Serko Limited – 2022 Annual Meeting Report

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2 Responses

  1. Lynanne Stanaway says:

    I note Shareclarity’s 28% decline in DCF valuation and comment:-
    Shareclarity take: “1H23 revenue was inline, but expenses were far higher than expected, resulting in an EBITDA loss of NZ$16.9m +44%. Employee costs +77% albeit capitalised R&D was only 27% vs 49% in 1H22. Forecasts cut” Seems to need further elaboration.
    Realize that IT companies R&D is going to be high as they attempt to gain market share and remain ahead of the competition, also that they are comfortable with their cashburn, but this is an issue that investors need to understand and monitor.
    Any comments Bruce?

    • Bruce Parkes says:

      My only reply is a general one. All IT companies I talk to admit, despite putting up a brave face, that waka jumping is widespread as engineers/developers are enticed away with massive salary upgrades. They lose them and then buy them back or buy replacements at high salary multiples.

      I think all in this sector are faced with increased cash burn

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