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Bigtincan Holdings (ASX:BTH) – Bigtincan’s AI Investments Pay Off, Achieves Record Q3 Results with Surge in EBITDA and Free Cash Flow

Bigtincan Holdings Limited (ASX:BTH) 3 mins read
  • Financial Update (unaudited):

    • Q3 EBITDA of $4.2m (14% margin for the quarter) on operating revenue of $30m. 

    • FY24 EBITDA to date of $6.1m and on track to achieve FY24 outlook of $10m+. 

    • Q3 Free Cash Flow of $4.8m and on track to achieve 2H FY24 outlook of $5m+. 

    • Bigtincan cost base adjustments in place with AI and multi-hub strategies prioritised to build future opportunities for business growth.

  • Technology Update:

    • Bigtincan delivered new AI offerings in Learning, Coaching, and improvements in SearchAI and Genie Assistant.

    • 120+ AI driven opportunities in the pipeline.

    • During Q3 added over $3m in AI impacted contracts.

  • Customer Update:

    • New customers and expansion of revenue on track for FY24 targets.

    • Improved Renewal progression with over fifty $100k+ contracts closed.

  • Corporate Update:

    • Board renewal program progressing with changes to Board expected before end FY24.

Bigtincan Holdings Limited (ASX:BTH) (“Bigtincan”, the “Company”), a global software company providing a leading AI-powered sales enablement automation platform, is pleased to provide a business update.

EBITDA and Free Cash Flow

Bigtincan reported significant achievements in Q3 FY24, including record results for EBITDA, EBITDA margin, and Free Cash Flow (FCF). The company recorded an EBITDA of $4.2 million, which translates to a 14% EBITDA margin from a quarterly revenue of $30 million, and an FCF of $4.8 million. Year-to-date (YTD) for the nine months ending March 31, 2024, Bigtincan's EBITDA stood at $6.1 million, aligning with the FY24 guidance of over $10 million. The adjusted EBITDA for Q3 FY24 was $5.7 million, leading to a YTD adjusted EBITDA of $11.4 million, which is also on track to meet the FY24 guidance of more than $15 million.

By the end of Q3 FY24, Bigtincan's cash and cash equivalents were $21.6 million, an increase from $19.4 million in December 2023. This increase accounts for a $2.2 million deferred consideration from the Modus acquisition and $450k in debt finance interest costs for the quarter, culminating in an FCF of $4.8 million.

Reflecting on these results and business progress, Bigtincan has reaffirmed its FY24 guidance, previously announced on February 28, 2024, projecting over $120 million in revenue, more than $10 million in EBITDA, over $15 million in adjusted EBITDA, and an FCF of over $5 million for the second half of FY24.

AI Technology Development

In Q3, Bigtincan significantly advanced its AI technology, particularly with its GenieAI initiative, enhancing its Content and Readiness platforms. Key developments included the introduction of AuthoringAI, which offers translation features for content creators, AI-driven email creation for content sharing, and enhanced AI-generated Q&A results. The launch of AuthoringAI aimed at enabling enterprise customers to produce, deliver, and translate content for global audiences. Additionally, Bigtincan introduced the Genie Orchestration layer to enhance the Genie Assistant's context understanding and decision-making capabilities, along with RolePlayAI for simulating customer interactions.

Financially, Bigtincan reported over $3 million in AI-related contracts during the quarter and has more than 120 opportunities in the pipeline for its GenieAI offerings. The company also launched Bigtincan SecureGLP, establishing a robust security and governance framework to meet enterprise-level control and security requirements for using GenieAI.

Customer Progress for Q3

During the quarter Bigtincan renewed more than 50 customers with contracts in excess of $100K as the business continued to offer significant benefits to enterprise customers with seven of these contracts in excess of $500K Total Contract Value. Together with renewal progress, Bigtincan closed more than 20 new logos in Q3 FY24 including Ambu Inc, LivaNova, Meta Platforms, Responsible Gambling Council and One Medical.

Industry Recognition 

Bigtincan is pleased to announce that it has been chosen as the winner of The Software Report Top Executives in Artificial Intelligence Award, and the Top Companies in Sales Enablement awards for 2024. These prestigious awards are indicative of Bigtincan’s continued leadership and innovation in AI-powered enablement. Selections involved an evaluation of the artificial intelligence and sales enablement industry landscapes and companies were evaluated based on the caliber of its products and solutions, management team, organizational makeup, and reputation in the market. These awards come on top of awards received in 2023 including recognition from G2 where Bigtican received a Trust Badge providing social proof from our Content customers of our leadership and performance; a Bronze Stevie Award for our Sales & Customer Service solutions including virtual selling and coaching tools; and Bigtincan earned a coveted spot on Fast Company’s Most Innovative Companies in the World in the Enterprise Sector.


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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