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Agillic – Q1 2022

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Kasper Lihn

Kasper Lihn

This morning, Agillic announced its financial report for Q1 2022. ARR growth was 26%, implying that Agillic continued to show growth momentum (20% Q4 2021).

One of the important takeaways is that the increase in ARR of DKK 3.1 million compared to Q4 2021 mainly consists of growth in subscriptions rather than customers who consume more (transaction-based).

Thus, it is now subscriptions that drive growth in Q1 2022. This can also be seen in the number of customers increasing by the largest number in a quarter in the last 2 years (grown to 105 customers against 97 customers at the end of 2021).

The average size of a customer has been maintained at approx. DKK 0.6 million, and the total ARR was DKK 58.5 million at the end of the first quarter.

Guidance for 2022 is maintained with expectations of a total ARR of DKK 65-70 million at the end of 2022. The transaction-based ARR is expected to constitute DKK 9-10 million, while the subscription-based ARR is expected to constitute DKK 56-60 million.

The slightly negative thing in the Q1 report is earnings and cash flow. Agillics EBITDA is pressured by the general cost development, resulting in DKK -1.7 million against a small positive result in the Q1 2021 report. However, EBITDA guidance between DKK -3 to DKK 3 million is still maintained.

Agillics cash flow is very negative in the quarter. The explanation is mixed period shifts in VAT and increased working capital, however, this is expected to be improved during the year.

HC Andersen Capital receives payment from Agillic for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn, 05-05-2022, 09:13