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Dubber Global Sales Momentum Continues in 4Q FY22

June 2022 Quarterly Activities Report 

Dubber Corporation Limited , the leading unified call recording and voice intelligence platform to telecommunication service providers globally, reports its 4Q FY22 Appendix 4C and Quarterly Activities to 30 June 2022.

  • Annualised Recurring Revenue (ARR) increased by $5m QoQ to $59m (+51% pcp)
  • Operating Revenue increased to $10.3m[1], up 12% QoQ (+41% pcp)
  • Total annual revenue increased to $36m[1], up 75% on the previous financial year
  • Cash receipts for the year were $29.9m, up 48% on the previous financial year
  • Gross Margin on current revenues exceeded 70%
  • Dubber subscribers exceed 580,000 (+38% pcp)
  • Cash on hand at 30 June 2022 was $84.3m
  • Dubber is fully funded and continues to invest in contracted and future growth with a focus on winning new service providers and expanding organic growth of users via the Dubber platform
  • Appointments: Sarah Diamond (to be appointed) as Independent Non-Executive Director; Michael Abenhaim, SVP, Americas

The fourth quarter of FY22 saw the Company continue to scale up its business operations in line with global opportunities for its services as the telecommunications sector continues to be disrupted with major service providers seeking value added services and differentiation.

“In a period of macroeconomic uncertainty, we are proving the durability of both our revenue and value proposition for service providers and their customers. We continue to experience strong demand signals globally and are conservatively deploying our capital to ensure we execute against the opportunities before us,” said Steve McGovern, CEO & Managing Director, Dubber.


Strategy Driving Compelling Outcomes

Revenue increased $1.1m QoQ to $10.3m[1], from sales executed in the previous quarter and reflecting service provider demand and continuing growth in subscribers. Annual revenue was $36m[1], up 75% on the previous financial year, with a reduction of costs when non-recurring costs are removed.

Annualised Recurring Revenue (ARR) increased by $5m to $59m. On a constant currency basis, ARR was $60m.

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The Company continues to experience growth in contracted revenue and the increase in ARR includes adjustments for contracted deployments which have been delayed beyond the quarter as service providers productise Dubber’s services into their operations support (OSS) and business support (BSS) systems. The Company still retains the contracted revenues from these partnerships on a forward basis.

To date, revenues have been largely driven by call recording service agreements. However, Dubber is currently engaged predominantly with tier one service providers regarding long term strategies for monetising the content from their calling networks. The adjusted growth in the quarter reflects the timing of Dubber’s availability in major service provider networks and enterprise deployments. Revenue can be impacted by implementation from contract signing to deployment. The company remains extremely positive on the ARR outlook for FY23.

Cash receipts in the quarter were $6.7m, down $1.8m on the prior quarter due to outstanding payments. Outstanding payments are anticipated in the September quarter with a portion received in July. In addition, the Company advises it has invoiced for new deals delivered late in the quarter which are expected to be received on an ongoing basis.

The global acceleration by service providers to unlock the power of communication data within their networks has stimulated investment activity by Dubber in the quarter. The Company pursued its strategy to enable existing global service providers and connect new ones with the purpose of delivering an expanding suite of services that is applicable for the entirety of the end users on their networks.

Recurring call recording revenue is to date, the predominant income stream for the Company and has a ‘cloud scale’ business model with associated margins. Currently, the Company’s recording revenue is supported by direct expenditure which results in a gross margin which is in excess of 70% for the first time.

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The Company has a global platform at scale which can support significant increases in subscribers and, for the foreseeable future, gross margins will continue to improve as more customers are added to the Dubber platform.

The Company has recruited a world-class product and engineering team in FY2022 and is focussed on delivering a ‘manufacturing line’ of scalable and repeatable products for which there is existing demand. Since the capital raise in July 2021 and the subsequent acquisition of Notiv in September 2021, the Company is able to invest in line with its global strategy.

During the quarter, the company invested based on demand by:

  • Extending engineering capabilities to develop the next generation of features and functions on the platform and in Dubber products, such as AI driven products born out of Notes by Dubber, that specifically drive user and revenue growth via service providers
  • Expanding Dubber’s regional footprint in sales in the Americas. The Americas team increased in size by 15 employees since the beginning of the calendar year, across the United StatesCanada and Central America, adding significant experience of telecommunications and service provider knowledge from companies such as Cisco, Broadsoft and RingCentral. Michael Abenhaim joined Dubber in April, as Senior Vice President of Americas. Mr Abenheim brings more than 25 years of experience in selling and managing sales teams to telecommunications service providers with Cisco Broadsoft and, most recently, with RingCentral.

These initiatives remain pivotal to servicing major partnerships ahead of deployment in networks and to subscribers and supporting demand globally.

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