News and Announcements
Connexion Media Net Cash Receipts Up 124% to $2.96m
- Published August 11, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Connexion Media Limited (ASX:CXZ) an innovator in the connected car market has recently released its Appendix 4C for the three-month period to 30 June 2017 and is pleased to provide a review of its progress during the quarter.
KEY TAKEAWAYS:
- Cash receipts for the quarter were $66k, bringing cash receipts for the financial year to a total of $518k
- Key telematics subscription metrics for the June Quarter:
- Average Subscription Growth Rate of approximately 6.9% month on month
- ARPU of $23.72 per calendar month per vehicle
- Average 4.47 Subscriptions per customer account
- Average Subscription Conversion Rate of 88.3%
- Net cash used in operations decreased by 55% quarter-on-quarter, from $1.35mil to $0.62mil.
- Strategic line of credit obtained, securing $1.00mil additional working capital
“The board has taken proactive steps to ensure that the company achieves its goals. The strategic review has been comprehensive and efficient, leaving the company with a right sized team to deliver the key short term revenue opportunities that are presented through the General Motors contract, whilst building the annuity base of revenue through subscription services. Balancing the two whilst the subscription based products graft is a challenge the board has issued our new US based CEO.
Cost reduction is a tactic and not a strategy – whilst the board has made tough decisions to right size the workforce profile the objective of this combined with Series 1 Convertible Note Holder engagement is to set the company up for significant growth into opportunities we have already identified. The company has a real, global, track record of delivering systems to support Internet of Things projects, which we intend to build on through smart growth.
We look forward to increasing shareholder and investor communications and transparency as we reset the business for the next phase of expansion.”
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