ADSLOT LIMITED Appendix 4C - Quarterly report
Com m e n t a r y f o r t h e q u a r t e r e n d i n g 30 Jun e 2017
Cash receipts from customers for the June 2017 quarter were $2.60m, versus $2.93m for the previous quarter. This is due in part to larger media buyers and publishers choosing to manage the invoicing and collection (payment) of media transacted through Adslot directly with each other, rather than via Adslot. This behavioural shift has no impact on Adslot revenue but does reduce cash receipts and corresponding outgoing payments to publishers (by Adslot).
Cash receipts for 12 months to June were $11.03m, of which $8.55m or 78% relate to Trading Technology revenues. Cash receipts for a subset of trading activity includes payments to Adslot from advertisers for advertising purchased via Adslot technology, which are then remitted to publishers less an Adslot fee.
Year on year growth in Trading Technology cash receipts of 9% significantly understates the year on year growth in Trading Technology revenues. FY17 revenues will be detailed in the full year results to be released in August 2017.
Payments during the quarter of $5.80m were slightly lower than $5.90m for the previous (March) quarter, and in line with increased R&D investment as outlined in Use of Funds disclosed as part of the Company's capital raising in October 2016.
Payments of $5.80m during the quarter were lower than forecasted payments of $6.32m driven by the timing of forecast expenses and payments to publishers.
The net cash used in operating activities for the quarter was $3.07m.
The Company is forecasting $6.52m of payments for the September 2017 quarter which includes payments to publishers. The quarter on quarter increase is driven by a full quarter of staff recruited in the June quarter, and some expected one off costs. Whilst staff and R&D expenditure is forecast to increase in the September quarter, the Company has no plans to incur additional staff costs beyond this, and all other costs are forecast to be at similar levels to the June quarter.
Cash at the end of the June 2017 quarter was $14.32m. Based on R&D expenditure incurred between July 2016 and June 2017, an additional $2.7m (approximately) will be collected via the R&D Rebate scheme later this year.
More information on the Company's performance is available via the Company's Trading Update issued earlier today.
Appendix 4C Quarterly report for entities subject to Listing Rule 4.7B Name of entity ADSLOT LTD ABN Quarter ended ("current quarter")30 June 2017
70 001 287 510Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
1. Cash flows from operating activities | 2,597 | 11,029 |
1.1 Receipts from customers | ||
1.2 Payments for | ||
(a) staff costs | (2,648) | (8,303) |
(b) research and development | (1,344) | (4,563) |
(c) publishers | (655) | (3,322) |
(d) other cost of sales | (266) | (1,017) |
(e) advertising and marketing | (53) | (155) |
(f) leased assets | (1) | (4) |
(g) other working capital/overheads | (829) | (3,413) |
1.3 Dividends received (see note 3) | - | - |
1.4 Interest received | 126 | 326 |
1.5 Interest and other costs of finance paid | 0 | 0 |
1.6 Income taxes paid | - | - |
1.7 Government grants and tax incentives | - | 2,358 |
1.8 Other (provide details if material) | - | - |
1.9 Net cash from / (used in) operating | (3,073) | (7,064) |
activities |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
2. Cash flows from investing activities | - | - |
2.1 Payments to acquire: | ||
(a) property, plant and equipment | ||
(b) businesses (see item 10) | - | - |
(c) investments | - | - |
(d) intellectual property | - | - |
(e) other non-current assets | (29) | (178) |
2.2 Proceeds from disposal of: | ||
(a) property, plant and equipment | 3 | 3 |
(b) businesses (see item 10) | - | - |
(c) investments | - | - |
(d) intellectual property | - | - |
(e) other non-current assets | - | - |
2.3 Cash flows from loans to other entities | - | - |
2.4 Dividends received (see note 3) | - | - |
2.5 Other (provide details if material) | - | - |
2.6 Net cash from / (used in) investing | (26) | (175) |
activities |
3.10 Net cash from / (used in) financing activities | - - - - - - - - - | 18,055 - - (1,219) - - - - - |
- | 16,836 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 |
4. Net increase / (decrease) in cash and | 17,410 | 4,746 |
cash equivalents for the period | ||
4.1 Cash and cash equivalents at beginning of | ||
quarter/year to date | ||
4.2 Net cash from / (used in) operating | (3,073) | (7,064) |
activities (item 1.9 above) | ||
4.3 Net cash from / (used in) investing activities | (26) | (175) |
(item 2.6 above) | ||
4.4 Net cash from / (used in) financing activities | - | 16,836 |
(item 3.10 above) | ||
4.5 Effect of movement in exchange rates on | 9 | (23) |
cash held | ||
4.6 Cash and cash equivalents at end of | 14,320 | 14,320 |
quarter |
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 | |
5.1 | Bank balances | 1,663 | 2,917 |
5.2 | Call deposits | 12,657 | 14,493 |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of | 14,320 | 17,410 |
quarter (should equal item 4.6 above) | |||
Current quarter $A'000 |
100 |
- |
-
Payments to directors of the entity and their associates
Aggregate amount of payments to these parties included in item 1.2
Aggregate amount of cash flow from loans to these parties included in item 2.3
Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Directors Fees
Adslot Ltd. published this content on 31 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 July 2017 00:14:09 UTC.
Original documenthttps://www.adslot.com/wp-content/uploads/2017/07/20170725-App-4C-Jun-2017.pdf
Public permalinkhttp://www.publicnow.com/view/FEB060D7984D4AE6F27A6DB0A61FE61E655D2E8E
