- We're taking the opportunity to answer some common investor questions about Gooroo's progress and cashflow management
- A thank you to Anna Whitlam for her contribution to the Gooroo board
Transcript of the July update
Please note that this transcript has been edited slightly for readability.
Welcome shareholders to the July Company Update. I thought this month I'd change things up a little bit and focus on some of the questions some of you have been asking me over the last month.
So it's been great to catch up with a number of shareholders, and a question that keeps coming up is are we happy with the current rate of business progress?
What you can see in the context of the 4C that we released to market late last week is enterprise sales revenue, albeit small, starting to flow from June. What's important to keep in mind is that our contracts typically operate on a monthly recurring basis and there is a lag from when contracts are signed until customers are on board and start paying. And what you're going to see post the end of the June quarter is a step up as these recurring revenues kick in.
The deals that we are announcing, the sales pipeline that is growing, the step up in revenue are all validation points of the unique international opportunity that sits in front of us. I do thank you for your support. What we are doing is transformative on a global scale in a massive international market.
Managing our cash flow
The other question that I'm hearing from shareholders is how are we managing our cash flow?
Just putting aside the revenue step up that we will see this quarter - what I'd say is that over the last 12 months we've invested heavily in research and development around our product, and we will be claiming against the Federal Government's Research and Development Tax Incentive rebate.
And while this won't be seven figures it will be a substantial contribution to our cash position moving forward. At the same time, we continue to assess our overheads and make prudent decisions on what we're spending money our money on.
Thank you to Anna Whitlam
And finally, I'd like to take a moment to thank Anna Whitlam for her contribution to the Gooroo board. Anna has added a lot of value to me personally and to the board, and we're sorry to see her go as her business continues to expand and her time commitments increase.
So shareholders thank you for your continued support, and as always if there's anything you'd like to discuss from this update please don't hesitate to give me a call.
Investor & media enquiries
Mr Peter Nesveda
Corporate Affairs & International Investor Relations, Intuitive Pty Ltd
Tel: +61 3 9504 8420, Mob: +61 (0) 412 357 375
Email: [email protected]