Q1 2023 results Another good quarter, keeping in mind that the same quarter last year had in it a big amount of perpetual license revenue which is one time in nature. If you adjust for that, Q1 of 2022 would likely have been pretty mediocre.
I usually remove forex and business acq./etc expenses to compare quarters. Doing that and adjusting the perpetual license line to me makes this latest quarter the best yet.
Having said that, the issue of finding synergies in G&A and R&D expenses remains. The company, to their credit, has acknowledged that.
In terms of ARR, once again there is very good progress on that front.
There is a good chart in the MD&A on page 9 (showing revenue and EBITDA growth and clearly showing the Q1 2022 revenue blip due to the high amount of perpetual licenses) and another couple of good charts on page 12 showing organic vs. acq growth.
This is going to take a while, but we're getting there...