another customer at this point, unnamed. This customer in the financial sector and has chosen us as their deployment partner. This includes our ad tech software with initial deployment of 650 sites and approximately 1,300 screens. It will generate $16,000 a month in SaaS once these are fully deployed by the end of Q2 this year. They will evaluate the success of media revenue over the summer and could deploy thousands of locations in the future. Starlite Media, this ad base network continues to transition from static to digital. We expect this network to convert and/or add several hundred locations to digital every quarter throughout 2024 and 2025. Starlite's premium network is known for its big, bright, and bold displays in outdoor shopping centers across the US. Our drive-thru product introduced the product in 2021 just coming out of COVID. Today this product line is continuing to accelerate, and we believe we are one of the largest suppliers of drive-thru solutions in the QSR industry. On average, every business day in America we are installing one or more drive-thru solutions somewhere. ...
Stoney it’s raining money! I hope you’re enjoying it! I gave you CDLX and IDN, both about 50%m. $20.5-$12.50 =? $8/$12? 69%?
Take Two sold of on GTA delay concerns. Just finding out. We want to be buyers again. Stk went from $152----$142 (wish I had been there) and Bounced to $146 I just messaged by son because he wanted to get back in. / I'm thinking $143.75
GBA ANNX $4.00---$6.60 I'm fully prepared to lose all my gains here that's been the way lately. I didn't want to recommend in market hours because I have no idea about this report. I think it's in the morning. Annexon $6.64-0.16(-2.35%)4:00 PM 03/25/24 NASDAQ |$USD |Post-Market:$6.56-0.08(-1.18%)5:50 PM