Subscription revenue It's nice to see subscription revenue increase over the years which is now represents over 85% of revenue. Here is a chart over the last 4 years of subscription revenue for each quarter. We can see that from Q1 to Q2 of 2023 we get a drop in subscription which has to do with Gggolf being counted along with Simpliiconnect prior to it being sold in Q2. It normalizes in subsequent quarters with the disposition of Gggolf.
subscription Q1 Q2 Q3 Q4
2023 $1.613m $1.408m $1.396m $1.616m
2022 $1.353m $1.347m $1.333m $1.316m
2021 $1.059m $1.250m $1.323m $1.372m
2020 $1.157m $1.220m $1.270m $1.369m
One can see if we compare the growth for each of the quarters we get a cumulative annual growth rate of:
Q1 : 11.7 %
Q2 : 4.89%
Q3: 3.2%
Q4: 5.68%
I think when fourth quarter results come in it's going to surprise on the upside. The fourth quarter of 2023 gets an added benefit of one month of its latest acquisition. We should see a substantial increase in revenue in 2024 from both organic and acquisition growth.