ICOLLEGE ASX / MEDIA RELEASE
29 APRIL 2022
iCOLLEGE REPORTS RECORD OPERATING CASH FLOWS AND
INCREASED CASH BALANCES FOR Q3 FY22
iCollege Limited (ASX: ICT)(iCollege or the Company) is pleased to provide its quarterly cash flow and activity report for the quarter ended 31 March 2022 (Q3 FY22).
Highlights for Q3 FY22 include:
• Record quarterly cash receipts of $21.1 million, up 508% over the previous corresponding period (PCP) (Q3 FY21: $3.5 million).
• Operating Cash Flows of $6.5 million (excluding M&A costs of $1.4 million). Including M&A costs, Operating Cash Flows were $5.1 million, up $5.0 million or 3,603% over the PCP.
• Closing cash balance of $22.3 million plus term deposits of $3.2 million (totalling $25.5 million), an increase of $3.1 million over the balance as at 31 December 2021.
Company update
The Company's Chief Executive Officer, Mr Glenn Elith, will deliver a Company Update to investors at 11:00am
(AEST) on 29 April 2022 via a live webinar. The presentation will include:
• financial performance highlights for Q3 FY22;
• an update on lead indicators for future financial performance; and
• an update on business development activities.
iCollege's shareholders and prospective investors are invited to register to attend the upcoming live webinar
Company Update via the below link:
https://webcast1.boardroom.media/watch_broadcast.php?id=624cd52968574
The Company Update will also be made available on the ASX.
Payments to related parties and their associates
Total payments to executive and non-executive directors during Q3 FY22 amounted to $155,812.
HWL Ebsworth Lawyers, of which iCollege's Non-Executive Chairman Simon Tolhurst is a partner, was paid $8,319 in relation to general legal services provided to the Company during Q3 FY22.
Executive director change in remuneration
The Company and executive director Mr Badri Gosavi have agreed to vary the terms of Mr Gosavi's employment agreement. Mr Gosavi is employed in the position of Head of Growth reporting to the Board.
iCollege Limited
Level 2, 7 Kelly Street, Ultimo, NSW, 2007
T +612 8355 3820 | Einvestors@icollege.edu.au| W www.icollege.edu.au
Key terms of Mr Gosavi's revised employment agreement include:
• a base annual salary of $350,000 plus superannuation (with effect from 1 January 2022);
• being invited to participate in the Company's long term incentive plan in the future;
Glenn Elith
Lisa Jones
Chief Executive Officer
Company Secretary
glenn.elith@icollege.edu.au
lisa.jones@icollege.edu.au
2
• his employment may be terminated upon the giving of three months' notice by either party, with the
Company able to discharge its obligations at its discretion by providing payment in lieu of notice;
• his employment may be immediately terminated without notice or any payment in lieu of notice where summary dismissal is warranted; and
• customary post-employment restraint provisions.
This announcement has been approved for release by the Board of iCollege.
For further information:
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
iCollege Limited
ABN
75 105 012 066
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| 21,090 - (5,818) (820) - (7,788) (170) - 3 (4) - - (1,420) | 38,786 - (11,711) (1,994) - (17,411) (781) - 3 (85) (149) 1,482 (5,813) |
5,073 | 2,327 |
2.
Cash flows from investing activities
2.1
Payments to acquire or for:
(g) | entities | - | - |
(h) | businesses | - | - |
(i) | property, plant and equipment | (68) | (661) |
(j) | investments | - | - |
(k) | intellectual property | (144) | (476) |
(l) | other non-current assets | - | - |
Page 1 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - - - - - - - - - | - - - - - - - - 21,345 |
(212) | 20,208 |
| - - - - - - - - (43) (1,972) | - - - - 95 (402) - - (448) (4,068) |
(2,015) | (4,823) |
4.
Net increase / (decrease) in cash and cash equivalents for the period
4.1
Cash and cash equivalents at beginning of period,
19,415
4,549
4.2
Net cash from / (used in) operating activities (item 1.9 above)
5,073
2,327
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
4.3 4.4 4.5 4.6 | Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period | (212) (2,015) - | 20,208 (4,823) - |
22,261 | 22,261 |
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 |
| 22,261 - - - | 19,415 - - - |
22,261 | 19,415 |
6. Payments to related parties of the entity and their associates | Current quarter $A'000 |
- Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
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iCollege Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 00:31:03 UTC.
