Sydney, Australia – SiteMinder (ASX:SDR) has today released its results for the 12 months ended 30 June 2022 (FY22), demonstrating continued reacceleration in the business.
Sankar Narayan, CEO and MD at SiteMinder said: “The most pleasing aspect of our FY22 performance has been the team’s successful execution of our ambitious new initiatives, laying the foundations for SiteMinder to scale and sustain high organic growth. Our product and other initiatives, including the acquisition of GuestJoy, enhances our growth opportunities with additional services to existing customers as well as expanding into new customer segments.
“With the lifetime value of our customers in Q4FY22 30% above pre-COVID levels, despite global travel still recovering, our initiatives are boosting customer and shareholder value. Our leading multilingual commerce platform and unrivalled global go-to-market capability, provides us confidence to reiterate our growth guidance and in addition communicate our expectation to become free cash flow neutral by Q4FY24 on a quarterly basis. I want to again thank all our staff, partners and customers for the resilience and the ingenuity shown over the last couple of years.”
FY22 Performance Highlights
(All growth rates are y/y)
- FY22 ARR grew 25.3% y/y (cc) to $129.7m, which is 27% (cc) higher than the pre-COVID ARR at the end of FY19.
- FY22 revenue of $116.0m, up 15.0% y/y (cc), and exited the year growing 23.4% y/y (cc) in Q4FY22. Americas grew 27.3%, EMEA grew 21.4%, and APAC grew 0.4% y/y (cc) in FY22.
- Customer count grew 7% to 34.7k in FY22 with the additions weighted towards Q4FY22 due to Omicron impacts earlier in the financial year.
- Improving SaaS economics with LTV/CAC increasing from 2.1x in FY21 to 3.2x in FY22, and exited FY22 at 3.9x in Q4.
- Expanded total ARPU to $291, up 13.2% y/y (cc) in FY22. Subscription ARPU grew 2% y/y (cc), while Transaction ARPU grew 68.6% y/y (cc). Transaction products subscribed by our customers increased 51% y/y to 13k products in FY22.
- Underlying FY22 free cash outflow* of 30% of revenue following investments in rebuilding GTM and new products.
- Available Liquidity of $117.7m.
- Signed agreement to acquire GuestJoy, highly rated suite of customer relationship management tools that will deepen and broaden the platform offering.
- Reiterates growth guidance of 31%**. Expectation to become free cash flow neutral by Q4FY24** on a quarterly basis.
cc = constant currency
* Underlying free cash outflow = the sum of underlying operating cash flows and underlying investment cash flows
** Realisation of SiteMinder’s growth and free cash flow guidance will depend on many factors outside of the Company’s control, including the substantial abatement of COVID-19 related influences on the accommodation and travel industry and the continued recovery of travel.
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SiteMinder Limited (ASX:SDR) is the world’s leading open hotel commerce platform, ranked among technology pioneers for opening up every hotel’s access to online commerce. It’s this central role that has earned SiteMinder the trust of tens of thousands of hotels, across 150 countries, to sell, market, manage and grow their business. The global company, headquartered in Sydney with offices in Bangkok, Berlin, Dallas, Galway, London and Manila, generated more than 100 million reservations worth over US$35 billion in revenue for hotels in the last year prior to the start of the pandemic.