Full Year 2024 Bravura Solutions Ltd Earnings Call Transcript
Key Points
- Bravura Solutions Ltd (BVSFF) outperformed its upgraded EBITDA guidance, delivering a full-year result of AUD25.8 million and cash EBITDA of AUD10 million.
- The company reported revenue of AUD250.4 million, in line with guidance, and maintained a strong cash balance of AUD90 million as of June 30, 2024.
- Bravura Solutions Ltd (BVSFF) announced a capital return of up to AUD75.3 million to shareholders, subject to necessary approvals, and a AUD20 million on-market buyback.
- The company has successfully executed a fast-paced transformation, resulting in materially improved financial results and a significant reduction in costs.
- All FY24 expiring contracts were renewed with improved economics, indicating strong client trust and engagement.
- Revenue is expected to decrease in FY25 to a range between AUD235 million and AUD240 million due to the removal of one-off license fees and lower professional services fees.
- The company is still in the process of rebuilding trust with clients, indicating that there is more work to be done in this area.
- Professional services revenues are expected to be lower as Fidelity establishes internal capabilities, impacting Bravura's revenue by up to AUD9 million annually.
- The transformation strategy, while successful, incurred costs that impacted the P&L, with AUD1.9 million spent in FY24.
- The company has not disclosed specific details on the duration of renewed contracts or the exact amount of ARR up for renewal in FY25, which may create uncertainty for investors.
Good morning. Thank you for joining us for the presentation of Bravura Solutions Limited FY24 full year results. My name is Andrew Russell, and I am the Group CEO. I'm joined today by our Chief Financial Officer, Neil Montford, I'll present to the following agenda results summary financial results, detail key takeaways and finish with some Q&A.
Key messages to our shareholders that we outperformed our upgraded EBITDA guidance, delivering a full year results of AUD25.8 million and cash EBITDA of AUD10 million. Revenue at AUD250.4 million was in line with guidance. The business is well capitalized and cyber. We had a cash balance at 30 June '24 of AUD90 million, further increase by GBP24 million because of last week's announcement have an updated commercial partnership with fidelity International.
We have also recently announced our intention to return up to AUD75.3 million of capital to shareholders, which is surplus to the [fedure's] long-term capital requirements, noting
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